Peerless General Finance and Investment Co. Ltd. v. Reserve Bank of India

75 Comp Cas 12Reported decision1992#16092 most cited
6

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2019 to 2025.

Sections most often in play

Section 143(3)Section 250

Judgments citing Peerless General Finance and Investment Co. Ltd. v. Reserve Bank of India

Shri Veershaiv Co. Op. Bank Ltd., Kolhapur vs. ACIT, Circle 2, Kolhapur

In the result, the appeal in ITA No

ITA 175/PUN/2025[2017-18]Status: DisposedITAT Pune09 Apr 2025AY 2017-18

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.175/Pun/2025 Assessment Year : 2017-18

For Appellant: Shri Pramod S. ShingteFor Respondent: Shri A.D. Kulkarni
Section 143(3)Section 250

…ITR page 641 in which the Division Bench followed Peerless 4 Shri Veershaiv Coop. Bank Ltd., General Finance and Investment Co. Limited (supra), and then held as follows: “In Peerless General Finance and Investment Co. Ltd. v. Reserve Bank of India (1992) 75 Comp Cas 12, the Supreme Court on similar facts held that the deposits were capital receipts and not revenue receipts (vide paragraphs 67 & 68 of the aforesaid judgment). That case also pertains to a finance company which used to collect deposits, and credited part of its deposits to the profit and loss account, as in the present case. Hence, the ratio of…

Shree Veershaiv Co.Op.Bank Ltd, Kolhapur vs. Income Tax Officer, Kolhapur

In the result, the appeal in ITA No

ITA 606/PUN/2017[2013-14]Status: DisposedITAT Pune12 Jan 2021AY 2013-14

Bench: Shri Inturi Rama Rao, Am & Shri Partha Sarathi Chaudhury, Jm Sl. No.

For Appellant: Shri M. K. KulkarniFor Respondent: Shri S. P. Walimbe
Section 143(3)Section 194CSection 40

…nt India Ltd., reported as Volume 266 ITR page 641 in which the Division Bench followed Peerless General Finance and Investment Co. Limited (supra), and then held as follows: “In Peerless General Finance and Investment Co. Ltd. v. Reserve Bank of India (1992) 75 Comp Cas 12, the Supreme Court on similar facts held that the deposits were capital receipts and not revenue receipts (vide paragraphs 67 & 68 of the aforesaid judgment). That case also pertains to a finance company which used to collect deposits, and credited part of its deposits to the profit and loss account, as in the present case. Hence, the ratio of…

Shree Veershaiv Co.Op.Bank Ltd, Kolhapur vs. Assistant Commissioner of Income Tax, Kolhapur

In the result, the appeal in ITA No

ITA 605/PUN/2017[2012-13]Status: DisposedITAT Pune12 Jan 2021AY 2012-13

Bench: Shri Inturi Rama Rao, Am & Shri Partha Sarathi Chaudhury, Jm Sl. No.

For Appellant: Shri M. K. KulkarniFor Respondent: Shri S. P. Walimbe
Section 143(3)Section 194CSection 40

…nt India Ltd., reported as Volume 266 ITR page 641 in which the Division Bench followed Peerless General Finance and Investment Co. Limited (supra), and then held as follows: “In Peerless General Finance and Investment Co. Ltd. v. Reserve Bank of India (1992) 75 Comp Cas 12, the Supreme Court on similar facts held that the deposits were capital receipts and not revenue receipts (vide paragraphs 67 & 68 of the aforesaid judgment). That case also pertains to a finance company which used to collect deposits, and credited part of its deposits to the profit and loss account, as in the present case. Hence, the ratio of…

Shree Veershaiv Co.Op.Bank Ltd, Kolhapur vs. Assistant Commissioner of Income Tax, Kolhapur

In the result, the appeal in ITA No

ITA 604/PUN/2017[2009-10]Status: DisposedITAT Pune12 Jan 2021AY 2009-10

Bench: Shri Inturi Rama Rao, Am & Shri Partha Sarathi Chaudhury, Jm Sl. No.

For Appellant: Shri M. K. KulkarniFor Respondent: Shri S. P. Walimbe
Section 143(3)Section 194CSection 40

…nt India Ltd., reported as Volume 266 ITR page 641 in which the Division Bench followed Peerless General Finance and Investment Co. Limited (supra), and then held as follows: “In Peerless General Finance and Investment Co. Ltd. v. Reserve Bank of India (1992) 75 Comp Cas 12, the Supreme Court on similar facts held that the deposits were capital receipts and not revenue receipts (vide paragraphs 67 & 68 of the aforesaid judgment). That case also pertains to a finance company which used to collect deposits, and credited part of its deposits to the profit and loss account, as in the present case. Hence, the ratio of…

Shree Veershaiv Co.Op .Bank Ltd, Kolhapur vs. Income-Tax Officer, Ward - 2(2), Kolhapur

In the result, the appeal in ITA No

ITA 2611/PUN/2017[2014-15]Status: DisposedITAT Pune12 Jan 2021AY 2014-15

Bench: Shri Inturi Rama Rao, Am & Shri Partha Sarathi Chaudhury, Jm Sl. No.

For Appellant: Shri M. K. KulkarniFor Respondent: Shri S. P. Walimbe
Section 143(3)Section 194CSection 40

…nt India Ltd., reported as Volume 266 ITR page 641 in which the Division Bench followed Peerless General Finance and Investment Co. Limited (supra), and then held as follows: “In Peerless General Finance and Investment Co. Ltd. v. Reserve Bank of India (1992) 75 Comp Cas 12, the Supreme Court on similar facts held that the deposits were capital receipts and not revenue receipts (vide paragraphs 67 & 68 of the aforesaid judgment). That case also pertains to a finance company which used to collect deposits, and credited part of its deposits to the profit and loss account, as in the present case. Hence, the ratio of…

The Peerless Gen.Fin and Investment Company Limited vs. Commnr. of Income Tax

The appeal is allowed

C.A. No.-001265-001265 - 2007Supreme Court09 Jul 2019

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

…REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 1265 OF 2007 THE PEERLESS GENERAL FINANCE AND INVESTMENT COMPANY LTD. APPELLANT(S) VERSUS COMMISSIONER OF INCOME TAX RESPONDENT(S) J U D G M E N T R.F. Nariman, J. 1) The question raised in this appeal is as to whether receipts of subscriptions in the hands of the assessee-Company for the previous years relevant to the assessment years 1985-86 and 1986- 97 should be treated as income and not capital receipts inasmuch as the assessee has in its books of accounts shown this sum as income. 2) The assessee-Compan…

Peerless General Finance and Investment Co. Ltd. v. Reserve Bank of India (75 Comp Cas 12) — Cited in 6 Judgments | BharatTax