SP Equipment & Services v. ACIT

128 TTJ 68Income Tax Appellate Tribunal2010#18939 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 348,356 Indian tax judgments — from 2017 to 2026.

Sections most often in play

Section 132 Section 143(3)Section 254(1)Section 69

Judgments citing SP Equipment & Services v. ACIT

Narmala Pennechand Sarda, Mumbai vs. Income Tax Officer, Ward - 42(2)(4), Mumbai

In the result, the addition made by

ITA 7291/MUM/2025[2023-24]Status: DisposedITAT Mumbai11 Feb 2026AY 2023-24

Bench: Shri Pawan Singh& Shri Arun Khodpia(Physical Hearing)

Section 132Section 143(3)Section 254(1)Section 69

…such view, the assessee relied on the decision of Gujarat High Court in PCIT vs Kaushik Nanubhai Majithia in Tax Appeal No. 20 of 2024 (Gujarat-HC), Anil Jaggi vs ACIT (2018) 89 taxmann.com 266 (Mumbai-Trib) and Jawaharbhai Atmaram Hathiwala vs ITO (2010) 128 TTJ 68 (Ahmadabad), Dr. Huseina Dawoodi vs ITO (2017) 83 taxmann.com 54 (Mumbai-Trib). The assessee also submitted that she has purchased office as per prevailing market value determined and accepted by stamp valuation authority. There is no finding of AO that fair market value of the office purchased by assessee was much higher than the consideration…

M/S Hanuman Tube Well Co., Jaipur vs. Deputy Commissioner of Income Tax, Circle-3, Jaipur

In the result, the appeal of the assessee is allowed

ITA 865/JPR/2019[2008-09]Status: DisposedITAT Jaipur13 Feb 2023AY 2008-09

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri S.L. Jain (Adv.) &For Respondent: Shri Sanjay Dhariwal (CIT)

Section 143(2)Section 147Section 148Section 40

…CIRCLE-3, JAIPUR should be disallowed which comes 13,99,259/- and to be added in the total income of the assessee. 1. In this regard firstly we would like to draw your attention on the decision of Jaipur ITAT in the case of S.P. Equipment & Services Vis ACIT 128 TTJ 68 (JP) (2010) wherein it has been held that net profit shown by a firm in its P&L account is not to be classified into different heads income u/s 14 for the purpose of s. 40(b) and, therefore, Interest income is not to be excluded from the net profit declared by the assssee for computing books profit for the payable to the partners u/s 40 (b). Hence…

Paliwal Jewellers, Jaipur vs. ACIT, Jaipur

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

ITA 83/JPR/2017[2013-14]Status: DisposedITAT Jaipur27 Nov 2017AY 2013-14

For Appellant: Shri Shrawan Kr. Gupta (Adv.)For Respondent: Shri Prithviraj Meena (JCIT)

Section 254(2)Section 40b

…as “income from other sources”, this amount is part of book profits and the remuneration to partner calculated based on such book profit is allowable. In support, reliance was placed on the Coordinate Bench decision in case of SP Equipment & Services vs. ACIT 128 TTJ 68 (JP) wherein it was held as under (head notes): “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…

Jasoria Products, Alwar vs. ITO, Alwar

In the result, the appeal of the assessee is partly allowed

ITA 733/JPR/2015[2011-12]Status: DisposedITAT Jaipur23 Jun 2017AY 2011-12

For Appellant: Shri Manish Agarwal (CA)For Respondent: Shri R.A. Verma (Addl. CIT)

Section 40Section 44A

…tioned interest income as a part of book profit and ITA 733/JP/2015_ 7 M/s Jasoria Products Vs ITO thus the addition of Rs. 3,22,524/- sustained by the Ld. CIT(A) deserves to be deleted. Reliance is placed on following decision passed by this Hon’ble Bench. 128 TTJ 68 S.P. Equipment & Services Vs. ACIT (Jaipur ‘A’) Firm – Disallowance under section 40(b) – Salary to partners vis-à-vis computation of book profit – 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…