Income Tax Officer v. Shri Ram Bearings Ltd.

224 ITR 724Supreme Court of India1997#17263 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 341,001 Indian tax judgments — from 2007 to 2023.

Issues it is cited on

interest under section 234bsection 9(1)liable to taxsection 234bdouble taxationsection 234section 23transferpersoncompanysection 14india

Judgments citing Income Tax Officer v. Shri Ram Bearings Ltd.

Atomstroyexport, Mumbai vs. DCIT (It)Circle -1(1)(2), Mumbai

In the result, the appeal of the assessee is allowed

ITA 575/MUM/2023[2020-2021]Status: DisposedITAT Mumbai12 Dec 2023AY 2020-2021

Bench: Shri Kuldip Singh, Jm & Ms Padmavathy S, Am

For Respondent: Shri Ajay Kumar Sharma, CIT-DR
Section 143(3)Section 234ASection 234BSection 44B

…offshore services were intimately connected with the turnkey project." In the above judgment the Apex Court referred to its own decisions in the case of Anglo- French Textile Co. Ltd. v. CIT [1954] 25 ITR 27 (SC), and also ITO v. Sriram Bearings Ltd. [1997] 224 ITR 724 (SC). After detailed discussion, the Hon'ble Court summarized its conclusion in respect of the offshore supply contract in the following manner: "79. We, therefore, hold as under : Re : Offshore Supply : (1) That only such part of the income, as is attributable to the operations carried out in India can be taxed in India. (2) Since all parts of…

M/S. Sasken Technologies Limited, Bangalore vs. Joint Commissioner of Income Tax, Special Range - 6, Bangalore

In the result, appeal of the assessee is partly allowed

ITA 2546/BANG/2019[2016-17]Status: DisposedITAT Bangalore18 Mar 2022AY 2016-17

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranassessment Year : 2016-17 M/S. Sasken Technologies Limited, Vs. Jcit, No.139/25, Ring Road, Domlur, Special Range – 6, Bengaluru-560071. Bengaluru. Pan : Aaecs 6424 R Appellant Respondent Appellant By : Shri. Padam Chand Khincha, Ca Respondent By : Shri. Sumer Singh Meena, Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 09.03.2022 Date Of Pronouncement : 16.03.2022 O R D E R Per N.V. Vasudevanthis Is An Appeal By The Assessee Against The Order Dated 27.11.2019 Of Cit(A), Bengaluru -10, Relating To Assessment Year 2016-17. 2. Ground No.1 Raised By The Assessee Is General & Calls For No Specific Adjudication. Grounds Nos.2 & 3 Raised By The Assessee Is With Regard To The Issue Whether The Gain On Sale / Assignment Of Intellectual Property Rights (Ipr) Is Assessable To Tax At All & If So Assessable To Tax Whether It Has To Be Assessed To Tax Under The Head “Income From Business Or Profession” Or “Capital Gain”. Page 2 Of 31

For Appellant: Shri. Padam Chand Khincha, CAFor Respondent: Shri. Sumer Singh Meena, CIT(DR)(ITAT), Bengaluru
Section 1

…e regarded as a capital receipt. Reliance is placed on the following decisions: - CIT v Ralliwolf Ltd 143 ITR 720 (Bom.)-[Para 18- Para 32-Page No. 1048-1054] - Pro Cruip Corporation v CIT 255 ITR 354 (AAR) [Page 1108-1118of CLC-I] - Srira m Bearings Limited 224 ITR 724 (SC) [Page 1119]. 19. The learned DR reiterated the stand of the Revenue as contained in the order of the AO and CIT(A). 20. We have carefully considered the rival submissions. The subject matter of the Settlement Agreement dated 21.03.20216 was independently owned IPR and Foreground Information that both the parties were privy to in the course…

Director of Income Tax, New Delhi vs. Lg Cable Ltd

The appeal stands disposed of

ITA-703/2009HC Delhi24 Dec 2010
Section 143(1)Section 143(3)Section 234BSection 244ASection 260Section 44B

…n as letters of credit which under the terms of the contract the seller may insist on the buyer to provide for in a bank doing business in th l f th ll ' d i il ” 2010:DHC:6281-DB 33. In the case of Income Tax Officer vs. Shri Ram Bearings Ltd. (1997)224 ITR 724 the Hon‟ble Supreme Court held as under: - “The only controversy is with respect to the taxability of 165,000 US Dollars which is stipulated as the consideration for sale of trade secrets. The agreement specifically states that the said sale is effected in Japan. We are unable to see on what basis it can be said that any part of the said…

Director of Income Tax Delhi vs. Lg.Cable Ltd

The appeal stands disposed of

ITA - 703 / 2009HC Delhi24 Dec 2010
Section 143(1)Section 143(3)Section 234BSection 244ASection 260Section 44B

…n as letters of credit which under the terms of the contract the seller may insist on the buyer to provide for in a bank doing business in th l f th ll ' d i il ” 2010:DHC:6281-DB 33. In the case of Income Tax Officer vs. Shri Ram Bearings Ltd. (1997)224 ITR 724 the Hon‟ble Supreme Court held as under: - “The only controversy is with respect to the taxability of 165,000 US Dollars which is stipulated as the consideration for sale of trade secrets. The agreement specifically states that the said sale is effected in Japan. We are unable to see on what basis it can be said that any part of the said…

Ishikawajma-Harima Heavy Industries Ltd vs. Director of Income Tax, Mumbai

The appeal is allowed in part and to

C.A. No.-000009-000009 - 2007Supreme Court04 Jan 2007
For Respondent: Director of Income Tax, Mumbai
Section 241

…http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 1 of 27 CASE NO.: Appeal (civil) 9 of 2007 PETITIONER: Ishikawajma-Harima Heavy Industries Ltd RESPONDENT: Director of Income Tax, Mumbai DATE OF JUDGMENT: 04/01/2007 BENCH: S.B. Sinha & Dalveer Bhandari JUDGMENT: J U D G M E N T [Arising out of SLP (Civil) No.5318 of 2005] S.B. SINHA, J : Leave granted. Appellant herein is a company incorporated in Japan. It is a resident of the said country. It pays its taxes in Japan. It is engaged, inter alia, in the business of construction of storage tanks as also engineering etc. It formed a co…

Income Tax Officer v. Shri Ram Bearings Ltd. (224 ITR 724) — Cited in 5 Judgments | BharatTax