“Section 4(3)(vii)”

Section References (mined)Section 4Section 4(3)(vii)2 judgments

LUPIN LIMITED,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX - 3, MUMBAI

In the result, the appeal of the assessee is allowed

ITA 3257/MUM/2025[2019-20]Status: DisposedITAT Mumbai30 Sept 2025AY 2019-20

Bench: Shri Vikram Singh Yadav & Shri Raj Kumar Chauhanassessment Year : 2019-20 Lupin Limited, Principal Commissioner Of 3Rd Floor, Kalpataru Inspire, Income Tax-3, Off Western Express Highway, Vs. Room No. 612, 6Th Floor, Santacruz (East), Aayakar Bhavan, Mumbai-400055. Maharshi Karve Road, Pan : Aaacl1069K Mumbai-400020. (Appellant) (Respondent) Assessee By : Shri Rajan Vora & Shri Pranay Gandhi Revenue By : Shri Rajesh Kumar Yadav, Cit-Dr

For Appellant: Shri Rajan Vora &For Respondent: Shri Rajesh Kumar Yadav, CIT-DR

Section 115JSection 143(3)Section 263Section 43(6)

question was whether this amount which was treated as paid on account of loss of profits was assessable to income-tax under Section 4(3)(vii) of the Income Tax Act, 1922. The Supreme Court held that the receipt was inseparably connected with the ownership and conduct of the business ... arose from it and therefore it was not exempt under Section 4(3)(vii) of the 1922 Act whereas in the appellant's case the insurance claim was received on account of the destruction of the iPad and computers (capital assets). Thus, the Supreme Court‟s decision in Raghuvanshi Mills

M/S CHATTA SUGAR CO. LTD,MATHURA vs. A.C.I..T CIRCLE-3, MATHURA

In the result, the appeal of the assessee is allowed

ITA 129/AGR/2015[2009-10]Status: DisposedITAT Agra01 Jul 2025AY 2009-10

Bench: Shri Sunil Kumar Singh & Shri Brajesh Kumar Singh[Assessment Year: 2009-10]

Section 142(1)Section 143(3)Section 28Section 41(1)

from the Govt. but still even if the receipt was of a casual nature, the case was held to be not covered by section 4(3)(vii) of the Indian Income-tax Act, 1922 (equivalent to section 10(3) of the Act of 1961), and the receipt was held ... must be held to be income arising from the business of the assessee company so that it is taxable as such and section 4(3)(vii) of the Income-tax Act is inapplicable." 12. On similar facts as the present case, the Hon'ble ITAT Amritsar in Gurdaspur