Sipani Automobiles Ltd. v. DCIT

88 ITD 150Income Tax Appellate Tribunal2004#18370 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 348,487 Indian tax judgments — from 2017 to 2024.

Sections most often in play

Section 115JB Section 143(3)Section 147 Section 234B Section 254

Judgments citing Sipani Automobiles Ltd. v. DCIT

DCIT-3(4), Mumbai vs. M/S. Tata Motors Limited, Mumbai

In the result, the appeal filed by the Revenue is dismissed and the Cross Objection filed by the assessee is allowed except the issue relating to reopening, which is treated as academic

ITA 1977/MUM/2023[2003-04]Status: DisposedITAT Mumbai21 Jun 2024AY 2003-04

Bench: Shri Amit Shukla, Jm & Shri Ratnesh Nandan Sahay, Am

For Appellant: S/Shri Rajan Vora, Nikhil Tiwari & Mihir ChitaliaFor Respondent: Shri Biswanath Das, CIT-DR

Section 115Section 115JSection 143(3)Section 147

…the Act. Reliance in this regard was placed by hi, on the following:- * Apollo Tyres Ltd (255 ITR 273) (SC) * Kinetic Motor Co (62 (TR 330) (Bom) - SLP dismissed by SC (270 ITR 3) (SC) * Usha Martin Industries Ltd (104 ITD 249) (Kol SB) * NCL Industries Ltd (88 ITD 150)(Hyd) 22. Ld. Counsel further submitted that even on the date of reopening, there was no retrospective amendment introduced in the Act. The amendments were introduced vide Finance Act 2008 and 2009 respectively whereas notice under section 148 of the Act was issued on 29 May 2006 on which day the amended provisions did not exist in the Act. Furthe…

Batliboi Ltd, Mumbai vs. DCIT Cir 2(1), Mumbai

In the result, appeal of the assessee is allowed in part

ITA 5428/MUM/2015[2011-12]Status: DisposedITAT Mumbai17 Feb 2021AY 2011-12

Bench: Shri M.Balaganesh, Am & Shri Pavan Kumar Gadale, Jm M/S. Batliboi Limited Vs. Dy. Cit, Circle 2(1) Bharat House, Aayakar Bhavan 5Th Floor, 104 5Th Floor, Mumbai-400001 Mumbai Samachar Marg Fort, Mumbai -400 001 Pan/Gir No. Aaacb4408L (Appellant) .. (Respondent)

Section 115JSection 143(3)Section 40A

…e relies on the following decisions of the Income-tax Appellate Tribunal.  Sutlej Cotton Mills Ltd. v. ACIT [1993] 45 ITD 22 (Cal) (SB) 26 M/s. Batliboi Limited  Sipani Automobiles Ltd. v. DCIT [1993] 46 ITD 280 (Bang)  NCL Industries Ltd. v. JCIT [2004] 88 ITD 150 (Hyd) Even while filing the Auditor's report in form no. 29B in accordance with section 115JB(4) along with return of income, the assessee company again mentioned that exceptional item representing waiver of loan was capital receipt and hence could not be considered to be part of book profits for the purpose of section 115JB. The Assessing Officer…

ITO, Ward-2(2), Hyderabad vs. Gold Chick Hatcheries and Food Ltd, Hyd, Hyderabad

In the result, appeal of the revenue is dismissed

ITA 668/HYD/2016[2011-12]Status: DisposedITAT Hyderabad29 Nov 2018AY 2011-12

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2011-12 Income-Tax Officer, Vs. M/S Gold Chick Hatcheries & Ward – 2(2), Hyderabad Foods Ltd., Hyderabad. Pan – Aabcg4056E Appellant Respondent Revenue By: Smt. Alka Rajavanshi Jain Assessee By: Shri Ramesh Babu Kilaru Date Of Hearing: 26/09/2018 Date Of Pronouncement: /11/2018 O R D E R Per S. Rifaur Rahman, Am:

For Appellant: Shri Ramesh Babu KilaruFor Respondent: Smt. Alka Rajavanshi Jain

Section 115JSection 28Section 3(1)Section 4Section 41

…waived interest of Rs. 8,52,58,224/- for computation of book profit u/s 115JB is allowed. 6. Ld. DR relied on the order of AO while ld. AR of the assessee besides relying on the order of CIT(A), relied on the following cases: 1. NCL Industries Ltd. Vs. JCIT, 88 ITD 150 [2004] 2. Vista Pharmaceuticals Ltd., ITA No. 840/Hyd/2011, dated 17/02/2012. 7. Considered the rival submissions and perused the material on record. In the case of NCL industries Ltd. (supra) the coordinate bench of Hyderabad has held that Sec.41(l) which is brought into statute to supersede the principle that under general law, remission of trad…

Asst CIT Cir 11(5) vs. Jsw Steel Ltd

In the result assessee’s appeal is partly allowed whereas revenue’s appeal is dismissed

ITA 930/BANG/2009[2004-05]Status: DisposedITAT Mumbai13 Jan 2017AY 2004-05

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05

For Appellant: S/Shri Kanchan Kaushal & Hirali Desai, A.RFor Respondent: Shri Alok Johri, CIT D.R

Section 115JSection 139(1)Section 143(3)Section 234BSection 244A

…For this purpose, the assessee relies on the following decisions of the Income-tax Appellate Tribunal. • Sutlej Cotton Mills Ltd. V ACIT (1993) 45 ITD 22 (Cal) (SB) • Sipani Automobiles Ltd. V DCIT (1993) 46 ITD 280 (Bang) • NCL Industries Ltd. V JCIT (2004) 88 ITD 150 (Hyd)” ITA No.923/Bang/2009 & ITA No.930/Bang/2009 7 M/s. JSW Steel Limited, (formerly known as Jindal Vijaynagar Steel Limited) Even while filing the Auditor’s report in form no. 29B in accordance with section 115JB(4) along with return of income, the assessee company again mentioned that exceptional item representing waiver of loan was capita…

Jsw Steel Ltd vs. Asst CIT Cir 11(5)

In the result assessee’s appeal is partly allowed whereas revenue’s appeal is dismissed

ITA 923/BANG/2009[2004-05]Status: DisposedITAT Mumbai13 Jan 2017AY 2004-05

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05

For Appellant: S/Shri Kanchan Kaushal & Hirali Desai, A.RFor Respondent: Shri Alok Johri, CIT D.R

Section 115JSection 139(1)Section 143(3)Section 234BSection 244A