CIT v. P D Abrahm

20 Taxmann.com 823High Court2012#5215 most cited

What is CIT v. P D Abrahm authority for?

Only the profit element embedded in cash or on-money receipts can be brought to tax in the hands of the assessee.

22

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2023 to 2025.

Also referred to as

CIT v. P D Abrahm · cash receipts · on-money receipts · profit element · brought to tax · taxability of cash

Sections most often in play

Section 119Section 131Section 132Section 139Section 142(1)Section 143(2)Section 153ASection 292C

Issues it is cited on

illegal paymentsection 65b(4)explanation to section 37section 153(a)section 114project completion methodsection 80ib(10)weighted deductionprohibited by lawsection 35(2ab)section 65bsection 30

Judgments citing CIT v. P D Abrahm

DCIT, Central Circle- 1(3), Pune, Income Tax vs. Garware Technical Fibres Limited, Maharashtra

ITA 1831/PUN/2024[2017-18]Status: DisposedITAT Pune09 Jan 2025AY 2017-18

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

For Appellant: CA Ritu Kamal KishoreFor Respondent: Shri Amol Khairnar, CIT-DR And
Section 131Section 132Section 139Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE "A" BENCH : PUNE BEFORE SHRI RAMA KANTA PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER I.T.A.Nos.1696 to 1703/PUN./2024 Assessment Years: 2013-2014 to 2020-2021 Garware Technical Fibres Limited, Plot No.11, Block D-1, MIDC, Chinchwad, PUNE – 411 019. Maharashtra. PAN: AAACG1377P (Appellant) VS. The DCIT, CC-1(3), 633, 6th Floor, Aayakar Sadan, Bodhi Towers, Salisbury Park, Gultekdi, PUNE – 411 037. Maharashtra. (Respondent) The DCIT, CC-1(3), Pune (Appellant) I.T.A.No.1831/PUN./2024 Assessment Year: 2017-18 Garware Technical Fibres Limited, Plot No.11, B…

Garware Technical Fibres Limited, Pune vs. DCIT, CC-1(3), Pune

In the result, all the eight appeals filed by the assessee are partly allowed and the only appeal filed by the Revenue is dismissed

ITA 1703/PUN/2024[2020-21]Status: DisposedITAT Pune09 Jan 2025AY 2020-21

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

For Appellant: CA Ritu Kamal KishoreFor Respondent: Shri Amol Khairnar, CIT-DR And Shri Ramnath P Murkunde
Section 131Section 132Section 139Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE BEFORE SHRI RAMA KANTA PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER I.T.A.Nos.1696 to 1703/PUN./2024 Assessment Years : 2013-2014 to 2020-2021 Garware Technical Fibres Limited, The DCIT, CC-1(3), 633, 6th Floor, Aayakar Sadan, Plot No.11, Block D-1, MIDC, Chinchwad, PUNE – 411 019. Bodhi Towers, Salisbury Park, vs. Maharashtra. Gultekdi, PUNE – 411 037. PAN: AAACG1377P Maharashtra. (Appellant) (Respondent) I.T.A.No.1831/PUN./2024 Assessment Year : 2017-18 The DCIT, CC-1(3), Pune Garware Technical Fibres Limited, Plot No.11, Block D-1, MIDC…

Garware Technical Fibres Limited, Pune vs. DCIT, CC-1(3), Pune

ITA 1702/PUN/2024[2019-20]Status: DisposedITAT Pune09 Jan 2025AY 2019-20

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

For Appellant: CA Ritu Kamal KishoreFor Respondent: Shri Amol Khairnar, CIT-DR And
Section 131Section 132Section 139Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE "A" BENCH : PUNE BEFORE SHRI RAMA KANTA PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER I.T.A.Nos.1696 to 1703/PUN./2024 Assessment Years : 2013-2014 to 2020-2021 Garware Technical Fibres Limited, Plot No.11, Block D-1, MIDC, Chinchwad, PUNE – 411 019. Maharashtra. PAN: AAACG1377P (Appellant) VS. The DCIT, CC-1(3), 633, 6th Floor, Aayakar Sadan, Bodhi Towers, Salisbury Park, Gultekdi, PUNE – 411 037. Maharashtra. (Respondent) I.T.A.No.1831/PUN./2024 Assessment Year : 2017-18 The DCIT, CC-1(3), Pune (Appellant) Garware Technical Fibres Limited, Plot No.11, B…

Garware Technical Fibres Limited, Pune vs. DCIT, CC-1(3), Pune

ITA 1701/PUN/2024[2018-19]Status: DisposedITAT Pune09 Jan 2025AY 2018-19

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

Section 131Section 132Section 139Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE "A" BENCH : PUNE BEFORE SHRI RAMA KANTA PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER I.T.A.Nos.1696 to 1703/PUN./2024 Assessment Years : 2013-2014 to 2020-2021 | Garware Technical Fibres Limited, | | Plot No.11, Block D-1, MIDC, | | Chinchwad, PUNE – 411 019. | | Maharashtra. | | PAN: AAACG1377P | | (Appellant) | VS. | The DCIT, CC-1(3), | | 633, 6th Floor, Aayakar Sadan, | | Bodhi Towers, Salisbury Park, | | Gultekdi, PUNE – 411 037. | | Maharashtra. | | (Respondent) | I.T.A.No.1831/PUN./2024 Assessment Year : 2017-18 | The DCIT, CC-1(3), Pune | | (A…

Garware Technical Fibres Limited, Pune vs. DCIT, CC-1(3), Pune

In the result, all the eight appeals filed by the assessee are partly allowed and the only appeal filed by the Revenue is dismissed

ITA 1700/PUN/2024[2017-18]Status: DisposedITAT Pune09 Jan 2025AY 2017-18

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

For Appellant: CA Ritu Kamal KishoreFor Respondent: Shri Amol Khairnar, CIT-DR And Shri Ramnath P Murkunde
Section 131Section 132Section 139Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE BEFORE SHRI RAMA KANTA PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER I.T.A.Nos.1696 to 1703/PUN./2024 Assessment Years : 2013-2014 to 2020-2021 Garware Technical Fibres Limited, The DCIT, CC-1(3), 633, 6th Floor, Aayakar Sadan, Plot No.11, Block D-1, MIDC, Chinchwad, PUNE – 411 019. Bodhi Towers, Salisbury Park, vs. Maharashtra. Gultekdi, PUNE – 411 037. PAN: AAACG1377P Maharashtra. (Appellant) (Respondent) I.T.A.No.1831/PUN./2024 Assessment Year : 2017-18 The DCIT, CC-1(3), Pune Garware Technical Fibres Limited, Plot No.11, Block D-1, MIDC…

Garware Technical Fibres Limited, Pune vs. DCIT, CC-1(3), Pune

In the result, all the eight appeals filed by the assessee are partly allowed and the only appeal filed by the Revenue is dismissed

ITA 1699/PUN/2024[2016-17]Status: DisposedITAT Pune09 Jan 2025AY 2016-17

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

For Appellant: CA Ritu Kamal KishoreFor Respondent: Shri Amol Khairnar, CIT-DR And Shri Ramnath P Murkunde
Section 131Section 132Section 139Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE BEFORE SHRI RAMA KANTA PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER I.T.A.Nos.1696 to 1703/PUN./2024 Assessment Years : 2013-2014 to 2020-2021 Garware Technical Fibres Limited, The DCIT, CC-1(3), 633, 6th Floor, Aayakar Sadan, Plot No.11, Block D-1, MIDC, Chinchwad, PUNE – 411 019. Bodhi Towers, Salisbury Park, vs. Maharashtra. Gultekdi, PUNE – 411 037. PAN: AAACG1377P Maharashtra. (Appellant) (Respondent) I.T.A.No.1831/PUN./2024 Assessment Year : 2017-18 The DCIT, CC-1(3), Pune Garware Technical Fibres Limited, Plot No.11, Block D-1, MIDC…

Garware Technical Fibres Limited, Pune vs. DCIT, CC-1(3), Pune

In the result, all the eight appeals filed by the assessee are partly allowed and the only appeal filed by the Revenue is dismissed

ITA 1698/PUN/2024[2015-16]Status: DisposedITAT Pune09 Jan 2025AY 2015-16

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

For Appellant: CA Ritu Kamal KishoreFor Respondent: Shri Amol Khairnar, CIT-DR And Shri Ramnath P Murkunde
Section 131Section 132Section 139Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE BEFORE SHRI RAMA KANTA PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER I.T.A.Nos.1696 to 1703/PUN./2024 Assessment Years : 2013-2014 to 2020-2021 Garware Technical Fibres Limited, The DCIT, CC-1(3), 633, 6th Floor, Aayakar Sadan, Plot No.11, Block D-1, MIDC, Chinchwad, PUNE – 411 019. Bodhi Towers, Salisbury Park, vs. Maharashtra. Gultekdi, PUNE – 411 037. PAN: AAACG1377P Maharashtra. (Appellant) (Respondent) I.T.A.No.1831/PUN./2024 Assessment Year : 2017-18 The DCIT, CC-1(3), Pune Garware Technical Fibres Limited, Plot No.11, Block D-1, MIDC…

Garware Technical Fibres Limited, Pune vs. DCIT, CC-1(3), Pune

In the result, all the eight appeals filed by the assessee are partly allowed and the only appeal filed by the Revenue is dismissed

ITA 1697/PUN/2024[2014-15]Status: DisposedITAT Pune09 Jan 2025AY 2014-15

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

For Appellant: CA Ritu Kamal KishoreFor Respondent: Shri Amol Khairnar, CIT-DR And Shri Ramnath P Murkunde
Section 131Section 132Section 139Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE BEFORE SHRI RAMA KANTA PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER I.T.A.Nos.1696 to 1703/PUN./2024 Assessment Years : 2013-2014 to 2020-2021 Garware Technical Fibres Limited, The DCIT, CC-1(3), 633, 6th Floor, Aayakar Sadan, Plot No.11, Block D-1, MIDC, Chinchwad, PUNE – 411 019. Bodhi Towers, Salisbury Park, vs. Maharashtra. Gultekdi, PUNE – 411 037. PAN: AAACG1377P Maharashtra. (Appellant) (Respondent) I.T.A.No.1831/PUN./2024 Assessment Year : 2017-18 The DCIT, CC-1(3), Pune Garware Technical Fibres Limited, Plot No.11, Block D-1, MIDC…

Garware Technical Fibres Limited, Pune vs. DCIT, CC-1(3), Pune

ITA 1696/PUN/2024[2013-14]Status: DisposedITAT Pune09 Jan 2025AY 2013-14

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

For Appellant: CA Ritu Kamal KishoreFor Respondent: Shri Amol Khairnar, CIT-DR And
Section 131Section 132Section 139Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE "A" BENCH : PUNE BEFORE SHRI RAMA KANTA PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER I.T.A.Nos.1696 to 1703/PUN./2024 Assessment Years : 2013-2014 to 2020-2021 Garware Technical Fibres Limited, Plot No.11, Block D-1, MIDC, Chinchwad, PUNE – 411 019. Maharashtra. PAN: AAACG1377P (Appellant) VS. The DCIT, CC-1(3), 633, 6th Floor, Aayakar Sadan, Bodhi Towers, Salisbury Park, Gultekdi, PUNE – 411 037. Maharashtra. (Respondent) I.T.A.No.1831/PUN./2024 Assessment Year : 2017-18 The DCIT, CC-1(3), Pune (Appellant) VS. Garware Technical Fibres Limited, Plot No.1…

DCIT Central Circle-3, Thane vs. Moreshwar Krushna Baria, Thane

ITA 2218/MUM/2022[2014-15]Status: DisposedITAT Mumbai28 Jun 2023AY 2014-15

Bench: Shri Kuldip Singh & Shri Gagan Goyal

For Appellant: Shri Subodh Ratnaparkhi, A.RFor Respondent: Smt. Riddhi Mishra, CIT D.R
Section 132Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “D”, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos.1961, 1962, 1963, 1964, 1965 & 1966/M/2022 Assessment Years: 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15 Mr. Moreshwar Krushna ACIT, Central Circle-3, Baria, Thane 6th Floor, A-Wing, B-11/12, Sheetal Apartments, Ashar IT Park, Vs. Chalpeth Road, Road No.16Z, Post Agashi, Tal Vasai, Wagle Estate, Dist. Thane, Thane (W)-400 604 Maharashtra – 401 301 PAN: ABSPB1365N (Appellant) (Respondent) ITA Nos.2217 & 2218/M/2022 Assessment Years: 2013-14 & 2014-15 D…

DCIT Central Circle-3, Thane vs. Moreshwar Krushna Baria, Thane

ITA 2217/MUM/2022[2013-14]Status: DisposedITAT Mumbai28 Jun 2023AY 2013-14

Bench: Shri Kuldip Singh & Shri Gagan Goyal

For Appellant: Shri Subodh Ratnaparkhi, A.RFor Respondent: Smt. Riddhi Mishra, CIT D.R
Section 132Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “D”, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos.1961, 1962, 1963, 1964, 1965 & 1966/M/2022 Assessment Years: 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15 Mr. Moreshwar Krushna ACIT, Central Circle-3, Baria, Thane 6th Floor, A-Wing, B-11/12, Sheetal Apartments, Ashar IT Park, Vs. Chalpeth Road, Road No.16Z, Post Agashi, Tal Vasai, Wagle Estate, Dist. Thane, Thane (W)-400 604 Maharashtra – 401 301 PAN: ABSPB1365N (Appellant) (Respondent) ITA Nos.2217 & 2218/M/2022 Assessment Years: 2013-14 & 2014-15 D…

Moreshwar Krushna Baria, Thane vs. Asst Comm of Income Tax Central Circle-3, Thane

ITA 1966/MUM/2022[2014-15]Status: DisposedITAT Mumbai28 Jun 2023AY 2014-15

Bench: Shri Kuldip Singh & Shri Gagan Goyal

For Appellant: Shri Subodh Ratnaparkhi, A.RFor Respondent: Smt. Riddhi Mishra, CIT D.R
Section 132Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “D”, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos.1961, 1962, 1963, 1964, 1965 & 1966/M/2022 Assessment Years: 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15 Mr. Moreshwar Krushna ACIT, Central Circle-3, Baria, Thane 6th Floor, A-Wing, B-11/12, Sheetal Apartments, Ashar IT Park, Vs. Chalpeth Road, Road No.16Z, Post Agashi, Tal Vasai, Wagle Estate, Dist. Thane, Thane (W)-400 604 Maharashtra – 401 301 PAN: ABSPB1365N (Appellant) (Respondent) ITA Nos.2217 & 2218/M/2022 Assessment Years: 2013-14 & 2014-15 D…

Moreshwar Krushna Baria, Thane vs. Asst Comm of Income Tax Central Circle-3, Thane

ITA 1965/MUM/2022[2013-14]Status: DisposedITAT Mumbai28 Jun 2023AY 2013-14

Bench: Shri Kuldip Singh & Shri Gagan Goyal

For Appellant: Shri Subodh Ratnaparkhi, A.RFor Respondent: Smt. Riddhi Mishra, CIT D.R
Section 132Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “D”, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos.1961, 1962, 1963, 1964, 1965 & 1966/M/2022 Assessment Years: 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15 Mr. Moreshwar Krushna ACIT, Central Circle-3, Baria, Thane 6th Floor, A-Wing, B-11/12, Sheetal Apartments, Ashar IT Park, Vs. Chalpeth Road, Road No.16Z, Post Agashi, Tal Vasai, Wagle Estate, Dist. Thane, Thane (W)-400 604 Maharashtra – 401 301 PAN: ABSPB1365N (Appellant) (Respondent) ITA Nos.2217 & 2218/M/2022 Assessment Years: 2013-14 & 2014-15 D…

Moreshwar Krushna Baria, Mumbai vs. Assistant Commissioner of Income Tax, Thane

ITA 1964/MUM/2022[2012-13]Status: DisposedITAT Mumbai28 Jun 2023AY 2012-13

Bench: Shri Kuldip Singh & Shri Gagan Goyal

For Appellant: Shri Subodh Ratnaparkhi, A.RFor Respondent: Smt. Riddhi Mishra, CIT D.R
Section 132Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “D”, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos.1961, 1962, 1963, 1964, 1965 & 1966/M/2022 Assessment Years: 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15 Mr. Moreshwar Krushna ACIT, Central Circle-3, Baria, Thane 6th Floor, A-Wing, B-11/12, Sheetal Apartments, Ashar IT Park, Vs. Chalpeth Road, Road No.16Z, Post Agashi, Tal Vasai, Wagle Estate, Dist. Thane, Thane (W)-400 604 Maharashtra – 401 301 PAN: ABSPB1365N (Appellant) (Respondent) ITA Nos.2217 & 2218/M/2022 Assessment Years: 2013-14 & 2014-15 D…

Moreshwar Krushna Baria, Thane vs. Asst Comm of Income Tax Central Circle-3, Thane

ITA 1963/MUM/2022[2011-12]Status: DisposedITAT Mumbai28 Jun 2023AY 2011-12

Bench: Shri Kuldip Singh & Shri Gagan Goyal

For Appellant: Shri Subodh Ratnaparkhi, A.RFor Respondent: Smt. Riddhi Mishra, CIT D.R
Section 132Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “D”, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos.1961, 1962, 1963, 1964, 1965 & 1966/M/2022 Assessment Years: 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15 Mr. Moreshwar Krushna ACIT, Central Circle-3, Baria, Thane 6th Floor, A-Wing, B-11/12, Sheetal Apartments, Ashar IT Park, Vs. Chalpeth Road, Road No.16Z, Post Agashi, Tal Vasai, Wagle Estate, Dist. Thane, Thane (W)-400 604 Maharashtra – 401 301 PAN: ABSPB1365N (Appellant) (Respondent) ITA Nos.2217 & 2218/M/2022 Assessment Years: 2013-14 & 2014-15 D…

Moreshwar Krushna Baria, Thane vs. Asst Comm of Income Tax Central Circle-3, Thane

ITA 1962/MUM/2022[2010-11]Status: DisposedITAT Mumbai28 Jun 2023AY 2010-11

Bench: Shri Kuldip Singh & Shri Gagan Goyal

For Appellant: Shri Subodh Ratnaparkhi, A.RFor Respondent: Smt. Riddhi Mishra, CIT D.R
Section 132Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “D”, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos.1961, 1962, 1963, 1964, 1965 & 1966/M/2022 Assessment Years: 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15 Mr. Moreshwar Krushna ACIT, Central Circle-3, Baria, Thane 6th Floor, A-Wing, B-11/12, Sheetal Apartments, Ashar IT Park, Vs. Chalpeth Road, Road No.16Z, Post Agashi, Tal Vasai, Wagle Estate, Dist. Thane, Thane (W)-400 604 Maharashtra – 401 301 PAN: ABSPB1365N (Appellant) (Respondent) ITA Nos.2217 & 2218/M/2022 Assessment Years: 2013-14 & 2014-15 D…

Moreshwar Krushna Baria, Thane vs. ACIT Central Circle-3, Thane

ITA 1961/MUM/2022[2009-10]Status: DisposedITAT Mumbai28 Jun 2023AY 2009-10

Bench: Shri Kuldip Singh & Shri Gagan Goyal

For Appellant: Shri Subodh Ratnaparkhi, A.RFor Respondent: Smt. Riddhi Mishra, CIT D.R
Section 132Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “D”, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos.1961, 1962, 1963, 1964, 1965 & 1966/M/2022 Assessment Years: 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15 Mr. Moreshwar Krushna ACIT, Central Circle-3, Baria, Thane 6th Floor, A-Wing, B-11/12, Sheetal Apartments, Ashar IT Park, Vs. Chalpeth Road, Road No.16Z, Post Agashi, Tal Vasai, Wagle Estate, Dist. Thane, Thane (W)-400 604 Maharashtra – 401 301 PAN: ABSPB1365N (Appellant) (Respondent) ITA Nos.2217 & 2218/M/2022 Assessment Years: 2013-14 & 2014-15 D…

Magnates Enterprises, Mumbai vs. ACIT, Central Circle-3., Thane

In the result, the appeal filed by the assessee for AY 2012-13 to 2014-

ITA 1989/MUM/2022[2014-15]Status: DisposedITAT Mumbai30 May 2023AY 2014-15

Bench: Shri B.R. Baskaran (Am) & Smt. Kavitha Rajagopal (Jm)

Section 153CSection 80I

…5 Magnates Enterprises placing reliance on the decisions of the Hon’ble High Courts in the case of Lalchand Gopaldas Vs. CIT: 48 ITR 324 (All), DCIT Vs. Panna Corporation: Tax Appeal 323 & 325 of 2000 (16.06.2012)(Gujarat High Court) and CIT Vs. P D Abrahm : 20 Taxmann.com 823 (Ker). The CIT(A) has also taken into consideration the abovesaid decisions of Mumbai Bench of the Tribunal in the case of Bhalchandra Trading Pvt. Ltd. (supra), Om Constructions (supra) and Sahakar Developers (supra). We have perused the aforesaid judgments/decisions wherein it has been held that only profit element embedded in cash/on-mo…

Magnates Enterprises, Mumbai vs. ACIT, Central Circle-3, Mumbai

In the result, the appeal filed by the assessee for AY 2012-13 to 2014-

ITA 1988/MUM/2022[2013-14]Status: DisposedITAT Mumbai30 May 2023AY 2013-14

Bench: Shri B.R. Baskaran (Am) & Smt. Kavitha Rajagopal (Jm)

Section 153CSection 80I

…5 Magnates Enterprises placing reliance on the decisions of the Hon’ble High Courts in the case of Lalchand Gopaldas Vs. CIT: 48 ITR 324 (All), DCIT Vs. Panna Corporation: Tax Appeal 323 & 325 of 2000 (16.06.2012)(Gujarat High Court) and CIT Vs. P D Abrahm : 20 Taxmann.com 823 (Ker). The CIT(A) has also taken into consideration the abovesaid decisions of Mumbai Bench of the Tribunal in the case of Bhalchandra Trading Pvt. Ltd. (supra), Om Constructions (supra) and Sahakar Developers (supra). We have perused the aforesaid judgments/decisions wherein it has been held that only profit element embedded in cash/on-mo…

Magnates Enterprises, Mumbai vs. ACIT, Central Circle-3, Thane, Mumbai

In the result, the appeal filed by the assessee for AY 2012-13 to 2014-

ITA 1987/MUM/2022[2012-13]Status: DisposedITAT Mumbai30 May 2023AY 2012-13

Bench: Shri B.R. Baskaran (Am) & Smt. Kavitha Rajagopal (Jm)

Section 153CSection 80I

…5 Magnates Enterprises placing reliance on the decisions of the Hon’ble High Courts in the case of Lalchand Gopaldas Vs. CIT: 48 ITR 324 (All), DCIT Vs. Panna Corporation: Tax Appeal 323 & 325 of 2000 (16.06.2012)(Gujarat High Court) and CIT Vs. P D Abrahm : 20 Taxmann.com 823 (Ker). The CIT(A) has also taken into consideration the abovesaid decisions of Mumbai Bench of the Tribunal in the case of Bhalchandra Trading Pvt. Ltd. (supra), Om Constructions (supra) and Sahakar Developers (supra). We have perused the aforesaid judgments/decisions wherein it has been held that only profit element embedded in cash/on-mo…