What is Sutlej Cotton Mills Ltd. v. CIT authority for?

A gain arising from the cancellation of a forward exchange contract entered into for the acquisition of a capital asset constitutes a capital receipt. Income-tax liability for such transactions is determined by the specific provisions of the Income Tax Act, independent of the accounting treatment in the books of account.

How many judgments cite Sutlej Cotton Mills Ltd. v. CIT?

409 judgments on BharatTax cite Sutlej Cotton Mills Ltd. v. CIT (116 ITR 1), spanning 2007 to 2026.

Which sections of the Income Tax Act does Sutlej Cotton Mills Ltd. v. CIT come up under?

It is most often cited in judgments turning on Section 14A, Section 37(1), Section 115JB, Section 143(3), Section 32, Section 143(2).

Sutlej Cotton Mills Ltd. v. CIT (116 ITR 1)

ITO 2(1)(1), Mumbai vs. Aaa Technologies P.Ltd, Mumbai

ITA 3455/MUM/2017[2012-13]Status: DisposedITAT Mumbai17 May 2019AY 2012-13

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Ble

For Appellant: Shri Vipul JoshiFor Respondent: Shri Abdul Hakeem M

Section 143(3)Section 148

…nd relevant is substance of a C.O. No. 280/MUM/2018 M/s. AAA Technologies Pvt. Ltd., transaction and not its form. Reliance, in this regards, is placed on certain decisions as follows: (i) Kedarnath Jute v/s. CIT - [82 ITR 363, 367 (SC)] (ii) Sutlej Cotton - [116 ITR 1, 5 (SC)] [For income] (iii) CIT v/s. India Cement - [75 ITR 191,195 (SC)] (iv) CIT v/s. ShoorjiVallabhdas - [46 ITR 144 (SC)] (v) CIT v/s. Central Provinces Manganese - [112 ITR 734 (Bom)] (vi) ACIT v/s. Buckau Wolf- [157 ITR 751 (Bom)] (vii) CIT v/s. Century Enka Ltd. - [239 ITR 804 (Cal)] (viii) Tamilnadu Brick & Tile Mfg. Industrial Services Co-…

ITO 2(1)(1), Mumbai vs. Aaa Technologies P.Ltd, Mumbai

ITA 3454/MUM/2017[2009-10]Status: DisposedITAT Mumbai17 May 2019AY 2009-10

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Ble

For Appellant: Shri Vipul JoshiFor Respondent: Shri Abdul Hakeem M

Section 143(3)Section 148

…nd relevant is substance of a C.O. No. 280/MUM/2018 M/s. AAA Technologies Pvt. Ltd., transaction and not its form. Reliance, in this regards, is placed on certain decisions as follows: (i) Kedarnath Jute v/s. CIT - [82 ITR 363, 367 (SC)] (ii) Sutlej Cotton - [116 ITR 1, 5 (SC)] [For income] (iii) CIT v/s. India Cement - [75 ITR 191,195 (SC)] (iv) CIT v/s. ShoorjiVallabhdas - [46 ITR 144 (SC)] (v) CIT v/s. Central Provinces Manganese - [112 ITR 734 (Bom)] (vi) ACIT v/s. Buckau Wolf- [157 ITR 751 (Bom)] (vii) CIT v/s. Century Enka Ltd. - [239 ITR 804 (Cal)] (viii) Tamilnadu Brick & Tile Mfg. Industrial Services Co-…

Tata Consultancy Services Limited, Mumbai vs. Commissioner of Income Tax - Large Taxpayer'S Unit, Mumbai

In the result, appeal of the assessee in ITA no

ITA 2794/MUM/2018[2011-12]Status: DisposedITAT Mumbai18 Apr 2019AY 2011-12

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.2794/Mum/2018 (नििाारण वर्ा / Assessment Year: 2011-12) Tata Consultancy Services बिाम/ The Commissioner Of Ltd., Income Tax-Large Tax 9Th Floor, Nirmal Building, Payer‟S Unit, V. Nariman Point, 29Th Floor, Centre One Mumbai- 400021 World Trade Centre, Cuffe Parade, Mumbai-400 005 स्थायी ऱेखा सं./ Pan: Aaacr4849R (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri. R. R. Vora & Shri. Nikhil Tiwari Revenue By: Shri. R. Manjunatha Swamy (Cit-Dr) सुनवाई की तारीख /Date Of Hearing : 29.01.2019 घोषणा की तारीख /Date Of Pronouncement : 18.04.2019

For Appellant: Shri. R. R. Vora &For Respondent: Shri. R. Manjunatha Swamy

Section 143(3)Section 234BSection 263Section 263(1)

…nt for the sale subsequently at a lower rate. The difference of Rs. 4 (50-46) per US $ is to be shown as an exchange loss in the P&L account and is not to be adjusted against the cost of raw materials. 20. In the case of Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 this Court has observed as under : "The law may, therefore, now be taken to be well-settled that where profit or loss arises to an assessee on account of appreciation or depreciation in the value of foreign currency held by it, on conversion into another currency, such profit or loss would ordinarily be a trading profit or loss if the foreign curre…

Mahindra & Mahindra Ltd, Mumbai vs. Addl CIT RG 2(2), Mumbai

In the result, appeal by the assessee is partly allowed

ITA 1956/MUM/2014[2009-10]Status: DisposedITAT Mumbai10 Apr 2019AY 2009-10

Bench: Shri Shamim Yahya & Shri Ram Lal Negi

For Appellant: Shri. H.P. Mahajan and Shri Prasad BaptiFor Respondent: Shri Jayant Kumar

Section 1Section 143(3)Section 144C

…netary items (revision of liability designated in foreign currency) would have to be recognized as income or expense.‖ 41. Upon hearing both the Counsel and perusing the records, we find that Hon’ble Apex Court in the case of Satlej Cotton Mills Ltd., vs. VIR 116 ITR 1 had expounded that where profit or loss arises to an assessee on account of appreciation or depreciation in the value of foreign currency held by it, on conversion into another currency, such profit or loss would ordinarily be trading profit or loss if the foreign currency is held by the assessee on revenue account or as a trading asset or as part…

Elegant Infraworld (P) Ltd., New Delhi vs. ITO, Ward-1(2), Ghaziabad

In the result, appeal of Assessee is allowed

ITA 4334/DEL/2018[2010-11]Status: DisposedITAT Delhi11 Jan 2019AY 2010-11

Bench: Shri Bhavnesh Saini, J.M. & Shri O.P. Kant, A.M.

For Appellant: Shri Akhilesh Kumar &For Respondent: Ms. Shaveta Nakra Dutta, Sr. DR

Section 2(14)Section 45Section 48

…l settled law that entries in the books of account are not determinative criteria to deny the relief to the assessee if the assessee entitled to relief as per law. The Hon’ble Supreme Court in the case of Sutlej Cotton Mills Ltd., vs. CIT , West Bengal (1979) 116 ITR 1 (SC) has held as under : “It is now well settled that the way in which entries are made by an assessee in his books of account is not determinative of the question whether the assessee has earned any profit or suffered any loss. The assessee may, by making entries which are not in conformity with the proper principles of accountancy, conceal profi…

The DCIT, (OSD), Circle-8, Ahmedabad vs. M/S. V. F. Arvind Brands Private Limited, Ahmedabad

In the result, the appeal of the Revenue is dismissed, and the CO of the assessee is allowed

ITA 1904/AHD/2013[2008-09]Status: DisposedITAT Ahmedabad01 Jan 2019AY 2008-09

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.1904/Ahd/2013 & Cross Objection No. 204/Ahd/2013 (In Ita No.1904/Ahd/2013) िनधा"रण वष"/Assessment Year : 2008-09 D.C.I.T.(Osd), M/S. V. F. Arvind Brands Pvt. Circle-8, Vs. Ltd. Ahmedabad. Arvind Mills Premises, Naroda Road, Ahmedabad-380025. Pan: Aaccv 2727 L (Applicant) (Responent) / Cross Objector

For Appellant: ShriFor Respondent: Smt Aparna M. Agarwal, CIT.D.R

Section 251(1)(a)

…examined on the touchstone of provisions contained in the Act [See - Kedarnath Jute Mfg. Co.Ltd. v. CIT [1971] 82 ITR 363 (SC); Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172/93 Taxman 502 (SC); Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC) and United Commercial Bank v. CIT [1999] 240 ITR 355/106 Taxman 601 (SC). 20. At the most, an inference can be drawn that by showing this expenditure in a spread over manner in the books of account, the assessee had initially intended to make such an option. However, it abandoned the same before reaching the crucial stage, inasmuch as, in the…

Prabhatam Advertising Pvt. Ltd., Delhi vs. DCIT, New Delhi

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

ITA 5798/DEL/2014[2009-10]Status: DisposedITAT Delhi19 Dec 2018AY 2009-10

Bench: Shri Amit Shukla & Shri Prashant Maharishi

For Appellant: Shri Gautam Jain, Piyush KamalFor Respondent: Shri Surender Pal, Sr.D.R

Section 143(3)Section 14ASection 40a

…xamined on the touchstone of provisions contained in the Act [See - Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 fSC); Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT (1997) 227 ITR 172/93 Taxman 502 (SC); Sutlej Cotton Mills Ltd. v. CIT f 19791 116 ITR 1 (SC) and United Commercial Bank v. CIT [1999] 240 ITR 355/106 Taxman 601 (SC). 20. At the most, an inference can be drawn that by showing this expenditure in a spread over manner in the books of account, the assessee had initially intended to make such an option. However, it abandoned the same before reaching the crucial stage, inasmuch as, in the…

ACIT, Central Circle - 3(1), Kolkata vs. M/S. Specialty Restaurants Ltd., Kolkata

Appeal is dismissed accordingly

ITA 1318/KOL/2017[2011-12]Status: DisposedITAT Kolkata30 Nov 2018AY 2011-12

Bench: Shri P.M.Jagtap, Vice- & Shri S.S.Godaraassessment Year:2011-12

Section 139(1)Section 143(3)Section 37

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “B” KOLKATA Before Shri P.M.Jagtap, Vice-President and Shri S.S.Godara, Judicial Member Assessment Year:2011-12 ACIT, Central Circle- M/s Specialty Restaurants बनाम 3(1), Aayakar Bhawan, Ltd. ‘Uniworth House’3A, / Poorva, 110, V/s. Gurusaday Road, Shantiplly, Kolkata-700 019 Kolkata-700 107 [PAN No.AAECS 6802 M] .. अपीलाथ" /Appellant ""यथ" /Respondent Shri Sankar Halder, JCIT-SR-DR अपीलाथ" क" ओर से/By Appellant Shri S.K. Tulsiyan, FCA ""यथ" क" ओर से/By Respondent 31-10-2018 सुनवाई क" तार"ख/Date of Hearing 30-11-2018 घोषणा क" तार"ख/Date of Pronouncement आदेश /…

M/S. Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

In the result, all the five appeals of the assessee stand

ITA 3114/DEL/2013[2006-07]Status: DisposedITAT Delhi19 Nov 2018AY 2006-07

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Pradeep Singh Gautam, Sr.DR

Section 143(3)

…examined on the touchstone of provisions contained in the Act [See - Kedarnath Jute Mfg. Co. Ltd. v. CIT[1971] 82 ITR 363 (SC); Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172/93 Taxman 502 (SC); Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC) and United Commercial Bank v. CIT [1999] 240 ITR 355/106 Taxman 601 (SC). 20. At the most, an inference can be drawn that by showing this expenditure in a spread over manner in the books of account, the assessee had initially intended to make such an option. However, it abandoned the same before reaching the crucial stage, inasmuch as, in th…

M/S. Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

In the result, all the five appeals of the assessee stand

ITA 3113/DEL/2013[2005-06]Status: DisposedITAT Delhi19 Nov 2018AY 2005-06

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Pradeep Singh Gautam, Sr.DR

Section 143(3)

…examined on the touchstone of provisions contained in the Act [See - Kedarnath Jute Mfg. Co. Ltd. v. CIT[1971] 82 ITR 363 (SC); Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172/93 Taxman 502 (SC); Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC) and United Commercial Bank v. CIT [1999] 240 ITR 355/106 Taxman 601 (SC). 20. At the most, an inference can be drawn that by showing this expenditure in a spread over manner in the books of account, the assessee had initially intended to make such an option. However, it abandoned the same before reaching the crucial stage, inasmuch as, in th…

M/S. Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

In the result, all the five appeals of the assessee stand

ITA 3112/DEL/2013[2004-05]Status: DisposedITAT Delhi19 Nov 2018AY 2004-05

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Pradeep Singh Gautam, Sr.DR

Section 143(3)

…examined on the touchstone of provisions contained in the Act [See - Kedarnath Jute Mfg. Co. Ltd. v. CIT[1971] 82 ITR 363 (SC); Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172/93 Taxman 502 (SC); Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC) and United Commercial Bank v. CIT [1999] 240 ITR 355/106 Taxman 601 (SC). 20. At the most, an inference can be drawn that by showing this expenditure in a spread over manner in the books of account, the assessee had initially intended to make such an option. However, it abandoned the same before reaching the crucial stage, inasmuch as, in th…

M/S. Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

In the result, all the five appeals of the assessee stand

ITA 3111/DEL/2013[2003-04]Status: DisposedITAT Delhi19 Nov 2018AY 2003-04

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Pradeep Singh Gautam, Sr.DR

Section 143(3)

…examined on the touchstone of provisions contained in the Act [See - Kedarnath Jute Mfg. Co. Ltd. v. CIT[1971] 82 ITR 363 (SC); Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172/93 Taxman 502 (SC); Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC) and United Commercial Bank v. CIT [1999] 240 ITR 355/106 Taxman 601 (SC). 20. At the most, an inference can be drawn that by showing this expenditure in a spread over manner in the books of account, the assessee had initially intended to make such an option. However, it abandoned the same before reaching the crucial stage, inasmuch as, in th…

M/S Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

In the result, all the five appeals of the assessee stand

ITA 5847/DEL/2010[2001-02]Status: DisposedITAT Delhi19 Nov 2018AY 2001-02

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Pradeep Singh Gautam, Sr.DR

Section 143(3)

…examined on the touchstone of provisions contained in the Act [See - Kedarnath Jute Mfg. Co. Ltd. v. CIT[1971] 82 ITR 363 (SC); Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172/93 Taxman 502 (SC); Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC) and United Commercial Bank v. CIT [1999] 240 ITR 355/106 Taxman 601 (SC). 20. At the most, an inference can be drawn that by showing this expenditure in a spread over manner in the books of account, the assessee had initially intended to make such an option. However, it abandoned the same before reaching the crucial stage, inasmuch as, in th…

M/S Kanoria Chemicals & Industries Ltd., Kolkata vs. DCIT, Cir-10, Kolkata

ITA 238/KOL/2015[2010-2011]Status: DisposedITAT Kolkata16 Nov 2018AY 2010-2011

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

Section 250

…the foreign exchange fluctuation gain/loss on foreign currency loan borrowed to acquire indigenous fixed assets and/or imported fixed assets is chargeable to income tax or is not allowable as a revenue loss. 9.1. In case of Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1, it was observed by the Hon’ble Apex court that: “Whether the loss suffered by the assessee was a trading loss or not would depend on the answer to the question, whether the loss was in respect of a trading asset or a capital asset. In the former case, it would be a trading loss but not so in the latter. The test may also be formulated in another w…

DCIT, Circle-10, Kolkata vs. M/S. Kanoria Chemicals & Industries Ltd., Kolkata

ITA 2086/KOL/2014[2009-2010]Status: DisposedITAT Kolkata16 Nov 2018AY 2009-2010

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

Section 250

…the foreign exchange fluctuation gain/loss on foreign currency loan borrowed to acquire indigenous fixed assets and/or imported fixed assets is chargeable to income tax or is not allowable as a revenue loss. 9.1. In case of Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1, it was observed by the Hon’ble Apex court that: “Whether the loss suffered by the assessee was a trading loss or not would depend on the answer to the question, whether the loss was in respect of a trading asset or a capital asset. In the former case, it would be a trading loss but not so in the latter. The test may also be formulated in another w…

M/S. Kanoria Chemicals & Industries Ltd., Kolkata vs. Addl. CIT, Range-10, Kolkata

ITA 1880/KOL/2014[2009-2010]Status: DisposedITAT Kolkata16 Nov 2018AY 2009-2010

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

Section 250

…the foreign exchange fluctuation gain/loss on foreign currency loan borrowed to acquire indigenous fixed assets and/or imported fixed assets is chargeable to income tax or is not allowable as a revenue loss. 9.1. In case of Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1, it was observed by the Hon’ble Apex court that: “Whether the loss suffered by the assessee was a trading loss or not would depend on the answer to the question, whether the loss was in respect of a trading asset or a capital asset. In the former case, it would be a trading loss but not so in the latter. The test may also be formulated in another w…

DCIT, Cir-10(1), Kolkata vs. Kanoria Chemicals & Industries Ltd., Kolkata

ITA 271/KOL/2015[2010-2011]Status: DisposedITAT Kolkata16 Nov 2018AY 2010-2011

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

Section 250

…the foreign exchange fluctuation gain/loss on foreign currency loan borrowed to acquire indigenous fixed assets and/or imported fixed assets is chargeable to income tax or is not allowable as a revenue loss. 9.1. In case of Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1, it was observed by the Hon’ble Apex court that: “Whether the loss suffered by the assessee was a trading loss or not would depend on the answer to the question, whether the loss was in respect of a trading asset or a capital asset. In the former case, it would be a trading loss but not so in the latter. The test may also be formulated in another w…

Shri Om Parkash Legal Heiar Smt Pushpa Verma, Jalandhar vs. Income Tax Officer Ward-1(3), Jalandhar

In the result, the assessee’s appeal is dismissed

ITA 756/ASR/2017[2014-15]Status: DisposedITAT Amritsar31 Oct 2018AY 2014-15

Bench: Sh. Sanjay Arorai.T.A. No. 756/Asr/2017 Assessment Year: 2014-15

For Appellant: Sh. Ashray Sarna (C.A.)For Respondent: Sh. Charan Dass (D.R.)

Section 143(3)Section 145(3)Section 41(1)Section 41(1)(a)Section 68

…O case, the liability continues to be reflected as such in the assessee’s accounts, i.e., as an outstanding; it being trite that the entries in the books of account are not conclusive or determinative of the matter (viz. Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC); Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC)). Why, if that be so, section 68 of the Act could not be countenanced; the credit in the assessee’s books of account may reflect the same as a liability, or as a receipt from another, or, for that matter, even by way of accretion to capital, i.e., as on capital account. Rather, the se…

Model Properties P. Ltd., Jaipur vs. ACIT, Jaipur

In the result, both the appeals of the assessee are allowed

ITA 958/JPR/2015[2005-06]Status: DisposedITAT Jaipur31 Oct 2018AY 2005-06

Bench: Lower Authorities: (I) Interest On Term Loan Rs. 11,58,187/- (Ii) Other Interest Rs. 12,99,474/-

For Appellant: Shri A.B. Dangyach (FCA)For Respondent: Shri J.C. Kulhari (JCIT)

Section 143(1)(a)

…business of multiplicity of the transaction a solitary transaction of purchase of land cannot be treated as business activity. In support of this contention, he has relied upon the decision of Hon'ble Supreme Court in the case of Sutlej Cotton Mills Vs CIT 116 ITR 1 that the entries made in the books of account is not determinative of the question whether the assessee has earned any profit or suffered any loss. What is necessary to be considered is true nature of transaction and whether in fact it has resulted in profit or loss to the assessee. The ld DR has relied upon the order of the ld. CIT(A). 6. We ha…

Model Prperties Pvt. Ltd., Jaipur vs. The ACIT-1, Jaipur

In the result, both the appeals of the assessee are allowed

ITA 957/JPR/2015[2004-2005]Status: DisposedITAT Jaipur31 Oct 2018AY 2004-2005

Bench: Lower Authorities: (I) Interest On Term Loan Rs. 11,58,187/- (Ii) Other Interest Rs. 12,99,474/-

For Appellant: Shri A.B. Dangyach (FCA)For Respondent: Shri J.C. Kulhari (JCIT)

Section 143(1)(a)

…business of multiplicity of the transaction a solitary transaction of purchase of land cannot be treated as business activity. In support of this contention, he has relied upon the decision of Hon'ble Supreme Court in the case of Sutlej Cotton Mills Vs CIT 116 ITR 1 that the entries made in the books of account is not determinative of the question whether the assessee has earned any profit or suffered any loss. What is necessary to be considered is true nature of transaction and whether in fact it has resulted in profit or loss to the assessee. The ld DR has relied upon the order of the ld. CIT(A). 6. We ha…

Sutlej Cotton Mills Ltd. v. CIT

What is Sutlej Cotton Mills Ltd. v. CIT authority for?

Also referred to as

Sections most often in play

Issues it is cited on

Judgments citing Sutlej Cotton Mills Ltd. v. CIT

ITO 2(1)(1), Mumbai vs. Aaa Technologies P.Ltd, Mumbai

ITO 2(1)(1), Mumbai vs. Aaa Technologies P.Ltd, Mumbai

Tata Consultancy Services Limited, Mumbai vs. Commissioner of Income Tax - Large Taxpayer'S Unit, Mumbai

Mahindra & Mahindra Ltd, Mumbai vs. Addl CIT RG 2(2), Mumbai

Elegant Infraworld (P) Ltd., New Delhi vs. ITO, Ward-1(2), Ghaziabad

The DCIT, (OSD), Circle-8, Ahmedabad vs. M/S. V. F. Arvind Brands Private Limited, Ahmedabad

Prabhatam Advertising Pvt. Ltd., Delhi vs. DCIT, New Delhi

ACIT, Central Circle - 3(1), Kolkata vs. M/S. Specialty Restaurants Ltd., Kolkata

M/S. Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

M/S. Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

M/S. Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

M/S. Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

M/S Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

M/S Kanoria Chemicals & Industries Ltd., Kolkata vs. DCIT, Cir-10, Kolkata

DCIT, Circle-10, Kolkata vs. M/S. Kanoria Chemicals & Industries Ltd., Kolkata

M/S. Kanoria Chemicals & Industries Ltd., Kolkata vs. Addl. CIT, Range-10, Kolkata

DCIT, Cir-10(1), Kolkata vs. Kanoria Chemicals & Industries Ltd., Kolkata

Shri Om Parkash Legal Heiar Smt Pushpa Verma, Jalandhar vs. Income Tax Officer Ward-1(3), Jalandhar

Model Properties P. Ltd., Jaipur vs. ACIT, Jaipur

Model Prperties Pvt. Ltd., Jaipur vs. The ACIT-1, Jaipur