CIT v. Shriram Pistons & Rings Ltd.

181 ITR 230High Court1990#9479 most cited
12

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2010 to 2023.

Also reported as

206 Taxmann 4119 Taxmann.com 205

Judgments citing CIT v. Shriram Pistons & Rings Ltd.

INDIA STEEL CORPORATION,KOLKATA vs. ITO, WARD - 35(2), KOLKATA

In the result, the appeal of the revenue as well as the appeal of the assessee is dismissed

ITA 2430/KOL/2018[2014-15]Status: DisposedITAT Kolkata27 Sept 2023AY 2014-15

Bench: Dr. Manish Borad & Shri Sonjoy Sarma]

Section 133(6)

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘C’, KOLKATA [Before Dr. Manish Borad, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 2306/Kol/2018 Assessment Year : 2014-15 ITO, Ward-35(2), Kolkata Vs. M/s. India Steel Corporation PAN: AAAFI 8045 B Appellant Respondent I.T.A. No. 2430/Kol/2018 Assessment Year: 2014-15 M/s. India Steel Corporation Vs. ITO, Ward-35(2), Kolkata PAN: AAAFI 8045 B Appellant Respondent Date of Hearing 27.09.2023 Date of Pronouncement 27.09.2023 For the Assessee Shri Sushil Kumar Pransukhka, FAC For the Revenue Shri B.K. Singh, JCIT, Sr. DR ORDER Per Sonjoy…

ITO, WARD - 35(2), KOLKATA vs. M/S. INDIA STEEL CORPORATION, KOLKATA

In the result, the appeal of the revenue as well as the appeal of the assessee is dismissed

ITA 2306/KOL/2018[2014-15]Status: DisposedITAT Kolkata27 Sept 2023AY 2014-15

Bench: Dr. Manish Borad & Shri Sonjoy Sarma]

Section 133(6)

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘C’, KOLKATA [Before Dr. Manish Borad, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 2306/Kol/2018 Assessment Year : 2014-15 ITO, Ward-35(2), Kolkata Vs. M/s. India Steel Corporation PAN: AAAFI 8045 B Appellant Respondent I.T.A. No. 2430/Kol/2018 Assessment Year: 2014-15 M/s. India Steel Corporation Vs. ITO, Ward-35(2), Kolkata PAN: AAAFI 8045 B Appellant Respondent Date of Hearing 27.09.2023 Date of Pronouncement 27.09.2023 For the Assessee Shri Sushil Kumar Pransukhka, FAC For the Revenue Shri B.K. Singh, JCIT, Sr. DR ORDER Per Sonjoy…

A.C.I.T.,CIRCLE-36, KOLKATA vs. M/S ROHIT & CO., KOLKATA

In the result, both the appeals of the revenue are dismissed

ITA 1427/KOL/2019[2011-12]Status: DisposedITAT Kolkata28 Oct 2021AY 2011-12

Bench: Shri P. M. Jagtap(Kz) & Shri A. T. Varkey

Section 131

…M/s. Rohit & Co., AYs 2009-10 & 2011-12 आयकर अपील"य अधीकरण, "यायपीठ –“B” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA [Before Shri P. M. Jagtap, Vice President (KZ) & Shri A. T. Varkey, Judicial Member I.T.A. Nos. 1425 & 1427/Kol/2019 Assessment Years: 2009-10 & 2011-12 ACIT, Circle-36, Kolkata Vs. M/s. Rohit & Co. (PAN: AADFR3190D) Appellant Respondent Date of Hearing (Virtual) 06.10.2021 Date of Pronouncement 28.10.2021 For the Appellant Smt. Ranu Biswas, Addl. CIT For the Respondent Shri S. M. Surana, Advocate ORDER Per Bench: Both these appeals are preferred by the revenue which are…

A.C.I.T.,CIRCLE-36, KOLKATA vs. M/S ROHIT & CO., KOLKATA

In the result, both the appeals of the revenue are dismissed

ITA 1425/KOL/2019[2009-10]Status: DisposedITAT Kolkata28 Oct 2021AY 2009-10

Bench: Shri P. M. Jagtap(Kz) & Shri A. T. Varkey

Section 131

…M/s. Rohit & Co., AYs 2009-10 & 2011-12 आयकर अपील"य अधीकरण, "यायपीठ –“B” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA [Before Shri P. M. Jagtap, Vice President (KZ) & Shri A. T. Varkey, Judicial Member I.T.A. Nos. 1425 & 1427/Kol/2019 Assessment Years: 2009-10 & 2011-12 ACIT, Circle-36, Kolkata Vs. M/s. Rohit & Co. (PAN: AADFR3190D) Appellant Respondent Date of Hearing (Virtual) 06.10.2021 Date of Pronouncement 28.10.2021 For the Appellant Smt. Ranu Biswas, Addl. CIT For the Respondent Shri S. M. Surana, Advocate ORDER Per Bench: Both these appeals are preferred by the revenue which are…

ITO (E) -1(1), MUMBAI vs. ADITYA BIRLA FOUNDATION , MUMBAI

In the result, Revenue’s appeal is partly allowed

ITA 6279/MUM/2019[2012-13]Status: DisposedITAT Mumbai28 Oct 2021AY 2012-13

Bench: The Hon'Ble Itat In Its Own Case In A.Y.2011-12 Which Is Pending For Adjudication."

Section 11Section 11(2)Section 13(3)Section 25

…13(3). Proposition 1: If the value of a transaction has been approved by a competent authority, it is not open for income-tax authorities to question the same 4 Virendra v. Appropriate Authority (327 ITR 1 85) (Bom HC) 5 CIT v. Shriram Pistons and Rings Ltd. (181 ITR 230) (Del HC) Proposition II: Reference to DVO cannot be made without rejecting books of accounts. 6 Sargam Cinema v. CIT (328 ITR 513) (SC) 7 Amol Chand Vurshncy Sewa Sansthan v. ACIT (142 ITD 658) (Agra T) Proposition III: Adequate rent is not equivalent to Fair Market rent 8 Commissioner of Gift-Tax v. Indo Traders and Agencies (P.) Ltd, (131 ITR…

DCIT (E)-1(1), MUMBAI vs. ADITYA BIRLA FOUNDATION , MUMBAI

In the result, Revenue’s appeal is partly allowed

ITA 4065/MUM/2019[2011-12]Status: DisposedITAT Mumbai16 Jun 2021AY 2011-12
Section 11Section 11(2)Section 12ASection 13(3)Section 143(2)Section 143(3)Section 145Section 154Section 25

…per the provisions of the Act. He further reiterated that the rental value approved by Charity Commissioner has correctly been accepted by learned CIT(A). In this regard he placed reliance upon the following case laws : • CIT Vs. Shriram Pistons & Rings Ltd (181 ITR 230) • Virendra Vs. Appropriate Authority (327 ITR 185) • Sargam Cinema Vs. CIT (328 ITR 513) • Amol Chand Varshney Sewa Sansthan Vs. ACIT (142 ITD 658) • HDFC Bank Ltd. Vs. ACIT (WP No. 462 of 2017) • JRD Tata Trust Vs. DCIT (122 taxmann.com 275) • Commissioner of Gift Tax Vs. Nelson & Co.(245 ITR 347) • DIT Vs. Span Foundation (178 Taxman 436) 22.…

ASSISTANT COMMISSIONER OF INCOME-TAX vs. KIRLOSKAR OIL ENGINES LTD, PUNE

In the result, appeal of the Revenue in ITA No

ITA 605/PUN/2015[2011-12]Status: DisposedITAT Pune12 Dec 2019AY 2011-12

Bench: Shri R.S.Syal, Vp & Shri Partha Sarathi Chaudhury, Jm आयकर अपीऱ सं. / Ita No.407/Pun/2015 नििाारण वषा / Assessment Year : 2011-12 Kirloskar Oil Engines Limited. Laxmanrao Kirloskar Road, Khadki, Pune-411 003. Pan: Aadck5714H .......अऩीऱाथी / Appellant बिाम / V/S. The Deputy Commissioner Of Income Tax, Circle-9, Pune. ……प्रत्यथी / Respondent

For Appellant: Shri C.H. NaniwadekarFor Respondent: Mrs. Nandita Kanchan
Section 14A

…herein, has decided this issue in favour of the assessee. The crux of the decision in respect of the Ld. CIT(Appeal) while allowing this ground is based on the decision of the Hon‟ble Delhi High Court in the case of CIT Vs. Shriram Pistons & Rings Ltd. (1990) 181 ITR 230 (Del.) wherein it has been held that “once the remuneration and commission is approved by the company law Board then it should not ordinarily be opened to the I.T. Authorities to regard such fixation as unreasonable unless there are some other factors which can lead to the conclusion that there was no proper application of mind by the Company Law…

KIRLOSKAR OIL ENGINES LTD.,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

In the result, appeal of the Revenue in ITA No

ITA 407/PUN/2015[2011-12]Status: DisposedITAT Pune12 Dec 2019AY 2011-12

Bench: Shri R.S.Syal, Vp & Shri Partha Sarathi Chaudhury, Jm आयकर अपीऱ सं. / Ita No.407/Pun/2015 नििाारण वषा / Assessment Year : 2011-12 Kirloskar Oil Engines Limited. Laxmanrao Kirloskar Road, Khadki, Pune-411 003. Pan: Aadck5714H .......अऩीऱाथी / Appellant बिाम / V/S. The Deputy Commissioner Of Income Tax, Circle-9, Pune. ……प्रत्यथी / Respondent

For Appellant: Shri C.H. NaniwadekarFor Respondent: Mrs. Nandita Kanchan
Section 14A

…herein, has decided this issue in favour of the assessee. The crux of the decision in respect of the Ld. CIT(Appeal) while allowing this ground is based on the decision of the Hon‟ble Delhi High Court in the case of CIT Vs. Shriram Pistons & Rings Ltd. (1990) 181 ITR 230 (Del.) wherein it has been held that “once the remuneration and commission is approved by the company law Board then it should not ordinarily be opened to the I.T. Authorities to regard such fixation as unreasonable unless there are some other factors which can lead to the conclusion that there was no proper application of mind by the Company Law…

NALWA STEEL POWER LIMITED,NEW DELHI vs. ACIT, CIRCLE- 17(2), NEW DELHI

Appeal of the assessee is partly allowed for statistical purpose

ITA 7176/DEL/2017[2013-14]Status: DisposedITAT Delhi31 Dec 2018AY 2013-14

Bench: Shri N. K. Billaiya & Ms Suchitra Kamble

Section 143(3)Section 144CSection 144C(5)Section 80ISection 92D

…1 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘I-1’ NEW DELHI BEFORE SHRI N. K. BILLAIYA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER I.T.A .No. 7176/DEL/2017 (A.Y 2013-14) Nalwa Steel Power Ltd. Vs ACIT 28, Najafgarh Road, Circle-17(2) West Punjabi Bagh, New Delhi New Delhi AABCN3209L (RESPONDENT) (APPELLANT) Appellant by Sh. V. K. Tulsian, Adv Respondent by Sh. Sanjay I Bara, CIT DR Date of Hearing 18.10.2018 Date of Pronouncement 31.12.2018 ORDER PER SUCHITRA KAMBLE, JM This appeal is filed against the order dated 18/10/2017 passed by ACIT, Circle 17(2), New Delhi u/s 144C (13)…

ESSA I MERCHANT,MUMBAI vs. JCIT RG 17(1), MUMBAI

In the result the appeal of the assessee is allowed

ITA 1592/MUM/2017[2012-13]Status: DisposedITAT Mumbai21 Feb 2018AY 2012-13

Bench: Shri R.C. Sharma & Shri Pawan Singhessa Ismail Merchant Jcit 13(3), (Prop. Of M/S Advance Aayakar Bhavan, Computers), 123, Ground Floor, Mumbai-400020 Vs. Zakari Masjid Street, Masjid, Mumbai-400009. Pan: Afspm6894H (Appellant) (Respondent) Acit 17(1), Essa Ismail Merchant Aayakar Bhavan, (Prop. Of M/S Advance Mumbai-400020 Computers), 123, Ground Floor, Vs. Zakari Masjid Street, Masjid, Mumbai-400009. Pan: Afspm6894H (Appellant) (Respondent) Essa Ismail Merchant Jcit 17(1), (Prop. Of M/S Advance Aayakar Bhavan, Computers), Unit No.9, Yusuf Mumbai-400020 Building, Ground Floor, Junction Vs. Of M.G. Road & Veer Nariman Road, Flora Fountain, Fort, Mumbai-400001. Pan: Afspm6894H (Appellant) (Respondent) Ita No. 3618 & 4521/M/2016 & 1592 & 3426/M/17 Essa Ismail Merchant

For Respondent: Shri Ram Tiwari (DR)
Section 133(6)Section 143(3)Section 253Section 254(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “E”, MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER Essa Ismail Merchant JCIT 13(3), (Prop. of M/s Advance Aayakar Bhavan, Computers), 123, Ground Floor, Mumbai-400020 Vs. Zakari masjid Street, Masjid, Mumbai-400009. PAN: AFSPM6894H (Appellant) (Respondent) ACIT 17(1), Essa Ismail Merchant Aayakar Bhavan, (Prop. of M/s Advance Mumbai-400020 Computers), 123, Ground Floor, Vs. Zakari Masjid Street, Masjid, Mumbai-400009. PAN: AFSPM6894H (Appellant) (Respondent) Essa Ismail Merchant JCIT 17(1), (Prop. of M/s Advance Aayakar Bhavan…

ESS ISMAIL MERCHANT,MUMBAI vs. JT CIT 13(3), MUMBAI

In the result the appeal of the assessee is allowed

ITA 3618/MUM/2016[2011-12]Status: DisposedITAT Mumbai21 Feb 2018AY 2011-12

Bench: Shri R.C. Sharma & Shri Pawan Singhessa Ismail Merchant Jcit 13(3), (Prop. Of M/S Advance Aayakar Bhavan, Computers), 123, Ground Floor, Mumbai-400020 Vs. Zakari Masjid Street, Masjid, Mumbai-400009. Pan: Afspm6894H (Appellant) (Respondent) Acit 17(1), Essa Ismail Merchant Aayakar Bhavan, (Prop. Of M/S Advance Mumbai-400020 Computers), 123, Ground Floor, Vs. Zakari Masjid Street, Masjid, Mumbai-400009. Pan: Afspm6894H (Appellant) (Respondent) Essa Ismail Merchant Jcit 17(1), (Prop. Of M/S Advance Aayakar Bhavan, Computers), Unit No.9, Yusuf Mumbai-400020 Building, Ground Floor, Junction Vs. Of M.G. Road & Veer Nariman Road, Flora Fountain, Fort, Mumbai-400001. Pan: Afspm6894H (Appellant) (Respondent) Ita No. 3618 & 4521/M/2016 & 1592 & 3426/M/17 Essa Ismail Merchant

For Respondent: Shri Ram Tiwari (DR)
Section 133(6)Section 143(3)Section 253Section 254(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “E”, MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER Essa Ismail Merchant JCIT 13(3), (Prop. of M/s Advance Aayakar Bhavan, Computers), 123, Ground Floor, Mumbai-400020 Vs. Zakari masjid Street, Masjid, Mumbai-400009. PAN: AFSPM6894H (Appellant) (Respondent) ACIT 17(1), Essa Ismail Merchant Aayakar Bhavan, (Prop. of M/s Advance Mumbai-400020 Computers), 123, Ground Floor, Vs. Zakari Masjid Street, Masjid, Mumbai-400009. PAN: AFSPM6894H (Appellant) (Respondent) Essa Ismail Merchant JCIT 17(1), (Prop. of M/s Advance Aayakar Bhavan…

COMMISSIONER OF INCOME TAX vs. EXPO MECANIQUE MARKETING PVT LTD

Accordingly, the appeal, being devoid of merit, stands dismissed without any

ITA - 1154 / 2010HC Delhi17 Aug 2010
Section 260ASection 40Section 40A(2)Section 40A(2)(B)

…essee preferred the appeal before the tribunal. The tribunal took note of the decisions rendered in Shahzada Nand and Sons v. CIT, 108 ITR 358(SC), Voltamp Transformers P. Ltd. v. CIT, 129 ITR 105 (Gujarat) and CIT v. Shri Ram Pistons and Rings Ltd., 181 ITR 230 (Delhi) and came to hold that the payment to a director depends on his experience and educational qualification and the payment of salary cannot be valued as in the case of goods and services. The tribunal further opined that the payment of salary is payable according to the legitimate business need of the assessee. The tribunal also…