Standard Mills Co. v. CIT

230 ITR 194High Court1998#10373 most cited

What is Standard Mills Co. v. CIT authority for?

Contingent liabilities do not constitute expenditure and cannot be deducted for income tax purposes, even under the mercantile system of accounting, as they do not represent a liability actually existing at the time.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2011 to 2017.

Also referred to as

Standard Mills Co. v. CIT · contingent liabilities · expenditure · mercantile system of accounting · deduction · actual existing liability · Bombay High Court

Judgments citing Standard Mills Co. v. CIT

CIT vs. Jagdish Prasad Gupta

ITA/933/2011HC Delhi18 Aug 2017

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MS. JUSTICE PRATHIBA M. SINGH

…f Income Tax, M.P. [1985] 156 ITR 585 (SC); CIT v. ITA 711/2011 & batch matters Page 22 of 39 Indian Smelting & Refinery Co. Ltd. [1998] 230 ITR 194 (Bom.) as affirmed in Indian Smelting & Refinery v. CIT [2001] 116 TAXMANN 606 (SC); Indian Molasses Co. (Private) Ltd. v. CIT [1959] 37 ITR 66 (SC); CIT v. Swadeshi Cotton & Flour Mills Pvt. Ltd. [1964] 53 ITR 134 (SC). (v) The demand for enhanced licence fees was raised on the Assessee by the Northern Railway on 20th January, 1999 which…

CIT vs. Jagdish Prasad Gupta

ITA/935/2011HC Delhi18 Aug 2017

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MS. JUSTICE PRATHIBA M. SINGH

…f Income Tax, M.P. [1985] 156 ITR 585 (SC); CIT v. ITA 711/2011 & batch matters Page 22 of 39 Indian Smelting & Refinery Co. Ltd. [1998] 230 ITR 194 (Bom.) as affirmed in Indian Smelting & Refinery v. CIT [2001] 116 TAXMANN 606 (SC); Indian Molasses Co. (Private) Ltd. v. CIT [1959] 37 ITR 66 (SC); CIT v. Swadeshi Cotton & Flour Mills Pvt. Ltd. [1964] 53 ITR 134 (SC). (v) The demand for enhanced licence fees was raised on the Assessee by the Northern Railway on 20th January, 1999 which…

Pr. Commissioner of Income Tax-10 vs. Jagdish Prashad Gupta

ITA/424/2016HC Delhi18 Aug 2017

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MS. JUSTICE PRATHIBA M. SINGH

…f Income Tax, M.P. [1985] 156 ITR 585 (SC); CIT v. ITA 711/2011 & batch matters Page 22 of 39 Indian Smelting & Refinery Co. Ltd. [1998] 230 ITR 194 (Bom.) as affirmed in Indian Smelting & Refinery v. CIT [2001] 116 TAXMANN 606 (SC); Indian Molasses Co. (Private) Ltd. v. CIT [1959] 37 ITR 66 (SC); CIT v. Swadeshi Cotton & Flour Mills Pvt. Ltd. [1964] 53 ITR 134 (SC). (v) The demand for enhanced licence fees was raised on the Assessee by the Northern Railway on 20th January, 1999 which…

CIT vs. Jagdish Prasad Gupta

ITA/787/2011HC Delhi18 Aug 2017

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MS. JUSTICE PRATHIBA M. SINGH

…f Income Tax, M.P. [1985] 156 ITR 585 (SC); CIT v. ITA 711/2011 & batch matters Page 22 of 39 Indian Smelting & Refinery Co. Ltd. [1998] 230 ITR 194 (Bom.) as affirmed in Indian Smelting & Refinery v. CIT [2001] 116 TAXMANN 606 (SC); Indian Molasses Co. (Private) Ltd. v. CIT [1959] 37 ITR 66 (SC); CIT v. Swadeshi Cotton & Flour Mills Pvt. Ltd. [1964] 53 ITR 134 (SC). (v) The demand for enhanced licence fees was raised on the Assessee by the Northern Railway on 20th January, 1999 which…

CIT vs. Jagdish Prasad Gupta

ITA/1535/2010HC Delhi18 Aug 2017

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MS. JUSTICE PRATHIBA M. SINGH

…f Income Tax, M.P. [1985] 156 ITR 585 (SC); CIT v. ITA 711/2011 & batch matters Page 22 of 39 Indian Smelting & Refinery Co. Ltd. [1998] 230 ITR 194 (Bom.) as affirmed in Indian Smelting & Refinery v. CIT [2001] 116 TAXMANN 606 (SC); Indian Molasses Co. (Private) Ltd. v. CIT [1959] 37 ITR 66 (SC); CIT v. Swadeshi Cotton & Flour Mills Pvt. Ltd. [1964] 53 ITR 134 (SC). (v) The demand for enhanced licence fees was raised on the Assessee by the Northern Railway on 20th January, 1999 which…

CIT vs. Jagdish Prasad Gupta

ITA/711/2011HC Delhi18 Aug 2017

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MS. JUSTICE PRATHIBA M. SINGH

…f Income Tax, M.P. [1985] 156 ITR 585 (SC); CIT v. ITA 711/2011 & batch matters Page 22 of 39 Indian Smelting & Refinery Co. Ltd. [1998] 230 ITR 194 (Bom.) as affirmed in Indian Smelting & Refinery v. CIT [2001] 116 TAXMANN 606 (SC); Indian Molasses Co. (Private) Ltd. v. CIT [1959] 37 ITR 66 (SC); CIT v. Swadeshi Cotton & Flour Mills Pvt. Ltd. [1964] 53 ITR 134 (SC). (v) The demand for enhanced licence fees was raised on the Assessee by the Northern Railway on 20th January, 1999 which…

Jagdish Prasad Gupta

ITA/695/2010HC Delhi18 Aug 2017

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MS. JUSTICE PRATHIBA M. SINGH

…f Income Tax, M.P. [1985] 156 ITR 585 (SC); CIT v. ITA 711/2011 & batch matters Page 22 of 39 Indian Smelting & Refinery Co. Ltd. [1998] 230 ITR 194 (Bom.) as affirmed in Indian Smelting & Refinery v. CIT [2001] 116 TAXMANN 606 (SC); Indian Molasses Co. (Private) Ltd. v. CIT [1959] 37 ITR 66 (SC); CIT v. Swadeshi Cotton & Flour Mills Pvt. Ltd. [1964] 53 ITR 134 (SC). (v) The demand for enhanced licence fees was raised on the Assessee by the Northern Railway on 20th January, 1999 which…

Oswal Agro Mills Ltd vs. Commissioner of Income Tax

The appeal stands disposed of with no order as to

ITA - 41 / 2000HC Delhi07 Feb 2014

For Appellant: Mr C.S. Aggarwal, Sr. Advocate withFor Respondent: Mr Sanjeev Sabharwal, Sr. Standing Counsel

Section 260A(1)Section 43B

…t be subject matter of deduction even under the mercantile system of accounting as held by the Hon‟ble Bombay High Court in the case of Standard Mills Co. vs. CIT (1998) 229 ITR 336 and in the case of CIT vs. Indian Smelting & Refining Co. Ltd. (1998) 230 ITR 194. The Hon‟ble Supreme Court in the case of Indian Molases Co. vs. CIT (1959) 37 ITR 666 held that expenditure which is deducted from income-tax purposes is one which is towards liability actually existing at the time but the putting aside of money which may become expenditure on the happening of an 2014:DHC:738-DB ITA No.41/2000…

Oswal Agro Mills Ltd vs. Commissioner of Income Tax

The appeal stands disposed of with no order as to

ITA/41/2000HC Delhi07 Feb 2014

For Appellant: Mr C.S. Aggarwal, Sr. Advocate withFor Respondent: Mr Sanjeev Sabharwal, Sr. Standing Counsel

Section 260A(1)Section 43B

…t be subject matter of deduction even under the mercantile system of accounting as held by the Hon‟ble Bombay High Court in the case of Standard Mills Co. vs. CIT (1998) 229 ITR 336 and in the case of CIT vs. Indian Smelting & Refining Co. Ltd. (1998) 230 ITR 194. The Hon‟ble Supreme Court in the case of Indian Molases Co. vs. CIT (1959) 37 ITR 666 held that expenditure which is deducted from income-tax purposes is one which is towards liability actually existing at the time but the putting aside of money which may become expenditure on the happening of an 2014:DHC:738-DB ITA No.41/2000…

Commissioner of Income Tax vs. Sri. B. Venkatesam

The appeal stands disposed of with no order as to

ITTA/41/2000HC Telangana01 Dec 2011

For Appellant: Mr C.S. Aggarwal, Sr. Advocate withFor Respondent: Mr Sanjeev Sabharwal, Sr. Standing Counsel

Section 260A(1)Section 43B

…t be subject matter of deduction even under the mercantile system of accounting as held by the Hon‟ble Bombay High Court in the case of Standard Mills Co. vs. CIT (1998) 229 ITR 336 and in the case of CIT vs. Indian Smelting & Refining Co. Ltd. (1998) 230 ITR 194. The Hon‟ble Supreme Court in the case of Indian Molases Co. vs. CIT (1959) 37 ITR 666 held that expenditure which is deducted from income-tax purposes is one which is towards liability actually existing at the time but the putting aside of money which may become expenditure on the happening of an ITA No.41/2000 Page 8 of 24…

Standard Mills Co. v. CIT (230 ITR 194) — Cited in 10 Judgments | BharatTax