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Shri Suresh Kumar Goyal, 501 Unique ... vs Acit Circle-6, Jaipur, Circle-6, ... on 1 May, 2023
cites
Commissioner Of Income-Tax vs Udhoji Shrikrishnadas on 12 December, 1980
2.1 It is submitted that it was a decision taken by a business man out
of commercial expediency and looking from this angle, it was an expenditure
incurred by the assessee solely and exclusively for the purposes of the business
and is fully allowable u/s 37(1) of the act. Such arrangement from a
businessman point of view was fully justified that despite a tuff competition, the
assessee firm was not only able to maintain the turnover but has also shown a
tremendous increase not only in the sale but also GP and NP even. It is settled
that a businessman is the best judge to take care of its own interest & to take
decisions in the best of its business interest. Kindly refer T.T. Pvt. Ltd. v/s
ITO (1980) 121 ITR 551 (Kar), CIT v/s Udhoji Shrikrishnadas (1983) 139
ITR 827 (MP), JK Woolen Manufacturers 72 ITR 612 (SC). This is evident
from the following submissions.
Dhakeswar1 Cotton Mills Ltd vs Commissioner Of Income Tax,West Bengal on 29 October, 1954
It is well settled that suspicion howsoever strong, cannot take place of reality.
Kindly refer Dhakeshwari Cotton Mills v/s CIT (1954) 26 ITR 775 (SC),
wherein it is held as under:
T.T. Pvt. Ltd. vs Income-Tax Officer, Company ... on 28 September, 1978
2.1 It is submitted that it was a decision taken by a business man out
of commercial expediency and looking from this angle, it was an expenditure
incurred by the assessee solely and exclusively for the purposes of the business
and is fully allowable u/s 37(1) of the act. Such arrangement from a
businessman point of view was fully justified that despite a tuff competition, the
assessee firm was not only able to maintain the turnover but has also shown a
tremendous increase not only in the sale but also GP and NP even. It is settled
that a businessman is the best judge to take care of its own interest & to take
decisions in the best of its business interest. Kindly refer T.T. Pvt. Ltd. v/s
ITO (1980) 121 ITR 551 (Kar), CIT v/s Udhoji Shrikrishnadas (1983) 139
ITR 827 (MP), JK Woolen Manufacturers 72 ITR 612 (SC). This is evident
from the following submissions.
Section 40 in The Income Tax Act, 1961 [Entire Act]
Section 69C in The Income Tax Act, 1961 [Entire Act]
Section 23 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax Jaipur Iii ... vs M/S. Genus Overseas Electronics Ltd. on 22 August, 2022
This decision by the Hon'ble High court has been affirmed by the
Hon'ble Apex Court in CIT v. Genus Overseas Ltd. [2020] 117
taxmann.com 104 (SC) dated 23.01.2020 when the revenue has itself
withdrawn the appeals. The basis of decision granting relief to the
assessee by ITAT is directly applicable on the facts of the present
case.
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