Export Corporation of India v. CIT (140 ITR 532)

M/S THE STATE FISHERIES DEVELOPMENT CORPORATION LTD.,KOLKATA vs. D.C.I.T CIR - 2,KOLKATA., KOLKATA

In the result, assessee’s appeal stands allowed

ITA 165/KOL/2013[2006-07]Status: DisposedITAT Kolkata16 Sept 2016AY 2006-07

Bench: Hon’Ble Shri Waseem Ahmed & Shri K.Narasimha Chary

Section 143(2)Section 143(3)Section 37(1)

…ally apply in regard to the assistance received by the assessee from the STC during the current years.” The aforesaid findings recorded by the Hon'ble High Court in the earlier decision i.e., Handicrafts and handloom Export Corporation of India v. CIT [1983] 140 ITR 532 (Del) merit acceptance, even when we apply the purpose test applied in the case of Sahney Steel and press Works Ltd. (supra) as explained in Ponni Sugar and Chemicals Ltd. (supra). It cannot be said that the earlier decision of the Delhi High Court has been overturned or overrule by the Hon'ble Supreme Court in the two decisions mentioned above.…

THE STATE FISHERIES DEVELOPMENT CORPORATION LTD.,KOLKATA vs. ACIT, CIR-2, KOLKATA, KOLKATA

In the result, assessee’s appeal stands partly allowed

ITA 1281/KOL/2009[2005-2006]Status: DisposedITAT Kolkata19 Apr 2016AY 2005-2006

Bench: Shri Mahavir Singh & Shri Waseem Ahmedassessment Year :2005-06

Section 143(3)

…ally apply in regard to the assistance received by the assessee from the STC during the current years.” The aforesaid findings recorded by the Hon'ble High Court in the earlier decision i.e., Handicrafts and handloom Export Corporation of India v. CIT [1983] 140 ITR 532 (Del) merit acceptance, even when we apply the purpose test applied in the case of Sahney Steel and press Works Ltd. (supra) as explained in Ponni Sugar and Chemicals Ltd. (supra). It cannot be said that the earlier decision of the Delhi High Court has been overturned or overrule by the Hon'ble Supreme Court in the two decisions mentioned above.…

COMMISSIONER OF INCOME TAX vs. M/S HANDICRAFTS & HANDLOOMS EX

The appeal is disposed of without any order as to costs

ITA - 3 / 2001HC Delhi06 Sept 2013

Section 260A

…a revenue receipt.” 2. The Income Tax Appellate Tribunal by impugned order dated 29th February, 2000 decided the issue in favour of the respondent in view of decision of the Delhi High Court in the respondent’s case in earlier years reported as (1983) 140 ITR 532 (Del.) titled Handicrats and Handlooms Corporation Ltd. Vs. Commissioner of Income Tax, Delhi. 3. The contention of the Revenue is that this decision in respondent’s case stands impliedly overruled by decision of the Supreme Court in Sahney Steel and Press Works Ltd. Hyderabad. Vs. Commissioner of Income Tax (1997) 7 SCC 764. 4. The a…

COMMISSIONER OF INCOME TAX vs. CORPN. OF INDIA LTD

The appeal is disposed of without any order as to costs

ITA/3/2001HC Delhi06 Sept 2013

Section 260A

…a revenue receipt.” 2. The Income Tax Appellate Tribunal by impugned order dated 29th February, 2000 decided the issue in favour of the respondent in view of decision of the Delhi High Court in the respondent’s case in earlier years reported as (1983) 140 ITR 532 (Del.) titled Handicrats and Handlooms Corporation Ltd. Vs. Commissioner of Income Tax, Delhi. 3. The contention of the Revenue is that this decision in respondent’s case stands impliedly overruled by decision of the Supreme Court in Sahney Steel and Press Works Ltd. Hyderabad. Vs. Commissioner of Income Tax (1997) 7 SCC 764. 4. The a…

CIT vs. ICC INDIA P. LTD

The appeal is partly allowed in the above terms in terms

ITA/396/2012HC Delhi20 Nov 2012

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

Section 28Section 41(1)

…6. This Court has considered the submissions of the parties. As far as the first question is concerned, the Court is of the opinion that the previous Division Bench decision of this Court in case of Handloom Export Corporation of India v. CIT, (1983) 140 ITR 532 is conclusive on the subject. In that case too the holding company had made over amounts to the subsidiary i.e. assessee-HHEC. The Court noticed the previous rulings of the Allahabad High Court and Madras High Court in Ratna Sugar Mills Co. v. CIT, (1958) 33 ITR 644 and Meenakshi Achi (V.S.SV.) v. CIT, (1963) 50 ITR 206 respectively and hel…

CIT vs. DEUTSCHE POST BANK HOME FINANCE LTD

The appeal is dismissed

ITA - 312 / 2012HC Delhi02 Jul 2012

Section 2Section 28

…urged that the definition of income includes receipts of this kind and would fulfill the character of income, whose definition is inclusive. 7. Learned counsel urged that the decision in Handicrafts & Handloom Export Corporation of India v. CIT, (1983) 140 ITR 532 which was relied upon by the ITAT is not applicable, since the facts of this case were different. Counsel submitted that the facts of that case showed that funds were public in nature and the cash assistance given by the holding company to STC, was not subject to taxation. Learned counsel relied upon two decisions Ratna Sugar Mills Co. Ltd.…

Export Corporation of India v. CIT