Hero Cycle P. Ltd. v. CIT

128 DTR 1Supreme Court of India2015#14811 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 348,487 Indian tax judgments — from 2016 to 2022.

Judgments citing Hero Cycle P. Ltd. v. CIT

Geetanjali Hotels & Promoters Pvt Ltd, Jaipur vs. ACIT, Jaipur

In the result, the appeals of the assessee in ITA No

ITA 299/JPR/2017[2013-14]Status: DisposedITAT Jaipur26 Sept 2022AY 2013-14

For Appellant: Shri Mahendra Gargieya ( Adv.) &For Respondent: Ms. Runi Pal (Addl.CIT)a

Section 143(3)Section 14ASection 251(2)Section 36(1)(iii)

…eved by the order preferred an Appeal before the ITAT who upheld the order of the CIT (Appeals) and dismissed the Appeal of the Revenue. From the order of the ITAT, the Revenue approached this Court by way of an Appeal.” 6.3.8 Hero Cycle P. Ltd vs. CIT (2015) 128 DTR 1/379 ITR 347 (SC) also directly supports the case of the assessee. “In that case, the company had given Loans & Advances of Rs.34 lacs to its directors and charged interest @ 10% only, whereas it availed the loan @ 18% hence, disallowance was made by the AO saying that the money borrowed by the assessee can’t be treated for the purposes of the busin…

Geetanjali Hotels & Promoters Pvt Ltd, Jaipur vs. ACIT, Jaipur

In the result, the appeals of the assessee in ITA No

ITA 298/JPR/2017[2012-13]Status: DisposedITAT Jaipur26 Sept 2022AY 2012-13

For Appellant: Shri Mahendra Gargieya ( Adv.) &For Respondent: Ms. Runi Pal (Addl.CIT)a

Section 143(3)Section 14ASection 251(2)Section 36(1)(iii)

Allen Career Institute, Jaipur vs. JCIT, Kota

In the result, the appeal of the assessee is partly allowed

ITA 246/JPR/2015[2010-11]Status: DisposedITAT Jaipur04 Aug 2022AY 2010-11

For Appellant: Shri Mahendra Gargieya, Advocate &For Respondent: Shri A.S. Nehra, Addl. CIT

Section 143(3)Section 234ASection 244ASection 36(1)(iii)

…IT & Anr. (2017) 151 DTR 0089 (SC), East India Pharmaceutical Works Ltd. v/s CIT (1997) 139 CTR 0372 (SC), Munjal Sales Corporation v/s CIT (2008) 298 ITR 298 (SC), CIT vs. HDFC Bank LTD. (2016) 284 CTR 0409 (Bom) (DPB 64-70), Hero Cycle P. Ltd vs. CIT (2015) 128 DTR 1/379 ITR 347 (SC), SEL Manufacturing Co. Ltd. vs. DCIT 206 TTJ 937 (Chd.), Alkali & Chemical Corporation of India Ltd. vs. CIT (1986) 50 CTR 139 (Kol HC) and CIT v/s M/s. Vijay Solvex Ltd. (2015) 274 CTR 384 (Raj.)) 3.5 Further the case of Abhishek Industries has already been impliedly overruled in Munjal sales (supra) and was also so considered in…

Vinod Kumar Mittal, Beawar vs. ITO, Ajmer

In the result, the appeal of the assessee is partly allowed

ITA 783/JPR/2016[2013-14]Status: DisposedITAT Jaipur09 Feb 2018AY 2013-14

For Appellant: Shri Mahendra GargieyaFor Respondent: Shri R.A. Verma, Addl. CIT - DR

Section 2(22)Section 2(22)(e)

…ch was affirmed by the Hon`ble Rajasthan High Court vide para 12 & 14 in the case of CIT v/s Ram Kishan Verma (2016) 132 Taxman 107 (Raj.) (DPB 18-25). He further submitted that a comparatively recent decision in the case of Hero Cycle P. Ltd vs. CIT (2015) 128 DTR 1/379 ITR 347 (SC) also directly supports the case of the assessee and similar view has been taken recently, after following the above decisions in M/s Allen Career Institute in ITA No.10/JP/13 for A.Y.2009-10 vide order dated 29.09.2017 (extract only DPB 26-30 in para 25 & 40). However, the ld. CIT(A) has ignored the annual statement of accounts…

Allen Career Institute, Jaipur vs. JCIT, Kota

In the result, the ground no

ITA 10/JPR/2013[2009-10]Status: DisposedITAT Jaipur27 Sept 2017AY 2009-10

For Appellant: Shri Mahendra Gargieya (Adv) &For Respondent: Shri R.A. Verma (Addl.CIT)

Section 143(3)Section 14ASection 234ASection 244A

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh dqy Hkkjr] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI KUL BHARAT, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ ITA. No. 10/JP/13 fu/kZkj.k o"kZ@Assessment Year : 2009-10 cuke M/s Allen Career Institute, The JCIT, Vs. CP-6, Indra Vihar, Kota. Range-2, Kota. LFkk;h ys[kk la-@thvkbZvkj la-@PAN No. AAEFA3972B vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri Mahendra Gargieya (Adv) & : Shri Hemang Gargieya (Adv) jktLo dh vksj ls@ Revenue by : Shri R.A. V…

Karnataka State Beverages Corportion Limited vs. The Commissioner of Income Tax

WP/12872/2013HC Karnataka18 Feb 2016

Bench: The Hon’Ble Mr. Justice Anand Byrareddy Writ Petition No.12872 Of 2013 (T-It) Connected With Writ Petition No.14687 Of 2014 (T-It), Writ Petition No.15910 Of 2015 (T-It) & Writ Petition No.17514 Of 2015 (T-It) In W.P.No.12872 Of 2013 Between: Karnataka State Beverages Corporation Limited, Represented By It’S Executive Director (Finance), Sri. Shrikant B Vanahalli, Aged About 57 Years, No.78, Seethalakshmi Towers, Mission Road, Bangalore 560 027. …Petitioner

…onable expenditure, having regard to the circumstances of the case. It is urged that no trader can be compelled to maximize his profits as is the settled position of law. In this regard, reliance is placed on the decision in Hero Cycles (P) Ltd. vs. CIT 128 DTR 1 (SC). It is pointed out that if a certain amount is fixed at the beginning of the year, it would be impossible for the petitioner to make payments, as the extent of business is uncertain. The business model is also such that one can sell at only certain prices. How a price is fixed is left to the contracting parties and the Income Tax Depar…