Harinagar Sugar Mills Ltd. v. CIT

Asst CIT 2(2)(1), Mumbai vs. State Bank of India, Mumbai

In the result appeal filed by the assessee as well as revenue stands partly allowed for statistical purposes

Bench: Smt. Beena Pillai () & Shri Jagadish ()

…ock at cost and the remaining stock at market value. Therefore the true trading result of the business of the assessee for the accounting period under consideration cannot be determined. The Bombay High Court in the case of Harinagar Sugar Mills v. CIT (1994) 207 ITR 901 has held that “the assessee is entitled to value the closing stock at cost or market price whichever is lower but that has to be applied to the entire closing stock. There is no justification in bifurcating the closing stock on the assumption that some of this would have to be surrendered as levy. If the assessee wants to take the sale price for…

State Bank of India, Mumbai vs. Asst CIT Cir 2(2), Mumbai

In the result appeal filed by the assessee as well as revenue stands partly allowed for statistical purposes

Bench: Smt. Beena Pillai () & Shri Jagadish ()

…ock at cost and the remaining stock at market value. Therefore the true trading result of the business of the assessee for the accounting period under consideration cannot be determined. The Bombay High Court in the case of Harinagar Sugar Mills v. CIT (1994) 207 ITR 901 has held that “the assessee is entitled to value the closing stock at cost or market price whichever is lower but that has to be applied to the entire closing stock. There is no justification in bifurcating the closing stock on the assumption that some of this would have to be surrendered as levy. If the assessee wants to take the sale price for…

Asst CIT Cir 2(2)(1), Mumbai vs. State Bank of India, Mumbai

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

…foresaid case of Union Bank of India. This issue stands covered by the judgement of the jurisdictional High Court. The facts of the assessee‟s case and the facts in the decision of the Bombay High Court in the case of Harinagar Sugar Mills Ltd. vs. CIT [1994] 207 ITR 901 (Bombay), relied by the AO are different. In the aforesaid decision, the assessee had changed the method of valuing stock in the year under consideration, whereas in the assessee‟s case, there is no change in the method of valuation. Also, in that case, sugar was valued differently by bifurcating the stock into „levy sugar‟ and „free sugar‟. The…

State Bank of India, Mumbai vs. Addl CIT RG 2(2), Mumbai

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

…foresaid case of Union Bank of India. This issue stands covered by the judgement of the jurisdictional High Court. The facts of the assessee‟s case and the facts in the decision of the Bombay High Court in the case of Harinagar Sugar Mills Ltd. vs. CIT [1994] 207 ITR 901 (Bombay), relied by the AO are different. In the aforesaid decision, the assessee had changed the method of valuing stock in the year under consideration, whereas in the assessee‟s case, there is no change in the method of valuation. Also, in that case, sugar was valued differently by bifurcating the stock into „levy sugar‟ and „free sugar‟. The…

DCIT 2(2), Mumbai vs. State Bank of India, Mumbai

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

…foresaid case of Union Bank of India. This issue stands covered by the judgement of the jurisdictional High Court. The facts of the assessee‟s case and the facts in the decision of the Bombay High Court in the case of Harinagar Sugar Mills Ltd. vs. CIT [1994] 207 ITR 901 (Bombay), relied by the AO are different. In the aforesaid decision, the assessee had changed the method of valuing stock in the year under consideration, whereas in the assessee‟s case, there is no change in the method of valuation. Also, in that case, sugar was valued differently by bifurcating the stock into 'levy sugar' and 'free sugar'. The…

State Bank of India, Mumbai vs. DCIT Cir 2(2), Mumbai

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

…foresaid case of Union Bank of India. This issue stands covered by the judgement of the jurisdictional High Court. The facts of the assessee‟s case and the facts in the decision of the Bombay High Court in the case of Harinagar Sugar Mills Ltd. vs. CIT [1994] 207 ITR 901 (Bombay), relied by the AO are different. In the aforesaid decision, the assessee had changed the method of valuing stock in the year under consideration, whereas in the assessee‟s case, there is no change in the method of valuation. Also, in that case, sugar was valued differently by bifurcating the stock into 'levy sugar' and 'free sugar'. The…

State Bank of India, Mumbai vs. Asst CIT Cir 2(2), Mumbai

In the result, appeal of the Revenue in ITA No

…foresaid case of Union Bank of India. This issue stands covered by the judgement of the jurisdictional High Court. The facts of the assessee‟s case and the facts in the decision of the Bombay High Court in the case of Harinagar Sugar Mills Ltd. vs. CIT [1994] 207 ITR 901 (Bombay), relied by the AO are different. In the aforesaid decision, the assessee had changed the method of valuing stock in the year under consideration, whereas in the assessee‟s case, there is no change in the method of valuation. Also, in that case, sugar was valued differently by bifurcating the stock into 'levy sugar' and 'free sugar'. The…

State Bank of India (Successor to State Bank of Bikaner & Jaipur), Mumbai vs. ACIT -Circle 2(2)(1), Mumbai

Appeal stand allowed for statistical purposes

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am

…foresaid case of Union Bank of India. This issue stands covered by the judgement of the jurisdictional High Court. The facts of the assessee’s case and the facts in the decision of the Bombay High Court in the case of Harinagar Sugar Mills Ltd. vs. CIT [1994] 207 ITR 901 (Bombay), relied by the AO are different. In the aforesaid decision, the assessee had changed the method of valuing stock in the year under consideration, whereas in the assessee’s case, there is no change in the method of valuation. Also, in that case, sugar was valued differently by bifurcating the stock into 'levy sugar' and 'free sugar'. The…

State Bank of India, Mumbai vs. Addl CIT RG 2(2), Mumbai

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed, as indicated above

Bench: Sri Mahavir Singh, Vp & Sri G Manjunatha, Am आयकर अपील सुं./ Ita No. 3644/Mum/2016 (ननर्ाारण वर्ा / Assessment Year 2008-09) State Bank Of India The Dy. Commissioner Of 3Rd Floor, Corporate Centre Income Tax, Circle -2(2)(1) बनाम/ Madam Cama Road Mumbai Vs. Nariman Point Mumbai-400021 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacs8577K

…foresaid case of Union Bank of India. This issue stands covered by the judgement of the jurisdictional High Court. The facts of the assessee’s case and the facts in the decision of the Bombay High Court in the case of Harinagar Sugar Mills Ltd. vs. CIT [1994] 207 ITR 901 (Bombay), relied by the AO are different. In the aforesaid decision, the assessee had changed the method of valuing stock in the year under consideration, whereas in the assessee’s case, there is no 75 | P a g e State Bank of India ITA Nos.3644&4563/Mum/2016 change in the method of valuation. Also, in that case, sugar was valued differently by bi…

Hiranandani Akruti Jv, Mumbai vs. DCIT Cen Cir 5(1), Mumbai

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2012-13 Hiranandani Akruti Jv, Dcit, 6Th Floor, Akruti Trade Centre, Central Circle-5(1), बनाम/ Road No.7, Marol, M.I.D.C. Mumbai Vs. Andheri (East), Mumbai-400093 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaaa1443H

…conducting winding up proceedings started against the lessee- company [Associated Bombay Cinema P. Ltd. v. CIT, (1978) III ITR 942 (Bom)]; (10) in resisting transfer of shares without assigning or disclosing reasons [Harinagar Sugar Mills Ltd. v. CIT, (1979) 117 ITR 945 Born)]; 19 Hiranandani Akruti JV (11) in attempting to prevent investigation into the affairs of the company [Harinagar Sugar Mills Ltd. v. CIT, (1979) 117 ITR 945 (Born)]; (12) by the assessee-amalgamated-company in reimbursing the amount of legal expenses incurred by the shareholders who attempted stayal of declaration of dividends [Raza Bul…

DCIT 19(3), Mumbai vs. Wadhwa Constructions, Mumbai

The appeal of the Revenue is dismissed

…conducting winding up proceedings started against the lessee- company [Associated Bombay Cinema P. Ltd. v. CIT, (1978) III ITR 942 (Bom)]; (10) in resisting transfer of shares without assigning or disclosing reasons [Harinagar Sugar Mills Ltd. v. CIT, (1979) 117 ITR 945 Bom)]; (11) in attempting to prevent investigation into the affairs of the company [Harinagar Sugar Mills Ltd. v. CIT, (1979) 117 ITR 945 (Bom)]; (12) by the assessee-amalgamated-company in reimbursing the amount of legal expenses incurred by the shareholders who attempted stayal of declaration of dividends [Raza Buland Sugar Co. Ltd. v. CIT, (19…

Navinchandra N . Majithia, Mumbai vs. ITO 9(2)(1), Mumbai

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 1999-2000 Shri Navinchandra N. Income Tax Officer-9(2)(1) Majithia, Aayakar Bhavan, बनाम/ 304, Kedia Chambers, M.K. Road, Vs. Near New Era Cinema, Mumbai-400020 S.V. Road, Malad (W), Mumbai-400064 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaepm6435F "नधा"रती क" ओर से / Assessee By M/S. Keyuri Desai Shri Sushil Kumar Poddar,Dr राज"व क" ओर से / Revenue By 16/11/2016 सुनवाई क" तार"ख / Date Of Hearing : 18/11/2016 आदेश क" तार"ख /Date Of Order:

…conducting winding up proceedings started against the lessee- company [Associated Bombay Cinema P. Ltd. v. CIT, (1978) III ITR 942 (Bom)]; (10) in resisting transfer of shares without assigning or disclosing reasons [Harinagar Sugar Mills Ltd. v. CIT, (1979) 117 ITR 945 Born)]; 19 Shri Navinchandra N. Majithia (11) in attempting to prevent investigation into the affairs of the company [Harinagar Sugar Mills Ltd. v. CIT, (1979) 117 ITR 945 (Born)]; (12) by the assessee-amalgamated-company in reimbursing the amount of legal expenses incurred by the shareholders who attempted stayal of declaration of dividends [R…