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

222 ITR 344Supreme Court of India1996#398 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 367,514 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)
Read the full judgment

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.

M/S.L.G Petrochemicals Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the disallowance u/s 40(a)(i) of the I

ITA 1957/BANG/2016[2012-13]Status: DisposedITAT Bangalore18 Mar 2022AY 2012-13

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am

For Appellant: Sri.S.Parthasarathi, AdvocateFor Respondent: Smt.S.Praveena, CIT-DR
Section 143(3)Section 40Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “C”, BANGALORE Before Shri George George K, JM & Ms.Padmavathy S, AM ITA No.1955/Bang/2016 : Asst.Year 2010-2011 ITA No.1956/Bang/2016 : Asst.Year 2011-2012 ITA No.1957/Bang/2016 : Asst.Year 2012-2013 ITA No.207/Bang/2018 : Asst.Year 2013-2014 M/s.I.G.Petrochemicals Limited The Deputy Commissioner of D-4, Jyothi Complex, Income-tax, v. 134/1 Infantry Rooad, Circle (3)(1)(1) Bengaluru. H.No.I-32/38/39/103 Bangalore – 560 001. PAN : AAACI4115R. (Appellant) (Respondent) Appellant by : Sri.S.Parthasarathi, Advocate Respondent by : Smt.S.Praveena, CIT-DR Date of…

M/S.L.G Petrochemicals Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the disallowance u/s 40(a)(i) of the I

ITA 1956/BANG/2016[2011-12]Status: DisposedITAT Bangalore18 Mar 2022AY 2011-12

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am

For Appellant: Sri.S.Parthasarathi, AdvocateFor Respondent: Smt.S.Praveena, CIT-DR
Section 143(3)Section 40Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “C”, BANGALORE Before Shri George George K, JM & Ms.Padmavathy S, AM ITA No.1955/Bang/2016 : Asst.Year 2010-2011 ITA No.1956/Bang/2016 : Asst.Year 2011-2012 ITA No.1957/Bang/2016 : Asst.Year 2012-2013 ITA No.207/Bang/2018 : Asst.Year 2013-2014 M/s.I.G.Petrochemicals Limited The Deputy Commissioner of D-4, Jyothi Complex, Income-tax, v. 134/1 Infantry Rooad, Circle (3)(1)(1) Bengaluru. H.No.I-32/38/39/103 Bangalore – 560 001. PAN : AAACI4115R. (Appellant) (Respondent) Appellant by : Sri.S.Parthasarathi, Advocate Respondent by : Smt.S.Praveena, CIT-DR Date of…

M/S.L.G Petrochemicals Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the disallowance u/s 40(a)(i) of the I

ITA 1955/BANG/2016[2010-11]Status: DisposedITAT Bangalore18 Mar 2022AY 2010-11

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am

For Appellant: Sri.S.Parthasarathi, AdvocateFor Respondent: Smt.S.Praveena, CIT-DR
Section 143(3)Section 40Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “C”, BANGALORE Before Shri George George K, JM & Ms.Padmavathy S, AM ITA No.1955/Bang/2016 : Asst.Year 2010-2011 ITA No.1956/Bang/2016 : Asst.Year 2011-2012 ITA No.1957/Bang/2016 : Asst.Year 2012-2013 ITA No.207/Bang/2018 : Asst.Year 2013-2014 M/s.I.G.Petrochemicals Limited The Deputy Commissioner of D-4, Jyothi Complex, Income-tax, v. 134/1 Infantry Rooad, Circle (3)(1)(1) Bengaluru. H.No.I-32/38/39/103 Bangalore – 560 001. PAN : AAACI4115R. (Appellant) (Respondent) Appellant by : Sri.S.Parthasarathi, Advocate Respondent by : Smt.S.Praveena, CIT-DR Date of…

M/S I G Petrochemical Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-3(1)(1), Bangalore

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

ITA 1317/BANG/2018[2006-07]Status: DisposedITAT Bangalore21 Jan 2022AY 2006-07

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year: 2006-07

For Appellant: Shri S. Parthasarathi, A.RFor Respondent: Shri Pradeep Kumar, D.R
Section 143(3)Section 2Section 2(24)(vd)Section 263Section 28Section 41(1)

…ITA No.1317/Bang/2018 M/s. I.G. Petrochemicals Ltd., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER Assessment Year: 2006-07 M/s. I.G. Petrochemicals Ltd. D-4, Jyothi Complex Deputy Commissioner of 134/1, Infantry Road Income-tax Vs. Bengaluru 560 001 Circle-3(1)(1) Bengaluru PAN NO : AAACI4115R APPELLANT RESPONDENT Appellant by : Shri S. Parthasarathi, A.R. Respondent by : Shri Pradeep Kumar, D.R. Date of Hearing : 10.01.2022 Date of Pronouncement : 21.01.2022 O R D E R PER CHANDRA POOJARI, ACCOU…

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

…e periodicity may be the result of convenience and not necessarily the result of the establishment of a source expected to be productive over a certain period.” 33.19. So far as the decision in the case of CIT v. T.V. Sundaram Iyengar & Sons Ltd. reported in 222 ITR 344 (SC) relied upon by the learned special counsel for the Revenue is concerned, we find the said decision is distinguishable on facts and not applicable to the case of the assessee. In that case, the amount was received by the assessee from its customers in the course of a trade transaction. Since, over the period of time these amounts were not cla…

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

…e periodicity may be the result of convenience and not necessarily the result of the establishment of a source expected to be productive over a certain period.” 33.19. So far as the decision in the case of CIT v. T.V. Sundaram Iyengar & Sons Ltd. reported in 222 ITR 344 (SC) relied upon by the learned special counsel for the Revenue is concerned, we find the said decision is distinguishable on facts and not applicable to the case of the assessee. In that case, the amount was received by the assessee from its customers in the course of a trade transaction. Since, over the period of time these amounts were not cla…

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

…e periodicity may be the result of convenience and not necessarily the result of the establishment of a source expected to be productive over a certain period.” 33.19. So far as the decision in the case of CIT v. T.V. Sundaram Iyengar & Sons Ltd. reported in 222 ITR 344 (SC) relied upon by the learned special counsel for the Revenue is concerned, we find the said decision is distinguishable on facts and not applicable to the case of the assessee. In that case, the amount was received by the assessee from its customers in the course of a trade transaction. Since, over the period of time these amounts were not cla…

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

…e periodicity may be the result of convenience and not necessarily the result of the establishment of a source expected to be productive over a certain period.” 33.19. So far as the decision in the case of CIT v. T.V. Sundaram Iyengar & Sons Ltd. reported in 222 ITR 344 (SC) relied upon by the learned special counsel for the Revenue is concerned, we find the said decision is distinguishable on facts and not applicable to the case of the assessee. In that case, the amount was received by the assessee from its customers in the course of a trade transaction. Since, over the period of time these amounts were not cla…

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

…e periodicity may be the result of convenience and not necessarily the result of the establishment of a source expected to be productive over a certain period.” 33.19. So far as the decision in the case of CIT v. T.V. Sundaram Iyengar & Sons Ltd. reported in 222 ITR 344 (SC) relied upon by the learned special counsel for the Revenue is concerned, we find the said decision is distinguishable on facts and not applicable to the case of the assessee. In that case, the amount was received by the assessee from its customers in the course of a trade transaction. Since, over the period of time these amounts were not cla…

Greatship (India ) Ltd, Mumbai vs. DCIT 5(1)(1), Mumbai

The appeal stand partly allowed

ITA 7151/MUM/2017[2013-14]Status: DisposedITAT Mumbai05 Oct 2021AY 2013-14

Bench: Hon’Ble Shri Pavan Kumar Gadale, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील सं./ I.T.A. No.7151/Mum/2017 (धििाारण वर्ा / Assessment Year: 2013-14) Greatship (India) Ltd. Dcit-5(1)(1) बिाम/ Room No. 568, 5Th Floor, C/O Kalyaniwalla & Mistry Llp Esplande House, 29, Hazarimal Somani Marg Aaykar Bhavan, M. K. Road, Vs. Fort, Mumbai-400 001 Mumbai-400 020 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aabcg-8542-K (अपीलाथी/Appellant) : (प्रत्यथी / Respondent) अपीलाथीकीओरसे/ Appellant By : Ms. Ritu Kamal Kishore- Ld. Ar प्रत्यथीकीओरसे/Respondent By : Shri Sunil Deshpande- Ld. Sr. Dr सुनवाईकीतारीख/ : 31/08/2021 Date Of Hearing घोषणाकीतारीख / : 05/10/2021 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (): - 1. Aforesaid Appeal By Assessee For Assessment Year (Ay) 2013-14 Assails Final Assessment Order Dated 17/10/2017 Passed By Ld. Assessing Officer (Ao) U/S 143(3) R.W.S. 144C(13) Pursuant To The Directions Of Ld. Dispute Resolution Panel-I, Mumbai U/S 144C(5) Dated 28/09/2017. The Grounds Raised By The Assessee Read As Under: -

For Appellant: Ms. Ritu Kamal Kishore- Ld. ARFor Respondent: Shri Sunil Deshpande- Ld. Sr. DR
Section 133(6)Section 143(3)Section 144C(5)Section 14ASection 28Section 92BSection 92C

…ombay in Solid Containers Limited V/s DCIT (222 CTR 455) is a case where the assessee had taken loan which was written-back by the assessee which is not the case here. Similarly, the decision of Hon‟ble Supreme Court in CIT Vs TV Sundaram Iyenger & Sons Ltd. (222 ITR 344) is a case where the assessee had accepted certain deposits from the customers which were written back. Therefore, these case laws are not applicable to the facts of present case. 8.5 The reasoning of Ld. DRP that foreign exchange differences would represent component of interest overlook the fact that loan transactions were in capital field and…

Shri. Satyanarayan Nangalia, Mumbai vs. ITO 17 (3)(2), Mumbai

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

ITA 7364/MUM/2019[2007-08]Status: DisposedITAT Mumbai30 Aug 2021AY 2007-08

Bench: Shri Shamim Yahya Accountantmember & Shri Pavan Kumar Gadaleassessment Year: 2007-08

For Appellant: Mr.Shankarlal Jain, ARFor Respondent: Mr. Vijay Kumar Menon, DR
Section 133(6)Section 142(1)Section 143(3)Section 41(1)(a)

…the claim. The decisions relied by the assessee are distinguishable on facts and the Ld.AR submissions are unrealistic. We rely on Shri Satyanarayan Nangalia 9 the observations of Hon’ble Supreme Court in the case of CIT vs. T.V. Sundaram Iyengar & Sons Ltd. 222 ITR 344 (SC) held as under: “Business income – trading receipt – If an amount is received in the course of trading transaction, even though it is not taxable in the year of receipt as being of revenue character, the amount changes its character when the amount becomes the assessee’s own money because of limitation or by any other statutory or contractua…

M/S I G Petrochemicals Ltd vs. The Asst Commissioner of Income Tax

In the result, the appeal fails and is hereby dismissed

ITA/219/2011HC Karnataka04 Aug 2021

Bench: ALOK ARADHE,HEMANT CHANDANGOUDAR

Section 260Section 263

…relevant point of time. It is clear from the records that the Assessing Officer had accepted the assessee's claim without taking into consideration the decision of the Hon'ble Supreme Court in the case of T.V. Sundaram Iyengar and Sons Ltd. Reported in 222 ITR 344 (SC) where, it was held, inter alia that unclaimed balances out of deposits received from customer, which were transferred to the profit and loss account, were assessable as income. In the decision in the case of Chetan Chemicals Pvt. Ltd., the Hon'ble Gujarat High Court had not taken into consideration the aforesaid judgment of…

DCIT, New Delhi vs. M/S Ajay Enterprises Pvt. Ltd., New Delhi

Appeal is dismissed and appeal of the assessee in ITA No

ITA 2083/DEL/2015[2012-13]Status: DisposedITAT Delhi30 Jul 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: S/Shri Pradeep Dinodia & R.KFor Respondent: Date of hearing
Section 143(3)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI Dr. B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No.899/DEL/2013 & 1704/DEL/2015 Assessment Year: 2009-10 & 2012-13 Ajay Enterprises Pvt. Ltd., Vs. DCIT, 8th Floor, Eros Corporate Tower, Central Circle-6, Nehru Place, New Delhi. New Delhi. TAN/PAN: AAACA1967D (Appellant) (Respondent) I.T.A. No.1348 & 1349/DEL/2013, 5776/DEL/2014 & 2083/DEL/2015 Assessment Year: 2008-09, 2009-10, 2011-12 & 2012-13 DCIT, Vs. Ajay Enterprises Pvt. Central Circle-6, Ltd., New Delhi 8th Floor, Eros Corporate Tower, Nehru Place,…

Ajay Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

Appeal is dismissed and appeal of the assessee in ITA No

ITA 1704/DEL/2015[2012-13]Status: DisposedITAT Delhi30 Jul 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: S/Shri Pradeep Dinodia & R.KFor Respondent: Date of hearing
Section 143(3)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI Dr. B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No.899/DEL/2013 & 1704/DEL/2015 Assessment Year: 2009-10 & 2012-13 Ajay Enterprises Pvt. Ltd., Vs. DCIT, 8th Floor, Eros Corporate Tower, Central Circle-6, Nehru Place, New Delhi. New Delhi. TAN/PAN: AAACA1967D (Appellant) (Respondent) I.T.A. No.1348 & 1349/DEL/2013, 5776/DEL/2014 & 2083/DEL/2015 Assessment Year: 2008-09, 2009-10, 2011-12 & 2012-13 DCIT, Vs. Ajay Enterprises Pvt. Central Circle-6, Ltd., New Delhi 8th Floor, Eros Corporate Tower, Nehru Place,…

DCIT, New Delhi vs. M/S. Ajay Enterprises Pvt. Ltd., New Delhi

Appeal is dismissed and appeal of the assessee in ITA No

ITA 5776/DEL/2014[2011-12]Status: DisposedITAT Delhi30 Jul 2021AY 2011-12

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: S/Shri Pradeep Dinodia & R.KFor Respondent: Date of hearing
Section 143(3)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI Dr. B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No.899/DEL/2013 & 1704/DEL/2015 Assessment Year: 2009-10 & 2012-13 Ajay Enterprises Pvt. Ltd., Vs. DCIT, 8th Floor, Eros Corporate Tower, Central Circle-6, Nehru Place, New Delhi. New Delhi. TAN/PAN: AAACA1967D (Appellant) (Respondent) I.T.A. No.1348 & 1349/DEL/2013, 5776/DEL/2014 & 2083/DEL/2015 Assessment Year: 2008-09, 2009-10, 2011-12 & 2012-13 DCIT, Vs. Ajay Enterprises Pvt. Central Circle-6, Ltd., New Delhi 8th Floor, Eros Corporate Tower, Nehru Place,…

DCIT, New Delhi vs. M/S Ajay Enterprises Pvt. Ltd., New Delhi

Appeal is dismissed and appeal of the assessee in ITA No

ITA 1349/DEL/2013[2009-10]Status: DisposedITAT Delhi30 Jul 2021AY 2009-10

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: S/Shri Pradeep Dinodia & R.KFor Respondent: Date of hearing
Section 143(3)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI Dr. B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No.899/DEL/2013 & 1704/DEL/2015 Assessment Year: 2009-10 & 2012-13 Ajay Enterprises Pvt. Ltd., Vs. DCIT, 8th Floor, Eros Corporate Tower, Central Circle-6, Nehru Place, New Delhi. New Delhi. TAN/PAN: AAACA1967D (Appellant) (Respondent) I.T.A. No.1348 & 1349/DEL/2013, 5776/DEL/2014 & 2083/DEL/2015 Assessment Year: 2008-09, 2009-10, 2011-12 & 2012-13 DCIT, Vs. Ajay Enterprises Pvt. Central Circle-6, Ltd., New Delhi 8th Floor, Eros Corporate Tower, Nehru Place,…

DCIT 1(2), Mumbai vs. Maharshtra State Electricity Board, Mumbai

In the result , the Cross Objections preferred by the assessee for the Asst Year 2004-05 is partly allowed and Cross Objections preferred by the assessee for the Asst Year 2005-06 is allowed

ITA 1649/MUM/2010[2004-05]Status: DisposedITAT Mumbai21 Apr 2021AY 2004-05
Section 143(3)Section 69

…ount as deduction and accordingly, the provisions of section 43B of the Act cannot be made applicable to the assessee company. We find that the ld AO by applying the ratio laid down by the Hon’ble Apex Court in the case of Chowringhee Sales Bureau reported in 222 ITR 344 (SC) observed that recovery of Electricity Duty from customers becomes trading receipt in the hands of the assessee company and the same would be eligible for deduction only on payment basis u/s 43B of the Act. With this observation, we find that the ld AO disallowed the sum of Rs 631,01,65,577/- u/s 43B of the Act in the assessment for the Asst…

ACIT 2(3), Mumbai vs. Tata Power Co. Ltd, Mumbai

In the result, ground No. 2 of the aforesaid appeal is decided in favour of the assessee

ITA 3036/MUM/2009[2003-04]Status: DisposedITAT Mumbai01 Apr 2021AY 2003-04

…tuation Hon'ble Bombay High Court in the case of Reliance Industries Ltd. (supra) has reiterated the decision of Mahindra & Mahindra Ltd. (supra), after duly considering the decision of Hon'ble Supreme Court in the case of T.V. Sundaram Iyanger & Sons, [1996] 222 ITR 344. It was duly held that such gain on buyback of foreign currency bonds issued by the assessee cannot be treated as revenue receipt. 8. Respectfully following the precedent as above, we uphold the order of learned CIT(A). 9. In the result, ground No. 2 of the aforesaid appeal is decided in favour of the assessee. Pronounced in the open court on…

M/S Hothur Traders, Bellary vs. The Assistant Commissioner of Income Tax Circle-1, Bellary

In the result, the appeal by the assessee is dismissed

ITA 541/BANG/2019[2011-12]Status: DisposedITAT Bangalore25 Mar 2021AY 2011-12

Bench: Shri Chandra Poojari & Shri George George K.Assessment Year: 2011-12 M/S. Hothur Traders, Vs. The Assistant Commissioner Plot Nos. 5, 6, 7 & 8, Of Income Tax, “Hothur House”, Infantry Road, Circle 1, Cantonment, Fort Road, Bellary – 583 104. Bellary – 583 102. Pan: Aaefh 7705H Appellant Respondent

For Appellant: Shri Shiva Prasad Reddy, IRSFor Respondent: Shri Kannan Narayanan, Jt.CIT(DR)(ITAT), Bengaluru
Section 10BSection 143(1)Section 143(3)Section 147Section 148Section 41(1)

…n 41(1) of the Act. (c) In the case of Tosha International Ltd. (supra), neither the Tribunal nor this Court considered the issue from the stand point of principal laid down by the Supreme Court in the case of CIT v. T.V. Sundaram Iyengar and Sons Ltd. [1966] 222 ITR 344 . (d) In Solid Containers Ltd. v. Dy. CIT [2009] 308 ITR 417 , the Bombay High Court applying the decision in T.V. Sundaram Iyengar and Sons Ltd. (supra) distinguished its decision in Mahindra & Mahindra Ltd. (supra) and has held that on waiver of loan taken for business purposes, the amount is retained in the business and as such, the amount tha…

ACIT, Circle-3, Ranchi vs. Shri Sumit Ramsisaria, Ranchi

ITA 222/RAN/2019[2015-16]Status: DisposedITAT Ranchi11 Dec 2020AY 2015-16

Bench: Shri J.Sudhakar Reddy & Shri S.S.Godara

Section 133(6)Section 143(3)Section 41(1)

…hman Overseas Ltd. (2012) 343 ITR 408 (Del), the Delhi High Court, referring to its judgment in the case of Jay Engineering Works Ltd. v. CIT (2009) 311 ITR 299 (Del) and applying the ratio laid down the case of CIT v. T. V. SundaramIyengar & Sons Ltd. (1996) 222 ITR 344 (SC) under section 28 of the Income Tax Act, considered the applicability of clause (a) of sub-section (1) of section 41 as to what would constitute remissions or cessation of trading liability. The Hon'ble Court noted that in the reported case, the assessee has not unilaterally written back the accounts of the sundry creditors in its profit and…