Jiyajeerao Cotton Mills Ltd. v. ITO (130 ITR 710)

Imperial Housing, Pune vs. ITO, Ward-2(2), Pune

In the result, the appeal filed by the Revenue as well as the appeal filed by the assessee are dismissed

ITA 1792/PUN/2024[2015-16]Status: DisposedITAT Pune25 Oct 2024AY 2015-16

Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2015-16

For Appellant: Shri Kishor B PhadkeFor Respondent: Shri Ramnath P Murkunde

Section 142(1)Section 143(3)Section 154Section 154(1)Section 35D

…of the first respondent." 7.2. Similarly, in the case of Mepco Industries Ltd., [2009] 185 Taxman 409 (SC), Hon'ble Apex court observed, "8. We may now deal with the judgment of the Calcutta High Court in the case of Jiyajeerao Cotton Mills Ltd. v. ITO (1981) 130 ITR 710. In that case, the appellant- assessee derived profits from three industries, one of which qualified for special rebate under Part-I of Schedule-1-to the Finance Act, 1965, for the assessment year 1966-67. In granting this special rebate, the Income-tax Officer computed the profits attributable to that industry without deducting development rebat…

Income Tax Officer, Ward-2(2), Pune vs. Imperial Housing, Pune

In the result, the appeal filed by the Revenue as well as the appeal filed by the assessee are dismissed

ITA 1120/PUN/2023[2015-16]Status: DisposedITAT Pune25 Oct 2024AY 2015-16

Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2015-16

For Appellant: Shri Kishor B PhadkeFor Respondent: Shri Ramnath P Murkunde

Section 142(1)Section 143(3)Section 154Section 154(1)Section 35D

…of the first respondent." 7.2. Similarly, in the case of Mepco Industries Ltd., [2009] 185 Taxman 409 (SC), Hon'ble Apex court observed, "8. We may now deal with the judgment of the Calcutta High Court in the case of Jiyajeerao Cotton Mills Ltd. v. ITO (1981) 130 ITR 710. In that case, the appellant- assessee derived profits from three industries, one of which qualified for special rebate under Part-I of Schedule-1-to the Finance Act, 1965, for the assessment year 1966-67. In granting this special rebate, the Income-tax Officer computed the profits attributable to that industry without deducting development rebat…

M/S. Prakash Industries Ltd, New Delhi vs. ACIT, Hisar

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

ITA 1389/DEL/2014[2007-08]Status: DisposedITAT Delhi04 Mar 2024AY 2007-08

Bench: Shri N.K. Billaiya & Ms Astha Chandra

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Vivek Vardhan, Sr. DR

Section 115JSection 143(3)Section 154Section 205(1)(b)Section 234B

…Jiyajeerao Cotton Mills Ltd case was binding 9. In the result, this application succeeded and notices u/s 154 were quashed and declared null and void.” 15. The Hon'ble High Court followed its earlier judgment given in the case of Jiyajeerao Cotton Mills Ltd 130 ITR 710 wherein the Hon'ble High Court held as under: The principle of retrospective legislation is applicable to the decisions of the Supreme Court declaring the law or interpreting a provision in a statute. The law is laid down or a provision in a statute is interpreted by the Supreme Court only when there is a debate or doubt on the interpretation o…

Ucb India Pvt. Ltd, Mumbai vs. ACIT 8(3)(1), Mumbai

Appeal is allowed

ITA 1081/MUM/2022[2011-12]Status: DisposedITAT Mumbai27 Jun 2023AY 2011-12

For Appellant: Shri Nishant ThakkarFor Respondent: Ms. Vranda U. Matkari

Section 143(2)Section 143(3)Section 144C(1)Section 144C(13)Section 144C(5)Section 154Section 220(2)Section 234B

…C), (v) Commissioner of Income-tax Vs. K. Venkateswerarao : [1998] 169 ITR 330 (Andhra Pradesh), (vi) Commissioner of Income Tax Vs. Schlumberger Sea Co. Inc. : [ 2003] 264 ITR 331 (Calcutta), (vii) Jiyajerrao Cotton Mills Ltd. Vs. Income-tax Officer : [1981] 130 ITR 710 (Calcutta). Per contra, the Learned Departmental Representative submitted 10. that the Appellant’s contention regarding disallowance of expense of INR.11,30,18,789/- was not correct. During the relevant previous year the Appellant had debited to Profit & Loss Account sales 6 promotion expenses which were in the nature of freebies given to doct…

Tricom India Ltd, Mumbai vs. ITO 8(3)(3), Mumbai

In the result, appeal filed by the assessee stands allowed

ITA 7444/MUM/2014[2007-08]Status: DisposedITAT Mumbai18 Mar 2020AY 2007-08

Bench: Shri Shamim Yahya (Am) & Shri Pawan Singh (Jm)

Section 10BSection 143(3)Section 271(1)(c)

…t that time. It is settled law that nobody can asked to do the impossible. Hon'ble Supreme Court in the case of Mepco Industries Ltd. Vs. CIT (319 ITR 208) has referred with approval the Hon'ble Calcutta High Court in the case of Jiyajeerao Cotton Mills Ltd. (130 ITR 710) that subsequent decision of Hon'ble Supreme Court did not obliterate the conflict of opinion prior to it. In this view of the matter in our considered opinion the issue was debatable when the assessee filed its return of income. There is no concealment or furnishing of inaccurate particulars of income. Hence, in these facts the decision of Hon'b…

The Peerless Gen. Fin. & Inv. Co. Ltd., Kolkata vs. DCIT, Circle-3(1), Kolkata

In the result, appeal of the assessee is allowed and the appeal of the revenue is dismissed

ITA 879/KOL/2017[2003-04]Status: DisposedITAT Kolkata07 Sept 2018AY 2003-04

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara] I.T.A. No. 879/Kol/2017 Assessment Year: 2003-04 The Peerless Gen. Fin. & Inv. Co. Ltd…………......…….............................................…………….…….……...Appellant 3, Esplanade East Kolkata – 700 069 [Pan: Aabct 3042 L] Deputy Commissioner Of Income Tax , Circle-3(1), Kolkata…….…………..……………………..…. Respondent

Section 154Section 234CSection 244ASection 250Section 251

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘B’ BENCH, KOLKATA [Before Sri J. Sudhakar Reddy, Accountant Member & Sri S.S. Godara, Judicial Member] I.T.A. No. 879/Kol/2017 Assessment Year: 2003-04 The Peerless Gen. Fin. & Inv. Co. Ltd…………......…….............................................…………….…….……...Appellant 3, Esplanade East Kolkata – 700 069 [PAN: AABCT 3042 L] Deputy Commissioner of Income Tax , Circle-3(1), Kolkata…….…………..……………………..…. Respondent I.T.A. No. 1385/Kol/2017 Assessment Year: 2003-04 Deputy Commissioner of Income Tax , Circle-3(1), Kolkata…….…………..……………………..…. Respondent The Peerless G…

DCIT, Circle - 3(1), Kolkata vs. M/S. the Peerless General Finance & Investment Co. Ltd., Kolkata

In the result, appeal of the assessee is allowed and the appeal of the revenue is dismissed

ITA 1385/KOL/2017[2003-04]Status: DisposedITAT Kolkata07 Sept 2018AY 2003-04

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara] I.T.A. No. 879/Kol/2017 Assessment Year: 2003-04 The Peerless Gen. Fin. & Inv. Co. Ltd…………......…….............................................…………….…….……...Appellant 3, Esplanade East Kolkata – 700 069 [Pan: Aabct 3042 L] Deputy Commissioner Of Income Tax , Circle-3(1), Kolkata…….…………..……………………..…. Respondent

Section 154Section 234CSection 244ASection 250Section 251

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘B’ BENCH, KOLKATA [Before Sri J. Sudhakar Reddy, Accountant Member & Sri S.S. Godara, Judicial Member] I.T.A. No. 879/Kol/2017 Assessment Year: 2003-04 The Peerless Gen. Fin. & Inv. Co. Ltd…………......…….............................................…………….…….……...Appellant 3, Esplanade East Kolkata – 700 069 [PAN: AABCT 3042 L] Deputy Commissioner of Income Tax , Circle-3(1), Kolkata…….…………..……………………..…. Respondent I.T.A. No. 1385/Kol/2017 Assessment Year: 2003-04 Deputy Commissioner of Income Tax , Circle-3(1), Kolkata…….…………..……………………..…. Respondent The Peerless G…

Jiyajeerao Cotton Mills Ltd. v. ITO

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