ACIT v. M/s Namdev Ex

251 ITR 332High Court2001#23987 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2017 to 2021.

Judgments citing ACIT v. M/s Namdev Ex

Addl.CIT, Special Range-9, New Delhi vs. Worlds Window Infrastructure and Logistics P.Ltd, New Delhi

ITA 1123/DEL/2018[2014-15]Status: DisposedITAT Delhi28 Oct 2021AY 2014-15

Bench: Shri R.K. Panda & Shri Kuldip Singh(Through Video Conference)

For Appellant: Shri Nand Kishore Bansal, CAFor Respondent: Shri Munesh Kumar, CIT DR
Section 14ASection 37Section 80I

…ot found to be made in the impugned order. The nexus between borrowed funds and interest free advance has to be necessarily established before resorting to the disallowance of interest expenditure as held in the ACIT vs M/s Namdev Ex ort RD. Joshi & Co, v CIT 251 ITR 332 (MP) as also in ACIT vs Chandra Prakash 27 tax World 328 (Jaipur Bench). 5.3,5 It is therefore, logical that advance given by the appellant to its subsidiaries of Rs,35.42 crores which includes current year fresh advance of Rs.61.65 lakhs be taken and construed to be out of own surplus fund at Rs.133.06 crore comprising of Rs.119.3 crore on accou…

Addl.CIT, Special Range-9, New Delhi vs. Worlds Window Infrastructure and Logistics P.Ltd, New Delhi

ITA 1122/DEL/2018[2013-14]Status: DisposedITAT Delhi28 Oct 2021AY 2013-14

Bench: Shri R.K. Panda & Shri Kuldip Singh(Through Video Conference)

For Appellant: Shri Nand Kishore Bansal, CAFor Respondent: Shri Munesh Kumar, CIT DR
Section 14ASection 37Section 80I

…ot found to be made in the impugned order. The nexus between borrowed funds and interest free advance has to be necessarily established before resorting to the disallowance of interest expenditure as held in the ACIT vs M/s Namdev Ex ort RD. Joshi & Co, v CIT 251 ITR 332 (MP) as also in ACIT vs Chandra Prakash 27 tax World 328 (Jaipur Bench). 5.3,5 It is therefore, logical that advance given by the appellant to its subsidiaries of Rs,35.42 crores which includes current year fresh advance of Rs.61.65 lakhs be taken and construed to be out of own surplus fund at Rs.133.06 crore comprising of Rs.119.3 crore on accou…

Kuloday Technopack P. Ltd, Mumbai vs. ITO 8(2)(2), Mumbai

In the result, appeal of the assessee in ITA No

ITA 3300/MUM/2013[2009-10]Status: DisposedITAT Mumbai29 Sept 2017AY 2009-10

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No. 3300/Mum/2013 (नििाारण वर्ा / Assessment Year : 2009-10 ) आयकर अपीऱ सं./I.T.A. No. 2423/Mum/2014 (नििाारण वर्ा / Assessment Year : 2010-11)

For Appellant: Shri. M. SubramanianFor Respondent: Shri Rajesh Kumar Yadav,DR
Section 143(3)Section 154Section 172Section 172(1)Section 194CSection 195Section 40

…(All) 451 : (2005) 274 ITR 354 (All), CIT vs. Prem Heavy Engineering Works (P) Ltd. (2006) 150 Taxman 90 (All), CIT vs. Britannia Industries Ltd. (2005) 198 CTR (Cal) 426 ': (2006) 280 ITR 525 (Cal) and R.D. Joshi & Co. vs. CIT (2001) 171 CTR (MP) 33: (2001) 251 ITR 332 (MP) dissented from." Therefore, once appellant has borrowed certain funds on which liability to pay tax is being incurred and on the other hand, certain amounts have been advanced to sister-concerns without carrying any interest and without any business purpose, the interest to the extent the advance had been made without carrying any interest i…