Comfund Financial Service (I) Ltd. v. DCIT

67 ITD 304Income Tax Appellate Tribunal#25445 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2017.

Judgments citing Comfund Financial Service (I) Ltd. v. DCIT

Epc Industries Ltd, Nashik vs. ACIT OSD 10(1), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 3210/MUM/2016[2007-08]Status: DisposedITAT Mumbai10 Feb 2017AY 2007-08

Bench: Shri Rajendra & Shri Cn Prasad: (A.Y : 2007-08) Epc Industries Ltd. Vs. Acit Osd 10(1) Plot No.H-109, Midc Mumbai Ambad Nashik – 422010 Pan : Aaace2659J (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent)

For Appellant: Shri Dinkle H HariyaFor Respondent: Shri PR Ghosh
Section 143(3)Section 147Section 28Section 41(1)

…ince there is no specific head with regard to chargeability of wavier of loan it cannot assume the character of taxable income. In support of this contention, the reliance has been placed on following cases. (I) Comfund Financial Services (I) Ltd. Vs Dy. CIT [67 ITD 304 (Bang)] (ii) CIT Vs. Chetan Chemicals (P.) Ltd [267 ITR 770 (Guj)] (iii) Mahindra and Mahindra Ltd. v. CIT [261 ITR 501 (Bom)] (iv) CIT Vs. Hukumchand Mohanlal [82 ITR 624 (SC)] (v) Mehboob Productions (P.) Ltd. v. CIT [106 ITR 758 (Bom)]” 9. The assessment was completed u/s 143(3) on 30.11.2009 accepting the submission of the assessee. No additi…

DCIT Cir 3(3), Mumbai vs. Sicom Ltd, Mumbai

In the result, appeal of Revenue is dismissed whereas appeal of the assessee is allowed in part in terms indicated hereinabove

ITA 1685/MUM/2009[2003-2004]Status: DisposedITAT Mumbai06 Dec 2016AY 2003-2004

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm M/S. Sicom Ltd., Vs. Dcit – 3(3) – Mumbai-20 Nirmal, 1St Floor, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent) & Dcit – 3(3) – Mumbai- Vs. M/S. Sicom Ltd., Nirmal, 1St Floor, Nariman Point, 20 Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent)

Section 115JSection 143(3)Section 234BSection 41

…t amount. Incidentally, in this case, the Court also held that section 28(iv) had no application in relation to such item. The other cases relied upon by the A.R’s reinforce and consolidate the above position. In Comfund Financial Services (I) Ltd. vls. DCIT (67 ITD 304(Bang), the assessee was non banking financial company and was in the fund based activity of securities. It used to have business dealings with its own parent companies viz. Deutsche Bank (DB). There were loan M/s. SICOM Ltd., transactions with the parent company. There was write back of the principal amount of the loan. The loan tranctions were re…

Sicom Ltd, Mumbai vs. DCIT RG 3(3), Mumbai

In the result, appeal of Revenue is dismissed whereas appeal of the assessee is allowed in part in terms indicated hereinabove

ITA 1522/MUM/2009[2003-2004]Status: DisposedITAT Mumbai06 Dec 2016AY 2003-2004

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm M/S. Sicom Ltd., Vs. Dcit – 3(3) – Mumbai-20 Nirmal, 1St Floor, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent) & Dcit – 3(3) – Mumbai- Vs. M/S. Sicom Ltd., Nirmal, 1St Floor, Nariman Point, 20 Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent)

Section 115JSection 143(3)Section 234BSection 41

…t amount. Incidentally, in this case, the Court also held that section 28(iv) had no application in relation to such item. The other cases relied upon by the A.R’s reinforce and consolidate the above position. In Comfund Financial Services (I) Ltd. vls. DCIT (67 ITD 304(Bang), the assessee was non banking financial company and was in the fund based activity of securities. It used to have business dealings with its own parent companies viz. Deutsche Bank (DB). There were loan M/s. SICOM Ltd., transactions with the parent company. There was write back of the principal amount of the loan. The loan tranctions were re…

Comfund Financial Service (I) Ltd. v. DCIT (67 ITD 304) — Cited in 3 Judgments | BharatTax