Thakur & Bros.Pvt. Ltd.vs CIT 82 ITR 899 (SC), Madnani Development Corporation Pvt. Ltd. v. CIT

161 ITR 165Supreme Court of India1986#16941 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2024.

Sections most often in play

Section 28Section 36(1)(vii)Section 36(2)Section 37Section 37(1)Section 80JJAA

Issues it is cited on

section 28(i)section 36(2)section 36(1)(vii)commercial expediencysection 28section 36(1)section 37(1)section 36section 37opportunity of being heardcompanybusiness

Judgments citing Thakur & Bros.Pvt. Ltd.vs CIT 82 ITR 899 (SC), Madnani Development Corporation Pvt. Ltd. v. CIT

MATRIX CLOTHING PVT.LTD.,GURGAON vs. ACIT, SPECIAL RANGE-6, NEW DELHI

In the result, the appeal of the assessee in ITA No

ITA 8183/DEL/2019[2016-17]Status: DisposedITAT Delhi05 Feb 2024AY 2016-17

Bench: Shri Saktijit Dey & Shri N.K. Billaiya

For Appellant: Shri Salil Aggarwal, Sr. AdvFor Respondent: Shri Vipul Kashyap, Sr. DR
Section 28Section 36(2)Section 80J

…it and loss account. It was submitted that the loss is allowable under section 28(i) r.w. section 36(1)(vii) or 37(1) as a normal business loss. Support was derived from the decision of Hon’ble Supreme Court in Madnani Development Corporation Pvt. Ltd. (1986) 161 ITR 165 (SC) wherein it is held that business losses are allowable on ordinary commercial principles of computing profits, provided they are of non-capital nature. Reliance was also placed on the decisions of Hon’ble Gujrat High Court in CIT vs. Mahendra N. Shah (2006) 280 ITR 462(Guj); decision of Hon’ble Calcutta High Court in Turner Morrison & Co. Ltd…

MATRIX CLOTHING PVT. LTD.,GURGAON vs. ADDL. CIT, SPL. RANGE- 6, NEW DELHI

In the result, the appeals of the assessee are treated as allowed for statistical purposes for both the AYs 2014-15 and 2015-16 subject to directions contained in para 11 above

ITA 6073/DEL/2019[2015-16]Status: DisposedITAT Delhi13 Sept 2023AY 2015-16

Bench: Shri Shamim Yahya & Ms. Astha Chandra

For Appellant: Shri Salil Aggarwal, Sr. AdvocateFor Respondent: Ms. Smita Singh, Sr. DR
Section 28Section 36(2)

…it and loss account. It was submitted that the loss is allowable under section 28(i) r.w. section 36(1)(vii) or 37(1) as a normal business loss. Support was derived from the decision of Hon’ble Supreme Court in Madnani Development Corporation Pvt. Ltd. (1986) 161 ITR 165 (SC) wherein it is held that business losses are allowable on ordinary commercial principles of computing profits, provided they are of non-capital nature. Reliance was also placed on the decisions of Hon’ble Gujrat High Court in CIT vs. Mahendra N. Shah (2006) 280 ITR 462(Guj); decision of Hon’ble Calcutta High Court in Turner Morrison & Co. Ltd…

MATRIX CLOTHING PVT. LTD.,GURGAON vs. ADDL. CIT, SPL. RANGE- 6, NEW DELHI

In the result, the appeals of the assessee are treated as allowed for statistical purposes for both the AYs 2014-15 and 2015-16 subject to directions contained in para 11 above

ITA 6072/DEL/2019[2014-15]Status: DisposedITAT Delhi13 Sept 2023AY 2014-15

Bench: Shri Shamim Yahya & Ms. Astha Chandra

For Appellant: Shri Salil Aggarwal, Sr. AdvocateFor Respondent: Ms. Smita Singh, Sr. DR
Section 28Section 36(2)

…it and loss account. It was submitted that the loss is allowable under section 28(i) r.w. section 36(1)(vii) or 37(1) as a normal business loss. Support was derived from the decision of Hon’ble Supreme Court in Madnani Development Corporation Pvt. Ltd. (1986) 161 ITR 165 (SC) wherein it is held that business losses are allowable on ordinary commercial principles of computing profits, provided they are of non-capital nature. Reliance was also placed on the decisions of Hon’ble Gujrat High Court in CIT vs. Mahendra N. Shah (2006) 280 ITR 462(Guj); decision of Hon’ble Calcutta High Court in Turner Morrison & Co. Ltd…

ACIT RG 4(2), MUMBAI vs. NVS BROKERAGE P[ LTD, MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 8295/MUM/2010[2007-08]Status: DisposedITAT Mumbai21 Jul 2016AY 2007-08

Bench: Shri R.C.Sharma (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2007-08

For Appellant: Shri. Pramod Kumar Parida & MsFor Respondent: Shri. B. Satyaramayana Rajo
Section 143(3)

…ontentions. The Ld. Counsel for the assessee relying on the judgments passed by the Hon’ble Supreme Court in Ashok Viniyoga Ltd. vs CIT 84 ITR 264(SC), Karam Chand Thakur & Bros.Pvt. Ltd.vs CIT 82 ITR 899 (SC), Madnani Development Corporation Pvt. Ltd. vs CIT 161 ITR 165 (SC) and other judgments passed by the High Courts, submitted that entries in the books of account are relevant to determine whether the asset is stock in trade or a capital asset. Assessment Year: 2007-08 5. On the Other hand the Ld. DR. submitted that since the findings of the A.O. is based on the law laid down by the Hon’ble Supreme Court, H…

N vs. BROKERAGE P. LTD,MUMBAIVS.ASST CIT CIR 1(2), MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 7280/MUM/2010[2007-08]Status: DisposedITAT Mumbai21 Jul 2016AY 2007-08

Bench: Shri R.C.Sharma (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2007-08

For Appellant: Shri. Pramod Kumar Parida & MsFor Respondent: Shri. B. Satyaramayana Rajo
Section 143(3)

…ontentions. The Ld. Counsel for the assessee relying on the judgments passed by the Hon’ble Supreme Court in Ashok Viniyoga Ltd. vs CIT 84 ITR 264(SC), Karam Chand Thakur & Bros.Pvt. Ltd.vs CIT 82 ITR 899 (SC), Madnani Development Corporation Pvt. Ltd. vs CIT 161 ITR 165 (SC) and other judgments passed by the High Courts, submitted that entries in the books of account are relevant to determine whether the asset is stock in trade or a capital asset. Assessment Year: 2007-08 5. On the Other hand the Ld. DR. submitted that since the findings of the A.O. is based on the law laid down by the Hon’ble Supreme Court, H…

Thakur & Bros.Pvt. Ltd.vs CIT 82 ITR 899 (SC), Madnani Development Corporation Pvt. Ltd. v. CIT (161 ITR 165) — Cited in 5 Judgments | BharatTax