CIT v. Wackhardt International Ltd.

314 ITR 11High Court2009#11478 most cited
9

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2024.

Sections most often in play

Section 115JBSection 142(1)Section 143(1)Section 143(3)Section 145ASection 2(11)Section 22Section 23(1)

Issues it is cited on

interest under section 234csection 234crevenue expendituresection 28section 37(1)section 234section 23previous yeartransferprescribedpersoncompany

Judgments citing CIT v. Wackhardt International Ltd.

ACIT Cir 7(1), Mumbai vs. Novartis India ( Formelry Known As Hindustan Ciba Giegy Ltd), Mumbai

In the result, (i) the appeal filed by the assessee is partly allowed for statistical purpose (ii) the appeal filed by the revenue is dismissed and (iii) the Cross Objections filed by the assessee ...

ITA 2188/MUM/2012[2003-04]Status: DisposedITAT Mumbai28 May 2024AY 2003-04

Bench: Pavan Kumar Gadale & Shri Girish Agrawal & Co 76/Mum/2013 (A.Y 2003-04) Novartis India Limited Vs. Deputy Commissioner Of Income–Tax–14(1)(1) Inspire Bkc, 7Th Floor, Room No 432, Bandra Kurla Complex, Aaykar Bhawan, Bandra (E) M.K. Marg, Mumbai-400051. Mumbai-400020. Pan/Gir No. Aaach2914F (अपीलाथ"/Appellant) (""यथ"/Respondent) Deputy Commissioner Vs. Novartis India Limited Of Income–Tax–14(1)(1) Inspire Bkc, 7Th Floor, Room No 432, Bandra Kurla Complex, Aaykar Bhawan, Bandra (E) M.K. Marg, Mumbai-400051 Mumbai-400020 Pan/Gir No. Aaach2914F (अपीलाथ"/Appellant (""यथ"/Respondent)

Section 37(1)Section 41(3)Section 80H

…r in comparison to A.Y.2002-03, were the claim was only for advances written off and was allowed by the Honble Tribunal as discussed above. The Ld.AR relied on decision of the Honble High Court Of Bombay in the case of CIT vs Wackhardt International Ltd.(2009)314 ITR 11 (Bombay). We are of the opinion that the assessee should not suffer for non filing of material information and the Assessment order does not discloses these facts of Modvat issue. Accordingly, to meet the ends of justice, we restore the disputed issue to the file of the Assessing officer to examine, verify and allow the claim taking into considera…

Ge Hydro France, New Delhi vs. DCIT, Circle-1(3)(1), International Taxation, New Delhi

In the result, the appeal of the assessee in ITA No

ITA 2086/DEL/2022[2019-20]Status: DisposedITAT Delhi13 Mar 2024AY 2019-20

Bench: Shri C. N. Prasad & Shri M. Balaganesh

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Aditya Vohra, Adv
Section 143(3)Section 144C(13)Section 40Section 44B

…llowed.” 11.4. The said loss is also allowable as business loss u/s 37(1) of the Act. Reliance in this regard has also been rightly placed by the ld AR on the decision of Hon‟ble Bombay High Court in the case of CIT Vs. Wackhardt International Ltd reported in 314 ITR 11 (Bom) as under:- “2. A few facts may be set out. The assessee is exporter. He had exported certain goods which were returned and thereafter re-exported the goods. However, it was not in a position to furnish necessary documents as in the meantime the records of the assessee were lost on account of collapse of the building where the assessee mainta…

Ge Hydro France, New Delhi vs. DCIT, Circle-1(3)(1), International Taxation, New Delhi

In the result, the appeal of the assessee in ITA No

ITA 2085/DEL/2022[2018-19]Status: DisposedITAT Delhi13 Mar 2024AY 2018-19

Bench: Shri C. N. Prasad & Shri M. Balaganesh

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Aditya Vohra, Adv
Section 143(3)Section 144C(13)Section 40Section 44B

…llowed.” 11.4. The said loss is also allowable as business loss u/s 37(1) of the Act. Reliance in this regard has also been rightly placed by the ld AR on the decision of Hon‟ble Bombay High Court in the case of CIT Vs. Wackhardt International Ltd reported in 314 ITR 11 (Bom) as under:- “2. A few facts may be set out. The assessee is exporter. He had exported certain goods which were returned and thereafter re-exported the goods. However, it was not in a position to furnish necessary documents as in the meantime the records of the assessee were lost on account of collapse of the building where the assessee mainta…

Parry Phytoremedies Private Limited, (E.I.D. Parry India Limited), Pune vs. Deputy Commissioner of Income-Tax, Circle - 4, Pune

The appeal of the assessee is ALLOWED in aforestated terms

ITA 20/PUN/2019[2013-14]Status: DisposedITAT Pune10 Nov 2022AY 2013-14

Bench: Shri S. S. Viswanethra Ravi & Shri G. D. Padmahshaliआयकर अपऩल सं. / Ita No.20/Pun/2019 निर्धारण वर्ा / Assessment Year : 2013-2014 Parry Phytoremedies Private Limited (Now Known As E.I.D. Parry (India) Limited) S.No.73/2, Shivane Industrial Estate, Warje, Nda Rd, Nr Agarwal Godown, Pune – 411023 Pan: Aaccp9589J . . . . . . . अपऩलधथी / Appellant बनाम / V/S. Dy. Commissioner Of Income Tax, Circle – 4, Pune . . . . . . . प्रत्यथी / Respondent द्वारा / Appearances Assessee By : Shri S. A. Gundecha Revenue By : Shri M. G. Jasnani सपिवधई की तधरऩख / Date Of Conclusive Hearing : 03/11/2022 घोर्णध की तधरऩख / Date Of Pronouncement : 10/11/2022 आदेश / Order Per G. D. Padmahshali, Am; This Appeal Challenges The Order Of Commissioner Of Income Tax (Appeals)-3, Pune [For Short “Cit(A)”] Dt. 01/02/2018 Passed U/S 250 Of The Income-Tax Act, 1961 [For Short “The Act”], Which Ascended Out Of Order Of Assessment Dt. 24/02/2016 Passed U/S 143(3) By The Dy. Commissioner Of Income Tax, Circle 4, Pune [For Short “Ao”] For Assessment Year [For Short “Ay”] 2013-14. Itat-Pune Page 1 Of 17

For Appellant: Shri S. A. GundechaFor Respondent: Shri M. G. Jasnani
Section 143(3)Section 250Section 37

…provision to make a claim for refund even after the expiry of prescribed time limit on paying fees or penalties. To drive home the contention, Ld. AR adverting to the decision of Hon’ble Bombay High Court in “CIT Vs Wackhardt International Ltd.”, reported in 314 ITR 11 submitted that, the decision as regards its irrecoverability was crystallised in the impugned year after it was communicated by the exporter sister concern EID Perry and pursuant to business decision the said amount is charged to P&L when all the legal recourse in en-cashing it ITAT-Pune Page 7 of 17 Parry Phytoremedies Pvt. Ltd. ITA No.20/PUN/20…

DCIT, C.Circle-5(2), Mumbai vs. M/S Cello Pens and Stationery Pvt Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 305/MUM/2019[2014-15]Status: DisposedITAT Mumbai22 Oct 2021AY 2014-15
Section 143(3)Section 28Section 36(1)Section 36(1)(vii)Section 37Section 37(1)

…find that this aspect has been duly appreciated by the ld. CIT(A) while granting relief to the assessee. The ld. AR also placed reliance on the decision of the Hon’ble Jurisdictional High Court in the case of CIT vs. Wackhardt International Ltd., reported in 314 ITR 11 (Bom) wherein the question raised before the Hon’ble High Court was as under:- " (1) Whether, on the facts and in the circumstances of the case and in law, the hon'ble Income-tax Appellate Tribunal was justified in allowing the assessee's claim of non-refund of customs duty paid under section 20 of the Customs Act, 1962, as business loss under se…

Shivalik Ventures P. Ltd, Mumbai vs. DCIT (OSD-1), Mumbai

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

ITA 5407/MUM/2015[2012-13]Status: DisposedITAT Mumbai19 Sept 2018AY 2012-13

Bench: Shri B.R. Baskaran & Shri Pawan Singhm/S Shivalik Ventures Pvt. Ltd. Acit Cc-4(2), Plot No. 756, Staney Fernandes Aayakar Bhavan, .M. K. Road, Wadi, D S Babrekar Marg, Vs. Mumbai-400020. Dadar (W), Mumbai-400028. Pan: Aalcs7683R Appellant Respondent Acit Cc-4(2), M/S Shivalik Ventures Pvt. Ltd. Aayakar Bhavan, .M. K. Road, Plot No. 756, Staney Fernandes Mumbai-400020. Vs. Wadi, D S Babrekar Marg, Dadar (W), Mumbai-400028. Pan: Aalcs7683R Appellant Respondent Appellant By : Shri Vijay Mehta, Anuj Kisnadwala (Ar) Respondent By : Shri Manjunatha Swamy (Cit-Dr), Rajeev Gubgotra Date Of Hearing : 31.08.2018 Date Of Pronouncement : 19.09.2018 Orderunder Section 254(1)Of Income Tax Act Per Pawan Singh; 1. These Cross Appeals Filed Under Section 253 Of The Act Are Directed Against

For Appellant: Shri Vijay Mehta, Anuj Kisnadwala (AR)For Respondent: Shri Manjunatha Swamy (CIT-DR), Rajeev Gubgotra
Section 132Section 143(3)Section 253Section 254(1)

…m for deduction of Rs.15.00 crores pertaining to Powai project loss should be allowed. In support of his contentions, the landed AR of the assessee relied upon the decision of Bombay High Court rendered in case of CIT Versus Wackhardt International Ltd [2009] 314 ITR 11(Bombay), CIT Versus Goodlass Nerolac Paints Ltd [1990] 188 ITR 1(Bombay) and the decision of Tribunal in Kyati Realotrs Private Limited Versus ACIT in ITA No. 129/M/12 dated 4th March 2016. 9. On the other hand the ld. DR for the revenue supported the order of the authorities below passed on this issue. The ld. DR for the revenue further submits…

Carol Info Service Ltd, Mumbai vs. ACIT Cen Cir 14, Mumbai

In the result, appeals are allowed in part in terms indicated hereinabove

ITA 756/MUM/2011[2002-03]Status: DisposedITAT Mumbai15 Jun 2018AY 2002-03

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm

Section 143(3)Section 250Section 28Section 36Section 36(1)(iii)Section 36(1)(vii)Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI RAVISH SOOD, JM ITA No.756/Mum/2011 & 757/Mum/2011 (Assessment Year :2002-03 & 2003-04) M/s. Carol Info Service Ltd., Vs. ACIT CEN CIR 14 (Formerly Known as Wockhardt Aayakar Bhavan Life Science Ltd.,) M.K. Road, Mumbai – 400 Wockhardt Towers, 020 Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 PAN/GIR No.AAACW1299E Appellant) .. Respondent) Assessee by Dr. K. Shivram / Shri Rahul Hakani Revenue by Shri H.N. Singh Date of Hearing 08/06/2018 Date of Pronouncement 15/06/2018 आदेश / O R D E R PER R.C.SHARMA (A.M): Thes…

Daga Global Chemicals Ltd, Mumbai vs. Deputy Commissioner of Income Tax-12(2)(1), Mumbai

In the result, the appeal filed by the assessee and the Revenue are

ITA 5296/MUM/2017[2014-15]Status: DisposedITAT Mumbai02 May 2018AY 2014-15

Bench: Shri Shamim Yahya & Shri Amarjit Singhm/S. Daga Global Chemicals D C I T - 12(2)(1) P. Ltd. Room No. 223/262 101, Mahek Plaza 2Nd Floor, Aayakar Bhavan Vs. Off L.T. Road, Maharashtra M.K. Road, Mumbai 400020 Nagar Lane, Borivali (W) Mumbai 400092 Pan – Aaacd2233M Appellant Respondent D C I T - 12(2)(1) M/S. Daga Global Chemicals Room No. 223/262 P. Ltd. 2Nd Floor, Aayakar Bhavan 101, Mahek Plaza Vs. M.K. Road, Mumbai 400020 Off L.T. Road, Maharashtra Nagar Lane, Borivali (W) Mumbai 400092 Appellant Respondent

For Appellant: Dr. K. Shivaram &For Respondent: Shri Ram Tiwari
Section 195Section 37Section 40Section 40A(2)Section 40A(2)(a)Section 40A(2)(b)Section 92E

…forward the capital loss. He further submitted that the assessee has not claimed the Revenue losses. The ld. Counsel of the assessee placed reliance upon the decision of the Hon'ble Bombay High Court in the case of CIT vs. Wackhardt International Ltd. [2009] 314 ITR 11 (Bom). 25. Per contra, the ld. Departmental Representative relied upon the orders of the Assessing Officer. M/s. Daga Global Chemicals P. Ltd 26. Upon careful consideration, we note that the assessee in this case has written off its investment in its wholly owned subsidiary in China as there was persistent loss and the net worth was eroded. The…

Klenzaids Contamination Controls P. Ltd, Mumbai vs. Asst CIT Cir 8(1)(OSD), Mumbai

In the result, assessee’s appeal is allowed

ITA 6746/MUM/2012[2009-10]Status: DisposedITAT Mumbai09 Nov 2017AY 2009-10

Bench: Shri G.S. Pannu & Shri Saktijit Deym/S. Klenzaids Contamination Control Pvt. Ltd. C/O. M/S. Natvarlal Vepari & Co. ……………. Appellant Oriconhouse, 4Th Floor 12, K. Dubash Marg, Mumbai 400023 Pan Aaack8427G V/S Acit, Circle – 8(1) (Osd) 2Nd Floor, Aayakar Bhavan ……………. Respondent M.K. Road, Mumbai 400020 Appellant By : Shri Rahul Hakani Respondent By : Shri Rajesh Kumar Yadav

For Appellant: Shri Rahul HakaniFor Respondent: Shri Rajesh Kumar Yadav
Section 29Section 36(1)(vii)Section 36(2)

…Pvt. Ltd. as business loss/expenditure under section 29/37(1) of the Act. In support of such contention the learned Authorised Representative relied upon the decision of the Hon'ble Bombay High Court in the case of CIT v/s Wackhardt International Ltd. (2009) 314 ITR 11. 5. The learned Departmental Representative supporting the finding of the Commissioner (Appeals) submitted that the assessee has not furnished evidence to establish the real nature of the transactions entered with the concerned parties. Further, learned Departmental Representative submitted, the assessee has also failed to establish the fact that…

CIT v. Wackhardt International Ltd. (314 ITR 11) — Cited in 9 Judgments | BharatTax