Keshavji Ravji and Co. v. CIT

M/S Goyal Mg Gases Pvt. Ltd., New Delhi vs. ACIT, New Delhi

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishi

…lowance u/s 14A, the Ld. DR filed written submissions which are being reproduced as under: Issue of recording of satisfaction in respect of section 14A: 1. “This issue is also dependent on interpretation of the statute and case law of Keshavji Ravji and Co. 183 ITR 1, when there is no ambiguity in statutory language, resorting to interpretative process to unfold the legislative intent becomes impermissible. In my humble submission, since there recording of satisfaction has not been there in words of the relevant provision, it cannot be imported. Legislature, in contrast makes it clear by ITA Nos. 2192, 2193 & 2…

Nec Hcl System Technologies Ltd., New Delhi vs. ACIT, New Delhi

In the result we confirm the finding the of the CIT (A) regarding deletion of disallowance u/s 40a (i) of The Income tax Act of Rs

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishi

…honourable Delhi high court. 6. Regarding his submission that the circulars issued by CBDT are binding on Revenue authorities he relied up on decision of Honourable supreme court in case of Navnitlal C Jhaveri V ACIT 56 ITR 198 (SC) , Ellerman Lines Ltd V CIT 82 ITR 913 (SC ), K P verghese V ITO 131 ITR 597 and UCO bank V CIT 237 ITR 889. 5 | P a g e NEC HCL System Technologies Ltd. V ACIT ITA No 5497/Del /2012 A.Y. 2008-09 ACIT V NEC HCL System Technologies Ltd. ITA No 5804/Del/2012 A.Y. 2008-09 7. Ld. DR on the other hand submitted that this circular is issue in 2013 where as the appeal pertains to AY 2008-09…

Commissioner of Income Tax-I vs. Angelique International Ltd

…9 : (1965) 56 ITR 198] . In fact, State Bank of Travancore v. CIT [(1986) 2 SCC 11 : 1986 SCC (Tax) 289 : (1986) 158 ITR 102] has already been distinguished in the case of KeshavjiRavji and Co. v. CIT [(1990) 2 SCC 231 : 1990 SCC (Tax) 268 : (1990) 183 ITR 1] by a Bench of three Judges in a similar fashion. It is held only as laying down that a circular cannot alter the provisions of the Act. It being in the nature of a concession, could always be prospectively withdrawn. In the present case, the circulars which have been in force are meant to ensure that while assessing the income accrued by w…

Commissioner of Income Tax vs. Anil Minda

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MS. JUSTICE REVA KHETRAPAL

…the object should be adopted. { Keshvji Ravji and ITA No.582 of 2009 with ITA No.527 of 2009,ITA No.593 of 2009, Page 18 of 20 ITA No.605 of 2009,ITA No.618 of 2009 & ITA No.772 of 2009 Co. and others Vs. Commissioner of Income Tax 183 ITR 1 (SC)}. 25. In the present case what we find is that the legislature noticed that literal interpretation given to clause (b) of sub Section (1) of Section 158 BE of the Act may lead to the result not intended to sub- serve the object and, therefore, introduced Explanation 2. This purpose sought to be achieved by the legislature cannot be defe…

Commissioner of Income Tax-V N vs. Damanjit Singh

…that an interpretation other than that suggested by them, i.e. interest in this context refers to net interest, might produce unintended or absurd results. A reference may be made to the decision of the Hon'ble Supreme Court in Keshavji Ravji & Co. v. CIT 183 ITR 1. 24.5 The underlying principle of netting appears to logically get attracted as no prudent businessman would allow taxation of the interest income de hors the expenditure incurred for earning such income. The words 'included any such profits' following the words receipts by way of interest, commission, brokerage etc., is a clear pointer to…