CIT v. Shiv Nath Prasad

77 ITR 378Reported decision1970#18260 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 344,197 Indian tax judgments — from 2021 to 2021.

Issues it is cited on

section 2(13)non-compete feesection 28(i)section 28(iv)section 43(1)commercial rightsfull value of considerationright to receivelack of enquirysection 48section 40(a)(i)section 45

Judgments citing CIT v. Shiv Nath Prasad

Interglobe Aviation Ltd., New Delhi vs. JCIT, Special Range- 4, New Delhi

Accordingly, appeal filed by the assessee for assessment year 2015 – 16 is allowed

ITA 7695/DEL/2018[2015-16]Status: DisposedITAT Delhi29 Oct 2021AY 2015-16

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: Shri Tarandeep Singh, Adv.; &For Respondent: Ms. Sunita Singh [CIT] – D.R
Section 28Section 37(1)Section 40

…no impact on the nature and character of credits which became due in October, 2005. 33.17. In our opinion, the nature of receipt is to be judged in the hands of the recipients. We find the Hon’ble Allahabad Court in the case of CIT vs Shiv Nath Prasad, (1970) 77 ITR 378, 382 (All.) has held that if the amount initially received partakes of the character of a trading receipt, the amount would necessarily be taxable as such. However, if the amounts are initially not taxable, they cannot be taxed despite the magnitude of the accumulation and despite its appropriation by the assessee to his own credit subsequently.…

Interglobe Aviation Ltd., New Delhi vs. Addl. CIT, Special Range- 4, New Delhi

Accordingly, appeal filed by the assessee for assessment year 2015 – 16 is allowed

ITA 433/DEL/2018[2014-15]Status: DisposedITAT Delhi29 Oct 2021AY 2014-15

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: Shri Tarandeep Singh, Adv.; &For Respondent: Ms. Sunita Singh [CIT] – D.R
Section 28Section 37(1)Section 40

…no impact on the nature and character of credits which became due in October, 2005. 33.17. In our opinion, the nature of receipt is to be judged in the hands of the recipients. We find the Hon’ble Allahabad Court in the case of CIT vs Shiv Nath Prasad, (1970) 77 ITR 378, 382 (All.) has held that if the amount initially received partakes of the character of a trading receipt, the amount would necessarily be taxable as such. However, if the amounts are initially not taxable, they cannot be taxed despite the magnitude of the accumulation and despite its appropriation by the assessee to his own credit subsequently.…

Interglobe Aviation Ltd., New Delhi vs. Addl. CIT, Special Range- 4, New Delhi

Accordingly, appeal filed by the assessee for assessment year 2015 – 16 is allowed

ITA 432/DEL/2018[2013-14]Status: DisposedITAT Delhi29 Oct 2021AY 2013-14

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: Shri Tarandeep Singh, Adv.; &For Respondent: Ms. Sunita Singh [CIT] – D.R
Section 28Section 37(1)Section 40

…no impact on the nature and character of credits which became due in October, 2005. 33.17. In our opinion, the nature of receipt is to be judged in the hands of the recipients. We find the Hon’ble Allahabad Court in the case of CIT vs Shiv Nath Prasad, (1970) 77 ITR 378, 382 (All.) has held that if the amount initially received partakes of the character of a trading receipt, the amount would necessarily be taxable as such. However, if the amounts are initially not taxable, they cannot be taxed despite the magnitude of the accumulation and despite its appropriation by the assessee to his own credit subsequently.…

Addl. CIT, Special Range- 4, New Delhi vs. Interglobe Aviation Ltd., New Delhi

Accordingly, appeal filed by the assessee for assessment year 2015 – 16 is allowed

ITA 413/DEL/2018[2014-15]Status: DisposedITAT Delhi29 Oct 2021AY 2014-15

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: Shri Tarandeep Singh, Adv.; &For Respondent: Ms. Sunita Singh [CIT] – D.R
Section 28Section 37(1)Section 40

…no impact on the nature and character of credits which became due in October, 2005. 33.17. In our opinion, the nature of receipt is to be judged in the hands of the recipients. We find the Hon’ble Allahabad Court in the case of CIT vs Shiv Nath Prasad, (1970) 77 ITR 378, 382 (All.) has held that if the amount initially received partakes of the character of a trading receipt, the amount would necessarily be taxable as such. However, if the amounts are initially not taxable, they cannot be taxed despite the magnitude of the accumulation and despite its appropriation by the assessee to his own credit subsequently.…

Addl. CIT, Special Range- 4, New Delhi vs. Interglobe Aviation Ltd., New Delhi

Accordingly, appeal filed by the assessee for assessment year 2015 – 16 is allowed

ITA 412/DEL/2018[2013-14]Status: DisposedITAT Delhi29 Oct 2021AY 2013-14

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: Shri Tarandeep Singh, Adv.; &For Respondent: Ms. Sunita Singh [CIT] – D.R
Section 28Section 37(1)Section 40

…no impact on the nature and character of credits which became due in October, 2005. 33.17. In our opinion, the nature of receipt is to be judged in the hands of the recipients. We find the Hon’ble Allahabad Court in the case of CIT vs Shiv Nath Prasad, (1970) 77 ITR 378, 382 (All.) has held that if the amount initially received partakes of the character of a trading receipt, the amount would necessarily be taxable as such. However, if the amounts are initially not taxable, they cannot be taxed despite the magnitude of the accumulation and despite its appropriation by the assessee to his own credit subsequently.…

CIT v. Shiv Nath Prasad (77 ITR 378) — Cited in 5 Judgments | BharatTax