Commissioner of Income Tax v. Abad Fisheries

258 ITR 641High Court2002#9828 most cited
11

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2007 to 2023.

Issues it is cited on

section 145(1)section 211section 10(1)section 42section 145(2)project completion methodsection 43cjdatrcpercentage completion methodsection 2(47)principal officer

Judgments citing Commissioner of Income Tax v. Abad Fisheries

M/S. UNITED PHOSPHORUS LTD.,MUMBAI vs. DCIT CENT. CIR. - 38, MUMBAI

In the result, appeal of the revenue is partly allowed

ITA 4695/MUM/2005[1999-2000]Status: DisposedITAT Mumbai20 Sept 2023AY 1999-2000

Bench: Shri Amit Shukla & Shri Gagan Goyalm/S. United Phosphorus Limited, Mumbai (Now Known As Uniphos Enterprises Ltd.) Uniphos House, 11-C.D. Marg Opp. Madhu Park Khar (W), Mumbai – 400 052 Pan: Aaacu3440P ...... Appellant Vs. Acit Cc -2 Dy. Commissioner Of Income Tax Central Circle-38 Mumbai ..... Respondent Acit Cc -2 Dy. Commissioner Of Income Tax Central Circle-38 Mumbai ...... Appellant Vs. M/S. United Phosphorus Limited, Mumbai (Now Known As Uniphos Enterprises Ltd.) Uniphos House, 11-C.D. Marg Opp. Madhu Park Khar (W) Mumbai – 400 052 Pan: Aaacu3440P ...... Respondent (Now Known As Uniphos Enterprises Ltd.)

For Appellant: Ms. Vasanti B Patel / Shri KiritFor Respondent: Shri Rajneesh Yadav
Section 143(3)Section 37(1)

…proceeds: It submitted that since aforesaid sales proceeds are not realised, the same shall be excluded from the total turnover. In support of the above contention, reliance is placed on the decision of the Kerala High Court in case of CIT vs. Abad Fisheries (258 ITR 641) (Ker). Value of goods re-imported/returned It is submitted that since the goods have been returned, the same shall not be considered as a part of total turnover. (f) Not recomputing the Indirect cost of traded goods as claimed in the assessment proceedings It is submitted that the 10% of expenses deemed to be incurred for earning income which ha…

DCIT, NEW DELHI vs. M/S. SAHARA INDIA POWER CORPORATION LTD., PUNE

In the result, the appeal filed by the revenue for the AY 2005-06 in I

ITA 5067/DEL/2013[2005-06]Status: PendingITAT Delhi28 Apr 2023AY 2005-06

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar Us

For Appellant: Shri Ajay VohraFor Respondent: Shri Kanv Bali

…under section 143(2) to correct the assessment made under section 143(1), does not exclude the Assessing Officer's power to reopen the assessment under section 147 of the Act." 77. In the case of Commissioner of Income Tax Vs. Abad Fisheries reported in 2002 258 ITR 641 Ker the Hon'ble Kerala High Court has held as under : "So long as the ingredients of section 147 of the Income-tax Act, 1961, are fulfilled, the Assessing Officer is free to initiate proceedings under section 147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless to 81 AND ITA.1155/Del/2009 & ITA.5067/D…

SAHARA INDIA POWER CORPORATION LTD,PUNE vs. DCIT, NEW DELHI

In the result, the appeal filed by the revenue for the AY 2005-06 in I

ITA 1155/DEL/2009[2004-05]Status: DisposedITAT Delhi28 Apr 2023AY 2004-05

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar Us

For Appellant: Shri Ajay VohraFor Respondent: Shri Kanv Bali

…under section 143(2) to correct the assessment made under section 143(1), does not exclude the Assessing Officer's power to reopen the assessment under section 147 of the Act." 77. In the case of Commissioner of Income Tax Vs. Abad Fisheries reported in 2002 258 ITR 641 Ker the Hon'ble Kerala High Court has held as under : "So long as the ingredients of section 147 of the Income-tax Act, 1961, are fulfilled, the Assessing Officer is free to initiate proceedings under section 147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless to 81 AND ITA.1155/Del/2009 & ITA.5067/D…

SAHARA INDIA POWER CORPORATION LTD.,,PUNE vs. ASSISTANT COMMISSIONER OF INCOME-TAX,,

In the result, the appeal filed by the revenue for the AY 2005-06 in I

ITA 109/PUN/2007[2003-04]Status: DisposedITAT Delhi28 Apr 2023AY 2003-04

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar Us

For Appellant: Shri Ajay VohraFor Respondent: Shri Kanv Bali

…under section 143(2) to correct the assessment made under section 143(1), does not exclude the Assessing Officer's power to reopen the assessment under section 147 of the Act." 77. In the case of Commissioner of Income Tax Vs. Abad Fisheries reported in 2002 258 ITR 641 Ker the Hon'ble Kerala High Court has held as under : "So long as the ingredients of section 147 of the Income-tax Act, 1961, are fulfilled, the Assessing Officer is free to initiate proceedings under section 147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless to 81 AND ITA.1155/Del/2009 & ITA.5067/D…

ACIT, CHENNAI vs. M/S. PENTASOFT TECHNOLOGIES LTD., CHENNAI

In the result, appeal filed by the Revenue in ITA No

ITA 1248/CHNY/2011[2001-02]Status: DisposedITAT Chennai16 Nov 2022AY 2001-02

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.1158/Chny/2011 िनधा"रण वष" /Assessment Year: 2001-02 M/S.Pentasoft Technologies Ltd., V. The Ito (Osd)/The Acit, No.1, First Main Road, Company Circle-V(2), United India Colony, Chennai. Kodambakkam, Chennai – 600 024. [Pan: Aaacp 1895 R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr.I. Dinesh, AdvFor Respondent: Dr.S.Palanikumar, CIT

…er approving to write off of the same. 3. The learned Commissioner of Income Tax (Appeals) has erred in not excluding the unrealized sale proceeds of Rs.24,32,35,200 from the export turnover as well as total turnover in the light of the case of Abad Fisheries 258 ITR 641 KER The Appellant craves permission to amend, add or alter the above grounds of appeal. For these and other grounds that may be urged at the time of hearing of the above appeal, it is prayed that this appeal be allowed. 3. The first issue that came up for our consideration from Ground No.1 of the assessee’s appeal is assessment of other income…

PENTASOFT TECHNOLOGIES LTD.,CHENNAI vs. ITO (OSD), CHENNAI

In the result, appeal filed by the Revenue in ITA No

ITA 1158/CHNY/2011[2001-02]Status: DisposedITAT Chennai16 Nov 2022AY 2001-02

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.1158/Chny/2011 िनधा"रण वष" /Assessment Year: 2001-02 M/S.Pentasoft Technologies Ltd., V. The Ito (Osd)/The Acit, No.1, First Main Road, Company Circle-V(2), United India Colony, Chennai. Kodambakkam, Chennai – 600 024. [Pan: Aaacp 1895 R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr.I. Dinesh, AdvFor Respondent: Dr.S.Palanikumar, CIT

…er approving to write off of the same. 3. The learned Commissioner of Income Tax (Appeals) has erred in not excluding the unrealized sale proceeds of Rs.24,32,35,200 from the export turnover as well as total turnover in the light of the case of Abad Fisheries 258 ITR 641 KER The Appellant craves permission to amend, add or alter the above grounds of appeal. For these and other grounds that may be urged at the time of hearing of the above appeal, it is prayed that this appeal be allowed. 3. The first issue that came up for our consideration from Ground No.1 of the assessee’s appeal is assessment of other income…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-6(2)(1), BANGALORE vs. SRI C GANGADHARA MURTHY , BANGALORE

In the result, the appeal filed by the Revenue is allowed for statistical purpose

ITA 2400/BANG/2018[2012-13]Status: DisposedITAT Bangalore16 Aug 2022AY 2012-13

Bench: Shri N.V. Vasudevan & Shri Laxmi Prasad Sahuthe Dy. Commissioner Of Vs Shri C. Gangadhara Murthy Income-Tax, No. 322, 3Rd A Corss, 2Nd Block Circle - 6(2)(1) 3Rd Stage, Basaveshwaranagar Bangalore . Bangalore 560079. Pan – Agipg 2668 N (Appellant) (Respondent)

For Appellant: Shri Narendra Sharma, AdvocateFor Respondent: Shri Sumer Singh Meena, CIT-DR
Section 142(1)Section 143(1)Section 143(2)Section 147Section 148Section 2

…under section 147/148(1) still then notice under section 148(1) can be issued by assuming jurisdiction under that section. Finally, the ld. DR relied on the decisions in the case of Rajesh Jhaveri Stock Brokers (P.) Ltd. (supra), CIT v. Abad Fisheries [2002] 258 ITR 641 (Ker.), Aditya & Co. v. CIT [2005] 279 ITR 47 (Punj. & Har.), Elegant Chemicals Enterprises (P.) Ltd. (supra), Mahanagar Telephone Nigam Ltd. (supra), Pradeep Kumar Har Saran Lal (supra), Vipan Khanna v. CIT [2002] 255 ITR 220 (Punj. & Har.), Deepak Kumar Poddar v. Union of India [1997] 224 ITR 95 (Pat.), A. Pusa Lal v. CIT [1988] 169 ITR 215 (AP…

THE ASSTT. COMMISSIONER OF INCOME TAX, VAPI CIRCLE,, VAPI vs. M/S. MITSU LIMITED,, DAMAN

In the result, the appeal of the Revenue is dismissed

ITA 3510/AHD/2016[2000-01]Status: DisposedITAT Surat04 May 2020AY 2000-01

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

Section 143

…K. Ravindranathan Nair (supra) Punit Commercial Ltd. (supra) and the judgments of the Kerala High Court in Abad Enterprises v. CIT [2002] 253 ITR 319/120 Taxman 503, CIT v. Jose Thomas [2002] 253 ITR 553/121 Taxman 210 (Ker.) and CIT v. Abad Fisheries [2002] 258 ITR 641/125 Taxman 616 Page 24 of 83 Mitsu Ltd. v. ACIT- Vapi/I.T.A. No.1671-1371,CO-184,1672-1764,1614 &1000/AHD/2006/A.Y.02-03,03-04,06-07.02-03 (Ker.) as well as Urban Stanislaus Co. v. CIT [2003] 263 ITR 10/130 Taxman 244 (Ker.). 30. In Liberty India (supra), the Supreme Court, dealing with the deduction on Duty Entitlement Passbook Scheme (DEPB), h…

M/S. MITSU PRIVATE LIMITED,,VAPI vs. THE ACIT, VAPI CIRCLE,, VAPI

In the result, the appeal of the Revenue is dismissed

ITA 1000/AHD/2016[2002-03]Status: DisposedITAT Surat04 May 2020AY 2002-03

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

Section 143

…K. Ravindranathan Nair (supra) Punit Commercial Ltd. (supra) and the judgments of the Kerala High Court in Abad Enterprises v. CIT [2002] 253 ITR 319/120 Taxman 503, CIT v. Jose Thomas [2002] 253 ITR 553/121 Taxman 210 (Ker.) and CIT v. Abad Fisheries [2002] 258 ITR 641/125 Taxman 616 Page 24 of 83 Mitsu Ltd. v. ACIT- Vapi/I.T.A. No.1671-1371,CO-184,1672-1764,1614 &1000/AHD/2006/A.Y.02-03,03-04,06-07.02-03 (Ker.) as well as Urban Stanislaus Co. v. CIT [2003] 263 ITR 10/130 Taxman 244 (Ker.). 30. In Liberty India (supra), the Supreme Court, dealing with the deduction on Duty Entitlement Passbook Scheme (DEPB), h…

ACIT, CHENNAI vs. M/S TELEDATA INFORMATICS LTD., CHENNAI

In the result, the appeal filed by the Revenue is partly allowed for statistical purposes

ITA 2427/CHNY/2007[2003-04]Status: DisposedITAT Chennai26 Feb 2020AY 2003-04

Bench: Shri Inturi Rama Rao & Shri Duvvuru R.L.Reddy

For Appellant: Mr.R.Vijayaraghavan, AdvFor Respondent: Mrs.Vijaya Prabha, JCIT
Section 10BSection 143(3)

…tted that the sale proceeds which were not received in and convertible foreign exchange within the stipulated period :- 5 -: should be reduced from both export turnover and total turnover by following the judgments: • CIT vs. Abad Fisheries Ltd., reported in 258 ITR 641 • CIT vs. M/s.Maars Software International Ltd in TCA No.390 of 2009 dated 05.12.2018. 9. As regards to the disallowance of loss on account of foreign exchange fluctuation, the Ld.Counsel submitted that the decision of the Hon’ble Uttarakhand High Court in the case of ONGC was reversed by the Hon’ble Supreme Court, which was reported in (2010) 3…

COMMISSIONER OF INCOME TAX-V N vs. DAMANJIT SINGH

ITA/166/2000HC Delhi12 Jan 2007

…re, will go to reduce the deductible amount for the purposes of that Section: (i) Nanji Topanbhai v. ACIT (2000) 243 ITR 92 (ii) Abad Enterprises v. CIT (2002) 253 ITR 319 (iii) CIT v. Jose Thomas (2002) 253 ITR 553 (iv) CIT v. Abad Fisheries (2002) 258 ITR 641 (v) Southern Cashew Exports v. DCIT (2003) 130 Taxman 203 (vi) ACIT v. South Indian Produce Co. (2003) 262 ITR 20 (vii) K. Ravindranathan Nair v. CIT (2003) 262 ITR 669 (viii) Urban Stanislaus Co. v. CIT (2003) 263 ITR 10 (ix) GTN Textiles v. DCIT (2005) 279 ITR 72. 15. In particular, reference may be made to the observations in…