Peerless General Finance & Investment Co. Ltd. v. CIT

73 Taxmann.com 257Reported decision2016#4755 most cited

What is Peerless General Finance & Investment Co. Ltd. v. CIT authority for?

Depreciation is not admissible on leasehold rights when no payment was made for acquiring the lease and royalty has already been allowed as a deduction. Subscription and membership fees do not form part of revenue receipts.

25

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2021 to 2022.

Also referred to as

Peerless General Finance & Investment Co. Ltd. v. CIT · Peerless General Finance & Investment Company Ltd. vs CIT · Peerless General Finance & Investment Co. Ltd. v. CIT [2016] 73 taxmann.com 257 · section 32 · leasehold rights · depreciation on leasehold rights · royalty deduction · subscription fee · membership fee · revenue receipt

Also reported as

242 Taxmann 173309 CTR 321

Issues it is cited on

section 24asection 35esection 269uasection 75section 52interest under section 201(1a)section 32(1)(ii)commercial rightssection 192section 32(1)section 269enduring benefit

Judgments citing Peerless General Finance & Investment Co. Ltd. v. CIT

ITO Corporate Ward 3(2), Chennai vs. Ttg Industries Private Ltd., Chennai

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

ITA 1934/CHNY/2018[2006-07]Status: DisposedITAT Chennai27 Apr 2021AY 2006-07

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri G. Johnson, Addl. CITFor Respondent: Shri Saroj Kumar Parida, Advocate
Section 154Section 32

…which is beyond the eight year period mandated under the provisions of Section 32 of the Act. 5. The Revenue is before us by referring to the decision of the High Court of Calcutta in the case of Peerless General Finance & Investment Co. Ltd. Vs. CIT [(2016) 73 Taxmann.com 257) and submitting that an identical issue was considered by the Calcutta High Court wherein the assessee was not granted relief. It is further submitted that the said decision of the Calcutta High Court was tested for its correctness by the Hon'ble Supreme Court and the special leave petition filed against the judgment of the Calcutta High C…

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

…pellant society. The Bye Laws of the society should not be contrary to the Maharashtra State Co-operative Society Act, 1960. He also relied on the decision of the Hon’ble Supreme Court in the case of Peerless General Finance & Investment Company Ltd. vs. CIT, 309 CTR 321 in support of the contention that the subscription fee and the membership fee does not form part of the revenue receipt. 8. On the other hand, ld. Sr. DR vehemently opposed the submissions of the ld. Sr. Counsel of the appellant and submitted that the provisions of the Maharashtra State Co-operative Society Act, 1960 cannot be override the provis…

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

…pellant society. The Bye Laws of the society should not be contrary to the Maharashtra State Co-operative Society Act, 1960. He also relied on the decision of the Hon’ble Supreme Court in the case of Peerless General Finance & Investment Company Ltd. vs. CIT, 309 CTR 321 in support of the contention that the subscription fee and the membership fee does not form part of the revenue receipt. 8. On the other hand, ld. Sr. DR vehemently opposed the submissions of the ld. Sr. Counsel of the appellant and submitted that the provisions of the Maharashtra State Co-operative Society Act, 1960 cannot be override the provis…

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

…pellant society. The Bye Laws of the society should not be contrary to the Maharashtra State Co-operative Society Act, 1960. He also relied on the decision of the Hon’ble Supreme Court in the case of Peerless General Finance & Investment Company Ltd. vs. CIT, 309 CTR 321 in support of the contention that the subscription fee and the membership fee does not form part of the revenue receipt. 8. On the other hand, ld. Sr. DR vehemently opposed the submissions of the ld. Sr. Counsel of the appellant and submitted that the provisions of the Maharashtra State Co-operative Society Act, 1960 cannot be override the provis…

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

…pellant society. The Bye Laws of the society should not be contrary to the Maharashtra State Co-operative Society Act, 1960. He also relied on the decision of the Hon’ble Supreme Court in the case of Peerless General Finance & Investment Company Ltd. vs. CIT, 309 CTR 321 in support of the contention that the subscription fee and the membership fee does not form part of the revenue receipt. 8. On the other hand, ld. Sr. DR vehemently opposed the submissions of the ld. Sr. Counsel of the appellant and submitted that the provisions of the Maharashtra State Co-operative Society Act, 1960 cannot be override the provis…