Western States Trading (P) Ltd. v. CIT

80 ITR 21Supreme Court of India1971#8013 most cited
14

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2024.

Issues it is cited on

section 80esection 75section 32(2)convertible foreign exchangesection 80absection 80msection 32asection 80hdomestic companysection 80csection 80hhcdeduction under section 80ia

Judgments citing Western States Trading (P) Ltd. v. CIT

THE DABHOI NAGRIK SAHAKARI BANK LTD.,VADODARA vs. THE ACIT, CIRCLE-1(1)(1), VADODARA

ITA 24/AHD/2023[2013-14]Status: DisposedITAT Ahmedabad03 May 2024AY 2013-14

Bench: Mrs. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri SN Soparkar, Sr Advocate &For Respondent: Shri Nitin Vishnu Kulkarni, Sr DR
Section 250

…iquid money and kept as fixed deposits are stock in trade however interest thereon has its characterization as income from other sources due to liquidation process but in view judgment of Supreme Court in case of Western States Trading Co(P.). Ltd. v/s C.I.T. 80 ITR 21 (SC) such interest income of The Dabhoi Nagrik Sahakari Bank Ltd Vs. ACIT AYs :2008-09, 2009-10, 2011-12 & 2013-14 fixed deposits being stock in trade and assessed under head income from other sources ought to have been set- off against brought forward losses. (vii) The Learned CIT (Appeal) failed to consider properly the directions given by Hon…

THE DABHOI NAGRIK SAHAKARI BANK LTD.,VADODARA vs. THE ACIT, CIRCLE-1(1)(1), VADODARA

ITA 23/AHD/2023[2011-12]Status: DisposedITAT Ahmedabad03 May 2024AY 2011-12

Bench: Mrs. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri SN Soparkar, Sr Advocate &For Respondent: Shri Nitin Vishnu Kulkarni, Sr DR
Section 250

…iquid money and kept as fixed deposits are stock in trade however interest thereon has its characterization as income from other sources due to liquidation process but in view judgment of Supreme Court in case of Western States Trading Co(P.). Ltd. v/s C.I.T. 80 ITR 21 (SC) such interest income of The Dabhoi Nagrik Sahakari Bank Ltd Vs. ACIT AYs :2008-09, 2009-10, 2011-12 & 2013-14 fixed deposits being stock in trade and assessed under head income from other sources ought to have been set- off against brought forward losses. (vii) The Learned CIT (Appeal) failed to consider properly the directions given by Hon…

THE DABHOI NAGRIK SAHAKARI BANK LTD.,VADODARA vs. THE ACIT, CIRCLE-1(1)(1), VADODARA

ITA 22/AHD/2023[2009-10]Status: DisposedITAT Ahmedabad03 May 2024AY 2009-10

Bench: Mrs. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri SN Soparkar, Sr Advocate &For Respondent: Shri Nitin Vishnu Kulkarni, Sr DR
Section 250

…iquid money and kept as fixed deposits are stock in trade however interest thereon has its characterization as income from other sources due to liquidation process but in view judgment of Supreme Court in case of Western States Trading Co(P.). Ltd. v/s C.I.T. 80 ITR 21 (SC) such interest income of The Dabhoi Nagrik Sahakari Bank Ltd Vs. ACIT AYs :2008-09, 2009-10, 2011-12 & 2013-14 fixed deposits being stock in trade and assessed under head income from other sources ought to have been set- off against brought forward losses. (vii) The Learned CIT (Appeal) failed to consider properly the directions given by Hon…

THE DABHOI NAGRIK SAHAKARI BANK LTD.,VADODARA vs. THE ACIT, CIRCLE-1(1)(1), VADODARA

ITA 21/AHD/2023[2008-09]Status: DisposedITAT Ahmedabad03 May 2024AY 2008-09

Bench: Mrs. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri SN Soparkar, Sr Advocate &For Respondent: Shri Nitin Vishnu Kulkarni, Sr DR
Section 250

…iquid money and kept as fixed deposits are stock in trade however interest thereon has its characterization as income from other sources due to liquidation process but in view judgment of Supreme Court in case of Western States Trading Co(P.). Ltd. v/s C.I.T. 80 ITR 21 (SC) such interest income of The Dabhoi Nagrik Sahakari Bank Ltd Vs. ACIT AYs :2008-09, 2009-10, 2011-12 & 2013-14 fixed deposits being stock in trade and assessed under head income from other sources ought to have been set- off against brought forward losses. (vii) The Learned CIT (Appeal) failed to consider properly the directions given by Hon…

THE DABHOI NAGRIK SAHAKARI BANK LTD.,VADODARA vs. THE ACIT, CIRCLE-1(1)(1), VADODARA

ITA 20/AHD/2023[2007-08]Status: DisposedITAT Ahmedabad03 May 2024AY 2007-08

Bench: Mrs. Annapurna Gupta & Shri Siddhartha Nautiyalिनधा"रणवष"/Assessment Year: 2007-08 The Dabhoi Nagrik Sahakari Vs. Bank Limited, Acit, Sahakar Bhawan, Kansara Circle 1(1)(1), Bazar, Dabhoi, Dist: Baroda Vadodara Gujarat-391110 Pan : Aaaat 1314 K अपीलाथ" अपीलाथ"/ (Appellant) अपीलाथ" अपीलाथ" "" "" यथ" "" "" यथ" यथ"/ (Respondent) यथ" Assessee By : Shri Sn Soparkar, Sr Advocate & Shri Parin Shah, Ar Revenue By : Shri Nitin Vishnu Kulkarni, Sr Dr सुनवाई क" क" तारीख तारीख/Date Of Hearing : 06.02.2024 सुनवाई सुनवाई सुनवाई क" क" तारीख तारीख घोषणा क" क" तारीख तारीख /Date Of Pronouncement: 03.05.2024 घोषणा घोषणा घोषणा क" क" तारीख तारीख आदेश आदेश/O R D E R आदेश आदेश Per Annapurna Gupta: This Appeal Has Been Filed By The Assessee Against The Order Of The Learned Commissioner Of Income-Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi [Hereinafter Referred To As "Cit(A)" For Short] Dated 28.12.2022, Passed Under Section 250 Of The Income Tax Act, 1961 [Hereinafter Referred To As "The Act" For Short], For The Assessment Year (Ay) 2007-08. 2. The Present Appeal Of The Assessee, Pertaining To A.Y 2007-08, Was Heard Alongwith The Group Of Appeals Of The Assessee For A.Y 2008-09, 2009-10, 2011- 12 & 2013-14, In Ita Nos. 21 To 24/Ahd/2023. The Facts & Issues Raised In The Entire Group Of Appeals, It Was Common Ground, Were Identical & Similar & The Grounds Of Appeal Were Identically Worded. However, While Dictating The Order For The Entire Group Of Appeals Of The Assessee Heard

For Appellant: Shri SN Soparkar, Sr Advocate &For Respondent: Shri Nitin Vishnu Kulkarni, Sr DR
Section 250

…iquid money and kept as fixed deposits are stock in trade however interest thereon has its characterization as income from other sources due to liquidation process but in view judgment of Supreme Court in case of Western States Trading Co(P.). Ltd. v/s C.I.T. 80 ITR 21 (SC) such interest income of fixed deposits being stock in trade and assessed under head income from other sources ought to have been set- off against brought forward losses. (vii) The Learned CIT (Appeal) failed to consider properly the directions given by Hon. ITAT without understanding properly the explanations and submissions made by the assess…

TATA ELXSI LIMITED ,BANGALORE vs. DEPUTY COMMISIONER INCOMER TAX, CIRCLE-7(1)(1), BANGALORE

Accordingly, the appeal filed by the assessee is partly allowed for statistical purposes

ITA 1152/BANG/2023[2018-19]Status: DisposedITAT Bangalore28 Feb 2024AY 2018-19

Bench: Shri Narender Kumar Choudhry & Shri Laxmi Prasad Sahuassessment Year : 2018-19 M/S. Tata Elxsi Ltd., The Deputy 126, Itpb Road, Commissioner Hoody, Of Income Tax, Whitefield, Circle – 7(1)(1), Bangalore – 560 048. Bangalore. Vs. Pan: Aaact7872Q Appellant Respondent

For Appellant: Shri Padam Chand Khincha, CAFor Respondent: Shri Subramanian .S, JCIT DR
Section 10ASection 10A(9)Section 250

…Kolkata HC) 18 ITR 762 5. 6. Indra Singh & Sons Ltd. v. CIT (Kolkata HC) 33 ITR 341 7. CIT v. Cocanada Radhaswami Bank Ltd. (SC) 57 ITR 306 CIT vs. Bhavnagar Trust Corporation (P.) Ltd. (Gujarat HC) 69 ITR 278 8. Western states Trading Co. P. Ltd. v. CIT (SC) 80 ITR 21 9. 10. CIT v. Shrikishan Chandmal (Madhya Pradesh HC) 60 ITR 303 11. CIT v. R. Dalmia (Delhi HC) 96 ITR 463 12. Brooke Bond and Co. Ltd. v. CIT (SC) 162 ITR 373 13. Addl.CIT v. Solar Chemical Pvt. Ltd. (Allahabad HC) 190 ITR 216 14. CIT v. Ramnath Goenka (Madras HC) 259 ITR 26 15. K. Raheja IT Park v. DCIT (ITAT Hyderabad) ITANo. 1774/Hyd/14, 727/H…

M/S. TATA ELXSI LIMITED,BANGALORE vs. DEPUTY COMMISSIONER INCOME TAX, CIRCLE-7(1)(1), BANGALORE

ITA 975/BANG/2023[2020-2021]Status: DisposedITAT Bangalore08 Jan 2024AY 2020-2021

Bench: Shri George George K. & Shri Chandra Poojari

Section 10ASection 30Section 80ASection 80HSection 80I

…Kolkata HC) 18 ITR 762 6. Indra Singh & Sons Ltd. v. CIT (Kolkata HC) 33 ITR 341 7. CIT v. Cocanada Radhaswami Bank Ltd. (SC) 57 ITR 306 8. CIT vs. Bhavnagar Trust Corporation (P.) Ltd. (Gujarat HC) 69 ITR 278 9. Western states Trading Co. P. Ltd. v. CIT (SC) 80 ITR 21 10. CIT v. Shrikishan Chandmal (Madhya Pradesh HC) 60 ITR 303 11. CIT v. R. Dalmia (Delhi HC) 96 ITR 463 12. Brooke Bond and Co. Ltd. v. CIT (SC) 162 ITR 373 13. Addl.CIT v. Solar Chemical Pvt. Ltd. (Allahabad HC) 190 ITR 216 14. CIT v. Ramnath Goenka (Madras HC) 259 ITR 26 15. K. Raheja IT Park v. DCIT (ITAT Hyderabad) ITANo. 1774/Hyd/14, 727/Hyd/…

M/S. TATA ELXSI LIMITED., ,BANGALORE vs. DEPUTY COMMISSIONER INCOME TAX, CIRCLE-7(1)(1), BANGALORE

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

ITA 927/BANG/2023[2016-17]Status: DisposedITAT Bangalore08 Jan 2024AY 2016-17

Bench: Shri George George K. & Shri Chandra Poojari

For Appellant: Shri Padam Chand Kincha, A.RFor Respondent: Shri D.K. Mishra, D.R
Section 10ASection 30Section 80ASection 80H

…Kolkata HC) 18 ITR 762 5. Indra Singh & Sons Ltd. v. CIT (Kolkata HC) 33 ITR 341 6. CIT v. Cocanada Radhaswami Bank Ltd. (SC) 57 ITR 306 7. CIT vs. Bhavnagar Trust Corporation (P.) Ltd. (Gujarat HC) 69 ITR 278 8. Western states Trading Co. P. Ltd. v. CIT (SC) 80 ITR 21 9. 10. CIT v. Shrikishan Chandmal (Madhya Pradesh HC) 60 ITR 303 11. CIT v. R. Dalmia (Delhi HC) 96 ITR 463 12. Brooke Bond and Co. Ltd. v. CIT (SC) 162 ITR 373 13. Addl.CIT v. Solar Chemical Pvt. Ltd. (Allahabad HC) 190 ITR 216 14. CIT v. Ramnath Goenka (Madras HC) 259 ITR 26 15. K. Raheja IT Park v. DCIT (ITAT Hyderabad) ITANo. 1774/Hyd/14, 727/H…

AVANTHA REALTY LTD.,KOLKATA vs. DCIT, CIRCLE- 3(2), NEW DELHI

In the result, the appeal filed by the Assessee stands allowed

ITA 360/DEL/2018[2004-05]Status: DisposedITAT Delhi31 May 2022AY 2004-05

Bench: Shri Pradip Kumar Kedia & Shri N.K. Choudhryassessment Year: 2004-05

For Appellant: ShriUpvan Gupta, AdvocateFor Respondent: Mrs.KirtiSankratyayan, Sr. DR
Section 250(6)Section 36(1)

…fact on account of strategic compulsions and not merely to derive income by way of dividends. 9. The judgments in CocanadaRadhaswami Bank {supra) and United Commercial Bank {supra) and the subsequent judgments in Western States Trading (P) Ltd. v. CIT [1971] 80 ITR 21 (SCI and Brooke Bond & Co. Ltd. v. CIT [1986] 162 ITR 373/28 Taxman 426E (SC! are authorities that the heads of income enumerated in the Income Tax Act in Section 14 do not denote their essential characteristics. In other words that a business or an individual receives some amount which may be assessed as income of a particular kind would not be co…

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1),, GUNTUR vs. ANDHRA TRADE DEVELOPMENT CORPORATION PRIVATE LIMITED, GUNTUR

In the result, appeal filed by the Revenue and the cross objection filed by the assessee are dismissed

ITA 434/VIZ/2019[2015-16]Status: DisposedITAT Visakhapatnam05 May 2021AY 2015-16

Bench: Shri N.K. Choudhry, Hon’Ble & Shri D.S. Sunder Singh, Hon'Ble

For Appellant: Shri G.V.N. Hari, AdvocateFor Respondent: Shri K.S. Rajendra Kumar, CIT DR
Section 143(1)Section 250(6)Section 50

…s can be set off against short term capital gains of the year as the same was resulted on account of sale of depreciable asset. The Hon'ble ITAT, Visakhapatnam relying on the decision of Hon'ble Supreme Court in thecase of Western States Trading Co. (P) Ltd. (80 ITR 21) and also the decision of Hon'ble Madhya Pradesh High Court in the case of Sri Kishan Chandmal (60 ITR 303) held that unabsorbed depreciation and business loss can be set off against short term capital gains computed u/s. 50 ofthe Act. In the present case, the appellant in the return clearly mentioned that capital gains arose on account of sale of…

AMBUJA CEMENT INDIA P.LTD,MUMBAI vs. ASST CIT CIR 3(1), MUMBAI

In the result appeal of the assessee is allowed as indicated above

ITA 2600/MUM/2014[2005-06]Status: DisposedITAT Mumbai27 Aug 2018AY 2005-06

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.2600/Mum/2014 (नििाारण वर्ा / Assessment Year : 2005-06)

For Appellant: Shri. Soumen Adak &For Respondent: Shri Satish Chandra Rajore
Section 143Section 143(3)Section 147Section 14ASection 234B

…ositing of spare funds in bank is in the nature of business income though taxed under a separate head and the same is eligible for set off against brought forward business loss Similar view has been held in:- Western States Trading Co Pvt Ltd -vs.- CIT (1971) 80 ITR 21(SC) DCIT -vs.- Canara Bank (2007) 11 SOT 763 (Bang) CIT -vs.- Excellent Commercial Enterprises & Investments Ltd. (2006) 282 ITR 423 (Del) Sri Padmabathi Srinivasa Cotton Ginning & Pressing vs.- DCIT (2009) 29DTR l(Visakha) (IT AT) 4. Imposition of interest u/s Consequential in nature. 234B of Rs.35,77,341/- The Ld. Counsel for the assessee cont…

M/S. TATA INDUSTRIES LTD,MUMBAI vs. THE ITO 2(3)(3), MUMBAI

In the result, appeal of the assessee is treated as partly allowed

ITA 4894/MUM/2008[2004-2005]Status: DisposedITAT Mumbai20 Jul 2016AY 2004-2005

Bench: Shri G. S. Pannu, Accoutant Member & Shri Sanjay Gargtata Industries Ltd., Vs. The Income Tax Officer, Ward- Bombay House,24,Homi 2 (3) (3), Room No.555, Mody Street, Fort, Mumbai Aayakar Bhavan, Maharshi 400 001 Karve Road, Mumbai 400 020 Pan: Aaact 4058 L Appellant .. Respondent Appellant By Shri Dinesh Vyas, Ar Respondent By Shri Alok Johri, Dr Date Of Hearing 22-06-2016 Date Of Pronouncement 20-07-2016

Section 10ASection 115JSection 14ASection 36

…he case of “Eicher Goodearth Ltd. vs. CIT” has discussed the above issue and has held as under: “The judgments in Cocanada Radhaswami Bank (supra) and United Commercial Bank (supra) and the subsequent judgments in Western States Trading (P) Ltd. v. CIT [1971] 80 ITR 21 (SC) and Brooke Bond & Co. Ltd. v. CIT [1986] 162 ITR 373/28 Taxman 426E (SC) are authorities that the heads of income enumerated in the Income Tax Act in Section 14 do not denote their essential characteristics. In other words that a business or an individual receives some amount which may be assessed as income of a particular kind would not be co…

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

…and not merely to derive income by way of dividends. 2015:DHC:4310-DB ITA 54/2000 Page 5 9. The judgments in Cocanada Radhaswami Bank and United Commercial Bank (supra) and the subsequent judgments in Western States Trading (P) Ltd. v. CIT (1971) 80 ITR 21 and Brooke Bond & Co. Ltd. v.CIT (1986) 162 ITR 372 are authorities that the heads of income enumerated in the Income Tax Act in Section 14 do not denote their essential characteristics. In other words that a business or an individual receives some amount which may be assessed as income of a particular kind would not be conclusively determinat…

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

…and not merely to derive income by way of dividends. 2015:DHC:4310-DB ITA 54/2000 Page 5 9. The judgments in Cocanada Radhaswami Bank and United Commercial Bank (supra) and the subsequent judgments in Western States Trading (P) Ltd. v. CIT (1971) 80 ITR 21 and Brooke Bond & Co. Ltd. v.CIT (1986) 162 ITR 372 are authorities that the heads of income enumerated in the Income Tax Act in Section 14 do not denote their essential characteristics. In other words that a business or an individual receives some amount which may be assessed as income of a particular kind would not be conclusively determinat…

Western States Trading (P) Ltd. v. CIT (80 ITR 21) — Cited in 14 Judgments | BharatTax