Turner Morrison And Co. Ltd. v. CIT

245 ITR 724High Court2000#9804 most cited
11

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2019 to 2024.

Sections most often in play

Section 36(1)(vii)Section 36(2)Section 37(1)Section 143(3)Section 14ASection 2(47)Section 28(iiid)Section 28(iiie)

Issues it is cited on

section 28(i)section 36(2)section 36(1)(vii)commercial expediencysection 36(1)section 37(1)section 36section 28section 37section 80appeal before the tribunalprevious year

Judgments citing Turner Morrison And Co. Ltd. v. CIT

BAJAJ HOLDNGS & INVESTMENT LTD ( ERSTWHILE BAJAJ AUTO LTD),MUMBAI vs. ADDL CIT RG 3(1), MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal of the revenue is dismissed

ITA 3043/MUM/2010[2002-013]Status: DisposedITAT Mumbai24 Jun 2024AY 2002-013

Bench: Shri Vikas Awasthy & Shri Amarjit Singhbajaj Holdings & Vs. Additional Commissioner Investment Ltd. Of Income-Tax, Range 3(1) Erstwile Bajaj Auto Ltd.) Aayakar Bhavan, Bajaj Bhavan, 226, M.K. Road, Nariman Point, Mumbai – 400 020 Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Dcit-3(4) Vs. M/S Bajaj Holding & Room No. 481-2, 4Th Floor, Investment Limited Aaykar Bhavan, (Erstwhile Bajaj Auto Ltd) Mumbai – 400020 226, Bajaj Bhavan, 2Nd Floor, Jamnalal Bajaj Marg, Nariman Point Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Appellant By : Percy Pardiwala & Vasanti Patel Respondent By : Ankush Kapoor

For Appellant: Percy Pardiwala &For Respondent: Ankush Kapoor
Section 143(3)Section 2(47)

…ction under section 36(1)(vii) read with section 36(2) of the Act even when the company is not in the money lending business. P a g e | 42 ITA No.3043 & 2899/Mum/2010 Bajaj Holdings & Investments Ltd. Vs. ACIT, Range 3(1) (a) Turner Morrison & Co. Ltd [2000] 245 ITR 724 (Calcutta High Court) (b) Crescent Films (P.) Ltd. [2001] 248 ITR 670 (Madras High Court) If company is in the business of money lending then second condition u/s 36(2)(i) is also satisfied. (a) Sicom Limited (ITA No. 8040 and 8055/M/2010 dated 2014) (Mumbai Tribunal) 15 January (b) Smt. Padma S Bora in (2015) 54 Taxmann.com 319 (Bombay High Cour…

ADDL CIT RG 3(1), MUMBAI vs. BAJAJ AUTO LTD, MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal of the revenue is dismissed

ITA 2899/MUM/2010[2002-03]Status: DisposedITAT Mumbai24 Jun 2024AY 2002-03

Bench: Shri Vikas Awasthy & Shri Amarjit Singhbajaj Holdings & Vs. Additional Commissioner Investment Ltd. Of Income-Tax, Range 3(1) Erstwile Bajaj Auto Ltd.) Aayakar Bhavan, Bajaj Bhavan, 226, M.K. Road, Nariman Point, Mumbai – 400 020 Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Dcit-3(4) Vs. M/S Bajaj Holding & Room No. 481-2, 4Th Floor, Investment Limited Aaykar Bhavan, (Erstwhile Bajaj Auto Ltd) Mumbai – 400020 226, Bajaj Bhavan, 2Nd Floor, Jamnalal Bajaj Marg, Nariman Point Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Appellant By : Percy Pardiwala & Vasanti Patel Respondent By : Ankush Kapoor

For Appellant: Percy Pardiwala &For Respondent: Ankush Kapoor
Section 143(3)Section 2(47)

…ction under section 36(1)(vii) read with section 36(2) of the Act even when the company is not in the money lending business. P a g e | 42 ITA No.3043 & 2899/Mum/2010 Bajaj Holdings & Investments Ltd. Vs. ACIT, Range 3(1) (a) Turner Morrison & Co. Ltd [2000] 245 ITR 724 (Calcutta High Court) (b) Crescent Films (P.) Ltd. [2001] 248 ITR 670 (Madras High Court) If company is in the business of money lending then second condition u/s 36(2)(i) is also satisfied. (a) Sicom Limited (ITA No. 8040 and 8055/M/2010 dated 2014) (Mumbai Tribunal) 15 January (b) Smt. Padma S Bora in (2015) 54 Taxmann.com 319 (Bombay High Cour…

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

…omputing 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. (2001) 245 ITR 724 (Cal); decision of ITAT Hyderabad in Gulf Oil Corporation Ltd. vs. ACIT (2012) 24 taxman.com 325 and decision of Hon’ble Bombay High Court in DI (International Taxation) vs. Deutche Bank ITA Nos. 6072 & 6073/Del/2019 8 AG (2014) 48 taxmann.com 323 (Bom.). However, the Ld. CIT(A) followed the order (supra) of the Tribunal for AY 2012-13 and dismis…

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)

…omputing 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. (2001) 245 ITR 724 (Cal); decision of ITAT Hyderabad in Gulf Oil Corporation Ltd. vs. ACIT (2012) 24 taxman.com 325 and decision of Hon’ble Bombay High Court in DI (International Taxation) vs. Deutche Bank AG (2014) 48 taxmann.com 323 (Bom.). However, the Ld. CIT(A) followed the order (supra) of the Tribunal for AY 2012-13 and dismissed the appeals of the assessee…

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)

…omputing 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. (2001) 245 ITR 724 (Cal); decision of ITAT Hyderabad in Gulf Oil Corporation Ltd. vs. ACIT (2012) 24 taxman.com 325 and decision of Hon’ble Bombay High Court in DI (International Taxation) vs. Deutche Bank AG (2014) 48 taxmann.com 323 (Bom.). However, the Ld. CIT(A) followed the order (supra) of the Tribunal for AY 2012-13 and dismissed the appeals of the assessee…

R N KHEMKA ENTERPRISES PRIVATE LIMITED,DELHI vs. PR,CIT, DELHI-7, NEW DELHI

In the result, the appeal of the assessee is allowed

ITA 590/DEL/2022[2017-18]Status: DisposedITAT Delhi21 Oct 2022AY 2017-18

Bench: Shri Chandra Mohan Garg & Shri Pradip Kumar Kedia

For Appellant: Shri Suresh Gupta, CAFor Respondent: Shri Vivek Sharma, CIT-DR
Section 142(1)Section 143(3)Section 263Section 36(1)(vii)Section 36(2)

…matter and the bad debt as such can be allowed as deduction in computing the income of the assessee even if the bad debt comes into existence because of the advancing of money giving rise to taxable business income as observed in Turner Morrson and Co. Ltd., 245 ITR 724 (Cal) (2000). 11.4 The first and second part of Section 36(2) are thus, in essence, distinguishable. As per the first part of clause (i) to Section 36(2), so long as advance has been made in the course of business and such advance has resulted in swelling the profits of the assessee, such debt will be covered in the first part. The second part ho…

ACIT 6(3), MUMBAI vs. GLAXO SMITHKLINE PHARMACEUTICALS LTD, MUMBAI

In the result, appeal is partly allowed for statistical purposes

ITA 3608/MUM/2011[2002-03]Status: DisposedITAT Mumbai21 Feb 2020AY 2002-03

Bench: Sri Saktijit Dey, Jm & Sri Nk Pradhan, Am आयकर अपील सुं./ Ita No. 2548/Mum/2011 (यनधाारण वर्ा / Assessment Year 2002-03) Glaxosmithkline The Dy. Commissioner Of Pharmaceuticals Limited Income-Tax, Range 6(3), बनाम/ Dr. Annie Besant Road, Worli Aayakar Bhavan, M.K. Marg, Vs. Mumbai-400 030 Mumbai-400 020 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacg4414B आयकर अपील सुं./ Ita Nos. 3608 & 2261/Mum/2011 (यनधाारण वर्ा / Assessment Years 2002-03) The Dy. Commissioner Of Glaxosmithkline Income-Tax, Range 6(3), Pharmaceuticals Limited बनाम/ Aayakar Bhavan, M.K. Marg, Dr. Annie Besant Road, Worli Vs. Mumbai-400 020 Mumbai-400 030 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से / Appellant By : S/Shri Rajan R. Vora, Nikhil Tiwari, Ars प्रत्यर्थी की ओर से / Respondent By : Shri Anand Mohan, Cit Dr सुनवाई की िारीख / Date Of Hearing: 26.11.2019 घोर्णा की िारीख / Date Of Pronouncement: 21.02.2020

For Appellant: S/Shri Rajan R. VoraFor Respondent: Shri Anand Mohan, CIT DR
Section 4Section 80H

…आयकर अपीलीय अधिकरण “K” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI श्री शक्तिजीि डे,न्याययक सदस्य एवं श्री एन के प्रधान, लेखा सदस्य के समक्ष । BEFORE SRI SAKTIJIT DEY, JM AND SRI NK PRADHAN, AM आयकर अपील सुं./ ITA No. 2548/Mum/2011 (यनधाारण वर्ा / Assessment Year 2002-03) GlaxoSmithKline The Dy. Commissioner of Pharmaceuticals Limited Income-tax, Range 6(3), बनाम/ Dr. Annie Besant Road, Worli Aayakar Bhavan, M.K. Marg, Vs. Mumbai-400 030 Mumbai-400 020 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./PAN No. AAACG4414B आयकर अपील सुं./ ITA Nos. 3608 & 2261/Mum/201…

GLAXOSMITHKLINE PHARMACEUTICALS LIMITED,MUMBAI vs. D.C.I.T. RG.6(3), MUMBAI

In the result, appeal is partly allowed for statistical purposes

ITA 2548/MUM/2011[2002-03]Status: DisposedITAT Mumbai21 Feb 2020AY 2002-03

Bench: Sri Saktijit Dey, Jm & Sri Nk Pradhan, Am आयकर अपील सुं./ Ita No. 2548/Mum/2011 (यनधाारण वर्ा / Assessment Year 2002-03) Glaxosmithkline The Dy. Commissioner Of Pharmaceuticals Limited Income-Tax, Range 6(3), बनाम/ Dr. Annie Besant Road, Worli Aayakar Bhavan, M.K. Marg, Vs. Mumbai-400 030 Mumbai-400 020 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacg4414B आयकर अपील सुं./ Ita Nos. 3608 & 2261/Mum/2011 (यनधाारण वर्ा / Assessment Years 2002-03) The Dy. Commissioner Of Glaxosmithkline Income-Tax, Range 6(3), Pharmaceuticals Limited बनाम/ Aayakar Bhavan, M.K. Marg, Dr. Annie Besant Road, Worli Vs. Mumbai-400 020 Mumbai-400 030 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से / Appellant By : S/Shri Rajan R. Vora, Nikhil Tiwari, Ars प्रत्यर्थी की ओर से / Respondent By : Shri Anand Mohan, Cit Dr सुनवाई की िारीख / Date Of Hearing: 26.11.2019 घोर्णा की िारीख / Date Of Pronouncement: 21.02.2020

For Appellant: S/Shri Rajan R. VoraFor Respondent: Shri Anand Mohan, CIT DR
Section 4Section 80H

…आयकर अपीलीय अधिकरण “K” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI श्री शक्तिजीि डे,न्याययक सदस्य एवं श्री एन के प्रधान, लेखा सदस्य के समक्ष । BEFORE SRI SAKTIJIT DEY, JM AND SRI NK PRADHAN, AM आयकर अपील सुं./ ITA No. 2548/Mum/2011 (यनधाारण वर्ा / Assessment Year 2002-03) GlaxoSmithKline The Dy. Commissioner of Pharmaceuticals Limited Income-tax, Range 6(3), बनाम/ Dr. Annie Besant Road, Worli Aayakar Bhavan, M.K. Marg, Vs. Mumbai-400 030 Mumbai-400 020 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./PAN No. AAACG4414B आयकर अपील सुं./ ITA Nos. 3608 & 2261/Mum/201…

DCIT 6(3), MUMBAI vs. GALXO SMITHKINE PHARMACEUTICALS LTD, MUMBAI

In the result, appeal is partly allowed for statistical purposes

ITA 2261/MUM/2011[2002-03]Status: DisposedITAT Mumbai21 Feb 2020AY 2002-03

Bench: Sri Saktijit Dey, Jm & Sri Nk Pradhan, Am आयकर अपील सुं./ Ita No. 2548/Mum/2011 (यनधाारण वर्ा / Assessment Year 2002-03) Glaxosmithkline The Dy. Commissioner Of Pharmaceuticals Limited Income-Tax, Range 6(3), बनाम/ Dr. Annie Besant Road, Worli Aayakar Bhavan, M.K. Marg, Vs. Mumbai-400 030 Mumbai-400 020 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacg4414B आयकर अपील सुं./ Ita Nos. 3608 & 2261/Mum/2011 (यनधाारण वर्ा / Assessment Years 2002-03) The Dy. Commissioner Of Glaxosmithkline Income-Tax, Range 6(3), Pharmaceuticals Limited बनाम/ Aayakar Bhavan, M.K. Marg, Dr. Annie Besant Road, Worli Vs. Mumbai-400 020 Mumbai-400 030 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से / Appellant By : S/Shri Rajan R. Vora, Nikhil Tiwari, Ars प्रत्यर्थी की ओर से / Respondent By : Shri Anand Mohan, Cit Dr सुनवाई की िारीख / Date Of Hearing: 26.11.2019 घोर्णा की िारीख / Date Of Pronouncement: 21.02.2020

For Appellant: S/Shri Rajan R. VoraFor Respondent: Shri Anand Mohan, CIT DR
Section 4Section 80H

…आयकर अपीलीय अधिकरण “K” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI श्री शक्तिजीि डे,न्याययक सदस्य एवं श्री एन के प्रधान, लेखा सदस्य के समक्ष । BEFORE SRI SAKTIJIT DEY, JM AND SRI NK PRADHAN, AM आयकर अपील सुं./ ITA No. 2548/Mum/2011 (यनधाारण वर्ा / Assessment Year 2002-03) GlaxoSmithKline The Dy. Commissioner of Pharmaceuticals Limited Income-tax, Range 6(3), बनाम/ Dr. Annie Besant Road, Worli Aayakar Bhavan, M.K. Marg, Vs. Mumbai-400 030 Mumbai-400 020 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./PAN No. AAACG4414B आयकर अपील सुं./ ITA Nos. 3608 & 2261/Mum/201…

HIRAVATI MARINE PRODUCTS PVT. LTD.,,PORBANDAR vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX, RANGE-2,, JAMNAGAR

In the result, the appeal of the revenue is partly allowed for statistical purposes

ITA 306/RJT/2013[2008-09]Status: DisposedITAT Rajkot05 Mar 2019AY 2008-09

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed"नधा"रण वष"/Asstt. Year:2007-2008 Addl. Commissioner Of Hiravati Marine Products Pvt. Income Tax, Vs Ltd. Range-2, Porbandar, Jamnagar. Pan No: Aabch2110C "नधा"रण वष"/Asstt. Year:2008-2009

For Appellant: Shri Ankit Gokani, A.RFor Respondent: Shri Praveen Verma, Sr.D.R
Section 37

…one into liquidation and wound up there was no scope for recovery. Therefore, the board has taken a decision to write off the loan which is due from Shalimar Works Ltd. He further brought to our notice in the case of Turner Morrison and Co. Ltd. v. CIT [2000] 245 ITR 724 (Cal),the financial aspect of Shalimar Works P. Ltd. has been considered and it was found that after payment of the secured loan due from Shalimar Works P. Ltd. nothing remains to be paid to the unsecured creditors. When this view has been taken by this court there is nothing wrong in the claim of the assessee as the amount due from Shalimar Work…

THE ACIT, CIRCLE-2,, JAMNAGAR vs. M/S HIRAVATI MARINE PRODUCTS (P) LTD.,, PORBANDAR

In the result, the appeal of the revenue is partly allowed for statistical purposes

ITA 947/RJT/2010[2007-08]Status: DisposedITAT Rajkot05 Mar 2019AY 2007-08

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed"नधा"रण वष"/Asstt. Year:2007-2008 Addl. Commissioner Of Hiravati Marine Products Pvt. Income Tax, Vs Ltd. Range-2, Porbandar, Jamnagar. Pan No: Aabch2110C "नधा"रण वष"/Asstt. Year:2008-2009

For Appellant: Shri Ankit Gokani, A.RFor Respondent: Shri Praveen Verma, Sr.D.R
Section 37

…one into liquidation and wound up there was no scope for recovery. Therefore, the board has taken a decision to write off the loan which is due from Shalimar Works Ltd. He further brought to our notice in the case of Turner Morrison and Co. Ltd. v. CIT [2000] 245 ITR 724 (Cal),the financial aspect of Shalimar Works P. Ltd. has been considered and it was found that after payment of the secured loan due from Shalimar Works P. Ltd. nothing remains to be paid to the unsecured creditors. When this view has been taken by this court there is nothing wrong in the claim of the assessee as the amount due from Shalimar Work…