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Documents citing Commissioner Of Income Tax vs Virgin Securities & Credits Pvt. Ltd. on 18 February, 2011

Acit, Chennai vs Virgo Properties Pvt Ltd., Chennai on 31 July, 2017

Ltd. (supra), thus, presents a dichotomy, which it does not answer. That there is no answer in law where the profit and loss account is not prepared in accordance with Parts II & III of Schedule VI to the Companies Act, 1956, violating the express provision of law (s. 115-JB(2)), a proposition that it seems to suggest or advance, cannot be countenanced.
Income Tax Appellate Tribunal - Chennai Cites 20 - Cited by 0 - Full Document

S.S. Warad, Bangalore vs Assessee on 29 April, 2013

"We have heard the rival submissions and perused the materials on record. It is true that the assessee in support of his ground 2(i) and 3 had relied on the judgment of the Hon'ble High Court of Calcutta in the case of CIT v Virgin Creations and the order of the Tribunal in the case of ACIT v M K Gurumurthy (2012) 22 Taxman.com.72 (Bang.). The non-consideration of ground no.2(i) and 3 is a mistake apparent from record warranting rectification under section 254(2) of the Act. Hence, we recall our order dated 3/8.2012 and post the case for hearing on 18/02/2013. Since the parties are informed in the open court about the date of hearing, no fresh notice need be issued. It is ordered accordingly".
Income Tax Appellate Tribunal - Bangalore Cites 12 - Cited by 0 - Full Document

Ito, Jaipur vs Panchsheel Colonzers (P) Ltd, Jaipur on 31 July, 2017

In the light of above discussion and since the issue has been considered by the Hon'ble Supreme Court in the cases of Allied Motors, 224 ITR 677 (SC) and Alom Extrusions, 319 ITR 306 (SC), Hon'ble Calcutta High Court in the case of CIT vs. Virgin Creations in ITA No. 302 of 2011 and Coordinate Bench of the 35 ITA Nos. 573/JP/2014, 652/JP/2014, 421/JP/2015 & 64/JP/2017 M/s. Panchsheel Colonizers Pvt. Ltd., Jaipur.
Income Tax Appellate Tribunal - Jaipur Cites 51 - Cited by 1 - Full Document

Footcandles Film P. Ltd., Chennai vs Department Of Income Tax on 1 August, 2013

28. We find that this case is not applicable in the present case of the assessee as because the issue under consideration is that where :- 17 -: I.T.A.No. 1931 & 1932/12 the TDS deducted on the expenditure incurred during the year if deposited before the due date of filing of return of income u/s 139(1) any disallowance of the same can be made or not. We find that the ld. CIT(A) has followed the decision of the Hon'ble Calcutta High Court in the case of CIT vs Virgin Creations(supra) wherein the Hon'ble High Court has decided the issue against the Revenue and after relying on the decisions of the Hon'ble Supreme Court in the case of Allied Motors P. Ltd vs CIT [1997] 224 ITR 677 (SC) and CIT vs Alom Extrusions Ltd [2009] 319 ITR 306(SC) has held that the provision, which has inserted the remedy to make the provision workable, requires to be treated with retrospective operation so that reasonable deduction can be given to the section as well and accordingly has held that the said amendment is retrospective. It is not in dispute that the TDS on `1,42,24,794/- was deposited within the due date of filing of return of income by the assessee. Therefore, the ld. CIT(A) was justified in deleting the disallowance of ` 1,42,24,794/-. Thus, we do not find any good and justifiable reason to interfere with the finding of the ld. CIT(A) which is confirmed and the ground of appeal of the Revenue is dismissed.
Income Tax Appellate Tribunal - Chennai Cites 12 - Cited by 0 - Full Document

Rajpal Midha, Chandigarh vs Assessee on 7 May, 2012

Following the ratio laid down by the Hon'ble Calcutta High Court in CIT Vs. Virgin Creations (supra) and various Benches of the Tribunal we hold that once the tax has been deducted and deposited by the assessee before the due date of filing return of income, there is no merit in disallowing the expenditure relatable to such tax deducted at source. The assessee succeeds on both the counts. Accordingly, we direct the Assessing Officer to allow the claim of expenditure of Rs.16,70,760/-. The grounds of appeal raised by the assessee are thus allowed.
Income Tax Appellate Tribunal - Chandigarh Cites 9 - Cited by 0 - Full Document

D.C.I.T Cir - 2,Kolkata, Kolkata vs Lmj Logistics Ltd, Kolkata on 18 January, 2017

The Ld. CIT(A) has directed the AO to allow the claim of expenses provided it is able to prove that it has deducted the tax and remitted the same before 30th September, 2009 and for giving the said direction has relied upon the order of the Hon'ble Calcutta High Court in CIT Vs. Virgin Creations dt. 23.11.2011. The Ld. DR could not point out any infirmity in the order passed by the Ld. CIT(A). The Hon'ble Calcutta High Court has taken note that the Hon'ble Supreme Court in the case of Allied Motors Pvt. Ltd and also in the case of Alom Extrusions Ltd., has decided that the proviso inserted by the Finance Act, 2010 u/s 40(a)(ia) is retrospective in nature. The Hon'ble High Court has re-iterated that the provision which has been inserted to make the provision workable requires to be treated with a retrospective operation, so that reasonable deduction can be given to the section as well. Therefore, we completely agree with the order of the Ld. CIT(A) and so we dismiss the appeal preferred by the Revenue.
Income Tax Appellate Tribunal - Kolkata Cites 3 - Cited by 0 - Full Document

Income Tax Officer, Jaipur vs Goldendunes Heights Llp, Jaipur on 23 September, 2025

The issue having similar facts has already been decided by the co-ordinate bench of Ahemdabad in the case of Devine Media (India) Ltd. Vs. DCIT in ITA No. 805/Ahd./2016 and also considering the decision of Hon'ble Delhi High Court in the case of CIT Vs. Virgin Securities & Credits Pvt. Ltd. (2011) 332 ITR 396 and CIT Vs. Chandrakant Challu Bhai Patel 202 Taxman 262, the ld. CIT(A) admitted the additional evidences. On perusal of these facts, action of 30 ITA No. 1352/JPR/2024 Goldendunes Heights LLP,Jaipur ld. CIT(A) in admitting these additional evidence and considering them while deciding appeal is justified and no interference is called for based on the judicial precedent cited before us.
Income Tax Appellate Tribunal - Jaipur Cites 20 - Cited by 0 - Full Document

Ravinder Singh D.Kahlon, Baroda vs Department Of Income Tax

We being in agreement with the decision of the Co-ordinate Bench of Ahmedabad Tribunal in the case of M/s. Alpha Projects Pvt. Ltd. (supra) and there being no contrary decision brought to our notice of any other Hon'ble High Courts, respectfully following the decision of the Hon'ble Calcutta High Court in CIT Vs. Virgin Creators (supra) we decide the issue in favour of the assessee and delete the disallowance of labour and carting expenses under Section 40(a)(ia) of the Act and accordingly allow this ground of the assessee."
Income Tax Appellate Tribunal - Ahmedabad Cites 23 - Cited by 0 - Full Document

Acit, Balasore vs M/S. Almighty Mining Developers Pvt. ... on 10 August, 2017

7. We heard the submissions and perused the material on record. The sole and substantive ground raised by the revenue that the CIT(A) has erred in deleting the additions irrespective of the fact that the assessee has deducted TDS and made payment with the Treasury of the Government before the due date u/s.139(1) of the Act. We find that the AO has not disputed on making of payment but his grievance being the time limit of deposit of TDS. The ld. DR further submitted that the payment of TDS of previous year for the period April to February as per the provisions shall be within the end of the previous year and in respect of March the TDS amount can be deposited before filing of the return of income u/s.139(1) of the Act and amendment is prospective. We find the ld. AR relied on the decision of the Hon'ble High Court of Calcutta in the case of CIT Vs. Virgin Creations in GA No.3200/2011, decided on 23.11.2011, wherein it was held as under :-
Income Tax Appellate Tribunal - Cuttack Cites 16 - Cited by 0 - Full Document
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