“profits and gains of business or profession”

Income HeadsSection 28Section 281,710 judgments

The decision most relied on for profits and gains of business or profession is CIT v. Excel Industries Ltd. (358 ITR 295), cited in 935 judgments on BharatTax.

Leading authorities on profits and gains of business or profession

CIT v. Excel Industries Ltd.

358 ITR 295 · 2013 · Supreme Court

935

citing judgments

When an income or expenditure is revenue neutral across different assessment years, where any benefit derived is offset by a corresponding liability or reversal, no additional tax liability arises, particularly concerning income recognition under the mercantile system of accounting.

Southern Technologies Ltd. v. JCIT

320 ITR 577 · 2010 · Supreme Court

353

citing judgments

The case concerns the allowability of deductions for provisions made under Section 36 of the Income Tax Act, 1961, especially those related to bad and doubtful debts. It distinguishes such deductions from the recognition of interest income on non-performing assets (NPAs).

Attar Singh Gurmukh Singh v. ITO

191 ITR 667 · 1991 · Supreme Court

254

citing judgments

Section 40A(3) is not absolute, and its application considers business expediency, practical difficulties, and other relevant factors, while keeping in mind its objective to curb the practice of ploughing unaccounted money into the system.

Karanpura Development Co. Ltd. v. CIT

44 ITR 362 · 1962 · Supreme Court

157

citing judgments

The income derived from letting out assets, such as coal mining leases, constitutes "profits and gains of business or profession" if the primary object and activity of the assessee company are to acquire, develop, and sub-lease such assets. This classification holds even if the income arises from letting, provided the letting itself constitutes the assessee's business.

(P.) Ltd. v. CIT

56 ITR 52 · 1965 · Supreme Court

146

citing judgments

Expenditure is revenue if incurred for operating a business to earn profit, even if an incidental enduring advantage results; it is capital if it creates an asset or an enduring advantage for the entire business structure.

Anupam Tele Services v. ITO

366 ITR 122 · 2014 · High Court

124

citing judgments

Section 40A(3) disallowances are not absolute; genuine and bonafide cash payments, where the payee's identity is established and business expediency is proven, fall outside its scope, as the section's purpose is to curb unaccounted money, not disallow genuine expenditure.

ACG Associated Capsule Private Limited v. Commissioner of Income Tax, Central IV, Mumbai

3 SCC 321 · 2022 · Reported

citing judgments

Profits of a business are computed under the head 'Profits and Gains of Business or Profession' and then reduced by specific receipts mentioned in Explanation (baa) to Section 80HHC. This means that for the purposes of Section 80HHC, only profits computed under the business head are considered, with subsequent adjustments for specified receipts.

Rayala Corporation Pvt. Ltd. v. ACIT

386 ITR 500 · 2016 · Supreme Court

citing judgments

If an assessee company's main business object is to acquire and rent out properties, the rental income derived is taxable as 'Profits and gains of business or profession', rather than 'Income from house property', as the nature of the activity constitutes a business.

Judgments citing profits and gains of business or profession

Microchip Technology (India) Private Limited, Bengaluru vs. DCIT Circle 4(1)(1), Bmtc Building, Koramangala

In the result, the appeal filed by the assessee stands partly allowed for statistical purposes

ITA 817/BANG/2023[2018-19]Status: DisposedITAT Bangalore16 May 2024AY 2018-19

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2018-19

For Appellant: Shri Sumeet Khurana, CAFor Respondent: Shri Biju M.K., CIT-DR

Section 143(2)Section 143(3)Section 25oSection 270ASection 37Section 92C

holding that discount on issue of Employee Stock Options is allowable as deduction in computing the income under the head 'Profits and gains of business or profession.” 5.9 Coming to the circumstances in present appeal, it is noted that, the assessee claimed the ESOP cost on accrual basis also. Before

Heidelberg Cement India Ltd., Gurgaon vs. DCIT, Circle- 2, Gurgaon

In the result, appeal of the assessee is partly allowed

ITA 5823/DEL/2018[2014-15]Status: DisposedITAT Delhi15 May 2024AY 2014-15

Bench: Shri M. Balaganesh & Shri Anubhav Sharmaheidelberg Cement India Ltd, Vs. Dcit, 9Th Floor, Tower-C, Infinity Circle-2, Towers, Dlf, Cybercity, Gurgaon Gurgaon (Appellant) (Respondent) Pan: Aabcm2359J

For Appellant: Shri Harpreet Singh Ajmani, AdvFor Respondent: Mr. Waseem Arshad, CIT(DR)

Section 143(3)Section 71Section 74

return Form No. 2 (for assessees, other than companies and those claiming exemption under section 11, whose total income includes 'Profits and gains of business or profession') and income-tax return Form No. 3 (for assessees, other than companies and those deriving income from property held for charitable and religious ... purposes claiming exemption under section 11, whose total income does not include 'Profits and gains of business or profession'), notified on 26-4-1990, was based on the view that carry forward losses have to be set-off in the succeeding assessment years under the respective heads of income before

P. Surendran, Trivandrum vs. ACIT Circle 1(2), Trivandrum

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

ITA 978/COCH/2022[2014-15]Status: DisposedITAT Cochin14 May 2024AY 2014-15

Bench: Shri Sanjay Arora, Am & Ms. Kavitha Rajagopal, Jm P. Surendran Sukanya Bhavan Asst. Cit-1(2) Vadayakkadu, Kunnukuzhy, P.O., Thiruvananthapuram Vs. Thiruvananthapuram-695 035

For Respondent: Smt. J M Jamuna Devi

Section 133ASection 143(2)Section 143(3)Section 250Section 36(1)(va)Section 40A(3)Section 40a

cited hereunder for ease of reference: The provisions of section 40A(3) would apply in computing the income under the head “Profits and gains of business or profession” and “Income from other sources” as per section 58(2). All payments in excess of Rs.2,500 at one time whether

M/S. Birlasoft Limited (Formerly Known As Kpit Cummins Infosystems Ltd., Pune vs. Assistant Commissioner of Income Tax, Circle-11(5), Bangalore

In the result, the appeal filed by the assessee stands allowed as indicated hereinabove

ITA 739/BANG/2010[2005-06]Status: DisposedITAT Bangalore14 May 2024AY 2005-06

Bench: Smt Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2005-06 M/S. Birlasoft Ltd. (Formerly Known As Kpit Technologies Ltd.) The Assistant # 35 & 36, Rajiv Commissioner Gandhi Infotech Park, Of Income Tax, Phase – 1, Midc Circle – 11(5), Hinjawadi, Bangalore. Vs. Pune – 411 057. Pan: Aaack7308N Appellant Respondent

For Appellant: Shri Padam Chand Khincha, CAFor Respondent: Shri D.K. Mishra, CIT –DR

Section 10ASection 10BSection 143(3)

authorities below by arguing that profits of business referred to in section 10A cannot be the profits computed under the head profits and gains of business or profession. The Ld.DR placed reliance on the decision of Hon'ble Karnataka High Court in case of CIT vs. Himatasingika Seide Ltd. reported

Gati Kintetsu Express Pvt. Ltd, Maharashtra and Mumbai vs. Dy. Commissioner of Income Tax, Circle 14(1)(2), Mumbai, Maharashtra and Mumbai

ITA 2829/MUM/2023[ASS YEAR 2013-2014]Status: DisposedITAT Mumbai13 May 2024

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

For Respondent: Mr. Madhur Agrawal

Section 143(3)Section 250

losses arising were incidental to the business of the assessee and therefore same are to be allowed as deduction while computing profit and gains of business or profession. Further, the Ld. counsel submitted that there was no requirement of furnishing any evidence in respect of advances made during the course ... section 155 shall apply". S.28, referred to in sub-s.(1) of s.36, provides that income under the head "Profits and gains of business or profession", shall be chargeable to income-tax. The profits and gains of a business are charged to income- tax. To compute the profits and gains

M/S.Appollo Tyres Ltd, Ernakulam vs. The Pr CIT, Kochi

In the result, the assessee’s appeal is dismissed

ITA 72/COCH/2021[2014-15]Status: DisposedITAT Cochin10 May 2024AY 2014-15

Bench: Shri Sanjay Arora & Ms.Kavitha Rajagopal

For Appellant: Sri.Joseph Markose, AdvocateFor Respondent: Sri.Sanjit Kumar Das, CIT-DR

Section 143(3)Section 144CSection 263Section 32A

respect of such new asset shall be deemed to be the income of the assessee chargeable under the head "Profits and gains of business or profession" of the previous year in which such new asset is sold or otherwise transferred, in addition to taxability of gains, arising on account ... which is allowed as deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head "Profits and gains of business or profession" of any previous year. (emphasis, ours) 5.3 The issue before us is if there has been an inquiry

Vipul Mahasukhlal Gopani, Mumbai vs. ACIT Circle 6(1)(1), Mumbai

In the result, Ground No. 2

ITA 3726/MUM/2023[2014-15]Status: DisposedITAT Mumbai07 May 2024AY 2014-15

Bench: Shri Vikas Awasthy & Shri Gagan Goyalvipul Mahasukhlal Gopani, A-3003, One Avighna Park, Mahadev Palav Marg, Lower Parel East, Mumbai – 400 012 Pan: Aaapg8761A ....... Appellant Vs. Acit Circle 6(1)(1), Room No. 504, 5Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400 020 ..... Respondent

For Appellant: Shri Rohan Shah, Ld. ARFor Respondent: Smt. Jayshree Menon, Ld. DR

Section 10Section 10(37)Section 133(6)Section 143(2)Section 2(14)Section 2(14)(iii)Section 250

lands is held to be "adventure in the nature of trade", and as such, chargeable to income- tax under the head "Profits and gains of business or profession". We have gone through the pages from 11 to 108 of factual paper book no.1 and it is observed that the assessee ... assessee in question were "adventure in the nature of trade" and as such, chargeable to income-tax under the head "Profits and gains of business or profession" . In view of the above, we are not inclined to interfere with the order of AO and Ld. CIT (A) and confirm

Dr Nirmalkumar Phadkule Pratishthan, Solapur vs. Income Tax Officer, Solapur

In the result, appeal of the assessee is partly allowed

ITA 1321/PUN/2023[2015-16]Status: DisposedITAT Pune06 May 2024AY 2015-16

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.1321/Pun/2023 िनधा"रण वष" / Assessment Year : 2015-16 Dr.Nirmalkumar Phadkule The Income Tax Pratishthan, V Officer, Solapur. S No.6039, Dr.Nirmalkumar S Phadkule Sabhagruh, Sidheshwar Peth, Near Sidheshwar Temple, Solapur – 413001. Pan: Aabtd2883M Appellant/ Assessee Respondent /Revenue Assessee By None. Revenue By Shri Ramnath P Murkunde – Dr Date Of Hearing 02/05/2024 Date Of Pronouncement 06/05/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Order Of Ld.Commissioner Of Income Tax(Appeal)[Nfac] Under Section 250 Of The Income Tax Act, 1961 For A.Y.2015-16 Dated 31.10.2023. The Assessee Has Raised Following Grounds Of Appeal : Dr.Nirmalkumar Phadkule Pratishthan [A]

Section 11Section 139(1)Section 148Section 156Section 207Section 250Section 272A(2)(e)Section 27l

shall not apply to an individual resident in India, who— (a) does not have any income chargeable under the head "Profits and gains of business or profession"; and (b) is of the age of sixty years or more at any time during the previous year.” 3.2 Thus, as per Section

M/S Satwant Agro Engineers, Bhawanigarh vs. DCIT, Central Circle, Patiala

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 753/CHANDI/2022[AY 2019-20]Status: DisposedITAT Chandigarh03 May 2024

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Deepak Anand, AdvocateFor Respondent: Shri Dharamvir, JCIT, Sr. DR

Section 115BSection 133ASection 143(2)Section 143(3)Section 68Section 69Section 69A

scheme of sections 69, 69A and 69C being treated separately, because such deemed income is not income from salary, house property, profits and gains of business or profession, or capital gains, nor is it income from 'other sources' because the provisions of sections 69, 69A, 69B and 69C treat unexplained ... assessee, as a deductible trading loss on its confiscation, because such deemed income did not fall under the head of income 'Profits and gains of business or profession'. 8. In our opinion, therefore, the Tribunal was perfectly right in holding that the value of the gold was liable

Computer Modelling Group Limited, Canada vs. ACIT International Taxation Circle 1(2)(1), New Delhi

In the result, all the four appeals of the assessee for AY 2012-13,

ITA 2091/DEL/2023[2020-21]Status: DisposedITAT Delhi03 May 2024AY 2020-21

Bench: Shri G.S. Pannu, Hon’Ble & Ms. Astha Chandra

Section 143(3)Section 144CSection 144C(13)Section 153Section 234ASection 234BSection 250Section 271(1)(c)Section 44B

section (2) shall be deemed to be the profits and gains of such business chargeable to tax under the head "Profits and gains of business or profession" : Provided that this sub-section shall not apply in a case where the provisions of section 42 or section 44D or section 44DA ... Section 44BB of the Act must be deemed to be profits of the assessee and chargeable to tax under the head 'profits and gains of business or profession'. In order to claim that the profit, in fact, was lower than the profits and gains specified under Section 44BB i.e. less

Computer Modelling Group Limited, Canada vs. DCIT Circle International Taxation 1(2)(1), New Delhi

In the result, all the four appeals of the assessee for AY 2012-13,

ITA 2090/DEL/2023[2012-13]Status: DisposedITAT Delhi03 May 2024AY 2012-13

Bench: Shri G.S. Pannu, Hon’Ble & Ms. Astha Chandra

Section 143(3)Section 144CSection 144C(13)Section 153Section 234ASection 234BSection 250Section 271(1)(c)Section 44B

Computer Modelling Group Limited, Canada vs. ACIT, Circle-1(2)(1), Int. Taxation, New Delhi

In the result, all the four appeals of the assessee for AY 2012-13,

ITA 2305/DEL/2022[2019-20]Status: DisposedITAT Delhi03 May 2024AY 2019-20

Bench: Shri G.S. Pannu, Hon’Ble & Ms. Astha Chandra

Section 143(3)Section 144CSection 144C(13)Section 153Section 234ASection 234BSection 250Section 271(1)(c)Section 44B

Stars Multipurpose Co-Operative Society Limited, Hyderabad vs. DCIT., Circle-5(1), Hyderabad

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

ITA 13/HYD/2024[2018-19]Status: DisposedITAT Hyderabad30 Apr 2024AY 2018-19

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdiaआ.अपी.सं/Ita No. 13/Hyd/2024 (नििाारण वर्ा/Assessment Year: 2018-19) Stars Multipurpose Vs. Deputy Commissioner Co-Operative Society Of Income Tax, Limited, Circle-5(1), Hyderabad Hyderabad [Pan No. Aakas6153R] अपीलार्थी/Appellant प्रत् यर्थी/Respondent नििााररती द्वारा/Assessee By: Shri P. Murali Mohan Rao, Ar राजस् व द्वारा/Revenue By: Shri Shakeer Ahamed, Dr सुिवाई की तारीख/Date Of Hearing: 29/04/2024 घोर्णा की तारीख/Pronouncement On: 30/04/2024 आदेश / Order Per Madhusudan Sawdia, A.M: The Captioned Appeal Filed By The Assessee Is Directed Against The Order Dated 23/11/2023 Passed By The Learned Addl/Jcit(A)-4, Mumbai, (“Ld. First Appellate Authority”), Relating To The Assessment Year (Ay) 2018-19. 2. Brief Facts Of The Case Are That The Assessee Is A Co- Operative Society, Filed Its Return Of Income For The Year Under Consideration On 29/10/2018 Admitting ‘Nil’ Income. The Cpc Bengaluru (“Cpc”) In The Intimation U/S 143(1) Of The Income Tax Act,1961(“ The Act”), Dated 22/10/2019 Disallowed The Provident Fund Payment & Esi Fund Payment Of Rs. 14,56,847/- On The Reason That The Said Payments Are Not Allowable U/S. 36(1)(Va) Of The Act & Determined The Total Income Of The Assessee At Rs. 14,56,847/- & Finally Raised A Demand Of Rs.5,59,053/-.

For Appellant: Shri P. Murali Mohan Rao, ARFor Respondent: Shri Shakeer Ahamed, DR

Section 143(1)Section 36(1)(v)Section 36(1)(va)Section 72(2)

business losses. 72. (1) Where for any assessment year, the net result of the computation under the head "Profits and gains of business or profession" is a loss to the assessee, not being a loss sustained in a speculation business, and such loss cannot be or is not wholly

DCIT-14(1)(1), Mumbai vs. Michael Page International Recruitment P Ltd, Mumbai

In the result, Appeal and CO filed by the Revenue and Assessee respectively, stands dismissed

ITA 2661/MUM/2023[2012-13]Status: DisposedITAT Mumbai30 Apr 2024AY 2012-13

Bench: Shri Narender Kumar Choudhry & Ms. Padmavathy Sassessment Year: 2012-13 The Deputy Commissioner Of M/S. Michael Page Income Tax -14(1)(1), International Room No.432, 4Th Floor, Recruitment Pvt. Ltd., 5Th Floor, Aayakar Bhavan, Vs. M.K. Road, 2 North Avenue Maker Mumbai - 400020 Maxity, Bandra (East) Mumbai – 400 051 Pan: Aagcm8425N (Appellant) (Respondent)

For Appellant: Shri Hirali Desai, C.A. &For Respondent: Smt. Mahita Nair, Sr. D.R

Section 250Section 32Section 37Section 37(1)

expenses of the assessee, laid out or expanded wholly and exclusively for the purposes of the income chargeable under the head profits and gains of business or profession are permitted to be allowed. The provisions of section 37(1) further mandates that the expenditure must not be personal expenses

Fleetguard Filters Private Limited, Pune vs. Dy Commissioner of Income Tax Circle 1(1), Pune

In the result, appeal of the Assessee dismissed

ITA 921/PUN/2023[2016-2017]Status: DisposedITAT Pune24 Apr 2024AY 2016-2017

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.921/Pun/2023 िनधा"रण वष" / Assessment Year : 2016-17 Fleetguard Filters Private The Dy.Commissioner Of Limited, V Income Tax, Circle-1(1), 136, Park Marina Road, S Pune. Baner, Pune – 411045. Pan: Aaace3125C Appellant/ Assessee Respondent /Revenue Assessee By Shri Sharad A Shah – Ar Revenue By Shri Sandeep P. Sathe – Dr Date Of Hearing 12/04/2024 Date Of Pronouncement 24/04/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Order Of Ld.Commissioner Of Income Tax(Appeal)[Nfac], Delhi Under Section 250 Of The Income Tax Act, 1961, For Ay 2016-17 Dated 23/06/2023,Emanating From The Order Under Section 143(3) Of The Act, Dated 19.12.2018.The Assessee Has Raised The Following Grounds Of Appeal : “A. The Learned Commissioner Of Income Tax (Appeals) Made A Mistake In Disallowing The Payment Made For Gratuity To Its Employees Amounting To Rs 28.28,922/-. Fleetguard Filters Private Limited [A]

Section 143(3)Section 250Section 40ASection 40A(7)

anything to the contrary contained in any other provision of this Act relating to the computation of income under the head "Profits and gains of business or profession". ****************** (7) (a) Subject to the provisions of clause (b), no deduction shall be allowed in respect of any provision (whether called

ACIT, Circle- 2(2), New Delhi vs. Anthem Infrastructure Pvt. Ltd., New Delhi

Appeal is allowed

ITA 215/DEL/2020[2015-16]Status: DisposedITAT Delhi18 Apr 2024AY 2015-16

Bench: Shri G.S. Pannu, Hon’Ble & Shri Anubhav Sharmaassessment Year: 2015-16 Acit, Vs Anthem Infrastructure Pvt. Ltd., 04, 1St Floor, Jagriti Enclave, Circle-2(2), New Delhi. Vikas Marg Extn., New Delhi. Pan: Aaica7355D (Appellant) (Respondent) Assessee By : Shri Amit Goel, Ca Revenue By : Shri Kanav Bali, Sr. Dr Date Of Hearing : 27.02.2024 Date Of Pronouncement : 18.04.2024 Order Per Anubhav Sharma, Jm: This Appeal Is Preferred By The Revenue Against The Order Dated 24.10.2019 Of The Commissioner Of Income Tax (Appeals)-22, New Delhi (Hereinafter Referred As Ld. First Appellate Authority Or In Short Ld. ‘Faa’) In Appeal No.273/19-20/Cit(A)-22, New Delhi Arising Out Of The Appeal Before It Against The Order Passed U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred As ‘The Act’), By The Acit, Circle 2(2), Delhi (Hereinafter Referred To As The Ld. Ao). 2. Heard & Perused The Records. Ld. Ar Has Relied The Order Of Co- Ordinate Bench In The Case Of Assessee For Ay 2014-15, In Ita No. 5676/Del/2017 To Contend That The Issue Is Covered In Favour Of Assessee By The Order Dated 29/10/2021. Ld. Dr Could Not Dispute This Factual Aspect.

For Appellant: Shri Amit Goel, CAFor Respondent: Shri Kanav Bali, Sr. DR

Section 143(3)Section 144Section 145

provisions of section 145 of Income Tax Act, 1961 states as under: "145. (1) Income chargeable under the head "Profits and gains of business or profession" or "Income from other sources" shall, subject to the provisions of sub-section (2), be computed in accordance with either cash or mercantile system ... wherein it is held as under :- "18. Section 145 (1) of the Act states that the income chargeable under the heads 'Profits and gains of business or profession' shall be computed in accordance with either cash or mercantile system of accounting "regularly employed by the Assessee". It is only with

Murshid Ahmed, Faridabad vs. ITO, Ward-1(5), Faridabad

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

ITA 3124/DEL/2019[2007-08]Status: DisposedITAT Delhi18 Apr 2024AY 2007-08

Bench: Shri Kul Bharat & Shri Pradip Kumar Kedia[Assessment Year : 2007-08] Murshid Ahmed, Vs Ito, J-100, Ashok Chowk, Ward-1(5), Adarsh Nagar, Jaipur, Faridabad, Haryana. Rajasthan-302004. Pan-Aagpa2309E Appellant Respondent Appellant By Shri Rakesh Jain, Adv. Respondent By Shri Anuj Garg, Sr. Dr Date Of Hearing 21.03.2024 Date Of Pronouncement 18.04.2024 Order Per Kul Bharat, Jm The Present Appeal Filed By The Assessee Is Directed Against The Order Passed By Ld. Cit(A), Faridabad Dated 31.01.2019 For The Assessment Year 2007- 08. The Assessee Has Raised Following Grounds Of Appeal:-

Section 143(3)Section 263Section 40ASection 40A(3)

account or through such other electronic mode as may be prescribed46, the payment so made shall be deemed to be the profits and gains of business or profession and accordingly chargeable to income-tax as income of the subsequent year if the payment or aggregate of payments made ... exceeds ten thousand rupees: Provided that no disallowance shall be made and no payment shall be deemed to be the profits and gains of business or profession under sub- section (3) and this sub-section where a payment or aggregate of payments made to a person in a day, otherwise

Sri Sravan Kumar Neela, Nalgonda vs. ACIT Central Circle 1, Kozhikode

In the result, the instant appeals by the assesses are dismissed

ITA 899/COCH/2022[2017-18]Status: DisposedITAT Cochin15 Apr 2024AY 2017-18

Bench: Shri Sanjay Arora & Shri Manomohan Dasuma Maheshwara Rao Chinni Asst. Cit, Central Circle -1, Hno. 7-298, 7 Ward Aayakar Bhavan (North Block) Gandhi Bomma Centre Vs. Kozhikode 673001 Dachepalle, Guntur 522414 [Pan:Arjpc0342D] (Appellant) (Respondent)

For Respondent: Smt. J.M. Jamuna Devi, Sr. D.R

Section 115BSection 132ASection 143(3)Section 147Section 148Section 153ASection 69A

assessee, as a deductible trading loss on its confiscation, because such deemed income did not fall under the head of income “profits and gains of business or profession”. The law in the matter was explained thus: ‘The scheme of sections 69 , 69A , 69B and 69C of the Income

Sri Uma Maheshwara Rao Chinni, Guntur vs. Asst Commissioner of Income Tax, Central Circle-1, Kozhikode

In the result, the instant appeals by the assesses are dismissed

ITA 895/COCH/2022[2017-18]Status: DisposedITAT Cochin15 Apr 2024AY 2017-18

For Respondent: Smt. J.M. Jamuna Devi, Sr. D.R

Section 115BSection 132ASection 143(3)Section 147Section 148Section 153ASection 69A

The Institute of India Foundrymen, Kolkata vs. ITO, Ward-1(3), Exempt, Kolkata.

In the result, the appeals of the assessee are allowed

ITA 1230/KOL/2023[2017-18]Status: HeardITAT Kolkata12 Apr 2024AY 2017-18

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 11Section 12ASection 2(15)

trade, professional or similar association from specific services performed for its members will be brought to charge under the head “profits and gains of business or profession”. The underlying idea behind s. 28(iii) is that there must be a business from which income is derived and that