Associated Power Co. Ltd. v. CIT

218 ITR 195Supreme Court of India1996#4320 most cited

What is Associated Power Co. Ltd. v. CIT authority for?

The Supreme Court held that amounts credited to a contingencies reserve created under the Electricity (Supply) Act, 1948, and its Sixth Schedule are related to the provisions of that Act.

27

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

Also referred to as

Associated Power Co. Ltd. v. CIT · 218 ITR 195 · Supreme Court · contingencies reserve · Electricity (Supply) Act 1948 · Sixth Schedule · revenue of undertaking

Sections most often in play

Section 115JBSection 28Section 80-IASection 143(3)Section 154Section 250Section 271(1)(c)Section 36(1)(vii)

Issues it is cited on

section 33acsection 80hhesection 32asection 117section 210section 4asection 74section 73section 72section 115jasection 288section 80ia(4)

Judgments citing Associated Power Co. Ltd. v. CIT

THE MADHAVPURA MERCANTILE CO. OP. BANK LIMITED (UNDER LIQUIDATION),AHMEDABAD vs. THE ACIT, CIRCLE-1(2), AHMEDABAD

The appeal of the assessee is partly allowed

ITA 2242/AHD/2025[2017-18]Status: DisposedITAT Ahmedabad07 Apr 2026AY 2017-18

Bench: Ms Suchitra Kamble & Shri Narendra Prasad Sinha

Section 143(3)Section 154Section 50Section 72(1)

…He submitted that due to overriding title the income of the bank under liquidation is diverted to DICGC and, therefore, the same cannot be brought to tax as held by the Hon’ble Supreme Court in the case of Associated Power Co. Ltd. Vs. CIT reported in [(1996) 218 ITR 195 (SC)]. He further submitted that the Co-ordinate benche of Ahmedabad Tribunal had taken identical view in the following cases: 1. The Pragati Co-op. Bank Ltd. V. PCIT-5, Ahmedabad (ITA No. 596/Ahd/2019) 2. DCIT v. The Janta Commercial Co. Op. Bank Ltd. (ITA No. 538/Ahd/2018) 3. The JCIT(OSD), Circle -2(2), A’bad v. The General Co. Op. Bank Ltd.…

THE MADHAVPURA MERCANTILE CO. OP. BANK LIMITED (UNDER LIQUIDATION),AHMEDABAD vs. THE ACIT, CIRCLE-1(1)(1), AHMEDABAD

The appeal of the assessee is partly allowed

ITA 2241/AHD/2025[2016-17]Status: DisposedITAT Ahmedabad07 Apr 2026AY 2016-17

Bench: Ms Suchitra Kamble & Shri Narendra Prasad Sinha

Section 143(3)Section 154Section 50Section 72(1)

…He submitted that due to overriding title the income of the bank under liquidation is diverted to DICGC and, therefore, the same cannot be brought to tax as held by the Hon’ble Supreme Court in the case of Associated Power Co. Ltd. Vs. CIT reported in [(1996) 218 ITR 195 (SC)]. He further submitted that the Co-ordinate benche of Ahmedabad Tribunal had taken identical view in the following cases: 1. The Pragati Co-op. Bank Ltd. V. PCIT-5, Ahmedabad (ITA No. 596/Ahd/2019) 2. DCIT v. The Janta Commercial Co. Op. Bank Ltd. (ITA No. 538/Ahd/2018) 3. The JCIT(OSD), Circle -2(2), A’bad v. The General Co. Op. Bank Ltd.…

THE VISNAGAR NAGRIK SAHAKARI BANK LTD.,MEHSANA vs. THE ACIT, CIRCLE-GANDHINAGAR (PREVIOUSLY DCIT, PATAN CIRCLE, PATAN), GANDHINAGAR

In the result, the appeals filed by the assessee are allowed for statistical purposes

ITA 738/AHD/2025[2013-14]Status: DisposedITAT Ahmedabad26 Aug 2025AY 2013-14

Bench: Shri Sanjay Garg & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.738, 1414 & 1415/Ahd/2025 िनधा"रण वष" /Assessment Years : (2013-14, 2014-15 & 2015-16) The Visnagar Nagarik Sahakari The Assistant Commissioner Bank Ltd.,(Under Liquidation) बनाम Of Income Tax, / Market Yard, Circle Gandhinagar. V/S. Visnagar, (Previously Dcit, Mehsana-384315, Patan Circle, Patan) "थायी लेखा सं./Pan: Aaaft8764C अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A P Nanavaty, Ar Revenue By : Shri Rignesh Das, Cit-Dr सुनवाई की तारीख/Date Of Hearing : 19/08/2025 घोषणा की तारीख /Date Of Pronouncement: 26/08/2025 आदेश/O R D E R Per Makarand V. Mahadeokar, Am: ] ] These Three Appeals By The Assessee Are Directed Against The Separate Orders Of The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [Hereinafter Referred To As “The Cit(A)”], All Passed Under Section 250 Of The Income-Tax Act, 1961 [Hereinafter Referred To As “The Act”], Arising From The Assessments Framed By The Assistant / Deputy Commissioner Of Income-Tax, Circle, Patan [Hereinafter Referred To As “The Assessing Officer Or Ao”] Under Section 143(3) Of The Act.

For Appellant: Shri A P Nanavaty, ARFor Respondent: Shri Rignesh Das, CIT-DR
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 250Section 80PSection 80P(4)

…आयकर अपीलीय अिधकरण, अहमदाबाद "ायपीठ “ A”, अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ A ” BENCH, AHMEDABAD ] ] BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER आयकर अपील सं /ITA Nos.738, 1414 & 1415/Ahd/2025 िनधा"रण वष" /Assessment Years : (2013-14, 2014-15 & 2015-16) The Visnagar Nagarik Sahakari The Assistant Commissioner Bank Ltd.,(Under Liquidation) बनाम of Income Tax, / Market Yard, Circle Gandhinagar. v/s. Visnagar, (Previously DCIT, Mehsana-384315, Patan Circle, Patan) "थायी लेखा सं./PAN: AAAFT8764C अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Sh…

THE VISNAGAR NAGRIK SAHAKARI BANK LTD (UNDER LIQUIDATION),MEHSANA vs. THE ACIT, CIRCLE-GANDHINAGAR (PREVIOUSLY DCIT, PATAN CIRCLE, PATAN), GANDHINAGAR

In the result, the appeals filed by the assessee are allowed for statistical purposes

ITA 1414/AHD/2025[2014-15]Status: DisposedITAT Ahmedabad26 Aug 2025AY 2014-15

Bench: Shri Sanjay Garg & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.738, 1414 & 1415/Ahd/2025 िनधा"रण वष" /Assessment Years : (2013-14, 2014-15 & 2015-16) The Visnagar Nagarik Sahakari The Assistant Commissioner Bank Ltd.,(Under Liquidation) बनाम Of Income Tax, / Market Yard, Circle Gandhinagar. V/S. Visnagar, (Previously Dcit, Mehsana-384315, Patan Circle, Patan) "थायी लेखा सं./Pan: Aaaft8764C अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A P Nanavaty, Ar Revenue By : Shri Rignesh Das, Cit-Dr सुनवाई की तारीख/Date Of Hearing : 19/08/2025 घोषणा की तारीख /Date Of Pronouncement: 26/08/2025 आदेश/O R D E R Per Makarand V. Mahadeokar, Am: ] ] These Three Appeals By The Assessee Are Directed Against The Separate Orders Of The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [Hereinafter Referred To As “The Cit(A)”], All Passed Under Section 250 Of The Income-Tax Act, 1961 [Hereinafter Referred To As “The Act”], Arising From The Assessments Framed By The Assistant / Deputy Commissioner Of Income-Tax, Circle, Patan [Hereinafter Referred To As “The Assessing Officer Or Ao”] Under Section 143(3) Of The Act.

For Appellant: Shri A P Nanavaty, ARFor Respondent: Shri Rignesh Das, CIT-DR
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 250Section 80PSection 80P(4)

…आयकर अपीलीय अिधकरण, अहमदाबाद "ायपीठ “ A”, अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ A ” BENCH, AHMEDABAD ] ] BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER आयकर अपील सं /ITA Nos.738, 1414 & 1415/Ahd/2025 िनधा"रण वष" /Assessment Years : (2013-14, 2014-15 & 2015-16) The Visnagar Nagarik Sahakari The Assistant Commissioner Bank Ltd.,(Under Liquidation) बनाम of Income Tax, / Market Yard, Circle Gandhinagar. v/s. Visnagar, (Previously DCIT, Mehsana-384315, Patan Circle, Patan) "थायी लेखा सं./PAN: AAAFT8764C अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Sh…

ARAVALI POWER COMANY PRIVATE LTD.,JHAJJAR vs. DCIT CIRCLE-1(1), DELHI

In the result, all the five appeals of the assessee in

ITA 4604/DEL/2024[2019-20]Status: DisposedITAT Delhi23 Jun 2025AY 2019-20

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Jitender Singh, CIT-DR
Section 115JSection 28

…04) 192 CTR Del 408 iv) CIT V. Pandavapura Sahakara Sakkare Karkhane Limited, [1992] 198 ITR 69(SC) v) CIT V. M/s Modipon Ltd., [2018] 400 ITR 1 (SC) 13. The ld AR distinguished case laws relied upon in the case of Associated Power Co. Limited V. CIT. [1996] 218 ITR 195 (SC) and SREI Infrastructure Finance Ltd V ACIT, 2015 (2) TMI 545 (Del). The AR submitted that the judgement of Supreme court in the case of Associated Power Co. Limited V. CIT, [1996] 218 ITR 195 (SC) deals with the amount credited to the contingencies reserve created under the provisions of the Electricity (Supply) Act, 1948, and the Sixth Sc…

ARAVALI POWER COMPANY PRIVATE LIMITED,JHAJJAR vs. DCIT, CIRCLE-1(1), DELHI

In the result, all the five appeals of the assessee in

ITA 4603/DEL/2024[2018-19]Status: DisposedITAT Delhi23 Jun 2025AY 2018-19

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Jitender Singh, CIT-DR
Section 115JSection 28

…04) 192 CTR Del 408 iv) CIT V. Pandavapura Sahakara Sakkare Karkhane Limited, [1992] 198 ITR 69(SC) v) CIT V. M/s Modipon Ltd., [2018] 400 ITR 1 (SC) 13. The ld AR distinguished case laws relied upon in the case of Associated Power Co. Limited V. CIT. [1996] 218 ITR 195 (SC) and SREI Infrastructure Finance Ltd V ACIT, 2015 (2) TMI 545 (Del). The AR submitted that the judgement of Supreme court in the case of Associated Power Co. Limited V. CIT, [1996] 218 ITR 195 (SC) deals with the amount credited to the contingencies reserve created under the provisions of the Electricity (Supply) Act, 1948, and the Sixth Sc…

ARAVALI POWER COMPANY PVT. LTD.,,NEW DELHI vs. DCIT, CIRCLE-1(1), DELHI

In the result, all the five appeals of the assessee in

ITA 2561/DEL/2024[2020-21]Status: DisposedITAT Delhi23 Jun 2025AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Jitender Singh, CIT-DR
Section 115JSection 28

…04) 192 CTR Del 408 iv) CIT V. Pandavapura Sahakara Sakkare Karkhane Limited, [1992] 198 ITR 69(SC) v) CIT V. M/s Modipon Ltd., [2018] 400 ITR 1 (SC) 13. The ld AR distinguished case laws relied upon in the case of Associated Power Co. Limited V. CIT. [1996] 218 ITR 195 (SC) and SREI Infrastructure Finance Ltd V ACIT, 2015 (2) TMI 545 (Del). The AR submitted that the judgement of Supreme court in the case of Associated Power Co. Limited V. CIT, [1996] 218 ITR 195 (SC) deals with the amount credited to the contingencies reserve created under the provisions of the Electricity (Supply) Act, 1948, and the Sixth Sc…

ARAVALI POWER COMPANY PVT. LTD.,NEW DELHI vs. DCIT, CIRCLE-3(1), DELHI

In the result, all the five appeals of the assessee in

ITA 2560/DEL/2024[2017-18]Status: DisposedITAT Delhi23 Jun 2025AY 2017-18

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Jitender Singh, CIT-DR
Section 115JSection 28

…04) 192 CTR Del 408 iv) CIT V. Pandavapura Sahakara Sakkare Karkhane Limited, [1992] 198 ITR 69(SC) v) CIT V. M/s Modipon Ltd., [2018] 400 ITR 1 (SC) 13. The ld AR distinguished case laws relied upon in the case of Associated Power Co. Limited V. CIT. [1996] 218 ITR 195 (SC) and SREI Infrastructure Finance Ltd V ACIT, 2015 (2) TMI 545 (Del). The AR submitted that the judgement of Supreme court in the case of Associated Power Co. Limited V. CIT, [1996] 218 ITR 195 (SC) deals with the amount credited to the contingencies reserve created under the provisions of the Electricity (Supply) Act, 1948, and the Sixth Sc…

ARAVALI POWER COMPANY PVT. LTD.,NEW DELHI vs. DCIT, CIRCLE-3(1), NEW DELHI

In the result, all the five appeals of the assessee in

ITA 9105/DEL/2019[2016-17]Status: DisposedITAT Delhi23 Jun 2025AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Jitender Singh, CIT-DR
Section 115JSection 28

…04) 192 CTR Del 408 iv) CIT V. Pandavapura Sahakara Sakkare Karkhane Limited, [1992] 198 ITR 69(SC) v) CIT V. M/s Modipon Ltd., [2018] 400 ITR 1 (SC) 13. The ld AR distinguished case laws relied upon in the case of Associated Power Co. Limited V. CIT. [1996] 218 ITR 195 (SC) and SREI Infrastructure Finance Ltd V ACIT, 2015 (2) TMI 545 (Del). The AR submitted that the judgement of Supreme court in the case of Associated Power Co. Limited V. CIT, [1996] 218 ITR 195 (SC) deals with the amount credited to the contingencies reserve created under the provisions of the Electricity (Supply) Act, 1948, and the Sixth Sc…

THE KOTA CENTRAL COOPERATIVE BANK LTD,KOTA vs. DCIT, CIRCLE-2, KOTA

In the result, the appeal of the assessee is dismissed

ITA 912/JPR/2024[2017-18]Status: DisposedITAT Jaipur20 Dec 2024AY 2017-18

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyal

For Appellant: Mr. Pradeep Garg, Adv. (Th.V.C), Ld. ARFor Respondent: Mr. Anoop Singh, Add. CIT (Th. V.C.)
Section 143(3)Section 154Section 250

…that the similar issue has been dealt with by the Hon'ble Jurisdictional High Court mentioned (supra). While deciding the issue the Hon'ble High Court relied on the decisions of Hon'ble Apex Court in the cases of M/s. Associated Power Co. Ltd. vs. CIT (1996) 218 ITR 195 and M/s. Liberty India Ltd. vs. CIT (2009) 317 ITR 218 (SC). We have gone through the decisions rendered by the Hon'ble Apex Court relied upon by the Hon'ble Jurisdictional High Court and observed that the disallowance is tenable in the present case, as the assessee is failed to produce any decision in its favour against the decision of the Hon'b…

M/S. BHARAT ALUMINIUM COMPANY LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the appeals of the assessee are partly allowed for statistical purpose

ITA 2741/DEL/2017[2012-13]Status: DisposedITAT Delhi17 Jul 2023AY 2012-13

Bench: Sh. Saktijit Deydr. B. R. R. Kumar

For Appellant: Sh. Kanchan Kaushal, FCAFor Respondent: Sh. P. Praveen Sidharth, CIT DR
Section 115JSection 80I

…tands diverted at source. Diversion of income at source implies that income or the amount mentioned therein belongs to a third party and was not income of the assessed. Similar question arose before the Supreme Court in Associated Power Co. Ltd Vs. CIT (1996) 218 ITR 195. In that case, the assessed was a company engaged in the business of generation of electricity and distribution thereof to consumers. The companies were governed by the Electricity (Supply) Act, 1948. By reason of the provisions of the said Act and the VI Schedule thereto, the assessed appropriated certain sums out of its revenue to the contingen…

M/S. BHARAT ALUMINIUM COMPANY LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the appeals of the assessee are partly allowed for statistical purpose

ITA 3568/DEL/2016[2011-12]Status: DisposedITAT Delhi17 Jul 2023AY 2011-12

Bench: Sh. Saktijit Deydr. B. R. R. Kumar

For Appellant: Sh. Kanchan Kaushal, FCAFor Respondent: Sh. P. Praveen Sidharth, CIT DR
Section 115JSection 80I

…tands diverted at source. Diversion of income at source implies that income or the amount mentioned therein belongs to a third party and was not income of the assessed. Similar question arose before the Supreme Court in Associated Power Co. Ltd Vs. CIT (1996) 218 ITR 195. In that case, the assessed was a company engaged in the business of generation of electricity and distribution thereof to consumers. The companies were governed by the Electricity (Supply) Act, 1948. By reason of the provisions of the said Act and the VI Schedule thereto, the assessed appropriated certain sums out of its revenue to the contingen…

M/S. BHARAT ALUMINIUM COMPANY LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the appeals of the assessee are partly allowed for statistical purpose

ITA 5118/DEL/2015[2010-11]Status: DisposedITAT Delhi17 Jul 2023AY 2010-11

Bench: Sh. Saktijit Deydr. B. R. R. Kumar

For Appellant: Sh. Kanchan Kaushal, FCAFor Respondent: Sh. P. Praveen Sidharth, CIT DR
Section 115JSection 80I

…tands diverted at source. Diversion of income at source implies that income or the amount mentioned therein belongs to a third party and was not income of the assessed. Similar question arose before the Supreme Court in Associated Power Co. Ltd Vs. CIT (1996) 218 ITR 195. In that case, the assessed was a company engaged in the business of generation of electricity and distribution thereof to consumers. The companies were governed by the Electricity (Supply) Act, 1948. By reason of the provisions of the said Act and the VI Schedule thereto, the assessed appropriated certain sums out of its revenue to the contingen…

SHREE LAXMI CO. OP. BANK LTD,AHMEDABAD vs. THE PR. CIT, AHMEDABAD-5, AHMEDABAD

In the result, the appeal of the assessee is allowed

ITA 597/AHD/2019[2014-15]Status: DisposedITAT Ahmedabad23 Nov 2021AY 2014-15

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 596/Ahd/2019 िनधा"रण वष"/Asstt. Years: 2014-15

For Appellant: Shri A.P. Nanavaty, A.RFor Respondent: Shri Aarsi Prasad, CIT.D.R
Section 143(3)Section 72

…आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’ B’’ BENCH, AHMEDABAD (CONDUCTED THROUGH VIRTUAL COURT AT AHMEDABAD) BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT And SHRI WASEEM AHMED, ACCOUNTANT MEMBER आयकर अपील सं./ITA No. 596/AHD/2019 िनधा"रण वष"/Asstt. Years: 2014-15 The Pragati Co-op. Bank Ltd., Pr.C.I.T.-5, Opp. Padshahs Pole, Vs. Ahmedabad. Relief Road, Ahmedabad-380001. PAN: AAEFT2391M आयकर अपील सं./ITA No.597/AHD/2019 िनधा"रण वष"/Asstt. Years: 2014-15 Shree Laxmi Co-op. Bank Ltd. Pr.C.I.T.-5, Sanskrut Building, Vs. Ahmedabad. Old High Court, Navrangpura, Ahmedabad. PAN: AAAAS2…

THE PRAGATI CO. OP. BANK LTD,AHMEDABAD vs. THE PR. CIT , AHMEDABAD-5, AHMEDABAD

In the result, the appeal of the assessee is allowed

ITA 596/AHD/2019[2014-15]Status: DisposedITAT Ahmedabad23 Nov 2021AY 2014-15

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 596/Ahd/2019 िनधा"रण वष"/Asstt. Years: 2014-15

For Appellant: Shri A.P. Nanavaty, A.RFor Respondent: Shri Aarsi Prasad, CIT.D.R
Section 143(3)Section 72

…आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’ B’’ BENCH, AHMEDABAD (CONDUCTED THROUGH VIRTUAL COURT AT AHMEDABAD) BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT And SHRI WASEEM AHMED, ACCOUNTANT MEMBER आयकर अपील सं./ITA No. 596/AHD/2019 िनधा"रण वष"/Asstt. Years: 2014-15 The Pragati Co-op. Bank Ltd., Pr.C.I.T.-5, Opp. Padshahs Pole, Vs. Ahmedabad. Relief Road, Ahmedabad-380001. PAN: AAEFT2391M आयकर अपील सं./ITA No.597/AHD/2019 िनधा"रण वष"/Asstt. Years: 2014-15 Shree Laxmi Co-op. Bank Ltd. Pr.C.I.T.-5, Sanskrut Building, Vs. Ahmedabad. Old High Court, Navrangpura, Ahmedabad. PAN: AAAAS2…

INCOME TAX OFFICER-23(1)(2), MUMBAI vs. INDIAN CORPORATE LOAN SECURITIES TRUST 2008 SERIES 14, MUMBAI

In the result, Revenue's appeal for A

ITA 4789/MUM/2017[2010-11]Status: DisposedITAT Mumbai29 Jan 2020AY 2010-11

Bench: Shri M.Balaganesh, Am & Shri Ravish Sood, Jm The Ito-23(1)(2) Vs. M/S. Indian Corporate Loan Room No.18 Securities Trust 2008 Matru Mandir Series 14 Grant Road Il & Fs Financial Centre Mumbai – 400 007 Plot No.C-22, G Block 3Rd Floor, Bandra Kurla Complex, Bandra East Mumbai – 400 051 Pan/Gir No. Aaat16786P (Appellant) .. (Respondent) The Ito-23(1)(2) Vs. M/S. Indian Corporate Loan Room No.18 Securities Trust Series Iii Matru Mandir 2009 Grant Road Il & Fs Financial Centre Mumbai – 400 007 Plot No.C-22, G Block Bandra Kurla Complex, Bandra East Mumbai – 400 051 Pan/Gir No. Aaat17440L (Appellant) .. (Respondent) The Ito-23(1)(2) Vs. M/S. Indian Corporate Loan Room No.18 Securities Trust Series Matru Mandir 2008 Series 36 Grant Road Il & Fs Financial Centre Mumbai – 400 007 Plot No.C-22, G Block Bandra Kurla Complex, Bandra East Mumbai – 400 051 Pan/Gir No. Aaat16925L (Appellant) .. (Respondent) आदेश / O R D E R Per Bench: These Appeals In Ita No.4789/Mum/2017, 4791/Mum/2017 & 4794/Mum/2017 For A.Y.2010-11 Arise Out Of The Order By The Ld. Commissioner Of Income Tax (Appeals)-32, Mumbai In Appeal No.Cit(A)- 32/It-604/23(1)(2)/2015-16, Cit(A)-32/It-48/19(3)(2)/2012-13 & Cit(A)-32/It-483/Ito-19(3)(4)/12-13 Respectively Dated 24/04/2017 (Ld. Cit(A) In Short) Against The Order Of Assessment Passed U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As Act) Dated 26/02/2016, 31/10/2012 Respectively By The Ld. Income Tax Officer – 23(1)(2) & 19(3)(2) Respectively, Mumbai (Hereinafter Referred To As Ld. Ao).

Section 10Section 143(3)Section 148Section 161Section 161(1)Section 61

…n is not applicable in the present case on hand. (v) CIT v. Sunil J. Kinariwala[2003] 259 ITR 10/126 Taxman 161 (SC) This decision turned on its peculiar facts and is not applicable to the case under consideration. (vi) Associated Power Co. Ltd. v. CIT[1996] 218 ITR 195/84 Taxman 355 (SC) In this case the Hon'ble Apex Court held that there was no diversion of income as the assessee is in control of the money and merely because restriction was put on use of the money could not make any difference. Since this case is factually different from that of the case on hand, it is not applicable. (vii) Vellore Electric C…

DCIT, NEW DELHI vs. M/S. AGRICULTURE INSURANCE COMPANY OF INDIA LTD., NEW DELHI

In the result, the appeal of the Revenue in ITA No

ITA 1279/DEL/2016[2012-13]Status: DisposedITAT Delhi06 Nov 2019AY 2012-13

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble[A.Y 2012-13]

For Appellant: Shri Aakash Singhal, CAFor Respondent: Shri Surendra Pal, Sr. DR
Section 14A

…ssee carried the matter before the ld. CIT(A) and in respect of addition of Rs. 8.62 crores, the assessee reiterated its contentions before the ld. CIT(A) and placed strong reliance on the decision of the Hon'ble Supreme Court in the case of Associated Power 218 ITR 195 and further substantiated its claim of diversion of income by overriding titles. 9. After considering the facts and submissions, the ld. CIT(A) held as under: “I have considered the submission of the appellant and observation of the Assessing Officer. It is seen that an amount of Rs. 8,62,47,181/- was added by the AO which was income received…

M/S. THE JAMPETA CO- OP URBAN BANK LTD,,RAJAHMUNDRY vs. THE JOIT CIT,, RAJAHMUNDRY

In the result, appeals filed by the assessee in ITA No

ITA 160/VIZ/2017[2011-2012]Status: DisposedITAT Visakhapatnam28 May 2018AY 2011-2012

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble & The Jampeta Co-Operative Vs. Acit, Circle-1, Urban Bank Ltd., Jampeta, Rajahmundry. Rajahmundry. Pan No. Aaaat 4048 E (Appellant) (Respondent)

For Appellant: Shri G.V.N. Hari, AdvocateFor Respondent: Shri S. Ravi Shankar Narayan, Sr.DR
Section 143(1)Section 143(3)Section 16Section 45

…rt also took note of the following decisions of Hon’ble Supreme Court, which were referred to by the Tribunal and also the counsel for the assessee. (a) Poona Electricity Supply Co. Ltd Vs. CIT (1965)(57 ITR 521) (b) Associated Power Co. Ltd Vs. CIT (1996) (218 ITR 195) We extract below the observations made by the Hon’ble Supreme Court in this regard: “The Tribunal also referred to the decision of the Supreme Court in Poona Electric Supply Co. Ltd.’s case (supra) in support of their view. In that case, the Electricity Act provided for creating a reserve for the customers, in case the profit is more than the re…

THE ARYAPURAM CO-OPERATIVE URBAN BANK LTD.,,RAJAHMUNDRY vs. THE ACIT, CIRCLE - 1, RAJAHMUNDRY

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes; and the appeal filed by the Revenue is dismissed

ITA 177/VIZ/2013[2009-10]Status: DisposedITAT Visakhapatnam28 May 2018AY 2009-10

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Shri Deba Kumar Sonawal – CIT DR
Section 143(3)Section 144Section 148Section 43Section 43B

…rt also took note of the following decisions of Hon’ble Supreme Court, which were referred to by the Tribunal and also the counsel for the assessee. (a) Poona Electricity Supply Co. Ltd Vs. CIT (1965)(57 ITR 521) (b) Associated Power Co. Ltd Vs. CIT (1996) (218 ITR 195) We extract below the observations made by the Hon’ble Supreme Court in this regard: “The Tribunal also referred to the decision of the Supreme Court in Poona Electric Supply Co. Ltd.’s case (supra) in support of their view. In that case, the Electricity Act provided for creating a reserve for the customers, in case the profit is more than the re…

THE JAMPETA CO-OPERATIVE URBAN BANK LTD.,,RAJAHMUNDRY vs. THE ACIT, CIRCLE - 1,, RAJAHMUNDRY

In the result, appeals filed by the assessee in ITA No

ITA 510/VIZ/2014[2010-11]Status: DisposedITAT Visakhapatnam28 May 2018AY 2010-11

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble & The Jampeta Co-Operative Vs. Acit, Circle-1, Urban Bank Ltd., Jampeta, Rajahmundry. Rajahmundry. Pan No. Aaaat 4048 E (Appellant) (Respondent)

For Appellant: Shri G.V.N. Hari, AdvocateFor Respondent: Shri S. Ravi Shankar Narayan, Sr.DR
Section 143(1)Section 143(3)Section 16Section 45

…rt also took note of the following decisions of Hon’ble Supreme Court, which were referred to by the Tribunal and also the counsel for the assessee. (a) Poona Electricity Supply Co. Ltd Vs. CIT (1965)(57 ITR 521) (b) Associated Power Co. Ltd Vs. CIT (1996) (218 ITR 195) We extract below the observations made by the Hon’ble Supreme Court in this regard: “The Tribunal also referred to the decision of the Supreme Court in Poona Electric Supply Co. Ltd.’s case (supra) in support of their view. In that case, the Electricity Act provided for creating a reserve for the customers, in case the profit is more than the re…

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Associated Power Co. Ltd. v. CIT (218 ITR 195) — Cited in 27 Judgments | BharatTax