Trade Wings Ltd. v. CIT (Bom)

185 ITR 267High Court1990#9509 most cited
11

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 14ASection 28Section 37(1)Section 41(1)

Issues it is cited on

section 14aprevious yearcompanytotal incomebusinesspersoninterestsection 14india

Judgments citing Trade Wings Ltd. v. CIT (Bom)

SIDDHAYU AAURVEDIC RESEARCH FOUNDATION PVT. LTD,MUMBAI vs. ADDL/JT/ACIT/ITO/NFAC/// THE ACIT CIRCLE 34(3) (2) , DELHI

In the result this appeal is dismissed with costs

ITA 745/MUM/2022[2017-18]Status: DisposedITAT Mumbai24 Sept 2024AY 2017-18

Bench: Shri Anikesh Banerjee & Shri Gagan Goyalsiddhayu Aayurvedic Research Foundation Pvt. Ltd., C/704, Pramukh Plaza, Cardinal Gracious Road, Chakala, Andheri East, Mumbai-400 069. Pan No. Aaacs8335F ..... Appellant Vs. Acit Circle 4(3) (2) Aaykar Bhavan, M. K. Road, Mumbai-400 020. ..... Respondent

For Appellant: Shri Satyaprakash Singh, Ld. ARFor Respondent: Shri K. C. Selvamani, Ld. DR
Section 143(2)Section 143(3)Section 144CSection 234BSection 270ASection 271ASection 28Section 37(1)

…lent to a sister-concern or to a subsidiary company would not enable the assessee to claim such deduction. 6.3.7 It would also apropos to refer to the judgment of the jurisdictional High Court of Bombay in Trade Wings Ltd. v. Commissioner of Income-tax [1990] 185 ITR 267 (BOM.) wherein the assessee was engaged in business of travel agency and in the relevant assessment year it claimed deduction in respect of expenditure incurred on feasibility of a hotel project and the Hon'ble Tribunal held that the expenditure incurred in connection with the feasibility of a new business was not an admissible deduction, and the…

THE SHAHABAD COOP. SUGAR MILLS,SHAHABAD vs. ACIT, CIRCLE, KURUKSHETRA

ITA 1492/CHANDI/2018[2012-13]Status: DisposedITAT Chandigarh28 May 2024AY 2012-13

Bench: Us In Terms Of Section 253 Of The Income Tax Act, 1961. 2. The Assessee Being Aggrieved By The Order Of Ld. Cit(A) Dt. 11/03/2018 Which Is Hereinafter Referred To As The Impugned Order, Before This Tribunal In Form No. 36 Has Interalia Raised The Following Grounds Of Appeal:

For Appellant: Shri Varun Gupta, AdvocateFor Respondent: Shri Dharam Vir, JCIT, Sr. DR
Section 14Section 14ASection 253

…to be in the line of business and the said work order has all the better and material particulars. Distillery based on by products of sugar / sugar cane industry are far too many. This is a common knowledge now. Reliance on judgment placed by Ld. DR on 1990 (185 ITR 267)(Bom) in case of Trade Wings Ltd. Vs. CIT in our view is not applicable. The assesse in this case was in business of Travel Agency and wanted to set up a hotel in Goa. Hon’ble High Court held that Travel Agency business does not include hoteliering. But here admittedly sugar manufacturers have several by products and for fruitful utilization in…

ACC LIMITED,MUMBAI vs. DCIT (LTU), MUMBAI

In the result, appeal filed by department is dismissed

ITA 800/MUM/2022[2013-14]Status: DisposedITAT Mumbai30 Jun 2023AY 2013-14

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms Kavitha Rajagopal, Hon'Blem/S. Acc Limited V. Dcit (Ltu) 121, Cement House, M.K. Road 29Th Floor, Center-1 Churchgate, Mumbai-400020 World Trade Centre, Cuffe Parade Mumbai - 400005 Pan: Aaact1507C (Appellant) (Respondent) Asst. Cit – 3(4) V. M/S. Acc Limited 29Th Floor, Center-1 Cement House,121, M.K. Road World Trade Centre, Cuffe Parade Churchgate, Mumbai-400020 Mumbai-400005 Pan: Aaact1507C (Appellant) (Respondent)

Section 14A

…as capital expenditure. 69. This issue is dealt by Ld.CIT(A) at Para No 16.3 of his order as under: “I have considered the contentions of the AO and the appellant. The reliance of the AO on the ratio of the decision in the case of Trade Wings Ltd vs CIT (Bom) 185 ITR 267 is misplaced as in that case, unlike in the appellant's case, the expenditure was incurred in respect of altogether new line of business. In that case, the assessee was engaged in business of travel agency. In the relevant assessment year, it claimed deduction in respect of expenditure incurred on feasibility of a hotel project. The Tribunal held…

ASST. COMMISSIONER OF INCOME TAX-3(4), MUMBAI-400005 vs. M/S. ACC LIMITED, MUMBAI-400020

In the result, appeal filed by department is dismissed

ITA 1171/MUM/2022[2013-14]Status: DisposedITAT Mumbai30 Jun 2023AY 2013-14

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms Kavitha Rajagopal, Hon'Blem/S. Acc Limited V. Dcit (Ltu) 121, Cement House, M.K. Road 29Th Floor, Center-1 Churchgate, Mumbai-400020 World Trade Centre, Cuffe Parade Mumbai - 400005 Pan: Aaact1507C (Appellant) (Respondent) Asst. Cit – 3(4) V. M/S. Acc Limited 29Th Floor, Center-1 Cement House,121, M.K. Road World Trade Centre, Cuffe Parade Churchgate, Mumbai-400020 Mumbai-400005 Pan: Aaact1507C (Appellant) (Respondent)

Section 14A

…as capital expenditure. 69. This issue is dealt by Ld.CIT(A) at Para No 16.3 of his order as under: “I have considered the contentions of the AO and the appellant. The reliance of the AO on the ratio of the decision in the case of Trade Wings Ltd vs CIT (Bom) 185 ITR 267 is misplaced as in that case, unlike in the appellant's case, the expenditure was incurred in respect of altogether new line of business. In that case, the assessee was engaged in business of travel agency. In the relevant assessment year, it claimed deduction in respect of expenditure incurred on feasibility of a hotel project. The Tribunal held…

DCIT(LTU) - 1, MUMBAI vs. ACC LTD., MUMBAI

In the result, appeal filed by assessee is partly allowed

ITA 3176/MUM/2019[2009-10]Status: DisposedITAT Mumbai28 Feb 2023AY 2009-10

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 147Section 148Section 151Section 55A

…9-10) M/s. ACC Limited 69. This issue is dealt by Ld.CIT(A) at Para No 16.3 of his order as under: “I have considered the contentions of the AO and the appellant. The reliance of the AO on the ratio of the decision in the case of Trade Wings Ltd vs CIT (Bom) 185 ITR 267 is misplaced as in that case, unlike in the appellant's case, the expenditure was incurred in respect of altogether new line of business. In that case, the assessee was engaged in business of travel agency. In the relevant assessment year, it claimed deduction in respect of expenditure incurred on feasibility of a hotel project. The Tribunal held…

ACC LTD.,MUMBAI vs. DCIT(LTU) - 1, MUMBAI

In the result, appeal filed by assessee is partly allowed

ITA 3136/MUM/2019[2009-10]Status: DisposedITAT Mumbai28 Feb 2023AY 2009-10

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 147Section 148Section 151Section 55A

…9-10) M/s. ACC Limited 69. This issue is dealt by Ld.CIT(A) at Para No 16.3 of his order as under: “I have considered the contentions of the AO and the appellant. The reliance of the AO on the ratio of the decision in the case of Trade Wings Ltd vs CIT (Bom) 185 ITR 267 is misplaced as in that case, unlike in the appellant's case, the expenditure was incurred in respect of altogether new line of business. In that case, the assessee was engaged in business of travel agency. In the relevant assessment year, it claimed deduction in respect of expenditure incurred on feasibility of a hotel project. The Tribunal held…

ACC LTD.,MUMBAI vs. DCIT(LTU) - 1, MUMBAI

In the result, appeal filed by assessee is partly allowed

ITA 3135/MUM/2019[2009-10]Status: DisposedITAT Mumbai28 Feb 2023AY 2009-10

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 147Section 148Section 151Section 55A

…9-10) M/s. ACC Limited 69. This issue is dealt by Ld.CIT(A) at Para No 16.3 of his order as under: “I have considered the contentions of the AO and the appellant. The reliance of the AO on the ratio of the decision in the case of Trade Wings Ltd vs CIT (Bom) 185 ITR 267 is misplaced as in that case, unlike in the appellant's case, the expenditure was incurred in respect of altogether new line of business. In that case, the assessee was engaged in business of travel agency. In the relevant assessment year, it claimed deduction in respect of expenditure incurred on feasibility of a hotel project. The Tribunal held…

DCIT, NEW DELHI vs. M/S. SENTIA POWER LTD., NEW DELHI

In the result, ITA number 146/Del/2016 filed by the learned assessing officer for assessment year 2012 – 13 is dismissed

ITA 1461/DEL/2016[2012-13]Status: DisposedITAT Delhi21 Aug 2019AY 2012-13

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishisentia Power Ltd, Vs. Ito, (Formerly Known As Indiabulls Ward-11(4), Cseb Bhiyathan Power Ltd), New Delhi M-62 & 63, 1St Floor, Connaught Place, New Delhi Pan: Aabci8901M (Appellant) (Respondent) The Deputy Commissioner Of Vs. Sentia Power Ltd, Income Tax (Formerly Known As Circle 23(2) Indiabulls Cseb Bhiyathan New Delhi Power Ltd), M-62 & 63, 1St Floor, Connaught Place, New Delhi Pan: Aabci8901M (Appellant) (Respondent)

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Arun Kumar Yadav, Sr DR

…g a new project or initiating a new line of business separate from the existing business cannot be held to be revenue expenditure incurred in connection with the existing business – Indian Oxygen Ltd. Vs CIT (Cal) 164 ITR 466 and Trade Wings Ltd. Vs CIT (Bom) 185 ITR 267 From the above stated facts and the documents on record it is conclusively established that the assessee has debited the salary and legal and professional expenses in its P&L account during this year as a means to suppress its taxable income. These expenses relate to the business of the assessee of setting up of power plant and as it is still in…

M/S. SENTIA POWER LTD.,,NEW DELHI vs. ITO, NEW DELHI

In the result, ITA number 146/Del/2016 filed by the learned assessing officer for assessment year 2012 – 13 is dismissed

ITA 3498/DEL/2015[2011-12]Status: DisposedITAT Delhi21 Aug 2019AY 2011-12

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishisentia Power Ltd, Vs. Ito, (Formerly Known As Indiabulls Ward-11(4), Cseb Bhiyathan Power Ltd), New Delhi M-62 & 63, 1St Floor, Connaught Place, New Delhi Pan: Aabci8901M (Appellant) (Respondent) The Deputy Commissioner Of Vs. Sentia Power Ltd, Income Tax (Formerly Known As Circle 23(2) Indiabulls Cseb Bhiyathan New Delhi Power Ltd), M-62 & 63, 1St Floor, Connaught Place, New Delhi Pan: Aabci8901M (Appellant) (Respondent)

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Arun Kumar Yadav, Sr DR

…g a new project or initiating a new line of business separate from the existing business cannot be held to be revenue expenditure incurred in connection with the existing business – Indian Oxygen Ltd. Vs CIT (Cal) 164 ITR 466 and Trade Wings Ltd. Vs CIT (Bom) 185 ITR 267 From the above stated facts and the documents on record it is conclusively established that the assessee has debited the salary and legal and professional expenses in its P&L account during this year as a means to suppress its taxable income. These expenses relate to the business of the assessee of setting up of power plant and as it is still in…

DCIT CIR 6(1), MUMBAI vs. INDIAREIT FUND ADVISORS P. LTD, MUMBAI

In the result, both the appeals of assessee and that of the revenue are dismissed

ITA 3218/MUM/2013[2009-10]Status: DisposedITAT Mumbai15 Apr 2016AY 2009-10

Bench: Shri R. C. Sharma, Am & Shri Mahavir Singh, Jm आयकर अपील सं./I.T.A. No. 3218/Mum/2013 ("नधा"रण वष" / Assessment Year: 2009-10) Dy. Cit, Circ.6(1), R. No. 506, Indiareit Fund Advisors Pvt. Ltd. 5Th Floor, Aaykar Bhavan, M. K. Road, बनाम/ 3Rd Floor, Nicholas Primal Tower, Mumbai-400 020 Ganpatrai Kadam Marg, Lower Vs. Parel, Mumbai-400 013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabci3931J (Revenue) (Assessee) : आयकर अपील सं./I.T.A. No. 3099/Mum/2013 ("नधा"रण वष" / Assessment Year: 2009-10) Indiareit Fund Advisors Pvt. Ltd. Dy. Cit, Circ.6(1), R. No. 506, 3Rd Floor, Nicholas Primal Tower, बनाम/ 5Th Floor, Aaykar Bhavan, M. K. Ganpatrai Kadam Marg, Lower Parel, Road, Mumbai-400 020 Vs. Mumbai-400 013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabci3931J (Assessee) : (Revenue) Revenue By : Shri V. S. Jadhav Assessee By : Shri Arun Chhabra सुनवाई क" तार"ख / : 29.03.2016 Date Of Hearing घोषणा क" तार"ख / : 15.04.2016 Date Of Pronouncement आदेश / O R D E R Per Mahavir Singh, Jm: These Are Cross Appeals, By Revenue & The Assessee, Are Arising Out Of Order Of Cit(A), Mumbai In Appeal No. Cit(A)-14/It.39/Rg.6(1)/11-12 Dated 31.01.2013. 2

For Appellant: Shri Arun ChhabraFor Respondent: Shri V. S. Jadhav
Section 143(3)Section 14A

…ourt decision in the case of Hyderabad Allwyn Metal Works Ltd. v. CIT [1975] 98 ITR 555 and also one Jurisdictional High Court decision in the case of Trade Wings 5 ITA Nos. 3218 & 3099/M/13 (A.Y.2009-10) Indiareit Fund Advisors Pvt. Ltd. Ltd. vs. CIT [1990] 185 ITR 267 (Bom.). Aggrieved against the action of the CIT(A), the assessee preferred the appeal before the tribunal. 7. Before us, the ld. Counsel for the assessee stated that the above stated expenditure on foreign travel, loading and boarding is in connection with the assistance it provided in relation to the Offshore Fund II to raise the desired level o…

INDIAREIT FUND ADVISORS P. LTD,MUMBAI vs. ADDL CIT RG 6(1), MUMBAI

In the result, both the appeals of assessee and that of the revenue are dismissed

ITA 3099/MUM/2013[2009-10]Status: DisposedITAT Mumbai15 Apr 2016AY 2009-10

Bench: Shri R. C. Sharma, Am & Shri Mahavir Singh, Jm आयकर अपील सं./I.T.A. No. 3218/Mum/2013 ("नधा"रण वष" / Assessment Year: 2009-10) Dy. Cit, Circ.6(1), R. No. 506, Indiareit Fund Advisors Pvt. Ltd. 5Th Floor, Aaykar Bhavan, M. K. Road, बनाम/ 3Rd Floor, Nicholas Primal Tower, Mumbai-400 020 Ganpatrai Kadam Marg, Lower Vs. Parel, Mumbai-400 013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabci3931J (Revenue) (Assessee) : आयकर अपील सं./I.T.A. No. 3099/Mum/2013 ("नधा"रण वष" / Assessment Year: 2009-10) Indiareit Fund Advisors Pvt. Ltd. Dy. Cit, Circ.6(1), R. No. 506, 3Rd Floor, Nicholas Primal Tower, बनाम/ 5Th Floor, Aaykar Bhavan, M. K. Ganpatrai Kadam Marg, Lower Parel, Road, Mumbai-400 020 Vs. Mumbai-400 013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabci3931J (Assessee) : (Revenue) Revenue By : Shri V. S. Jadhav Assessee By : Shri Arun Chhabra सुनवाई क" तार"ख / : 29.03.2016 Date Of Hearing घोषणा क" तार"ख / : 15.04.2016 Date Of Pronouncement आदेश / O R D E R Per Mahavir Singh, Jm: These Are Cross Appeals, By Revenue & The Assessee, Are Arising Out Of Order Of Cit(A), Mumbai In Appeal No. Cit(A)-14/It.39/Rg.6(1)/11-12 Dated 31.01.2013. 2

For Appellant: Shri Arun ChhabraFor Respondent: Shri V. S. Jadhav
Section 143(3)Section 14A

…ourt decision in the case of Hyderabad Allwyn Metal Works Ltd. v. CIT [1975] 98 ITR 555 and also one Jurisdictional High Court decision in the case of Trade Wings 5 ITA Nos. 3218 & 3099/M/13 (A.Y.2009-10) Indiareit Fund Advisors Pvt. Ltd. Ltd. vs. CIT [1990] 185 ITR 267 (Bom.). Aggrieved against the action of the CIT(A), the assessee preferred the appeal before the tribunal. 7. Before us, the ld. Counsel for the assessee stated that the above stated expenditure on foreign travel, loading and boarding is in connection with the assistance it provided in relation to the Offshore Fund II to raise the desired level o…

Trade Wings Ltd. v. CIT (Bom) (185 ITR 267) — Cited in 11 Judgments | BharatTax