CIT v. Xylon

211 Taxmann 108High Court2012#8274 most cited
14

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2022.

Also reported as

90 DTR 205

Judgments citing CIT v. Xylon

ACIT CENT. CIR 5(4), MUMBAI vs. SHRI SUNIL B.DALAL, MUMBAI

In the result, Appeal of The ld AO is dismissed

ITA 2239/MUM/2021[2018-19]Status: DisposedITAT Mumbai12 Jul 2022AY 2018-19

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm The Asst. Commissioner Of Income Tax, Shri Sunil B Dalal Central Circle 5(4) D/52, Tarabaug Estate, Room No.1927, 19Th Floor, Charni Road, Vs. Air India Bldg, Mumbai-400 004 Nariman Point, Mumbai-400 021 (Respondent) (Appellant) Pan No. Aaepd3658F Assessee By : Shri Sashi Tulsiyan, Ar Revenue By : Shri Hoshang B. Irani, Dr Date Of Hearing: 06.07.22 Date Of Pronouncement : 12.07.2022

For Appellant: Shri Sashi Tulsiyan, ARFor Respondent: Shri Hoshang B. Irani, DR
Section 143Section 143(3)Section 28Section 41(1)Section 56(2)Section 56(2)(x)

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM The Asst. Commissioner of Income Tax, Shri Sunil B Dalal Central Circle 5(4) D/52, Tarabaug Estate, Room no.1927, 19th Floor, Charni Road, Vs. Air India Bldg, Mumbai-400 004 Nariman Point, Mumbai-400 021 (Respondent) (Appellant) PAN No. AAEPD3658F Assessee by : Shri Sashi Tulsiyan, AR Revenue by : Shri Hoshang B. Irani, DR Date of hearing: 06.07.22 Date of pronouncement : 12.07.2022 O R D E R PER PRASHANT MAHARISHI, AM: 01. This appeal is filed by the Asst. Commissioner of Income Tax, Cent…

DCIT 12(2)(1), MUMBAI vs. FIRSTSOURCE SOLUTIONS LTD., MUMBAI

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

ITA 4759/MUM/2016[2010-11]Status: DisposedITAT Mumbai04 Oct 2019AY 2010-11

Bench: Shri M. Balaganesh, Am & Shri Ravish Sood, Jm Dy. Commissioner Of Vs. M/S. Firstsource Solutions Income Tax Limited 5Th Floor, Paradigm B 12(2)(1), Room No.223, 2Nd Floor, Aayakar Bhavan Mindspace, Link Road Mk Road, Malad (W) Mumbai – 400 020 Mumbai – 400 064 Pan/Gir No.Aaaci8904N (Appellant) .. (Respondent) M/S. Firstsource Vs. Dy. Commissioner Of Income Solutions Limited Tax 5Th Floor, Paradigm B 12(2)(1), Room No.223, 2Nd Floor, Aayakar Bhavan Mindspace, Link Road Malad (W) Mk Road, Mumbai – 400 064 Mumbai – 400 020 Pan/Gir No.Aaaci8904N (Appellant) .. (Respondent)

Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “K”, BENCH MUMBAI BEFORE SHRI M. BALAGANESH, AM & SHRI RAVISH SOOD, JM Dy. Commissioner of Vs. M/s. Firstsource Solutions Income Tax Limited 5th Floor, Paradigm B 12(2)(1), Room No.223, 2nd Floor, Aayakar Bhavan Mindspace, Link Road MK Road, Malad (W) Mumbai – 400 020 Mumbai – 400 064 PAN/GIR No.AAACI8904N (Appellant) .. (Respondent) M/s. Firstsource Vs. Dy. Commissioner of Income Solutions Limited Tax 5th Floor, Paradigm B 12(2)(1), Room No.223, 2nd Floor, Aayakar Bhavan Mindspace, Link Road Malad (W) MK Road, Mumbai – 400 064 Mumbai – 400 020 PAN/GIR No.AAACI8904N (Appella…

PAWAN KUMAR BANSAL,HISAR vs. ITO, WARD- 5, HISAR

In the result, captioned appeals are allowed

ITA 2322/DEL/2019[2015-16]Status: DisposedITAT Delhi02 Aug 2019AY 2015-16

Bench: Shri N.K. Billaiya & Shri Suchitra Kamble[Assessment Year: 2015-16]

Section 28

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘A’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI SUCHITRA KAMBLE, JUDICIAL MEMBER [Assessment Year: 2015-16] Shri Anil Kumar Bansal, Income Tax Officer, 2030/4, Mohalla Rampura, Ward-1, Hisar Hisar PAN-ABQPB8751N Appellant Respondent [Assessment Year: 2015-16] Shri Sunil Kumar Bansal, Income Tax Officer, 2030/4, Mohalla Rampura, Ward-1, Hisar Hisar PAN-ABQPB6535N Appellant Respondent [Assessment Year: 2015-16] Shri Pawan Kumar Bansal, Income Tax Officer, 2030/4, Mohalla Rampura, Ward-1, Hisar Hisar PAN-ADGPB3493H Appellant Respondent Appe…

SUNIL KUMAR BANSAL,HISAR vs. DCIT, CIRCLE HISAR, HISAR

In the result, captioned appeals are allowed

ITA 2321/DEL/2019[2015-16]Status: DisposedITAT Delhi02 Aug 2019AY 2015-16

Bench: Shri N.K. Billaiya & Shri Suchitra Kamble[Assessment Year: 2015-16]

Section 28

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘A’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI SUCHITRA KAMBLE, JUDICIAL MEMBER [Assessment Year: 2015-16] Shri Anil Kumar Bansal, Income Tax Officer, 2030/4, Mohalla Rampura, Ward-1, Hisar Hisar PAN-ABQPB8751N Appellant Respondent [Assessment Year: 2015-16] Shri Sunil Kumar Bansal, Income Tax Officer, 2030/4, Mohalla Rampura, Ward-1, Hisar Hisar PAN-ABQPB6535N Appellant Respondent [Assessment Year: 2015-16] Shri Pawan Kumar Bansal, Income Tax Officer, 2030/4, Mohalla Rampura, Ward-1, Hisar Hisar PAN-ADGPB3493H Appellant Respondent Appe…

ANIL KUMAR BANSAL,HISAR vs. ITO, WARD- 1, HISAR

In the result, captioned appeals are allowed

ITA 2320/DEL/2019[2015-16]Status: DisposedITAT Delhi02 Aug 2019AY 2015-16

Bench: Shri N.K. Billaiya & Shri Suchitra Kamble[Assessment Year: 2015-16]

Section 28

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘A’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI SUCHITRA KAMBLE, JUDICIAL MEMBER [Assessment Year: 2015-16] Shri Anil Kumar Bansal, Income Tax Officer, 2030/4, Mohalla Rampura, Ward-1, Hisar Hisar PAN-ABQPB8751N Appellant Respondent [Assessment Year: 2015-16] Shri Sunil Kumar Bansal, Income Tax Officer, 2030/4, Mohalla Rampura, Ward-1, Hisar Hisar PAN-ABQPB6535N Appellant Respondent [Assessment Year: 2015-16] Shri Pawan Kumar Bansal, Income Tax Officer, 2030/4, Mohalla Rampura, Ward-1, Hisar Hisar PAN-ADGPB3493H Appellant Respondent Appe…

DEPUTY COMMISSIONER OF INCOME TAX 3(2)(2), MUMBAI vs. PIDILITE INDUSTRIES LIMITED, MUMBAI

The appeals stand dismissed

ITA 7351/MUM/2017[2010-11]Status: DisposedITAT Mumbai06 Jun 2019AY 2010-11

Bench: Hon’Ble Shri Mahavir Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ I.T.A. No.7351/Mum/2017 (िनधा"रण वष" / Assessment Year: 2010-11) & आयकर अपील सं./ I.T.A. No.7352/Mum/2017 (िनधा"रण वष" / Assessment Year: 2010-11) Dcit-3(2)(2) M/S. Pidilite Industries Ltd. Room No.674, 6Th Floor बनाम/ 7Th Floor, Regent Chambers Aaykar Bhavan, M.K. Road Nariman Point Vs. Mumbai-400 020. Mumbai-400 021. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacp-4156-B (अपीलाथ"/Appellant) (""थ" / Respondent) : Revenue By : Shri Awungshi Gimson-Ld.Cit-Dr Assessee By : Shri Yogesh Thar / Ms. Vidhi Doshi-Ld.Ars सुनवाई की तारीख/ : 19/03/2019 Date Of Hearing घोषणा की तारीख / : 06/06/2019 Date Of Pronouncement आदेश / O R D E R

For Appellant: Shri Yogesh Thar / Ms. Vidhi Doshi-Ld.ARsFor Respondent: Shri Awungshi Gimson-Ld.CIT-DR
Section 14ASection 154Section 194CSection 194JSection 40

…1 आयकर अपीलीय अिधकरण “सी” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI माननीय "ी महावीर िसंह, "ाियक सद" एवं माननीय "ी मनोज कुमार अ"वाल ,लेखा सद" के सम"। BEFORE HON’BLE SHRI MAHAVIR SINGH, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकर अपील सं./ I.T.A. No.7351/Mum/2017 (िनधा"रण वष" / Assessment Year: 2010-11) & आयकर अपील सं./ I.T.A. No.7352/Mum/2017 (िनधा"रण वष" / Assessment Year: 2010-11) DCIT-3(2)(2) M/s. Pidilite Industries Ltd. Room No.674, 6th Floor बनाम/ 7th Floor, Regent Chambers Aaykar Bhavan, M.K. Road Nariman Point Vs. Mumbai-400 020. Mumbai-400 021. "थायीलेखासं./जीआइआरसं.…

ITO, WARD-2(4), HYDERABAD, HYDERABAD vs. TINI PHARMA LTD., HYDERABAD, HYDERABAD

In the result, appeal of the revenue is dismissed

ITA 669/HYD/2016[2007-08]Status: DisposedITAT Hyderabad23 May 2018AY 2007-08

Bench: Smt P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2007-08 Income-Tax Officer, Vs. Tini Pharma Ltd., Hyderabad. Ward – 2(4), Hyderabad. Pan – Aaact 7976K

For Appellant: Shri PVSS PrasadFor Respondent: Smt. N. Swapna
Section 143(2)Section 143(3)Section 147Section 148Section 28Section 41Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH “B”, HYDERABAD BEFORE SMT P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER Assessment Year: 2007-08 Income-tax Officer, vs. Tini Pharma Ltd., Hyderabad. Ward – 2(4), Hyderabad. PAN – AAACT 7976K (Appellant) (Respondent) Revenue by : Smt. N. Swapna Assessee by : Shri PVSS Prasad Date of hearing 10/05/2018 Date of pronouncement 23/05/2018 O R D E R PER S. RIFAUR RAHMAN, A.M.: This appeal filed by the Revenue is directed against the order dated 29/01/2016 of CIT(A) – 2, Hyderabad for AY 2007-08. 2. Briefly the facts of the ca…

LILY JEWELLERY P.LTD,MUMBAI vs. DCIT 8(2), MUMBAI

In the result, appeal of the assessee is partly allowed, as above

ITA 5756/MUM/2014[2010-11]Status: DisposedITAT Mumbai13 Apr 2018AY 2010-11

Bench: Shri G.S. Pannu & Shri Pawan Singh: A.Y : 2009-10

For Appellant: Ms. Aarti VissanjiFor Respondent: Shri M.C. Omi Ningshen
Section 10ASection 115J

…ould apply only when a benefit or perquisite is received in kind and has no application where the benefit is received in the form of cash or money. In fact, based on such reasoning, the Hon'ble Bombay High Court in the case of CIT vs Xylon Holdings Pvt. Ltd., 90 DTR 205 held that the waiver of liability to repay a loan towards purchase of a capital asset would not fall within the purview of Sec. 28(iv) of the Act as the said section applies only when the benefit or perquisite is received in kind. Factually speaking, in the instant case, the so-called benefit understood by the Assessing Officer, has been received…

DCIT 8(2), MUMBAI vs. LILY JEWELLERY P. LTD, MUMBAI

In the result, appeal of the assessee is partly allowed, as above

ITA 5653/MUM/2014[2010-11]Status: DisposedITAT Mumbai13 Apr 2018AY 2010-11

Bench: Shri G.S. Pannu & Shri Pawan Singh: A.Y : 2009-10

For Appellant: Ms. Aarti VissanjiFor Respondent: Shri M.C. Omi Ningshen
Section 10ASection 115J

…ould apply only when a benefit or perquisite is received in kind and has no application where the benefit is received in the form of cash or money. In fact, based on such reasoning, the Hon'ble Bombay High Court in the case of CIT vs Xylon Holdings Pvt. Ltd., 90 DTR 205 held that the waiver of liability to repay a loan towards purchase of a capital asset would not fall within the purview of Sec. 28(iv) of the Act as the said section applies only when the benefit or perquisite is received in kind. Factually speaking, in the instant case, the so-called benefit understood by the Assessing Officer, has been received…

ITO 8(2)(2), MUMBAI vs. LILY JEWELLERY P.LTD, MUMBAI

In the result, appeal of the assessee is partly allowed, as above

ITA 4607/MUM/2014[2009-10]Status: DisposedITAT Mumbai13 Apr 2018AY 2009-10

Bench: Shri G.S. Pannu & Shri Pawan Singh: A.Y : 2009-10

For Appellant: Ms. Aarti VissanjiFor Respondent: Shri M.C. Omi Ningshen
Section 10ASection 115J

…ould apply only when a benefit or perquisite is received in kind and has no application where the benefit is received in the form of cash or money. In fact, based on such reasoning, the Hon'ble Bombay High Court in the case of CIT vs Xylon Holdings Pvt. Ltd., 90 DTR 205 held that the waiver of liability to repay a loan towards purchase of a capital asset would not fall within the purview of Sec. 28(iv) of the Act as the said section applies only when the benefit or perquisite is received in kind. Factually speaking, in the instant case, the so-called benefit understood by the Assessing Officer, has been received…

LILY JEWELLERY P.LTD,MUMBAI vs. ITO 8(2)(2), MUMBAI

In the result, appeal of the assessee is partly allowed, as above

ITA 4206/MUM/2014[2009-10]Status: DisposedITAT Mumbai13 Apr 2018AY 2009-10

Bench: Shri G.S. Pannu & Shri Pawan Singh: A.Y : 2009-10

For Appellant: Ms. Aarti VissanjiFor Respondent: Shri M.C. Omi Ningshen
Section 10ASection 115J

…ould apply only when a benefit or perquisite is received in kind and has no application where the benefit is received in the form of cash or money. In fact, based on such reasoning, the Hon'ble Bombay High Court in the case of CIT vs Xylon Holdings Pvt. Ltd., 90 DTR 205 held that the waiver of liability to repay a loan towards purchase of a capital asset would not fall within the purview of Sec. 28(iv) of the Act as the said section applies only when the benefit or perquisite is received in kind. Factually speaking, in the instant case, the so-called benefit understood by the Assessing Officer, has been received…

DCIT 10(1), MUMBAI vs. SYNCHEM CHEMICALS (I) P. LTD, MUMBAI

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

ITA 5907/MUM/2013[2007-08]Status: DisposedITAT Mumbai22 Mar 2017AY 2007-08
For Appellant: Smt. Vasanti PatelFor Respondent: Shri A.K. Nayak- DR
Section 143(3)Section 143rSection 148Section 28Section 41(1)

…आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई “ई” खंडपीठ मुंबई खंडपीठ खंडपीठ मेमेमेमे खंडपीठ Income-tax Appellate Tribunal -“E”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं अमरजीत "सह, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and Amarjit Singh,Judicial Member आयकर अपील सं./I.T.A./5907/Mum/2013 ,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2007-08 िनधा"रण िनधा"रण वष" वष" DCIT-10(1) M/s. Synchem Chemicals (I) P.Ltd. 455, 4th Floor, Aaykar Bhavan 159, CST Road, Kalina Vs. Mumbai-400 020. Santacruz (E),Mumbai-400 019. PAN:AAECS 5576 Q (अपीलाथ" /Appellant) (""यथ" /…

DEPUTY COMMISSIONER OF INCOME TAX,, BANGALORE vs. M/S TALLY SOLUTIONS P LTD, BANGALORE

ITA 1463/BANG/2014[2009-10]Status: DisposedITAT Bangalore29 Nov 2016AY 2009-10

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Ms. Neera Malhotra, CIT(D.R)For Respondent: Shri C. Ramesh, C.A
Section 40Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH ‘ B ’ BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER I.T. (I.T) A. No.1463/Bang/2014 (Assessment Year : 2009-10) Dy. Commissioner of Income Tax, Circle 7(1)(1), Bangalore. …. Appellant. Vs. M/s. Tally Solutions Pvt. Ltd., No.331-336, Raheja Arcade, 3rd Floor, Koramangala, Bangalore. ….. Respondent. Appellant By : Ms. Neera Malhotra, CIT(D.R) Respondent By : Shri C. Ramesh, C.A. Date of Hearing : 26.10.2016. Date of Pronouncement : 29.11.2016. O R D E R Per Shri Vijay Pal Rao, J.M. : This appeal by the revenue is…

DCIT 3(3), MUMBAI vs. RAMA INDUSTRIES LTD, MUMBAI

ITA 1857/MUM/2013[2009-10]Status: DisposedITAT Mumbai28 Mar 2016AY 2009-10
For Appellant: Shri J.D. MistryFor Respondent: Shri B.S. Bist-Sr.A.R
Section 14Section 14ASection 254(1)

…imilar to the facts of the case under consideration, that assessee had offered the interest portion of the waiver for taxation, that the 1857-59-Rama waiver of principal amount was a capital receipt. He relied upon the case of Xylon Holdings Private Limited (90 DTR 205). 3.3.We have heard the rival submissions and barriers the material before us. We find that the State bank of Hyderabad and unit trust of India had waived Rs. 7.45 crores during the year under consideration, during the assessment proceedings the assessee had claimed that there was no reduction of liability and therefore it was not a taxable receip…