Commissioner of Sales Tax, Delhi v. The Motor & General Finance Ltd.

Commissioner of Income Tax vs. Jagatjit Industries Ltd

Appeals are dismissed with costs

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE VALMIKI J. MEHTA

…ly held that relevant consideration would be to see the source of funds under which it was held and not the ultimate utilization of the funds, relying upon the following judgments: i) Commissioner of Sales Tax, Delhi v. The Motor & General Finance Ltd., 94 ITR 582. ii) The Travencore Rubber & Tea Co. Ltd. v. C.I.T., Trivandrum, 243 ITR 158. ITA No. 369 of 2007 Page 9 of 10 11. The leaned counsel for the Revenue had relied upon the judgment of the Supreme Court in the case of Sutlej Cotton Mills Limited v. Commissioner of Income-tax Calcutta, 116 ITR 1 and Sahney Steel and P…

Commissioner of Income Tax vs. Jagatjit Industries Ltd

Appeals are dismissed with costs

…ghtly held that relevant consideration would be to see the source of funds under which it was held and not the ultimate utilization of the funds, relying upon the following judgments: - i) Commissioner of Sales Tax, Delhi v. The Motor & General Finance Ltd., 94 ITR 582. - ii) The Travencore Rubber & Tea Co. Ltd. v. C.I.T., Trivandrum, 243 ITR 158. - 11. The leaned counsel for the Revenue had relied upon the judgment of   approval granted by the Ministry of Finance, Government of Inqua. We thus, decide the aforesaid questions against the Revenue and in fav…

Commissioner of Income Tax vs. Jagatjit Industries Ltd

Appeals are dismissed with costs

…htly held that relevant consideration would be to see the source of funds under which it was held and not the ultimate utilization of the funds, relying upon the following judgments: - i) Commissioner of Sales Tax, Delhi v. The Motor & General Finance Ltd., 94 ITR 582. - ii) The Travencore Rubber & Tea Co. Ltd. v. C.I.T., Trivandrum, 243 ITR 158. Commissioner of Income-tax Calcutta, 116 ITR 1 and Sahney Ste and Press Works Ltd., Hyderabad etc. v. Commissioner of Incometax, Andhra Pradesh-I, Hyderabad 228 ITR 253. These are not applicable in the present case inasmuch as in the case of Sutlej Cotton Mills Limi…

Commissioner of Income Tax vs. Jagatjit Industries Ltd

Appeals are dismissed with costs

…tly held that relevant consideration would be to see the source of funds under which it was held and not the ultimate utilization of the funds, relying upon the following judgments: - i). Commissioner of Sales Tax, Delhi v. The Motor & General Finance Ltd., 94 ITR 582. - ii) The Travencore Rubber & Tea Co. Ltd. v. C.I.T., Trivandrum, 243 ITR 158. - 11. The leaned counsel for the Revenue had relied upon the judgment of   approval granted by the Ministry of Finance, Government of Inuia. We thus, decide the aforesaid questions against the Revenue and in…

Commissioner of Income Tax Del vs. Jagatjit Industries Ltd

Appeals are dismissed with costs

…htly held that relevant consideration would be to see the source of funds under which it was held and not the ultimate utilization of the funds, relying upon the following judgments: - i) Commissioner of Sales Tax, Delhi v. The Motor & General Finance Ltd., 94 ITR 582. - ii) The Travencore Rubber & Tea Co. Ltd. v. C.I.T., Trivandrum, 243 ITR 158.   approval granted by the Ministry of Finance, Government of India. We thus, decide the aforesaid questions against the Revenue and in favour of the assessee. As a consequence, all these appeals are dismissed…

Commissioner of Income Tax vs. Jagatjit Industries Ltd

Appeals are dismissed with costs

…ly held that relevant consideration would be to see the source of funds under which it was held and not the ultimate utilization of the funds, relying upon the following judgments: i) Commissioner of Sales Tax, Delhi v. The Motor & General Finance Ltd., 94 ITR 582. ii) The Travencore Rubber & Tea Co. Ltd. v. C.I.T., T i d 243 ITR 158 2009:DHC:4106-DB 11. The leaned counsel for the Revenue had relied upon the judgment of the Supreme Court in the case of Sutlej Cotton Mills Limited v. Commissioner of Income-tax Calcutta, 116 ITR 1 and Sahney Steel and Press Works Ltd., Hyderabad etc. v. Commissione…

Commissioner of Income Tax vs. Jagatjit Industries Ltd

Appeals are dismissed with costs

…ly held that relevant consideration would be to see the source of funds under which it was held and not the ultimate utilization of the funds, relying upon the following judgments: i) Commissioner of Sales Tax, Delhi v. The Motor & General Finance Ltd., 94 ITR 582. ii) The Travencore Rubber & Tea Co. Ltd. v. C.I.T., T i d 243 ITR 158 2009:DHC:4106-DB 11. The leaned counsel for the Revenue had relied upon the judgment of the Supreme Court in the case of Sutlej Cotton Mills Limited v. Commissioner of Income-tax Calcutta, 116 ITR 1 and Sahney Steel and Press Works Ltd., Hyderabad etc. v. Commissione…