Reliance Utility and Powers Ltd. v. CIT

312 ITR 340High Court#24563 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2019 to 2021.

Judgments citing Reliance Utility and Powers Ltd. v. CIT

M/S. D.KHUSHALBHAI JEWELLERS,,SURAT vs. ASSTT. COMMISSIONER OF INCOME TAX,, SURAT

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 822/AHD/2015[2010-11]Status: DisposedITAT Surat13 May 2021AY 2010-11

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita No.822/Ahd/2015 ("नधा"रणवष" / Assessment Years: (2010-11) (Virtual Court Hearing) M/S. D. Khushalbhai Jewellers, Vs. The Acit, Circle-3, 1, Khandwala Estate, Parle Point, Surat. Surat. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabfd7547G (Assessee) (Respondent)

For Appellant: Shri Mehul Patel, ARFor Respondent: Ms Usha Shrote, Sr. DR

Section 143(3)Section 40

…s to the tune of Rs.6,95,47,723/- (vide pb-3) and total interest free advance given to Rajesh Vaishnav is Rs.15,00,000/- vide paper book page no.10. Therefore, applying the ratio laid by the Hon’ble Bombay High Court in Reliance Utility and Powers Ltd. vs CIT 312 ITR 340 (Bom.) wherein their lordship held where the assessee is possessed of mixed funds which includes its own funds in sufficient quantity, the presumption that its own funds were utilized for the advances is to be drawn. We note that the Ld. CIT(A) has not appreciated the fact that the assessee had its own funds is to the tune of Rs. Rs.6,95,47,723/-…

ACIT, CC-3(2), KOLKATA , KOLKATA vs. M/S. SNOWTEX INVESTMENT LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

ITA 1799/KOL/2017[2012-13]Status: DisposedITAT Kolkata27 Feb 2019AY 2012-13

Bench: Shri A. T. Varkey, J.M. & Dr.A.L.Saini, A.M.) Asstt. Year : 2012-13 A.C.I.T, Cc-3(2), Kolkata Vs M/S. Snowtex Investment Ltd. Pan: Aaecs 0334C (Assessee/Department) (Respondent/Assessee)

For Appellant: Shri S.K. Tulsiyan, Sr. Advocate, ld.ARFor Respondent: Shri Radhey Shyam, CIT, ld.DR

Section 143(3)Section 14ASection 2(24)(x)Section 36Section 36(1)(va)Section 43B

…e entire outstanding amount of Rs.31,00,67,000/- was received by the assessee during the year as interest free advances from BMA Wealth Creator Ltd. Therefore, applying the ratio laid by the Hon’ble Bombay High Court in Reliance Utility and Powers Ltd. vs CIT 312 ITR 340 (Bom.) wherein their lordship held where the assessee is possessed of mixed funds which includes its own funds in sufficient quantity, the presumption that its own funds were utilized for the advances is to be drawn. We note that the Ld. CIT(A) has not appreciated the fact that the assessee had its own interest free funds which were received by t…

M/S. LMJ SERVICES LIMITED,KOLKATA vs. DCIT, CIRCLE - 8, KOLKATA, KOLKATA

In the result, the appeal of assessee is partly allowed

ITA 1620/KOL/2017[2010-11]Status: DisposedITAT Kolkata15 Feb 2019AY 2010-11

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

Section 14A

…n funds to the tune of Rs. 9,26,88,324/- and the assessee has given interest free advance to its sister concern only to the tune of Rs. 80,78,612/-. Therefore, applying the ratio laid by the Hon’ble Bombay High Court in Reliance Utility and Powers Ltd. vs CIT 312 ITR 340 (Bom.) wherein their lordship held where the assessee is possessed of mixed funds which includes its own funds in sufficient quantity, the presumption that its own funds were utilized for the advances is to be drawn. We note that the Ld. CIT(A) has not appreciated the fact that the assessee had its own funds is to the tune of Rs. 9.26 crores and…