54 ITR 222(Guj) CIT Vs. Reliance Utilities & Power Ltd 313 ITR 340(Bom) CIT v. Prem Heavy Engnrs Works P.Ltd.

142 ITR 528High Court1983#14955 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2023.

Judgments citing 54 ITR 222(Guj) CIT Vs. Reliance Utilities & Power Ltd 313 ITR 340(Bom) CIT v. Prem Heavy Engnrs Works P.Ltd.

DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL) , JABALPUR vs. M/S. JABALPUR HOSPITAL & RESEARCH CENTER, JABALPUR

In the result, the appeal filed by the revenue is dismissed and the Cross objections filed by the assessee are partly allowed

ITA 19/JAB/2019[2016-17]Status: DisposedITAT Jabalpur20 Nov 2023AY 2016-17

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadaledcit, Vs. Jabalpur Hospital & Central Circle, Researchcentre,Pvtltd Ramnath Russel Crossing, Building,Napier Town, Napier Town, Jabalpur-482001, Jabalpur-482001 Madhya Pradesh. Madhya Pradesh Pan/Gir No. : Aabcj1959K Appellant .. Respondent Co.No.04/Jab/2019 (A.Y. 2016-17) (In Ita No.19/Jab/2019) Jabalpur Hospital & Vs. Dcit, Research Centre Pvt Ltd, Central Circle, Russel Crossing, Ramnath Napier Town, Building,Napier Town, Jabalpur-482001. Jabalpur-482001. Madhya Pradesh. Madhya Pradesh. Pan/Gir No. : Aabcj1959K Appellant .. Respondent

For Appellant: Shri Dhiraj Ghai.CA.ARFor Respondent: Shri Saad Kidwai. CIT-DR

Section 142(1)

…funds to a sister-concern from the point of view of commercial expediency and not from the point of view whether the amount was advanced for earning profits." (vi) The Hon'ble M.P. High court has held in the case of D.H. Secheron Electrode P.Ltd V CIT (1983)142 ITR 528 as under on page 530 of the report :- Now, under s. 36(1)(ii) of the Act, to sustain a claim for deduction of the amount of interest, all that is necessary is that the capital must have been borrowed by the assessee; secondly, it must have been borrowed for the purpose of the business or profession of the assessee and, thirdly, that the assessee…

ACIT, NEW DELHI vs. M/S. NATIONAL CABLE INDUSTRIES, NEW DELHI

Appeal is allowed

ITA 4145/DEL/2015[2010-11]Status: DisposedITAT Delhi26 Sept 2019AY 2010-11

Bench: Ms Suchitra Kamble & Shri Prashant Maharishii.T.A. No. 4145/Del/2015 (A.Y. 2010-11)

Section 133ASection 143(3)Section 145(3)Section 154Section 154(3)Section 37Section 37(1)

…118 TTJ 415 (Del) e) CIT vs. Hotel Savera, (1998) 148 CTR 585 (Mad HC) f) CIT vs. Coimbatore Salem Transport (P) Ltd. (1966) 61 ITR 480 (Mad HC) g) CIT vs. Indian Explosives Ltd. (1991) 192 ITR 144 (Cal HC) h) D & H Secheron Electrodes P. Ltd. vs. CIT (1983) 142 ITR 528 (MP HC) The Ld. AR further submitted that the assessee is having CC limit of Rs. 70 Lakh only which is evident from sanction letter of Union Bank for CC limit. Therefore, when the assessee is having limit of Rs. 70 Lakh only and paying interest for the same, how it can advance 77 lakh to M/s N. C. Cables Ltd. Thus, in view of above, addition mad…

ASSISTANT COMMISSIONER OF INCOME TAX vs. PRASANNA PURPLE MOBILITY SOLUTIONS PVT.LTD,, PUNE

In the result, appeal of the Revenue is dismissed

ITA 158/PUN/2017[2012-13]Status: DisposedITAT Pune23 Jan 2019AY 2012-13

Bench: Shri R.S. Syal, Vp & Shri Partha Sarathi Chaudhury, Jm

For Respondent: Shri Pankaj Garg

Section 143(1)Section 143(3)Section 36(1)(iii)Section 37

…ed was utilized to make interest free advance and where the transaction was genuine and for business purposes interest was allowable. 5) CIT Vs. Prem Heavy Engineering Works P. Ltd. [2006] 285 ITR 554 (All) 6) D & H Sechron Electrodes Pvt. Ltd. Vs. CIT [1983] 142 ITR 528 (MP) 7) CIT Vs. Reliance Utilities and Power Ltd. [2009] 313 ITR 340 (Bom.) In these cases, it was held that where the assessee had adequate interest free funds by way of proprietary capital or by way of interest free deposit for customers, there is an inference that borrowed funds are not diverted for non business purposes. In such circumstances…

DCIT, CIR-2(2), KOLKATA, KOLKATA vs. M/S PRS METALIKS LTD., KOLKATA

In the result, the appeal of the Revenue ITA No

ITA 450/KOL/2016[2012-2013]Status: DisposedITAT Kolkata10 Jan 2018AY 2012-2013

Bench: : Shri S.S.Viswanethra Ravi & Shri Dr. Arjun Lal Sainia.Y 2012-13

For Appellant: Shri David Z.Chawngthu, Addl.CIT, ld. Sr.DRFor Respondent: Shri Dilip Loyalka, FCA, ld.AR

Section 143(2)Section 143(3)Section 32Section 32(1)Section 43B

…ITR 328 (Guj.) CIT Vs. Vijaywada Bottling Co. Ltd 356 ITR 625(AP) CIT Vs. Raghuvir Synthetics Ltd 354 ITR 222(Guj) CIT Vs. Reliance Utilities & Power Ltd 313 ITR 340(Bom) CIT Vs. Prem Heavy Engnrs Works P.Ltd 285 ITR 554(All) D & H Secheron Electrodies P.Ltd 142 ITR 528(MP) CIT Vs. Gopikrishna Murlidhar 47 ITR 469 (AP) Regal Theatre Vs. CIT 225 ITR 205(Del) 247 ITR 510(Gau) 16. After considering the above the CIT-A held that the ratio of the cited case laws are found to be squarely applicable to the facts of the present case. He also held that the finding of the AO in disallowing Rs.4,46,817/- as interest for…

M/S KHODAY INDIA LIMITED,BANGALORE vs. DCIT, BANGALORE

In the result, the appeals of the assessee are partly allowed and the appeals of revenue are dismissed

ITA 1056/BANG/2016[2012-13]Status: DisposedITAT Bangalore24 Oct 2017AY 2012-13

Bench: Shri Vijay Pal Rao & Shri Jason P Boaz

For Appellant: Shri S. Sukumar,AdvocateFor Respondent: Shri M.K. Biju, JCIT (DR) (ITAT)-3, Bengaluru

Section 14A

…(iii) or s. 10(2)(xv) would be much wider than the one available under s. 12(2).—CIT vs. Malayalam Plantations Ltd. (1964) 53 ITR 140 (SC) relied on. (ii) The Hon’ble Madhya Pradesh High Court in the case of D & H Secheron Electrodes Pvt. Ltd v. CIT – (1983) 142 ITR 528 (MP) has ruled as under: “Under s. 36(1)(iii), to sustain a claim for deduction of the amount of interest, all that is necessary is that the capital must have been borrowed by the assessee; secondly, it must have been borrowed for the purpose of the business or profession of the assessee and, thirdly, that the assessee should have paid that amou…

NANDKISHOR & CO.,MUMBAI vs. ASST CIT CIR 4(2), MUMBAI

In the result, the appeal filed by the assessee-firm in ITA N0

ITA 8644/MUM/2011[2005-06]Status: DisposedITAT Mumbai03 Jun 2016AY 2005-06

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 8644/Mum/2011 ("नधा"रण वष" / Assessment Year : 2005-06) Nandkishore & Co., Acit 4(2), बनाम/ Unit No. 208/209, 6 Th Floor, V. Wadala Udyog Bhavan, Aayakar Bhavan, Next To Wadala Telephone M.K. Road, Exchange, Mumbai- 400020. Dadar (E), Mumbai – 400 031. "थायी लेखा सं./Pan : Aaafn5385K .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Respondent: Shri Chandrajit Singh(D.R.)

Section 143(3)Section 271(1)Section 271(1)(c)Section 36(1)Section 94(7)

…td., (2008) 301 ITR 13 (Del. HC), the decision of Hon’ble Supreme Court in the case of CIT v. Reliance Petroproducts (P) Ltd, (2010) 322 ITR 158 (SC), decision of Hon’ble Madhya Pradesh High Court in the case of D&H Sechron Electrodes Pvt. Ltd. v. CIT, (1983) 142 ITR 528 (MP) and the decision of Hon’ble Supreme Court in the case of Sasoon J. David & Co. P. Ltd. v. CIT, (1979) 118 ITR 261 (SC). The learned Counsel for the assessee- firm submitted that the reliance placed by the Revenue in the case of Union of India v. Dharmendra Textile Processors [2008] 306 ITR 277(SC) and decision of Hon’ble Delhi High Court in…