CIT v. Textool Co. Ltd.

135 ITR 200High Court1982#2449 most cited

What is CIT v. Textool Co. Ltd. authority for?

A loss is deductible as a business loss only if it arises during the course of or is incidental to business operations, requiring a direct and proximate nexus with the business. If profits from an activity are taxable, losses from it are deductible.

48

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2025.

Also referred to as

CIT v. Textool Co. Ltd. · Textool Co. Ltd. · 135 ITR 200 · Section 28 · Section 37 · deductibility of business loss · loss incidental to business · direct and proximate nexus · loss in course of business · business operations loss · allowance of business loss

Sections most often in play

Section 37Section 80ICSection 143(2)Section 271(1)(c)Section 274Section 80IBSection 10CCBSection 147

Issues it is cited on

section 33bsection 80ib(4)section 75section 40a(9)section 80msection 153a proceedingsinitial assessment yearproximate nexusexplanation to section 37section 158bdsection 80jsection 52

Judgments citing CIT v. Textool Co. Ltd.

FLAIR EXPORTS PVT. LTD.,NEW DELHI vs. ACIT CIRCLE-9(1), NEW DELHI

The appeal of the assessee is allowed

ITA 7091/DEL/2019[2015-16]Status: DisposedITAT Delhi24 Jan 2025AY 2015-16

Bench: Shri Shamim Yahya & Shri Sudhir Pareek

For Appellant: Shri R.K. Kapoor, CAFor Respondent: Shri Rajesh Kumar Dhanesta, SR. DR
Section 142(1)Section 143(2)Section 43(5)

…it is not an expenditure, the provisions u/s 30 to 37 are not attracted in this case. We hold that loss must be during the course or of incidental to business. It is the nexus with the business which is more relevant to claim the loss (CIT Vs Textool Co. Ltd. 135 ITR 200). The loss must have a direct and proximate nexus with the business operations and the loss is incidental to it, then such loss is deductible as, without business operations, no profit can be earned. If profit is earned in such an endeavour it is to be taxed and if loss is earned it is to be allowed. Without going into the grammatical issue of de…

ACIT, CIRCLE- 24(1), NEW DELHI vs. SPAN INDIA PVT. LTD., NEW DELHI

In the result, the appeal of the Revenue is dismissed

ITA 6451/DEL/2017[2014-15]Status: DisposedITAT Delhi04 Mar 2024AY 2014-15

Bench: Sh. Kul Bharatdr. B. R. R. Kumar

For Appellant: Sh. Pradeep Dinodia, CA &For Respondent: Ms. Deepti Chandola, Sr. DR
Section 14Section 14(2)Section 14ASection 14A(2)

…it is not an expenditure, the provisions u/s 30 to 37 are not attracted in this case. We hold that loss must be during the course or of incidental to business. It is the nexus with the business which is more relevant to claim the loss (CIT Vs Textool Co. Ltd. 135 ITR 200). The loss must have a direct and proximate nexus with the business operations and the loss is incidental to it, then such loss is deductible as, without business operations, no profit can be earned. If profit is earned in such an endeavour it is to be taxed and if loss is earned it is to be allowed. Without going into the grammatical issue of de…

SUBHASH CHANDER SEHGAL,NEW DELHI vs. DCIT, CIRCLE- 19 (1) & (2), NEW DELHI

In the result, appeal of the assessee is partly allowed

ITA 7426/DEL/2017[2013-14]Status: DisposedITAT Delhi24 Jan 2024AY 2013-14

Bench: Shri G.S. Pannu, Hon’Ble & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.3814/Del/2015 िनधा"रणवष"/Assessment Year:2010-11 बनाम Dcit Subhash Chander Sehgal, Circle 19(1) Vs. Block A-3, Lsc, Janakpuri, New Delhi. Delhi. Pan No.Aatps8259C अपीलाथ" Appellant ""यथ"/Respondent

Section 80ISection 8Q

…ng decisions of various courts on this issue:- • Every loss is not so deductible unless it is incurred in carrying out the operation of the business and is incidental to the operation. CIT Vs. Nainital Bank Ltd. (SC) 55 ITR 707, CIT Vs. Textool Co. Ltd. (Mad) 135 ITR 200 • Taxing authorities have right to consider whether expenditure was excessive. Lakshminarayan Madan Lai Vs. CIT (SC) 86 ITR 439, Swadeshi Cotton Mills Co. Ltd. Vs. CIT (SC) 63 ITR 57, Lakshmiratan Cotton Mills Co. Ltd. Vs. CIT (SC) 73 ITR 634. • Income tax authorities can examine reasonableness and genuineness of any paymerit like royalty even if…

SUBHASH CHANDER SEHGAL,NEW DELHI vs. DCIT, CIRCLE- 19(1) & 19(2), NEW DELHI

In the result, appeal of the assessee is partly allowed

ITA 5420/DEL/2017[2012-13]Status: DisposedITAT Delhi24 Jan 2024AY 2012-13

Bench: Shri G.S. Pannu, Hon’Ble & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.3814/Del/2015 िनधा"रणवष"/Assessment Year:2010-11 बनाम Dcit Subhash Chander Sehgal, Circle 19(1) Vs. Block A-3, Lsc, Janakpuri, New Delhi. Delhi. Pan No.Aatps8259C अपीलाथ" Appellant ""यथ"/Respondent

Section 80ISection 8Q

…ng decisions of various courts on this issue:- • Every loss is not so deductible unless it is incurred in carrying out the operation of the business and is incidental to the operation. CIT Vs. Nainital Bank Ltd. (SC) 55 ITR 707, CIT Vs. Textool Co. Ltd. (Mad) 135 ITR 200 • Taxing authorities have right to consider whether expenditure was excessive. Lakshminarayan Madan Lai Vs. CIT (SC) 86 ITR 439, Swadeshi Cotton Mills Co. Ltd. Vs. CIT (SC) 63 ITR 57, Lakshmiratan Cotton Mills Co. Ltd. Vs. CIT (SC) 73 ITR 634. • Income tax authorities can examine reasonableness and genuineness of any paymerit like royalty even if…

DCIT, NEW DELHI vs. SH. SUBHASH CHANDER SEHGAL, DELHI

In the result, appeal of the assessee is partly allowed

ITA 3814/DEL/2015[2010-11]Status: DisposedITAT Delhi24 Jan 2024AY 2010-11

Bench: Shri G.S. Pannu, Hon’Ble & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.3814/Del/2015 िनधा"रणवष"/Assessment Year:2010-11 बनाम Dcit Subhash Chander Sehgal, Circle 19(1) Vs. Block A-3, Lsc, Janakpuri, New Delhi. Delhi. Pan No.Aatps8259C अपीलाथ" Appellant ""यथ"/Respondent

Section 80ISection 8Q

…ng decisions of various courts on this issue:- • Every loss is not so deductible unless it is incurred in carrying out the operation of the business and is incidental to the operation. CIT Vs. Nainital Bank Ltd. (SC) 55 ITR 707, CIT Vs. Textool Co. Ltd. (Mad) 135 ITR 200 • Taxing authorities have right to consider whether expenditure was excessive. Lakshminarayan Madan Lai Vs. CIT (SC) 86 ITR 439, Swadeshi Cotton Mills Co. Ltd. Vs. CIT (SC) 63 ITR 57, Lakshmiratan Cotton Mills Co. Ltd. Vs. CIT (SC) 73 ITR 634. • Income tax authorities can examine reasonableness and genuineness of any paymerit like royalty even if…

TATA CHEMICALS LTD,MUMBAI vs. ADDL CIAT 2(3), MUMBAI

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

ITA 120/MUM/2013[2008-09]Status: DisposedITAT Mumbai10 Nov 2023AY 2008-09

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

Section 144C(5)Section 14ASection 43BSection 80

…e was already carrying on and, therefore, it could in no sense be held that the deposit of security was made for acquiring a business. Accordingly, the loss resulting from the forfeiture of security money was a revenue loss.” In CIT v. Textool Co. Ltd. (1982) 135 ITR 200 (Mad), the assessee imported certain items necessary for its manufacturing business under licensing scheme, requiring the assessee to deposit advance premium representing full amount of value of licensed imports with Indian Cotton Mills Federation, with stipulation that if assessee did not utilize full import entitlement, Federation would forfeit…

WILFRED D'SOUZA,MANGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, MANGALURU

In the result, ITA Nos.323 & 324/Bang/2022 are allowed and the appeals filed by the assessee in ITA Nos

ITA 328/BANG/2022[2013-14]Status: DisposedITAT Bangalore07 Oct 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Narendra Sharma, A.RFor Respondent: Smt. S. Praveena, D.R
Section 132Section 143Section 153ASection 246A

…ITA Nos.323 to 328/Bang/2022 Wilfred D’Souza, Mangaluru IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA Nos.323 to 328/Bang/2022 Assessment Years: 2008-09 TO 2013-14 Wilfred D’Souza Flat No.903, 9th Floor Plama Icon, Behind Plama Mall, ACIT Central Circle-2 Vs. Mangaluru 575 005. Mangaluru PAN NO : ABFPD3142C APPELLANT RESPONDENT Appellant by : Shri Narendra Sharma, A.R. Respondent by : Smt. S. Praveena, D.R. Date of Hearing : 15.09.2022 Date of Pronouncement : 07.10.2022 O R D E R PER CHANDRA POOJARI,…

WILFRED D'SOUZA,MANGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, MANGALURU

In the result, ITA Nos.323 & 324/Bang/2022 are allowed and the appeals filed by the assessee in ITA Nos

ITA 327/BANG/2022[2012-13]Status: DisposedITAT Bangalore07 Oct 2022AY 2012-13

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Narendra Sharma, A.RFor Respondent: Smt. S. Praveena, D.R
Section 132Section 143Section 153ASection 246A

…ITA Nos.323 to 328/Bang/2022 Wilfred D’Souza, Mangaluru IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA Nos.323 to 328/Bang/2022 Assessment Years: 2008-09 TO 2013-14 Wilfred D’Souza Flat No.903, 9th Floor Plama Icon, Behind Plama Mall, ACIT Central Circle-2 Vs. Mangaluru 575 005. Mangaluru PAN NO : ABFPD3142C APPELLANT RESPONDENT Appellant by : Shri Narendra Sharma, A.R. Respondent by : Smt. S. Praveena, D.R. Date of Hearing : 15.09.2022 Date of Pronouncement : 07.10.2022 O R D E R PER CHANDRA POOJARI,…

WILFRED D'SOUZA,MANGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, MANGALURU

In the result, ITA Nos.323 & 324/Bang/2022 are allowed and the appeals filed by the assessee in ITA Nos

ITA 326/BANG/2022[2011-12]Status: DisposedITAT Bangalore07 Oct 2022AY 2011-12

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Narendra Sharma, A.RFor Respondent: Smt. S. Praveena, D.R
Section 132Section 143Section 153ASection 246A

…ITA Nos.323 to 328/Bang/2022 Wilfred D’Souza, Mangaluru IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA Nos.323 to 328/Bang/2022 Assessment Years: 2008-09 TO 2013-14 Wilfred D’Souza Flat No.903, 9th Floor Plama Icon, Behind Plama Mall, ACIT Central Circle-2 Vs. Mangaluru 575 005. Mangaluru PAN NO : ABFPD3142C APPELLANT RESPONDENT Appellant by : Shri Narendra Sharma, A.R. Respondent by : Smt. S. Praveena, D.R. Date of Hearing : 15.09.2022 Date of Pronouncement : 07.10.2022 O R D E R PER CHANDRA POOJARI,…

WILFRED D'SOUZA,MANGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, MANGALURU

In the result, ITA Nos.323 & 324/Bang/2022 are allowed and the appeals filed by the assessee in ITA Nos

ITA 325/BANG/2022[2010-11]Status: DisposedITAT Bangalore07 Oct 2022AY 2010-11

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Narendra Sharma, A.RFor Respondent: Smt. S. Praveena, D.R
Section 132Section 143Section 153ASection 246A

…ITA Nos.323 to 328/Bang/2022 Wilfred D’Souza, Mangaluru IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA Nos.323 to 328/Bang/2022 Assessment Years: 2008-09 TO 2013-14 Wilfred D’Souza Flat No.903, 9th Floor Plama Icon, Behind Plama Mall, ACIT Central Circle-2 Vs. Mangaluru 575 005. Mangaluru PAN NO : ABFPD3142C APPELLANT RESPONDENT Appellant by : Shri Narendra Sharma, A.R. Respondent by : Smt. S. Praveena, D.R. Date of Hearing : 15.09.2022 Date of Pronouncement : 07.10.2022 O R D E R PER CHANDRA POOJARI,…

WILFRED D'SOUZA,MANGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, MANGALURU

In the result, ITA Nos.323 & 324/Bang/2022 are allowed and the appeals filed by the assessee in ITA Nos

ITA 324/BANG/2022[2009-10]Status: DisposedITAT Bangalore07 Oct 2022AY 2009-10

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Narendra Sharma, A.RFor Respondent: Smt. S. Praveena, D.R
Section 132Section 143Section 153ASection 246A

…ITA Nos.323 to 328/Bang/2022 Wilfred D’Souza, Mangaluru IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA Nos.323 to 328/Bang/2022 Assessment Years: 2008-09 TO 2013-14 Wilfred D’Souza Flat No.903, 9th Floor Plama Icon, Behind Plama Mall, ACIT Central Circle-2 Vs. Mangaluru 575 005. Mangaluru PAN NO : ABFPD3142C APPELLANT RESPONDENT Appellant by : Shri Narendra Sharma, A.R. Respondent by : Smt. S. Praveena, D.R. Date of Hearing : 15.09.2022 Date of Pronouncement : 07.10.2022 O R D E R PER CHANDRA POOJARI,…

WILFRED D'SOUZA,MANGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, MANGALURU

In the result, ITA Nos.323 & 324/Bang/2022 are allowed and the appeals filed by the assessee in ITA Nos

ITA 323/BANG/2022[2008-09]Status: DisposedITAT Bangalore07 Oct 2022AY 2008-09

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Narendra Sharma, A.RFor Respondent: Smt. S. Praveena, D.R
Section 132Section 143Section 153ASection 246A

…ITA Nos.323 to 328/Bang/2022 Wilfred D’Souza, Mangaluru IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA Nos.323 to 328/Bang/2022 Assessment Years: 2008-09 TO 2013-14 Wilfred D’Souza Flat No.903, 9th Floor Plama Icon, Behind Plama Mall, ACIT Central Circle-2 Vs. Mangaluru 575 005. Mangaluru PAN NO : ABFPD3142C APPELLANT RESPONDENT Appellant by : Shri Narendra Sharma, A.R. Respondent by : Smt. S. Praveena, D.R. Date of Hearing : 15.09.2022 Date of Pronouncement : 07.10.2022 O R D E R PER CHANDRA POOJARI,…

TATA CHEMICALS LTD,MUMBAI vs. DCIT 2(2), MUMBAI

In the result, appeal by the Revenue is dismissed

ITA 2692/MUM/2012[2005-06]Status: DisposedITAT Mumbai06 Jul 2022AY 2005-06

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

For Appellant: Shri Nitesh Joshi a/wFor Respondent: Smt. Somogyan Pal, CIT DR
Section 115JSection 14ASection 250Section 80Section 80HSection 80M

…e was already carrying on and, therefore, it could in no sense be held that the deposit of security was made for acquiring a business. Accordingly, the loss resulting from the forfeiture of security money was a revenue loss." In CIT v. Textool Co. Ltd. (1982) 135 ITR 200 (Mad), the assessee imported certain items necessary for its manufacturing business under licensing scheme, requiring the assessee to deposit advance premium representing full amount of value of licensed imports with Indian Cotton Mills Federation, with stipulation that if assessee did not utilize full import entitlement, Federation would forfeit…

DCIT 2(2), MUMBAI vs. TATA CHEMICALS LTD, MUMBAI

In the result, appeal by the Revenue is dismissed

ITA 2553/MUM/2012[2005-06]Status: DisposedITAT Mumbai06 Jul 2022AY 2005-06

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

For Appellant: Shri Nitesh Joshi a/wFor Respondent: Smt. Somogyan Pal, CIT DR
Section 115JSection 14ASection 250Section 80Section 80HSection 80M

…e was already carrying on and, therefore, it could in no sense be held that the deposit of security was made for acquiring a business. Accordingly, the loss resulting from the forfeiture of security money was a revenue loss." In CIT v. Textool Co. Ltd. (1982) 135 ITR 200 (Mad), the assessee imported certain items necessary for its manufacturing business under licensing scheme, requiring the assessee to deposit advance premium representing full amount of value of licensed imports with Indian Cotton Mills Federation, with stipulation that if assessee did not utilize full import entitlement, Federation would forfeit…

DCIT 2(2), MUMBAI vs. TATA CHEMICALS LTD, MUMBAI

In the result, appeal by the Revenue is dismissed

ITA 2733/MUM/2011[2004-05]Status: DisposedITAT Mumbai06 Jul 2022AY 2004-05

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

For Appellant: Shri Nitesh Joshi a/wFor Respondent: Smt. Somogyan Pal, CIT DR
Section 115JSection 14ASection 250Section 80Section 80HSection 80M

…e was already carrying on and, therefore, it could in no sense be held that the deposit of security was made for acquiring a business. Accordingly, the loss resulting from the forfeiture of security money was a revenue loss." In CIT v. Textool Co. Ltd. (1982) 135 ITR 200 (Mad), the assessee imported certain items necessary for its manufacturing business under licensing scheme, requiring the assessee to deposit advance premium representing full amount of value of licensed imports with Indian Cotton Mills Federation, with stipulation that if assessee did not utilize full import entitlement, Federation would forfeit…

TATA CHEMICALS LTD,MUMBAI vs. DCIT 2(3), MUMBAI

In the result, appeal by the Revenue is dismissed

ITA 2440/MUM/2011[2004-05]Status: DisposedITAT Mumbai06 Jul 2022AY 2004-05

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

For Appellant: Shri Nitesh Joshi a/wFor Respondent: Smt. Somogyan Pal, CIT DR
Section 115JSection 14ASection 250Section 80Section 80HSection 80M

…e was already carrying on and, therefore, it could in no sense be held that the deposit of security was made for acquiring a business. Accordingly, the loss resulting from the forfeiture of security money was a revenue loss." In CIT v. Textool Co. Ltd. (1982) 135 ITR 200 (Mad), the assessee imported certain items necessary for its manufacturing business under licensing scheme, requiring the assessee to deposit advance premium representing full amount of value of licensed imports with Indian Cotton Mills Federation, with stipulation that if assessee did not utilize full import entitlement, Federation would forfeit…

M/S. FLAIR EXPORTS PVT. LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeal of the assessee is allowed

ITA 2286/DEL/2017[2014-15]Status: DisposedITAT Delhi24 Nov 2021AY 2014-15

Bench: Ms. Suchitra Kambledr. B. R. R. Kumar(Through Video Conferencing) Ita No. 2286/Del/2017 : Asstt. Year : 2014-15 M/S Flair Exports Pvt. Ltd., Vs Dcit, 227, Okhla Indls. Estate, Central Circle-8, Phase-3, New Delhi New Delhi (Appellant) (Respondent) Pan No. Aaacf1183A Assessee By : Sh. Pradeep Dinodia, Fca Revenue By : Sh. Javed Akhatar, Cit Dr Date Of Hearing: 12.10.2021 Date Of Pronouncement: 24.11.2021

For Appellant: Sh. Pradeep Dinodia, FCAFor Respondent: Sh. Javed Akhatar, CIT DR
Section 143(3)Section 263Section 36(1)(vii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’, NEW DELHI Before Ms. Suchitra Kamble, Judicial Member Dr. B. R. R. Kumar, Accountant Member (Through Video Conferencing) ITA No. 2286/Del/2017 : Asstt. Year : 2014-15 M/s Flair Exports Pvt. Ltd., Vs DCIT, 227, Okhla Indls. Estate, Central Circle-8, Phase-3, New Delhi New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACF1183A Assessee by : Sh. Pradeep Dinodia, FCA Revenue by : Sh. Javed Akhatar, CIT DR Date of Hearing: 12.10.2021 Date of Pronouncement: 24.11.2021 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the assessee…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1(1), JABALPUR vs. M/S MADHYANCHAL GRAMIN BANK PODDAR COLONY, SAGAR

ITA 137/JAB/2018[2015-16]Status: DisposedITAT Jabalpur30 Dec 2020AY 2015-16

Bench: Shri Nrs Ganesan & Sanjay Aroraassessment Year 2015-16

Section 36(1)(v)Section 37(1)

…fest from a bare reading thereof that the real intention behind the provision was that the employer should not have control over the funds of the irrevocable trust created exclusively for the benefit of the employees, upholding the decision reported at [2002] 257 ITR 39 (Mad). The Assessing Officer, on this decision being cited before him, states, without pointing out the reason/s therefor, that the same is not squarely applicable to the assessee, making his order, to that extent, vague. The ld. CIT(A), in appeal, also ITA No. 137/JAB/18 & C.O. 04/JAB/2020 Madhyanchal Gramin Bank 5 does not dwell on the said fin…

U.K. PAINTS INDIA LTD.,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 8, NEW DELHI

In the result, the appeal of the assessee is allowed

ITA 7604/DEL/2017[2014-15]Status: DisposedITAT Delhi27 Nov 2020AY 2014-15

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 7604/Del/2017 : Asstt. Year : 2014-15 U.K. Paints India Ltd., Vs Acit, 19, Dda Commercial Complex, Central Circle-8, Kailash Colony Extn., Zamrudpur, New Delhi New Delhi-110048 (Appellant) (Respondent) Pan No. Aaacu0057C Assessee By : Sh. Pradeep Dinodia, Fca Revenue By : Sh. Ramesh Kumar, Sr. Dr Date Of Hearing: 18.11.2020 Date Of Pronouncement: 27.11.2020

For Appellant: Sh. Pradeep Dinodia, FCAFor Respondent: Sh. Ramesh Kumar, Sr. DR
Section 14ASection 14A(2)Section 28Section 36(2)Section 37

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘F’, NEW DELHI Before Sh. Amit Shukla, Judicial Member Dr. B. R. R. Kumar, Accountant Member (Through Video Conferencing) ITA No. 7604/Del/2017 : Asstt. Year : 2014-15 U.K. Paints India Ltd., Vs ACIT, 19, DDA Commercial Complex, Central Circle-8, Kailash Colony Extn., Zamrudpur, New Delhi New Delhi-110048 (APPELLANT) (RESPONDENT) PAN No. AAACU0057C Assessee by : Sh. Pradeep Dinodia, FCA Revenue by : Sh. Ramesh Kumar, Sr. DR Date of Hearing: 18.11.2020 Date of Pronouncement: 27.11.2020 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been…

DEPUTY COMMISSIONER OF INCOME TAX 3(3)(1), MUMBAI vs. RAMA CYLINDERS PRIVATE LIMITED, MUMBAI

In the result, appeal of the revenue is dismissed

ITA 7337/MUM/2017[2013-14]Status: DisposedITAT Mumbai11 Sept 2019AY 2013-14

Bench: Shri M.Balaganesh, Am & Shri Ram Lal Negi, Jm Dy. Commissioner Of Vs. M/S. Rama Cylinders Pvt. Income Tax- 3(3)(1) Ltd. Room No.609, 6Th Floor 181, Maker Tower, Aayakar Bhavan “E”, Cuffe Parade, M.K.Road, Mumbai – 400 005 Mumbai – 400 020 Pan/Gir No.Aaccr8653D (Appellant) .. (Respondent)

Section 115JSection 143(3)Section 14A

…er from time to time to be adjusted against his under-brokerage were written off as loss in a subsequent year in which the under-broker had expired. Shri Dastur also referred to and relied on the Madras High Court's decisions in CIT v. Textool Co. Ltd. [1982] 135 ITR 200 and CIT v. Madras Auto Service Ltd. [1985] 156 ITR 740. Lastly, Shri Dastur stated that the principles as regards the question whether an expenditure results in an advantage of enduring nature and whether every advantage of enduring nature is to be disallowed as a capital expenditure are found in the Supreme Court decision in the case of Empire J…

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