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1 - 4 of 4 (0.20 seconds)S. A. Builders Ltd. .. Petitioner vs Commissioner Of Income Tax (Appeals) ... on 14 December, 2006
Further, he submitted that the sister concern filed confirmation letter for
advancing the money to them. The assessing officer wanted the cash
flow statement from the sister concern regarding the utilisation by the
sister concern. He submitted that fund was used by the sister concern
for business purpose only and the ratio laid down by the Supreme Court
in the case of M/s S.A. Builders Ltd. Vs. CIT & Others (288 ITR 1) (SC)
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fully satisfied. Further, he submitted that the Chartered Accountant has
also given certificate regarding utilisation of fund by the sister concern.
Hence, he submitted that the addition to be deleted.
Saravana Stocks Investments (P) Ltd., ... vs Acit Company Circle Vi(1), Chennai on 12 April, 2023
Otherwise in case of a non prized subscriber the amount of 5% would be
deducted from the amounts due to him much before the settlement of his
account and recognized as income by way of transfer from current liabilities
to profit and loss account. Reliance was placed by the Revenue on the Special
Bench decision of the Tribunal in the case of Shriram Chits & Investment (P)
Ltd., Chennai Vs. ACIT (263 ITR (AT) 65). This decision is not applicable to
the facts of this case. The commission remuneration to the Foreman in that
case was sought to be recognized on the completion of chit method and had
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nothing to do with the type of additional commission receivable in case of
substitution of a subscriber as in this case. The nature of income in both
these cases are different. The further commission of 5% receivable from a
defaulting subscriber consequent to his removal and subscriber account is
recognized as income on the finalization of the issues. This is not an
unacceptable proposition. We agree with the submissions of the learned
counsel for the assessee, which are at Para 4.1.1 of this order. In the result,
this ground of the appeal of the assessee is allowed.
Shriram Chits (Maharashtra)Ltd., ... vs Dcit,Cir-3(3), Mumbai on 2 March, 2018
6.7(iv): We are convinced with the arguments of the learned counsel for the
assessee. The Bangalore Bench of the Tribunal in ITA No.751, 750, 749 &
748/(Bang.)/1998 in the case of M/s Sriram Chits (Bangalore) Ltd. Vs. DCIT
(assistant) Special Range, Bangalore held as follows:
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