Search Results Page

Search Results

1 - 10 of 28 (0.60 seconds)
Acit, Circle- 2(2), New Delhi vs Anant Raj Ltd., New Delhi on 11 May, 2020 cites

Commissioner Of Income-Tax vs Western India Oil Distributing Co. Ltd. on 23 April, 1997

17. Ergo, the key sequitur of the aforesaid principles laid down by the Hon'ble Apex Court and other rulings are that, if either the assessee has offered income or the Assessing Officer in the earlier assessment year has assessed the income under the particular head which originally was assessable in a different head, i.e., capital gain, even though the same was liable to be assessed under the head 'business or profession', then there is no embargo either on the Assessing officer or on the assessee to show the income or loss under the head 'business or profession' in the subsequent year. The assessee can always point out in the subsequent year in which it is claiming any deduction or loss that the income offered in the earlier years was not shown under the correct head and in this year the same is assessable under the correct head which here in this case was income or loss from the business or profession.
Supreme Court of India Cites 1 - Cited by 28 - Full Document

Western India Oil Distributing Co. Ltd. vs Commissioner Of Income-Tax on 20 January, 1970

"19. Hon'ble Supreme Court's judgment did not specifically reflect whether revenue had taken any objection to re- determination of character of an income, which was earned in an earlier assessment year, and when characterization so assigned had received finality. One could have entertained a little doubt whether Manmohan Das judgment (supra) may or may not be viewed as an authority for the proposition that such an objection, when taken, can be rejected. However, Hon'ble jurisdictional High Court's judgment in the case of Western India Oil Distributing Co. Ltd. v. CIT[1980] 126 ITR 497 (Bom.
Bombay High Court Cites 3 - Cited by 22 - Full Document

Commissioner Of Income-Tax, Uttar ... vs Manmohan Das (Deceased) on 5 November, 1965

18. Thus, we are also of the opinion that claim regarding the allowability of the bad debts or business loss has to be determined by the Assessing Officer in the year in which the loss has claimed in P&L account and the assessment of the corresponding income as capital gain in an earlier year will not be binding on the assessee and it is always open for the assessee to point out that it is to be assessed under the correct head, that is business income. The fact that declaration and assessment of the corresponding income has been assessed as capital gain and accepted in the earlier year will not have any impact and will not bind the assessee and same has to be determined again in the Assessment Year 2013-14 in the light of the principle laid down by the Hon'ble Apex Court as discussed hereinabove. The AO as well as the Appellate Authorities under the law I.T.A. Nos.5169 & 5677/DEL/2017 32 can review the facts of the case and redetermined the taxability of income and the claims to be allowed against the same in the subsequent years and if certain mistake or wrong decisions has been rendered in the earlier years, the same cannot be perpetuated for subsequent year and it will not be a legal impediment even though the assessment for the earlier years has attained finality. Further, another important thing is that the claim of income or loss or any deduction has to be examined afresh in the year in which it is claimed. Thus, the law as culled out from the aforesaid judgment is that the bad debt or loss which is claimed in this year has to be determined in this year only without distributing the earlier assessment which has attained finality, and therefore, we hold that the claim of loss made in this year is allowable as business loss.
Supreme Court of India Cites 11 - Cited by 113 - Full Document

Calcutta Discount Company Limited vs Income-Tax Officer, Companies ... on 1 November, 1960

counsel as incorporated above. The assessee is required to disclose wholly and truly all material facts about his income and receipts, and then Assessing Officer is required to draw the correct conclusion regardless of the position of the assessee because it is for him to decide what inference of fact and legal inferences can be drawn. Hon'ble Delhi High Court in the case of CIT vs. Bhawar Singh Ji (supra) following the ratio and principle laid down by the Hon'ble Constitutional Bench in the case of Calcutta Discount Co. Ltd. vs. ITO [1961] 41 ITR 191, wherein proposition was laid down that it is for the AO to draw the correct conclusions, regardless of the position of the assessee and held that is now well established law that regardless of what an assessee claims, if the correct position deductible from the primary fact either the Assessing Officer has to adopt that correct position and there is no legal impediment for correcting the correct position.
Supreme Court of India Cites 13 - Cited by 1681 - K C Gupta - Full Document

National Thermal Power Co. Ltd. vs Commissioner Of Income Tax on 4 December, 1996

719. The purpose of assessment proceedings is to I.T.A. Nos.5169 & 5677/DEL/2017 35 assess the tax liability correctly in accordance with law. National Thermal Power Co. Ltd. v CIT (1998) 229 ITR 383 (SC)" This justice-oriented approach has earlier been ordained in CIT v. Shelly Products (2003) 26I ITR 367 (SC) also. The aforesaid principle can also be applied here.
Supreme Court of India Cites 5 - Cited by 1462 - Full Document
1   2 3 Next