Commissioner of Income-Tax v. V.M. Salgaocar and Brothers Pvt. Ltd.

198 ITR 738Reported decision1992#23380 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 331,145 Indian tax judgments — from 2000 to 2024.

Sections most often in play

Section 17(2)(iii)Section 17(2)(vi)Section 2(24)(iv)Section 40A(5)

Judgments citing Commissioner of Income-Tax v. V.M. Salgaocar and Brothers Pvt. Ltd.

M/S Raj Kumar Singh & Co., Lucknow vs. Dy. Commissioner of Income Tax, Lucknow

In the result, the appeal of the assessee is partly allowed

ITA 1288/LKW/1993[1990-91]Status: DisposedITAT Lucknow26 Sept 2024AY 1990-91

Bench: Shri Sudhanshu Srivastava & Shri Anadee Nath Misshra

…he Assessing Officer on another decision of Hon'ble High Court of Allahabad reported in 193 ITR 575 is also Justified. In addition, I place reliance on the decision of the Hon'ble High Court of Karnataka in the case of CIT Vs. V. M. Salgaonkar & Bros (P) Ltd. 198 ITR 738. 5. Fourth aspect of this issue is regarding reasonable rate of interest u/s 40A(2)(b) of the Act. In the impugned order the Assessing Officer has held 18% rate of interest as reasonable. Appellant's contention is that the Assessing Officer was not justified to hold that the reasonable rate of Interest in cases covered by section 42A(2)(b) is 18%…

Sharad Kumar, Chennai vs. Deputy Commissioner of Income Tax, Media Circle

In the result, appeal filed by the assessee is allowed

ITA 1381/CHNY/2024[2010-2011]Status: DisposedITAT Chennai18 Sept 2024AY 2010-2011

Bench: Shri Aby T. Varkey & Shri S.R.Raghunathaआयकर अपील सं./Ita No.1381/Chny/2024 िनधा"रण वष"/Assessment Year: 2010-11 V. Mr. Sharad Kumar, The Dcit, New No.6, Old No.7, Media Circle-1, Nawab Habibullah Avenue, Chennai. 3Rd Street, Chennai-6. [Pan: Aasps 2554 F] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr. D. Anand, AdvFor Respondent: Ms. T.M.Suganthamala
Section 2(24)(iv)

…he Finance Act, 4985 to interpret the provisions of Sections 17(2) and 40A(5). Distinguishing features which the High Court in the case of Commissioner of Income Tax v. M.K. Vaidya, (1997) 224 ITR 186 pointed out with reference to the impugned judgment (1992) 198 ITR 738 appear to us to be rather obscure. Interpretation of law has to be uniform. Thus having regard to the dismissal of the appeal of the revenue in Civil Appeal No. 424 of 1999 and state of law as interpreted by us, particularly, keeping in view the amendment by the Taxation Laws (Amendment) Act, 1984 and its repeal by the Finance Act, 1985 and the…

M. Salgaocar & Bors. Vs Commissioner of Income Tax

Accordingly Civil Appeal No. 657 of 1994 is allowed and Civil Appeal Nos

C.A. No.-000657-000657 - 1994Supreme Court10 Apr 2000
For Respondent: COMMISSIONER OF INCOME TAX ETC
Section 17(2)Section 256(1)Section 256(2)Section 36Section 40ASection 40A(5)

…DRI JUDGMENT: JUDGMENT 2000 (2) SCR 1169 The Judgment of the Court was delivered by D.P. WADHWA, J. Civil Appeal No. 657 of 1994 is directed against the judgment dated February, 7, 1992 of the Division Bench of the Karnataka High Court (now reported as (1992) 198 ITR 738) delivered on Reference made to it by the Income Tax Appellate Tribunal ("Appellate Tribunal" for short) under Section 256(2) of the Income Tax Act, 1961 (for short, the ’Act’). Reference was at the instance of Revenue. Following questions arose for the determination of the High Court : (1) Whether on the facts and in the circumstances of the ca…