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Documents citing Income Tax Officer vs Mokul Finance (P) Ltd. on 13 July, 2007

Aryl Pharmaceuticals , Mumbai vs Assessee

41. As regards 4(b) relating to assessee's claim for deduction on account of expenses incurred on maintenance of its establishment, the ld. Counsel for the assessee has relied on the decision of Delhi Bench of ITAT in the case of ITO vs. Mukul Finance Pvt. Ltd. 110 TTJ 445 wherein it was held that in the case of corporate assessee whose business is not functional in the relevant previous year, it needs to incur certain expenditure to keep itself afloat and have its continued existence and such expenditure is allowable business expenditure irrespective of whether or not the assessee is engaged in active business. We, therefore, restore this issue to the file of the A.O. to verify the claim of the assessee for deduction on account of such expenses and allow appropriate relief in the light of the said decision of the Tribunal. Ground No. 4(b) of the assessee's appeal is accordingly treated as allowed for statistical purpose.
Income Tax Appellate Tribunal - Mumbai Cites 21 - Cited by 0 - Full Document

M/S Punjab Tourism Developmenet ... vs Dcit,Circle-1(1), Chandigarh on 18 November, 2024

31.7 Reliance was placed on the decision of Coordinate Bench of ITAT Delhi in case of ITO v/s Mokul Finance (P) Ltd. reported in [2009] 29 SOT 11 (Delhi) is correctly made by assessee. We hold that unless business activity is not totally abandoned in stricto senso expenditure incurred by assessee corporation as a separate legal person or artificial person would have to be allowed as these are bare minimum and must for very survival / subsistence. Further, in few cases Corporation has realized their dues too as aforesaid(supra). Would the assessee corporation realized their dues had they ceased to exist legally is left for Revenue to answer.
Income Tax Appellate Tribunal - Chandigarh Cites 17 - Cited by 0 - Full Document

M/S Punjab Tourism Developmenet ... vs Dcit,Circle-1(1), Chandigarh on 18 November, 2024

31.7 Reliance was placed on the decision of Coordinate Bench of ITAT Delhi in case of ITO v/s Mokul Finance (P) Ltd. reported in [2009] 29 SOT 11 (Delhi) is correctly made by assessee. We hold that unless business activity is not totally abandoned in stricto senso expenditure incurred by assessee corporation as a separate legal person or artificial person would have to be allowed as these are bare minimum and must for very survival / subsistence. Further, in few cases Corporation has realized their dues too as aforesaid(supra). Would the assessee corporation realized their dues had they ceased to exist legally is left for Revenue to answer.
Income Tax Appellate Tribunal - Chandigarh Cites 17 - Cited by 0 - Full Document

M/S Punjab Tourism Developmenet ... vs Dcit,Circle-1(1), Chandigarh on 18 November, 2024

31.7 Reliance was placed on the decision of Coordinate Bench of ITAT Delhi in case of ITO v/s Mokul Finance (P) Ltd. reported in [2009] 29 SOT 11 (Delhi) is correctly made by assessee. We hold that unless business activity is not totally abandoned in stricto senso expenditure incurred by assessee corporation as a separate legal person or artificial person would have to be allowed as these are bare minimum and must for very survival / subsistence. Further, in few cases Corporation has realized their dues too as aforesaid(supra). Would the assessee corporation realized their dues had they ceased to exist legally is left for Revenue to answer.
Income Tax Appellate Tribunal - Chandigarh Cites 17 - Cited by 0 - Full Document

M/S Punjab Tourism Developmenet ... vs Dcit,Circle-1(1), Chandigarh on 18 November, 2024

31.7 Reliance was placed on the decision of Coordinate Bench of ITAT Delhi in case of ITO v/s Mokul Finance (P) Ltd. reported in [2009] 29 SOT 11 (Delhi) is correctly made by assessee. We hold that unless business activity is not totally abandoned in stricto senso expenditure incurred by assessee corporation as a separate legal person or artificial person would have to be allowed as these are bare minimum and must for very survival / subsistence. Further, in few cases Corporation has realized their dues too as aforesaid(supra). Would the assessee corporation realized their dues had they ceased to exist legally is left for Revenue to answer.
Income Tax Appellate Tribunal - Chandigarh Cites 17 - Cited by 0 - Full Document

Ess En Construction, Surat vs Assessee on 26 February, 2015

Similarly, the case of ITO vs. Mokul Finance (supra) which has been relied upon by A.R. we find that it was a case of corporate Assessee whose business was not functional in the relevant previous year and in such circumstances it was held that incurring of certain expenditure was necessary to keep itself afloat to have its continued existence, and therefore the expenditure was held to be allowable. In the present case, we find that it 8 ITA No 1250/AHD/2011 . A.Y. 2007-08 is not the case where the business was non functional temporarily.
Income Tax Appellate Tribunal - Ahmedabad Cites 10 - Cited by 0 - Full Document

Matoshree Realtors, Mumbai vs Jt Cit 18(3), Mumbai on 8 December, 2017

the case of Income Tax Officer vs Mokul Finance (P) Ltd., (2007) 110 TTJ Delhi 445, has held that "In the light of this legal position, it would follow that unless there is some material on record to show that the assessee has completely abandoned the share dealing business, merely because there are no business transactions in the relevant previous year cannot be reason enough to come to the conclusion the business has come to an end. It could not thus be said; as was the case before the Hon'ble Madras High Court, that the assessee had "completely abandoned or closed the business forever" Unless the business is abandoned or closed and even if business is at a dormant stage 57 Matoshree waiting for proper market conditions to develop, the expenditure incurred in the course of such a business is to be allowed as deduction. For this reason also, the disallowance made by the AO was not justified, and the CIT(A) rightly deleted the same."
Income Tax Appellate Tribunal - Mumbai Cites 26 - Cited by 0 - Full Document

Janak Texturisers Pvt Ltd,Mumbai vs Income Tax Officer, Ward 4(2)(1), ... on 13 January, 2025

He submitted that, the business asset were thus utilized by the assessee and the expenses incurred on day to day basis for renting of the establishment cannot be denied. 5.4 The Ld. A.R. placed reliance on the decision of co-ordinate Bench of the Tribunal in case of Raja Bahadur Motilal Mills Ltd. vs. ACIT, Circle VI(5), Bombay in ITA Nos.6717 to 6721 for AY 1978-79 to 1982-83 and also on the decision of the Hon'ble Delhi Tribunal in case of ITO vs. Mokul Finance (P) Ltd. 110 TTJ (Del) 445, CIT vs. Kriti Resorts Pvt. Ltd. 60 DTR (HP) 138. 5.5 The Ld. A.R. thus submitted, that the claim of the assessee being in accordance with law cannot be denied.
Income Tax Appellate Tribunal - Mumbai Cites 10 - Cited by 0 - Full Document
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