CIT v. T.V. Sundaram Iyengar & Sons Ltd.

222 ITR 344Supreme Court of India1996#391 most cited

What is CIT v. T.V. Sundaram Iyengar & Sons Ltd. authority for?

Unclaimed deposits received in the course of trading transactions and sundry credit balances written back are taxable as business income under Section 41(1) of the Income-tax Act, 1961, as they constitute a cessation of trading liability.

223

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2002 to 2026.

Also referred to as

CIT v. T.V. Sundaram Iyengar & Sons Ltd. · 222 ITR 344 · Section 41(1) · unclaimed trading deposits · sundry credit balances written back · cessation of trading liability · taxability of income · waiver of loan applicability · business income

Sections most often in play

Section 41(1)Section 14ASection 28(iv)Section 143(3)Section 40(a)(ia)Section 115JBSection 133ASection 142(2A)

Issues it is cited on

section 2(19aa)waiver of loansection 28(iv)section 43(b)section 43(6)resulting companysection 41(1)section 43(1)section 41demergersection 32(1)(ii)written down value

Judgments citing CIT v. T.V. Sundaram Iyengar & Sons Ltd.

DCIT, CIRCLE-3(4), MUMBAI, MUMBAI vs. GLENMARK PHARMACEUTICALS LIMITED, MUMBAI

In the result, appeal of the Revenue for Assessment Year 2016-17

ITA 3991/MUM/2025[2016-17]Status: DisposedITAT Mumbai12 Mar 2026AY 2016-17

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Shri Vijay Mehta, CAFor Respondent: Ms. Neena Jeph, CIT DR
Section 143(3)Section 35Section 41(1)Section 801C

…d in law, the Ld. CIT(A) is right in allowing the appeal of the assessee and thereby deleting the addition made on account of sundry credit balances written back, ignoring the decision of the Hon'ble Supreme Court in the case of CIT vs TVS Iyengar & Sons Ltd (222 ITR 344( (SC) which is applicable to the assessee's case. (Tax Effect (3&4): Rs.1,85, 595) 5. "Whether. on the facts and in the c1rcumstances of the case and in law. the ld. CIT(A) has erred in not appreciating the fact that DSIR has not approved the expenditure for clinical trials and BA/BE studies incurred outside R&D centre. 6. "Whether, on the facts…

DCIT, CIRCLE-3(4), MUMBAI, MUMBAI vs. GLENMARK PHARMACEUTICALS LIMITED, MUMBAI

In the result, appeal of the Revenue for Assessment Year 2016-17

ITA 3971/MUM/2025[2015-16]Status: DisposedITAT Mumbai12 Mar 2026AY 2015-16

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Shri Vijay Mehta, CAFor Respondent: Ms. Neena Jeph, CIT DR
Section 143(3)Section 35Section 41(1)Section 801C

…d in law, the Ld. CIT(A) is right in allowing the appeal of the assessee and thereby deleting the addition made on account of sundry credit balances written back, ignoring the decision of the Hon'ble Supreme Court in the case of CIT vs TVS Iyengar & Sons Ltd (222 ITR 344( (SC) which is applicable to the assessee's case. (Tax Effect (3&4): Rs.1,85, 595) 5. "Whether. on the facts and in the c1rcumstances of the case and in law. the ld. CIT(A) has erred in not appreciating the fact that DSIR has not approved the expenditure for clinical trials and BA/BE studies incurred outside R&D centre. 6. "Whether, on the facts…

DY. COMMISSIONER OF INCOME TAX 5(2)(1), MUMBAI, MUMBAI vs. JSW STEEL COATED PRODUCTS LIMITED, MUMBAI

In the result, appeal of the

ITA 5143/MUM/2024[2016]Status: DisposedITAT Mumbai30 Jan 2026

Bench: Shri Pawan Singh & Shri Girish Agrawal

Section 254Section 80Section 801ASection 80A(6)

…the assessee has credited such a waiver to the profit & loss account and claimed it to be a capital receipt. Even in the case of Hon'ble Supreme Court to which Hon'ble Bombay HighCourt has relied upon in the case of CIT vs. TVS Iyengar& Sons Ltd, reported in 222 ITR 344, it was found that the loan/advance constituted a trading liability or was taken under trading account therefore, the ratio of the said decisions would not be applicable on the loan transaction which has been taken on capital account, even if it is for the business purpose. The Hon'ble Bombay High Court in a subsequent decision in the case of CIT…

DCIT-5(2)(1),MUMBAI, AAYAKAR BHAVAN vs. JSW STEEL COATED PRODUCTS LIMITED, MUMBAI

In the result, appeal of the

ITA 5142/MUM/2024[2015-16]Status: DisposedITAT Mumbai30 Jan 2026AY 2015-16

Bench: Shri Pawan Singh & Shri Girish Agrawal

Section 254Section 80Section 801ASection 80A(6)

…the assessee has credited such a waiver to the profit & loss account and claimed it to be a capital receipt. Even in the case of Hon'ble Supreme Court to which Hon'ble Bombay HighCourt has relied upon in the case of CIT vs. TVS Iyengar& Sons Ltd, reported in 222 ITR 344, it was found that the loan/advance constituted a trading liability or was taken under trading account therefore, the ratio of the said decisions would not be applicable on the loan transaction which has been taken on capital account, even if it is for the business purpose. The Hon'ble Bombay High Court in a subsequent decision in the case of CIT…

M/S JINDAL EQUIPMENT LEASING CONSULTANCY SERVICES LTD. vs. COMMISSIONER OF INCOME TAX

Appeals stand disposed of in the aforesaid terms

C.A. No.-000152-000152 - 2026Supreme Court09 Jan 2026

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

Section 143(3)Section 28Section 47

…ount, thereby forming part of the computation of business profits. Although that case concerned the deduction of fluctuation losses, its reasoning underscores that real income under Section 28 may accrue without any conventional “transfer”. 22 (1996) 222 ITR 344 (SC) 23 (2016) 383 ITR 217 (SC) 24 (2009) 312 ITR 254 (SC) 31 15.3. It therefore emerges that Section 28 is a comprehensive charging provision designed to bring within the tax net all real profits and gains arising in the course of business, whether convertible into money or received in money or in kind, and irrespective of whether suc…

ITO WARD - 13(1), C.R. BUILDING vs. J L G DEVELOPERS LIMITED, JANPATH

ITA 4905/DEL/2024[2016-17]Status: DisposedITAT Delhi12 Dec 2025AY 2016-17

Bench: Shri Anubhav Sharma & Shri Naveen Chandra

For Appellant: Shri Tarun Kandhari, CAFor Respondent: Shri Om Prakash, Sr. DR
Section 143(3)Section 41(1)Section 41(1)(a)

…enue is in appeal before us. 7. The ld. counsel for the Revenue vehemently submitted that the ld. CIT(A) was not justified in ignoring the applicability of Explanation 1 of Section 41(1)(a) of the Act as mentioned in the case of T V Sundram Aiyangar & Sons 222 ITR 344. The ld. DR relied upon the findings of the Assessing Officer. 8. The ld DR further stated that during the course of appellate proceedings, the Assessing Officer in his remand report has mentioned Page 2 of 10 [A.Y 2016-17] JLG Developers that the assessee stands dissolved in terms of notice no. ROC(H)/248(5)STK-7/2017 dated 21.7.2017, issue…

N.K. INDUSTRIES LTD.,AHMEDABAD vs. THE DY.CIT, CIRCLE-3(1)(1), AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

ITA 448/AHD/2023[2013-14]Status: DisposedITAT Ahmedabad25 Apr 2025AY 2013-14

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

For Appellant: NK Industries Ltd (Cross Appeals)
Section 250

…of loan, a subsequent event has the effect of changing the nature and character of loan, a capital receipt into a trading receipt and therefore, the ratio of the judgment of the Honourable Supreme Court in CIT Vs. T.V. Sundaram Iyengar & Sons Limited [(1996) 222 ITR 344], wherein unclaimed deposits received in the course of trading transaction were held to be taxable is applicable to waiver of loan?" 31. Before proceeding with the discussion on the substantial questions of law, the Delhi High Court took note of the broad scheme of the Act and posed a question to itself as to what would be the character of waive…

N.K. INDUSTRIES LTD.,AHMEDABAD vs. THE DY.CIT, CIRCLE-3(1)(1), AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

ITA 447/AHD/2023[2010-11]Status: DisposedITAT Ahmedabad25 Apr 2025AY 2010-11

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

For Appellant: NK Industries Ltd (Cross Appeals)
Section 250

…of loan, a subsequent event has the effect of changing the nature and character of loan, a capital receipt into a trading receipt and therefore, the ratio of the judgment of the Honourable Supreme Court in CIT Vs. T.V. Sundaram Iyengar & Sons Limited [(1996) 222 ITR 344], wherein unclaimed deposits received in the course of trading transaction were held to be taxable is applicable to waiver of loan?" 31. Before proceeding with the discussion on the substantial questions of law, the Delhi High Court took note of the broad scheme of the Act and posed a question to itself as to what would be the character of waive…

THE DY.CIT, CIRCLE-3(1)(1)., AHMEDABAD vs. N.K. INDUSTRIES LTD., AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

ITA 443/AHD/2023[2013-14]Status: DisposedITAT Ahmedabad25 Apr 2025AY 2013-14

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

For Appellant: NK Industries Ltd (Cross Appeals)
Section 250

…of loan, a subsequent event has the effect of changing the nature and character of loan, a capital receipt into a trading receipt and therefore, the ratio of the judgment of the Honourable Supreme Court in CIT Vs. T.V. Sundaram Iyengar & Sons Limited [(1996) 222 ITR 344], wherein unclaimed deposits received in the course of trading transaction were held to be taxable is applicable to waiver of loan?" 31. Before proceeding with the discussion on the substantial questions of law, the Delhi High Court took note of the broad scheme of the Act and posed a question to itself as to what would be the character of waive…

THE DY.CIT, CIRCLE-3(1)(1)., AHMEDABAD vs. N.K. INDUSTRIES LTD., AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

ITA 442/AHD/2023[2010-11]Status: DisposedITAT Ahmedabad25 Apr 2025AY 2010-11

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

For Appellant: NK Industries Ltd (Cross Appeals)
Section 250

…of loan, a subsequent event has the effect of changing the nature and character of loan, a capital receipt into a trading receipt and therefore, the ratio of the judgment of the Honourable Supreme Court in CIT Vs. T.V. Sundaram Iyengar & Sons Limited [(1996) 222 ITR 344], wherein unclaimed deposits received in the course of trading transaction were held to be taxable is applicable to waiver of loan?" 31. Before proceeding with the discussion on the substantial questions of law, the Delhi High Court took note of the broad scheme of the Act and posed a question to itself as to what would be the character of waive…

DEPUTY COMMISSIONER OF INCOME TAX, PUNE vs. PATSON AGRO EXPORTS PRIVATE LIMITED, PUNE CITY

In the result, the appeal filed by the Revenue is allowed for statistical purposes

ITA 1404/PUN/2023[2018-19]Status: DisposedITAT Pune23 Apr 2025AY 2018-19

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2018-19

For Appellant: Shri Kishor B PhadkeFor Respondent: Shri Ajay Kumar Keshari – CIT
Section 143(2)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER Assessment year : 2018-19 DCIT, Circle – 4, Pune Patson Agro Exports Pvt. Ltd. Nakoda Court, Sanghvi Compound, Vs. Shivajinagar S.O (Pune), Pune – 411005 PAN: AAHCP2450M (Appellant) (Respondent) Assessee by : Shri Kishor B Phadke Department by : Shri Ajay Kumar Keshari – CIT Date of hearing : 16-04-2025 Date of pronouncement : 23-04-2025 O R D E R PER R. K. PANDA, VP : This appeal filed by the Revenue is directed against the order dated 30.10.2023 of the Ld. CIT(A) / NFAC,…

ITO 3(2)(3), MUMBAI vs. NOUVEAU CAPITAL & FINANCE LTD., MUMBAI

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

ITA 2942/MUM/2016[2011-12]Status: DisposedITAT Mumbai06 Feb 2025AY 2011-12

Bench: Shri Saktijit Dey & Shri B.R. Baskaranassessment Year : 2011-12 Income Tax Officer-3(2)(3), M/S. Nouveau Capital & 6Th Floor, Finance Ltd., Aayakar Bhavan, Vs. 113, Mittal Chambers, M.K.Road, Nariman Point, Mumbai Mumbai Pan : Aaacn3638E (Appellant) (Respondent) For Assessee : Shri Hitesh P. Shah For Revenue : Ms. Monika H. Pande Date Of Hearing : 27-01-2025 Date Of Pronouncement : 06-02-2025

For Appellant: Shri Hitesh P. ShahFor Respondent: Ms. Monika H. Pande
Section 28Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER Assessment Year : 2011-12 Income Tax Officer-3(2)(3), M/s. Nouveau Capital & 6th Floor, Finance Ltd., Aayakar Bhavan, vs. 113, Mittal Chambers, M.K.Road, Nariman Point, Mumbai Mumbai PAN : AAACN3638E (Appellant) (Respondent) For Assessee : Shri Hitesh P. Shah For Revenue : Ms. Monika H. Pande Date of Hearing : 27-01-2025 Date of Pronouncement : 06-02-2025 O R D E R PER B.R. BASKARAN, A.M : The Revenue has filed this appeal challenging the order dated 28th January, 201…

SAMSUNG R & D INSTITUTE INDIA BANGALORE PRIVATE LIMITED,BANGALORE vs. JOINT COMMISSIONER OF INCOME TAX, SPECIAL RANGE- 6, BANGALORE

In the result, the appeal of the assessee is allowed and the appeal of the Revenue is dismissed

ITA 625/BANG/2020[2015-16]Status: DisposedITAT Bangalore22 Oct 2024AY 2015-16

Bench: Shri George George K. & Ms. Padmavathy S.It(Tp)A No. 625/Bang/2020 (Assessment Year: 2015-16)

For Appellant: Shri T. Suryanarayana, Sr. AdvFor Respondent: Shri R.N. Siddappaji, CIT-DR
Section 28Section 40Section 92C

…that it should be a benefit or perquisite, whether convertible into money or not, which requirement is satisfied in the facts of the case. It is also noted that the ratio laid down by the Apex court decision in the case of CIT vs. TV Sundaram lyengar & Sons (222 ITR 344) and the High Court's decisions in Solid Containers Ltd vs. DCIT (308 ITR 417), Logitronics Pvt. Ltd vs. CIT (333 ITR 386), would squarely apply to the facts of this case. Therefore, I am inclined to uphold the view of the Ld. Assessing officer and accordingly the impugned disallowance is upheld. Ground dismissed.” 11. The ld AR argued that - No…

SAKET AGARWAL,JAIPUR vs. ITO WARD 2(3) JAIPUR, JAIPUR

In the result appeal filed by the assessee is allowed

ITA 646/JPR/2024[2014-15]Status: DisposedITAT Jaipur01 Oct 2024AY 2014-15

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Ms. Satwika Jhan, AdvFor Respondent: Ms. Alka Gautam (CIT) a
Section 143(2)Section 143(3)Section 271(1)(c)Section 41(1)

…his judgment has been quoted by the High Court in the present case and followed. We have no hesitation to say that the reasoning is correct and we agree with the same." 23. The Hon'ble Apex Court, in the case of CIT v. T.V. Sundaram Iyengar & Sons Ltd. (1996) 222 ITR 344 (SC), held as under: "In the present case, the money was received by the assessee in the course of carrying on his business. Although it was treated as deposit and was capital in nature at the point of time it was received, by efflux of time the money has become the assessees own money. What remains after adjustment of the deposits has not been…

SANTHIMADAM AGROFARM TRUST,KOCHI vs. THE ACIT CENTRAL CIRCLE 2, KOCHI

In the result, the appeals filed by the assessee are partly allowed for statistical purposes

ITA 223/COCH/2023[2008-09]Status: DisposedITAT Cochin06 Aug 2024AY 2008-09

Bench: Shri Chandra Poojari & Shri Soundararajan K.

For Appellant: Shri Mathew Joseph, CAFor Respondent: Shri Ilaiyaraja K.S., Sr. DR
Section 132Section 142(1)Section 153CSection 194CSection 234ASection 40Section 68Section 69

…evenue should adopt a stand in tune with the prevailing business practices and common sense, rather than mechanically following the entries in the books of account. The decision of the Hon'ble Supreme Court in the case of CIT Vs. T.V. Sundaram lyengar & Sons (222 ITR 344) (SC) and Gujtron Electronics (P) Ltd. Vs. Income Tax Officer (2017) 397 ITR 462 (Guj), M/s. West Asia Exports & Imports (P) Ltd. Vs. ACIT (412 ITR 208) are few of such examples where the Courts have held that in taxing a receipt, the actual nature of transactions have to be considered over the entries made in the books of accounts. In the presen…

SANTHIMADAM AGROFARM TRUST,KOCHI vs. THE ACIT CENTRAL CIRCLE 2, KOCHI

In the result, the appeals filed by the assessee are partly allowed for statistical purposes

ITA 222/COCH/2023[2007-08]Status: DisposedITAT Cochin06 Aug 2024AY 2007-08

Bench: Shri Chandra Poojari & Shri Soundararajan K.

For Appellant: Shri Mathew Joseph, CAFor Respondent: Shri Ilaiyaraja K.S., Sr. DR
Section 132Section 142(1)Section 153CSection 194CSection 234ASection 40Section 68Section 69

…evenue should adopt a stand in tune with the prevailing business practices and common sense, rather than mechanically following the entries in the books of account. The decision of the Hon'ble Supreme Court in the case of CIT Vs. T.V. Sundaram lyengar & Sons (222 ITR 344) (SC) and Gujtron Electronics (P) Ltd. Vs. Income Tax Officer (2017) 397 ITR 462 (Guj), M/s. West Asia Exports & Imports (P) Ltd. Vs. ACIT (412 ITR 208) are few of such examples where the Courts have held that in taxing a receipt, the actual nature of transactions have to be considered over the entries made in the books of accounts. In the presen…

SANTHIMADAM AGROFARM TRUST,KOCHI vs. THE ACIT CENTRAL CIRCLE 2, KOCHI

In the result, the appeals filed by the assessee are partly allowed for statistical purposes

ITA 221/COCH/2023[2006-07]Status: DisposedITAT Cochin06 Aug 2024AY 2006-07

Bench: Shri Chandra Poojari & Shri Soundararajan K.

For Appellant: Shri Mathew Joseph, CAFor Respondent: Shri Ilaiyaraja K.S., Sr. DR
Section 132Section 142(1)Section 153CSection 194CSection 234ASection 40Section 68Section 69

…evenue should adopt a stand in tune with the prevailing business practices and common sense, rather than mechanically following the entries in the books of account. The decision of the Hon'ble Supreme Court in the case of CIT Vs. T.V. Sundaram lyengar & Sons (222 ITR 344) (SC) and Gujtron Electronics (P) Ltd. Vs. Income Tax Officer (2017) 397 ITR 462 (Guj), M/s. West Asia Exports & Imports (P) Ltd. Vs. ACIT (412 ITR 208) are few of such examples where the Courts have held that in taxing a receipt, the actual nature of transactions have to be considered over the entries made in the books of accounts. In the presen…

SANTHIMADAM AGROFARM TRUST,KOCHI vs. THE ACIT CENTRAL CIRCLE 2, KOCHI

In the result, the appeals filed by the assessee are partly allowed for statistical purposes

ITA 220/COCH/2023[2005-06]Status: DisposedITAT Cochin06 Aug 2024AY 2005-06

Bench: Shri Chandra Poojari & Shri Soundararajan K.

For Appellant: Shri Mathew Joseph, CAFor Respondent: Shri Ilaiyaraja K.S., Sr. DR
Section 132Section 142(1)Section 153CSection 194CSection 234ASection 40Section 68Section 69

…evenue should adopt a stand in tune with the prevailing business practices and common sense, rather than mechanically following the entries in the books of account. The decision of the Hon'ble Supreme Court in the case of CIT Vs. T.V. Sundaram lyengar & Sons (222 ITR 344) (SC) and Gujtron Electronics (P) Ltd. Vs. Income Tax Officer (2017) 397 ITR 462 (Guj), M/s. West Asia Exports & Imports (P) Ltd. Vs. ACIT (412 ITR 208) are few of such examples where the Courts have held that in taxing a receipt, the actual nature of transactions have to be considered over the entries made in the books of accounts. In the presen…

ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-2(1)(1), AHMEDABAD, AHMEDABAD vs. INTERKILN INDUSTRIES PVT LTD, GUJARAT

In the result, the appeal of the Revenue is allowed for statistical purpose

ITA 947/AHD/2023[2010-2011]Status: DisposedITAT Ahmedabad15 Jul 2024AY 2010-2011

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumarassessment Year : 2010-11 Acit, Cir.2(1)(1) Interkiln Industries P.Ltd. Ahmedabad. Vs Sanghvi Chambers B/H. Canara Bank Navrangpura Ahmedabad. Pan : Aaaci 4563 R (Applicant) (Responent) : Shri Jaimin A. Gandhi, Ar Assessee By Revenue By : Shri Prateek Sharma, Sr.Dr सुनवाई क" तारीख/Date Of Hearing : 25/04/2024 घोषणा क" तारीख /Date Of Pronouncement: 15/07/2024 आदेश/O R D E R आदेश आदेश आदेश Per Annapurna Guptathis Appeal Has Been Filed By The Department Against The Order Of The Ld. Commissioner Of Income-Tax (Appeals), National Faceless Appeal Centre, New Delhi Dated 5.10.2023 Under Section 250 Of The Income Tax Act, 1961 (“The Act” For Short) For The Assessment Year 2010-11. 2. The Grounds Raised In The Appeal Are As Under:

For Respondent: Shri Prateek Sharma, Sr.DR
Section 24Section 250Section 28Section 41(1)

…that the taxability of loan wavier has been dealt with by the Apex Court and several other High Courts in a series of decisions u/s 41(1) of the Act, i.e. – i) Solid Containers Ltd. Vs. DCIT, (2009) 308 ITR 417; ii) CIT Vs. T.V. Sundaram Iyengar & Sons Ltd. 222 ITR 344; iii) Logitronics P.Ltd. Vs. CIT, (2011) 333 ITR 386, (Delhi); iv) Rollatainers Ltd. Vs. CIT, (2011) 339 ITR 54 (Delhi) and the ratio of all these decisions is that if the loan has been taken for trading purpose waiver of such loan would tantamount to cessation of liability ,liable to tax under section 41(1) of the Act. 6. In the present case t…

TIRUMALA IRONS (P) LTD,KOLKATA vs. ITO, WARD-4(1), KOLKATA

In the result, appeal of the assessee is partly allowed

ITA 993/KOL/2023[2012-13]Status: DisposedITAT Kolkata08 May 2024AY 2012-13

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 993/Kol/2023 Assessment Year: 2012-13 Tirumala Irons (P) Ltd. Income Tax Officer, Ward – 4(1), Subash Agarwal & Associates, Vs Kolkata /Assessing Officer, Nfac, Delhi Advocates Siddha Gibson 1, Gibson Lane Suite 213, 2Nd Floor Kolkata - 700069 [Pan : Aaact9984H] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Siddharth Agarwal, Advocate Revenue By : Shri Rakesh Kumar Das, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 09/04/2024 घोषणा क" तारीख /Date Of Pronouncement: 08/05/2024 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The Learned Commissioner Of Income Tax (Appeals) (Hereinafter The “Ld. First Appellate Authority”) Dt. 27/07/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2012-13. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. For That The Ld. Cit(A) Was Not Justified In Passing The Order Exparte Without Affording Reasonable Opportunity Of Hearing. 2. For That The Ld. Cit (A) Was Not Justified In Confirming The Addition Of Rs. 4,81,00,000/- Made By The A.O. On Account Of Share Capital Including Share Premium By Wrongly Applying The Decision Of Hon'Ble Supreme Court In The Case Of Cit Vs. T.V. Sundaram Iyenger & Sons Ltd. 222 Itr 344. 2

For Appellant: Shri Siddharth Agarwal, AdvocateFor Respondent: Shri Rakesh Kumar Das, CIT, D/R
Section 131Section 143(2)Section 14ASection 250Section 68

…. CIT (A) was not justified in confirming the addition of Rs. 4,81,00,000/- made by the A.O. on account of share capital including share premium by wrongly applying the decision of Hon'ble Supreme Court in the case of CIT vs. T.V. Sundaram Iyenger & Sons Ltd. 222 ITR 344. 2 I.T.A. No. 993/Kol/2023 Assessment Year: 2012-13 Tirumala Irons (P) Ltd. 3. For that the Ld. CIT(A) ought to have appreciated the fact that the share capital and share premium was raised in the preceding year and in the instant year, the assessee merely forfeited the shares, as such, the addition to the tune of Rs.4,81,00,000/- was not justifi…

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