TVS Finance and Services Ltd. v. JCIT

318 ITR 435High Court2009#11106 most cited
10

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2024.

Sections most often in play

Section 1961Section 36(1)(viia)(d) of the Income-tax ActSection 143(3) of the Income-tax ActSection 144B of the Income-tax ActSection 36(1)(viia)(d)Section 37(1) of the Income-tax Act

Issues it is cited on

section 36(i)section 63section 36(1)(viia)right to receivemercantile system of accountingmiscellaneous applicationappeal before cit(a)revenue expendituresection 28section 36(1)section 37(1)section 36

Judgments citing TVS Finance and Services Ltd. v. JCIT

JCIT(OSD) CORPORATE CIRCLE-1(1) , CHENNAI vs. M/S CHOLAMANDALAM INVESTMENT AND FIANCE COMPPANY LIMITED, CHENNAI

In the result, the appeals filed by the assessee in ITA

ITA 515/CHNY/2023[2018-19]Status: DisposedITAT Chennai14 Aug 2024AY 2018-19

Bench: Shri Mahavir Singhand Shri S.R. Raghunatha

For Appellant: Shri Ajit Jain, CA (Through Virtual)For Respondent: Shri Nilay Baran Som, CIT
Section 143(3)

…1.54 Crores. Since the transaction happened on 19th March, the entire amount is to be accounted as income on that transaction as a gain. 13. Similar issue was considered by the Hon'ble Madras High Court in the case of TVS Finance and Services Ltd., Vs. JCIT [318 ITR 435 (Mad)] on the issue of accrual of income and timing of accrual on discounting of bills. The Hon'ble Madras High Court held as under: "Where bills are discounted the accrual of interest is certain and arises on the date of discount. The assessee was a non-banking finance company engaged in lease, hire purchase, bills discounting and mortgage loa…

JCIT(OSD) CORPORATE CIRCLE-1(1) , CHENNAI vs. M/S CHOLAMANDALAM INVESTMENT AND FIANCE COMPPANY LIMITED, CHENNAI

In the result, the appeals filed by the assessee in ITA

ITA 514/CHNY/2023[2017-18]Status: DisposedITAT Chennai14 Aug 2024AY 2017-18

Bench: Shri Mahavir Singhand Shri S.R. Raghunatha

For Appellant: Shri Ajit Jain, CA (Through Virtual)For Respondent: Shri Nilay Baran Som, CIT
Section 143(3)

…1.54 Crores. Since the transaction happened on 19th March, the entire amount is to be accounted as income on that transaction as a gain. 13. Similar issue was considered by the Hon'ble Madras High Court in the case of TVS Finance and Services Ltd., Vs. JCIT [318 ITR 435 (Mad)] on the issue of accrual of income and timing of accrual on discounting of bills. The Hon'ble Madras High Court held as under: "Where bills are discounted the accrual of interest is certain and arises on the date of discount. The assessee was a non-banking finance company engaged in lease, hire purchase, bills discounting and mortgage loa…

CHOLAMANDALAM INVESTMENT &FINANCE COMPANY LIMITED,PARRYS, CHENNAI vs. ACIT- CORPORATE CIRCLE -1(2), CHENNAI

In the result, the appeals filed by the assessee in ITA

ITA 384/CHNY/2023[AY 2017-2018]Status: DisposedITAT Chennai14 Aug 2024

Bench: Shri Mahavir Singhand Shri S.R. Raghunatha

For Appellant: Shri Ajit Jain, CA (Through Virtual)For Respondent: Shri Nilay Baran Som, CIT
Section 143(3)

…1.54 Crores. Since the transaction happened on 19th March, the entire amount is to be accounted as income on that transaction as a gain. 13. Similar issue was considered by the Hon'ble Madras High Court in the case of TVS Finance and Services Ltd., Vs. JCIT [318 ITR 435 (Mad)] on the issue of accrual of income and timing of accrual on discounting of bills. The Hon'ble Madras High Court held as under: "Where bills are discounted the accrual of interest is certain and arises on the date of discount. The assessee was a non-banking finance company engaged in lease, hire purchase, bills discounting and mortgage loa…

M/S CHOLAMANDALAM INVESTMENT & FINANCE COMPANY LIMITED,CHENNAI vs. DCIT-1(2), CHENNAI

In the result, the appeals filed by the assessee in ITA

ITA 847/CHNY/2020[2012-13]Status: DisposedITAT Chennai14 Aug 2024AY 2012-13

Bench: Shri Mahavir Singhand Shri S.R. Raghunatha

For Appellant: Shri Ajit Jain, CA (Through Virtual)For Respondent: Shri Nilay Baran Som, CIT
Section 143(3)

…1.54 Crores. Since the transaction happened on 19th March, the entire amount is to be accounted as income on that transaction as a gain. 13. Similar issue was considered by the Hon'ble Madras High Court in the case of TVS Finance and Services Ltd., Vs. JCIT [318 ITR 435 (Mad)] on the issue of accrual of income and timing of accrual on discounting of bills. The Hon'ble Madras High Court held as under: "Where bills are discounted the accrual of interest is certain and arises on the date of discount. The assessee was a non-banking finance company engaged in lease, hire purchase, bills discounting and mortgage loa…

EASYACCESS FINANCIAL SERVICES LTD,CHENNAI vs. ITO, COPR WARD 2(1), CHENNAI

In the result, the appeal filed by the assessee is allowed

ITA 587/CHNY/2024[2012-13]Status: DisposedITAT Chennai14 Jun 2024AY 2012-13

Bench: Shri Mahavir Singhand Shri S.R. Raghunathaआयकर अपील सं./Ita No.: 587/Chny/2024 िनधा"रण वष"/Assessment Year: 2012-13 Easyaccess Financial Services Ltd., The Income Tax Officer, New No.18, Old No.40, Vs. Corporate Ward 2(1), Mussuri Subramaniam Salai, Chennai. (Oliver Road), Mylapore, Chennai – 600 004. Pan: Aabce 4646G (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Ms. M. Lavanya, Fca & Shri Shrenik Chordia, Ca ""यथ" क" ओर से/Respondent By : Shri N. Sanjay Gandhi, Jcit सुनवाई क" तारीख/Date Of Hearing : 13.06.2024 घोषणा क" तारीख/Date Of Pronouncement : 14.06.2024 आदेश /O R D E R Per Mahavir Singh: This Appeal By The Assessee Is Arising Out Of The Order Passed By The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac) In Order No.Itba/Nfac/S/250/2023- 24/1060282095(1) Dated 30.01.2024. The Assessment Was Framed By The Deputy Commissioner Of Income Tax, Corporate Circle 2(1), Chennai For The Assessment Year 2012-13 U/S.143(3) R.W.S.147 Of The Income Tax Act, 1961 (Hereinafter The ‘Act’) Vide Order Dated 27.09.2017. 2. The First Issue In This Appeal Of Assessee Is As Regards To Assumption Of Jurisdiction By The Ao For Reopening Of Assessment U/S.147 R.W.S. 148 Of The Act, As The Ao During The Original Assessment Proceedings Has Formed An Opinion After Seeking Explanation & After Examining The Present Issue Of Factoring Of Income U/S.143(3) Of The Act. Hence, Now Reopening Is Bad In Law. The Assessee Also Raised The Interconnected Issue, Which Is On Merits That The Cit(A) Erred In Confirming The Addition Made By The Ao Beig Factoring Income In The Hands Of The Assessee.

For Appellant: Ms. M. Lavanya, FCA &For Respondent: Shri N. Sanjay Gandhi, JCIT
Section 143(3)Section 147Section 148

…corresponding to the unexpired period of discount and the income to the extent of Rs.285.77 lakhs had escaped assessment. Therefore, the AO following the decision of Hon’ble Madras High Court in the case of TVS Finance and Services Ltd., vs. JCIT reported in 318 ITR 435 held that income accrues on the date of discounting and discount is equivalent to the interest and therefore, added a sum of Rs.285.77 lakhs. Aggrieved, assessee preferred appeal before the CIT(A) on reopening as well as on merits. 4. The CIT(A)-NFAC on reopening, dismissed the ground of assessee as under:- “6.2 Ground No.2 is against the initia…

M/S TAYANA CONSULT PVT LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX IRCLE-7(1)(1), BANGALORE

In the result, the assessee’s appeal is allowed

ITA 1193/BANG/2018[2013-14]Status: DisposedITAT Bangalore29 Nov 2018AY 2013-14

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodiaassessment Year : 2013-14

For Appellant: Shri S. Parthasarathi, AdvocateFor Respondent: Mrs. Priscilla Singsit, CIT (DR)
Section 263

…ore allowing claim of deduction u/s 10A of the IT Act and in the light of these facts, the Tribunal came to the conclusion in that case that the judgement of Hon'ble Karnataka High Court rendered in the case of CIT Vs. Infosys Technologies Ltd. as reported in 341 ITR 393 is applicable and the order of CIT(A) u/s. 263 in that case was quashed by the Tribunal. In the present case also, we find that there is submission of the assessee before the AO in course of assessment proceedings about bad debts written off and advance written off and hence, it has to be accepted that the AO has made query and applied his mind t…

COMMISSIONER OF INCOME TAX DELHI vs. M/S MGF INDIA LTD.

ITA/378/2004HC Delhi21 Feb 2018

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

Section 115JSection 260A

…ITA 378/2004 & ITA 76/2007 Page 1 of 10 * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 09.11.2017 Pronounced on: 21.02.2018 + ITA 378/2004 COMMISSIONER OF INCOME TAX, DELHI …. Appellant Through: Sh. Rahul Chaudhary, Advocate. versus M/S. MGF INDIA LTD. .... Respondent Through: Sh. Satyen Sethi, Sh. Arta Trana Panda and Ms. Gargi Sethee, Advocates. + ITA 76/2007 COMMISSIONER OF INCOME TAX, DELHI …. Appellant Through: Sh. Rahul Chaudhary, Advocate. versus M/S. MOTOR AND GENERAL FINANCE LTD. .... Respondent Through: S…

ASST CIT 17(2), MUMBAI vs. JECHAND JASRAJ VORA, MUMBAI

In the result, the appeal of the Revenue is dismissed

ITA 2587/MUM/2017[2007-08]Status: DisposedITAT Mumbai29 Jun 2017AY 2007-08

Bench: Shri D.T. Garasiaassessment Year: 2007-08 Acit – 17(2), M/S. Jechand Jasraj Vora, Room No.134, 5, Keshavji Nayak Road, Vs. Aayakar Bhavan, Mumbai – 400 009 M.K. Road, Pan: Aaafj5102G Mumbai – 400 009 (Appellant) (Respondent) Present For: Assessee By : Shri B.S. Bist, A.R. Revenue By : Shri Mamta Parmar, D.R. Date Of Hearing : 13.06.2017 Date Of Pronouncement : 29.06.2017 O R D E R

For Appellant: Shri B.S. Bist, A.RFor Respondent: Shri Mamta Parmar, D.R

…as interest. In essence, the amount is only the value realized against the sale. The Hon'ble Supreme Court has upheld the same in the decision of CIT, Delhi-1 vs. Cargil Global Trading I.P.Ltd. (supra). In the decision of TVS Finance & Services Ltd. vs. JCIT 318 ITR 435, the Hon'ble Madras High Court held that the income from bill discounting accrues on the date of discount and cannot be spread over. Though the issue in the present case is different, the decision of the Hon'ble Court is important that there was no relevance of the period involved. The decision of Hon'ble Kolkata Tribunal in case of ITO vs M.K.J.…

DURUVA FINANCE PVT. LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 1713/CHNY/2002[1998-99]Status: DisposedITAT Chennai31 Jan 2017AY 1998-99

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singhआयकर अपील सं./Ita Nos.1712 & 1713/Mds/2002 "नधा"रण वष" / Assessment Years : 1997-98 & 1998-99 M/S Duruva Finance Pvt. Ltd., C/O Anita Sumanth, D. Anand, N. The Deputy Commissioner Of Muthukumar & Vikram V. Income Tax, Ramakrishnan, Advocates, Company Circle I(2), No.51, Nungambakkam High Rd., Chennai. Chennai - 600 034. Pan : 37-D (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri G. Baskar, AdvocateFor Respondent: Shri B. Sahadevan, JCIT
Section 37

…income of the assessee. The High Court, after referring to the judgment of Apex Court in Southern Technologies Ltd. v. JCIT (2010) 320 ITR 577, found that the 3 I.T.A. Nos.1712 & 1713/Mds/02 Madras High Court in TVS Finance and Services Ltd. v. JCIT (2009) 318 ITR 435 and Delhi High Court in CIT v. Virtual Soft Systems Ltd. (2012) 341 ITR 393 found that these are all allowable expenditure under Section 37 of the Income-tax Act, 1961 (in short 'the Act'). According to the Ld. counsel, since the judgments were not considered either by the Assessing Officer or by the CIT(Appeals), he has no objection in remittin…

DURUVA FINANCE PVT. LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 1712/CHNY/2002[1997-98]Status: DisposedITAT Chennai31 Jan 2017AY 1997-98

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singhआयकर अपील सं./Ita Nos.1712 & 1713/Mds/2002 "नधा"रण वष" / Assessment Years : 1997-98 & 1998-99 M/S Duruva Finance Pvt. Ltd., C/O Anita Sumanth, D. Anand, N. The Deputy Commissioner Of Muthukumar & Vikram V. Income Tax, Ramakrishnan, Advocates, Company Circle I(2), No.51, Nungambakkam High Rd., Chennai. Chennai - 600 034. Pan : 37-D (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri G. Baskar, AdvocateFor Respondent: Shri B. Sahadevan, JCIT
Section 37

…income of the assessee. The High Court, after referring to the judgment of Apex Court in Southern Technologies Ltd. v. JCIT (2010) 320 ITR 577, found that the 3 I.T.A. Nos.1712 & 1713/Mds/02 Madras High Court in TVS Finance and Services Ltd. v. JCIT (2009) 318 ITR 435 and Delhi High Court in CIT v. Virtual Soft Systems Ltd. (2012) 341 ITR 393 found that these are all allowable expenditure under Section 37 of the Income-tax Act, 1961 (in short 'the Act'). According to the Ld. counsel, since the judgments were not considered either by the Assessing Officer or by the CIT(Appeals), he has no objection in remittin…