Indian Steel & Wire Products Ltd. v. CIT (69 ITR 379)

ADDL. CIT, SPECIAL RANGE- 1, NEW DELHI vs. AMWAY INDIA ENTERPRISES PVT. LTD., NEW DELHI

In the result, the appeal of the revenue is dismissed

ITA 6707/DEL/2018[2012-13]Status: DisposedITAT Delhi08 May 2023AY 2012-13

Bench: Shri C.M. Garg & Dr. B. R. R. Kumaraddl. Cit, Vs. Amway India Enterprises Pvt. Ltd, 1St Floor, Plot No. 8, Elegance Special Range-1, New Delhi Tower, Jasola, New Delhi -110025 (Appellant) (Respondent) Pan: Aaaca5603Q Assessee By : Sh. Sudesh Garg, Adv Sh. Prince Bansal, Ca Ms. Bhavya Garg, Ca Revenue By: Sh. P. Praveen Sidharth, Cit Dr Date Of Hearing 16/02/2023 Date Of Pronouncement 08/05/2023

For Appellant: Sh. Sudesh Garg, AdvFor Respondent: Sh. P. Praveen Sidharth, CIT DR

Section 32Section 37(1)

…sion "commercial expediency is not a term of art. It means everything that serves to promote commerce and includes every means suitable to that end. Commercial men are best experienced in commercial expediency (Indian Steel & Wire Products Ltd. Vs. CIT (1968) 69 ITR 379 (Cal)). In applying the test of commercial expediency for determining whether the expenditure was wholly and exclusively laid out for the purposes of the business, reasonableness of the expenditure has to be adjudged from the point of view of the businessman and not of the revenue (Jamshedpur Motor Accessories Stores Vs. CIT (1974) 95 ITR 664 (Pat…

INDIAN SULPHACID INDUSTRIES LIMITED,NEW DELHI vs. DCIT,CIRCLE, KURUKSHETRA

ITA 296/CHANDI/2020[2016-17]Status: HeardITAT Chandigarh15 Dec 2022AY 2016-17

Bench: Smt. Diva Singh & Shri Vikram Singh Yadav

For Appellant: Sh.Pariskhit Aggarwal, CA and Sh. Sunny Jain, CAFor Respondent: Sh. Vivek Nangia, CIT DR

…hat to decide an issue judiciously, in respect of which all facts are on record, it is duty of the Tribunal to deal with all angles / tangents on that issue and in support, reliance was placed on following decisions: • CIT Vs. Steel Cast Corporation [1977] 107 ITR 683(Guj.) • State of Tamil Nadue Vs. Arulmurugan & Co. [2982] 51 STC 381 (Mad.) • Armco Cements Ltd Vs. DCIT [2015] 373 ITR 146 (Mad.) 10. In light of aforesaid submissions and legal propositions so laid down by the Courts, it was submitted that the additional ground raised by the assessee may please be admitted. 11. Per contra, the Ld. CIT/DR veh…

ACIT, JAMMU vs. SH VIKRAMADITYA SINGH, JAMMU

In the result, all the fours appeals filed by the Revenue are dismissed and the three Cross Objections as well as the ground as per Rule 27 are allowed

ITA 269/ASR/2007[1998-99]Status: DisposedITAT Delhi24 Jan 2022AY 1998-99

Bench: Shri R.K. Panda & Shri Sudhanshu Srivastava

For Appellant: Shri C.S. Aggarwal, SrFor Respondent: Shri S.D. Kapila, Spl

Section 139(9)Section 147Section 148

…ITR (AT) 263 (SB) iii. Kwal Pro Exports vs. ACIT, 110 ITD 59 iv. ITO vs. Anant Y. Chaan, 126 TTJ (Pune) 984 v. CIT vs. Krishna Mining Co., 107 ITR 702 vi. Indian Steel and Wire Products Ltd. vs. CIT, 208 ITR 740 at Pg. 743 vii. CIT vs. Steel Cast Corporation, 107 ITR 683 at Pg. 700 viii. Erriccson AB vs. DDIT, (2012) 25 taxmann.com 466 33.3. Referring to the following decisions, he submitted that Leasehold interest in land is an asset, and the value thereof has to be included while adopting the net worth of the company for determining the cost of the shares: (i) CWT v PN Sikand 107 ITR 922 (SC) (ii) CIT vs. Kesr…

ACIT, CIR-II, JAMMU vs. SMT. YASHORAJYA LAXMI, JAMMU

In the result, all the fours appeals filed by the Revenue are dismissed and the three Cross Objections as well as the ground as per Rule 27 are allowed

ITA 268/ASR/2007[1998-99]Status: DisposedITAT Delhi24 Jan 2022AY 1998-99

Bench: Shri R.K. Panda & Shri Sudhanshu Srivastava

For Appellant: Shri C.S. Aggarwal, SrFor Respondent: Shri S.D. Kapila, Spl

Section 139(9)Section 147Section 148

…ITR (AT) 263 (SB) iii. Kwal Pro Exports vs. ACIT, 110 ITD 59 iv. ITO vs. Anant Y. Chaan, 126 TTJ (Pune) 984 v. CIT vs. Krishna Mining Co., 107 ITR 702 vi. Indian Steel and Wire Products Ltd. vs. CIT, 208 ITR 740 at Pg. 743 vii. CIT vs. Steel Cast Corporation, 107 ITR 683 at Pg. 700 viii. Erriccson AB vs. DDIT, (2012) 25 taxmann.com 466 33.3. Referring to the following decisions, he submitted that Leasehold interest in land is an asset, and the value thereof has to be included while adopting the net worth of the company for determining the cost of the shares: (i) CWT v PN Sikand 107 ITR 922 (SC) (ii) CIT vs. Kesr…

ACIT, JAMMU vs. DR KARAN SINGH, JAMMU

In the result, all the fours appeals filed by the Revenue are dismissed and the three Cross Objections as well as the ground as per Rule 27 are allowed

ITA 267/ASR/2007[1998-99\u005cu005cu005cu005cu005cu005cu005cu005c]Status: DisposedITAT Delhi24 Jan 2022

Bench: Shri R.K. Panda & Shri Sudhanshu Srivastava

For Appellant: Shri C.S. Aggarwal, SrFor Respondent: Shri S.D. Kapila, Spl

Section 139(9)Section 147Section 148

…ITR (AT) 263 (SB) iii. Kwal Pro Exports vs. ACIT, 110 ITD 59 iv. ITO vs. Anant Y. Chaan, 126 TTJ (Pune) 984 v. CIT vs. Krishna Mining Co., 107 ITR 702 vi. Indian Steel and Wire Products Ltd. vs. CIT, 208 ITR 740 at Pg. 743 vii. CIT vs. Steel Cast Corporation, 107 ITR 683 at Pg. 700 viii. Erriccson AB vs. DDIT, (2012) 25 taxmann.com 466 33.3. Referring to the following decisions, he submitted that Leasehold interest in land is an asset, and the value thereof has to be included while adopting the net worth of the company for determining the cost of the shares: (i) CWT v PN Sikand 107 ITR 922 (SC) (ii) CIT vs. Kesr…

ACIT, JAMMU vs. SH M.K. AJAT SHATRU, JAMMU

In the result, all the fours appeals filed by the Revenue are dismissed and the three Cross Objections as well as the ground as per Rule 27 are allowed

ITA 263/ASR/2003[1998-99]Status: DisposedITAT Delhi24 Jan 2022AY 1998-99

Bench: Shri R.K. Panda & Shri Sudhanshu Srivastava

For Appellant: Shri C.S. Aggarwal, SrFor Respondent: Shri S.D. Kapila, Spl

Section 139(9)Section 147Section 148

…ITR (AT) 263 (SB) iii. Kwal Pro Exports vs. ACIT, 110 ITD 59 iv. ITO vs. Anant Y. Chaan, 126 TTJ (Pune) 984 v. CIT vs. Krishna Mining Co., 107 ITR 702 vi. Indian Steel and Wire Products Ltd. vs. CIT, 208 ITR 740 at Pg. 743 vii. CIT vs. Steel Cast Corporation, 107 ITR 683 at Pg. 700 viii. Erriccson AB vs. DDIT, (2012) 25 taxmann.com 466 33.3. Referring to the following decisions, he submitted that Leasehold interest in land is an asset, and the value thereof has to be included while adopting the net worth of the company for determining the cost of the shares: (i) CWT v PN Sikand 107 ITR 922 (SC) (ii) CIT vs. Kesr…

ITO, WARD - 2(3), KOLKATA, KOLKATA vs. M/S. HEIGHT INSURANCE SERVICES LTD.,, KOLKATA

In the result, the appeal of the revenue is dismissed

ITA 2163/KOL/2017[2009-10]Status: DisposedITAT Kolkata22 Jan 2020AY 2009-10

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.2163/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10)

For Appellant: Shri Radhey Shyam, CITFor Respondent: Shri A.K. Tibrewal, FCA

Section 133Section 143(3)

…ion “commercial expediency;”is not a term of art. It means everything that serves to promote commerce and includes every means suitable to that end. Commercial men are best experienced in commercial expediency (Indian Steel & Wire Products Ltd. Vs. Cit (1968) 69 ITR 379 (Cal). In applying the test of commercial expediency for determining whether the expenditure was wholly and exclusively laid out for the purposes of the business, reasonableness of the expenditure has to be adjudged from the point of view of the businessman and not of the revenue (Jamshedpur Motor Accessories Stores Vs. CIT (1974) 95 ITR 664 (Pat)…

ITO, WARD-2(3), DURGAPUR, KOLKATA vs. M/S HEIGHT INSURANCE SERVICES LTD., KOLKATA

Appeal is dismissed

ITA 2266/KOL/2016[2011-12]Status: DisposedITAT Kolkata08 Jun 2018AY 2011-12

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2011-12 Income Tax Officer, V/S. M/S Height Insurance Ward-2(3), R/No.10/21, Services Ltd., Room 7Th Floor, Aayakar No.319,3Rd Floor, Bhawan, P-7, Kamalaya Centre, 156A, Chowringhee Square, Lenin Sarani, Kolakta-13 Kolkata-69 [Pan No.Aacch 0943 G] .. अपीलाथ" /Appellant ""यथ"/Respondent Md. Usman, Cit-Dr अपीलाथ" क" ओर से/By Appellant Shri A.K. Tibrewal, Fca ""यथ" क" ओर से/By Respondent 31-05-2018 सुनवाई क" तार"ख/Date Of Hearing 08-06-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Revenue’S Appeal For Assessment Year 2011-12 Arises Against Commissioner Of Income Tax (Appeals)-14, Kolkata’S Order Dated 31.08.2016 In Case No. 188/Cit(A)-14/Wd-1(1)/2015-16, In Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. 2. The Revenue’S Solitary Grievance Pleaded In The Instant Appeal Seeks To Revive Section 37 R.W 40(A)(Ia) Disallowances / Addition Of ₹66,18,00,000/- Pertaining To Assessee’S Service Charges Paid To M/S Golden Trust Financial Services (Gtfs) Hereafter For Having Acted As Its Agent. It’S Next Two Averments Are That The Cit(A) Has Erred In Law As Well As On Facts In Examining Assessee’S Exclusive Method Of Accounting In Service Tax Receivable On Output Services As Against Inclusive Method Of Service Tax

Section 143(3)Section 37

…आयकर अपील"य अधीकरण, "यायपीठ – “B” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “B” KOLKATA Before Shri S.S.Godara, Judicial Member and Dr. A.L. Saini, Accountant Member Assessment Year :2011-12 Income Tax Officer, V/s. M/s Height Insurance Ward-2(3), R/No.10/21, Services Ltd., Room 7th Floor, Aayakar No.319,3rd Floor, Bhawan, P-7, Kamalaya Centre, 156A, Chowringhee Square, Lenin Sarani, Kolakta-13 Kolkata-69 [PAN No.AACCH 0943 G] .. अपीलाथ" /Appellant ""यथ"/Respondent Md. Usman, CIT-DR अपीलाथ" क" ओर से/By Appellant Shri A.K. Tibrewal, FCA ""यथ" क" ओर से/By Respondent 31-05-2018 सुनवाई क" तार"ख/Dat…

GATEWAY TERMINALS INDIA P.LTD,NAVI MUMBAI vs. DCIT 5(1), MUMBAI

In the result, appeal filed by the assessee in ITA No

ITA 3595/MUM/2016[2009-10]Status: DisposedITAT Mumbai06 Apr 2017AY 2009-10

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 3595/Mum/2016 ("नधा"रण वष" / Assessment Year : 2009-10) Gateway Terminals India Pvt. Dy. Commissioner Of बनाम/ Ltd., Income Tax, 5(1), V. Gti House, Jawaharlal Nehru Aaykar Bhavan, Port, M.K. Road, Sheva, District Uran, Mumbai. Navi Mumbai – 400 707. "थायी लेखा सं./Pan : Aaccg1899E .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri Kiran NisarFor Respondent: Shri B.S. Bist, DR

Section 115JSection 143(3)

…lance of the consideration for the assets acquired had, in the normal course, to be regarded as expended for the purposes of the business which was carried on in the accounting periods. In Indian Steel & Wire Products Ltd. v. Commissioner of Income-tax [1968] 69 ITR 379 (Cal.) the Calcutta High Court disallowed the contribution made by the assessee to the Indian National Congress, which was a political party in power, for seeking its patronage for the preservation and furtherance of their business. The connection between expenditure and the business, even if any, was considered to be too remote. In Orissa Cement…

M/S SHEETU EDUCATIONAL SERVICE PVT LTD.,INDORE vs. THE DCIT 5(1), INDORE

In the result, all the appeals of the assessee for assessment year 2005-06 to 2010-11 are partly allowed as per our

ITA 354/IND/2016[2010-11]Status: DisposedITAT Indore28 Feb 2017AY 2010-11