Commissioner of Income Tax v. India Discount Co. Ltd.

75 ITR 191Supreme Court of India1970#2516 most cited

What is Commissioner of Income Tax v. India Discount Co. Ltd. authority for?

Accounting entries do not override the legal effect of a transaction, and the legality of any transaction must be established independently. The mere nomenclature of an entry in the books of accounts is not determinative of the true nature of the transaction.

46

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2007 to 2026.

Also referred to as

India Discount Co. Ltd. 75 ITR 191 SC · accounting entries · legal effect of transaction · true nature of transaction · allowability of expense · legality of transaction

Sections most often in play

Section 143(3)Section 37(1)Section 194HSection 271(1)(c)Section 35ABASection 35ABBSection 40(a)(ia)Section 263
Read the full judgment

Issues it is cited on

section 35abbsection 43(3)section 194hintangible assetsprofits and gains of business or professionsection 35section 30section 201(1)section 253revenue expendituresection 32section 251(2)

Judgments citing Commissioner of Income Tax v. India Discount Co. Ltd.

Shri Nasir Ahmed Rangshu, Anantnag vs. Assistant Commissioner of Income Tax Central Circle-1, Srinagar

In the result, the appeal of the assessee is dismissed

ITA 73/ASR/2023[2020-21]Status: DisposedITAT Amritsar07 Jun 2023AY 2020-21

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 115BSection 132ASection 139(1)Section 143(3)Section 69A

…clusive: A receipt which is law cannot be regarded as income cannot become so merely because the assessee ha erroneously credited it to the profit and loss account. [CIT v Stewarts & Lloyds of India. (1987) 165 ITR (Cal); CIT v India Discount Co. Ltd. (1970) 75 ITR 191 (SC)] It is further submitted that the Ld. CIT (A), has made his own analysis and concluded, that on the basis of circumstantial evidences, that appellate has cash from unexplained sources, when appellate produced sufficient direct evidences, the circumstantial presumptions cannot be preferred. Further, the Ld. CIT (A) has relied on the Apex Cour…

Welspun Corp Ltd, Mumbai vs. DCIT Cen Cir 22, Mumbai

In the result, the appeals filed by the revenue are dismissed and the appeals filed by the assessee are partly allowed for statistical purposes

ITA 3890/MUM/2016[2008-09]Status: DisposedITAT Mumbai03 Apr 2023AY 2008-09

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadale

Section 143(3)Section 14ASection 32(1)(iia)

…an 55 (Delhi) (Mag.); Honda Siel Cars India Ltd. [IT Appeal No. 5577 (Delhi) of 2004. ITA.No,3890&4364/5063&5483/5165&5043/5166&5044/Mum/2016 M/s. Welspun Corp Ltd, Mumbai. Kedarnath Jute Mfg. Co. Ltd. Vs. CIT (82 ITR 363)(SC); CIT vs. India Discount Co.Ltd. (75 ITR 191) (SC); Bhor Industries vs. CIT (264 ITR 180) (Bom); and Kalpana Palace V/s. CIT 275 ITR 365 8.2.13 One can, therefore, safely conclude from the aforesaid judgments and circulars of the Board that the taxability of the incentive received by way of subsidy, reimbursement or exemption has to be determined keeping in mind the purpose/object for which…

DCIT, Circle-2(3), Surat vs. Swastik Enterprises, Surat

In the result, the grounds of appeal raised by the revenue are allowed

ITA 173/SRT/2020[2014-15]Status: DisposedITAT Surat15 Nov 2022AY 2014-15

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Physical Hearing) D.C.I.T., Swastik Enterprises, Circle-2(3), R.S. No. 130, F.P. 36, T.P.S. 37, Vs. Surat. Behind Althan Gam, Althan, Surat. Pan No. Aakfm 1069 M Appellant/ Assessee Respondent/ Revenue

Section 254(1)

…) 35 ITR 594,  Vasupujya Properties Pvt. Ltd. and Ors. Vs ITO (ITA 912 to 923/PN/2002) (Pune Trib) order dated 31/05/2006. 11. At the time of making submissions, the ld AR for the assessee relied on the following case laws;  CIT Vs India Discount Co. (1975) 75 ITR 191 SC, 15 DCIT Vs Swastik Enterprises  Smt. Indiramati Bai & Others Vs ACIT (1983) 200 ITR 594-SC,  Raja J. Rameshwar Rao Vs CIT (1961) 42 ITR 0179 SC,  CIT Vs Suresh Chand Goel (2007) 164 TAXMAN 54 (MP HC) and  Hariom Associates Vs ITO (ITA No. 1516/Pun/2016). 12. We have considered the rival submissions of both the parties and have also gone th…

DCIT, Circle- 62(1), New Delhi vs. Ramesh Kumar Pabbi, New Delhi

In the result, appeal of the Revenue is dismissed

ITA 6168/DEL/2017[2013-14]Status: DisposedITAT Delhi16 Mar 2021AY 2013-14

Bench: Sh. Anil Chaturvedi & Ms. Suchitra Kamble(Through Video Conferencing) Assessment Year : 2013-14 Dcit Vs. Ramesh Kumar Pabbi Circle – 62(1), A-41, Phase-Ii, New Delhi Mayapuri Industrial Area, New Delhi-110017 Pan – Aanpp 5995 Q (Appellant) (Respondent) Assessee By Shri Sohail Malik, Sr.D.R. Revenue By Shri Lalit Mohan, Adv. Date Of Hearing: 16/03/2021 Date Of Pronouncement: 16/03/2021 Order Per Anil Chaturvedi, Am:

Section 143(3)Section 194JSection 2(22)(e)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘F’, NEW DELHI BEFORE SH. ANIL CHATURVEDI, ACCOUNTANT MEMBER AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER (THROUGH VIDEO CONFERENCING) Assessment Year : 2013-14 DCIT Vs. Ramesh Kumar Pabbi Circle – 62(1), A-41, Phase-II, New Delhi Mayapuri Industrial Area, New Delhi-110017 PAN – AANPP 5995 Q (APPELLANT) (RESPONDENT) Assessee by Shri Sohail Malik, Sr.D.R. Revenue by Shri Lalit Mohan, Adv. Date of hearing: 16/03/2021 Date of Pronouncement: 16/03/2021 ORDER PER ANIL CHATURVEDI, AM: This appeal filed by the Revenue is directed against the order dated 07.07.2017 of the C…

Shree Veershaiv Co.Op.Bank Ltd, Kolhapur vs. Income Tax Officer, Kolhapur

In the result, the appeal in ITA No

ITA 606/PUN/2017[2013-14]Status: DisposedITAT Pune12 Jan 2021AY 2013-14

Bench: Shri Inturi Rama Rao, Am & Shri Partha Sarathi Chaudhury, Jm Sl. No.

For Appellant: Shri M. K. KulkarniFor Respondent: Shri S. P. Walimbe
Section 143(3)Section 194CSection 40

…said decision, in our opinion, applies to this case also. It is well settled in income-tax law that book keeping entries are not decisive or determinative of the true nature of the entries as held by the Supreme Court in CIT vs. India Discount Co. Ltd. [1970] 75 ITR 191 and in Godhra Electricity Co. Ltd v. CIT [1997] 225 ITR 746 (SC). It has been held in those decisions that the court has to see the true nature of the receipts and not go only by the entry in the books of account. We agree with the Tribunal that these deposits are really capital receipts and not revenue receipts. In Chowringhee Sales Bureau P. Ltd…

Shree Veershaiv Co.Op.Bank Ltd, Kolhapur vs. Assistant Commissioner of Income Tax, Kolhapur

In the result, the appeal in ITA No

ITA 605/PUN/2017[2012-13]Status: DisposedITAT Pune12 Jan 2021AY 2012-13

Bench: Shri Inturi Rama Rao, Am & Shri Partha Sarathi Chaudhury, Jm Sl. No.

For Appellant: Shri M. K. KulkarniFor Respondent: Shri S. P. Walimbe
Section 143(3)Section 194CSection 40

…said decision, in our opinion, applies to this case also. It is well settled in income-tax law that book keeping entries are not decisive or determinative of the true nature of the entries as held by the Supreme Court in CIT vs. India Discount Co. Ltd. [1970] 75 ITR 191 and in Godhra Electricity Co. Ltd v. CIT [1997] 225 ITR 746 (SC). It has been held in those decisions that the court has to see the true nature of the receipts and not go only by the entry in the books of account. We agree with the Tribunal that these deposits are really capital receipts and not revenue receipts. In Chowringhee Sales Bureau P. Ltd…

Shree Veershaiv Co.Op.Bank Ltd, Kolhapur vs. Assistant Commissioner of Income Tax, Kolhapur

In the result, the appeal in ITA No

ITA 604/PUN/2017[2009-10]Status: DisposedITAT Pune12 Jan 2021AY 2009-10

Bench: Shri Inturi Rama Rao, Am & Shri Partha Sarathi Chaudhury, Jm Sl. No.

For Appellant: Shri M. K. KulkarniFor Respondent: Shri S. P. Walimbe
Section 143(3)Section 194CSection 40

…said decision, in our opinion, applies to this case also. It is well settled in income-tax law that book keeping entries are not decisive or determinative of the true nature of the entries as held by the Supreme Court in CIT vs. India Discount Co. Ltd. [1970] 75 ITR 191 and in Godhra Electricity Co. Ltd v. CIT [1997] 225 ITR 746 (SC). It has been held in those decisions that the court has to see the true nature of the receipts and not go only by the entry in the books of account. We agree with the Tribunal that these deposits are really capital receipts and not revenue receipts. In Chowringhee Sales Bureau P. Ltd…

Shree Veershaiv Co.Op .Bank Ltd, Kolhapur vs. Income-Tax Officer, Ward - 2(2), Kolhapur

In the result, the appeal in ITA No

ITA 2611/PUN/2017[2014-15]Status: DisposedITAT Pune12 Jan 2021AY 2014-15

Bench: Shri Inturi Rama Rao, Am & Shri Partha Sarathi Chaudhury, Jm Sl. No.

For Appellant: Shri M. K. KulkarniFor Respondent: Shri S. P. Walimbe
Section 143(3)Section 194CSection 40

…said decision, in our opinion, applies to this case also. It is well settled in income-tax law that book keeping entries are not decisive or determinative of the true nature of the entries as held by the Supreme Court in CIT vs. India Discount Co. Ltd. [1970] 75 ITR 191 and in Godhra Electricity Co. Ltd v. CIT [1997] 225 ITR 746 (SC). It has been held in those decisions that the court has to see the true nature of the receipts and not go only by the entry in the books of account. We agree with the Tribunal that these deposits are really capital receipts and not revenue receipts. In Chowringhee Sales Bureau P. Ltd…

DCIT, New Delhi vs. M/S. Citi Financial Cosumer Finance India Ltd., New Delhi

In the result, appeal filed by Revenue is dismissed

ITA 3118/DEL/2016[2010-11]Status: DisposedITAT Delhi29 Jul 2019AY 2010-11

Bench: Shri H.S. Sidhu & Shri Anadee Nath Misshra

For Appellant: Shri Gaurav Gupta, AdvFor Respondent: Shri S.S. Rana, CIT(DR)
Section 143(3)

…her way, and are not determinative of the allowability or otherwise of the expenditure. The decisions of the Hon'ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971 ] 82 ITR 363 and in the case of CIT v. Indian Discounts Co. Ltd. [1970] 75 ITR 191 (SC) are clear on the issue. The accounting entries in the books of accounts are occasioned by a diverse set of considerations and issues such as 41 ITA nos. 3144&3145,5514 &5191,2687&2688/Del./2010 compliance with statutory laws and mandatory accounting standards/principles and of course management decisions as to the treatment of a particular it…

The Peerless Gen.Fin and Investment Company Limited vs. Commnr. of Income Tax

The appeal is allowed

C.A. No.-001265-001265 - 2007Supreme Court09 Jul 2019

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

…decision, in our opinion, applies to this case also. 12 It is well settled in income-tax law that book keeping entries are not decisive or determinative of the true nature of the entries as held by the Supreme Court in CIT vs. India Discount Co. Ltd. [1970] 75 ITR 191 and in Godhra Electricity Co. Ltd v. CIT [1997] 225 ITR 746 (SC). It has been held in those decisions that the court has to see the true nature of the receipts and not go only by the entry in the books of account. We agree with the Tribunal that these deposits are really capital receipts and not revenue receipts. In Chowringhee S…

ITO, New Delhi vs. M/S. Citi Financial Cosumer Finance India Ltd., New Delhi

ITA 2638/DEL/2016[2009-10]Status: DisposedITAT Delhi23 May 2019AY 2009-10

Bench: Shri N.K. Billaiya & Shri Kuldip Singhito, Ward 6 (2), Vs. M/S. Citi Financial Consumer Finance New Delhi. India Ltd., 3, Local Shopping Centre, Pushpa Bhawan, Pushp Vihar, New Delhi – 110 062. (Pan : Aabca3223B) (Appellant) (Respondent) Assessee By : Shri C.S. Agarwal, Senior Advocate Shri Shailesh Gupta, Advocate Revenue By : Shri H.K. Choudhary, Cit Dr Date Of Hearing : 02.05.2019 Date Of Order : 23.05.2019

For Appellant: Shri C.S. Agarwal, Senior AdvocateFor Respondent: Shri H.K. Choudhary, CIT DR
Section 143Section 92C

…ther way, and are not determinative of the allowability or otherwise of the expenditure. The decisions of the Hon'ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 and in the case of CIT v. Indian Discounts Co. Ltd. [1970] 75 ITR 191 (SC) are clear on the issue. The accounting entries in the books of accounts are occasioned by a diverse set of considerations and issues such as compliance with statutory laws and mandatory accounting standards/principles and of course management decisions as to the treatment of a particular item which can be guided by considerations of reported…

ITO 2(1)(1), Mumbai vs. Aaa Technologies P.Ltd, Mumbai

ITA 3455/MUM/2017[2012-13]Status: DisposedITAT Mumbai17 May 2019AY 2012-13

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Ble

For Appellant: Shri Vipul JoshiFor Respondent: Shri Abdul Hakeem M
Section 143(3)Section 148

…chnologies Pvt. Ltd., transaction and not its form. Reliance, in this regards, is placed on certain decisions as follows: (i) Kedarnath Jute v/s. CIT - [82 ITR 363, 367 (SC)] (ii) Sutlej Cotton - [116 ITR 1, 5 (SC)] [For income] (iii) CIT v/s. India Cement - [75 ITR 191,195 (SC)] (iv) CIT v/s. ShoorjiVallabhdas - [46 ITR 144 (SC)] (v) CIT v/s. Central Provinces Manganese - [112 ITR 734 (Bom)] (vi) ACIT v/s. Buckau Wolf- [157 ITR 751 (Bom)] (vii) CIT v/s. Century Enka Ltd. - [239 ITR 804 (Cal)] (viii) Tamilnadu Brick & Tile Mfg. Industrial Services Co-op. Society Ltd. v/s. CIT - [265 ITR 332 (Mad)] (ix) Pullangode…

ITO 2(1)(1), Mumbai vs. Aaa Technologies P.Ltd, Mumbai

ITA 3454/MUM/2017[2009-10]Status: DisposedITAT Mumbai17 May 2019AY 2009-10

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Ble

For Appellant: Shri Vipul JoshiFor Respondent: Shri Abdul Hakeem M
Section 143(3)Section 148

…chnologies Pvt. Ltd., transaction and not its form. Reliance, in this regards, is placed on certain decisions as follows: (i) Kedarnath Jute v/s. CIT - [82 ITR 363, 367 (SC)] (ii) Sutlej Cotton - [116 ITR 1, 5 (SC)] [For income] (iii) CIT v/s. India Cement - [75 ITR 191,195 (SC)] (iv) CIT v/s. ShoorjiVallabhdas - [46 ITR 144 (SC)] (v) CIT v/s. Central Provinces Manganese - [112 ITR 734 (Bom)] (vi) ACIT v/s. Buckau Wolf- [157 ITR 751 (Bom)] (vii) CIT v/s. Century Enka Ltd. - [239 ITR 804 (Cal)] (viii) Tamilnadu Brick & Tile Mfg. Industrial Services Co-op. Society Ltd. v/s. CIT - [265 ITR 332 (Mad)] (ix) Pullangode…

DCIT, Cir-3(1), Kolkata vs. M/S Tata Metaliks Ltd., Kolkata

In the result, Revenue’s appeal is dismissed

ITA 478/KOL/2016[2010-2011]Status: DisposedITAT Kolkata27 Apr 2018AY 2010-2011

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 115JSection 139(1)Section 143(3)Section 234C

…to book profit to the extent provided in section 115JB. The appellant has also placed reliance upon the case laws in ITO v. Frigsales (India) Ltd. (2005)4 SOT 376 (Mum), ITO v. Suraj Jewellary (2008) 21 SOT 79 (Mum), CIT v. India Discounts Company Ltd. (1970) 75 ITR 191 (SC), CIT v. M/s Shoorji Vallabhdas and Co. [1962] 46 ITR 144 (Hon'ble Supreme Court) and Sutlej Cotton Mills v. CIT [1979] 116 ITR 1 (SC) After careful consideration, it is found that facts of the appellant’s case are different from those in the case of laws cited. The appellant has itself credited the income to the audited profit and loss accoun…

Tata Metaliks Ltd., Kolkata vs. ITO, WD-3(2), Kolkata

In the result, Revenue’s appeal is dismissed

ITA 439/KOL/2016[2010-11]Status: DisposedITAT Kolkata27 Apr 2018AY 2010-11

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 115JSection 139(1)Section 143(3)Section 234C

…to book profit to the extent provided in section 115JB. The appellant has also placed reliance upon the case laws in ITO v. Frigsales (India) Ltd. (2005)4 SOT 376 (Mum), ITO v. Suraj Jewellary (2008) 21 SOT 79 (Mum), CIT v. India Discounts Company Ltd. (1970) 75 ITR 191 (SC), CIT v. M/s Shoorji Vallabhdas and Co. [1962] 46 ITR 144 (Hon'ble Supreme Court) and Sutlej Cotton Mills v. CIT [1979] 116 ITR 1 (SC) After careful consideration, it is found that facts of the appellant’s case are different from those in the case of laws cited. The appellant has itself credited the income to the audited profit and loss accoun…

DCIT, Cir-8(1), Kolkata vs. M/S Mapex Infrastructure Pvt Ltd., Kolkata

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

ITA 1080/KOL/2015[2004-2005]Status: DisposedITAT Kolkata06 Dec 2017AY 2004-2005

Bench: : Shri P.M. Jagtap & Shri S.S.Viswanethra Ravi

For Appellant: Shri Kalyan Nath, Addl.CIT, ld.DRFor Respondent: Shri G.Banerjee, FCA, ld.AR
Section 143(1)Section 143(2)(ii)Section 148

…Berger Paints (India) Ltd. reported in [2002] 254 ITR page 503 while taking note of the old decision of the Supreme Court in case of Kedarnath Jute Manufacturing Co. Ltd. v. CIT and CIT v. India Discount Co. Ltd. reported in [1971] 82 ITR 363 (SC) and [1970] 75 ITR 191 (SC) held that if according to the revenue laws the assessee is entitled to treat a sum as a revenue expenditure, then that legal right of the assessee is not self estopped by the treatment given by the assessee to it in its own books of account. It appears that the authorities below have heavily relied on the account in view of Section 145 of th…

ACIT 7(2), Mumbai vs. Rupee Finance and Management P.Tld, Mumbai

In the result, appeals filed by the assessee for AYrs

ITA 5122/MUM/2014[2010-11]Status: DisposedITAT Mumbai26 Apr 2017AY 2010-11

Bench: Shri Saktijit Dey () & Shri Ashwani Taneja ()

Section 14Section 14ASection 36Section 36(1)(iii)

…ve of the treatment given by the assessee. He vehemently relied upon the judgements of the Hon’ble Supreme Court in the case of Kedarnath Jute Manufacturing Company Ltd vs CIT 82 ITR 363 (SC), CIT 4 Rupee Finance & Management Pvt Ltd vs India Discount Co Ltd 75 ITR 191 (SC), CIT vs Shoorji Vallabhdas & Co 46 ITR 144 (SC) and Taparia Tools Ltd vs JCIT 372 ITR 605 (SC). 6. With regard to the illegality in the disallowance made u/s 14A, it was submitted at length by the Ld. Counsel that the law in this regard has evolved subsequent to the filing of return and thus as on date, the disallowance made in the hands of t…

The Rajasthan State Co-Op. Bank Ltd., Jaipur vs. DCIT, Jaipur

In the result, appeal filed by the assessee is dismissed

ITA 266/JPR/2013[2007-08]Status: DisposedITAT Jaipur17 Apr 2017AY 2007-08
For Appellant: Shri S.R. Sharma (C.A)For Respondent: Shri R.A.Verma (JCIT)
Section 143(3)Section 41Section 41(1)Section 80PSection 80P(2)Section 80P(4)

…ll not decide the issue that such credits cannot be added to the income. The Hon’ble Apex Court in the following cases have held that book entries are not conclusive. 1. Kedarnath Jute Mfg. Co. Ltd. Vs. CIT, 82 ITR 363 (SC) 2. CIT vs. Indian Discount Co. Ltd. 75 ITR 191 (SC) 3. Satluj Cotton Mills Ltd. Vs. CIT, 116 ITR 1 (SC) 4. CIT vs. Tuticorin Alkali Chemicals & Fertilizers Ltd., 227 ITR 172 SC 5. CIT Vs. Shoorji Vallabhdas & Co., 46 ITR 144 (SC) 6. CIT vs. Triveni Engineering & Industries Ltd., 181 Taxman 5 (Del.) Thus the issue is not to be decided simply on the basis that the entries have been made in the b…

DCIT 8(2), Mumbai vs. Hexaware Technologies Ltd, Navi Mumbai

In the result appeal filed by revenue is dismissed whereas Cross objection filed by assessee is allowed in part for statistical purposes

ITA 4688/MUM/2013[2008-09]Status: DisposedITAT Mumbai17 Oct 2016AY 2008-09
For Appellant: Shri Vijay MehtaFor Respondent: Shri Rahul Raman

…deduction, by reason of earned in Karachi. What has therefore to be determined is whether, notwithstanding the apportionment made by the respondent in the profit and loss statement, the deduction is admissible under the law" • ClT vs India Discount Co. Ltd. (75 ITR 191) (SC) "It is well established that a receipt which in law cannot be regarded as income cannot become so merely because the assessee erroneously credited it to the profit and loss account." • ClT vs Godavari Sugar Mills Ltd. (208 ITR 878) (Born) "It is now a well settled that the entries in the books of accounts of an assessee or the description gi…

The DCIT 3(1) vs. M/S. Gujarat Ambuja Cements Ltd

ITA 2654/MUM/2005[1998-1999]Status: DisposedITAT Mumbai05 Aug 2016AY 1998-1999

Bench: Shri B.R. Baskaran, Am & Shri Sandeep Gosain, Jm आयकर अपील सं./ I.T.A. No. 2524/Mum/2005 ("नधा"रण वष" / Assessment Year: 1998-99) Gujarat Ambuja Cements Limited The Deputy Commissioner Of 122, Maker Chambers Iii, Income Tax, Range 3(1), बनाम/ Nariman Point, Aayakar Bhawan, Vs. Mumbai-400 021. M.K. Road, Mumbai-400 020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaapj 8040P (अपीलाथ" /Appellant) (""यथ" / Respondent) :

For Appellant: Shri P.R. Ghosh

…cisions of Asst. CIT -vs- Northern India Theaters (P) Ltd. (1996) 133 CTR 326 (Del), Sutlej Cotton Mills Ltd. -vs- Asst. CIT (1993) 45 ITD 22 (Cal.)(SB), Oswal Agro Mills Ltd. -vs.- Dy. CIT (1994) 51 ITD 447 (Del), CIT -vs.- India Discount Company Ltd. [1970] 75 ITR 191(SC), CIT -vs.- Mis Shoorji Vallabhdas & Co. (1962) 46 ITR 144 (SC) and Sutlej Cotton Mills Ltd. -vs.- CIT (1979} 116 ITR 1 (SC). As regards the decision relied upon by the A.O., the appellant submitted that the said decision was in relation to an investment company, which has no application in the case of the appellant. 16.3 I have perused the su…