Paharpur Cooling Towers Ltd. v. Deputy Commissioner

85 ITD 745Income Tax Appellate Tribunal2003#18351 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 348,615 Indian tax judgments — from 2018 to 2025.

Sections most often in play

Section 147Section 148Section 148BSection 115BBESection 132Section 132(4)Section 132ASection 133A

Issues it is cited on

notice under section 148section 148section 143companysection 14section 143(3)business

Judgments citing Paharpur Cooling Towers Ltd. v. Deputy Commissioner

Homelife Buildcon Private Limited, Sunview Enclave, Ayali Kalan, Ludhiana, Punjab vs. Smt. Samandeep Kaur DCIT-Central Circle-1, Ludhiana, Punjab

In the result, Revenue appeal is dismissed and appeal filed by the assessee is allowed

ITA 880/CHANDI/2024[2021-2022]Status: DisposedITAT Chandigarh17 Jul 2025AY 2021-2022

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY, AM आयकर अपील सं. / ITA No. 880/Chd/2024 निर्धारण वर्ष / Assessment Year : 2021-22 Homelife Buildcon Private Limited Sunview Enclave, Ayali Kalan, Ludhiana, Punjab-142027 स्थायी लेखा सं./PAN NO: AABCH5690M अपीलार्थी/Appellant बनाम The DCIT Central Circle-1 Ludhiana, Punjab प्रत्यर्थी/Respondent आयकर अपील सं. / ITA No. 1036/Chd/2024 निर्धारण वर्ष / Assessment Year : 2021-22 बनाम Homelife Buildcon Private Limited Sunview Enclave, Ayali

For Appellant: Shri Sudhir Sehgal, Advocate and Shri Rohit Kapoor, C.AFor Respondent: Shri Manav Bansal, CIT, DR
Section 115BSection 153D

…by that specific provision and not by any general provision. Reliance in this respect is placed on the following judgments: Gopal Das Gupta v. Union of India[1971] 80 ITR 200 (CAL.)  Paharpur Cooling Towers Ltd. v. Deputy Commissioner of  Income-tax, [2003] 85 ITD 745 (KOL.) (iv) Applicability of Section 148; Explanation 2 to the Assessment Year Preceding the Search Year. i. It is reiterated that the search in the case of the assessee was carried out on December 8, 2021, which falls in FY 2021-22. Hence, the search year in the instant case is AY 2022-23. It is further submitted that the case under consideratio…

Deputy Commissioner of Income Tax, Central Circle-1, Ludhiana vs. Homelife Buildcon Pvt. Ltd., Ludhiana

In the result, Revenue appeal is dismissed and appeal filed by the assessee is allowed

ITA 1036/CHANDI/2024[2021-22]Status: DisposedITAT Chandigarh17 Jul 2025AY 2021-22

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY, AM आयकर अपील सं. / ITA No. 880/Chd/2024 निर्धारण वर्ष / Assessment Year : 2021-22 Homelife Buildcon Private Limited Sunview Enclave, Ayali Kalan, Ludhiana, Punjab-142027 स्थायी लेखा सं./PAN NO: AABCH5690M अपीलार्थी/Appellant The DCIT Central Circle-1 Ludhiana, Punjab प्रत्यर्थी/Respondent आयकर अपील सं. / ITA No. 1036/Chd/2024 निर्धारण वर्ष / Assessment Year : 2021-22 Homelife Buildcon Private Limited Sunview Enclave, Ayali Kalan, Lu

For Appellant: Shri Sudhir Sehgal, Advocate and Shri Rohit Kapoor, C.AFor Respondent: Shri Manav Bansal, CIT, DR
Section 115BSection 153D

…by that specific provision and not by any general provision. Reliance in this respect is placed on the following judgments: Gopal Das Gupta v. Union of India[1971] 80 ITR 200 (CAL.)  Paharpur Cooling Towers Ltd. v. Deputy Commissioner of  Income-tax, [2003] 85 ITD 745 (KOL.) (iv) Applicability of Section 148; Explanation 2 to the Assessment Year Preceding the Search Year. i. It is reiterated that the search in the case of the assessee was carried out on December 8, 2021, which falls in FY 2021-22. Hence, the search year in the instant case is AY 2022-23. It is further submitted that the case under consideratio…

Gdk Jewels Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, appeal of the assessee is allowed in part

ITA 3503/DEL/2015[2010-11]Status: DisposedITAT Delhi03 Jun 2021AY 2010-11

Bench: Shri G.S. Pannu, Hon’Ble & Shri K.Narasimha Chary

Section 143(3)Section 14ASection 73Section 80G

…may deemed to be carrying on a speculative business to the extent to which the business consists of the purchase and sales of such shares. He placed reliance on the decision of a coordinate Bench of the Tribunal in the case of PaharpurCooling Towers vs. DCIT 85 ITD 745 in support of this contention. He has drawn our attention to the computation of income for the assessment years 2008-09, 2009-10 and also for this assessment year 2010-11, besides the relevant portions of the trading and Profit and Loss Account (P&L Account) for these years to show the treatment given by the assessee to the business of dealing in…

DCIT, Cir-10(1), Kolkata vs. M/S. Lucky Gold Star Company Ltd., Kolkata

In the result, Revenue’s appeal is dismissed

ITA 1382/KOL/2016[2013-14]Status: DisposedITAT Kolkata20 Apr 2018AY 2013-14

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 143(3)Section 2(24)(x)Section 36(1)(va)Section 37

…ave considered the submissions of the AR of the appellant. I find that ITT Kolkata Bench in the case of Paharpur Cooling Tower Ltd. vs. DCIT ITA No.1381-82/Kol/2016 A.Ys 21-13 & 13-14 DCIT, Cir-10(1), Kol. Vs. M/s Lucky Godl Star Co. Ltd. Page 13 reported in 85 ITD 745 (Kol) decided similar dispute in favour of Revenue and against the taxpayer at para 17 of the order. It was held that thrust of the provisions under Explanation to Section 73 was on the nature of business rather than nature of transactions. It is thus immaterial as to whether profit arose on account of sale and purchase of shares but to the extent…

DCIT, Cir-10(1), Kolkata vs. M/S. Lucky Gold Star Company Ltd., Kolkata

In the result, Revenue’s appeal is dismissed

ITA 1381/KOL/2016[2012-13]Status: DisposedITAT Kolkata20 Apr 2018AY 2012-13

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 143(3)Section 2(24)(x)Section 36(1)(va)Section 37

…ave considered the submissions of the AR of the appellant. I find that ITT Kolkata Bench in the case of Paharpur Cooling Tower Ltd. vs. DCIT ITA No.1381-82/Kol/2016 A.Ys 21-13 & 13-14 DCIT, Cir-10(1), Kol. Vs. M/s Lucky Godl Star Co. Ltd. Page 13 reported in 85 ITD 745 (Kol) decided similar dispute in favour of Revenue and against the taxpayer at para 17 of the order. It was held that thrust of the provisions under Explanation to Section 73 was on the nature of business rather than nature of transactions. It is thus immaterial as to whether profit arose on account of sale and purchase of shares but to the extent…

Paharpur Cooling Towers Ltd. v. Deputy Commissioner (85 ITD 745) — Cited in 5 Judgments | BharatTax