Commissioner of 563, Bhopal Fire & General Insurance Limited v. Commissioner of Income Tax

53 ITR 108Supreme Court of India1964#18043 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2025.

Sections most often in play

Section 37(1)Section 56(1)Section 68 Section 69C

Judgments citing Commissioner of 563, Bhopal Fire & General Insurance Limited v. Commissioner of Income Tax

Venus Drugs and Cosmetics Ltd, Mumbai vs. ITO, Word-8(3)(1), Mumbai

In the result, the appe

ITA 5933/MUM/2025[2011-12]Status: DisposedITAT Mumbai26 Nov 2025AY 2011-12

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant () Assessment Year: 2011-12

For Respondent: None

Section 69C

…rs v/s Union of India 256 ITR of India 256 ITR 563, Bhopal Fire & General Insurance Limited v/s Commissioner of 563, Bhopal Fire & General Insurance Limited v/s Commissioner of 563, Bhopal Fire & General Insurance Limited v/s Commissioner of Income Tax [1964] 53 ITR 108 and several others. Similarly, the Income Tax [1964] 53 ITR 108 and several others. Similarly, the Income Tax [1964] 53 ITR 108 and several others. Similarly, the appellant has primarily relied upon the case of Lovely Exports Pvt. appellant has primarily relied upon the case of Lovely Exports Pvt. appellant has primarily relied upon the case of Lo…

Sejal Jewellers Pvt. Ltd., Surat vs. The Income Tax Officer, Ward-2(1)(2), Surat

In the result, appeal of the assessee is allowed

ITA 435/AHD/2017[2012-13]Status: DisposedITAT Surat28 Feb 2022AY 2012-13

Bench: Shripawan Singh, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.435/Ahd/2017 (िनधा"रणवष" / Assessment Year: (2012-13) (Virtual Court Hearing) Sejal Jewellers Pvt. Ltd, Income Tax Officer, Ward-2(1)(2), V Ug-4/5 Rangila Park, Ghod Dod Surat, Aaykar Bhavan, Majura Gate, S. Road, Surat-395007 Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaqcs 8686 P (Appellant ) (Respondent)

For Appellant: Shri Rasesh Shah, CAFor Respondent: Shri H.P. Meena– CIT-DR

Section 131Section 131(1)(d)Section 133(6)Section 143(3)Section 68

…out of Securities Premium account. Assessee has not declared dividend and not utilized Securities Premium account in contravention of 78(2) of Companies Act, 2013. The decision of Supreme Court in case of Bharat Fire and General Insurance Ltd. vs. CIT (1964) 53 ITR 108 which is relied by the assessing officer is not applicable to facts of the assessee company. The decision was regarding the taxability of income as dividend when declared from share premium in the hands of the recipient company as per the law as stood at the relevant time. Even in the said decision also Hon'ble Supreme Court has explained the same…

DCIT 13(1)(2), Mumbai vs. Pipal Tree Ventures P.Ltd, Mumbai

In the result, this appeal by the revenue stands allowed for statistical purposes

ITA 2490/MUM/2017[2009-10]Status: DisposedITAT Mumbai01 Jan 2021AY 2009-10

Bench: Shri Shamim Yahya, Am & Shri Ram Lal Negi, Jm Dy. Cit, Circle – 13(1)(2), M/S. Pipal Tree Ventures Pvt. Ltd. 2Nd Floor, Room No. 218, 108/109, Mehta Industrial Estate, Vs. Aayakar Bhavan, M. K. Road, I.B. Patel Road, Next To Swati Mumbai-400 020 Studio, Goregaon, Mumbai -400 063 Pan/Gir No. Aaecp 4464 E (Appellant) : (Respondent) : Shri Uodal Raj Singh Appellant By Respondent By : Shri Krish Desai Date Of Hearing : 20.10.2020 Date Of Pronouncement : 01.01.2021 O R D E R Per Shamim Yahya, A. M.:

For Respondent: Shri Krish Desai

Section 133(6)Section 143(3)Section 148Section 68

…eep our observations hereinabove in mind. The assessing officer shall also examine as to how the share premium account of the assessee in this regard has been dealt with. As the Hon'ble Supreme Court in the case of Bharat Fire & General Insurance Co. vs. CIT (53 ITR 108) has observed that but for section 78 of the Companies Income Tax Act, 1961 share premium was profits available. The Hon'ble Apex Court in CIT vs. Allahabad Bank Ltd. (73 ITR 745) has held that after Companies Income Tax Act, 1961, 1956 share premium cannot be used for purpose other than 78(2). 18. As regards the various propositions and the case…

Asian Business Conection Pvt. Ltd., Bhopal vs. DCIT - 1(1), Bhopal

ITA 936/IND/2018[2015-16]Status: DisposedITAT Indore25 Sept 2019AY 2015-16

Bench: Hon'Ble Kul Bharat & Hon'Ble Manish Boradassessment Year 2015-16 M/S. Asian Business Dcit-1(1), Connections Private Ltd, Vs. Bhopal Fm-18, Man Sarovar Complex, 7No. Stop, Shivaji Nagar, Bhopal (Appellant) (Respondent ) Pan No.Aaica1206D

Section 139(1)Section 143(2)Section 143(3)Section 2Section 2(22)Section 2(22)(e)Section 35D

…Asian Business Connection Private Limited आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE HON'BLE KUL BHARAT, JUDICIAL MEMBER AND HON'BLE MANISH BORAD, ACCOUNTANT MEMBER Assessment Year 2015-16 M/s. Asian Business DCIT-1(1), Connections Private Ltd, Vs. Bhopal FM-18, Man Sarovar Complex, 7No. Stop, Shivaji Nagar, Bhopal (Appellant) (Respondent ) PAN No.AAICA1206D Revenue by Smt. Ashima Gupta, CIT Assessee by S/Shri Sumit Nema, Sr. Adv. & Ayush Gupta, Adv Date of Hearing 10.07.2019 Date of Pronouncement 25.09.2019 O R D E R PER MANISH BORAD, AM. The…

Credit Suisse Business Analystics (India) Private Limited, Mumbai vs. Asstt.CIT- 15(1)(2), Mumbai

ITA 993/MUM/2015[2010-11]Status: DisposedITAT Mumbai05 Aug 2016AY 2010-11

For Appellant: Shri F.V. IraniFor Respondent: Shri Manjunath Swamy-DR

Section 143Section 254(1)Section 56Section 56(1)Section 78

…ium collected for the day-to-day business activities, that it was a clear violation of section 78 of the Companies Act, that the share premium loss its character and it became trading receipt.He relied upon the cases of Bharat Fire and General Insurance Ltd. (53 ITR 108)Rambahadur Thakur Ltd.(261ITR390),Lasmandas Oswal(126 ITR 446) and held that the onus of proving the source of money received by the assessee was on it, that the assessee had failed in its duty to substantiate the character of the share premium.He invoke the provisions of section 56 (1) to bring the above receipt as income under the head income fr…