Commissioner of Income Tax v. Italindia Cotton Private Limited

174 ITR 160Supreme Court of India1988#11196 most cited
9

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2015 to 2022.

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Judgments citing Commissioner of Income Tax v. Italindia Cotton Private Limited

Dy. Commissioner of Income Tax, Circle-3(1), Hyderabad vs. Sembmarine Kakinanda Limited, Hyderabad

In the result, appeal of the Revenue is dismissed

ITA 123/HYD/2019[2013-14]Status: DisposedITAT Hyderabad15 Nov 2022AY 2013-14

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Chary

For Appellant: Shri Abhiroop Bhargav, ARFor Respondent: Shri P.V.Subba Raju, DR
Section 69Section 79

…f shareholding increased it to 70% and it does not mean that 51% of the shareholding pattern has undergone a change. 13. The Co-ordinate Bench placed reliance on the decision of the Hon'ble Apex Court in the case of CIT Vs. Italindia Cotton Co. (P) Ltd (1988) 174 ITR 160 (SC) wherein it was held that if the change in the shareholding did not result in holding voting power of 51 per cent or it was established that the shares of the company carrying not less than 51 per cent of the voting power were beneficially held by the same persons, both on the last day of the previous year as well as the last day of the year…

Dy. CIT-1(3)(2), Mumbai vs. Tril Roads Pvt. Ltd., Mumbai

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

ITA 3914/MUM/2019[2014-15]Status: DisposedITAT Mumbai18 Aug 2021AY 2014-15

Bench: Shri Saktijit Dey () & Shri S. Rifaur Rahman () Assessment Year: 2014-15 Dy. Cit-1(3)(2), Tril Roads Private Limited, Room No. 540, 5Th Floor, Aayakar Vs. Elphinstone Building, 2Nd Floor, Bhavan, M.K. Road, 10, Veer Nariman Road, Mumbai-400020 Mumbai-400 001 Pan No. Aaccn 6123 G Appellant Respondent

For Appellant: Mr. Nitesh Joshi, ARFor Respondent: Mr. Vijay Kumar Menon, DR
Section 115JSection 143(3)Section 79

…of shares within the same group whereby the beneficial holding exceeds 51% in the year of loss, as also in the year of set off. The High Court also drew strength from The observations of the Supreme Court in the case of CIT vs. Italindia Cotton Co. (P) Ltd. (174 ITR 160) while arriving at its decision, and ultimately decided the issue in favour of the assesses. Considering the above decisions, and the relevant facts, I hold that the appellant is entitled to set off the business loss brought forward from earlier years, as the provisions of Section 79 are not triggered in its case Grounds of appeal nos. 1, 2 and…

Aramex India P.Ltd, Mumbai vs. DCIT RG 9(1)(2)

In the result, the appeal is partly allowed

ITA 1978/MUM/2017[2012-13]Status: DisposedITAT Mumbai08 Nov 2019AY 2012-13

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2012-13 Aramex India Pvt. Ltd, Deputy Commissioner Of Income 821, Solitaire Corporate Vs. Tax -9(1)(2), Room No. 260A, 2Nd Park Andheir Ghatkopar Rd Floor, Aayakar Bhavan, M.K. Road, Chakala Andheeri (E), Mumbai-400020. Mumbai-400093. Pan No. Aacca6756A Appellant Respondent Assessee By : Mr. Nishant Thakkar & Hiten Chande, Ars Revenue By : Mr. Anand Mohan, Cit-Dr & C.A.K. Singh, Sr. Dr Date Of Hearing : 16/08/2019 Date Of Pronouncement : 08/11/2019

For Appellant: Mr. Nishant Thakkar & Hiten Chande, ARsFor Respondent: Mr. Anand Mohan, CIT-DR & C.A.K. Singh, Sr. DR
Section 143(3)Section 144C(5)Section 92CSection 92C(2)

…less than 51%. 18. While dealing with a case under Section 79(a) and (b) of the unamended Section [Clause (b) was deleted w.e.f. 01.04.1988] and while relating to Clause (a) of Section 79 of the Act, the Apex Court in CIT v. Italindia Cotton (P.) Ltd. [1988] 174 ITR 160, held that the Section would be applicable only when there is change in shareholding in the previous year which may result in change of control of the Company and that every such change of shareholding need not fall within the prohibition against the carry forward and set-off of business losses. In the present case, though there may ITA 1978/MUM…

DCIT 9(2)(2), Mumbai vs. Credila Financial Services P.Ltd, Mumbai

ITA 1491/MUM/2016[2012-13]Status: DisposedITAT Mumbai16 Feb 2018AY 2012-13

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1491/Mum/2016 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ Dcit 9(2)(2) Credila Financial Services R.No. 665A, 6 T H Floor, Private Ltd., Aayakar Bhavan, Mk Road, B-301 Citi Point, V. Mumbai-400020 Next To Kohinoor Continental Andheri Kurla Road, Andheri(E), Mumbai 400056 स्थायी ऱेखा सं./ Pan : Aaccc8789P (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent)

For Appellant: Shri. Nitesh JoshiFor Respondent: Shri. Rajat Mittal
Section 143(3)Section 2(18)(b)Section 253(4)Section 79

…nterested . Our attention was drawn to provisions of Section 2(18) of the 1961 Act . The asseessee relied upon the I.T.A. No.1491/Mum/2016 CO. No.305/Mum/2017 decision of Hon‟ble Supreme Court in the case of CIT v. Italindia Cotton Company Private Ltd. (1988) 174 ITR 160(SC). It was submitted that in return of income , no losses were claimed for AY 2007-08 to 2009-10 and additional grounds are raised before ITAT for the first time for allowability of the said losses by filing CO. It was also a proposition raised by learned counsel for the assessee that if at the end of the relevant previous year under considerati…

Agile Electric Sub Assembly (P) Ltd., Chennai vs. DCIT, Chennai

In the result, the assessee’s appeal is disposed of in the aforesaid terms

ITA 2497/CHNY/2016[2011-12]Status: DisposedITAT Chennai29 Dec 2016AY 2011-12

Bench: Shri Sanjay Arora & Shri G. Pavan Kumarआयकर अपील सं./Ita No.2497/Mds/2016 "नधा"रण वष" / Assessment Year : 2011-12

For Appellant: Shri T.Banusekar, CAFor Respondent: Shri Pathlavath Peerya, CIT
Section 143(3)Section 79

…e exercise. Our understanding that it is the controlling interest in the subject (assessee) company that is sought to be targeted by s. 79 and relevant, is fortified by the decision by the Hon'ble Apex Court in CIT v. Italindia Cotton Company Pvt. Ltd. [1988] 174 ITR 160 (SC), relied upon by the ld. CIT(A). Though the controversy in that case was whether clauses (a) and (b) (since omitted) are to be read as representing cumulative conditions or disjunctively, so that existence of either would prevent the operation of the provision, the Apex Court, while discussing the provision, abundantly clarifies that the chan…

The Commissioner of Income Tax vs. M/S Amco Power Systems Ltd

ITA/765/2009HC Karnataka07 Oct 2015

Bench: B.MANOHAR,VINEET SARAN

Section 260

…th a case under Section 79(a) and (b) of the unamended Section [Clause (b) was deleted w.e.f. 01.04.1988] and while relating to Clause (a) of Section 79 of the Act, the Apex Court in Commissioner of Income Tax V/S Italindia Cotton Private Limited (1988) 174 ITR 160 (SC), held that the Section would be applicable only when there is change in shareholding in the previous year which may result in change of control of the Company and that every 19 such change of shareholding need not fall within the prohibition against the carry forward and set-off of business losses. In the present case, thou…

The Commissioner of Income Tax vs. M/S Amco Power Systems Ltd

ITA/769/2009HC Karnataka07 Oct 2015

Bench: B.MANOHAR,VINEET SARAN

Section 260

…th a case under Section 79(a) and (b) of the unamended Section [Clause (b) was deleted w.e.f. 01.04.1988] and while relating to Clause (a) of Section 79 of the Act, the Apex Court in Commissioner of Income Tax V/S Italindia Cotton Private Limited (1988) 174 ITR 160 (SC), held that the Section would be applicable only when there is change in shareholding in the previous year which may result in change of control of the Company and that every 19 such change of shareholding need not fall within the prohibition against the carry forward and set-off of business losses. In the present case, thou…

The Commissioner of Income Tax vs. M/S Amco Power Systems Ltd

ITA/767/2009HC Karnataka07 Oct 2015

Bench: B.MANOHAR,VINEET SARAN

Section 260

…th a case under Section 79(a) and (b) of the unamended Section [Clause (b) was deleted w.e.f. 01.04.1988] and while relating to Clause (a) of Section 79 of the Act, the Apex Court in Commissioner of Income Tax V/S Italindia Cotton Private Limited (1988) 174 ITR 160 (SC), held that the Section would be applicable only when there is change in shareholding in the previous year which may result in change of control of the Company and that every 19 such change of shareholding need not fall within the prohibition against the carry forward and set-off of business losses. In the present case, thou…

The Commissioner of Income Tax vs. M/S Amco Power Systems Ltd

ITA/1046/2008HC Karnataka07 Oct 2015

Bench: B.MANOHAR,VINEET SARAN

Section 260

…th a case under Section 79(a) and (b) of the unamended Section [Clause (b) was deleted w.e.f. 01.04.1988] and while relating to Clause (a) of Section 79 of the Act, the Apex Court in Commissioner of Income Tax V/S Italindia Cotton Private Limited (1988) 174 ITR 160 (SC), held that the Section would be applicable only when there is change in shareholding in the previous year which may result in change of control of the Company and that every 19 such change of shareholding need not fall within the prohibition against the carry forward and set-off of business losses. In the present case, thou…

Commissioner of Income Tax v. Italindia Cotton Private Limited (174 ITR 160) — Cited in 9 Judgments | BharatTax