CIT v. P. Sarada

154 ITR 387High Court1985#19274 most cited
4

judgments rely on this decision, according to BharatTax’s citation analysis of 366,418 Indian tax judgments — from 2020 to 2022.

Judgments citing CIT v. P. Sarada

DCIT, Bangalore vs. Shri. Sumir J Hinduja, Bangalore

In the result, appeals filed by the revenue and COs filed by the assessee are dismissed

ITA 1374/BANG/2012[2006-07]Status: DisposedITAT Bangalore22 Jul 2022AY 2006-07

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2006-07 Shri Jagadish N. Hinduja Deputy Commissioner Of Income- No.7 & 12, Industrial Suburb Tax Tumkur Road Vs. Circle 11(3) Yeshwanthpur Bangalore Bangalore 560 022 Pan No.Aacph7291Q Appellant Respondent Assessment Year: 2006-07 Shri Sumir J. Hinduja Deputy Commissioner Of Income- No.7 & 12, Industrial Suburb Tax Tumkur Road Vs. Circle 11(3) Yeshwanthpur Bangalore Bangalore 560 022 Pan No.Aaeph5197H Appellant Respondent C.O. No.48/Bang/2013 (Arising Out Of Ita No.1373/Bang/2012) Assessment Year: 2006-07 Shri Jagadish N. Hinduja Vs. Dcit, Circl-11(3),Bangalore Appellant Respondent C.O. No.49/Bang/2013 (Arising Out Of Ita No.1374/Bang/2012) Assessment Year: 2006-07 Shri Sumir J. Hinduja Vs. Dcit, Circl-11(3),Bangalore Appellant Respondent Appellant By : Shri Susan Dolores George, D.R. Respondent By : Shri Ashok A Kulkarni, A.R.

For Appellant: Shri Susan Dolores George, D.RFor Respondent: Shri Ashok A Kulkarni, A.R
Section 147Section 148Section 2(22)(e)

…nd through journal entries, as explained by the assessee clearly show that there is really an outgoing of money from the company to the benefit of shareholder and it attracts the provisions of Sec. 2(22)(e) of the Act. In fact, in the case of CIT Vs P. Sarada 154 ITR 387(Mad), even the excess withdrawals made by the assessee, a substantial share holder of a closely held company, from that company were held to be treated as Loan or advance by the company to the assessee so as to attract the deeming provisions of section 2(22)(e) of the Act. This decision of the Madras High Court has been affirmed by the Supreme Co…

DCIT, Bangalore vs. Shri. Jagadish N Hinduja, Bangalore

In the result, appeals filed by the revenue and COs filed by the assessee are dismissed

ITA 1373/BANG/2012[2006-07]Status: DisposedITAT Bangalore22 Jul 2022AY 2006-07

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2006-07 Shri Jagadish N. Hinduja Deputy Commissioner Of Income- No.7 & 12, Industrial Suburb Tax Tumkur Road Vs. Circle 11(3) Yeshwanthpur Bangalore Bangalore 560 022 Pan No.Aacph7291Q Appellant Respondent Assessment Year: 2006-07 Shri Sumir J. Hinduja Deputy Commissioner Of Income- No.7 & 12, Industrial Suburb Tax Tumkur Road Vs. Circle 11(3) Yeshwanthpur Bangalore Bangalore 560 022 Pan No.Aaeph5197H Appellant Respondent C.O. No.48/Bang/2013 (Arising Out Of Ita No.1373/Bang/2012) Assessment Year: 2006-07 Shri Jagadish N. Hinduja Vs. Dcit, Circl-11(3),Bangalore Appellant Respondent C.O. No.49/Bang/2013 (Arising Out Of Ita No.1374/Bang/2012) Assessment Year: 2006-07 Shri Sumir J. Hinduja Vs. Dcit, Circl-11(3),Bangalore Appellant Respondent Appellant By : Shri Susan Dolores George, D.R. Respondent By : Shri Ashok A Kulkarni, A.R.

For Appellant: Shri Susan Dolores George, D.RFor Respondent: Shri Ashok A Kulkarni, A.R
Section 147Section 148Section 2(22)(e)

…nd through journal entries, as explained by the assessee clearly show that there is really an outgoing of money from the company to the benefit of shareholder and it attracts the provisions of Sec. 2(22)(e) of the Act. In fact, in the case of CIT Vs P. Sarada 154 ITR 387(Mad), even the excess withdrawals made by the assessee, a substantial share holder of a closely held company, from that company were held to be treated as Loan or advance by the company to the assessee so as to attract the deeming provisions of section 2(22)(e) of the Act. This decision of the Madras High Court has been affirmed by the Supreme Co…

ACIT, New Delhi vs. M/S. Futurz Next Services (P) Ltd., New Delhi

The appeal of the assessee is partly allowed

ITA 2396/DEL/2017[2013-14]Status: DisposedITAT Delhi02 Jun 2020AY 2013-14

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishi

For Appellant: Shri Ved Jain AdvocateFor Respondent: Ms Ashima Neb Sr DR
Section 143(3)Section 14ASection 2(22)(e)

…n company has accumulated profits, withdrawal by a shareholder over and above the credit which he has with the company would be deemed dividend when the shareholder had no credit balance in any other account [CIT Vs. P. Sarada (1985) 46 ITR (Mad) 326 : (1985) 154 ITR 387 (Mad) : TC A1R 306]. (iv) The assessee company is a share and currency broker. Its business dealing either in share and in commodities own behalf re in "PRO" account or on behalf of clients. In respect of PRO trading, it gets the direct benefit of profit and loss whereas, in respect of trading on behalf of them, it can only earn the brokerage an…

ACIT, New Delhi vs. Shri Anumod Sharma, Gurgaon

In the result, the appeal of the revenue is dismissed

ITA 6892/DEL/2015[2012-13]Status: DisposedITAT Delhi02 Jan 2020AY 2012-13

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 6892/Del/2015 : Asstt. Year : 2012-13 Asstt. Commissioner Of Income Vs Shri Anumod Sharma, Tax, Central Circle-16, D-305A, Laburnum Apartment, New Delhi-110055 Sushant Lok, Sector-28, Gurgaon, Haryana (Appellant) (Respondent) Pan No. Amyps5587L Assessee By : Sh. Akshat Jain, Ca & Sh. Rajat Jain, Ca Revenue By : Ms. Nidhi Srivastava, Cit Dr Date Of Hearing: 16.12.2019 Date Of Pronouncement: 26.12.2019

For Appellant: Sh. Akshat Jain, CA &For Respondent: Ms. Nidhi Srivastava, CIT DR
Section 2(22)(e)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’, NEW DELHI Before Sh. H. S. Sidhu, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 6892/Del/2015 : Asstt. Year : 2012-13 Asstt. Commissioner of Income Vs Shri Anumod Sharma, Tax, Central Circle-16, D-305A, Laburnum Apartment, New Delhi-110055 Sushant Lok, Sector-28, Gurgaon, Haryana (APPELLANT) (RESPONDENT) PAN No. AMYPS5587L Assessee by : Sh. Akshat Jain, CA & Sh. Rajat Jain, CA Revenue by : Ms. Nidhi Srivastava, CIT DR Date of Hearing: 16.12.2019 Date of Pronouncement: 26.12.2019 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present…