Peerless General Finance and Investment Company Limited v. CIT

416 ITR 1Supreme Court of India2019#1955 most cited

What is Peerless General Finance and Investment Company Limited v. CIT authority for?

Subscription amounts received from the public at large under a collective investment scheme are in the nature of capital receipts and not income, and therefore, should be reduced while calculating the total income of the assessee.

59

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2026.

Also referred to as

Peerless General Finance and Investment Company Limited v. CIT · 416 ITR 1 · 73 Taxmann.com 258 · capital receipt · collective investment scheme · not income · subscription amount · total income calculation · Section 11 · Section 12 · Section 12A · Section 143(3)

Also reported as

73 Taxmann.com 258

Sections most often in play

Section 11Section 12Section 12ASection 143(3)

Issues it is cited on

section 142asection 150surrender of incomemat creditaccumulated profitsdisallowance under section 40(a)(ia)section 158bdsection 80icshell companysection 142(2a)section 2(22)retracted statement

Judgments citing Peerless General Finance and Investment Company Limited v. CIT

SHRI NARAYAN RAO HEBRI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

The appeal stands dismissed

ITA/166/2025HC Karnataka20 Feb 2026

Bench: S.G.PANDIT,K. V. ARAVIND

Section 115BSection 133ASection 143(2)Section 260Section 260A

…e-tax vs. K. Venkatesh Dutt, [2009] 319 ITR 331 (Karnataka) (xiv) Commissioner of Income-tax, Madras vs. V. Mr. P. Firm, Muar, [1965] 56 ITR 67 (SC) (xv) Peerless General Finance and Investment Co. Ltd. vs. Commissioner of Income Tax [2019] 416 ITR 1 (SC) (xvi) National Co-operative Development Corporation vs. Commissioner of Income Tax, Delhi-V, [2020] 427 ITR 288 (SC) (xvii)Commissioner of Income Tax vs. Sumitomo Corporation [2016] 382 ITR 75 (Delhi) 12. Section 139 of the I.T. Act provides for the filing of a return of income. In the event of any omission or error in the ret…

INCOME TAX OFFICER(E) WARD- 2(4), NEW DELHI, CIVIC CENTRE NEW DELHI vs. PRAKASH SEWA TRUST, PASCHIM VIHAR

ITA 4305/DEL/2024[2016-17]Status: DisposedITAT Delhi07 Jan 2026AY 2016-17

Bench: Shri Yogesh Kumar U.S. & Shri Manish Agarwal

Section 11Section 12ASection 143(3)

…Co Ltd vs ITO 106 ITR 1; Radhasoami Satsang vs CIT 193 ITR 321; CIT vs Excel Industries Ltd 358 ITR 295 (three judge bench); Shasun Chemical & Drugs Lid vs CIT 388 ITR 1; Godrej & Boyce Manufacturing Company Ltd vs DCIT 394 ITR 449; PCIT vs Maruti Suzuki ltd 416 ITR 1). Nothing prevented revenue to hold in purchase year and later on that assessee trust has not bonafidely purchased held subject immovable property for "charitable" purposes of trust. Having missed though out, to take "impromptu" adverse decision in instant sale year is totally unsustainable 7. PROPOSITION 3: Ld. AO did not have any option but to ma…

SCOTT EDIL ADVANCE RESEARCH LABORATORIES AND EDUCATION LIMITED,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 857/CHANDI/2023[2016-17]Status: DisposedITAT Chandigarh03 Mar 2025AY 2016-17
Section 127Section 132Section 153ASection 153D

…{"clean_text": "आयकर अपीलीय अधिकरण, चंडीगढ़ पीठ, चंडीगढ़\nIN THE INCOME TAX APPELLATE TRIBUNAL\nDIVISION BENCH, ‘B’ CHANDIGARH\nBEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI KRINWANT SAHAY, ACCOUNTANT MEMBER\nआयकर अपील सं./ITA No. 579/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2017-18\n&\nआयकर अपील सं./ITA Nos. 582 to 584/CHD/2023\nनिर्धारण वर्ष / Assessment Years : 2014-15 to 2016-17\n&\nआयकर अपील सं./ITA No. 591/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2018-19\nMaxport India Pvt. Ltd.\nबनाम\nC/o Parikshit Aggarwal,\nChartered Accountant, H. No.\n3035, Sector 27D, Chandigarh-\n160019.\nDeputy Commissioner…

SCOTT EDIL ADVANCE RESEARCH LABORATORIES AND EDUCATION LIMITED,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 856/CHANDI/2023[2015-16]Status: DisposedITAT Chandigarh03 Mar 2025AY 2015-16
Section 127Section 132Section 153ASection 153D

…{ "clean_text": "आयकर अपीलीय अधिकरण, चंड़ीगढ़ पीठ, चंड़ीगढ़\nIN THE INCOME TAX APPELLATE TRIBUNAL\nDIVISION BENCH, 'B' CHANDIGARH\nBEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND\nSHRI KRINWANT SAHAY, ACCOUNTANT MEMBER\nआयकर अपील सं./ITA No. 579/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2017-18\n&\nआयकर अपील सं./ITA Nos.582 to 584/CHD/2023\nनिर्धारण वर्ष / Assessment Years : 2014-15 to 2016-17\n&\nआयकर अपील सं./ITA No. 591/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2018-19\nMaxport India Pvt. Ltd.\nC/o Parikshit Aggarwal,\nChartered Accountant, H. No.\n3035, Sector 27D, Chandigarh-\n160019.\nबनाम\nDeputy Commis…

SCOTT EDIL ADVANCE RESEARCH LABORATORIES AND EDUCATION LIMITED,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 845/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh03 Mar 2025AY 2017-18
Section 127Section 132Section 153ASection 153D

…{ "clean_text": "आयकर अपीलीय अधिकरण, चडीगढ़ पीठ, चडीगढ़\nIN THE INCOME TAX APPELLATE TRIBUNAL\nDIVISION BENCH, ‘B’ CHANDIGARH\nBEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND\nSHRI KRINWANT SAHAY, ACCOUNTANT MEMBER\nआयकर अपील सं./ITA No. 579/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2017-18\n&\nआयकर अपील सं./ITA Nos.582 to 584/CHD/2023\nनिर्धारण वर्ष / Assessment Years : 2014-15 to 2016-17\n&\nआयकर अपील सं./ITA No. 591/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2018-19\nMaxport India Pvt. Ltd.\nC/o Parikshit Aggarwal,\nChartered Accountant, H. No.\n3035, Sector 27D, Chandigarh-\n160019.\nबनाम\nDeputy Commissioner…

SCOTT EDIL ADVANCE RESEARCH LABORATORIES AND EDUCATION LIMITED,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 843/CHANDI/2023[2012-13]Status: DisposedITAT Chandigarh03 Mar 2025AY 2012-13
Section 127Section 132Section 153ASection 153D

…{ "clean_text": "आयकर अपीलीय अधिकरण, चंंडीगढ़ न्यायपीठ, चं Chandigarh\nIN THE INCOME TAX APPELLATE TRIBUNAL\nDIVISION BENCH, ‘B’ CHANDIGARH\nBEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND\nSHRI KRINWANT SAHAY, ACCOUNTANT MEMBER\nआयकर अपील सं./ITA No. 579/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2017-18\n&\nआयकर अपील सं./ITA Nos.582 to 584/CHD/2023\nनिर्धारण वर्ष / Assessment Years : 2014-15 to 2016-17\n&\nआयकर अपील सं./ITA No. 591/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2018-19\nMaxport India Pvt. Ltd.\nC/o Parikshit Aggarwal,\nChartered Accountant, H. No.\n3035, Sector 27D, Chandigarh-\n160019.\nस्थायी लेख…

SCOTT EDIL PHARMACIA LTD.,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 833/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh03 Mar 2025AY 2017-18
Section 127Section 132Section 153ASection 153D

…{ "clean_text": "आयकर अपीलीय अधिकरण, चंडीगढ़ पीठ, चंडीगढ़\nIN THE INCOME TAX APPELLATE TRIBUNAL\nDIVISION BENCH, ‘B’ CHANDIGARH\nBEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND\nSHRI KRINWANT SAHAY, ACCOUNTANT MEMBER\nआयकर अपील सं./ITA No. 579/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2017-18\n&\nआयकर अपील सं./ITA Nos.582 to 584/CHD/2023\nनिर्धारण वर्ष / Assessment Years : 2014-15 to 2016-17\n&\nआयकर अपील सं./ITA No. 591/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2018-19\nMaxport India Pvt. Ltd.\nC/o Parikshit Aggarwal,\nChartered Accountant, H. No.\n3035, Sector 27D, Chandigarh-\n160019.\nस्थायी लेखा सं./PAN NO:…

SCOTT EDIL PHARMACIA LTD.,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 832/CHANDI/2023[2016-17]Status: DisposedITAT Chandigarh03 Mar 2025AY 2016-17
Section 127Section 153D

…{"clean_text": "INCOME TAX APPELLATE TRIBUNAL\nDIVISION BENCH, ‘B’ CHANDIGARH \nBEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND \nSHRI KRINWANT SAHAY, ACCOUNTANT MEMBER \nआयकर अपी लसं./ITA No. 579/C HD /20 23 \nिनधारणवष / Assessment Year : 2017-18 \n& \nआयकर अपी लसं./ITA Nos. 582 to 584/C HD/ 2023 \nिनधारणवष / Assessment Years : 2014- 15 to 2016-17 \n& \nआयकर अपी लसं./ITA No. 591/CHD /2023 \nिनधारणवष / Assessment Year : 2018-19 \nMaxport India Pvt. Ltd.\nC/o Parikshit Aggarwal,\nChartered Accountant, H. No.\n3035, Sector 27D, Chandigarh\n160019.\nबनाम Deputy Commissioner of\nIncome-tax, Centre Circle-1,\nChandigarh.…

SCOTT EDIL PHARMACIA LTD.,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 829/CHANDI/2023[2013-14]Status: DisposedITAT Chandigarh03 Mar 2025AY 2013-14
Section 132Section 153A

…{ "clean_text": "आयकर अपीलीय अधिकरण, चंडीगढ़ न्यायपीठ, चंडीगढ़\nIN THE INCOME TAX APPELLATE TRIBUNAL \nDIVISION BENCH, ‘B’ CHANDIGARH \nBEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND \nSHRI KRINWANT SAHAY, ACCOUNTANT MEMBER \nआयकर अपील सं./ITA No. 579/CHD /2023 \nनिर्धारण वर्ष / Assessment Year : 2017-18 \n&\nआयकर अपील सं./ITA Nos.582 to 584/CHD/ 2023 \nनिर्धारण वर्ष / Assessment Years : 2014-15 to 2016-17 \n&\nआयकर अपील सं./ITA No. 591/CHD /2023 \nनिर्धारण वर्ष / Assessment Year : 2018-19\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMaxport India Pvt. Ltd.\nC/o Parikshit Aggarwal,\nChartered Accountant, H. No.\n3035, Sector 27D…

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

ITA 732/CHANDI/2023[2018-19]Status: DisposedITAT Chandigarh03 Mar 2025AY 2018-19
Section 132Section 153ASection 153D

…{ "clean_text": "आयकर अपीलीय अधिकरण, चण्डीगढ़ पीठ, चण्डीगढ़\nIN THE INCOME TAX APPELLATE TRIBUNAL\nDIVISION BENCH, ‘B’ CHANDIGARH\nBEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND\nSHRI KRINWANT SAHAY, ACCOUNTANT MEMBER\nआयकर अपीलसं./ITA No. 579/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2017-18\n&\nआयकर अपीलसं./ITA Nos.582 to 584/CHD/ 2023\nनिर्धारण वर्ष / Assessment Years : 2014-15 to 2016-17\n&\nआयकर अपीलसं./ITA No. 591/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2018-19\nMaxport India Pvt. Ltd.\nC/o Parikshit Aggarwal,\nChartered Accountant, H. No.\n3035, Sector 27D, Chandigarh-\n160019.\nस्थायी लेखासं./PAN NO:…

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

ITA 731/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh03 Mar 2025AY 2017-18
Section 127Section 132Section 153ASection 153D

…{"clean_text": "आयकर अपीलीय अधिकरण, चंड़ीगढ़ पीठ, चंड़ीगढ़\nIN THE INCOME TAX APPELLATE TRIBUNAL\nDIVISION BENCH, 'B' CHANDIGARH\nBEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND\nSHRI KRINWANT SAHAY, ACCOUNTANT MEMBER\nआयकर अपील सं./ITA No. 579/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2017-18\n&\nआयकर अपील सं./ITA Nos. 582 to 584/CHD/2023\nनिर्धारण वर्ष / Assessment Years : 2014-15 to 2016-17\n&\nआयकर अपील सं./ITA No. 591/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2018-19\nMaxport India Pvt. Ltd.\nबनाम\nC/o Parikshit Aggarwal,\nChartered Accountant, H. No.\n3035, Sector 27D, Chandigarh-\n160019.\nस्थायी लेखासं./PAN…

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

ITA 730/CHANDI/2023[2016-17]Status: DisposedITAT Chandigarh03 Mar 2025AY 2016-17
Section 127Section 132Section 153ASection 153D

…{ "clean_text": "आयकर अपीलीय अधिकरण, चडीगढ़ पीठ, चडीगढ़\nIN THE INCOME TAX APPELLATE TRIBUNAL\nDIVISION BENCH, ‘B’ CHANDIGARH\nBEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND\nSHRI KRINWANT SAHAY, ACCOUNTANT MEMBER\nआयकर अपील सं./ITA No. 579/CHD /2023\nनिर्धारण वर्ष / Assessment Year : 2017-18\n&\nआयकर अपील सं./ITA Nos.582 to 584/CHD/ 2023\nनिर्धारण वर्ष / Assessment Years : 2014-15 to 2016-17\n&\nआयकर अपील सं./ITA No. 591/CHD /2023\nनिर्धारण वर्ष / Assessment Year : 2018-19\nMaxport India Pvt. Ltd.\nC/o Parikshit Aggarwal,\nChartered Accountant, H. No.\n3035, Sector 27D, Chandigarh-\n160019.\nबनाम\nDeputy Commissio…

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

ITA 728/CHANDI/2023[2014-15]Status: DisposedITAT Chandigarh03 Mar 2025AY 2014-15
Section 127Section 132Section 153ASection 153D

…{ "clean_text": "आयकर अपीलीय अधिकरण, चंडीगढ़ पीठ, चंडीगढ़\nIN THE INCOME TAX APPELLATE TRIBUNAL\nDIVISION BENCH, ‘B’ CHANDIGARH\nBEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND\nSHRI KRINWANT SAHAY, ACCOUNTANT MEMBER\nआयकर अपील सं./ITA No. 579/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2017-18\n&\nआयकर अपील सं./ITA Nos.582 to 584/CHD/2023\nनिर्धारण वर्ष / Assessment Years : 2014-15 to 2016-17\n&\nआयकर अपील सं./ITA No. 591/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2018-19\nMaxport India Pvt. Ltd.\nC/o Parikshit Aggarwal,\nChartered Accountant, H. No.\n3035, Sector 27D, Chandigarh-\n160019.\nस्था.लेखा सं./PAN NO: A…

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

ITA 726/CHANDI/2023[2012-13]Status: DisposedITAT Chandigarh03 Mar 2025AY 2012-13

…{ "clean_text": "आयकर अपीलीय अधिकरण, चडीगढ़ न्यायपीठ, चडीगढ़\nIN THE INCOME TAX APPELLATE TRIBUNAL\nDIVISION BENCH, ‘B’ CHANDIGARH\nBEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND\nSHRI KRINWANT SAHAY, ACCOUNTANT MEMBER\nआयकर अपील सं./ITA No. 579/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2017-18\n&\nआयकर अपील सं./ITA Nos.582 to 584/CHD/2023\nनिर्धारण वर्ष / Assessment Years : 2014-15 to 2016-17\n&\nआयकर अपील सं./ITA No. 591/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2018-19\nMaxport India Pvt. Ltd.\nC/o Parikshit Aggarwal,\nChartered Accountant, H. No.\n3035, Sector 27D, Chandigarh-\n160019.\nस्था/PAN NO: AAICM…

MAXPORT INDIA PRIVATE LIMITED,CHANDIGARH vs. DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1,CHANDIGARH, CHANDIGARH

ITA 583/CHANDI/2023[2015-16]Status: DisposedITAT Chandigarh03 Mar 2025AY 2015-16
Section 127Section 132Section 153ASection 153D

…{ "clean_text": "आयकर अपीलीय अधिकरण, चडीगढ़ न्यायपीठ, चडीगढ़\nIN THE INCOME TAX APPELLATE TRIBUNAL\nDIVISION BENCH, ‘B’ CHANDIGARH\nBEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND\nSHRI KRINWANT SAHAY, ACCOUNTANT MEMBER\nआयकर अपीलसं./ITA No. 579/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2017-18\n&\nआयकर अपीलसं./ITA Nos.582 to 584/CHD/2023\nनिर्धारण वर्ष / Assessment Years : 2014-15 to 2016-17\n&\nआयकर अपीलसं./ITA No. 591/CHD/2023\nनिर्धारण वर्ष / Assessment Year : 2018-19\nMaxport India Pvt. Ltd.\nC/o Parikshit Aggarwal,\nChartered Accountant, H. No.\n3035, Sector 27D, Chandigarh-\n160019.\nबनाम\nDeputy Commission…

MAXPORT INDIA PRIVATE LIMITED,CHANDIGARH vs. DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1,CHANDIGARH, CHANDIGARH

ITA 582/CHANDI/2023[2014-15]Status: DisposedITAT Chandigarh03 Mar 2025AY 2014-15
Section 127Section 132Section 153ASection 153D

…{ "clean_text": "आयकर अपीलीय अधिकरण, चंड़ीगढ़ यपीठ, चंड़ीगढ़\nIN THE INCOME TAX APPELLATE TRIBUNAL\nDIVISION BENCH, ‘B’ CHANDIGARH\nBEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND\nSHRI KRINWANT SAHAY, ACCOUNTANT MEMBER\nआयकर अपील सं./ITA No. 579/CHD /2023\nनिर्धारण वर्ष / Assessment Year : 2017-18\n&\nआयकर अपील सं./ITA Nos.582 to 584/CHD/ 2023\nनिर्धारण वर्ष / Assessment Years : 2014-15 to 2016-17\n&\nआयकर अपील सं./ITA No. 591/CHD /2023\nनिर्धारण वर्ष / Assessment Year : 2018-19\nMaxport India Pvt. Ltd.\nC/o Parikshit Aggarwal,\nChartered Accountant, H. No.\n3035, Sector 27D, Chandigarh-\n160019.\nबनाम\nDeputy Commis…

SANJEEV AGGARWAL,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1 , CHANDIGARH

ITA 489/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh03 Mar 2025AY 2017-18
Section 132Section 153ASection 153D

…{ "clean_text": "आयकर अपीलीय अधिकरण, चंडीगढ़ पीठ, चंडीगढ़\nIN THE INCOME TAX APPELLATE TRIBUNAL\nDIVISION BENCH, ‘B’ CHANDIGARH\nBEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND\nSHRI KRINWANT SAHAY, ACCOUNTANT MEMBER\nआयकर अपील सं./ITA No. 579/CHD /2023\nनिर्धारण वर्ष / Assessment Year : 2017-18\n&\nआयकर अपील सं./ITA Nos.582 to 584/CHD/ 2023\nनिर्धारण वर्ष / Assessment Years : 2014-15 to 2016-17\n&\nआयकर अपील सं./ITA No. 591/CHD /2023\nनिर्धारण वर्ष / Assessment Year : 2018-19\nMaxport India Pvt. Ltd.\nC/o Parikshit Aggarwal,\nChartered Accountant, H. No.\n3035, Sector 27D, Chandigarh-\n160019.\nबनाम\nDeputy Commiss…

PR. COMMISSIONER OF INCOME-TAX-1 vs. M/S WINSOME TEXTILE INDUSTRIES LTD

Appeal stands dismissed accordingly

ITA/233/2022HC Punjab & Haryana05 Mar 2024

Bench: MR. JUSTICE SANJEEV PRAKASH SHARMA,MRS. JUSTICE SUDEEPTI SHARMA

…by the ITAT, and we do not find any reason to interfere. More so, as the amount received in such a manner has been treated as capital gain by the Supreme Court in the case of Peerless General Finance and Investment Company Ltd. vs. CIT reported in [2019] 416 ITR 1 (SC). Similar view has already been taken and followed by the ITAT. No interference is therefore warranted as no question of law is involved. 5. Appeal stands dismissed accordingly. 6. All pending applications also stand disposed of. (SANJEEV PRAKASH SHARMA) JUDGE (SUDEEPTI SHARMA) JUDGE March 05, 2024 Mohit goyal 1. W…

CITRUS CHECK INNS LTD.,MUMBAI vs. DCIT CENTRAL CIRCLE-2(1), MUMBAI

In the result, the appeal by the assessee for A

ITA 1018/MUM/2019[2015-16]Status: DisposedITAT Mumbai06 Sept 2023AY 2015-16

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Hiro Rai a/w Ms. Ritu PunjabiFor Respondent: Shri Manish Sareen
Section 250

…, should accordingly be reduced while calculating the total income of the assessee. 12. During the hearing, the learned AR placed reliance upon the decision of the Hon’ble Supreme Court in Peerless General Finance and Investment Company Limited vs CIT, [2019] 416 ITR 1(SC), wherein it was held that the subscription received from the public at large under a collective investment scheme is in the nature of capital receipt and not income. It is pertinent to note that in the facts of this case, the taxpayer had floated various schemes which require subscribers to deposit certain amounts by way of subscriptions in its…

CITRUS CHECK INNS LTD,MUMBAI vs. DCIT CENTRAL CIRCLE-2(1), MUMBAI

In the result, the appeal by the assessee for A

ITA 1017/MUM/2019[2014-15]Status: DisposedITAT Mumbai06 Sept 2023AY 2014-15

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Hiro Rai a/w Ms. Ritu PunjabiFor Respondent: Shri Manish Sareen
Section 250

…, should accordingly be reduced while calculating the total income of the assessee. 12. During the hearing, the learned AR placed reliance upon the decision of the Hon’ble Supreme Court in Peerless General Finance and Investment Company Limited vs CIT, [2019] 416 ITR 1(SC), wherein it was held that the subscription received from the public at large under a collective investment scheme is in the nature of capital receipt and not income. It is pertinent to note that in the facts of this case, the taxpayer had floated various schemes which require subscribers to deposit certain amounts by way of subscriptions in its…

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Peerless General Finance and Investment Company Limited v. CIT (416 ITR 1) — Cited in 59 Judgments | BharatTax