209 CTR 288 (Del.) 13. CIT v. Mereena Creations

232 ITR 554High Court1998#9086 most cited
12

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2024.

Judgments citing 209 CTR 288 (Del.) 13. CIT v. Mereena Creations

VIATON ENERGY PRIVATE LIMITED,MUMBAI vs. ITO, WARD-17(4), HYD, HYDERABAD

In the result, appeal of the assessee is dismissed

ITA 1280/HYD/2016[2012-13]Status: DisposedITAT Hyderabad21 Mar 2024AY 2012-13

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Chary

For Appellant: Shri Dharmesh Shah &For Respondent: Shri Shakeer Ahamed, DR
Section 143(3)

…learned DR submitted that the decision of the Hon’ble Apex Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd., (supra) holds the field and such a decision was followed by the Hon’ble jurisdictional High Court in the case of Raasi Cement Ltd. 232 ITR 554 under identical circumstances, and, Page 6 of 14 therefore, it is a binding precedent on this aspect. In the same breath, he submitted that the interest and financial charges incurred by the assessee during the pre-set up period of business have to be capitalized and cannot be allowed neither as deduction nor to be set-off against the interest e…

GOLDEN JUBILEE HOTELS PRIVATE LIMITED,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-2(2), HYDERABAD

In the result, the appeal of the assessee is partly allowed as indicated herein above

ITA 1536/HYD/2019[2013-14]Status: DisposedITAT Hyderabad03 Feb 2022AY 2013-14

Bench: Shri A. Mohan Alankamonya.Y. 2013-14 M/S. Golden Jubilee Hotels Vs. Asst. Commissioner Of Pvt. Ltd., Income Tax, Hyderabad. Circle-2(2), Pan: Aaccg5200D Hyderabad. (Appellant) (Respondent) Assessee By Sri S. Rama Rao. Revenue By Sri Swapnil Patil, Dr Date Of Hearing: 02/12/2021 Date Of Pronouncement: 03/01/2022 O R D E R Per A. Mohan Alankamony, A.M:

Section 143(3)

…during the relevant assessment under the head ‘Income from Other Sources’. On appeal, the Ld.CIT(A) confirmed the addition made by the ld.AO by further relying on the decision of jurisdictional High Court in the case CIT Vs. Raasi Cements Limited reported in 232 ITR 554. 5 7. At the outset, we find that the issue is squarely covered by the decisions of the Hon’ble Apex Court and the jurisdictional High Court relied on by the learned revenue authorities. Therefore, we do not find it necessary to interfere in their orders on this issue also. However, we also make it clear that if the assessee has incurred any expe…

INCOME TAX OFFICER, WARD-2(1), HYDERABAD vs. KSK WIND POWER SANKONAHATTI ATHNI PRIVATE LIMIED, HYDERABAD

In the result, all the four appeals of the Revenue are allowed

ITA 34/HYD/2019[2014-15]Status: DisposedITAT Hyderabad25 Jan 2022AY 2014-15

Bench: Shri A. Mohan Alankamony & Shri S.S. Godaraassessment Year: 2014-15 Income Tax Officer, Vs. Ksk Wind Energy Ward-2(1), Halagali Benchi Private Hyderabad. Limited, Hyderabad. Pan: Aaeck 1965 F (Appellant) (Respondent) Assessee By: Sri S. Rama Rao Revenue By: Sri Sunil Gowtham, Sr. Ar Assessment Year: 2014-15 Income Tax Officer, Vs. Ksk Wind Power Ward-2(1), Sankonahatti Athni Hyderabad. Private Limited, Hyderabad. Pan: Aaeck 1900 C (Appellant) (Respondent) Assessee By: Sri S. Rama Rao Revenue By: Sri Sunil Gowtham, Sr. Ar Assessment Year: 2014-15 Income Tax Officer, Vs. Ksk Wind Power Ward-2(1), Aminabhavi Chikodi Hyderabad. Private Limited, Hyderabad. Pan: Aaeck 1888 R (Appellant) (Respondent)

For Appellant: Sri S. Rama RaoFor Respondent: Sri Sunil Gowtham, Sr. AR
Section 143(3)Section 56

…unds borrowed for the purpose of setting up of the business/purchase of plant and machinery etc., cannot be set-off against the interest income under the head "other sources". 34. The Hon'ble jurisdictional High Court in the case of CIT Vs. Rasi Cement Ltd., [232 ITR 554] has answered similar questions involved in favour of the Revenue. The question before the Hon'ble High Court was whether the interest earned on surplus funds deposited in the banks during the installation of the company, the status of the company before commencement of the business. The Hon'ble High Court has held that such interest has to be se…

INCOME TAX OFFICER, WARD-2(1), HYDERABAD vs. KSK WIND ENERGY HALAGALI BENCHI PRIVATE LIMIED , HYDERABAD

In the result, all the four appeals of the Revenue are allowed

ITA 33/HYD/2019[2014-15]Status: DisposedITAT Hyderabad25 Jan 2022AY 2014-15

Bench: Shri A. Mohan Alankamony & Shri S.S. Godaraassessment Year: 2014-15 Income Tax Officer, Vs. Ksk Wind Energy Ward-2(1), Halagali Benchi Private Hyderabad. Limited, Hyderabad. Pan: Aaeck 1965 F (Appellant) (Respondent) Assessee By: Sri S. Rama Rao Revenue By: Sri Sunil Gowtham, Sr. Ar Assessment Year: 2014-15 Income Tax Officer, Vs. Ksk Wind Power Ward-2(1), Sankonahatti Athni Hyderabad. Private Limited, Hyderabad. Pan: Aaeck 1900 C (Appellant) (Respondent) Assessee By: Sri S. Rama Rao Revenue By: Sri Sunil Gowtham, Sr. Ar Assessment Year: 2014-15 Income Tax Officer, Vs. Ksk Wind Power Ward-2(1), Aminabhavi Chikodi Hyderabad. Private Limited, Hyderabad. Pan: Aaeck 1888 R (Appellant) (Respondent)

For Appellant: Sri S. Rama RaoFor Respondent: Sri Sunil Gowtham, Sr. AR
Section 143(3)Section 56

…unds borrowed for the purpose of setting up of the business/purchase of plant and machinery etc., cannot be set-off against the interest income under the head "other sources". 34. The Hon'ble jurisdictional High Court in the case of CIT Vs. Rasi Cement Ltd., [232 ITR 554] has answered similar questions involved in favour of the Revenue. The question before the Hon'ble High Court was whether the interest earned on surplus funds deposited in the banks during the installation of the company, the status of the company before commencement of the business. The Hon'ble High Court has held that such interest has to be se…

DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(1), HYDERABAD vs. L & T METRO RAIL (HYDERABAD) LIMITED, HYDERABAD

In the result, appeal of the Revenue is allowed

ITA 1412/HYD/2019[2016-17]Status: DisposedITAT Hyderabad21 Jan 2022AY 2016-17

Bench: Shri A. Mohan Alankamony & Shri S.S. Godaraassessment Year: 2016-17 Dcit, Vs. L & T Metro Rail Circle-16(1), (Hyderabad) Limited, Hyderabad. Hyderabad. Pan: Aabcl 8521 D (Appellant) (Respondent) Assessee By: Shri Ashik Shah Revenue By: Sri B. Sunil Kumar, Dr Date Of Hearing: 25/10/2021 Date Of Pronouncement: 21/01/2022 Order Per A. Mohan Alankamony, Am.:

For Appellant: Shri Ashik ShahFor Respondent: Sri B. Sunil Kumar, DR
Section 143(3)Section 56

…unds borrowed for the purpose of setting up of the business/purchase of plant and machinery etc., cannot be set-off against the interest income under the head "other sources". 34. The Hon'ble jurisdictional High Court in the case of CIT Vs. Rasi Cement Ltd., [232 ITR 554] has answered similar questions involved in favour of the Revenue. The question before the Hon'ble High Court was whether the interest earned on surplus funds deposited in the banks during the installation of the company, the status of the company before commencement of the business. The Hon'ble High Court has held that such interest has to be se…

QUADRO INFO TECHNOLOGIES PVT. LTD.,KOLKATA vs. I.T.O.,WARD-1(4), KOLKATA

In the result, appeal of the assessee is treated as partly allowed

ITA 2617/KOL/2019[2011-12]Status: DisposedITAT Kolkata27 Aug 2021AY 2011-12
Section 115JSection 143Section 143(3)Section 250Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘B’ BENCH, KOLKATA {VIRTUAL COURT HEARING} (Before Shri P.M. Jagtap, Hon’ble Vice-President, KZ & Ms. Madhumita Roy, Hon’ble Judicial Member) Assessment Year: 2011-12 Quadro Info Technologies Pvt. Ltd...........................................................………………….............Appellant C/o. M/s. Salarpuria Jajodia & Co. 7, C.R. Avenue 3rd Floor Kolkata – 700 072 [PAN : AAACQ 1163 F] Vs. Income Tax Officer, Ward-1(4), Kolkata...........................................................………..…......Respondent Appearances by: Shri S. Jhajharia, A/R, appeared on behalf…

MUMBAI INTERNATIONAL AIRPORT P.LTD,MUMBAI vs. DCIT 10(2)(2), MUMBAI

In the result, appeal filed by the revenue is dismissed

ITA 2018/MUM/2018[2013-14]Status: DisposedITAT Mumbai10 Jan 2020AY 2013-14

Bench: Shri G. Manjunatha & Shri Ravish Soodmumbai International Airport Vs. Dcit,Circle-10(2)(2) Private Limited Room No.209,Aaykar Bhawan Finance Department M.K.Road 1St Floor, Terminal 1B Mumbai-400 020 Chhatrapati Shivaji Internaitonal Airport Santacruz (E) Mumbai-400 099 Pan/Gir No.Aaecm6285C (Appellant) .. (Respondent) & Dcit-10(2)(2) Vs. Mumbai International Room No.216-A,Aaykar Bhawan Airport Private Limited M.K.Road Finance Department, 1St Floor, Terminal 1B Mumbai-400 020 Chhatrapati Shivaji Internaitonal Airport Santacruz (E) Mumbai-400 099

Section 143(3)Section 14ASection 40

…ely." 26. The assessee has relied upon the order of the Tribunal, Hyderabad Bench, in the case of ITO v. KSK Wind Energy in ITA no, 1098/Hyd/2017 dated 30.11.2017. In this order, the judgment of the Andhra Pradesh High Court in the case of Raasi Cement Ltd. (232 ITR 554), which has been relied upon by the CIT(A), is duly considered and the Tribunal held income earned by the assessee out of investment made in the bank deposit during pendency of the project cannot be treated as income from other sources. The relevant observations of the Tribunal are extracted hereunder: "........In the case before us, the funds de…

DCIT, CIRCLE-10(1) vs. DELHI METRO RAIL CORP. LTD.,, NEW DELHI

The appeal of the assessee is dismissed

ITA 4432/DEL/2005[2000-2001]Status: DisposedITAT Delhi26 Sept 2019AY 2000-2001

Bench: Ms Suchitra Kamble & Shri Prashant Maharishii.T.A. No. 4432/Del/2005 (A.Y. 2000-01) I.T.A. No. 4433/Del/2005 (A.Y. 2001-02)

Section 10Section 143(3)Section 263Section 271(1)(c)Section 56

…Frozen Food Exports Ltd. vs. ITO [2010] 126 ITD 1 (Del.) 11. Conventional Fastners vs. CIT 2018-TIOL-202-SC-IT 12. CIT vs. Jyoti Apparels [2007] 209 CTR 288 (Del.) 13. CIT vs. Mereena Creations [2011] 330 ITR 199 (Del.) 14. CIT vs. Rassi Cement Ltd. [1998] 232 ITR 554 (AP) 12. We have heard both the parties and perused all the relevant material available on record. The CIT, Delhi – IV, New Delhi held u/s 263 as under: “4. I have carefully considered the submission of the assessee and I have also perused the assessment record. From the perusal of assessment record it has been found that the assessing officer…

DELHI METRO RAIL CORPORATION LTD,NEW DELHI vs. CIT, NEW DELHI

The appeal of the assessee is dismissed

ITA 1153/DEL/2009[2003-04]Status: DisposedITAT Delhi26 Sept 2019AY 2003-04

Bench: Ms Suchitra Kamble & Shri Prashant Maharishii.T.A. No. 4432/Del/2005 (A.Y. 2000-01) I.T.A. No. 4433/Del/2005 (A.Y. 2001-02)

Section 10Section 143(3)Section 263Section 271(1)(c)Section 56

…Frozen Food Exports Ltd. vs. ITO [2010] 126 ITD 1 (Del.) 11. Conventional Fastners vs. CIT 2018-TIOL-202-SC-IT 12. CIT vs. Jyoti Apparels [2007] 209 CTR 288 (Del.) 13. CIT vs. Mereena Creations [2011] 330 ITR 199 (Del.) 14. CIT vs. Rassi Cement Ltd. [1998] 232 ITR 554 (AP) 12. We have heard both the parties and perused all the relevant material available on record. The CIT, Delhi – IV, New Delhi held u/s 263 as under: “4. I have carefully considered the submission of the assessee and I have also perused the assessment record. From the perusal of assessment record it has been found that the assessing officer…

DCIT, CIRCLE-10(1) vs. DELHI METRO RAIL CORPORATION LTD.,,

The appeal of the assessee is dismissed

ITA 4433/DEL/2005[2001-2002]Status: DisposedITAT Delhi26 Sept 2019AY 2001-2002

Bench: Ms Suchitra Kamble & Shri Prashant Maharishii.T.A. No. 4432/Del/2005 (A.Y. 2000-01) I.T.A. No. 4433/Del/2005 (A.Y. 2001-02)

Section 10Section 143(3)Section 263Section 271(1)(c)Section 56

…Frozen Food Exports Ltd. vs. ITO [2010] 126 ITD 1 (Del.) 11. Conventional Fastners vs. CIT 2018-TIOL-202-SC-IT 12. CIT vs. Jyoti Apparels [2007] 209 CTR 288 (Del.) 13. CIT vs. Mereena Creations [2011] 330 ITR 199 (Del.) 14. CIT vs. Rassi Cement Ltd. [1998] 232 ITR 554 (AP) 12. We have heard both the parties and perused all the relevant material available on record. The CIT, Delhi – IV, New Delhi held u/s 263 as under: “4. I have carefully considered the submission of the assessee and I have also perused the assessment record. From the perusal of assessment record it has been found that the assessing officer…

DCIT (EXEMPTION), NEW DELHI vs. NEW DELHI YOUNG MEN'S CHRISTIAN ASSOCIATION (YMCA), NEW DELHI

In the result, the appeal of the Revenue as well as the cross objection of the assessee are dismissed

ITA 4983/DEL/2015[2012-13]Status: DisposedITAT Delhi20 Nov 2017AY 2012-13

Bench: Shri B.P. Jain & Shri Sudhanshu Srivastava[Assessment Year: 2012-13] The D.C.I.T[E] Vs. New Delhi Young Men’S Circle – 2(1) Christian Association Ltd New Delhi 1, Jai Singh Road, Connaught Place New Delhi Pan : Aaatn 1200 H Co No. 83/Del/2016 (A/O Ita No. 4983/Del/2015 [Assessment Year: 2012-13]) New Delhi Young Men’S Vs. The D.C.I.T[E] Christian Association Ltd Circle – 2(1) 1, Jai Singh Road, New Delhi Connaught Place New Delhi Pan : Aaatn 1200 H [Appellant] [Respondent] Date Of Hearing : 07.11.2017 Date Of Pronouncement : 20.11.2017 Assessee By : Shri K. Sampath, Adv Shri V. Rajakumar, Adv Revenue By : Shri S.K. Jain, Sr. Dr

For Appellant: Shri K. Sampath, AdvFor Respondent: Shri S.K. Jain, Sr. DR
Section 11Section 12ASection 13(1)(b)Section 2(15)

…s applied. In this regard the Assessing Officer cited section 13(8) of the Act. Relying upon the decisions in A. Pillai & Sons vs. CIT (1961) 41 ITR 636, State of Gujarat vs. Raipur Manufacturing Co. (2008) 19 STC 1 (SC) and CIT vs. Bhikamchand Jankila (1981) 232 ITR 554 (MP) the Assessing Officer concluded that the activities of the Association including hostel services, the unrecognized educational courses, Allied Educational and Awareness programmes and the miscellaneous income etc. had characteristics as mentioned in the cited cases and, therefore, the activities of the assessee were commercial in nature. The…

REWAS PORTS LTD,MUMBAI vs. ASST CIT RG 7(2), MUMBAI

In the result, the appeal of the assessee stands allowed for statistical purposes

ITA 758/MUM/2012[2008-09]Status: DisposedITAT Mumbai12 Apr 2017AY 2008-09

Bench: Shri D.T.Garasia, Jm & Shri Rajesh Kumar, Am

For Appellant: Shri Vijay MehtaFor Respondent: Dr.P.Danial
Section 10(35)Section 143(3)Section 56(1)Section 57

…iven by honourable courts in the case of Tuticorin alkali chemicals and fertilisers Ltd versus C.LT (SC) to 27 ITR 172, C.I.T versus Petroff is co- operative (Guj) 241 ITR 139, CIT versus Cochin Shipyard Ltd (Ker) 158 CTR 208, C.I.T V/s Rassii cement Ltd (AP) 232 ITR 554, South India shipping Corporation versus ACIT (Mad) 240 ITR 24, C.LT V/s Kisan Sahakari Genie bills (All) 280 ITR 617, Chanderpaul sugar: company Ltd versus C.LT (All) 280 ITR 612, Bokaro steel Ltd versus CIT (patna) 170 ITR 545, CIT versus Coromandel Siemens Ltd (SC) 234 ITR 412, C.LT versus auto cast Ltd (SC) 248 ITR 110, Consolidated fibers an…