Vassanji Sons & Co. (P) Ltd. v. CIT

125 ITR 462High Court1980#14787 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2018 to 2023.

Judgments citing Vassanji Sons & Co. (P) Ltd. v. CIT

JCIT, New Delhi vs. M/S. Daawat Foods Ltd., New Delhi

In the result, the appeal of the assessee is partly allowed as indicated above and the appeal of the Revenue is dismissed

ITA 2387/DEL/2017[2010-11]Status: DisposedITAT Delhi04 May 2023AY 2010-11

Bench: Shri G. S. Pannua N D Shri Challa Nagendra Prasad

For Appellant: Ms. Deepashree Rao, C.A

Section 10Section 14A

…ridas Daga Vs. CIT [(1958) 34 ITR 10 (SC)] (ii) Associated Banking Corporation of India Vs. CIT [56 ITR 1 (SC)] (iii) Lord’s Dairy Farm Ltd. Vs. CIT [27 ITR 700 (Bom)] (iv) Harshad J. Choksi Vs. CIT [349 ITR 250 (Bom)] (v) Vasanji Sons & Co. (P) Ltd. Vs. CIT [125 ITR 462 (Bom)] (vi) CIT Vs. Investa Industrial Corporation Ltd. [119 ITR 380 (Bom)] (vii) McDowell & Co. Vs. ACIT [ITA. No. 217/Bang./2009]. 12. In so far as write off of sundry advances of Rs.7,82,259/- the ld. Counsel submits that in the financial year 2007-08 the assessee was proposing to enter into new business of supply of packaged food items and f…

Dawat Foods Ltd., Gurgaon vs. ACIT, New Delhi

In the result, the appeal of the assessee is partly allowed as indicated above and the appeal of the Revenue is dismissed

ITA 1758/DEL/2017[2010-11]Status: DisposedITAT Delhi04 May 2023AY 2010-11

Bench: Shri G. S. Pannua N D Shri Challa Nagendra Prasad

For Appellant: Ms. Deepashree Rao, C.A

Section 10Section 14A

DCIT Cir 3, Thane vs. Sequent Scientific Ltd, Thane

In the result, the appeal of the Revenue is dismissed

ITA 14/MUM/2017[2011-12]Status: DisposedITAT Mumbai27 Jul 2021AY 2011-12

Bench: Shri Rajesh Kumar & Shri Ravish Soodassessment Year: 2011-12

For Appellant: Shri H.P. Mahajani, A.RFor Respondent: Shri T.S. Khalsa, D.R

Section 10B

…ree loan to the subsidiary which uses it for business purpose, the holding company would ordinarily be entitled to deduction of interest on its borrowed funds. Similar view was also expressed by Hon'ble Bombay High Court in Vassanji Sons & Co. (P) Ltd v. CIT, 125 ITR 462 (BOM), wherein it was held that loss suffered by holding company on account of amount outstanding from subsidiary which went into liquidation was allowable business expense for the holding company. 5.5.12 (find that the ratio of various decisions including those of jurisdictional High Court and Hon'ble Supreme Court cited above and those relied…

Mafatlal Industries Ltd, Mumbai vs. ACIT 6(3), Mumbai

In the result, assessee’s appeal and cross objection are partly allowed and Revenue’s appeal stands dismissed

ITA 5202/MUM/2011[2004-05]Status: DisposedITAT Mumbai20 Sept 2019AY 2004-05

Bench: Shri Shamim Yahya (Am) & Shri Ravish Sood (Jm)

Section 14ASection 37(1)

…FR declared Ibiza as sick industrial company and therefore, the advances were written off. 5. Reliance in this regards is placed on the decisions: a. Investa Industrial Corporation Ltd, (119 ITR 380) (Bombay HC) b. Vassanji Sons & Co. (P.) Ltd. vs, C1T [1980] 125 ITR 462 (Bom. HC) c. Jackie Shroff v/s. ACIT (2019) 174 ITD 770 (Mumbai Trib.)” 35. We have heard both the counsel and perused the records. We find that the assessee has granted advances to its subsidiary in earlier years for expansion of its existing business. The said subsidiary incurred huge loss and networth was eroded. Further, BIFR declared the sa…

ACIT 3(1)(1), Mumbai vs. Advani Hotels & Resort ( India) P.Ltd, Mumbai

In the result, appeal filed by the Revenue stands dismissed

ITA 7036/MUM/2016[2011-12]Status: DisposedITAT Mumbai03 Jun 2019AY 2011-12

Bench: Shri Shamim Yahya (Am) & Shri Sandeep Gosain (Jm)

Section 36(1)(va)Section 43B

…ree loan to the subsidiary which uses it for business purpose, the holding company would ordinarily be entitled to deduction of interest on its borrowed funds. Similar view was also expressed by Hon'ble Bombay High Court in Vassanji Sons & Co. (P) Ltd v. CIT, 125 ITR 462 (BOM), wherein it was held that loss suffered by holding company on account of amount outstanding from subsidiary which went into liquidation was allowable business expense for the holding company. I also find that the ratio of various decisions including those of jurisdictional High Court and honourable Supreme Court cited by the appellant in th…

ACIT 3(2)(2), Mumbai vs. Pioneer Investcorp Ltd, Mumbai

In the result, appeal filed by the Revenue is treated as allowed for statistical purposes

ITA 6968/MUM/2016[2012-13]Status: DisposedITAT Mumbai14 Aug 2018AY 2012-13

Bench: Shri B.R. Baskaran (Am) & Shri Ramlal Negi (Jm)

Section 36(1)(vii)Section 36(2)

…therance of the objectives of the assessee. In this regard, the learned CIT(A) placed reliance on various decisions including decision rendered by Hon'ble Bombay High Court 3 M/s. Pioneer Investcorp. Ltd. in the case of Vassanji Sons & Co. (P) Ltd. Vs. CIT (125 ITR 462), wherein it was held that losses suffered by holding company on account of amount outstanding from the subsidiary which went into liquidation was allowable as business expenses for holding company. Aggrieved by the decision rendered by the learned CIT(A), the Revenue has filed this appeal before us. 4. We have heard the parties and perused the…