K.V. Produce v. CIT

MR ISMAIL MUHAMMAD KHAN ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), MUMBAI

In the result all the appeals filed by both the assessees are stands allowed

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

…ndex Logistics Pvt Ltd & Ismail Muhammed Khan. was overruled by the Supreme Court in the case of UCO Bank v. CIT (1999) 237 ITR 889 (SC); And in the case of K.V. Produce was overruled by a Division Bench of the Kerala High Court in K.V. Produce v. CIT (2001) 252 ITR 17 (Ker). Therefore the argument of the Ld. DR has no judicial basis. 33. Even, we noticed that on this issue, the decision of the co-ordinate bench in Polisetty Somasundaram v DCIT (2023) 153 taxmann.com 591 (Vishakapatnam) (Trib) [Pg 81-103] is being followed, wherein at Paras 22- 27, it is held that the release of a prohibitory order after a per…

MR ISMAIL MUHAMMAD KHAN,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), MUMBAI

In the result all the appeals filed by both the assessees are stands allowed

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

…ndex Logistics Pvt Ltd & Ismail Muhammed Khan. was overruled by the Supreme Court in the case of UCO Bank v. CIT (1999) 237 ITR 889 (SC); And in the case of K.V. Produce was overruled by a Division Bench of the Kerala High Court in K.V. Produce v. CIT (2001) 252 ITR 17 (Ker). Therefore the argument of the Ld. DR has no judicial basis. 33. Even, we noticed that on this issue, the decision of the co-ordinate bench in Polisetty Somasundaram v DCIT (2023) 153 taxmann.com 591 (Vishakapatnam) (Trib) [Pg 81-103] is being followed, wherein at Paras 22- 27, it is held that the release of a prohibitory order after a per…

MR ISMAIL MUHAMMAD KHAN ,MUMBAI vs. ASSISATNT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), MUMBAI

In the result all the appeals filed by both the assessees are stands allowed

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

…o giving power to a delegated authority to even amend the provision of law enacted by Parliament. Such a contention cannot seriously be even raised (Para 14) The said ratio was reiterated by Hon'ble Kerala High Court in the case of K.V. Produce v. CIT (1992) 196 ITR 293 (Kerala) wherein it was held that although circulars issued under section 119 of the Income Tax Act, 1961 have force of law, they do not override the law itself. Therefore, it is pleaded that circular/instructions issued by CBDT cannot override the Parent legislation i.e. Income Tax Act, 1961 to the extent they are contrary to the Act. Section…

ISMAIL MUHAMMAD KHAN,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(2), MUMBAI

In the result all the appeals filed by both the assessees are stands allowed

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

…ndex Logistics Pvt Ltd & Ismail Muhammed Khan. was overruled by the Supreme Court in the case of UCO Bank v. CIT (1999) 237 ITR 889 (SC); And in the case of K.V. Produce was overruled by a Division Bench of the Kerala High Court in K.V. Produce v. CIT (2001) 252 ITR 17 (Ker). Therefore the argument of the Ld. DR has no judicial basis. 33. Even, we noticed that on this issue, the decision of the co-ordinate bench in Polisetty Somasundaram v DCIT (2023) 153 taxmann.com 591 (Vishakapatnam) (Trib) [Pg 81-103] is being followed, wherein at Paras 22- 27, it is held that the release of a prohibitory order after a per…

ISMAIL MUHAMMAD KHAN,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME, CENTRAL CIRCLE-1 (2),, MUMBAI

In the result all the appeals filed by both the assessees are stands allowed

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

…o giving power to a delegated authority to even amend the provision of law enacted by Parliament. Such a contention cannot seriously be even raised (Para 14) The said ratio was reiterated by Hon'ble Kerala High Court in the case of K.V. Produce v. CIT (1992) 196 ITR 293 (Kerala) wherein it was held that although circulars issued under section 119 of the Income Tax Act, 1961 have force of law, they do not override the law itself. Therefore, it is pleaded that circular/instructions issued by CBDT cannot override the Parent legislation i.e. Income Tax Act, 1961 to the extent they are contrary to the Act. Section…

ISMAIL MUHAMMAD KHAN,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), MUMBAI

In the result all the appeals filed by both the\nassessees are stands allowed

…ing power to a delegated authority to even amend\nthe provision of law enacted by Parliament. Such a contention\ncannot seriously be even raised (Para 14)\n\nThe said ratio was reiterated by Hon'ble Kerala High Court in\nthe case of K.V. Produce v. CIT (1992) 196 ITR 293 (Kerala)\nwherein it was held that although circulars issued under\nsection 119 of the Income Tax Act, 1961 have force of law,\nthey do not override the law itself.\n\nTherefore, it is pleaded that circular/instructions issued by\nCBDT cannot override the Parent legislation i.e. Income Tax\nAct, 1961 to the extent they are contrary to the Act. Se…

M/S. INDEX LOGISTICS PVT LTD,MUMBAI vs. ACIT CC 1 (2), MUMBAI

In the result all the appeals filed by both the assessees are stands allowed

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

…ndex Logistics Pvt Ltd & Ismail Muhammed Khan. was overruled by the Supreme Court in the case of UCO Bank v. CIT (1999) 237 ITR 889 (SC); And in the case of K.V. Produce was overruled by a Division Bench of the Kerala High Court in K.V. Produce v. CIT (2001) 252 ITR 17 (Ker). Therefore the argument of the Ld. DR has no judicial basis. 33. Even, we noticed that on this issue, the decision of the co-ordinate bench in Polisetty Somasundaram v DCIT (2023) 153 taxmann.com 591 (Vishakapatnam) (Trib) [Pg 81-103] is being followed, wherein at Paras 22- 27, it is held that the release of a prohibitory order after a per…

M/S. INDEX LOGISTICS PVT LTD,MUMBAI vs. ACIT CC 1 (2), MUMBAI

In the result all the appeals filed by both the assessees are stands allowed

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

…o giving power to a delegated authority to even amend the provision of law enacted by Parliament. Such a contention cannot seriously be even raised (Para 14) The said ratio was reiterated by Hon'ble Kerala High Court in the case of K.V. Produce v. CIT (1992) 196 ITR 293 (Kerala) wherein it was held that although circulars issued under section 119 of the Income Tax Act, 1961 have force of law, they do not override the law itself. Therefore, it is pleaded that circular/instructions issued by CBDT cannot override the Parent legislation i.e. Income Tax Act, 1961 to the extent they are contrary to the Act. Section…

M/S. INDEX LOGISTICS PVT LTD,MUMBAI vs. ACIT CC 1 (2), MUMBAI

In the result all the appeals filed by both the assessees are stands allowed

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

…o giving power to a delegated authority to even amend the provision of law enacted by Parliament. Such a contention cannot seriously be even raised (Para 14) The said ratio was reiterated by Hon'ble Kerala High Court in the case of K.V. Produce v. CIT (1992) 196 ITR 293 (Kerala) wherein it was held that although circulars issued under section 119 of the Income Tax Act, 1961 have force of law, they do not override the law itself. Therefore, it is pleaded that circular/instructions issued by CBDT cannot override the Parent legislation i.e. Income Tax Act, 1961 to the extent they are contrary to the Act. Section…

M/S. INDEX LOGISTICS PVT LTD,MUMBAI vs. ACIT CC 1 (2), MUMBAI

In the result all the appeals filed by both the assessees are stands allowed

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

…o giving power to a delegated authority to even amend the provision of law enacted by Parliament. Such a contention cannot seriously be even raised (Para 14) The said ratio was reiterated by Hon'ble Kerala High Court in the case of K.V. Produce v. CIT (1992) 196 ITR 293 (Kerala) wherein it was held that although circulars issued under section 119 of the Income Tax Act, 1961 have force of law, they do not override the law itself. Therefore, it is pleaded that circular/instructions issued by CBDT cannot override the Parent legislation i.e. Income Tax Act, 1961 to the extent they are contrary to the Act. Section…

M/S. INDEX LOGISTICS PVT LTD,MUMBAI vs. ACIT CC 1 (2), MUMBAI

In the result all the appeals filed by both the assessees are stands allowed

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

…o giving power to a delegated authority to even amend the provision of law enacted by Parliament. Such a contention cannot seriously be even raised (Para 14) The said ratio was reiterated by Hon'ble Kerala High Court in the case of K.V. Produce v. CIT (1992) 196 ITR 293 (Kerala) wherein it was held that although circulars issued under section 119 of the Income Tax Act, 1961 have force of law, they do not override the law itself. Therefore, it is pleaded that circular/instructions issued by CBDT cannot override the Parent legislation i.e. Income Tax Act, 1961 to the extent they are contrary to the Act. Section…