CIT v. Triumph International Finance (India) Ltd.

245 ITR 270High Court2012#13827 most cited
7

judgments rely on this decision, according to BharatTax’s citation analysis of 348,607 Indian tax judgments — from 2018 to 2019.

Judgments citing CIT v. Triumph International Finance (India) Ltd.

Smt.H.S.Vimala, Bangalore vs. Joint Commissioner of Income-Tax, Bangalore

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

ITA 2090/BANG/2016[2010-11]Status: DisposedITAT Bangalore26 Jun 2019AY 2010-11

Bench: Shri N.V Vasudevan, Vice Presidnet & Shri B.R Baskaranassessment Year : 2010-11

For Appellant: Shri Pranav Krishna, AdvocateFor Respondent: Shri Suresh Battini, CIT (DR)
Section 143(3)Section 269TSection 271Section 44A

…bted in the earlier years by the assessing officer. The issue whether the repayment of loans by passing journal entries will be hit by the provisions of sec.269SS/269T was examined by Hon’ble Bombay High Court in the case of CIT vs. Triumph International Ltd (245 ITR 270). The Hon’ble Bombay High Court held that the acceptance/repayment of loans through journal entries would be hit by the provisions of sec. 269SS/269T of the Act. However, since the genuineness of the loans have not been accepted and since the settling claims by making journal entries is one of the recognized modes, the Hon’ble Bombay High Court h…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7129/MUM/2016[2009-10]Status: DisposedITAT Mumbai13 Jul 2018AY 2009-10

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…it cannot be considered as acceptance of loans other than by way of account payee cheque or bank drafts. In support of its arguments, relied upon the decision of Hon’ble Bombay High Court, in the case CIT vs. Triumph International Finance (India) Ltd. (2012) 245 ITR 270 (Bom). 7. The CIT(A), after considering the relevant submissions of the assessee, held that accepting loans by way of book adjustment through journal entries is violation of Section 269SS and the penalty u/s. 271D of the Act, was correctly imposed. With these observations, upheld penalty levied by the A.O and dismissed appeal filed by the assesse…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7128/MUM/2016[2008-09]Status: DisposedITAT Mumbai13 Jul 2018AY 2008-09

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…it cannot be considered as acceptance of loans other than by way of account payee cheque or bank drafts. In support of its arguments, relied upon the decision of Hon’ble Bombay High Court, in the case CIT vs. Triumph International Finance (India) Ltd. (2012) 245 ITR 270 (Bom). 7. The CIT(A), after considering the relevant submissions of the assessee, held that accepting loans by way of book adjustment through journal entries is violation of Section 269SS and the penalty u/s. 271D of the Act, was correctly imposed. With these observations, upheld penalty levied by the A.O and dismissed appeal filed by the assesse…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7127/MUM/2016[2008-09]Status: DisposedITAT Mumbai13 Jul 2018AY 2008-09

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…it cannot be considered as acceptance of loans other than by way of account payee cheque or bank drafts. In support of its arguments, relied upon the decision of Hon’ble Bombay High Court, in the case CIT vs. Triumph International Finance (India) Ltd. (2012) 245 ITR 270 (Bom). 7. The CIT(A), after considering the relevant submissions of the assessee, held that accepting loans by way of book adjustment through journal entries is violation of Section 269SS and the penalty u/s. 271D of the Act, was correctly imposed. With these observations, upheld penalty levied by the A.O and dismissed appeal filed by the assesse…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7126/MUM/2016[2008-09]Status: DisposedITAT Mumbai13 Jul 2018AY 2008-09

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…it cannot be considered as acceptance of loans other than by way of account payee cheque or bank drafts. In support of its arguments, relied upon the decision of Hon’ble Bombay High Court, in the case CIT vs. Triumph International Finance (India) Ltd. (2012) 245 ITR 270 (Bom). 7. The CIT(A), after considering the relevant submissions of the assessee, held that accepting loans by way of book adjustment through journal entries is violation of Section 269SS and the penalty u/s. 271D of the Act, was correctly imposed. With these observations, upheld penalty levied by the A.O and dismissed appeal filed by the assesse…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7125/MUM/2016[2007-08]Status: DisposedITAT Mumbai13 Jul 2018AY 2007-08

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…it cannot be considered as acceptance of loans other than by way of account payee cheque or bank drafts. In support of its arguments, relied upon the decision of Hon’ble Bombay High Court, in the case CIT vs. Triumph International Finance (India) Ltd. (2012) 245 ITR 270 (Bom). 7. The CIT(A), after considering the relevant submissions of the assessee, held that accepting loans by way of book adjustment through journal entries is violation of Section 269SS and the penalty u/s. 271D of the Act, was correctly imposed. With these observations, upheld penalty levied by the A.O and dismissed appeal filed by the assesse…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7124/MUM/2016[2007-08]Status: DisposedITAT Mumbai13 Jul 2018AY 2007-08

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…it cannot be considered as acceptance of loans other than by way of account payee cheque or bank drafts. In support of its arguments, relied upon the decision of Hon’ble Bombay High Court, in the case CIT vs. Triumph International Finance (India) Ltd. (2012) 245 ITR 270 (Bom). 7. The CIT(A), after considering the relevant submissions of the assessee, held that accepting loans by way of book adjustment through journal entries is violation of Section 269SS and the penalty u/s. 271D of the Act, was correctly imposed. With these observations, upheld penalty levied by the A.O and dismissed appeal filed by the assesse…

CIT v. Triumph International Finance (India) Ltd. (245 ITR 270) — Cited in 7 Judgments | BharatTax