DCIT v. Brijlaxmi Leasing and Finance Ltd.

49 ITD 355Income Tax Appellate Tribunal1994#7470 most cited

What is DCIT v. Brijlaxmi Leasing and Finance Ltd. authority for?

Amounts forfeited on application money for shares are capital receipts, not taxable as income, as they represent the return of capital. This is because the original receipt was for share capital.

15

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2021.

Also referred to as

DCIT v. Brijlaxmi Leasing and Finance Ltd. · 49 ITD 355 · forfeiture of application money · capital receipt · share capital · taxable income · revenue receipt · share warrants

Issues it is cited on

section 32(1)(i)section 43ainitial assessment yearenhanced compensationsection 80hsection 80hhcdeduction under section 80iainterest free advancessection 80hhsection 40a(2)(b)section 40a(2)disallowance of interest expenditure

Judgments citing DCIT v. Brijlaxmi Leasing and Finance Ltd.

Jindal Steel & Power Ltd., New Delhi vs. Addl. CIT, Haryana

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 4185/DEL/2011[2008-09]Status: DisposedITAT Delhi01 Dec 2021AY 2008-09

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…owing decisions wherein it has been held that forfeiture of application money is capital receipt not liable to tax: • DCIT v. CNB Finwiz : 159 TTJ 146 (Del.) • DCIT v. Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has…

DCIT, Hisar vs. Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 4067/DEL/2011[2008-09]Status: DisposedITAT Delhi01 Dec 2021AY 2008-09

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…owing decisions wherein it has been held that forfeiture of application money is capital receipt not liable to tax: • DCIT v. CNB Finwiz : 159 TTJ 146 (Del.) • DCIT v. Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has…

Jindal Steel & Power Ltd., New Delhi vs. DCIT, Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 2280/DEL/2011[2007-08]Status: DisposedITAT Delhi01 Dec 2021AY 2007-08

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…owing decisions wherein it has been held that forfeiture of application money is capital receipt not liable to tax: • DCIT v. CNB Finwiz : 159 TTJ 146 (Del.) • DCIT v. Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has…

ACIT, Hisar vs. Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 2230/DEL/2011[2007-08]Status: DisposedITAT Delhi01 Dec 2021AY 2007-08

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…owing decisions wherein it has been held that forfeiture of application money is capital receipt not liable to tax: • DCIT v. CNB Finwiz : 159 TTJ 146 (Del.) • DCIT v. Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has…

Jindal Steel & Power Ltd., Haryana vs. DCIT, Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 413/DEL/2010[2006-07]Status: DisposedITAT Delhi01 Dec 2021AY 2006-07

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…owing decisions wherein it has been held that forfeiture of application money is capital receipt not liable to tax: • DCIT v. CNB Finwiz : 159 TTJ 146 (Del.) • DCIT v. Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has…

DCIT, Hisar vs. Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 341/DEL/2010[2006-07]Status: DisposedITAT Delhi01 Dec 2021AY 2006-07

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…owing decisions wherein it has been held that forfeiture of application money is capital receipt not liable to tax: • DCIT v. CNB Finwiz : 159 TTJ 146 (Del.) • DCIT v. Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has…

ACIT, Hisar vs. M/S Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 220/DEL/2009[2003-04]Status: DisposedITAT Delhi01 Dec 2021AY 2003-04

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…owing decisions wherein it has been held that forfeiture of application money is capital receipt not liable to tax: • DCIT v. CNB Finwiz : 159 TTJ 146 (Del.) • DCIT v. Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has…

Jindal Steel & Power Limited vs. Addl. CIT

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 167/DEL/2009[2003-04]Status: DisposedITAT Delhi01 Dec 2021AY 2003-04

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…owing decisions wherein it has been held that forfeiture of application money is capital receipt not liable to tax: • DCIT v. CNB Finwiz : 159 TTJ 146 (Del.) • DCIT v. Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has…

Income Tax Officer-3(2), Lucknow vs. M/S Dev Bhoomi Promoters & Developers Pvt. Ltd., Lucknow

In the result, the appeal of the Revenue stands dismissed

ITA 116/LKW/2017[2012-13]Status: DisposedITAT Lucknow24 Aug 2021AY 2012-13

Bench: Shri A. D. Jain & Shri T. S. Kapoorassessment Year:2012-13

…ubmitted that the amount forfeited is a capital receipt and not taxable in the hands of the assessee and reliance in this respect was placed on the following case laws: I.T.A. No.116/Lkw/2017 Assessment Year:2012-13 5 (i) Asiatic Oxygen Ltd. vs. DCIT (1994] 49 ITD 355 [ITAT, Calcutta) (ii) DCIT vs. Brijlaxmi Leasing & Finance Ltd. (2009) 118 ITD 546 (ITAT, Ahmedabad) (iii) Prism Cement Limited vs. JCIT (2006) 101 ITD 103 (ITAT, Mumbai) (iv) Addl. CIT vs. Om Oils & Oil Seeds Exchange Ltd. (1985) 152 ITR 552 (Del.) (v) Travancore Rubber & Tea Co. Ltd. vs. CIT (2000) 243 ITR 158 (SC) (vi) Deepak Fertilizers & Petr…

DCIT 9(3)(2), Mumbai vs. Future Retail Ltd, Mumbai

The appeal of the assessee is allowed, and appeal of the Assessing Officer is dismissed

ITA 5959/MUM/2016[2012-13]Status: DisposedITAT Mumbai11 Aug 2020AY 2012-13

Bench: Shri C. N. Prasad, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 5959/Mum/2016 (निर्धारणवर्ा / Assessment Year: 2012-13)

For Appellant: Shri Vipul Joshi, ARFor Respondent: Mrs. Leena Shrivastava
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 14A

…ssessee and the Ld. CIT(A) for the proposition that receipt on account of forfeiture has to be considered only as a capital receipt which are as under. a. Multan Electric upply Co. Ltd. – [(1945) 13 ITR 457 (Lah)] b. Asiatic Oxygen Ltd. V/s. Dy. CIT – [(1994) 49 ITD 355 (Cal)] 15 I.T.A. No. 5959/Mum/2016 & ITA No. 867/Mum/2017 M/s Future Retail Ltd. c. Prism Cement Ltd. V/s. JCIT – [(2006) 101 ITD 103 (Mum)] d. DepakFertilisers and Petrochemicals Copn. Ltd. V/s. DCIT – [(2009) 116 ITD 372 (Mum)] e. DCIT V/s. Brijlaxmi Leasing & Finance Ltd. – [(2009) 118 ITD 546 (Ahd)] f. Graviss Hospitality Ltd. V/s. Dy. CIT –…

Exind Trading P. Ltd, Mumbai vs. ITO 6(2)(4), Mumbai

In the result, this appeal by the assessee stands allowed for statistical purposes

ITA 351/MUM/2016[2012-13]Status: DisposedITAT Mumbai07 Nov 2019AY 2012-13

Bench: Shri Shamim Yahya & Shri Ravish Sood: A.Y : 2012-13

For Appellant: Shri Dharmesh ShahFor Respondent: Shri Rajeev Gubgotra
Section 234BSection 271(1)(c)Section 68

…e assessee further submitted that Section 78(1) and 78(2) of the Companies Act, 1956 are independent and cannot be read together. He further referred to the following case laws :- i. PCIT vs Apeak Infotech, 397 ITR 148 (Bom.) ii. Asiatic Oxygen Ltd. vs DCIT, 49 ITD 355 (Kol.) iii. Vodafone India Services Pvt. Ltd. vs. Union of India & Ors., (368 ITR 1) (Bom.) iv. CBDT Instruction No. 2/2015 dated 29.01.2015 v. ACIT vs Rajesh Digital Media Pvt. Ltd., ITA No. 6251/Mum/2017 dated 20.02.2019 vi. CIT vs Allahabad Bank Ltd., 73 ITR 745 (SC) vii. DCIT vs Finproject India (P) Ltd., 171 ITD 82 (Mum.) viii. Credit Suisse…

DCIT, CC-2(3), Mumbai vs. Provogue (India) Ltd., Mumbai

In the result, Revenue’s appeal is dismissed

ITA 1578/MUM/2015[2009-10]Status: DisposedITAT Mumbai10 Nov 2017AY 2009-10

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

Section 132Section 143(3)Section 14ASection 153ASection 5

…the amount was originally received for subscription to the share capital of the company. In support of his contention, the assessee relied upon the following decisions:– i) DCIT v/s Brijlaxmi Leasing and Financing Ltd., 118 ITD 546; ii) Asiatic Oxygen Ltd., 49 ITD 355; iii) Deepak Fertilizer and Petrochemicals Ltd. v/s DCIT, 116 ITD 372. 9. The Assessing Officer did not find merit in the submissions of the assessee. He was of the view that the amount received by the assessee towards share warrant was in the course of its business, therefore, is in the nature of unsecured loans. Thus, relying upon the decision o…

Balasore Alloys Ltd, Orrissa vs. Asst CIT Cen Cir 3(2), Mumbai

In the result appeal of the assessee is allowed

ITA 1170/MUM/2015[2010-11]Status: DisposedITAT Mumbai28 Apr 2017AY 2010-11

Bench: Sh. G.S. Pannu & Sh. Pawan Singhआयकरअपीलसं./I.T.A. No. 1170/Mum/2015 (िनधा"रणवष" / Assessment Year: 2010-11)

For Respondent: Shri. N.P. Singh (CIT DR)
Section 115JSection 132(1)Section 143(3)Section 153ASection 234BSection 253

…rism Cement Ltd Versus ACIT [2006] 101 ITD 103(Mumbai), DCIT Versus Brijlaxmi Leasing and Finance Ltd [2009] 118 ITD (AHD), Deepak Fertilizers and Petrochemicals Corporation Ltd Versus DCIT [2009] 116 ITD 372 (Mumbai) and Asiatic Oxygen Ltd Versus DCIT [1994] 49 ITD 355 (Mumbai). It was argued that the decision of Hon’ble Supreme Court in CIT TV Sundaram Ayenger & Sons 222 ITR 344 (SC) relied by lower authorities is not applicable on the facts of the present case. 5. On the other hand the learned DR for the revenue strongly supported the orders of authorities below. The learned DR for the revenue further argued t…

Asst CIT (OSD 8(2), Mumbai vs. Jayant Agro Organics Ltd, Mumbai

The appeal of the Revenue is dismissed

ITA 5621/MUM/2014[2011-12]Status: DisposedITAT Mumbai30 Mar 2016AY 2011-12

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2011-12 Acit-8(2)(Osd), M/S Jayant Agro Organics R. No.218, Ltd. बनाम/ Aayakar Bhavan, Akhandanand, 38, Marok Vs. M.K. Road, Co-Op. Industrial Estate, Mumbai-400020 Off. M.V. Road, Sakinaka, Andheri (East), Mumbai-400059 Pan No.Aaacj7581Q (राज"व /Revenue) ("नधा"रती /Assessee)

Section 80I

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ“जे”,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “J”, MUMBAI "ी जोिग"दर "सह, "याियक सद"य एवं "ी राजे"", लेखा सद"य, के सम" । Before Shri Joginder Singh, Judicial Member and Shri Rajendra, Accountant Member Assessment Year-2011-12 ACIT-8(2)(OSD), M/s Jayant Agro Organics R. No.218, Ltd. बनाम/ Aayakar Bhavan, Akhandanand, 38, Marok Vs. M.K. Road, Co-op. Industrial Estate, Mumbai-400020 Off. M.V. Road, Sakinaka, Andheri (East), Mumbai-400059 PAN No.AAACJ7581Q (राज"व /Revenue) ("नधा"रती /Assessee) Shri Ashish Heliwal-DR राज"व क" ओर से / Revenue by "नधा"रती क" ओर से /…

ACIT (OSD) 8(2), Mumbai vs. Jayant Agro Organics Ltd, Mumbai

ITA 5056/MUM/2014[2010-11]Status: DisposedITAT Mumbai24 Feb 2016AY 2010-11

Bench: Shri Sanjay Garg & Shri Ashwani Tanejaassessment Year: 2010-11 Dcit (Osd)-8(2), M/S. Jayant Agro Organics Room No.218, 2Nd Floor, Ltd., Aayakar Bhavan, 38, Marol Co-Op Industrial M.K. Road, Vs. Estate, Mumbai - 400020 Off. M.V. Road, Sakinaka, Andheri (E), Mumbai – 59 Pan: Aaacj 7581Q (Appellant) (Respondent) Present For: Assessee By : Shri Madhur Agarwal, A.R. Revenue By : Shri K. Mohandas, D.R. Date Of Hearing : 17.02.2016 Date Of Pronouncement : 24.02.2016

For Appellant: Shri Madhur Agarwal, A.RFor Respondent: Shri K. Mohandas, D.R
Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “J”, MUMBAI BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI ASHWANI TANEJA, ACCOUNTANT MEMBER Assessment Year: 2010-11 DCIT (OSD)-8(2), M/s. Jayant Agro Organics Room No.218, 2nd Floor, Ltd., Aayakar Bhavan, 38, Marol Co-op Industrial M.K. Road, Vs. Estate, Mumbai - 400020 Off. M.V. Road, Sakinaka, Andheri (E), Mumbai – 59 PAN: AAACJ 7581Q (Appellant) (Respondent) Present for: Assessee by : Shri Madhur Agarwal, A.R. Revenue by : Shri K. Mohandas, D.R. Date of Hearing : 17.02.2016 Date of Pronouncement : 24.02.2016 O R D E R Per Sanjay Garg, Judicial Member:…