H.H. Sir Rama Verma v. CIT

205 ITR 433Supreme Court of India1994#7316 most cited

What is H.H. Sir Rama Verma v. CIT authority for?

Long-term capital losses brought forward from earlier years must be set off against long-term capital gains of the current assessment year before any deduction under Section 80T is allowed.

15

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2013 to 2024.

Also referred to as

H.H. Sir Rama Verma v. CIT · 205 ITR 433 · Section 80E · Section 80T · long term capital loss · set off · long term capital gains · brought forward

Sections most often in play

Section 115JBSection 143(3)Section 154Section 80IC

Issues it is cited on

section 80esection 80absection 75section 32(2)convertible foreign exchangesection 32asection 80msection 72section 80hdomestic companysection 80csection 80hhc

Judgments citing H.H. Sir Rama Verma v. CIT

Om Infra Limited, Jaipur Rajasthan vs. DCIT, Central Circle-1, Jaipur, Rajasthan

In the result, we find no substantial question of law being involved in this appeal

ITA 811/JPR/2023[2015-16]Status: DisposedITAT Jaipur31 Jul 2024AY 2015-16

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. P. C. Parwal (CA)For Respondent: Sh. A. S. Nehra (Addl. CIT)
Section 115JSection 143(3)Section 154Section 80Section 801C(2)(b)Section 80I

…iew, the Hon’ble Supreme Court has also relied on its two earlier decisions in the cases of Distributors (Baroda) (P) Ltd. vs. Union of India &Ors. (1985) 47 CTR (SC) 349 : (1985) 155 ITR 201 (SC) and H.H. Sir Rama Varma vs. CIT(1994) 116 CTR (SC) 55 : (1994) 205 ITR 433 (SC). In the case of Motilal Pesticides (I) (P)Ltd. vs. CIT (supra), Hon’ble Supreme Court has observed that provisions of s. 80AB were merely of a clarificatory nature and only declared the law as it always stood in relation to deductions to be made under Chapter VI-A of the Act. The special deduction under s. 80-I is allowable only on the net i…

Tata Elxsi Limited, Bangalore vs. Deputy Commisioner Incomer Tax, Circle-7(1)(1), Bangalore

Accordingly, the appeal filed by the assessee is partly allowed for statistical purposes

ITA 1152/BANG/2023[2018-19]Status: DisposedITAT Bangalore28 Feb 2024AY 2018-19

Bench: Shri Narender Kumar Choudhry & Shri Laxmi Prasad Sahuassessment Year : 2018-19 M/S. Tata Elxsi Ltd., The Deputy 126, Itpb Road, Commissioner Hoody, Of Income Tax, Whitefield, Circle – 7(1)(1), Bangalore – 560 048. Bangalore. Vs. Pan: Aaact7872Q Appellant Respondent

For Appellant: Shri Padam Chand Khincha, CAFor Respondent: Shri Subramanian .S, JCIT DR
Section 10ASection 10A(9)Section 250

…of section 80HH. The Supreme Court after discussing all the earlier judgements of the Supreme Court i.e. Cambay Electric Supply [1978] 113 ITR 84 (SC), Cloth Traders [1979] 118 ITR 243 (SC), Distributor Baroda [1085] 155 ITR 120 (SC), HH Sir Ram Verma [1994] 205 ITR 433 (SC), Kotagiri Industrial Co-operative Tea Factory Ltd [1997] 224 ITR 604 (SC) concluded as under: "19) Reading of Section 80HH along with Section 80A would clearly signify' that such a deduction has to be of gross profits and gains, i.e., before computing the income as specified in Sections 30 to 43D of the Act. It is correctly pointed out by Di…

M/S. Tata Elxsi Limited, Bangalore vs. Deputy Commissioner Income Tax, Circle-7(1)(1), Bangalore

ITA 975/BANG/2023[2020-2021]Status: DisposedITAT Bangalore08 Jan 2024AY 2020-2021

Bench: Shri George George K. & Shri Chandra Poojari

Section 10ASection 30Section 80ASection 80HSection 80I

…ction 80HH. 5. The Supreme Court after discussing all the earlier judgements of the Supreme Court i.e. Bombay Electric Supply [1978] 113 ITR 59 (SC), Cloth Traders [1979] 118 ITR 845 (SC), Distributor Baroda [1985] 155 ITR 120 (SC), H.H. Sir Rama Varma [1994] 205 ITR 433 (SC), Kotagiri Industrial Co-Operative Tea Factory Ltd. [1997] 224 ITR 604 (SC) concluded as under:- "19) Reading of Section 80HH along with Section 80A would clearly signify that such a deduction has to be of gross profits and gains, i.e., before computing the income as specified in Sections 30 to 43D of the Act. It is correctly pointed out by D…

M/S. Tata Elxsi Limited., Bangalore vs. Deputy Commissioner Income Tax, Circle-7(1)(1), Bangalore

In the result, all the appeals of the assessee are partly allowed for statistical purposes

ITA 927/BANG/2023[2016-17]Status: DisposedITAT Bangalore08 Jan 2024AY 2016-17

Bench: Shri George George K. & Shri Chandra Poojari

For Appellant: Shri Padam Chand Kincha, A.RFor Respondent: Shri D.K. Mishra, D.R
Section 10ASection 30Section 80ASection 80H

…of section 80HH. The Supreme Court after discussing all the earlier judgements of the Supreme Court i.e. Cambay Electric Supply [1978] 113 ITR 84 (SC), Cloth Traders [1979] 118 ITR 243 (SC), Distributor Baroda [1085] 155 ITR 120 (SC), HH Sir Ram Verma [1994] 205 ITR 433 (SC), Kotagiri Industrial Co-operative Tea Factory Ltd [1997] 224 ITR 604 (SC) concluded as under: "19) Reading of Section 80HH along with Section 80A would clearly signify' that such a deduction has to be of gross profits and gains, i.e., before computing the income as specified in Sections 30 to 43D of the Act. It is correctly pointed out by Di…

M/S. Vijay Industries vs. Commissioner of Income Tax

Appeals are allowed

C.A. No.-001581-001582 - 2005Supreme Court01 Mar 2019

Bench: HON'BLE MR. JUSTICE A.K. SIKRI

Section 80H

…s as required under Section 72 of the Act. xx xx xx 12. Having regard to the law as laid down by this Court in Distributors (Baroda) (P) Ltd. [(1986) 1 SCC 43 : 1986 SCC (Tax) 159 : (1985) 155 ITR 120] and H.H. Sir Rama Varma [1994 Supp (1) SCC 473 : (1994) 205 ITR 433] , it must be held that before considering the matter of deduction under Section 80-P(2) the Income Tax Officer had rightly set off the carried-forward losses of the earlier years in accordance with Section 72 of the Act and on finding that the said losses exceeded the income, he rightly did not allow any deduction under Section 8…

ITO 16(2)(4), Mumbai vs. Surya Gems, Mumbai

The appeal of the Revenue is dismissed

ITA 292/MUM/2014[2009-10]Status: DisposedITAT Mumbai08 Mar 2017AY 2009-10

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2009-10 Income Tax Officer-16(2)(4), M/S Surya Gems, बनाम/ 02Nd Floor, Matru Mandir, Flat No.4, 02Nd Floor, Tardeo Road, Bhaveshwar Sgar Patel Vs. Mumbai-400007 Compound 20 Napean Sea Road, Mumbai-400020 (याजस्व /Revenue) (यनधाारयती /Assessee) P.A. No. Aakfs6513Q याजस्व की ओर से / Revenue By Shri B.S. Bist-Dr यनधाारयती की ओर से / Assessee By None ुनवाई की तायीख / Date Of Hearing : 14/02/2017 आदेश की तायीख /Date Of Order: 08/03/2017

…ar that it is prospective.—CWT vs. Sharvan Kumar Swarup & Sons (1994) 122 CTR (SC) 380 : (1994) 210 ITR 886 (SC), CIT vs. Podar Cement (P) Ltd., etc. (1997) 141 CTR (SC) 67 : (1997) 226 ITR 625 (SC), H.H. Sir Rama Varma vs. CIT (1994) 116 CTR (SC) 55 : (1994) 205 ITR 433 (SC) and Lohia Machines Ltd. vs. Union of India (1985) 44 CTR (SC) 328 : (1985) 152 ITR 308 (SC) distinguished. (Paras 41 & 42) A number of High Courts have consistently upheld the contentions of the assessees similar to the contentions advanced by them. This is definitely 34 M/s Surya Gems one other reason to hold in favour of the assessees in…

Canara Bank, Bangalore vs. Addl. C.I.T., Bangalore

In the result, appeal by the revenue is partly allowed

ITA 693/BANG/2012[2008-09]Status: DisposedITAT Bangalore30 Mar 2016AY 2008-09

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…cision of the Hon’ble Apex Court in the case of Cloth Traders Pvt. Ltd. (118 ITR 243) was overruled. Further, the Hon’ble Apex Court, following its decision in the case of Distributors (Baroda) Pvt. Ltd (supra) held in the case of H.H. Sir Rama Verma vs. CIT (205 ITR 433) held that in the context of deduction u/s 80E long term capital loss brought forward from earlier years has to be first set off against long term gains of current assessment year before deduction contemplated u/s 80T of the Act is allowed. The relief under the said Act is to be given only for the amount of long term capital gains of the current…

JCIT, Bangalore vs. M/S Canara Bank, Bangalore

In the result, appeal by the revenue is partly allowed

ITA 684/BANG/2012[2008-09]Status: DisposedITAT Bangalore30 Mar 2016AY 2008-09

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…cision of the Hon’ble Apex Court in the case of Cloth Traders Pvt. Ltd. (118 ITR 243) was overruled. Further, the Hon’ble Apex Court, following its decision in the case of Distributors (Baroda) Pvt. Ltd (supra) held in the case of H.H. Sir Rama Verma vs. CIT (205 ITR 433) held that in the context of deduction u/s 80E long term capital loss brought forward from earlier years has to be first set off against long term gains of current assessment year before deduction contemplated u/s 80T of the Act is allowed. The relief under the said Act is to be given only for the amount of long term capital gains of the current…

Addl.Ci.T., Bangalore vs. M/S Canara Bank, Bangalore

In the result, appeal by the revenue is partly allowed

ITA 813/BANG/2011[2007-08]Status: DisposedITAT Bangalore30 Mar 2016AY 2007-08

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…cision of the Hon’ble Apex Court in the case of Cloth Traders Pvt. Ltd. (118 ITR 243) was overruled. Further, the Hon’ble Apex Court, following its decision in the case of Distributors (Baroda) Pvt. Ltd (supra) held in the case of H.H. Sir Rama Verma vs. CIT (205 ITR 433) held that in the context of deduction u/s 80E long term capital loss brought forward from earlier years has to be first set off against long term gains of current assessment year before deduction contemplated u/s 80T of the Act is allowed. The relief under the said Act is to be given only for the amount of long term capital gains of the current…

Canara Bank, Bangalore vs. Addl.C.I.T., Bangalore

In the result, appeal by the revenue is partly allowed

ITA 793/BANG/2011[2007-08]Status: DisposedITAT Bangalore30 Mar 2016AY 2007-08

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…cision of the Hon’ble Apex Court in the case of Cloth Traders Pvt. Ltd. (118 ITR 243) was overruled. Further, the Hon’ble Apex Court, following its decision in the case of Distributors (Baroda) Pvt. Ltd (supra) held in the case of H.H. Sir Rama Verma vs. CIT (205 ITR 433) held that in the context of deduction u/s 80E long term capital loss brought forward from earlier years has to be first set off against long term gains of current assessment year before deduction contemplated u/s 80T of the Act is allowed. The relief under the said Act is to be given only for the amount of long term capital gains of the current…

JCIT, Bangalore vs. M/S Canara Bank, Bangalore

In the result, appeal by the revenue is partly allowed

ITA 601/BANG/2010[2005-06]Status: DisposedITAT Bangalore30 Mar 2016AY 2005-06

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…cision of the Hon’ble Apex Court in the case of Cloth Traders Pvt. Ltd. (118 ITR 243) was overruled. Further, the Hon’ble Apex Court, following its decision in the case of Distributors (Baroda) Pvt. Ltd (supra) held in the case of H.H. Sir Rama Verma vs. CIT (205 ITR 433) held that in the context of deduction u/s 80E long term capital loss brought forward from earlier years has to be first set off against long term gains of current assessment year before deduction contemplated u/s 80T of the Act is allowed. The relief under the said Act is to be given only for the amount of long term capital gains of the current…

Canara Bank, Bangalore vs. JCIT, Bangalore

In the result, appeal by the revenue is partly allowed

ITA 530/BANG/2010[2005-06]Status: DisposedITAT Bangalore30 Mar 2016AY 2005-06

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…cision of the Hon’ble Apex Court in the case of Cloth Traders Pvt. Ltd. (118 ITR 243) was overruled. Further, the Hon’ble Apex Court, following its decision in the case of Distributors (Baroda) Pvt. Ltd (supra) held in the case of H.H. Sir Rama Verma vs. CIT (205 ITR 433) held that in the context of deduction u/s 80E long term capital loss brought forward from earlier years has to be first set off against long term gains of current assessment year before deduction contemplated u/s 80T of the Act is allowed. The relief under the said Act is to be given only for the amount of long term capital gains of the current…

Addl.CIT, Bangalore vs. M/S Canara Bank, Bangalore

In the result, appeal by the revenue is partly allowed

ITA 530/BANG/2009[2006-07]Status: DisposedITAT Bangalore30 Mar 2016AY 2006-07

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…cision of the Hon’ble Apex Court in the case of Cloth Traders Pvt. Ltd. (118 ITR 243) was overruled. Further, the Hon’ble Apex Court, following its decision in the case of Distributors (Baroda) Pvt. Ltd (supra) held in the case of H.H. Sir Rama Verma vs. CIT (205 ITR 433) held that in the context of deduction u/s 80E long term capital loss brought forward from earlier years has to be first set off against long term gains of current assessment year before deduction contemplated u/s 80T of the Act is allowed. The relief under the said Act is to be given only for the amount of long term capital gains of the current…

M/S. Canara Bank, Bangalore vs. ACIT, Bangalore

In the result, appeal by the revenue is partly allowed

ITA 479/BANG/2009[2006-07]Status: DisposedITAT Bangalore30 Mar 2016AY 2006-07

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…cision of the Hon’ble Apex Court in the case of Cloth Traders Pvt. Ltd. (118 ITR 243) was overruled. Further, the Hon’ble Apex Court, following its decision in the case of Distributors (Baroda) Pvt. Ltd (supra) held in the case of H.H. Sir Rama Verma vs. CIT (205 ITR 433) held that in the context of deduction u/s 80E long term capital loss brought forward from earlier years has to be first set off against long term gains of current assessment year before deduction contemplated u/s 80T of the Act is allowed. The relief under the said Act is to be given only for the amount of long term capital gains of the current…

Comm.of Incometax Ap I Hyd vs. M/S.Diamond Hatcheries P.Ltd Hyd

ITTA/49/2001HC Telangana30 Jul 2013