Income Tax Vs. India Discount Co. Ltd. 75 ITR 191 (SC), Commissioner of Income Tax v. Provincial Farmers (P) Ltd.

Tikaula Sugar Mills Ltd vs. DCIT Circle I

In the result, the Assessee’s Appeal No

Bench: Shri H.S. Sidhu & Shri L.P. Sahu

…fered for taxation on the ground that it was a receipt of capital nature. The assessee was called upon to show cause as to why this amount be not treated as a revenue receipt in the light of the judgment of the Hon’ble Supreme Court in the case of KCP Ltd. 245 ITR 421 (SC). The assessee submitted that the facts of the case of KCP Ltd. (supra) were distinguishable. It was further explained that the said amount of Rs.35.11 lac was in the nature of incentive given by the Government for repayment of term loans. The assessee relied on certain judgments in support of its contention that the amount was not a reven…

Tikaula Sugar Mills Ltd vs. DCIT, Circle-I

In the result, the Assessee’s Appeal No

Bench: Shri H.S. Sidhu & Shri L.P. Sahu

…fered for taxation on the ground that it was a receipt of capital nature. The assessee was called upon to show cause as to why this amount be not treated as a revenue receipt in the light of the judgment of the Hon’ble Supreme Court in the case of KCP Ltd. 245 ITR 421 (SC). The assessee submitted that the facts of the case of KCP Ltd. (supra) were distinguishable. It was further explained that the said amount of Rs.35.11 lac was in the nature of incentive given by the Government for repayment of term loans. The assessee relied on certain judgments in support of its contention that the amount was not a reven…

DCIT, Circle-1 vs. Tikaula Sugar Mills Ltd

In the result, the Assessee’s Appeal No

Bench: Shri H.S. Sidhu & Shri L.P. Sahu

…fered for taxation on the ground that it was a receipt of capital nature. The assessee was called upon to show cause as to why this amount be not treated as a revenue receipt in the light of the judgment of the Hon’ble Supreme Court in the case of KCP Ltd. 245 ITR 421 (SC). The assessee submitted that the facts of the case of KCP Ltd. (supra) were distinguishable. It was further explained that the said amount of Rs.35.11 lac was in the nature of incentive given by the Government for repayment of term loans. The assessee relied on certain judgments in support of its contention that the amount was not a reven…

M/S. Cj International Hotels Ltd., New Delhi vs. DCIT, New Delhi

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

…here been held by the High Court that in case the assessee succeeds in its claims then the amount of Rs 12 cr paid by it to NDMC would be refundable to it. In this regard support was drawn from the decision of Hon’ble Apex in case of KCP Limited reported in 245 ITR 421(SC). Ld Senior Counsel thereafter submitted that identical claim has been allowed in case of assesse in past. In this regard he referred to assessment order passed by Ld AO for AY 2004-05 in which it is held by him as under: “License Fees During the year, the assessee has claimed an amount of Rs 14.41 Crores as License Fee paid to the NDMC. As…

DCIT, New Delhi vs. M/S. C.J. International Hotels Ltd., New Delhi

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

…here been held by the High Court that in case the assessee succeeds in its claims then the amount of Rs 12 cr paid by it to NDMC would be refundable to it. In this regard support was drawn from the decision of Hon’ble Apex in case of KCP Limited reported in 245 ITR 421(SC). Ld Senior Counsel thereafter submitted that identical claim has been allowed in case of assesse in past. In this regard he referred to assessment order passed by Ld AO for AY 2004-05 in which it is held by him as under: “License Fees During the year, the assessee has claimed an amount of Rs 14.41 Crores as License Fee paid to the NDMC. As…

M/S. Cj International Hotels Ltd., New Delhi vs. DCIT, New Delhi

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

…here been held by the High Court that in case the assessee succeeds in its claims then the amount of Rs 12 cr paid by it to NDMC would be refundable to it. In this regard support was drawn from the decision of Hon’ble Apex in case of KCP Limited reported in 245 ITR 421(SC). Ld Senior Counsel thereafter submitted that identical claim has been allowed in case of assesse in past. In this regard he referred to assessment order passed by Ld AO for AY 2004-05 in which it is held by him as under: “License Fees During the year, the assessee has claimed an amount of Rs 14.41 Crores as License Fee paid to the NDMC. As…

M/S. Cj International Hotels Ltd., New Delhi vs. DCIT, New Delhi

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

…here been held by the High Court that in case the assessee succeeds in its claims then the amount of Rs 12 cr paid by it to NDMC would be refundable to it. In this regard support was drawn from the decision of Hon’ble Apex in case of KCP Limited reported in 245 ITR 421(SC). Ld Senior Counsel thereafter submitted that identical claim has been allowed in case of assesse in past. In this regard he referred to assessment order passed by Ld AO for AY 2004-05 in which it is held by him as under: “License Fees During the year, the assessee has claimed an amount of Rs 14.41 Crores as License Fee paid to the NDMC. As…

ACIT, New Delhi vs. M/S. C.J. International Hotels Ltd., New Delhi

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

…here been held by the High Court that in case the assessee succeeds in its claims then the amount of Rs 12 cr paid by it to NDMC would be refundable to it. In this regard support was drawn from the decision of Hon’ble Apex in case of KCP Limited reported in 245 ITR 421(SC). Ld Senior Counsel thereafter submitted that identical claim has been allowed in case of assesse in past. In this regard he referred to assessment order passed by Ld AO for AY 2004-05 in which it is held by him as under: “License Fees During the year, the assessee has claimed an amount of Rs 14.41 Crores as License Fee paid to the NDMC. As…

Tikaula Sugar Mills Ltd vs. DCIT, Circle-1

In the result, the appeal of the assessee is allowed and that of the

Bench: Shri R.S. Syal, Am & Smt. Beena A. Pillai, Jm Assessment Year : 2000-01

…ffered for taxation on the ground that it was a receipt of capital nature. The assessee was called upon to show cause as to why this amount be not treated as a revenue receipt in the light of the judgment of the Hon’ble Supreme Court in the case of KCP Ltd. 245 ITR 421 (SC). The assessee submitted that the facts of the case of KCP Ltd. (supra) were distinguishable. It was further explained that the said amount of Rs.35.11 lac was in the nature of incentive given by the Government for repayment of term loans. The assessee relied on certain judgments in support of its contention that the amount was not a revenue…

DCIT, Circle-1 vs. Tikaula Sugar Mills Ltd

In the result, the appeal of the assessee is allowed and that of the

Bench: Shri R.S. Syal, Am & Smt. Beena A. Pillai, Jm Assessment Year : 2000-01

…ffered for taxation on the ground that it was a receipt of capital nature. The assessee was called upon to show cause as to why this amount be not treated as a revenue receipt in the light of the judgment of the Hon’ble Supreme Court in the case of KCP Ltd. 245 ITR 421 (SC). The assessee submitted that the facts of the case of KCP Ltd. (supra) were distinguishable. It was further explained that the said amount of Rs.35.11 lac was in the nature of incentive given by the Government for repayment of term loans. The assessee relied on certain judgments in support of its contention that the amount was not a revenue…

ACIT, New Delhi vs. Sh. Ashok Kumar Garg, New Delhi

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Inturi Rama Rao & Smt. Beena A. Pillaiassessment Year: 2009-10 Assistant Commissioner Of Vs. Sh. Ashok Kumar Garg, Income Tax, Circle-1(1), N-3, Kailash Colony, New Delhi New Delhi (Pan: Aagpg8032N) (Appellant) (Respondent) Appellant By : Sh. K.K. Jaiswal, Dr Respondent By : Sh. Ved Jain, Adv. Date Of Hearing: 09.09.2015 Date Of Pronouncement: 23.09.2015 Order Per Inturi Rama Rao, A.M.: This Is An Appeal Filed By The Revenue Directed Against The Order Of Cit(A)-Iv, New Delhi, Dated 27.02.2013, Passed For The Assessment Year 2009- 10. The Assessee Has Raised The Following Grounds Of Appeal: I. Whether The Learned Cit(A) Has Erred On Facts & In Law In Deleting The Addition Of Rs. 53,29,843/- On Account Of Deemed Dividend U/S 2(22)(E) Ignoring The Fact That The Advances Had Not Been Made In The Ordinary Course Of Business Expediency & The Assessee Had Been Regularly Repaying The Amount Received From The Company. Ii. The Appellant Craves Leave For Reserving The Right To Amend, Modify, Alter, Add Or Forego Any Ground(S) Of Appeal At Any Time Before Or During The Hearing Of This Appeal. 2. Brief Facts Of The Case Are That The Respondent Assessee Is An Individual Deriving Income From Salary From The Company, Namely, M/S A.K.G. Industries

…ntry in the books of accounts is not determinative of the true nature of transaction. See Commissioner of Income Tax vs. India Discount Co. Ltd. 75 ITR 191 (SC), Commissioner of Income Tax vs. Provincial Farmers (P) Ltd. 108 ITR 219 (Cal) and KCP Ltd. vs. CIT 245 ITR 421. In the present case after going through the relevant evidence as well as current account maintained between the parties, it has been established that the payment made were the result of trading transaction between the parties and the amount was not given by way of loan or advance.” 11. From the aforesaid, it is now trite law that nomenclature ca…

Commissioner of Income Tax XI vs. Arvind Kumar Jain

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE SIDDHARTH MRIDUL

…in the books of accounts is not determinative of the true nature of transaction. See Commissioner of Income Tax Vs. India Discount Co. Ltd. 75 ITR 191 (SC), Commissioner of Income Tax Vs. Provincial Farmers (P) Ltd. 108 ITR 219 (Cal) and KCP Ltd. Vs. CIT, 245 ITR 421. In the present case after going through the relevant evidence as well as current account maintained ITA 589/2011 Page 7 of 7 between the parties, it has been established that the payment made were the result of trading transaction between the parties and the amount was not given by way of loan or advance.…

Commissioner of Income Tax vs. Arvind Kumar Jain

…in the books of accounts is not determinative of the true nature of transaction. See Commissioner of Income Tax Vs. India Discount Co. Ltd. 75 ITR 191 (SC), Commissioner of Income Tax Vs. Provincial Farmers (P) Ltd. 108 ITR 219 (Cal) and KCP Ltd. Vs. CIT, 245 ITR 421. In the present case after going through the relevant evidence as well as current account maintained 2011:DHC:5136-DB ITA 589/2011 Page 7 of 7 between the parties, it has been established that the payment made were the result of trading transaction between the parties and the amount was not given by way of l…

Commissioner of Income Tax Del vs. Sarvatra Roadrunners P.Ltd

The appeal is dismissed

Bench: The Madhya Pradesh High Court At Jabalpur. While Admitting The Appeal Filed By Secl, The Madhya Pradesh High Court Passed The Following Orders On 14Th October, 1996 & 13Th December, 1996. The Order Dated 14Th

…ITA No.687/2007 Page 1 of 10 * HIGH COURT OF DELHI : NEW DELHI + ITA No.687 of 2007 Judgment reserved on: January 25, 2008 % Judgment delivered on: February 19, 2008 Commissioner of Income Tax Delhi-III, C.R. Building, New Delhi ...Appellant Through Ms. Rashmi Chopra, Advocate Versus Sarvatra Roadrunners (Pvt.) Ltd. 104, Bhanot Chamber 3, Community Centre New Delhi ...Respondent Through Nemo Coram: HON'BLE MR. JUSTICE MADAN B. LOKUR HON'BLE MR. JUSTICE V.B. GUPTA 1. Whether the Reporte…