New Commercial Mills Co. Ltd. v. Dy. CIT

73 TTJ 893Income Tax Appellate Tribunal2001#18233 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2022.

Judgments citing New Commercial Mills Co. Ltd. v. Dy. CIT

The ACIT, Central-1, Indore vs. M/S Surya Infra Venture Pvt. Ltd., Indore

In the result ground no.2 raised by the revenue stands dismissed

ITA 233/IND/2021[2013-14]Status: DisposedITAT Indore01 Dec 2022AY 2013-14

Bench: Ms. Madhumita Roy & Shri B.M. Biyani(Conducted Through Virtual Court) Assessment Year: 2013-14 Acit(Central)-1 Surya Infraventures Pvt. Indore Ltd. Nanda Nagar, Indore बनाम/ Vs. (Appellant / Revenue) (Respondent / Appellant) Pan: Aadca 4235 D Assessee By Shri S.N. Agrawal & Shri Bhavesh Agrawal, Ars Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 15.09.2022 Date Of Pronouncement 01.12.2022

Section 143(2)Section 143(3)Section 41(1)

…ra) which was also relied upon by Ld. CIT(A) while granting relief to the assessee. Some other decisions relied upon by Ld. AR are as under: (i) Uttam Air Products (P) Ltd. Vs. DCIT 99 TTJ 718 (ITAT, Delhi) (ii) New Commercial Mills Co. Ltd. Vs. DCIT (2001) 73 TTJ 893 (ITAT, Ahmedabad) (iii) J.R. Organics Ltd. Vs. ACIT (2009) 122 TTJ 887 (ITAT, Lucknow) (iv) ACIT Vs. Popular Vehicles & Services Ltd. (ITAT, Coachin) Ld. AR submitted that in these decisions, it has been loudly held that section 41(1) cannot be applied unless the liability is actually written off in books of account or the Ld. AO brings some ta…

Shri Farsuram Ratilal Bhamwala, Bharuch vs. The Income Tax Officer, Ward-1, Bharuch

In the result, the appeal of the assessee is allowed

ITA 1935/AHD/2014[2009-10]Status: DisposedITAT Surat14 Feb 2020AY 2009-10

Bench: The Ld. Cit(A) & Ld. Cit(A) After Considering The Case Of Both The Parties Dismissed The Appeal Filed By The Assessee.

For Appellant: Shri Rasesh Shah, A.RFor Respondent: Ms. Anupma Singla, Sr. D.R

Section 234BSection 274Section 41(1)

…Eicher Mother Ltd. v. Dy. CIT 82 TTJ 61(Ind) Subsisting liability-Since the amounts were payable and had not been waived off by the creditors, the provisions of s. 41(1) were not applicable to the facts of the case. b. New Commercial Mills Co. Ltd. v. Dy. CIT 73 TTJ 893 (Ahd 'C') In the absence of any cogent reason and material to come to conclusion that the liabilities outstanding for 10 to 15 years have ceased in the year under consideration same could not be charged to tax u/s 41(1). c. CIT v.Tamilnadu Warehousing Corpn. 292 ITR 310 (Mad) Remission of liability - Amount shown as liability in balance -sheet - N…

The ITO, Ward- 1(2), Bhavnagar vs. M/S. Alcock Ashdown Gujarat Ltd., Bhavnagar

In the result, the appeal filed by the Revenue is dismissed

ITA 615/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad25 Feb 2019AY 2011-12

Bench: Shri Amarjit Singh & Ms Madhumita Royअपील सं./Ita No.615/Ahd/2016 &"नधा"रण वष"/Asstt. Year:2011-2012

For Respondent: Shri L.P. Jain, Sr.D.R

Section 41(1)

…nted by the creditors then the same cannot be treated as ceased liabilities as also decided by the Hon’ble Apex Court in the case of Gujarat High Court Vs. Silver Cotton Ltd and Co-ordinate of Bench of ITAT in the case of New Commercial Mills Limited Vs. DCIT 73 TTJ 893. The ratio of the judgments was followed by the Ld.CIT(A). Remission of liabilities only arises when the creditors voluntarily be give up the claim and the liability ceased to exist in the eye of Law and thus the Ld.CIT(A) ultimately deleted the addition as made by the Ld.AO. 4.3 In the light of the above discussion we do not find any infirmity i…

Sh. Lok Nath Narang, Prop, New Delhi vs. ITO, Gurgaon

ITA 6708/DEL/2014[2009-10]Status: DisposedITAT Delhi03 Jan 2019AY 2009-10

Bench: Shri N. K. Billaiya & Ms Suchitra Kamblelok Nath Narang, Prop. Vs Ito C/O. M/S. Rra Tax India, Ward-2(1) D-28, South Extension, Part-I Gurgaon New Delhi Pan : Adrpn8014H

Section 133(6)Section 142(1)Section 143(1)Section 143(2)Section 234ASection 41(1)Section 68

…Therefore, viewed from any angle, the addition made by the Assessing Officer is liable to be deleted. The Ld. AR also relied upon the following direct decisions :- i. Uttant Air Products P Ltd vs DCIT 99 TTJ 718 (Del) ii. New Commercial Mills Co. Ltd vs DCIT 73 TTJ 893 (Ahd) iii. ABC India Ltd vs DCIT 57 TTJ 349(Gau) iv. CIT vs Sadul Textiles Ltd 167 ITR 634(Raj) v. CIT vs Pre Stressed Concrete P Ltd 162 ITR 314(Mad) The Ld. AR submitted that a plain reading of the assessment order would show that none of these three ingredients is available in the case of the assessee nor has it been proved by the Assessing Of…

Mackinnon Mackenzie & Co.Ltd, Mumbai vs. ITO 2(2)(3), Mumbai

In the result, the appeal of the assessee is allowed

ITA 2392/MUM/2012[2007-08]Status: DisposedITAT Mumbai11 May 2017AY 2007-08

Bench: Shri D.T.Garasia, Jm & Shri Rajesh Kumar, Am

For Appellant: Shri Hariom TulsyanFor Respondent: Shri Suman Kumar

Section 143(1)Section 143(2)Section 28Section 41(1)

…hese creditors were very old would not be justification to treat as income. 7. In defence of his arguments the ld.AR heavily relied upon the following case laws: i) CIT V/s Sugauli Sugar Works (P) Ltd (236 ITR 518)(SC) ii) New Commercial Mills Co Ltd V/s DCIT 73 TTJ 893(Ahd) iii) CIT V/s Vardhman Overseas Ltd reported at 343 ITR 408 (Del) The ld.AR finally prayed that it was unequivocally clear that the in the balance sheet these amounts were outstanding for many years and therefore cannot be treated as ceased liability under the provisions of section 41(1) of the Act specially when the assessee was the corporate…