PEERLESS GENERAL FINANCE AND INVESTMENT CO. LTD. v. CIT

202 ITR 354High Court#13719 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2015 to 2022.

Judgments citing PEERLESS GENERAL FINANCE AND INVESTMENT CO. LTD. v. CIT

The JCIT(OSD), Circle-2(2), Ahmedabad vs. The General Co. Op. Bank Ltd., Ahmedabad

In the result, appeals filed by the Revenue are dismissed

ITA 373/AHD/2020[2013-14]Status: DisposedITAT Ahmedabad05 Aug 2022AY 2013-14

Bench: The Tribunal. The Appeal Is Filed Before The Tribunal On 26.06.2020 Whereas The Appeals Ought To Have Been Filed On Or Before 23.05.2020 This Period Falls Under Covid-Pandemic Situation, Thus Following Hon’Ble Supreme Court Judgment Dated 23.3.2020 In Suo Moto Writ Petition (Civil) No.3 Of 2020, Vide Hon’Ble Supreme Court Has Extended Time Limit For Filing Appeals W.E.F. 15.3.2020. Thus, There Is No Delay In Filing The Above Appeals & Accordingly The Appeals Are Taken For Adjudication On Merits.

For Appellant: Shri A.P. Singh, CIT/DR &For Respondent: Shri A.P. Nanavaty, A.R

Section 143Section 143(3)Section 147Section 21(2)Section 263

…carry forward of business losses u/s. 72(1) of the I.T. Act,1961 and such legal situation has been upheld in the case of PEERLESS GENERAL FINANCE AND INVESTMENT CO. LTD. V/S. CIT (2015 378 ITR 718 (CAL) as well as CIT V/S. BRITISH INSULATED CALENDER'S LIMITED 202 ITR 354 (BOMBAY) AND ACIT V/S. SANJAY BAIRATHI GEMS LTD 84 TAXMANN.COM 138 (JAIPUR). Under the I.T.A Nos. 373 & 374/Ahd/2020 A.Y. 2013-14 & 2011-12 Page No 5 circumstances, we agree with the submission of assessee for setoff of loss against current year income and assessee shall not have right of carry forward of business loss u/s. 72(1) of the I.T. Act…

Shree Laxmi Co. Op. Bank Ltd, Ahmedabad vs. The Pr. CIT, Ahmedabad-5, Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 597/AHD/2019[2014-15]Status: DisposedITAT Ahmedabad23 Nov 2021AY 2014-15

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 596/Ahd/2019 िनधा"रण वष"/Asstt. Years: 2014-15

For Appellant: Shri A.P. Nanavaty, A.RFor Respondent: Shri Aarsi Prasad, CIT.D.R

Section 143(3)Section 72

…r carry forward of business losses u/s. 72(1) of the IT.act,1961 and such legal situation has been upheld in the case of PEERLESS GENERAL FINANCE AND INVESTMENT CO. LTD. V/S. CIT (2015 378 ITR 718 (CAL) as well as CIT V/S. BRITISH INSULATED CALENDER'S LIMITED 202 ITR 354 (BOMBAY) AND ACIT V/S. SANJAY BASRATHI GEMS LTD 84 TAXMANN.COM 138 (JAIPUR). Under the circumstances, we agree with the submission of assessee for setoff of loss against current year income and assessee shall not have right of carry forward of business loss u/s. 72(1) of the I.T. act, 1961. While considering alternative plea of diversion of incom…

The Pragati Co. Op. Bank Ltd, Ahmedabad vs. The Pr. CIT, Ahmedabad-5, Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 596/AHD/2019[2014-15]Status: DisposedITAT Ahmedabad23 Nov 2021AY 2014-15

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 596/Ahd/2019 िनधा"रण वष"/Asstt. Years: 2014-15

For Appellant: Shri A.P. Nanavaty, A.RFor Respondent: Shri Aarsi Prasad, CIT.D.R

Section 143(3)Section 72

Tata Motors Ltd, Mumbai vs. DCIT Ltu 2, Mumbai

In the result, appeal of the assessee is allowed

ITA 3425/MUM/2019[2012-13]Status: DisposedITAT Mumbai05 Mar 2021AY 2012-13

Section 115BSection 143(3)Section 2(47)Section 263Section 71

…ically pointed out that in respect of taxability of foreign dividend u/s.115BBD of the Act, the order was passed by the ld. AO in conformity with the decision of the Hon‟ble Jurisdictional High Court in the case of British Insulated Calendar Ltd., reported in 202 ITR 354. 3.6. We find that the assessee had duly pointed out before the ld. PCIT that the twin conditions which are Sine-Qua-Non for invoking revisionary jurisdiction u/s.263 of the Act i.e. (a) the order passed by the ld. AO must be erroneous AND b) The said order should be prejudicial to the interest of the Revenue, are not satisfied in the instant cas…

Tata Motors Ltd, Mumbai vs. DCIT Ltu 2, Mumbai

ITA 3424/MUM/2019[2013-14]Status: DisposedITAT Mumbai06 Mar 2020AY 2013-14

Bench: Shri C. N. Prasad, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 3424/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2013-14)

For Appellant: Shri Raja Vora & Shri NikhilFor Respondent: Shri R. Manjunatha Swamy, DR

Section 1Section 11Section 115BSection 115JSection 119Section 142(1)Section 143(3)Section 234BSection 244ASection 263

…ill set-off of such loss is permissible as per the provisions of section 71 of the Act. 4.8. In this regard, we would like to draw your Honour's kind attention to the decision of the Hon'ble Bombay High Court in the case of British Insulated Calenders' Ltd. (202 ITR 354) (refer Exhibit H of Case Laws Compilation'), wherein it has been held that though dividend income was taxable at concessional rate of tax, the assessee is liable to first set off its loss under one head of income against income from other head of income u/s. 71 of the Act and only the balance loss available after set-off is allowed to be carried…

DCIT, Circle-3(2), Ahmedabad vs. The Janta Commercial Co. Op. Bank Ltd., Ahmedabad

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

ITA 538/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad17 Jan 2020AY 2013-14

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadआयकर अपील सं./I.T.A. No. 538/Ahd/2018 ("नधा"रण वष" / Assessment Year : 2013-14)

For Appellant: Shri N. K. Goel, Sr. D.R

Section 139(3)

…r carry forward of business losses u/s. 72(1) of the IT.act,1961 and such legal situation has been upheld in the case of PEERLESS GENERAL FINANCE AND INVESTMENT CO. LTD. V/S. CIT (2015 378 ITR 718 (CAL) as well as CIT V/S. BRITISH INSULATED CALENDER'S LIMITED 202 ITR 354 (BOMBAY) AND ACIT V/S. SANJAY BASRATHI GEMS LTD 84 TAXMANN.COM 138 (JAIPUR). Under the circumstances, we agree with the submission of assessee for setoff of loss against current year income and assessee shall not have right of carry forward of business loss u/s. 72(1) of the I.T.act, 1961. While considering alternative plea of diversion of income…

Creative Textile Mills P.Ltd, Mumbai vs. Asst CIT Cir 6(2), Mumbai

ITA 7480/MUM/2013[2005-06]Status: DisposedITAT Mumbai28 Oct 2015AY 2005-06

Bench: Shri R.C.Sharma & Shri Pawan Singhassessment Year: 2005-06 Creative Textile Mills Pvt. Ltd., Acit- Circle 6(2), 211, Cama Industrial Estate, Aayakar Bhavan, M.K.Road, Sun Mill Compound, Lower Mumbai-400020 Vs. Parel, Mumbai-400013 Pan: Aaccc0812F (Appellant) (Respondent)

For Respondent: Shri Satyapal Kumar (DR)

Section 154Section 250Section 71(1)

…which there may be conceivably two opinions. A decision on a debatable point of law is not a mistake apparent from the record’.’ The Ld AR further relied upon the cases of CIT vs. Victoria Mills Ltd. [153 ITR 733], CIT vs. British Insulated Calender’s Ltd. [202 ITR 354], Addl. Second ITO vs. C.J. Shah [10 ITD 151 (TM) and DCIT vs. Shri Harshavardan Himatsingka [ITA No. 1333 to 1335/Kol/2012] (Bom. High Court). 6. In DCIT (Kol.) vs. Harshavardan Himatsingka , it was held that the order passed by the AO u/s 154 of the Act adjusting the business loss against capital gain in terms of provisions of section 71(1)…