Sardar Indro Singh & Sons Ltd. v. CIT

8 ITR 635Reported decision1940#16128 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2024.

Judgments citing Sardar Indro Singh & Sons Ltd. v. CIT

The Bank of Rajasthan Ltd vs. Commissioner of Income Tax

Appeals are dismissed

C.A. No.-003291-003294 - 2009Supreme Court16 Oct 2024

Bench: HON'BLE MR. JUSTICE ABHAY S. OKA

Section 18Section 19Section 20Section 21

…2024 INSC 781 REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NOS. 32913294 OF 2009 Bank of Rajasthan Ltd. … Appellant versus Commissioner of Income Tax … Respondent with Civil Appeal Nos.1120011201 of 2024 (Arising out of S.L.P. (C) Nos. 14451446 of 2021) Civil Appeal No.11202 of 2024 (Arising out of S.L.P. (C) No. 4843 of 2020) Civil Appeal No.11203 of 2024 (Arising out of S.L.P. (C) No. 7055 of 2021) Civil Appeal No.11204 of 2024 (Arising out of S.L.P. (C) No. 7404 of 2021) Civil Appeal No.11205 of 2024 (Arising out o…

The Sri Kannikaparameswari Co Op Bank Limited vs. The Income Tax Officer

The appeal stands allowed

ITA/65/2017HC Karnataka23 Nov 2021

Bench: S.SUJATHA,HANCHATE SANJEEVKUMAR

Section 143(1)Section 143(3)Section 147Section 148Section 260Section 260ASection 80P(2)Section 80P(2)(a)

…was entitled to the claim of deduction u/s 80P of the Act in respect of profit on the sale of securities as the said income was also derived by the assessee from banking business only. In addition to the above, the decision of the Privy Council in 1940-8 ITR 635(PC) where it was held that the various securities held by Banks are stock in Trade of Bank profit on sale of investments was income from business of Banking only is also relevant. The relevant observations from the Privy Council are as under: “Enhanced values obtained from realizations or conversion of securities may be assessable wh…

The DCIT, Circle-4, Ahmedabad vs. Ghcl Limited, Ahmedabad

ITA 976/AHD/2014[2009-10]Status: DisposedITAT Ahmedabad05 Mar 2021AY 2009-10

For Appellant: Shri S. N. Soparkar, Sr. A.R. &For Respondent: Shri Mohd. Usman, CIR-D.R. &

Section 143(2)Section 144C(2)(b)Section 144C(5)Section 14ASection 37(1)Section 92C

…osely linked up with the business of the corporation, so that, loss suffered on account of such a sale of securities was a trading loss.—Sardar Indro Singh & Sons Ltd. vs. CIT (1953) 24 1TR 415 (SC) : TC12R.837 and Punjab Co-operative Bank Ltd. vs. CIT (1940] 8 ITR 635 (PC) ; TC12R.1135 applied. Conclusion: Sale of securities effected by a State Financial Corporation only to find necessary funds for meeting certain pressing commitments being closely linked up with business of the corporation, the loss suffered on such sale of securities was only a trading loss." vi. The Hon'ble Karnataka High Court in the case of…

Ghcl Limited, Ahmedabad vs. The Dy.CIT., Circle-4, Ahmedabad

ITA 1042/AHD/2014[2009-10]Status: DisposedITAT Ahmedabad05 Mar 2021AY 2009-10

For Appellant: Shri S. N. Soparkar, Sr. A.R. &For Respondent: Shri Mohd. Usman, CIR-D.R. &

Section 143(2)Section 144C(2)(b)Section 144C(5)Section 14ASection 37(1)Section 92C

Bansabati Co-Operative Bank Ltd., Hooghly vs. Principal CIT - 8, Kolkata

In the result, appeal of the assessee is allowed

ITA 271/KOL/2018[2012-13]Status: DisposedITAT Kolkata03 Dec 2020AY 2012-13

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

Section 263Section 80P

…lation. In other words, its investments are subjection to scrutiny; and any impermissible investment will not be permitted to continue, if made, by the regulator, i.e. the Reserve Bank of India. 66. In the case of Punjab Co-operative Bank Ltd. vs. CIT [1940] 8 ITR 635 the Privy Council stated (headnote): “In the ordinary case of a bank the business consists in its essence of dealing with money and credit. The banker has always to keep enough cash or easily realisable securities to meet any probable demand by depositors, and if some of the securities are realised in order to meet withdrawals by depositors, this i…

Anand R Bahl, Mumbai vs. DCIT RG 20(3), Mumbai

In the result, the appeals by the assessee are dismissed and that by the Revenue is allowed for statistical purposes

ITA 7706/MUM/2011[2007-08]Status: DisposedITAT Mumbai20 Jul 2016AY 2007-08

Bench: Shri Sanjay Arora & Shri Pawan Singh

For Appellant: Shri Hiten M. Vasant (AR)For Respondent: Shri B. Pruseth (DR)

Section 2(14)

…Corporation Ltd. [1985] 156 ITR 835 (Mad); CIT vs. Motilal Hirabhai Spg. & Wvg. Co. Ltd. [1978] 113 ITR 173 (Guj); A.P. Damodara Shenoy vs. CIT [1954] 26 ITR 0650 (Bom); W.L. Knopp vs. CIT [1948] 16 ITR 398 (Mad); Punjab Co-operative Bank Ltd. vs. CIT [1940] 8 ITR 635 (PC) 6.3 We may next examine the facts of the case. The first thing that strikes us is that the assessee is a trader/operator in the F&O market, i.e., deals in shares in the said market on a regular basis, which activity is admittedly business, and income there-from offered to tax as business income. The difference between those transactions and th…