Ltd. v. CIT

79 ITR 589Supreme Court of India1971#3277 most cited

What is Ltd. v. CIT authority for?

This case is authority for the principle that deductions under section 36(1)(viii) of the Income-tax Act may be granted in respect of certain categories of receipts. The court's decision in this case is relied upon when interpreting the scope of business activities for tax purposes.

37

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2008 to 2025.

Also referred to as

Standard Refinery & Distillery Ltd. v. CIT · 79 ITR 589 · section 36(1)(viii) · deduction for scientific research · business income interpretation · CIT v. Jayanand Khira & Co. P. Ltd. · manufacturing business

Sections most often in play

Section 10(33)Section 14ASection 28(va)Section 36(1)(viii)Section 37(1)Section 10(15)Section 10(23G)Section 11(1)(a)

Issues it is cited on

section 28(va)depreciation on leased assetssection 80esection 10(23)section 14(a)section 61section 10(15)non-compete feesection 10(33)purposive interpretationsection 36(1)(viii)section 80h

Judgments citing Ltd. v. CIT

ACIT., EXEMPTIONS CIRCLE-1(1), HYDERABAD vs. PHARMACEUTICALS EXPORT PROMOTION COUNCIL OF INDIA, HYDERABAD

In the result, the appeal of Revenue is allowed

ITA 1199/HYD/2024[2016-17]Status: DisposedITAT Hyderabad11 Feb 2025AY 2016-17

Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon’Bleassessment Year: 2016-17 The Assistant Commissioner Vs. Pharmaceuticals Export Of Income Tax, Promotion Council Of India, Exemptions, Circle – 1(1), Hyderabad. Hyderabad. Pan : Aadcp4643C (Appellant) (Respondent) Assessee By: Shri Rv. Chalam, C.A. Revenue By: Shri B. Balakrishna, Cit-Dr Date Of Hearing: 10.02.2025 Date Of Pronouncement: 11.02.2025

For Appellant: Shri RV. Chalam, C.AFor Respondent: Shri B. Balakrishna, CIT-DR
Section 11Section 11(1)(a)Section 12(1)Section 12ASection 143(2)Section 143(3)Section 144

…rust, as a result of the view we have taken, by permitting the assessee to apply for accumulation of the amount in shortfall for future application. In support of the claim, the decision of this Court in Continental Construction Ltd. v. Union of India, (1990) 185 ITR 230 is cited. The option to accumulate the income for future application to charitable 12 purposes has to be exercised by the trust in writing before the expiry of the time allowed under Section 139(1) for furnishing the return of income, as provided in Explanation (iib) below Section 11(1) of the Act. In respect of all the years that are before us…

THE DY CIT CIR 1(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPN LTD., MUMBAI

ITA 724/MUM/2005[2001-2002]Status: DisposedITAT Mumbai05 Jul 2024AY 2001-2002

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

Section 143(3)Section 36(1)Section 36(1)(viii)

…duction under section 36(1)(viii) of the Act may be granted in re- spect of all the aforesaid three categories of receipts. In this regard reliance is placed on the decision of the Apex Court in the case of Standard Refinery & Dis- tillery Ltd. vs. CIT (1971) 79 ITR 589 (SC). 18. The ld AR further relied on the decision of the Jurisdictional High Court in CIT vs. Jayanand Khira & Co. (P.) Ltd. 170 ITR 31 (refer pages 15 to 18 of the case law compilation) where the Hon'ble Court while concerned with the issue of whether an assessee, that was engaged in the manufacture or production of bus bodies could be regarded…

THE DY CIT CIR 1(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPN LTD, MUMBAI

ITA 337/MUM/2005[2000-2001]Status: DisposedITAT Mumbai05 Jul 2024AY 2000-2001

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

Section 143(3)Section 36(1)(viii)

…duction under section 36(1)(viii) of the Act may be granted in re- spect of all the aforesaid three categories of receipts. In this regard reliance is placed on the decision of the Apex Court in the case of Standard Refinery & Dis- tillery Ltd. vs. CIT (1971) 79 ITR 589 (SC). 18. The ld AR further relied on the decision of the Jurisdictional High Court in CIT vs. Jayanand Khira & Co. (P.) Ltd. 170 ITR 31 (refer pages 15 to 18 of the case law compilation) where the Hon'ble Court while concerned with the issue of whether an assessee, that was engaged in the manufacture or production of bus bodies could be regarded…

M/S. HOUSING DEVELOP,MENT FINANCE CORPN. LTD,MUMBAI vs. THE ADDL CIT RG-1(1), MUMBAI

ITA 287/MUM/2005[2001-2002]Status: DisposedITAT Mumbai05 Jul 2024AY 2001-2002

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

Section 143(3)Section 36(1)Section 36(1)(viii)

…duction under section 36(1)(viii) of the Act may be granted in re- spect of all the aforesaid three categories of receipts. In this regard reliance is placed on the decision of the Apex Court in the case of Standard Refinery & Dis- tillery Ltd. vs. CIT (1971) 79 ITR 589 (SC). 18. The ld AR further relied on the decision of the Jurisdictional High Court in CIT vs. Jayanand Khira & Co. (P.) Ltd. 170 ITR 31 (refer pages 15 to 18 of the case law compilation) where the Hon'ble Court while concerned with the issue of whether an assessee, that was engaged in the manufacture or production of bus bodies could be regarded…

M/S. HOUSING DEVELOP,MENT FINANCE CORPN. LTD,MUMBAI vs. THE ADDL CIT RG 1(1), MUMBAI

ITA 286/MUM/2005[2000-2001]Status: DisposedITAT Mumbai05 Jul 2024AY 2000-2001

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

For Appellant: Shri Nitesh Joshi, AdvocateFor Respondent: Smt. Sanyogita Nagpal, CIT, DR
Section 143(3)Section 36(1)(viii)

…duction under section 36(1)(viii) of the Act may be granted in re- spect of all the aforesaid three categories of receipts. In this regard reliance is placed on the decision of the Apex Court in the case of Standard Refinery & Dis- tillery Ltd. vs. CIT (1971) 79 ITR 589 (SC). 18. The ld AR further relied on the decision of the Jurisdictional High Court in CIT vs. Jayanand Khira & Co. (P.) Ltd. 170 ITR 31 (refer pages 15 to 18 of the case law compilation) where the Hon'ble Court while concerned with the issue of whether an assessee, that was engaged in the manufacture or production of bus bodies could be regarded…

DCIT CIR 1(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPN. LTD., MUMBAI

ITA 7532/MUM/2004[1999-2000]Status: DisposedITAT Mumbai05 Jul 2024AY 1999-2000

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

Section 143(3)Section 36Section 36(1)(viii)

…duction under section 36(1)(viii) of the Act may be granted in re- spect of all the aforesaid three categories of receipts. In this regard reliance is placed on the decision of the Apex Court in the case of Standard Refinery & Dis- tillery Ltd. vs. CIT (1971) 79 ITR 589 (SC). 18. The ld AR further relied on the decision of the Jurisdictional High Court in CIT vs. Jayanand Khira & Co. (P.) Ltd. 170 ITR 31 (refer pages 15 to 18 of the case law compilation) where the Hon'ble Court while concerned with the issue of whether an assessee, that was engaged in the manufacture or production of bus bodies could be regarded…

M/S. HOUSING DEVELOPMENT FINANCE CORP. LTD.,MUMBAI vs. DCIT CIR. 1(1), MUMBAI

ITA 7447/MUM/2004[1999-2000]Status: DisposedITAT Mumbai05 Jul 2024AY 1999-2000

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

Section 143(3)Section 36(1)(viii)

…duction under section 36(1)(viii) of the Act may be granted in re- spect of all the aforesaid three categories of receipts. In this regard reliance is placed on the decision of the Apex Court in the case of Standard Refinery & Dis- tillery Ltd. vs. CIT (1971) 79 ITR 589 (SC). 18. The ld AR further relied on the decision of the Jurisdictional High Court in CIT vs. Jayanand Khira & Co. (P.) Ltd. 170 ITR 31 (refer pages 15 to 18 of the case law compilation) where the Hon'ble Court while concerned with the issue of whether an assessee, that was engaged in the manufacture or production of bus bodies could be regarded…

THE DCIT, CIRCLE-2(1)(1),, AHMEDABAD vs. GENUS ELECTROTECH LIMITED,, AHMEDABAD

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 701/AHD/2015[2011-12]Status: DisposedITAT Delhi17 Feb 2021AY 2011-12

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…regularly made. The learned DR also failed to rebut the claim of the assessee of benefit of ₹ 25 lakh on purchases from the GPPL with facility of advance given, which is more than the amount of disallowance of interest. In the case of SA Builders Ltd Vs CIT, 206 ITR 631(SC), the Hon’ble Supreme Court has held that if any advances given to sister concern is as a measure of commercial expediency, the interest on borrowed funds is to be allowed. Respectfully following the finding of the Hon’ble Supreme Court, the payment of the interest in the instant case deserve to be allowed being advance paid in the nature of c…

M/S. GENUS ELECTROTECH LTD.,,AHMEDABAD vs. THE DY.CIT, CIRCLE-4,, AHMEDABAD

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 348/AHD/2015[2011-12]Status: DisposedITAT Delhi17 Feb 2021AY 2011-12

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…regularly made. The learned DR also failed to rebut the claim of the assessee of benefit of ₹ 25 lakh on purchases from the GPPL with facility of advance given, which is more than the amount of disallowance of interest. In the case of SA Builders Ltd Vs CIT, 206 ITR 631(SC), the Hon’ble Supreme Court has held that if any advances given to sister concern is as a measure of commercial expediency, the interest on borrowed funds is to be allowed. Respectfully following the finding of the Hon’ble Supreme Court, the payment of the interest in the instant case deserve to be allowed being advance paid in the nature of c…

THE ACIT, CIRCLE-2(1)(1),, AHMEDABAD vs. GENUS ELETROTECH LIMITED, AHMEDABAD

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 2617/AHD/2015[2012-13]Status: DisposedITAT Delhi17 Feb 2021AY 2012-13

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…regularly made. The learned DR also failed to rebut the claim of the assessee of benefit of ₹ 25 lakh on purchases from the GPPL with facility of advance given, which is more than the amount of disallowance of interest. In the case of SA Builders Ltd Vs CIT, 206 ITR 631(SC), the Hon’ble Supreme Court has held that if any advances given to sister concern is as a measure of commercial expediency, the interest on borrowed funds is to be allowed. Respectfully following the finding of the Hon’ble Supreme Court, the payment of the interest in the instant case deserve to be allowed being advance paid in the nature of c…

M/S. GENUS ELECTROTECH LTD.,,AHMEDABAD vs. THE DY.CIT, CIRCLE- 2(1)(1),, AHMEDABAD

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 2461/AHD/2015[2012-13]Status: DisposedITAT Delhi17 Feb 2021AY 2012-13

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…regularly made. The learned DR also failed to rebut the claim of the assessee of benefit of ₹ 25 lakh on purchases from the GPPL with facility of advance given, which is more than the amount of disallowance of interest. In the case of SA Builders Ltd Vs CIT, 206 ITR 631(SC), the Hon’ble Supreme Court has held that if any advances given to sister concern is as a measure of commercial expediency, the interest on borrowed funds is to be allowed. Respectfully following the finding of the Hon’ble Supreme Court, the payment of the interest in the instant case deserve to be allowed being advance paid in the nature of c…

THE DCIT, CIRCLE-4,, AHMEDABAD vs. M/S. GENUS ELECTROTECH LTD.,, AHMEDABAD

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 99/AHD/2014[2007-08]Status: DisposedITAT Delhi17 Feb 2021AY 2007-08

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…regularly made. The learned DR also failed to rebut the claim of the assessee of benefit of ₹ 25 lakh on purchases from the GPPL with facility of advance given, which is more than the amount of disallowance of interest. In the case of SA Builders Ltd Vs CIT, 206 ITR 631(SC), the Hon’ble Supreme Court has held that if any advances given to sister concern is as a measure of commercial expediency, the interest on borrowed funds is to be allowed. Respectfully following the finding of the Hon’ble Supreme Court, the payment of the interest in the instant case deserve to be allowed being advance paid in the nature of c…

THE DCIT, CIRCLE-4,, AHMEDABAD vs. GENUS ELECTROTECH LTD.,, AHMEDABAD

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 1899/AHD/2014[2010-11]Status: DisposedITAT Delhi17 Feb 2021AY 2010-11

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…regularly made. The learned DR also failed to rebut the claim of the assessee of benefit of ₹ 25 lakh on purchases from the GPPL with facility of advance given, which is more than the amount of disallowance of interest. In the case of SA Builders Ltd Vs CIT, 206 ITR 631(SC), the Hon’ble Supreme Court has held that if any advances given to sister concern is as a measure of commercial expediency, the interest on borrowed funds is to be allowed. Respectfully following the finding of the Hon’ble Supreme Court, the payment of the interest in the instant case deserve to be allowed being advance paid in the nature of c…

THE DCIT, CIRCLE-4,, AHMEDABAD vs. GENUS ELECTROTECH LTD.,, AHMEDABAD

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 1898/AHD/2014[2009-10]Status: DisposedITAT Delhi17 Feb 2021AY 2009-10

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…regularly made. The learned DR also failed to rebut the claim of the assessee of benefit of ₹ 25 lakh on purchases from the GPPL with facility of advance given, which is more than the amount of disallowance of interest. In the case of SA Builders Ltd Vs CIT, 206 ITR 631(SC), the Hon’ble Supreme Court has held that if any advances given to sister concern is as a measure of commercial expediency, the interest on borrowed funds is to be allowed. Respectfully following the finding of the Hon’ble Supreme Court, the payment of the interest in the instant case deserve to be allowed being advance paid in the nature of c…

M/S. GENUS ELECTROTECH LTD.,,AHMEDABAD vs. THE ACIT, CIRCLE-4,, AHMEDABAD

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 1763/AHD/2014[2009-10]Status: DisposedITAT Delhi17 Feb 2021AY 2009-10

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…regularly made. The learned DR also failed to rebut the claim of the assessee of benefit of ₹ 25 lakh on purchases from the GPPL with facility of advance given, which is more than the amount of disallowance of interest. In the case of SA Builders Ltd Vs CIT, 206 ITR 631(SC), the Hon’ble Supreme Court has held that if any advances given to sister concern is as a measure of commercial expediency, the interest on borrowed funds is to be allowed. Respectfully following the finding of the Hon’ble Supreme Court, the payment of the interest in the instant case deserve to be allowed being advance paid in the nature of c…

THE DCIT, CIRCLE-4,, AHMEDABAD vs. M/S. GENUS ELECTROTECH LTD.,, AHMEDABAD

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 100/AHD/2014[2008-09]Status: DisposedITAT Delhi17 Feb 2021AY 2008-09

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…regularly made. The learned DR also failed to rebut the claim of the assessee of benefit of ₹ 25 lakh on purchases from the GPPL with facility of advance given, which is more than the amount of disallowance of interest. In the case of SA Builders Ltd Vs CIT, 206 ITR 631(SC), the Hon’ble Supreme Court has held that if any advances given to sister concern is as a measure of commercial expediency, the interest on borrowed funds is to be allowed. Respectfully following the finding of the Hon’ble Supreme Court, the payment of the interest in the instant case deserve to be allowed being advance paid in the nature of c…

M/S. GENUS ELECTROTECH LTD.,,AHMEDABAD vs. THE DY.CIT, CIRCLE-4,, AHMEDABAD

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 2831/AHD/2013[2008-09]Status: DisposedITAT Delhi17 Feb 2021AY 2008-09

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…regularly made. The learned DR also failed to rebut the claim of the assessee of benefit of ₹ 25 lakh on purchases from the GPPL with facility of advance given, which is more than the amount of disallowance of interest. In the case of SA Builders Ltd Vs CIT, 206 ITR 631(SC), the Hon’ble Supreme Court has held that if any advances given to sister concern is as a measure of commercial expediency, the interest on borrowed funds is to be allowed. Respectfully following the finding of the Hon’ble Supreme Court, the payment of the interest in the instant case deserve to be allowed being advance paid in the nature of c…

M/S. GENUS ELECTROTECH LTD.,,AHMEDABAD vs. THE DY.CIT, CIRCLE-4,, AHMEDABAD

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 2830/AHD/2013[2007-08]Status: DisposedITAT Delhi17 Feb 2021AY 2007-08

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…regularly made. The learned DR also failed to rebut the claim of the assessee of benefit of ₹ 25 lakh on purchases from the GPPL with facility of advance given, which is more than the amount of disallowance of interest. In the case of SA Builders Ltd Vs CIT, 206 ITR 631(SC), the Hon’ble Supreme Court has held that if any advances given to sister concern is as a measure of commercial expediency, the interest on borrowed funds is to be allowed. Respectfully following the finding of the Hon’ble Supreme Court, the payment of the interest in the instant case deserve to be allowed being advance paid in the nature of c…

M/S. LUCKY EXPORTS,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeal filed by the assessee is allowed

ITA 771/DEL/2014[2008-09]Status: DisposedITAT Delhi28 Sept 2020AY 2008-09

Bench: Shri R.K. Panda & Shri Kuldip Singhassessment Year: 2008-09 Lucky Exports, Vs Dcit, Ug-28, Som Dutt Chambers-Ii, Circle-24(1), 9, Bhikaji Cama Place, New Delhi. New Delhi. Pan: Aaafl1147P (Appellant) (Respondent) Assessee By : Shri Naveen N.D. Gupta, Ca Revenue By : Shri Saras Kumar, Sr. Dr Date Of Hearing : 20.08.2020 Date Of Pronouncement : 28.09.2020 Order Per R.K. Panda, Am: This Appeal Filed By The Assessee Is Directed Against The Order Dated 21.11.2013 Of The Cit(A)-28, New Delhi Relating To Assessment Year 2008-09. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Partnership Firm & Is Engaged In The Business As Merchant Exporter. It Filed Its Return Of Income On 27Th September, 2008 Declaring The Total Income At Rs.2,96,21,168/-. During The Course Of Assessment Proceedings, The Ao Observed From The Profit & Loss Account That The Assessee Has Claimed A Sum Of Rs.1,61,35,879/- Under The Head ‘Write Off/Bad Debt.’ He, Therefore, Asked The Assessee To Explain & Justify The Advances /Bad Debt Written Off In Respect Of 22 Parties. He Asked The Assessee To File Partywise Explanation & Justification Of Bad Debt/Advances Written Off & To Produce The Copy Of Account & Names Of Such Parties For The Last Three Years. He Also Asked The Assessee To File: (A) Copy Of Bank Statement When Payment Of Advances Written Off Were Made; (B) Complete Name, Address, Pan & Contact Details Of The Parties Including Current Address, If Any; & (C) Copy Of Correspondence Made In Connection With Recovery Of Loan/Advances Written Off.

For Appellant: Shri Naveen N.D. Gupta, CAFor Respondent: Shri Saras Kumar, Sr. DR
Section 37Section 37(1)

…ould have been done by a common organisation. In these circumstances, the assessee would be entitled to the unabsorbed loss in the shape of shares against the income. This was so held by the Supreme Court in Standard Refinery and Distillety Ltd. v. CIT [1971] 79 ITR 589 and again in Produce Exchange Corporation Ltd. v. CIT [1970] 77 ITR 739 (SC). So far as the authorities relied upon by the Revenue are concerned, in all these cases, the criteria adopted by the court was that since the expenditure incurred brought into existence a benefit of enduring nature, it can be treated as capital nature, meaning thereby tha…

MANOJ SHIVYAG SINGH,MUMBAI vs. DCIT CENT. CIR. 5(1), MUMBAI

In the result the ground No

ITA 5375/MUM/2016[2012-13]Status: DisposedITAT Mumbai27 May 2020AY 2012-13

Bench: Shri Pawan Singh & Shri Rifaur Rahmanmanoj Shivyag Singh Dcit Central Circle- 5(1) Babubhai Gaikwad Compound, Aayakar Bhavan, Mumbai. Trikam Das Road, Kandivali Vs. (West), Mumbai-40067. Pan: Asjps4147D Appellant Respondent Appellant By : Shri V.G. Ginde With Kumar Kala (Ar) Respondent By : Miss Sumantha Mullamudi (Sr.Dr)

For Appellant: Shri V.G. Ginde with Kumar KalaFor Respondent: Miss Sumantha Mullamudi (Sr.DR)
Section 250Section 253Section 254(1)Section 36Section 36(1)(vii)

…rd by the lower authorities. 12. Considering the test of unity of control and common management as held by coordinate bench in Shreyas S. Morakhia (supra), by following the decision of Hon’ble Supreme Court in Standard Refinery & Distillery Ltd Vs CIT (1971) 79 ITR 589(SC), the assessee is entitled for the deduction expenses in Raunak agency. The case law relied by ld CIT(A) in CL Mehra Vs ITO 59 ITD 99 (Delhi) is not applicable on the facts of the present case. In the said case the business in two entities was not carried by assessee simultaneously, moreover two separate accounts were maintained by assessee in…

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