CIT v. Om Prakash Mahajan & Sons.

152 ITR 583High Court1984#22718 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 353,911 Indian tax judgments — from 2017 to 2023.

Judgments citing CIT v. Om Prakash Mahajan & Sons.

ACIT CC-18 vs. Neena Hardeep Singh

Accordingly, this ground is allowed for statistical purposes

ITA 1421/DEL/2008[2004-2005]Status: DisposedITAT Delhi14 Jun 2023AY 2004-2005

Bench: Sh. Shamim Yahya & Sh. Anubhav Sharmaacit, Vs. Mrs. Neena Hardeep Singh Central Circle-18, L-5, Hauz Khas Enclave, Room No. 327, 3Rd Floor New Delhi Ara Centre, E-2, Pan : Aarps4684B Jhandewalan Extn., New Delhi

Section 143(2)Section 143(3)Section 250

…anding balances of creditors as recorded at the ebgning of FY. Reliance in this regard can be placed on the judgment of Hon’ble Jurisdictional Delhi High Court in CIT vs. Usha Stud Agricultural Farms Ltd. 301 ITR 384 (Del.), CIT vs. Om Prakash Mahajan & Sons: 152 ITR 583 (Del.) and Co-ordinate Bench judgment in DCIT vs. Nipun Builders & Developers Ltd. : ITA No. 558/Del/2010 (Del. Tri.). Ld. CIT(A) has rightly deleted the addition and the same requires no interference. 16. Ground no. 2 arising out of assessee’s cross objections. Ld. CIT(A) primarily considered the fact that there was failure on the part of asses…

ACIT, Circle - 1, Burdwan vs. Burdwan Central Cooperative Agricultural Production & Marketing Society Ltd., Burdwan

In the result, the appeal of the revenue is treated as partly allowed for statistical purposes

ITA 1007/KOL/2010[2006-07]Status: DisposedITAT Kolkata22 Sept 2017AY 2006-07

Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 1007/Kol/2010 Assessment Year: 2006-07 A.C.I.T., Cir-1, Burdwan.............................………………………….........................Appellant Aayakar Bhawan, Court Compound Burdwan. Burdwan Central Co-Op. Agricultural Production & Marketing Society Ltd.………………………………………………............................................................Respondent Memari, Burdwan [Pan: Aaccb3520D] Appearances By: Shri Sallong Yaden, Addl. Cit Appearing On Behalf Of The Revenue. Shri N.C. Mondal, Fca Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : September 13, 2017 Date Of Pronouncing The Order : September 22, 2017 Order Per P.M. Jagtap, Am This Appeal Is Preferred By The Revenue Against The Order Of Ld. Cit (Appeals) Asansol Dated 19.02.2010. 2. In Ground No 1 To 4, The Revenue Has Challenged The Action Of The Ld. Cit (A) In Deleting The Disallowance Made By The Ao On Account Of Assessee’S Claim For Deduction U/S 80P(2)(A) Of The Act In Respect Of Bank Commission, Handling Charges, Insurance Charges & Drying Charges. 3. The Assessee In The Present Case Is A Cooperative Society Which Is Engaged In The Business Of Letting Out Of Warehouse & Trading In Agricultural Equipments, Fertilizers & Other Articles For The Purpose Of Supplying Them To Its Members. The Return Of Income For The Year

Section 143(3)Section 68Section 80B(2)(a)Section 80P(2)(a)

…hat a sum being carried forward from a preceding year is not an investment or cash credit generated during the relevant year and cannot be taxed as the income of the year. The Delhi High Court held the same view in the case of CIT vs Om Prakash Mahajan & Sons 152 ITR 583 and CIT vs Usha Stud Agricultural Farms Ltd. 301 ITR384. Thus it would be seen that the year of taxability has to be looked into carefully. I, therefore, hold that there can be no addition on account of the brought forward difference. The assessee is directed to submit relevant supporting papers by way of audited balance sheet and bank statements…

Income Tax Officer-Ward-12(3), Kolkata vs. M/S Attire Arts Pvt. Ltd. (Formerly Nishant Overseas Pvt. Ltd.), Kolkata

In the result, the appeal of revenue is dismissed

ITA 2618/KOL/2013[2006-2007]Status: DisposedITAT Kolkata03 Feb 2017AY 2006-2007

Section 143(2)Section 143(3)

…essee’s explanation that the amount credited in the relevant previous year relates to an earlier year is accepted,then section 68 cannot be invoked to tax the relevant credit amount as the income of the previous year – CIT vs. Om Prakash Mahajan & Sons (1984) 152 ITR 583(Del). Following this legal proposition, even if it is assumed that the brought forward cash credits deemed to be the income of the appellant, the same could not be added as the income of the previous year. In the light of the above discussion and observation and having regard to the facts and circumstances of the case, the addition of Rs.40,16,70…