(2) CIT v. Indo Asian Switch-gears (P) Ltd.

222 ITR 772High Court1996#23841 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2026.

Sections most often in play

Section 142(1)Section 143(1)(a)Section 250(6)Section 270A Section 37

Judgments citing (2) CIT v. Indo Asian Switch-gears (P) Ltd.

AXA PARENTERALS LIMITED,UP vs. ASSESSMENT UNIT, DELHI

ITA 5040/DEL/2025[2020-21]Status: DisposedITAT Delhi28 Jan 2026AY 2020-21

Bench: Shris. Rifaur Rahman & Shri Raj Kumar Chauhan

Section 142(1)Section 143(1)(a)Section 250Section 250(6)Section 270Section 37Section 37(1)

…ing judicial pronouncements (1) Sardar Prit Inder Singh v. CIT, (1986) 160 ITR 493 (Pat) (damages paid for delay supply of certain articles and also for supplying articles of inferior quality-hold deductible (2) CIT v. Indo Asian Switch-gears (P) Ltd., (1996) 222 ITR 772, 794 (Punj) (amount paid to the Punjab State Electricity Board for delay in delivery of goods has been held deductible because the same was not on account of infraction of any law]. (3) CIT v. S.A. Builders P. Ltd., (2008) 299 ITR 88, 90, 91 (Pun), following CIT v Murari Lal Ahuja & Sons, (1989) 177 ITR 228 (Punj); CIT v. indo Asian Switch gears…

FIRDOSH NOSHIR ANKLESARIA,MUMBAI vs. ITO 17(2)(4), MUMBAI

In the result, these appeals filed by the Assessee are partly allowed

ITA 5490/MUM/2015[2008-09]Status: DisposedITAT Mumbai11 Aug 2016AY 2008-09

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2008-09 & Assessment Year: 2009-10 Firdosh Noshir Anklesaria Ito 17(2)(4) 5 Gr Floor, Kaka Bldg, Piramal Chambers, बनाम/ 649 Firdoshi Rd. Dadar R.No. 220 4Th Floor, Vs. Mumbai-400014 Lalbaug, Mumbai-40013 (Appellant) (Respondent ) P.A. No.Aaapa6428N Appellant By Shri Neel Khandelwal (Ar) Revenue By Shri A.K. Dhondial (Dr)

Section 133(6)

…tion for breach of contractual obligation in CIT v. S.A. Builders P.Ltd. 299 ITR 88(P&H) after review of the case law on the subject and following its own decision in CIT v. Murari Lal Ahuja and Sons 177 ITR 228(P&H) and CIT v. Indo Asian Switch- Gears P.Ltd. 222 ITR 772(P&H). Similar view was also taken by a Full Bench of Punjab & Haryana High Court in Famna Auto Industries v. CIT 299 ITR 92 (P&H) in respect of damages paid for breach of contract, because the assessee was unable to obtain import licence for import of goods agreed to be purchased. The Full Bench after discussion of the case law on the subject poi…

M/S. MATRIX INFRASTRUCTURE,NEW DELHI vs. ITO, NEW DELHI

In the result the appeal of the assessee is partly allowed and the appeal of the revenue is dismissed

ITA 5428/DEL/2010[2007-08]Status: DisposedITAT Delhi30 Sept 2015AY 2007-08

Bench: Sh. A. T. Varkey, Jm & Sh. O.P.Kant, Am

For Appellant: Dr. Rakesh Gupta, AdvFor Respondent: Sh. P. Dam Kanunjna, Sr. DR

Section 143(3)Section 40

…ng land, which was part of the business activity of the assessee and business was already set up , therefore, the interest was allowable as business expenditure. Further, the ld. AR relied on the following judicial pronouncements reported in 196 ITR 421(Cal), 222 ITR 772(P&H), 135 ITR 811(MP), 205 ITR 163(SC), 107 ITR 172(Guj). As regards to the balance interest expenditure of Rs.17,36,671/-, the ld. AR submitted that all the advances were made for the purpose of business and the capital was withdrawn by one of the partner M/s Chandana Developers at the fag end of the previous year i.e. 21/03/2007 out of the capi…