How many judgments cite Universal Plast Ltd. v. CIT?

69 judgments on BharatTax cite Universal Plast Ltd. v. CIT (237 ITR 454), spanning 2007 to 2026.

Which sections of the Income Tax Act does Universal Plast Ltd. v. CIT come up under?

It is most often cited in judgments turning on Section 143(3), Section 24, Section 14A, Section 194-I, Section 2(13), Section 37(1).

Universal Plast Ltd. v. CIT

237 ITR 454Supreme Court of India1999#1629 most cited

What is Universal Plast Ltd. v. CIT authority for?

Income received by an assessee from leasing or letting out assets, whether categorized as lease amount, rent, or license fee, is a mixed question of law and fact to determine if it falls under 'Profits and gains of business or profession'. No precise test exists, and the determination must consider the perspective of a businessman, the specific facts, and the true interpretation of the letting agreement.

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2007 to 2026.

Also referred to as

Universal Plast Ltd. v. CIT · 237 ITR 454 · Supreme Court · income from leasing assets · business income · income from house property · mixed question of law and fact · businessman's perspective · true interpretation of agreement · lease rental classification

Sections most often in play

Section 143(3)Section 24 Section 14A Section 194-I Section 2(13)Section 37(1)Section 10 Section 119

Read the full judgment

Issues it is cited on

recognised provident fund section 50b section 43b(f)approved gratuity fund section 40a(9)section 211 wholly and exclusively for business section 35d slump sale section 32(1)(ii)domestic company full value of consideration

Judgments citing Universal Plast Ltd. v. CIT

M/S. Gujarat Ambuja Cements Ltd vs. The Dy CIT RG 3(1)

In the result, appeal filed by the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 2486/MUM/2005[1999-2000]Status: DisposedITAT Mumbai30 May 2016AY 1999-2000

Bench: Shri D.Karunakara Rao & Shri Pawan Singhassessment Year: 1999-2000 Gujarat Ambuja Cements Limited, Dcit Range 3(1), 122, Maker Chambers, Iii, Aayakar Bhavan, M.K. Road, Vs. Mumbai-400020. Nariman Point, Mumbai-400021. Pan: Aaacg0569P (Appellant) (Respondent) Assessment Year: 1999-2000 Dcit Range 3(1), Gujarat Ambuja Cements Limited, Aayakar Bhavan, M.K. Road, 122, Maker Chambers, Iii, Vs. Mumbai-400020. Nariman Point, Mumbai-400021. Pan: Aaacg0569P (Appellant) (Respondent)

For Respondent: Shri Yashwant Kumar Bhaskar

Section 115JSection 145ASection 244A

…nding money and bill discounting of Memorandum of Association (Clause La & 49)(Paper book page 102 & 104) and hence income arising therefrom in the course of business is assessable a business Income. He relied on the decision in the cases of Plast Ltd Vs CIT (237 ITR 454) (SC). CIT Vs Tirupati Woollen Mills Ltd. (193 ITR 252) (Cal) and Lakshmi Silk Mills Ltd 20 ITR 451(SC). 18. Ld. Counsel submitted that instead of considering Rs. 2,000/- on adhoc basis as expenditure incurred to earn the said income, the actual expenditure incurred to earn the aforesaid income is to be excluded 19. The Ld. Departmental Represent…

Om Estate & Finance (P) Ltd, Mumbai vs. ITO 7(1)(2), Mumbai

In the result, the appeals of the assessee are allowed

ITA 2133/MUM/2013[2008-09]Status: DisposedITAT Mumbai11 May 2016AY 2008-09

Bench: Hon’Ble S/Shri Sanjay Garg, Jm & Shri Rajesh Kumar, Am आमकय अऩीर सं./I.T.A. No.1389 & 1390/Mum/2011 Om Estates & Finance Pvt बनाम/ Income Tax Officer, 7(1)(2), Ltd., Aayakar Bhavan, Vs. 764-E Umrigar Bldg, M K Road, Mumbai. Tilak Road, Parsi Colony, Dadar, Mumbai-400014 स्थायी ऱेखा सुं./ Pan : Aaaco1199H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

For Appellant: Shri Devdatta MainkarFor Respondent: Dr.S Pandian

Section 143(1)Section 143(2)Section 194Section 24

…hri Lakshmi Silk Mills Ltd., 20 ITR 451 (SC), CIT Vs. Calcutta National Bank Ltd., 37 ITR 171 (SC), CIT Vs. Vikram Cotton Mills Ltd., 169 ITR 597 (SC), Sultan Brothers P. Ltd. Vs. CIT, reported in 51 ITR 353 (SC) and in case of Universal Plast Ltd. Vs. CIT, 237 ITR 454 (SC). After considering various decisions as mentioned above, the Hon‟ble High Court has held that the assessee has given hotel on lease for exploiting business asset and, therefore, the Tribunal was correct in holding that the income from leasing the hotel was income from business. Facts of the case in hand are similar to the facts before th…

Om Estates & Finance P.Ltd, Mumbai vs. ITO 7(1)(2), Mumbai

In the result, the appeals of the assessee are allowed

ITA 1390/MUM/2011[2007-08]Status: DisposedITAT Mumbai11 May 2016AY 2007-08

For Appellant: Shri Devdatta MainkarFor Respondent: Dr.S Pandian

Section 143(1)Section 143(2)Section 194Section 24

Om Estates & Finance P.Ltd, Mumbai vs. ITO 7(1)(2), Mumbai

In the result, the appeals of the assessee are allowed

ITA 1389/MUM/2011[2006-07]Status: DisposedITAT Mumbai11 May 2016AY 2006-07

For Appellant: Shri Devdatta MainkarFor Respondent: Dr.S Pandian

Section 143(1)Section 143(2)Section 194Section 24

Sharadamba Enterprises, Hubli vs. Asst.C.I.T., Hubli

In the result, the appeal filed by the assessee-firm is partly allowed for statistical purposes

ITA 1286/BANG/2015[2012-13]Status: DisposedITAT Bangalore11 May 2016AY 2012-13

Bench: Shri George George K & Shri Inturi Rama Raom/S.Sharadama Enterprises, Station Road, Hubli. … Appellant Pan:Abofs 5233 J Vs Asst. Commissioner Of Income-Tax, Circle 1(1), Hubli. … Respondent

For Appellant: Shri Naginchand Khincha,CAFor Respondent: Smt.Rukmani Attri, JCIT(DR)

Section 143(1)Section 234ASection 40

…t is a business asset in the hands of the assessee-firm. Exploitation of the business asset would yield only business income as held by the Hon’ble Supreme Court in the case of CIT vs. Maheshwari Devi Jute Mills Ltd. (57 ITR 36), Universal Plasts Ltd. v. CIT (237 ITR 454), CIT Vs. Vikram Cotton Mills Ltd. (169 ITR 597). The assessee-firm has not produced any evidence rebutting the treatment given in the books of account to the building. In the absence of any evidence, it is difficult to hold that rental income is assessable as income from house property. The decisions relied upon by the assessee-firm are not appl…

Padma Vashi Shewaramani, Chennai vs. ADIT, Chennai

In the result, the impugned is set aside and the appeal of the

ITA 2281/CHNY/2014[2007-2008]Status: DisposedITAT Chennai27 Mar 2015AY 2007-2008

Bench: Shri A. Mohan Alankamony & Shri Vikas Awasthyआयकर अपील सं./Ita No.2281/Mds/2014 "नधा"रण वष" /Assessment Year : 2007-08 Smt. Padma Vashi Shewaramani, The Assistant Director Of No.73, Janki Bhawan, V. Income Tax, Sardar Patel Road, International Taxation, Guindy, Chennai - 600 032. Chennai - 600 034. Pan : Aayps 4687 D (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri K.M. Mohandass, CAFor Respondent: Shri S. Das Gupta, JCIT

Section 143(2)Section 14ASection 50

…eeds a revisit to Assessing Officer to examine the rent agreement and analysis of other material. The A.O. shall also take into consideration the general principles laid down by the Hon'ble Supreme Court of India in the case of Universal Plast Ltd. v. CIT (237 ITR 454) to determine whether the rental income is assessable as “business income” or “income from house property”. Accordingly, this ground of appeal is remitted to the file of the Assessing Officer. 8. In the result, the impugned is set aside and the appeal of the assessee is partly allowed for statistical purposes. 9 I.T.A. No.2281/Mds/14 Order pr…

C.I.T vs. Maharashtra Seamless Ltd

Appeals stand disposed of

ITA - 804 / 2007HC Delhi30 Nov 2009

Section 80H

…dustries Ltd., 210 ITR 1 as well as that of the Madhya Pradesh High Court in Commissioner of Income Tax, Bhopal v. National Newsprint and Papers Ltd., 114 ITR 388. The Supreme Court has taken similar view in Universal Plast Ltd. v. Commissioner of Income Tax, 237 ITR 454. - 6. We, thus, find that to this extent no question of law arises for account for the purpose of deduction under Section 80HH( - Under Section 80HHC of the Act, deduction in respect of profits 7. retained for export business is admissible. Sub-section (1) thereof, inter alia, provides that the assessee would be allowed, in computing the total…

C.I.T vs. Maharashtra Seamless Ltd

Appeals stand disposed of

ITA - 820 / 2007HC Delhi30 Nov 2009

Section 80H

…dustries Ltd., 210 ITR 1 as well as that of the Madhya Pradesh High Court in Commissioner of Income Tax, Bhopal v. National Newsprint and Papers Ltd., 114 ITR 388. The Supreme Court has taken similar view in Universal Plast Ltd. v. Commissioner of Income Tax, 237 ITR 454. - 6. We, thus, find that to this extent no question of law arises for determination. However, the important issue is as to whether this ![](_page_5_Picture_1.jpeg) account for the purpose of deduction under Section 80HHC Act. - Under Section 80HHC of the Act, deduction in respect of profits 7. retained for export business is admissible. Sub-s…

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

The appeal is dismissed

ITA/392/2007HC Delhi25 Oct 2007

Section 22Section 260ASection 28

…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 Assessee had parted with the possession of the premises to M/s Chabbra Silks for earning income from such premises. Accordingly the Tribunal uphe…