CIT v. Speedways Tyre Ltd.

364 ITR 401High Court2014#24674 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2018 to 2019.

Judgments citing CIT v. Speedways Tyre Ltd.

Shams Tabrez Gulam Madni Ansari, Mumbai vs. ITO 18(1)(2)(Erstwhile), Mumbai

The appeal of the assessee is partly allowed in terms of our aforesaid observations

ITA 1175/MUM/2016[2010-11]Status: DisposedITAT Mumbai18 Oct 2019AY 2010-11

Bench: Shri G. Manjunatha & Shri Ravish Soodshamas Tabrez Gulam Madni Ansari, I.T.O. 18(1)(2)(Erstwhile) C/O,D.C. Bothra & Co. (Ca)297, Acit 21(3) (Present),1St Floor, Tardeo Road, 1St Floor Willie Mansion, Piramal Chamber,Lala Baug, Vs. Opp. Bank Of India, Chowk, Mumbai - 400012 Mumbai – 400 007

For Appellant: Shri Pavan Ved, A.RFor Respondent: Shri Amit Pratap Singh, D.R

Section 133(6)Section 143(1)Section 143(2)Section 143(3)Section 40A(3)Section 41(1)

…view is fortified by the judgment of the Hon‟ble High Court of Bombay in the case of PCIT-19, Vs. Pukhraj S. Jain (ITA No. 1288 of 2016, dated 04.01.2019) and that of the Hon‟ble High Court of Punjab & Haryana in the case of CIT Vs. Speedways Tyre Ltd. (2014) 364 ITR 401 (P&H). Insofar, the remaining outstanding liabilities of Rs.1,02,11,715/-, and Rs.1,53,96,597/- (11 parties) are concerned, we are of the considered view, that as the assessee had acknowledged his liability towards the said parties, therefore, the same merely for the reason that the said liabilities are outstanding for the last many years in the…

ITO, Ward - 3(3), Kolkata vs. M/S. C D Steel Pvt. Ltd., Kolkata

Appeal is dismissed

ITA 1360/KOL/2017[2013-14]Status: DisposedITAT Kolkata29 Aug 2018AY 2013-14

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2013 14

Section 143(3)Section 271(1)(c)Section 41(1)Section 43BSection 68

…as raised by the revenue in this appeal, arise from the order of the ITAT." 13. This decision of the Punjab & Haryana High Court was followed by another Bench of the same High Court in the subsequent judgment rendered in the case of CIT Vs Speedways Tyre Ltd (364 ITR 401). Moreover, it is to be noted that the Hon'ble Gujarat High Court in the case of CIT Vs Nitin 5 Garg (208 Taxman 16) came to identical conclusions. In the case decided by the Hon'ble Gujarat High Court facts involved were almost similar to facts involved in the appellant's case. While decide the appeal the High Court took note of the fact that th…

ACIT, Circle-36, Kolkata vs. M/S Soorajmull Nagarmull, Kolkata

Appeal is dismissed

ITA 1907/KOL/2016[2001-02]Status: DisposedITAT Kolkata20 Jul 2018AY 2001-02

Bench: Shri S.S.Godara & Shri, M. Balaganeshassessment Year :2001-02 Acit, Cicle-36, Aayakar V/S. M/S Soorajmull Nagarmull, Bhawan, Poorva, 8Th 8 B.B.D. Bag (East), Floor, 110, Shantipally, Kolkata-700001 Kolkata-107 [Pan No.Aaaab 0601 N] .. अपीलाथ" /Appellant ""यथ"/Respondent Md. Usman Cit-Dr अपीलाथ" क" ओर से/By Appellant Shri Akkal Dudhwewal, Fca ""यथ" क" ओर से/By Respondent 26-06-2018 सुनवाई क" तार"ख/Date Of Hearing 20-07-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Revenue’S Appeal For Assessment Year 2001-02 Calls Into Question Correctness Of The Commissioner Of Income Tax (Appeals)-10, Kolkata’S Order Dated 08.07.2016, Passed In Case No.142/Cit(A)/10/Cir-36/15-16/Kol, Reversing Assessing Officer’S Action Invoking Section 41(1) After Treating The Assessee’S Liability Amount Of ₹12,97,47,322/- To Be A Case Of Cessation Of Liability Assessment Order Dated 30.03.2015, Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. 2. We Notice At The Outset That Cit(A)’S Detailed Discussion On The Above Sole Issue Of Cessation Of Liability U/S 41(1)(A) Of The Act Reads As Follows:- “06. Decision: 1. I Have Carefully Considered The Action Of The Ld.Ao In Adding An Amount Of Rs.12,97,47,322/- U/S. 441(1) Of The Income Tax Act, 1961, On Grounds That There Was A Cessation Of Liability On The Part Of The Assessee For The Impugned Amount & That Therefore It Would Constitute Part Of The Income Of The Assessee-Firm. It Is To Be Observed That This Is The 2Nd Round Of The Assessment Order For The A.Y 2001-02, And

Section 139(2)Section 143(3)Section 148Section 250Section 41Section 41(1)Section 41(1)(a)Section 441(1)