ITO 2(1)(4), MUMBAI vs. CANARA BANK SECURITIES LTD, MUMBAI
In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.
What did the Tribunal hold?
The Tribunal held that the Assessing Officer had applied their mind while treating interest income as business income. The Commissioner's revisional order was found unsustainable as it lacked a definitive finding.
What were the facts?
The Revenue appealed against an order directing the Assessing Officer to treat interest income under 'business income' and set off earlier losses. The assessee contended that a previous Tribunal order on an identical issue allowed their appeal.
What were the issues?
Whether interest income from fixed deposits should be treated as business income or income from other sources, and if the Assessing Officer's order was erroneous and prejudicial to revenue.
Which sections of the Income-tax Act were involved?
AI-generated summary — verify with the full judgment below
Cases cited in this judgment(23)Show listHide list
Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.
- Malabar Industrial Co. Ltd. v. CIT2,943 citing243 ITR 83 · 2000 · SC · Read judgment
- CIT v. Max India Ltd.1,162 citing295 ITR 282 · 2007 · SC
- CIT v. Gabriel India Ltd.990 citing203 ITR 108 · 1993 · HC
- Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT621 citing227 ITR 172 · 1997 · SC
- CIT v. Greenworld Corporation197 citing314 ITR 81 · 2009 · SC · Read judgment
- CIT v. Contimeters Electricals (P.) Ltd.140 citing317 ITR 249 · 2009 · HC · Read judgment
- CIT v. Ashish Rajpal124 citing320 ITR 674 · 2010 · HC · Read judgment
- 1. Bihar State Co-operative Bank Ltd. v. CIT76 citing39 ITR 114 · 1960 · SC · Read judgment
- CIT v. Cocanada Radhaswami Bank Ltd.46 citing57 ITR 306 · 1965 · SC
- CIT v. Emery Stone Manufacturing Company43 citing213 ITR 843 · 1995 · HC
- CIT v. G.K. Kabra37 citing211 ITR 336 · 1995 · HC
- South India Shipping Corporation Ltd. v. CIT30 citing240 ITR 24 · 1999 · HC
- Ketan B. Mehta v. ACIT29 citing348 ITR 325 · 2012 · HC · Read judgment
- CIT v. Triputi Wollen Mills Limited27 citing193 ITR 252 · 1992 · HC
- Eveready Industries India Limited v. CIT21 citing323 ITR 312 · 2010 · HC
- Globus Infocom Ltd. v. CIT-IV, Delhi16 citing369 ITR 14 · 2014 · HC
- CIT v. Tamil Nadu Dairy Development Corporation Ltd.10 citing216 ITR 535 · 1995 · HC
- Shree Krishna Polyster Ltd. v. Dy. CIT10 citing274 ITR 21 · 2005 · HC
- Jewel of India v. ACIT9 citing325 ITR 92 · 2010 · HC
- 234 ITR 557 (MP); Mofussil Warehouse & Trading Co. Ltd. v. CIT8 citing238 ITR 867 · 1999 · HC
- (i) CIT v. Gabriel India Limited 203 ITR 108(Bom.) (ii) Jewels of India v. ACIT8 citing369 ITR 1 · 2014 · HC
- 5 citing
- (i) Star India Ltd. v. Addl. CIT3 citing67 SOT 447 · 2015 · ITAT
Income Tax Appellate Tribunal, MUMBAI BENCHES, ‘C’ MUMBAI
Before: Shri Joginder Singh, & Shri Manoj Kumar Aggarwal
आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : 1. अपीलाथ� / The Appellant (Respective assessee) 2. ��यथ� / The Respondent. 3. आयकर आयु�त(अपील) / The CIT, Mumbai. 4. आयकर आयु�त / CIT(A)- , Mumbai, 5. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, मुंबई / DR, ITAT, Mumbai 6. गाड� फाईल / Guard file.
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