TC 38R.1012 and CIT v. Bokaro Steel Ltd.

170 ITR 522High Court1988#16957 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2024.

Judgments citing TC 38R.1012 and CIT v. Bokaro Steel Ltd.

DCIT, Central Circle- 4(3), Kolkata vs. Rajesh Jain, Kolkata

In the result, both the appeals of the revenue are dismissed

ITA 1006/KOL/2024[2019-20]Status: DisposedITAT Kolkata17 Dec 2024AY 2019-20

Bench: Shri Rajesh Kumar, Am& Shri Pradip Kumar Choubey, Jm]

Section 132Section 132(4)Section 153A

…e sale should be rightly brought to tax. The appropriate way to determine the profit earned by the assessee is to be based on the gross profit earned by the assessee in the regular course of business." b) In the case of 'CIT v. Bokaro Steel Ltd. (No.1) [1988] 170 ITR 522 (Pat.)', the Hon'ble Patna High Court had held the following: Rajesh Jain, AYs 2018-19 & 2019-20 'Gains' is really the equivalent of 'profits'. The profit of a trade or business is the surplus by which the receipts from the trade or business exceed the expenditure necessary for the purpose of earning those receipts. The tax is upon income, profi…

DCIT, CC-4(3), Kolkata vs. Rajesh Jain, Kolkata

In the result, both the appeals of the revenue are dismissed

ITA 1005/KOL/2024[2018-19]Status: DisposedITAT Kolkata17 Dec 2024AY 2018-19

Bench: Shri Rajesh Kumar, Am& Shri Pradip Kumar Choubey, Jm]

Section 132Section 132(4)Section 153A

…e sale should be rightly brought to tax. The appropriate way to determine the profit earned by the assessee is to be based on the gross profit earned by the assessee in the regular course of business." b) In the case of 'CIT v. Bokaro Steel Ltd. (No.1) [1988] 170 ITR 522 (Pat.)', the Hon'ble Patna High Court had held the following: Rajesh Jain, AYs 2018-19 & 2019-20 'Gains' is really the equivalent of 'profits'. The profit of a trade or business is the surplus by which the receipts from the trade or business exceed the expenditure necessary for the purpose of earning those receipts. The tax is upon income, profi…

Cavalcade Properties P. Ltd, Mumbai vs. ITO WD 12(1)(4), Mumbai

Accordingly, grounds raised by the assessee are allowed

ITA 4030/MUM/2017[2011-12]Status: DisposedITAT Mumbai30 Oct 2019AY 2011-12

Bench: Shri S. Rifaur Rahman, Am& Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 4030/Mum/2017 (निर्धारणवर्ा / Assessment Year: 2012-13)

For Appellant: Shri Madhur Agarwal, AR byFor Respondent: Shri Awangshi Gimson, DR
Section 115JSection 143(1)Section 143(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, AM& SHRI RAM LAL NEGI, JM आयकरअपीलसं./ I.T.A. No. 4030/Mum/2017 (निर्धारणवर्ा / Assessment Year: 2012-13) ITO Ward 12(1)(4), M/s Cavalcade Properties Aayakar Bhavan, Pvt. Ltd. Churchgate, बिधम/ Plot No. C-30, G-Block, Mumbai-400 020 Opp-SIDBI, Bandra Kurla Vs. Complex, Bandra (east), Mumbai 400 051 स्थायीलेखासं./जीआइआरसं./PAN No. AACCC6226B (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : आयकरअपीलसं./ I.T.A. No. 4273/Mum/2017 (निर्धारणवर्ा / Assessment Year: 2012-13) ITO Ward 12(1)(4), M/s Cavalcade Properties Aayakar Bhavan, Pvt…

DCIT Cent.Cir-1(4), Mumbai vs. M/S.International Mineral Trading Co. Private Limited, Mumbai

Accordingly grounds raised by the revenue are dismissed

ITA 615/MUM/2018[2013-14]Status: DisposedITAT Mumbai27 Sept 2019AY 2013-14

Bench: Shri S. Rifaur Rahman, Am & Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 615/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2013-14)

For Appellant: Shri Kumar PadmapaniFor Respondent: Shri Gaurav Kabra, AR
Section 143(2)

…taken as a capital receipt.— 20 I.T.A. No. 615/Mum/2018 M/s International Mineral Trading Co. Pvt. Ltd. Bokaro Steel Ltd. vs. CIT (1988) 67 CTR (Pat) 281 : (1988) 170 ITR 545 (Pat) : TC 38R.1012 and CIT vs. Bokaro Steel Ltd. (1988) 67 CTR (Pat) 138 : (1988) 170 ITR 522 (Pat) : TC 38R.1011 affirmed; Challapalli Sugars Ltd. vs. CIT 1974 CTR (SC) 309 : (1975) ' 98 ITR 167 (SC) : TC 17R.834 applied; Addl. CIT vs. Indian Drugs & Pharmaceutical Ltd. (1983) 141 ITR 134 (Del) : TC 13R.668 approved; Tuticorin Alkali Chemicals & Fertilisers Ltd. vs. CIT (1997) 141 CTR (SC) 387: (1997) 227ITR 172 (SC) distinguished." 5.1…

DCIT, New Delhi vs. M/S. Ferrous Infrastructure Pvt. Ltd., Gurgaon

In the result, the Appeal filed by the Revenue stands dismissed

ITA 3867/DEL/2014[2010-11]Status: DisposedITAT Delhi07 Jun 2017AY 2010-11

Bench: Shri H.S. Sidhu & Shri O.P. Kant

For Appellant: NoneFor Respondent: Sh. Anil Kr. Sharma, Sr. DR
Section 115JSection 133ASection 143(1)Section 143(2)Section 143(3)

…eld this entry as not reflecting the real income of the assessee and hence not exigible to income-tax.-Bokaro Steel Ltd. vs. CIT (1988) 67 CTR (Pat) 281 : (1988) 170 ITR 545 (Pat) : TC 38R.1012 and CIT vs. Bokaro Steel Ltd. (1988) 67 CTR (Pat) 138 : (1988) 170 ITR 522 (Pat) : TC 38R.1011 affirmed; Godhra Electricity Co. Ltd. vs. CIT (1997) 139 CTR (sq 564 : (1997) 225 ITR 746 (SC) applied." The Income Tax Act takes into account two points of time at which the liability to tax is attracted, the accrual of income or its receipt, but the substance of the matter is the income. If the income does not result at a…

TC 38R.1012 and CIT v. Bokaro Steel Ltd. (170 ITR 522) — Cited in 5 Judgments | BharatTax