CIT v. Shri Subhalaxmi Mills Ltd.

143 ITR 863High Court1983#16797 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2024.

Judgments citing CIT v. Shri Subhalaxmi Mills Ltd.

METSIL EXPORTS PVT. LTD.,KOLKATA vs. PCIT, CEN. -2, KOLKATA

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

ITA 929/KOL/2024[2019-20]Status: DisposedITAT Kolkata08 Jul 2024AY 2019-20

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

Section 143(1)Section 143(3)Section 263Section 263(1)Section 79

…power has taken place, does not apply to unabsorbed depreciation and un- absorbed development rebate.” (Copy of order enclosed) The Hon’ble Supreme Court approved the finding of Hon’ble Gujarat High Court in the case of CIT Vs Shri Subhulaxmi Mills Ltd [1983] 143 ITR 863 where the Court held to quote as under: “As regards the next contention of Mr., Kaji regarding whether development rebate and depreciation allowance which have been carried forward from a year prior to the previous year in which the change in the shareholding took place or whether only the business losses are covered by s. 79, in our opinion, s.…

SUNSHINE GRANITES PRIVATE LIMITED ,HYDERABAD vs. DEPUTY COMMISSIONER OF INCOME TAX ,CENTRAL CIRCLE-1(2), HYDERABAD

Appeal is allowed

ITA 61/HYD/2022[2013-14]Status: DisposedITAT Hyderabad13 Feb 2024AY 2013-14

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Charyआ.अपी.सं / Ita No. 61/Hyd/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) M/S. Sunshine Granites Vs. Deputy Commissioner Of Private Limited, Income Tax, Karimnagar Central Circle-1(2), [Pan No. Aaocs6148Q] Hyderabad अपीलधर्थी / Appellant प्रत्‍यर्थी / Respondent निर्धाररती द्वधरध / Assessee By: Shri A. Srinivas, Ar रधजस्‍व द्वधरध / Revenue By: Shri Kumar Aditya, Dr सुिवधई की तधरीख/Date Of Hearing: 07/02/2024 घोर्णध की तधरीख/Pronouncement On: 13/02/2024

For Appellant: Shri A. Srinivas, ARFor Respondent: Shri Kumar Aditya, DR
Section 143(3)Section 263Section 79

…ce on the decision of the Hon'ble Supreme Court in the case of CIT v. Shri Subhulaxmi Mills Ltd. [2001] 119 Taxman 281 (SC) wherein the Hon’ble Apex Court upheld the judgment of Hon’ble Gujarat High Court in the case of CIT v. Shri Subhlaxmi Mills Ltd. [1983] 143 ITR 863 to the effect that when section 79 of the Act speaks of loss, it does not include unabsorbed depreciation or unabsorbed development rebate. 9. Per contra, it is the submission of the learned DR that the impugned order clearly shows that more than ten notices were issued to the assessee fixing the date of hearing between 03/03/2019 and 05/08/2021…

DY. COMMISSIONER OF INCOME TAX , CIRCLE-3(1), HYDERABAD vs. SEMBMARINE KAKINANDA LIMITED , HYDERABAD

In the result, appeal of the Revenue is dismissed

ITA 123/HYD/2019[2013-14]Status: DisposedITAT Hyderabad15 Nov 2022AY 2013-14

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Chary

For Appellant: Shri Abhiroop Bhargav, ARFor Respondent: Shri P.V.Subba Raju, DR
Section 69Section 79

…t there was no change in the control over the company and the disqualification imposed on the company because of the change in its shareholding would stand removed. Further, the Hon'ble Apex Court noticed that in the case of CIT Vs. Subhlaxmi Mills Ltd (1983) 143 ITR 863 and CIT Vs. Saravanabhava Mills (P) Ltd (1983) 143 ITR 856, the Hon'ble Gujarat and Madras High Courts quoted from the text authored by Chaturvedi Pithisaria and observed that clause (a) refers to 51 per cent of the voting power beneficially held by a person or group of persons meaning thereby that such persons or persons may or may not be regist…

DEPUTY COMMISSIONER OF INCOME TAX 15(1)(1), MUMBAI vs. ABEINSA BUSINESS DEVELOPMENT PRIVATE LIMITED, MUMBAI

In the result, the appeal of Revenue is dismissed

ITA 1183/MUM/2018[2012-13]Status: DisposedITAT Mumbai08 May 2019AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am Aayakr Apila Sam./ Ita No. 1183/Mum/2018 (Inaqa-Arna Baya- / Assessment Year 2012-13) The Dy. Commissioner Of Abeinsa Business Income Tax, Circle 15(1)(1), Development Pvt. Ltd. Mumbai 540-A, A.J. House, Marol Vs. Room No. 470, 4Th Floor, Maroshi Road, Marol, Aayakar Bhavan, Mumbai. Andhri (E), Mumbai-400 059 .. (Apilaaqai- / Appellant) (P`%Yaqaai- / Respondent) स्थायी लेखा िं./Pan No. Aagca6110N अपीलाथी की ओर े / Appellant By : Shri Anadi Varma, Dr प्रत्यथी की ओर े / Respondent By : Shri Rajendra Deshpande, Ar ुनवाई की तारीख / Date Of Hearing: 08-05-2019 घोषणा की तारीख / Date Of Pronouncement : 08-05-2019

For Appellant: Shri Anadi Varma, DRFor Respondent: Shri Rajendra Deshpande, AR
Section 143(3)Section 32Section 79

…e under section 32 of the Act and directing the Assessing Officer to verify and allow the set off of brought forward losses of Rs. 10,90,40,397/- to the extent of unabsorbed depreciation, ignoring the decision in the case of CIT Vs. Shri Subhalaxmi Mills Ltd. 143 ITR 863 (Guj), wherein it is held that as far as depreciation allowance is concerned, the provision of section 79 cannot apply to unabsorbed depreciation allowance.” 3 3. We have heard the rival contentions and gone through the facts and circumstances of the case. Briefly stated facts are that the assessee claim carry forward of business losses on accou…

DCIT RG 8(3), MUMBAI vs. RAMANI HOTELS LTD, MUMBAI

Appeal is allowed

ITA 7329/MUM/2011[2008-09]Status: DisposedITAT Mumbai16 Dec 2015AY 2008-09

Bench: S/Shri N.K.Billaiya & Amarjit Singhआयकर अपील सं/ I.T.A. No.7329/Mum/2011 ("नधा"रण वष" / Assessment Year: 2008-09) The Asstt. Commissioner Of Ramani Hotels Limited बनाम/ Income Tax 8(3), 462, A.B.Nair Road, Juhu, Vs. Room No.217, Mumbai - 400049 Aayakar Bhavan, M.K.Marg, Mumbai - 400020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacr5513J .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri Subhash S. ShettyFor Respondent: Shri K. Ravi Ramchandran
Section 143(3)Section 79

…o support the above proposition:- . => (1995) 128 Taxation 92 (Coch)(AT) M/s. Pioneer Enterprises => (1993) 114 Taxation 65 (Guj.) Broach Textile Mills => (1993) 201 ITR 124 (Cal) Surma Tubes Pvt.Ltd. => (1986) 157 ITR 658 (Jer) Kalpaka Enterprises. => (1983) 143 ITR 863 (Guj) Shri.Subhlami Mills Ltd. => (1979) 119 ITR 458 (Mad) Concord Industrial Ltd. Accordingly, following the above reasoning and the decisions cited, the AO is directed to allow the set off of brought forward unabsorbed depreciation loss of Rs.2,55,15,298/- pertaining to AY 2002-03 against the assessed income for the present year i.e AY 2008-09.…

CIT v. Shri Subhalaxmi Mills Ltd. (143 ITR 863) — Cited in 5 Judgments | BharatTax