L.G. Balakrishnan v. CIT

100 ITD 53Income Tax Appellate Tribunal#21808 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 348,631 Indian tax judgments — from 2024 to 2024.

Also reported as

129 Taxmann.com 854

Issues it is cited on

section 43(3)section 251(2)section 2(14)section 48section 45admission of additional evidenceprofits and gains of business or professionsundry creditorssection 251long term capital gainsrevenue expenditurecapital expenditure

Judgments citing L.G. Balakrishnan v. CIT

Super Dairy Farm., Hyderabad vs. Dy. Commissioner of Income Tax, Circle-4(1)., Hyderabad

ITA 1288/HYD/2017[2013-14]Status: DisposedITAT Hyderabad28 Feb 2024AY 2013-14

Bench: Shri R.K. Panda & Shri Laliet Kumarआ.अपी.सं / Ita Nos.1287 & 1288/Hyd/2017 (निर्धारण वर्ष / Assessment Years: 2012-13 & 2013-14) Super Dairy Farm, Vs. The Assistant Commissioner Of Hyderabad. Income Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent आ.अपी.सं / Ita No.1265/Hyd/2017 (निर्धारण वर्ष / Assessment Year: 2013-14) The Assistant Vs. Super Dairy Farm, Commissioner Of Income Hyderabad. Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent

For Appellant: Shri Sashank Dundu, C.AFor Respondent: Shri K. Madhusudan, CIT-DR
Section 143(3)Section 48

…has purchased 500 buffaloes during the year and sold all the buffaloes purchased at a higher rate making huge profits for the year. Reliance is placed on the following decisions: 1) L.G. Balakrishnan Vs. CIT ( 129 Taxman 854) (Mad) 2) ACIT Vs. S. Pathy (HUF) [100 ITD 53 ] (Chennai). Hon’ble High Court of Madras in L.G. Balakrishnan (supra) held that having regard to the amendment of definition of word ‘plant’ in section 43(3) w.e.f. 1-4-1962 by the Finance Act, 1995, the ‘livestock’ cannot be regarded as ‘capital assests’ and therefore, they required to be valued as part of stock in trade of the assessee. Though…

Super Dairy Farm., Hyderabad vs. Dy. Commissioner of Income Tax, Circle-4(1)., Hyderabad

ITA 1287/HYD/2017[2012-13]Status: DisposedITAT Hyderabad28 Feb 2024AY 2012-13

Bench: Shri R.K. Panda & Shri Laliet Kumarआ.अपी.सं / Ita Nos.1287 & 1288/Hyd/2017 (निर्धारण वर्ष / Assessment Years: 2012-13 & 2013-14) Super Dairy Farm, Vs. The Assistant Commissioner Of Hyderabad. Income Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent आ.अपी.सं / Ita No.1265/Hyd/2017 (निर्धारण वर्ष / Assessment Year: 2013-14) The Assistant Vs. Super Dairy Farm, Commissioner Of Income Hyderabad. Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent

For Appellant: Shri Sashank Dundu, C.AFor Respondent: Shri K. Madhusudan, CIT-DR
Section 143(3)Section 48

…has purchased 500 buffaloes during the year and sold all the buffaloes purchased at a higher rate making huge profits for the year. Reliance is placed on the following decisions: 1) L.G. Balakrishnan Vs. CIT ( 129 Taxman 854) (Mad) 2) ACIT Vs. S. Pathy (HUF) [100 ITD 53 ] (Chennai). Hon’ble High Court of Madras in L.G. Balakrishnan (supra) held that having regard to the amendment of definition of word ‘plant’ in section 43(3) w.e.f. 1-4-1962 by the Finance Act, 1995, the ‘livestock’ cannot be regarded as ‘capital assests’ and therefore, they required to be valued as part of stock in trade of the assessee. Though…

Asst. Commissioner of Income Tax, Circle-4(1)., Hyderabad vs. Super Dairy Farm., Hyderabad

ITA 1265/HYD/2017[2013-14]Status: DisposedITAT Hyderabad28 Feb 2024AY 2013-14

Bench: Shri R.K. Panda & Shri Laliet Kumarआ.अपी.सं / Ita Nos.1287 & 1288/Hyd/2017 (निर्धारण वर्ष / Assessment Years: 2012-13 & 2013-14) Super Dairy Farm, Vs. The Assistant Commissioner Of Hyderabad. Income Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent आ.अपी.सं / Ita No.1265/Hyd/2017 (निर्धारण वर्ष / Assessment Year: 2013-14) The Assistant Vs. Super Dairy Farm, Commissioner Of Income Hyderabad. Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent

For Appellant: Shri Sashank Dundu, C.AFor Respondent: Shri K. Madhusudan, CIT-DR
Section 143(3)Section 48

…has purchased 500 buffaloes during the year and sold all the buffaloes purchased at a higher rate making huge profits for the year. Reliance is placed on the following decisions: 1) L.G. Balakrishnan Vs. CIT ( 129 Taxman 854) (Mad) 2) ACIT Vs. S. Pathy (HUF) [100 ITD 53 ] (Chennai). Hon’ble High Court of Madras in L.G. Balakrishnan (supra) held that having regard to the amendment of definition of word ‘plant’ in section 43(3) w.e.f. 1-4-1962 by the Finance Act, 1995, the ‘livestock’ cannot be regarded as ‘capital assests’ and therefore, they required to be valued as part of stock in trade of the assessee. Though…

L.G. Balakrishnan v. CIT (100 ITD 53) — Cited in 3 Judgments | BharatTax