Hero Cycles Pvt. Ltd. v. CIT

379 ITR 347Supreme Court of India2015#208 most cited

What is Hero Cycles Pvt. Ltd. v. CIT authority for?

The Revenue cannot substitute its judgment for that of a businessman regarding the necessity or reasonableness of an expenditure. If an expense is incurred wholly and exclusively for business purposes, it is deductible, and the Revenue cannot question its commercial expediency.

361

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2011 to 2026.

Also referred to as

Hero Cycles Pvt. Ltd. v. CIT · 379 ITR 347 · 16 SCC 359 · Section 36(1)(iii) · commercial expediency · business expediency · disallowance of expenditure · interest-free advances · corporate guarantee · wholly and exclusively for business · Revenue's armchair approach · sales promotion expenditure

Also reported as

16 SCC 359

Sections most often in play

Section 143(3)Section 36(1)(iii)Section 147Section 1961Section 143(2)Section 14ASection 132Section 142(1)
Read the full judgment

Issues it is cited on

interest free advancescommercial expediencysection 36(1)(iii)corporate guaranteebusiness expediencysection 36book profitssection 36(1)arm's length pricetransfer pricing adjustmentassociated enterprisessection 92c

Judgments citing Hero Cycles Pvt. Ltd. v. CIT

Asst CIT Ltu, Mumbai vs. Asian Paints Ltd, Mumbai

ITA 2364/MUM/2013[2004-05]Status: DisposedITAT Mumbai23 Sept 2016AY 2004-05

Bench: Shri B.R.Baskaran, Am & Shri Amarjit Singh, Jm

For Appellant: Shri K. ShivramFor Respondent: Shri Ganesh Bare
Section 142(1)Section 143(1)Section 143(2)

…No.2363& 2364/Mum/2013 A.Y.: 2003-04 ,2004-05 &2009-10 same in view of the law settled by the Mumbai High Court in case CIT Vs. Reliance Utilities and Power Ltd.-221/CTR/435/Bom and Supreme Court in the case of S.A.Builders Ltd. V/s. CIT-288/ITR/1 and [2015] 379 ITR 347 (SC) in case titled as Hero Cycles P. Ltd. Vs. Commissioner of Income Tax. No distinguishable facts have been placed on record. The assessee company had given loan to its subsidiary company without interest for business purpose. Therefore, the learned CIT(A) has rightly deleted the disallowance on notional interest to the tune of Rs.2,62,74,000/-…

Asst CIT Ltu, Mumbai vs. Asian Paints Ltd, Mumbai

ITA 2363/MUM/2013[2003-04]Status: DisposedITAT Mumbai23 Sept 2016AY 2003-04

Bench: Shri B.R.Baskaran, Am & Shri Amarjit Singh, Jm

For Appellant: Shri K. ShivramFor Respondent: Shri Ganesh Bare
Section 142(1)Section 143(1)Section 143(2)

…No.2363& 2364/Mum/2013 A.Y.: 2003-04 ,2004-05 &2009-10 same in view of the law settled by the Mumbai High Court in case CIT Vs. Reliance Utilities and Power Ltd.-221/CTR/435/Bom and Supreme Court in the case of S.A.Builders Ltd. V/s. CIT-288/ITR/1 and [2015] 379 ITR 347 (SC) in case titled as Hero Cycles P. Ltd. Vs. Commissioner of Income Tax. No distinguishable facts have been placed on record. The assessee company had given loan to its subsidiary company without interest for business purpose. Therefore, the learned CIT(A) has rightly deleted the disallowance on notional interest to the tune of Rs.2,62,74,000/-…

Asian Paints Ltd, Mumbai vs. Addl CIT Cen RG VIII, Mumbai

ITA 1295/MUM/2013[2003-04]Status: DisposedITAT Mumbai23 Sept 2016AY 2003-04

Bench: Shri B.R.Baskaran, Am & Shri Amarjit Singh, Jm

For Appellant: Shri K. ShivramFor Respondent: Shri Ganesh Bare
Section 142(1)Section 143(1)Section 143(2)

…No.2363& 2364/Mum/2013 A.Y.: 2003-04 ,2004-05 &2009-10 same in view of the law settled by the Mumbai High Court in case CIT Vs. Reliance Utilities and Power Ltd.-221/CTR/435/Bom and Supreme Court in the case of S.A.Builders Ltd. V/s. CIT-288/ITR/1 and [2015] 379 ITR 347 (SC) in case titled as Hero Cycles P. Ltd. Vs. Commissioner of Income Tax. No distinguishable facts have been placed on record. The assessee company had given loan to its subsidiary company without interest for business purpose. Therefore, the learned CIT(A) has rightly deleted the disallowance on notional interest to the tune of Rs.2,62,74,000/-…

Asian Paints Ltd ( Erstwhile Technical Instrument Manufacturers( India) Ltd), Mumbai vs. ACIT 10(1), Mumbai

ITA 3825/MUM/2012[2009-10]Status: DisposedITAT Mumbai23 Sept 2016AY 2009-10

Bench: Shri B.R.Baskaran, Am & Shri Amarjit Singh, Jm

For Appellant: Shri K. ShivramFor Respondent: Shri Ganesh Bare
Section 142(1)Section 143(1)Section 143(2)

…No.2363& 2364/Mum/2013 A.Y.: 2003-04 ,2004-05 &2009-10 same in view of the law settled by the Mumbai High Court in case CIT Vs. Reliance Utilities and Power Ltd.-221/CTR/435/Bom and Supreme Court in the case of S.A.Builders Ltd. V/s. CIT-288/ITR/1 and [2015] 379 ITR 347 (SC) in case titled as Hero Cycles P. Ltd. Vs. Commissioner of Income Tax. No distinguishable facts have been placed on record. The assessee company had given loan to its subsidiary company without interest for business purpose. Therefore, the learned CIT(A) has rightly deleted the disallowance on notional interest to the tune of Rs.2,62,74,000/-…

Real Trade Technologies, Navi Mumbai vs. Pr CIT 28, Navi Mumbai

In the result, the appeal filed by the assessee is allowed

ITA 2929/MUM/2016[2011-12]Status: DisposedITAT Mumbai22 Jul 2016AY 2011-12

Bench: Shri B.R. Baskaran (Am)& Pawan Singh (Jm)

Section 143(3)Section 263Section 36Section 36(1)(iii)

…gard to the reliance placed by Learned Pr. CIT on the decision rendered by Honourable Punjab and Haryana High Court in the case of Abhishek industries (supra), the learned AR submitted that the Hon’ble Supreme Court in the case of Hero cycles Private limited (379 ITR 347) has held that the approach adopted by Honourable Punjab and Haryana High Court in the above said case was clearly faulty in law and cannot be countenanced. Accordingly the learned AR submitted that the impugned revision order passed by learned Pr. CIT CAD is not sustainable in law and accordingly prayed that the same may be set aside. 9 Real Tr…

ACIT Cir. 8(1), Mumbai vs. M/S. Afcons Infrastructure Ltd., Mumbai

In the result, Department’s appeal is dismissed

ITA 4269/MUM/2005[2001-2002]Status: DisposedITAT Mumbai08 Jul 2016AY 2001-2002

Bench: Shri Jason P. Boaz, Accountant Mbmer & Shri Saktijit Dey

For Appellant: Shri J.D. Mistry a/wFor Respondent: Shri Jasbir Chauhan
Section 14A

…iness purpose. He, therefore, submitted, no disallowance can be made on account of loans advanced to Afcons Pauling (India) Ltd. In this regard, he relied upon the following decisions:– 11 Afcons Infrastructure Limited i) Hero Cycle Pvt. Ltd. v/s CIT, [1997] 63 Taxmann.com 308 (SC); and ii) S.A. Builders v/s CIT, [2007] 288 ITR 001 (SC) 9. Insofar as loans advanced to other subsidiary companies are concerned, the learned Sr. Counsel submitted, apart from the fact that they were for the purpose of assessee’s business, it is also a fact that the assessee was also having own interest free funds including share cap…

Rajendra H Salot, Mumbai vs. ITO 15(1)(4), Mumbai

The appeal of the assessee is partly allowed

ITA 4050/MUM/2013[2009-10]Status: DisposedITAT Mumbai05 Jul 2016AY 2009-10

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2009-10 Mr. Rajendra H. Salot, Ito-15(1)(4), 18, Maheswar Prakash, Mumbai बनाम/ Building No.1, Jain Derasar Vs. Lane, Santacruz (West), Mumbai-400054 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aalps6170L

Section 36(1)(iii)Section 37(1)Section 40

…nvoked, it has to established that either interest is excessive or unreasonable. It was explained that these were business advances. Reliance was placed upon the decision in S.A. Builders Ltd. vs CIT (2007) 288 ITR 1(Sc) and in Hero Cycles (Pvt.) Ltd. vs CIT (379 ITR 347)(SC). On the other hand, the ld. DR, defended the conclusion arrived at in the impugned order. 3.1. We have considered the rival submissions and perused the material available on record. The facts in brief, 3 Rajendra H Salot are that the assessee, an individual running his business as proprietor of R.P. Computech, declared total income of Rs.6…

DCIT, Circle - 8, Kolkata vs. M/S. Eih Limited, Kolkata

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

ITA 348/KOL/2011[2006-07]Status: DisposedITAT Kolkata01 Jun 2016AY 2006-07

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

For Respondent: Shri Vijay Shankar, CIT, DR
Section 143(3)Section 195Section 40Section 9(1)(vii)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA [Before Shri Mahavir Singh, JM & Shri M. Balaganesh, AM] I.T.A No.314/Kol/2011 Assessment Year: 2006-07 EIH Limited (PAN: AAACE6898B) Vs. Deputy Commissioner of Income-tax, Circle-8, Kolkata. (Appellant) (Respondent) & I.T.A No.348/Kol/2011 Assessment Year: 2006-07 Deputy Commissioner of Income-tax, Vs. EIH Limited Circle-8, Kolkata. (Appellant) (Respondent) & C.O. No.23/Kol/2011 In I.T.A No.348/Kol/2011 Assessment Year: 2006-07 EIH Limited Vs. Deputy Commissioner of Income-tax, Circle-8, Kolkata. (Cross Objector) (Respondent) Date of hearing: 16.05.2…

Eih Limited, Kolkata vs. DCIT, Circle - 8, Kolkata

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

ITA 314/KOL/2011[2006-07]Status: DisposedITAT Kolkata01 Jun 2016AY 2006-07

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

For Respondent: Shri Vijay Shankar, CIT, DR
Section 143(3)Section 195Section 40Section 9(1)(vii)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA [Before Shri Mahavir Singh, JM & Shri M. Balaganesh, AM] I.T.A No.314/Kol/2011 Assessment Year: 2006-07 EIH Limited (PAN: AAACE6898B) Vs. Deputy Commissioner of Income-tax, Circle-8, Kolkata. (Appellant) (Respondent) & I.T.A No.348/Kol/2011 Assessment Year: 2006-07 Deputy Commissioner of Income-tax, Vs. EIH Limited Circle-8, Kolkata. (Appellant) (Respondent) & C.O. No.23/Kol/2011 In I.T.A No.348/Kol/2011 Assessment Year: 2006-07 EIH Limited Vs. Deputy Commissioner of Income-tax, Circle-8, Kolkata. (Cross Objector) (Respondent) Date of hearing: 16.05.2…

DCIT, New Delhi vs. M/S Spice Communication Ltd., Noida

In the result, the appeal in ITA No

ITA 988/DEL/2011[2006-07]Status: DisposedITAT Delhi25 May 2016AY 2006-07

Bench: Sh. I.C. Sudhir & Sh. O.P. Kantassessment Year: 2006-07 Deputy Commissioner Of Income Vs. M/S. Spice Communication Ltd., Tax, Circle 9(1), Room No. 163, C/O- Idea Cellular Ltd., A-68, C.R. Building, New Delhi Sector-64, Noida. Gir/Pan : Aagcs6070H (Appellant) (Respondent) & C.O. No. 77/Del/2011 [In Ita No. 988/Del/2011] Assessment Year: 2006-07 M/S. Spice Communication Ltd., Vs. Deputy Commissioner Of Income C/O- Idea Cellular Ltd., A-68, Tax, Circle 9(1), Room No. 163, Sector-64, Noida. C.R. Building, New Delhi Gir/Pan : Aagcs6070H (Appellant) (Respondent) & Assessment Year: 2006-07 M/S. Idea Cellular Ltd., A-68, Vs. Acit, Circle-50(1), New Delhi Sector-64, Noida Gir/Pan : Aaacb2100P (Appellant) (Respondent) Assessee By Sh. Ronak G. Doshi, Ca Department By Sh. B.K. Singh, Cit(Dr) Date Of Hearing 05.04.2016 Date Of Pronouncement 25.05.2016 & C.O. No. 77/Del/2011

Section 143(2)Section 143(3)

…ment of the Hon’ble Apex Court in the case of S.A. Builders Ltd. Vs. Commissioner of Income Tax, (2007) 288 ITR 1 (SC). Further, the ld. AR also relied on judgment of the Hon’ble Supreme Court in the case of Hero Cycles (P) Ltd. Vs. & C.O. No. 77/Del/2011 CIT 379 ITR 347 and the judgment of the Hon’ble Delhi High Court in the case of CIT Vs. Dalmia Cement Bharat Ltd. (2009) 183 taxmann 422. 14.3 On the other hand, ld. CIT (DR) relying on the order of the authorities below submitted that the assessee was paying interest to the seller of equipments on one hand and paid commission to the parent company for the issue…

Idea Cellular Ltd., Noida vs. ACIT, New Delhi

In the result, the appeal in ITA No

ITA 801/DEL/2011[2006-07]Status: DisposedITAT Delhi25 May 2016AY 2006-07

Bench: Sh. I.C. Sudhir & Sh. O.P. Kantassessment Year: 2006-07 Deputy Commissioner Of Income Vs. M/S. Spice Communication Ltd., Tax, Circle 9(1), Room No. 163, C/O- Idea Cellular Ltd., A-68, C.R. Building, New Delhi Sector-64, Noida. Gir/Pan : Aagcs6070H (Appellant) (Respondent) & C.O. No. 77/Del/2011 [In Ita No. 988/Del/2011] Assessment Year: 2006-07 M/S. Spice Communication Ltd., Vs. Deputy Commissioner Of Income C/O- Idea Cellular Ltd., A-68, Tax, Circle 9(1), Room No. 163, Sector-64, Noida. C.R. Building, New Delhi Gir/Pan : Aagcs6070H (Appellant) (Respondent) & Assessment Year: 2006-07 M/S. Idea Cellular Ltd., A-68, Vs. Acit, Circle-50(1), New Delhi Sector-64, Noida Gir/Pan : Aaacb2100P (Appellant) (Respondent) Assessee By Sh. Ronak G. Doshi, Ca Department By Sh. B.K. Singh, Cit(Dr) Date Of Hearing 05.04.2016 Date Of Pronouncement 25.05.2016 & C.O. No. 77/Del/2011

Section 143(2)Section 143(3)

…ment of the Hon’ble Apex Court in the case of S.A. Builders Ltd. Vs. Commissioner of Income Tax, (2007) 288 ITR 1 (SC). Further, the ld. AR also relied on judgment of the Hon’ble Supreme Court in the case of Hero Cycles (P) Ltd. Vs. & C.O. No. 77/Del/2011 CIT 379 ITR 347 and the judgment of the Hon’ble Delhi High Court in the case of CIT Vs. Dalmia Cement Bharat Ltd. (2009) 183 taxmann 422. 14.3 On the other hand, ld. CIT (DR) relying on the order of the authorities below submitted that the assessee was paying interest to the seller of equipments on one hand and paid commission to the parent company for the issue…

M/S Sys-Pro Technologies Private Limited, Mumbai vs. DCIT, Circle-2(1), Mumbai

In the result, the appeal filed by the assessee company in ITA N0

ITA 2526/MUM/2013[2008-09]Status: DisposedITAT Mumbai11 May 2016AY 2008-09

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 2526/Mum/2013 ("नधा"रण वष" / Assessment Year : 2008-09) M/S Sys-Pro Technologies Dcit (Osd) – 2(3), बनाम/ Pvt. Ltd., Aayakar Bhavan, V. 901, 9 Th Floor, M.K. Road, Umarji House, Mumbai – 400 020. Teli Gulli, Andheri (East), Mumbai – 400 069. "थायी लेखा सं./Pan : Aaacb4501E .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Respondent: Shri Premanand (D.R.)
Section 143(2)Section 143(3)

…ook page 40-41. The ld. Counsel relied upon the decision of Hon’ble Bombay High Court in the case of CIT v. Reliance Utilities & Power Ltd. (2009), 313 ITR 356(Bom. HC) , the decision of Hon’ble Supreme Court in the case of Hero Cycles (P) Ltd. v. CIT (2016), 379 ITR 347(SC) and the decision of Hon’ble Supreme Court in the case of CIT v. Excel Industries Ltd. (2013) 358 ITR 295(SC). The ld counsel for the assessee company submitted that there is a presumption that the assessee company has utilized its interest free funds available with it for the advancing interest free advances to suppliers. The assessee company…

M/S. Strides Arcolab Ltd., Navi Mumbai vs. ITO - 10(3)(4), Mumbai

In the result, assessee’s cross objection is partly allowed

ITA 641/MUM/2007[2003-2004]Status: DisposedITAT Mumbai29 Apr 2016AY 2003-2004

Bench: Shri Saktijit Dey & Shri Ashwani Taneja

For Appellant: Shri Nitesh JoshiFor Respondent: Shri N.K. Chand
Section 115JSection 35

…out of interest free funds / internal accruals available with the assessee no disallowance out of interest expenditure can be made. In support of such contention, he relied upon the decision of the Hon'ble Supreme Court in Hero Cycles P. Ltd. v/s CIT, [1997] 379 ITR 347 (SC). As far as advance to Strides Research and Specialties, learned Authorised Representative submitted that assessee had demerged its CRAM division to form a separate company w.e.f. 1st April 2002, as per the directions of the Court. He submitted, pursuant to demerger, the debit balance to the CRAM division was treated as advance to the new com…

M/S Bharti Teletech Limited vs. DCIT, Circle-2(1)

ITA 753/DEL/2007[2003-2004]Status: DisposedITAT Delhi29 Apr 2016AY 2003-2004

Bench: Shri N.K. Saini & Shri Kuldip Singh

For Appellant: Shri Anil Bhalla, CAFor Respondent: Shri K.K. Jaiswal, DR
Section 143(2)Section 32Section 32(1)(ii)

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘A’ : NEW DELHI) BEFORE SHRI N.K. SAINI, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER ITA No.753/Del./2007 (ASSESSMENT YEAR : 2003-04) M/s. Bharti Teletech Limited, vs. DCIT, Circle 2 (1), D – 195, Okhla Industrial Area, New Delhi. Phase – I, New Delhi – 110 020. (PAN : AABCB8884F) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Anil Bhalla, CA REVENUE BY : Shri K.K. Jaiswal, DR Date of Hearing : 13.04.2016 Date of Order : 29.04.2016 O R D E R PER KULDIP SINGH, JUDICIAL MEMBER : Appellant, M/s. Bharti Teletech Limited (hereinafter referred to as ‘…

ACIT, New Delhi vs. M/S Dlf Ltd., New Delhi

ITA 3061/DEL/2011[2006-07]Status: DisposedITAT Delhi11 Mar 2016AY 2006-07

Bench: Shri A.T. Varkey & Shri Prashant Maharishi

Section 133ASection 142Section 143(2)Section 144Section 146Section 250

…Page 1 of 144 IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘B’: NEW DELHI) BEFORE SHRI A.T. VARKEY, JUDICIAL MEMBER and SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA No.2677/Del./2011 (ASSESSMENT YEAR: 2006-07) M/s. DLF Limited vs. Addl.CIT, DLF Centre, 9th Floor, Sansad Range 10, New Delhi Marg, New Delhi – 110 001. (PAN AAACD3494N) Appellant Respondent ITA No.3061/Del./2011 (ASSESSMENT YEAR: 2006-07) Addl.CIT, vs. M/s. DLF Limited Range 10, DLF Centre, 9th Floor, New Delhi Sansad Marg, New Delhi – 110 001. (PAN AACD3494N Appellant Respondent Assesse by Shri R.S. Singhvi, Advocate Page 2 of 144 Revenue b…

Dlf Ltd., New Delhi vs. Addl. CIT, New Delhi

ITA 2677/DEL/2011[2006-07]Status: DisposedITAT Delhi11 Mar 2016AY 2006-07

Bench: Shri A.T. Varkey & Shri Prashant Maharishi

Section 133ASection 142Section 143(2)Section 144Section 146Section 250

…Page 1 of 144 IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘B’: NEW DELHI) BEFORE SHRI A.T. VARKEY, JUDICIAL MEMBER and SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA No.2677/Del./2011 (ASSESSMENT YEAR: 2006-07) M/s. DLF Limited vs. Addl.CIT, DLF Centre, 9th Floor, Sansad Range 10, New Delhi Marg, New Delhi – 110 001. (PAN AAACD3494N) Appellant Respondent ITA No.3061/Del./2011 (ASSESSMENT YEAR: 2006-07) Addl.CIT, vs. M/s. DLF Limited Range 10, DLF Centre, 9th Floor, New Delhi Sansad Marg, New Delhi – 110 001. (PAN AACD3494N Appellant Respondent Assesse by Shri R.S. Singhvi, Advocate Page 2 of 144 Revenue b…

E-City Investments & Holdings Co. Pvt. Ltd., Mumbai vs. D.C.I.T. RG. 8(1) (OSD), Mumbai

The appeal of the assessee is allowed

ITA 8382/MUM/2011[2008-09]Status: DisposedITAT Mumbai03 Feb 2016AY 2008-09

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2008-09 E-City Investments & Holdings Dcit, Company Private Limited, Range-8(1)(Osd), बनाम/ 844/4, Shah Industrial Estate, Aayakar Bhavan, Vs. Off. New Link Road, Opp. M.K. Road, Laxmi Industrial Estate, Mumbai-400020 Andheri (West), Mumbai-400053 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaace8030F "नधा"रती क" ओर से / Assessee By Shri Vijay Mehta राज"व क" ओर से / Revenue By Mr.J. Saravanan -Dr

Section 143(3)Section 36(1)(iii)

…f the Impugned order and Page7 of the 3 E-City Investment & Holdings Company Pvt. Ltd. ITA No.8382/Mum/11 assessment order). Reliance was placed upon the decision in S.P. Jaiswal Estates (P.) Ltd. vs ACIT (140 ITD 19) (TM) (Kol.), Hero Cycles P. Ltd. vs CIT (379 ITR 347)(SC). It was also explained that the cases relied upon by the ld. Commissioner of Income Tax (Appeals) are prior to the decision arrived at in the case of S.A. Builders Ltd. vs CIT (supra). Reliance was further placed in CIT vs R.P.G. Transmission (266 CTR 533) (Mad.), wherein, facts were claimed to be identical, by further placing reliance upon…

D.C.I.T. Cir - 10, Kol, Kolkata vs. M/S Singha Singh Roy & Associates Pvt Ltd., Kolkata

In the result, the appeal of the revenue is dismissed

ITA 1747/KOL/2012[2007-08]Status: DisposedITAT Kolkata20 Jan 2016AY 2007-08

Bench: : Shri M. Balaganesh

For Appellant: Shri R.K Kureel, JCIT, ld.Sr.DRFor Respondent: Shri Prasun Kumar Bhattacharya, Advocate, ld.AR
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL, “C” BENCH, KOLKATA Shri Mahavir Singh,Judicial Member, and Before : Shri M. Balaganesh, Accountant Member I.T.A No. 1747/Kol/2012 A.Y : 2007-08 D.C.I.T, Cir-10, Kolkata Vs. M/s. Singha Singh Roy & Associates Pvt. Ltd PAN: AADCS 6826L (Appellant) (Respondent) For the Appellant: Shri R.K Kureel, JCIT, ld.Sr.DR For the Respondent: Shri Prasun Kumar Bhattacharya, Advocate, ld.AR Date of Hearing: 17-12-2015 Date of Pronouncement: 20 -01-2016 ORDER SHRI M.BALAGANESH, AM This appeal of the revenue arises out of the order of the Learned CIT(A), XII, Kolkata in Appea…

DCIT, Circle - 8, Kolkata vs. M/S. E.I.H. Ltd., Kolkata

In the result, the appeal of the revenue in ITA NO

ITA 2182/KOL/2006[2003-04]Status: DisposedITAT Kolkata09 Dec 2015AY 2003-04

Bench: : Shri M. Balaganesh

For Appellant: Shri R.N Bajoria, Sr.Advocate &For Respondent: Shri Rajat Subhra Biswas, ld.CIT/DR
Section 143(3)Section 195Section 40Section 9(1)(vii)

…IN THE INCOME TAX APPELLATE TRIBUNAL, “A” BENCH, KOLKATA Shri Mahavir Singh,Judicial Member, and Before : Shri M. Balaganesh, Accountant Member ITA Nos. 2182/Kol/2006, 1876/Kol/2007 & 196/Kol/2010 A.Ys 2003-04, 2004-05 & 2005-06 DCIT, Cir-8, Kolkata Vs. M/s. E I H Limited PAN:AAACE6898B (Appellant) (Respondent) ITA Nos.57, 1846/Kol/2007 & 299/Kol/2010 AYs. 2003-04, 2004-05 & 2005-06 M/s. E I H Limited Vs. JCIT (OSD) Incharge/DCIT, Cir-8, Kolkata (Appellant) (Respondent) For the Appellant/department: Shri Rajat Subhra Biswas, ld.CIT/DR For the Respondent/Assessee : Shri R.N Bajoria, Sr.Advocate & Sh…

Commissioner of Income Tax-2 vs. Agricultural Market Committee

The appeal of the assessee is allowed

ITTA/407/2011HC Telangana17 Nov 2011

Bench: V.V.S.RAO,SANJAY KUMAR

Section 271(1)(c)

…In paras No. 7, 8, 9 and 10, it was observed as under:- “7. Further, the judgment in the case of ‘Abhishek Industries’ (supra) relied upon by both the Authorities below has also been overruled by the Hon’ble Supreme Court in the case of ‘Hero Cycles Vs. CIT’, 379 ITR 347 (SC), in favour of the assessee by holding as follows: “xxxxxxxxxxx. DIVYANSHI 2023.03.03 14:55 I attest to the accuracy and authenticity of this document/order ITA-407-2011 (O&M) and ITA-33-2012 (O&M) -8- Assessee had a credit balance in the bank account when the said advance of Rs. 34 lakhs was given. Company had reserve/surplus to…