United Commercial Bank Ltd. v. CIT

32 ITR 688Supreme Court of India1957#989 most cited

What is United Commercial Bank Ltd. v. CIT authority for?

The heads of income specified in the Income Tax Act are mutually exclusive, requiring any item of income to be charged and computed solely under its specific statutory head, with Section 56 (Income from Other Sources) serving as a residuary provision.

109

judgments rely on this decision, according to BharatTax’s citation analysis of 367,359 Indian tax judgments — from 2005 to 2026.

Also referred to as

United Commercial Bank v. CIT · 32 ITR 688 · heads of income mutually exclusive · Section 14 · Section 56 · income classification · assessment of income heads · specific head of income · residuary head income tax · income from property assessment

Sections most often in play

Section 143(3)Section 1961Section 14Section 56Section 10(3)Section 132Section 153ASection 153C

Issues it is cited on

section 55(2)section 46section 49interest on securitiessection 55transfer of capital assetprofits and gains of business or professionsection 48section 45section 56fair market valueincome from other sources

Judgments citing United Commercial Bank Ltd. v. CIT

ACIT, Haridwar vs. M/S Sant Steel & Alloys (P) Ltd., Kotdwar

In the result, appeals filed by Revenue in ITA No

ITA 2808/DEL/2013[2003-04]Status: DisposedITAT Delhi02 Jun 2016AY 2003-04

Bench: Sh. I.C. Sudhir & Sh. O.P. Kant

Section 14Section 143(1)Section 147Section 148Section 68Section 71

…. (supra) has dealt with this very issue while deciding the treatment to be given to a transaction of surrender of tenancy right. The earlier decisions of the apex Court commencing from case of United Commercial Bank Ltd. vs. CIT (1957) AYs: 2003-04 & 2008-09 32 ITR 688 (SC) have been considered by the apex Court and, hence, it is not necessary to repeat the same. Suffice it to state that the Act does not envisage taxing any income under any head not specified in s. 14 of the Act. In the circumstances, there is no question of trying to read any conflict in the two judgments of this Court as submitted by the learn…

ACIT Cen Cir 13, Mumbai vs. Asian Star Diamonds Iternational P.Ltd, Mumbai

In the result, both appeals of the revenue are dismissed

ITA 4412/MUM/2014[2011-12]Status: DisposedITAT Mumbai31 May 2016AY 2011-12

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

For Appellant: Shri Rakesh JoshiFor Respondent: Ms. Arju Garodia
Section 132Section 133ASection 143(3)Section 69A

…mbur P. Ltd. [2005] 273 ITR 1 has dealt with this very issue while deciding the treatment to be given to a transaction of surrender of tenancy right. The earlier decisions of the apex court commencing from the case of United Commercial Bank Ltd. v. CIT [1957] 32 ITR 688 (SC) have been considered by the apex court and, hence, it is not necessary to repeat the same. Suffice it to state that the Act does not envisage taxing any income under any head not specified in section 14 of the Act. In the circumstances, there is no question of trying to read any conflict in the two judgments of this court as submitted by the…

ACIT Cen Cir 13, Mumbai vs. 'A' Star Exports, Mumbai

In the result, both appeals of the revenue are dismissed

ITA 4411/MUM/2014[2011-12]Status: DisposedITAT Mumbai31 May 2016AY 2011-12

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

For Appellant: Shri Rakesh JoshiFor Respondent: Ms. Arju Garodia
Section 132Section 133ASection 143(3)Section 69A

…mbur P. Ltd. [2005] 273 ITR 1 has dealt with this very issue while deciding the treatment to be given to a transaction of surrender of tenancy right. The earlier decisions of the apex court commencing from the case of United Commercial Bank Ltd. v. CIT [1957] 32 ITR 688 (SC) have been considered by the apex court and, hence, it is not necessary to repeat the same. Suffice it to state that the Act does not envisage taxing any income under any head not specified in section 14 of the Act. In the circumstances, there is no question of trying to read any conflict in the two judgments of this court as submitted by the…

Eicher Goodearth Ltd vs. The CIT

The appeal is partly allowed to the above extent

ITA - 54 / 2000HC Delhi14 May 2015
Section 36Section 5Section 56Section 57Section 80ASection 80M

…to us does not arise at all - a view shared by counsel for both the parties. 6. Counsel for the assessee relies upon the decisions of the Supreme Court in CIT v. Cocanada Radhaswami Bank Ltd., (1965) 57 ITR 306 and United Commercial Bank v. CIT, (1957) 32 ITR 688. These decisions emphasized that the head of income merely denotes 2015:DHC:4310-DB ITA 54/2000 Page 3 or characterizes the amount received as income but does not delineate the income for the purpose of its treatment especially when it relates to claim for interest. The assessee’s argument more specifically in this case is that it had…

Eicher Goodearth Ltd vs. The CIT

The appeal is partly allowed to the above extent

ITA/54/2000HC Delhi14 May 2015
Section 36Section 5Section 56Section 57Section 80ASection 80M

…to us does not arise at all - a view shared by counsel for both the parties. 6. Counsel for the assessee relies upon the decisions of the Supreme Court in CIT v. Cocanada Radhaswami Bank Ltd., (1965) 57 ITR 306 and United Commercial Bank v. CIT, (1957) 32 ITR 688. These decisions emphasized that the head of income merely denotes 2015:DHC:4310-DB ITA 54/2000 Page 3 or characterizes the amount received as income but does not delineate the income for the purpose of its treatment especially when it relates to claim for interest. The assessee’s argument more specifically in this case is that it had…

Commissioner of Income Tax vs. M/S. Ansal Housing Finance and Leasing Co. Ltd

The Appeals are disposed of in the above terms without any order on costs

ITA-18/1999HC Delhi31 Oct 2012

…aid to treat them as landowner but as trader." 11. This court is conscious about indivisibility of the levy of income tax, which are neither general or specific for the purpose of any source of income, as held in United Commercial Bank Ltd. v. CIT [1957] 32 ITR 688, where the Supreme Court observed that: “No one of those sections can be treated to be general or specific for the purpose of any one particular source of income; they are all specific and deal with the various heads in which an item of income, profits and gains of an assessee falls. These sections are mutually exclusive and where an item of…

M/s Lavish Apartment (P.) Ltd

ITA/254/2006HC Delhi23 Jul 2012
Section 72(1)

…eads of income in accordance with the Act and the business income or profits and gains of business as understood in accordance with commercial principles. The position was explained first by the Supreme Court in United Commercial Bank Ltd. v. CIT, (1957) 32 ITR 688. This judgment was referred to in a latter judgment of the Supreme Court in CIT v. Chugan Das, (1965) 55 ITR 17 where it was observed as under: - 2012:DHC:4478-DB ITA No.254/2006 Page 9 of 14 “The heads described in section 6 and further elaborated for the purpose of computation of income in sections 7 to 10 and 12, 12A,…

Ocean Structures (P) Ltd vs. Asst. Commissioner of Income-Tax

The appeal is dismissed

ITA/392/2007HC Delhi25 Oct 2007
Section 22Section 260ASection 28

…commercial complex carrying commercial activities can fetch.” 5. The Tribunal reversed the decision of the CIT(A) relying on the principles settled by the Supreme Court in the decisions in United Commercial Bank v. Commissioner of Income Tax, 32 ITR 688 and East India Housing and Land Development Trust Ltd. v. CIT, 42 ITR 49(SC) which had been reaffirmed in Universal Plast v. CIT, 237 ITR 454(SC). The Tribunal concluded that the nomenclature given by the parties to the consideration for use of premises was immaterial, and that clause of the licence agreement made it clear that the Asses…

Commnr. of Income Tax, Mumbai vs. D.P. Sandu Bros Chembur (P) Ltd

C.A. No.-002335-002335 - 2003Supreme Court31 Jan 2005
For Respondent: D.P. Sandu Bros. Chembur (P) Ltd
Section 10(3)Section 2(24)(vi)Section 45Section 48Section 55(2)Section 56

…cannot be applied, it is not open to the Department to impose tax on such capital receipt by the assessee under any other Section. This Court, as early as in 1957 had, in United Commercial Bank Ltd. V. Commissioner of Income Tax Ltd., West Bengal (1957) 32 ITR 688, held that the heads of income provided for in the Sections of the Income Tax Act, 1922 are mutually exclusive and where any item of income falls specifically under one head, it has to be charged under that head and no other. In other words, income derived from different sources falling under a specific head has to be computed for the purpos…