Navnitlal Ambalal v. CIT

Essel Mining & Industries Limited, Mumbai vs. Dy Commissioner of Income Tax, Central Circle-1(4), Mumbai

In the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2011-12 & Assessment Year: 2012-13 Essel Mining & Industries Ltd., Dy. Cit, Central Circle-1(4), Industry House, 18Th Floor, 10, 9Th Floor, Old Cgo Building, Camac Street, Vs. Mk Road, Kolkata-700017. Mumbai-400020. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 & Assessment Year: 2012-13 Jcit, Central Circle-1(4), M/S Essel Mining & Industries Room No. 902, Pratishtha Ltd., Bhavan, 9Th Floor, Old Cgo Vs. Industry House, 18Th Floor, 10, Building Annexe, Camac Street, Mumbai-400020. Kolkata-700017. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 M/S Essel Mining & Industries Dy. Cit, Central Circle-1(4), Ltd., 9Th Floor, Old Cgo Building, Vs. Industry House, 18Th Floor, 10, Mk Road

…n the Income Tax Officers and must he Income Tax Officers and must be given effect to by the Court [See Navnitlal Ambalal v. CIT be given effect to by the Court [See Navnitlal Ambalal v. CIT be given effect to by the Court [See Navnitlal Ambalal v. CIT (1976) 105 ITR 735 (Bom)]. (1976) 105 ITR 735 (Bom)]. 34.17 An Catholic Syrian Bank Ltd. v/s. CIT 2012(3) SCC 17 An Catholic Syrian Bank Ltd. v/s. CIT 2012(3) SCC 17 An Catholic Syrian Bank Ltd. v/s. CIT 2012(3) SCC 784, the Supreme examined the effect of the circulars / 784, the Supreme examined the effect of the circulars / 784, the Supreme examined the effect o…

Essel Mining & Industries Limited, Mumbai vs. Deputy Commissioner of Income Tax - Central Circle 1(4), Mumbai

In the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year the result, the appeal of the Revenue for assessment year

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2011-12 & Assessment Year: 2012-13 Essel Mining & Industries Ltd., Dy. Cit, Central Circle-1(4), Industry House, 18Th Floor, 10, 9Th Floor, Old Cgo Building, Camac Street, Vs. Mk Road, Kolkata-700017. Mumbai-400020. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 & Assessment Year: 2012-13 Jcit, Central Circle-1(4), M/S Essel Mining & Industries Room No. 902, Pratishtha Ltd., Bhavan, 9Th Floor, Old Cgo Vs. Industry House, 18Th Floor, 10, Building Annexe, Camac Street, Mumbai-400020. Kolkata-700017. Pan No. Aaace 6607 L Appellant Respondent Assessment Year: 2011-12 M/S Essel Mining & Industries Dy. Cit, Central Circle-1(4), Ltd., 9Th Floor, Old Cgo Building, Vs. Industry House, 18Th Floor, 10, Mk Road

…n the Income Tax Officers and must he Income Tax Officers and must be given effect to by the Court [See Navnitlal Ambalal v. CIT be given effect to by the Court [See Navnitlal Ambalal v. CIT be given effect to by the Court [See Navnitlal Ambalal v. CIT (1976) 105 ITR 735 (Bom)]. (1976) 105 ITR 735 (Bom)]. 34.17 An Catholic Syrian Bank Ltd. v/s. CIT 2012(3) SCC 17 An Catholic Syrian Bank Ltd. v/s. CIT 2012(3) SCC 17 An Catholic Syrian Bank Ltd. v/s. CIT 2012(3) SCC 784, the Supreme examined the effect of the circulars / 784, the Supreme examined the effect of the circulars / 784, the Supreme examined the effect o…

Edil Commodities Ltd, Mumbai vs. DCIT Cir 3(1), Mumbai

In the result, these appeals by the assessee stands partly allowed

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं./I.T.A. No.3426/Mum/2016 ("नधा"रण वष" / Assessment Year: 2011-12) M/S. Edel Commodities Limited Dy. Cit, Circle 3(1), बनाम/ Edelweiss House, Off Cst Road, Mumbai Vs. Kalina, Santacruz, Mumbai-400 098 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aacce 0323 K (Assessee) (Revenue) : & आयकर अपील सं./I.T.A. No.3576/Mum/2016 ("नधा"रण वष" / Assessment Year: 2011-12) Acit – 3(1)(2), M/S. Edel Commodities Limited बनाम/ Room No. 607, 6Th Floor, Edelweiss House, Off Cst Road, Aayakar Bhavan, Mumbai-400 020 Kalina, Santacruz, Mumbai-400 098 Vs. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aacce 0323 K (Revenue) : (Assessee) अपीलाथ" क" ओर से / Appellant By : Shri Vijay Mehta ""यथ" क" ओर से/Respondent By : Shri Ram Tiwari सुनवाई क" तार"ख / : 22.01.2018 Date Of Hearing घोषणा क" तार"ख / : 06.04.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: These Are Cross Appeals By The Assessee & The Revenue Arising Out Of The Order Of The Ld. Commissioner Of Income Tax (Appeals) Dated 15.2.2016 & Pertain To The Assessment Year 2011-12. M/S. Edel Commodities Limited Assessee’S Appeal

…ation business of current year. Furthermore, we note that the Hon’ble Calcutta High Court in the case of New India Investment Corporation Ltd. (supra) while referring to the Hon’ble Bombay High Court decision in the case of Navnitlal Ambalal vs. CIT [1976] 105 ITR 735 (Bom.) and also by referring to the afore-said CBDT Circular have held as under: It is thus clear from this circular that if speculation losses for the earlier years are carried forward and if in the year of account a speculation profit is earned by the assessee then the circular provides that such speculation profits for the accounting year sho…

R. Kundan & Co., Mumbai vs. ITO WD 14(3)(2), Mumbai

Bench: Shri Joginder Singh & Shri Rajesh Kumar

…issued in exercise of the statutory power under Section 119 of the Act or under corresponding provisions of the predecessor Act are binding on the authorities in the administration of the Act." Navnit Lal C. Javeri 56 ITR 198 (SC), Navnit Lal Amba Lal vs. CIT 105 ITR 735 (Born.), Dattatraya Gopal Shette vs. CIT 150 ITR 460 (Born.), CIT V. T.V. RAMANAIAB & SONS (1986) 157 ITR 300, 307 (A.P) Circulars are binding on all Officers and persons employed in the execution of the Income Tax Act. Even if the Circular may 32 Mr. Binod Kumar Singh amount to a deviation of a point to law conferring benefit to a assessee the…