Punjab State Industrial Development v. CIT. Hon'ble Calcutta High Court

203 ITR 584High Court1993#23536 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2006 to 2025.

Sections most often in play

Section 143(3)Section 244ASection 35DSection 36(1)(iii)Section 37

Judgments citing Punjab State Industrial Development v. CIT. Hon'ble Calcutta High Court

Ags Transact Technologies Limited, Mumbai vs. DCIT Circle 6(1)(1), Aayakar Bhavan Mumbai

ITA 4653/MUM/2024[2020-2021]Status: DisposedITAT Mumbai17 Feb 2025AY 2020-2021

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2020-21 Ags Transact Technologies Dcit Circle 6(1)(1), Ltd., Aayakar Bhavan, Vs. 601-602, Trade World, B Wing Mumbai-400020. S.B. Marg, Lower Parel, Mumbai-400013. Pan No. Aaeca 0901 H Appellant Respondent

For Appellant: Mr. Dalpat ShahFor Respondent: 04/12/2024

…t expenditure due to the fact that, the end result is restructure of the is restructure of the capital base: a) Eskayef Limited (vs) DCIT, 71 ITD 419 ( Eskayef Limited (vs) DCIT, 71 ITD 419 (ITAT, Bombay) ITAT, Bombay) b) Union Carbide India Limited (vs) CIT, 203 ITR 584 (Cal.) Union Carbide India Limited (vs) CIT, 203 ITR 584 (Cal.) Union Carbide India Limited (vs) CIT, 203 ITR 584 (Cal.) c) CIT (vs) Kotak India Limited 253 /TR 445 (SC) CIT (vs) Kotak India Limited 253 /TR 445 (SC) In view of the above, I am of the considered view that, the In view of the above, I am of the considered view that, the In view of t…

Jk Tyre & Industries Limited, Kolkata vs. The DCIT, Cen. Cir-VI, Kolkata

ITA 371/KOL/2014[2004-05]Status: DisposedITAT Kolkata13 Jan 2017AY 2004-05

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

For Appellant: Shri D. S. Damle, CAFor Respondent: Shri Bani Brata Dutta, JCIT, Sr. DR
Section 143(3)Section 154Section 35D

…the expenditure is directly related to expansion of capital base. Similar view was taken by the Hon'ble Supreme Court in the case of Punjab State Industrial Development Vs. CIT. Hon'ble Calcutta High Court in the case of Union Carbide India Ltd. Vs. CIT(Cal) 203 ITR 584 and held that expenditure is capital in nature even if the additional share were allotted to maintain 2 J.K. Tyre & Industries Ltd. A.Y. 2004-05 capital base as per FERA requirement. Similar view was expressed by Calcutta High Court in the case of Avery India Ltd. Vs. CIT(Cal) 199 ITR 745. Therefore, it is clear from the above judicial pronounc…

Commnr. of Income Tax, Mumbai vs. M/S. General Insurance Corpn.of India

C.A. No.-004422-004422 - 2001Supreme Court25 Sept 2006
For Respondent: M/s General Insurance Corporation
Section 143Section 260Section 81

…pon in CIT vs. Motor Industries Co. Ltd., (1998) 229 ITR 137 of Karnataka High Court, in CIT vs. Ajit Mills Limited, (1994) 210 ITR 658, Gujrat Steel Tubes Ltd., vs. CIT, (1994) 210 ITR 358 of Gujarat High Court & Union Carbide India Ltd., vs. CIT, (1993) 203 ITR 584 of Calcutta High Court. As against this, learned senior counsel appearing for the respondent contends that undoubtedly increase in share capital by the issue of fresh shares leads to an inflow of fresh funds into the company expands or adds to, its capital employed resulting in expending its profit making apparatus, but THE ISSUE OF BONUS…