CTT v. Chunilal Prabhudas and Co.

76 ITR 566High Court1970#4228 most cited

What is CTT v. Chunilal Prabhudas and Co. authority for?

Goodwill is the reputation of a business that attracts customers, is viewed as intangible but materially valued, and can be described metaphorically as a seed growing into an oak, a magnet's attracting force, or the differential return of profit.

28

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2011 to 2023.

Also referred to as

CTT v. Chunilal Prabhudas and Co. · goodwill · business reputation · intangible asset · differential return of profit · attracting force · business tradition

Issues it is cited on

profit split methodbright line testamp expendituresection 80hhc(3)section 92fprotective assessmentsection 80hsection 145asection 92bsection 80hhcspecified domestic transactionsection 80ic

Judgments citing CTT v. Chunilal Prabhudas and Co.

M/S. Pepsi Foods Limited, Gurgaon vs. ACIT, New Delhi

In the result, all the appeals of the assessee are treated as partly allowed

ITA 1044/DEL/2014[2009-10]Status: DisposedITAT Delhi03 Dec 2018AY 2009-10

Bench: Shri Amit Shukla & Shri Prashant Maharishi

For Respondent: Mr. H.K. Chaudhary, CIT-DR
Section 115JSection 145ASection 271(1)(c)

…s the reputation which the proprietor of the brand has gathered over a passage or period of time in the form of widespread popularity and universal approval and acceptance in the eyes of the customer. To use words from CTT v. Chunilal Prabhudas and Co. [1970] 76 ITR 566 (Cal) ; AIR 1971 Cal 70, it would mean : "It has been horticulturally and botanically viewed as 'a seed sprouting' or an 'acorn growing into the mighty oak of goodwill'. It has been geographically described by locality. It has been historically explained as growing and crystallising traditions in the business. It has been described in terms of a m…

Pepsi Foods Pvt. Ltd., Gurgaon vs. DCIT, New Delhi

In the result, all the appeals of the assessee are treated as partly allowed

ITA 2511/DEL/2013[2008-09]Status: DisposedITAT Delhi03 Dec 2018AY 2008-09

Bench: Shri Amit Shukla & Shri Prashant Maharishi

For Respondent: Mr. H.K. Chaudhary, CIT-DR
Section 115JSection 145ASection 271(1)(c)

…s the reputation which the proprietor of the brand has gathered over a passage or period of time in the form of widespread popularity and universal approval and acceptance in the eyes of the customer. To use words from CTT v. Chunilal Prabhudas and Co. [1970] 76 ITR 566 (Cal) ; AIR 1971 Cal 70, it would mean : "It has been horticulturally and botanically viewed as 'a seed sprouting' or an 'acorn growing into the mighty oak of goodwill'. It has been geographically described by locality. It has been historically explained as growing and crystallising traditions in the business. It has been described in terms of a m…

Supermax Personal Care P.Ltd, Thane vs. Asst CIT (Ltu)-1, Mumbai

ITA 6107/MUM/2016[2011-12]Status: DisposedITAT Mumbai01 Jun 2018AY 2011-12
For Appellant: Shri Nitesh JoshiFor Respondent: Shri Samuel Darse-CIT-DR
Section 143Section 2(47)Section 254(1)Section 9Section 9(1)

…r takes place.The only condition which must be satisfied in order to attract the charge to tax u/s.45 is that the property transferred must be a capital asset on the date of transfer. In the matter of Chunnilal Prabhudas & Co.,the Hon’ble Calcutta High Court (76 ITR 566), had observed as under: 6107/M/16.Supermax Personal Care Pvt.Ltd. In order to be taxable capital gain within the meaning of section 12B of the Income-tax Act, there has to be: (1) profit or gain, (2) capital asset, (3) the profit or gain must arise out of transfer, and (4) "sale, exchange and relinquishment or transfer". The basic principle,en…

ACIT, New Delhi vs. M/S. Bharti Teletech Ltd., New Delhi

In the result, both the appeal of the Department as well as

ITA 3873/DEL/2012[2004-05]Status: DisposedITAT Delhi17 May 2016AY 2004-05

Bench: Shri S.V. Mehrotra & Shri Sudhanshu Srivastavaay: 2004-05 Acit Vs Bharti Teletech Ltd., Circle 2(1), D-195, Room No. 398D, Okhla Industrial Area Phase I, C.R. Building, New Delhi. New Delhi. (Pan: Aabcb3989M) C.O. No. 72/Del/2014 (In Ita No. 3873/Del/2012) Ay: 2004-05 Bharti Teletech Ltd., Vs Acit, Circle 2(1), New Delhi. New Delhi. (Appellant) (Respondent) Appellant By: Shri S.L. Anuragi, Dr Respondent By: Shri Amit Bhalla, Ca Date Of Hearing: 17.02.2016 Date Of Pronouncement: 17.05.2016

For Appellant: Shri S.L. Anuragi, DRFor Respondent: Shri Amit Bhalla, CA
Section 147Section 2(47)Section 45Section 48

…odwill from the start. It is generated as the business is carried on and may be augmented with the passage of time. Lawson in his Introduction to the Law of Property describes it as property of a highly peculiar kind. In CIT v. Chunilal Prabhudas & Co. [1970] 76 ITR 566 the Calcutta High Court reviewed the different approaches to the concept (pp.577, 578): "It has been horticulturally and botanically viewed as “a seed sprouting‟ or an “acorn growing into the mighty oak of goodwill‟. It has been geographically described by locality. It has been historically described by locality. It has been historically explained…

Areva T & D India Ltd vs. The Commissioner of Income Tax-II

Appeals are dismissed in favour of the assessee and

ITA-315/2010HC Delhi30 Mar 2012
Section 143(3)Section 260ASection 32(1)(ii)Section 32(2)(ii)

…l from the start. It is generated as the business is carried on and may be augmented with the passage of time. Lawson in his Introduction to the Law of Property describes it as property of a highly peculiar kind. In CIT v. Chunilal Prabhudas & Co. [1970] 76 ITR 566 the Calcutta High Court reviewed the different approaches to the concept (pp.577, 578): It has been horticulturally and botanically viewed as "a seed sprouting" or an "acorn growing into the mighty oak of goodwill". It has been geographically described by locality. It has been historically described by locality. It has been historically exp…

Commissioner of Income Tax - IV vs. Beverages Pvt. Ltd

ITA/1394/2010HC Delhi14 Jan 2011
Section 143(3)Section 260ASection 263Section 32Section 32(1)(ii)

…l from the start. It is generated as the business is carried on and may be augmented with the passage of time. Lawson in his Introduction to the Law of Property describes it as property of a highly peculiar kind. In CIT v. Chunilal Prabhudas & Co. [1970] 76 ITR 566 the Calcutta High Court reviewed the different approaches to the concept (pp.577, 578): “It has been horticulturally and botanically viewed as „a seed sprouting‟ or an „acorn growing into the mighty oak of goodwill‟. It has been geographically described by locality. It has been historically described by locality. It has been historic…

Commissioner of Income Tax - IV vs. Beverages Pvt. Ltd

ITA/1391/2010HC Delhi14 Jan 2011
Section 143(3)Section 260ASection 263Section 32Section 32(1)(ii)

…l from the start. It is generated as the business is carried on and may be augmented with the passage of time. Lawson in his Introduction to the Law of Property describes it as property of a highly peculiar kind. In CIT v. Chunilal Prabhudas & Co. [1970] 76 ITR 566 the Calcutta High Court reviewed the different approaches to the concept (pp.577, 578): “It has been horticulturally and botanically viewed as „a seed sprouting‟ or an „acorn growing into the mighty oak of goodwill‟. It has been geographically described by locality. It has been historically described by locality. It has been historic…

Commissioner of Income Tax - IV vs. Beverages Pvt. Ltd

ITA/1396/2010HC Delhi14 Jan 2011
Section 143(3)Section 260ASection 263Section 32Section 32(1)(ii)

…l from the start. It is generated as the business is carried on and may be augmented with the passage of time. Lawson in his Introduction to the Law of Property describes it as property of a highly peculiar kind. In CIT v. Chunilal Prabhudas & Co. [1970] 76 ITR 566 the Calcutta High Court reviewed the different approaches to the concept (pp.577, 578): “It has been horticulturally and botanically viewed as „a seed sprouting‟ or an „acorn growing into the mighty oak of goodwill‟. It has been geographically described by locality. It has been historically described by locality. It has been historic…