CIT v. Phalton Sugar Works Ltd.

162 ITR 622High Court1986#10260 most cited
10

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2019.

Judgments citing CIT v. Phalton Sugar Works Ltd.

NOWROSJEE WADIA AND SONS LTD,MUMBAI vs. ITO 2(2)(3), MUMBAI

Appeal is partly allowed for statistical purposes

ITA 4133/MUM/2015[2010-11]Status: DisposedITAT Mumbai09 Sept 2019AY 2010-11

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 2010-11

For Appellant: Mr. Ronak Doshi, ARFor Respondent: Ms. Jothi Lakshmi Nayak, DR
Section 143(3)Section 234B

…ssessee submits that expenses should be allowed when the expenses have crystallized/become quantifiable when these expenses are incurred for the purpose of business. In this regard, reliance is placed by him on the decision in CIT v. Phalton Sugar Works Ltd. (162 ITR 622) (Bom HC), Uni Paper Pack Pvt. Ltd. v. ITO (13 TTJ 589) ( T Ahd), SRF Ltd. v. DCIT (2009) (34 SOT 1) (T Del), Saurashtra Cement Chemical Industries Ltd. v. CIT (213 ITR 523) (Guj HC) and CIT v. Jagajit Industries Ltd. (194 Taxman 158) (Del HC). Without prejudice to the above proposition, the Ld. counsel submits that accounting is not decisive for…

J.P. MORGAN INDIA P.LTD,MUMBAI vs. ITO RG 4(3)(1), MUMBAI

ITA 2745/MUM/2015[2004-05]Status: DisposedITAT Mumbai26 Jun 2019AY 2004-05

Bench: Hon’Ble Shri G. S. Pannu, Vp & Hon’Ble Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 2745/Mum/2015 (निर्धारणवर्ा / Assessment Year:2004-05) In The Matter Of: J. P. Morgan India Pvt. Ltd. Dcit Range -4(3)(1), J. P. Morgan Towers, Aayakarbhavan, M.K. बिधम/ Off- Cst Road, Kalina Road, Vs. Santacruz (East), Mumbai-400020. Mumbai-400098. आयकरअपीलसं./ I.T.A. No. 2452/Mum/2015 (निर्धारणवर्ा / Assessment Year: 2004-05) Dcit Range -4(3)(1), J. P. Morgan India Pvt. Aayakarbhavan, M.K. Road, Ltd. बिधम/ Mumbai-400020. J. P. Morgan Towers, Off- Cst Road, Kalina Vs. Santacruz (East), Mumbai-400098. स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aaacj1022G आयकरअपीलसं./ I.T.A. No. 2746/Mum/2015 (निर्धारणवर्ा / Assessment Year:2005-06) J. P. Morgan India Pvt. Ltd. Dcit Range -4(3)(1), J. P. Morgan Towers, Aayakarbhavan, M.K. बिधम/ Off- Cst Road, Kalina Road, Vs. Santacruz (East), Mumbai-400020. Mumbai-400098. & आयकरअपीलसं./ I.T.A. No. 2453/Mum/2015 (निर्धारणवर्ा / Assessment Year: 2005-06) Dcit Range -4(3)(1), J. P. Morgan India Pvt. Aayakarbhavan, M.K. Road, Ltd. बिधम/ Mumbai-400020. J. P. Morgan Towers, Off- Cst Road, Kalina Vs. Santacruz (East), Mumbai-400098. स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aaacj1022G अपीलाथीकीओरसे/ Appellant By : Shri Madhur Agrawal, Ar प्रत्यथीकीओरसे/Respondentby : Shri V. Jenardhanan & Subhas Kulkarni, Drs सुनवाईकीतारीख/ : 05/04/2019 Date Of Hearing घोषणाकीतारीख / : 26.06.2019 Date Of Pronouncement

For Appellant: Shri Madhur AgrawalFor Respondent: Shri V. Jenardhanan &
Section 250

…lso, the liability had crystallized during the year and was claimed for the first time in the books during the period relevant to A.Y. 2004-05 presently under consideration. Even Hon’ble Bombay High Court in the case of CIT vrs. Phalton Sugar Works Ltd (1986) 162 ITR 622(Bom) had held that if the liability is ascertained only during the year under consideration and debited and claimed as deduction in the assessment for that year, then in that eventuality, while relying upon another judgment of Hon’ble Supreme Court in the case of Swadeshi Cotton and Flour Mills Pvt. Ltd (1964) 53 ITR 154 had held that assessee is…

ACIT 6(1)(2), MUMBAI vs. ASK INVESTMENT MANAGERS P.LTD, MUMBAI

In the result, appeal is dismissed

ITA 5633/MUM/2017[2007-08]Status: DisposedITAT Mumbai31 May 2019AY 2007-08

Bench: Shri Saktijit Deyand Shri Manoj Kumar Aggarwal

For Appellant: Shri J.D. MistryFor Respondent: S/Shri Anadi Varma a/w Ram Tiwari
Section 143(3)

…ntion, learned Sr. Counsel relied upon the following decisions:– i) Deep Industries Ltd. v/s ACIT, Tax Appeal no.671/2007, dated 01.07.2016; ii) CIT v/s Oriental Motor Car Co. Pvt. Ltd., [1980] 124 ITR 74 (All.); iii) CIT v/s Phalton Sugar Works Ltd., [1986] 162 ITR 622; iv) CIT v/s Raj Motors, [2006] 284 ITR 489 (All.); and v) CIT v/s Swadeshi Cotton & Flower Mills Pvt. Ltd., [1964] 53 ITR 134; and vi) CIT v/s SeksariaBiswan Sugar Factory Pvt. Ltd., [1992] 195 ITR 778; and vii) ACIT v/s PanseAutocomps Pvt. Ltd., 155/Pn./2012, dated 30.05.2013. 6. In rejoinder, learned Departmental Representative submitted, the…

LIVING MEDIA INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result appeal of the Assessee is partly allowed whereas the appeal of the Revenue is allowed for statistical purposes

ITA 648/DEL/2016[2011-12]Status: DisposedITAT Delhi12 Mar 2019AY 2011-12

Bench: Shri Kuldip Singh & Dr. B. R. R. Kumarliving Media India Ltd. Vs Dcit 9K- Block, Connaught Circle – 15 (2) Circus New Delhi New Delhi - 110005 Pan No.Aaacl0087H

…en raised subsequently since the matter has been dispute and the amount has been settled later on the assessee could claim the amount only in the year in question. Hon’ble Bombay High Court in the case of Commissioner Of Income-Tax vs Phalton Sugar Works Ltd. 162 ITR 622 held that “The question before us is not whether an assessee, maintaining books of account on the mercantile system, is entitled to claim deduction in the year in which the liability arose notwithstanding the fact that hejwas disputing his liability, but whether it is open to such an assessee to claim the deduction not in the year in which the li…

ACIT, NEW DELHI vs. M/S. LIVING MEDIA INDIA LTD., NEW DELHI

In the result appeal of the Assessee is partly allowed whereas the appeal of the Revenue is allowed for statistical purposes

ITA 1034/DEL/2016[2011-12]Status: DisposedITAT Delhi12 Mar 2019AY 2011-12

Bench: Shri Kuldip Singh & Dr. B. R. R. Kumarliving Media India Ltd. Vs Dcit 9K- Block, Connaught Circle – 15 (2) Circus New Delhi New Delhi - 110005 Pan No.Aaacl0087H

…en raised subsequently since the matter has been dispute and the amount has been settled later on the assessee could claim the amount only in the year in question. Hon’ble Bombay High Court in the case of Commissioner Of Income-Tax vs Phalton Sugar Works Ltd. 162 ITR 622 held that “The question before us is not whether an assessee, maintaining books of account on the mercantile system, is entitled to claim deduction in the year in which the liability arose notwithstanding the fact that hejwas disputing his liability, but whether it is open to such an assessee to claim the deduction not in the year in which the li…

DCIT, CIRCLE-10, KOLKATA, KOLKATA vs. M/S. ASSOCIATED PIGMENTS LTD., KOLKATA

In the result, the appeal filed by the revenue is dismissed

ITA 2042/KOL/2014[2011-2012]Status: DisposedITAT Kolkata03 Jan 2018AY 2011-2012

Bench: : Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

For Appellant: Shri Saurabh Kumar, Addl. CIT (DR)For Respondent: M.Satnaliwala, FCA

…id in the later previous years, it cannot be disallowed as deduction merely on the basis that the accounts are maintained on mercantile basis and that it related to a transaction of the earlier year”. In another case of CIT vs. Phalton Sugar Works Ltd. [1986] 162 ITR 622 (Bom), the Hon’ble Bombay High Court held that “where a liability arising out of a contractual obligation is disputed, the assessee is entitled, in the assessment year relevant to the previous year in which the dispute is finally adjudicated upon or settled, to claim a deduction in that behalf. In view of the facts of the case, and the principle…

ROHDA SPECIALTIY CHEMICALS INDIA LTD,MUMBAI vs. ADDL CIT CIR 6(1), MUMBAI

Appeal stands dismissed for want of substantial question of law

ITA 830/MUM/2014[2009-10]Status: DisposedITAT Mumbai24 Apr 2017AY 2009-10

Bench: Shri Shamim Yahya & Shri C.N. Prasadita No. 830/Mum/2014 : (A.Y : 2009-10) M/S Rhodia Specialty Chemicals Vs. Addl. Cit – Circle 6(1) India Ltd. (Formerly Known As Room No.511, Aayakar Bhawan M/S Albright & Wilson Chemicals Mk Road India Ltd.), Phoenix House, A Wing New Marine Lines 4Th Floor, 462 Senapati Bapat Marg Mumbai – 400 020 Lower Parel (West) Mumbai – 400 013 Pan : Aaaca3841L Ita No. 622/Mum/2014 : (A.Y : 2009-10) Dcit -7(2) Vs. M/S Rhodia Specialty Chemicals Room No.624, Mk Road India Ltd. (Formerly Known As Mumbai – 400 020 M/S Albright & Wilson Chemicals India Ltd.), Phoenix House, A Wing 4Th Floor, 462 Senapati Bapat Marg Lower Parel (West) Mumbai – 400 013 (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent)

For Appellant: Shri Manish V ShahFor Respondent: Shri Rajguru M
Section 143(3)

…is settled legal position that the expenses should have crystalized and quantifiable during the year and they should be incurred for the purpose of the business. For this he relied on the decision of Bombay High Court in the case of Phalton Sugar Works Ltd. [162 ITR 622]. Further placing reliance on the decision of Bombay High Court in the case of CIT Vs. Nagri Mills Co. Ltd [33 ITR 681], the Ld. Counsel submits that the Hon’ble High Court held that “the question as to the year in which deduction is allowable may be material when the rate of tax chargeable on the Assessee in two different years is different. But…

DCIT 7(2), MUMBAI vs. ALBRIGHT & WILSON CHEMICALS INDIA LTD, MUMBAI

Appeal stands dismissed for want of substantial question of law

ITA 622/MUM/2014[2009-10]Status: DisposedITAT Mumbai24 Apr 2017AY 2009-10

Bench: Shri Shamim Yahya & Shri C.N. Prasadita No. 830/Mum/2014 : (A.Y : 2009-10) M/S Rhodia Specialty Chemicals Vs. Addl. Cit – Circle 6(1) India Ltd. (Formerly Known As Room No.511, Aayakar Bhawan M/S Albright & Wilson Chemicals Mk Road India Ltd.), Phoenix House, A Wing New Marine Lines 4Th Floor, 462 Senapati Bapat Marg Mumbai – 400 020 Lower Parel (West) Mumbai – 400 013 Pan : Aaaca3841L Ita No. 622/Mum/2014 : (A.Y : 2009-10) Dcit -7(2) Vs. M/S Rhodia Specialty Chemicals Room No.624, Mk Road India Ltd. (Formerly Known As Mumbai – 400 020 M/S Albright & Wilson Chemicals India Ltd.), Phoenix House, A Wing 4Th Floor, 462 Senapati Bapat Marg Lower Parel (West) Mumbai – 400 013 (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent)

For Appellant: Shri Manish V ShahFor Respondent: Shri Rajguru M
Section 143(3)

…is settled legal position that the expenses should have crystalized and quantifiable during the year and they should be incurred for the purpose of the business. For this he relied on the decision of Bombay High Court in the case of Phalton Sugar Works Ltd. [162 ITR 622]. Further placing reliance on the decision of Bombay High Court in the case of CIT Vs. Nagri Mills Co. Ltd [33 ITR 681], the Ld. Counsel submits that the Hon’ble High Court held that “the question as to the year in which deduction is allowable may be material when the rate of tax chargeable on the Assessee in two different years is different. But…

DURABLE ISPAT & ALLOYS PVT. LTD.,KOLKATA vs. CIT, KOLKATA-1, KOLKATA

In the result, appeal of assessee is allowed

ITA 758/KOL/2015[2011-2012]Status: DisposedITAT Kolkata14 Dec 2016AY 2011-2012

Bench: Shri P. M. Jagtap, Am & Shri K. Narasimha Chary, Jm] I.T.A No. 758/Kol/2015 Assessment Year: 2011-12 Durable Ispat & Alloys (P) Ltd. Vs. Commissioner Of Income-Tax, (Pan: Aaics6279A) Kolkata-1, Kolkata. (Appellant) (Respondent)

For Appellant: Shri Manish Tiwari, FCAFor Respondent: Shri Niraj Kumar, CIT, DR
Section 143(3)Section 263

…lying upon the decision in Metal Box Co. of India Ltd. - Their Workmen (1969),73 ITR 53(SC). 6. That on the facts and in the circumstances of the case, Ld. CIT erred in passing order u/s. 263 by relying upon the decision in CIT - Vs - Phalton Sugar Works Ltd. 162 ITR 622 (Bom) which was explained as distinguishable on facts. 7. That on the facts and in the circumstances of the case, Ld. CIT erred in not appreciating the facts properly that the A.O. has conducted proper enquiry pertinent to the case and circumstances and after examining all the relevant issues, has framed an opinion. 8. That the order u/s.263 of t…

SAKTHI AUTO COMPONENTS LIMITED,CHENNAI vs. DCIT, COIMBATORE

In the result, the appeal filed by the assessee is allowed

ITA 1071/CHNY/2013[2008-09]Status: DisposedITAT Chennai04 Feb 2015AY 2008-09

Bench: Shri B.R. Baskaran & Shri S.S. Godaraआयकर अपील सं./Ita No. 1071/Mds/2013 "नधा"रण वष" /Assessment Year : 2008-09 M/S Sakthi Auto Components The Deputy Commissioner Of Limited, V. Income Tax, No.180, Race Course, Company Circle – I(1), Coimbatore – 641 018. Coimbatore – 641 018. Pan : Aaecs 6536 J (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri N. Rengaraj, CIT
Section 143(3)Section 36(1)(iii)

…ITR 294 (Cal.) (b) CIT v. Calcutta Electric Supply Corporation 166 ITR 797 (Cal.) (c) Shree Changdeo Sugar Mills 143 ITR 469 (Bom.) (d) Kesar Sugar Works 140 CTR 431 (Bom.) (e) Kirloskar Electric Co. Ltd. 228 ITR 674 (Kar.) (f) CIT v. Phalton Sugar Works Ltd. 162 ITR 622 (Bom.) (g) CIT v. Belapur Co. Ltd. 161 ITR 516 (Bom.) 4 I.T.A. No. 1071/Mds/13 Accordingly, he submitted that the Ld. CIT has passed the impugned revision order on erroneous presumption about law and also about the facts prevailing in the case and hence the same is not sustainable. 4. On the contrary, the Ld. D.R. submitted that the Assessing…

CIT v. Phalton Sugar Works Ltd. (162 ITR 622) — Cited in 10 Judgments | BharatTax