S P Equipment and Services v. ACIT

33 DTR 265Reported decision2010#20520 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 348,615 Indian tax judgments — from 2017 to 2020.

Judgments citing S P Equipment and Services v. ACIT

Deccan Tobacco Company, Guntur vs. The Principal Commissioner of Income Tax(Central), Viskhapatnam

In the result, appeal of the assessee is allowed

ITA 139/VIZ/2020[2017-18]Status: DisposedITAT Visakhapatnam23 Nov 2020AY 2017-18

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.139/Viz/2020 (ननधधारण वर्ा/Assessment Year:2017-18) M/S Deccan Tobacco Company Vs. Pr.Commissioner Of Income Tax D.No.5-7-6-1/5, Brodipet (Central) Guntur Visakhapatnam [Pan : Aahfd1174H]

For Appellant: Shri M.V.Prasad, ARFor Respondent: Shri D.K.Sonowal. CIT, DR

Section 115BSection 132Section 142(1)Section 263Section 69

…ld by the CIT (A) as income from business. Similar view is also held in the following cases: 1. CIT vs S K Srigiri and Brothers (298 ITR 13), Kar. 2. DCIT vs V Ram Narayan Birla (482/JP/2015)dated 30.09.2016 In the case of S P Equipment and Services vs ACIT (33 DTR 265), the provision of Section 40(b) was also made applicable on the profits earned by the firm. In the case of M/s Choksi Hiralal Maganlal vs DClT (45 SOT 349), the ITAT has held that "in the in the instant case, excess stock found during the survey was not separately and clearly identifiable but it is part of mixed lots of stock found at the premise…

Dte Exports Private Limited, Guntur vs. The Principal Commissioner of Income Tax (Central), Visakhapatnam

In the result, appeal of the assessee is allowed

ITA 138/VIZ/2020[2017-18]Status: DisposedITAT Visakhapatnam23 Nov 2020AY 2017-18

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.138/Viz/2020 (ननधधारण वर्ा/Assessment Year:2017-18) M/S Dte Exports Private Limited Vs. Pr.Commissioner Of Income Tax D.No.5-7-6, 1/5, Brodipet (Central) Guntur Visakhapatnam [Pan : Aaacd7845B]

For Appellant: Shri M.V.Prasad, ARFor Respondent: Shri D.K.Sonowal. CIT, DR

Section 115BSection 143(3)Section 263Section 69

…ollowing cases: 1. CIT vs S K Srigiri and Brothers (298 ITR 13), Kar. 12 I.T.A. No138/Viz/2020, A.Y.2017-18 M/s DTE Exports Private Ltd., Guntur 2. DCIT vs V Ram Narayan Birla (482/JP/2015) dated 30 09 2016 In the case of S P Equipment and Services vs ACIT (33 DTR 265), the provision of Section 40(b) was also made applicable on the profits earned by the firm. In the case of M/s Choksi Hiralal Maganlal vs DClT (45 SOT 349), the ITAT has held that "in the in the instant case, excess stock found during the survey was not separately and clearly identifiable but it is part of mixed lots of stock found at the premise…

M/S. Arsh Vision C/O- M/S. Mahendra Gargieya & Associates, Advocates & Tax Consultants, 537-539, 5Th Floor, Mahima'S Trinity, Near Jyoti Rao Phule College, New Sanganer Road, Jaipur vs. DCIT Circle-1, Ajmer, Circle-1

ITA 592/JPR/2019[2015-16]Status: DisposedITAT Jaipur12 Oct 2020AY 2015-16

Bench: Us.

For Appellant: Sh. Hemang Gargieya (Adv.) &For Respondent: Sh. B. K. Gupta (CIT)

Section 143(3)Section 263

…n India Private Ltd and M/s Sony India Pvt. Ltd. It was submitted that the ld. Pr. CIT has wrongly stated that no evidence was furnished. In support, the reliance was placed on the Co-ordinate Bench decision in case of M/s S.P. Equipment & Services CIT (2010) 33 DTR 265 (JP). It was submitted that the assessee firm was required to submit performance bank guarantee to Cannon and Sony and it could not have proceeded further to take dealership of the company to sell its products in absence of the same. This way, it was an operational and compelling necessity on the part of the assessee to get the FDRs prepared and p…

Bajargan Traders, Jaipur vs. ACIT, Alwar

In the result, the ground no

ITA 137/JPR/2017[2013-14]Status: DisposedITAT Jaipur17 Mar 2017AY 2013-14

For Appellant: Shri P.C. Parwal (C. A)For Respondent: Shri Prem Prakash Meena (JCIT)

Section 133

…ven if it is assessed as income from other sources, once this amount is made a part of book profit, remuneration to partners on this amount is allowable to assessee in view of decision of ITAT, Jaipur Bench in case of S.P. Equipment & Services vs. ACIT (2010) 33 DTR 265, where it was held that: “ for the purpose of computing allowable deduction under s. 40(b), book profit has been defined under Expln. 3 thereto to mean the net profit as shown in the P&L a/c of the relevant previous year computed in the manner laid down in Chapter IV-D subject to specified adjustments. Selection of any head of income, more partic…