CIT v. Panama Chemicals Works

292 ITR 147High Court2007#5351 most cited

What is CIT v. Panama Chemicals Works authority for?

An assessee's claim for deduction under sections like 80-I or 80-IA cannot be denied solely for failing to file the audit report (Form 10CCB) along with the return, provided it is filed before the completion of the assessment and any delay is for good and sufficient reasons.

22

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v Panama Chemicals Works · section 80-I · section 80-IA · audit report · Form 10CCB · delay in filing · assessment completion · deduction

Also reported as

165 Taxmann 135

Sections most often in play

Section 143(1)Section 250Section 44ABSection 139Section 246ASection 250(6)Section 253Section 80-IAC

Issues it is cited on

section 288eligible businesssection 80isection 44absection 44section 28section 80section 143(1)previous yearprescribedcompanysection 250

Judgments citing CIT v. Panama Chemicals Works

M/S, Acn Infotech (India) Pvtl Ltd., Visakhapatnam vs. The CIT (A), Visakhapatnam

In the result, the appeal of the assessee is allowed

ITA 79/VIZ/2017[2012-2013]Status: DisposedITAT Visakhapatnam28 Nov 2018AY 2012-2013

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.79/Viz/2017 (धििाारण िर्ा/Assessment Year:2012-2013) M/S Acn Infotech (India) Pvt. Ltd. Vs. Acit, Circle-1(1) D.No.9-14-3A, Visakhapatnam Balaji’S Mangalagiri Chambers Vip Road Visakhapatnam [Pan:Aafca7810A] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से/ Appellant By : Shri G.V.N.Hari, Ar प्रत्यार्थी की ओर से/ Respondent By : Smt. Suman Malik, Dr सुनवाई की तारीख / Date Of Hearing : 14.11.2018 28.11.2018 घोषणा की तारीख/Date Of Pronouncement :

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Smt. Suman Malik, DR
Section 1Section 10Section 10ASection 10BSection 10B(1)Section 143(1)

…आयकर अपीलीय अधिकरण, धिशाखापटणम पीठ, धिशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM श्री िी. दुगाा राि,न्याधयक सदस्य एिं श्री धड.एस. सुन्दर ससह, लेखा सदस्य के समक्ष BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER& SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A.No.79/Viz/2017 (धििाारण िर्ा/Assessment Year:2012-2013) M/s ACN Infotech (India) Pvt. Ltd. Vs. ACIT, Circle-1(1) D.No.9-14-3A, Visakhapatnam Balaji’s Mangalagiri Chambers VIP Road Visakhapatnam [PAN:AAFCA7810A] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से/ Appellant by : Shri G.V.N.Hari, AR…

Ranbaxy Laboratories Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, we direct the AO to reduce the book profit u/s 115JB of the Act by the amount of reversal of the provision of Rs

ITA 196/DEL/2013[2008-09]Status: DisposedITAT Delhi25 Apr 2016AY 2008-09

Bench: Sh. I. C.Sudhir Judicialmember & Sh. Prashant Maharishia.Y.: - 2008-09 Ranbaxy Laboratories Ltd. Vs Acit 12Th Floor, Devika Tower, Range -15 6, Nehru Place New Delhi New Delhi Pan No. Aaacr0127N (Appellant) (Respondent)

For Appellant: 1. Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Amrendra Kumar, CIT, DR
Section 143Section 143(3)Section 92D

…tion: 254 ITR 6 (P&H) (FB) viii. CIT v. G. Krishna Nair: 259 ITR 727 (Ker) ix. CIT V. Shiva Rice & Dal Mills: 273 ITR 265 (P&H) x. CIT V. Gupta Fabs: 274 ITR 620 (P&H) xi. CIT v. Parry Agro Industries Ltd.: 284 ITR 353 (Ker) xii. CIT v. Panama Chemical Works: 292 ITR 147 (MP) xiii. CIT V. Print Systems & Products: 285 ITR 260 (Mad.) xiv. Amit vegetable Oil Ltd. v. CIT : 158 Taxman 36 (All) xv. CIT v. Shivanand Electronics: 75 Taxman 93 (Bom) xvi. CIT v. Dr. L.M. Singhvi: 157 Taxman 312 (Raj) xvii. CIT V. Medicaps Ltd.: 323 ITR 554 (MP) xviii. CIT vs. American Data Solutions (P.) Ltd: 223 Taxman 143 (HC) (Kar) xix…