Poona Electricity Supply Co. Ltd. v. CIT

3 SCR 818Reported decision1965#20491 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2019 to 2024.

Sections most often in play

Section 14 Section 147 Section 148 Section 150 Section 2(47)Section 256(1)Section 37(1)Section 56

Judgments citing Poona Electricity Supply Co. Ltd. v. CIT

ACIT, CENTRAL CRCLE-18, NEW DELHI vs. SHIMMER DEVELOPERS P.LTD, NEW DELHI

In the result, appeal of the Revenue is dismissed

ITA 1497/DEL/2018[2011-12]Status: DisposedITAT Delhi21 Oct 2024AY 2011-12

Bench: Pradip Kumar Kedia & Shri Anubhav Sharma

Section 132Section 143(3)Section 147Section 150Section 68

…tion of imputed income is expressly provided for in the ITA. On other occasions, courts have uniformly supported the stance that taxation of notional income is impermissible. As highlighted by the Supreme Court in Poona Electric Supply Co. Ltd. v. CIT, (1965) 3 SCR 818, 20, this reasoning postulates that "income-tax is a tax on the real income, ie, the profits arrived at on commercial principles subject to the provisions of the Income-tax Act. Subsequently, the Orissa High Court in CIT v. Prafulla Kumar Malik, AIR 1969 Ori 187, 10 emphasized that income tax is imposed only on "profits he actually receives and not…

M/S SITARAM JINDAL FOUNDATION vs. THE ADDL. DIRECTOR OF

Appeal is allowed

ITA/744/2018HC Karnataka10 Feb 2023

Bench: P.S.DINESH KUMAR,T.G. SHIVASHANKARE GOWDA

Section 11Section 11(5)Section 260Section 43(5)

…siness. That cannot be done without deducting the losses and the legitimate expenses of the business...” There is, thus, a clear distinction between deductions made for ascertaining real profits and thereafter distributions made out of profits. 11 (1965) 3 SCR 818 12 (1972) 4 SCC 402. The distribution would be application of income. There is also a distinction between real profits ascertained on commercial principles and profits fixed by a statute for a specific purpose. Income tax is a tax on real income.” 13. Thus, what is taxable is the real income. If the AO’s view is to be accepted, it would lea…

NATIONAL CO-OPERATIVE DEVELOPMENT CORPORATION vs. COMMISSIONER OF INCOME TAX-V, DELHI

C.A. No.-005105-005105 - 2009Supreme Court11 Sept 2020

Bench: HON'BLE MR. JUSTICE SANJAY KISHAN KAUL

Section 12Section 12ASection 12BSection 13Section 13(1)Section 24Section 9

…cannot be done without deducting the losses and the legitimate expenses of the business...” There is, thus, a clear distinction between deductions made for ascertaining real profits and thereafter distributions made out of profits. 11 (1965) 3 SCR 818 12 (1972) 4 SCC 402 31 The distribution would be application of income. There is also a distinction between real profits ascertained on commercial principles and profits fixed by a statute for a specific purpose. Income tax is a tax on real income. 39. We may also note that even though in the own view of the appellant-Corporat…

M/S. APNA SAPNA,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, BANGALORE

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 454/BANG/2017[2007-2008]Status: DisposedITAT Bangalore15 Feb 2019AY 2007-2008

Bench: Shri Arun Kumar Garodia & Shri Pavan Kumar Gadaleassessment Year : 2007-08

For Appellant: Shri Nitish Ranjan, CAFor Respondent: Shri K. N. Dhandapani, JCIT (DR)

Section 143(3)Section 234BSection 263

…ly provided for in the Act. Various courts, over the years, have uniformly supported the instance that the taxation of notional income is impermissible. As highlighted by the Hon'ble Supreme Court in the case of Poona Electricity Supply Co. Ltd. vs CIT (1965) 3 SCR 818, this reasoning postulates that 'income tax is tax on real income, i.e. the profits arrived at on commercial principles subject to the provisions of the Income-tax Act.' Subsequently, the Hon'ble Orissa High Court in CIT vs. Prafulla Kumar Malik AIR 1969 Ori 187 emphasized that income tax is imposed only on "profits he actually receives and not on…