B & A Plantations and Industries v. CIT

248 ITR 47High Court#7351 most cited

What is B & A Plantations and Industries v. CIT authority for?

No addition on account of interest can be made if the assessee has not actually charged interest on funds or loans advanced. The Assessing Officer cannot deem that interest should have been charged on a notional basis.

15

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2019 to 2024.

Also referred to as

B & A Plantations and Industries v. CIT · CIT v. Keshrichand Jaisukhlal · notional interest · interest on advances · addition on notional basis · Assessing Officer · funds advanced · loan advanced · charging interest

Sections most often in play

Section 143(3)Section 11Section 12Section 13(1)(c)Section 13(2)(b)/(g)Section 13(3)Section 132Section 147

Issues it is cited on

penalty u/s 271(1)(c)section 271(1)(c)section 153section 153asection 69section 15section 143(3)indiadocumentinterest

Judgments citing B & A Plantations and Industries v. CIT

ACIT, Central Circle- 26, New Delhi vs. Krishan Kumar Modi, New Delhi

The Appeal of the Revenue is dismissed

ITA 4554/DEL/2018[2014-15]Status: DisposedITAT Delhi06 Nov 2024AY 2014-15

Bench: Shri S. Rifaur Rahman & Shri Yogesh Kumar U.S.Ita No. 4554/Del/2018, (A.Y.2014-15)

Section 132Section 143(3)

…e made where no interest has in fact been charged by the parties within the terms of funds/loan advanced. • CIT vs. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 (Del.) • B & A Plantations and Industries vs. CIT: 242 ITR 22 (Gau.) • KeshrichandJaisukhlal vs. CIT: 248 ITR 47 (Gau.) • Highways Construction Co. Pvt. Ltd vs. CIT: 199 ITR 702 (Gau.) • Jwala Prasad Radha Krishna vs. CIT [1992]: 198 ITR 415(All) • CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P&H HC) • CIT vs. South India Corpn. (Agencies) Ltd.: 293 ITR 237 (Chennai HC) • CIT vs. Sanghi Finance and Investment Ltd.: 190 CTR 207 (MP) 6.4 We have con…

Assistant Commissioner of Income Tax, Exemptions, Circle, Jaipur vs. Global Institute of Technology Society, Jaipur Rajasthan

In the results the appeal of the revenue stands dismissed

ITA 175/JPR/2024[2013-14]Status: DisposedITAT Jaipur27 Jun 2024AY 2013-14

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Sh. S. L. Poddar, AdvFor Respondent: Sh. Anoop Singh, (Addl.CIT)
Section 11Section 12ASection 13(1)Section 13(3)Section 143(3)Section 147

…nstitute of Technology then can it be said that for the purposes of taxability that the income is not hypothetical and it has really accrued to the assessee. (ii) Mrs. Sushila Mallik Vs. ITO (2011) 61 DTR 437 (Lucknow) (iii) Kesri Chand Jai Sukh lal Vs. CIT 248 ITR 47 (Guwahati) No addition can be made on notional basis, if the assessee has not charged interest on advances the Assessing Officer cannot decide that he should have charged the interest. (iv) Kishanchand Jaisukh Lal Vs. CIT 248 ITR 47 (Guwahati) No addition can be made on notional basis. If the assessee has not charged interest on advances, the As…

Shyam Sunder Jindal, New Delhi vs. ACIT, Central Circle- 30, New Delhi

In the result the appeals of the assessee in ITA Nos

ITA 6298/DEL/2017[2011-12]Status: DisposedITAT Delhi24 Jun 2021AY 2011-12

Bench: Shri N.K. Billaiya & Shri Kuldip Singh

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Prakash Dubey, Sr. DR
Section 153ASection 271(1)(c)Section 69

…be made where no interest has in fact been charged by the parties within the terms of funds/loan advanced. • CIT vs. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 (Del.) • B & A Plantations and Industries vs. CIT: 242 ITR 22 (Gau.) • KeshrichandJaisukhlal vs. CIT: 248 ITR 47 (Gau.) • Highways Construction Co. Pvt. Ltd vs. CIT: 199 ITR 702 (Gau.) • Jwala Prasad Radha Krishna vs. CIT [1992]: 198 ITR 415 (All) • CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P&H HC) • CIT vs. South India Corpn. (Agencies) Ltd.: 293 ITR 237 (Chennai HC) • CIT vs. Sanghi Finance and Investment Ltd.: 190 CTR 207 (MP) ITA 2892 to 2894/D/…

Shyam Sunder Jindal, New Delhi vs. ACIT, Central Circle- 30, New Delhi

In the result the appeals of the assessee in ITA Nos

ITA 6297/DEL/2017[2010-11]Status: DisposedITAT Delhi24 Jun 2021AY 2010-11

Bench: Shri N.K. Billaiya & Shri Kuldip Singh

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Prakash Dubey, Sr. DR
Section 153ASection 271(1)(c)Section 69

…be made where no interest has in fact been charged by the parties within the terms of funds/loan advanced. • CIT vs. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 (Del.) • B & A Plantations and Industries vs. CIT: 242 ITR 22 (Gau.) • KeshrichandJaisukhlal vs. CIT: 248 ITR 47 (Gau.) • Highways Construction Co. Pvt. Ltd vs. CIT: 199 ITR 702 (Gau.) • Jwala Prasad Radha Krishna vs. CIT [1992]: 198 ITR 415 (All) • CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P&H HC) • CIT vs. South India Corpn. (Agencies) Ltd.: 293 ITR 237 (Chennai HC) • CIT vs. Sanghi Finance and Investment Ltd.: 190 CTR 207 (MP) ITA 2892 to 2894/D/…

Shyam Sunder Jindal, New Delhi vs. ACIT, Central Circle- 30, New Delhi

In the result the appeals of the assessee in ITA Nos

ITA 6296/DEL/2017[2009-10]Status: DisposedITAT Delhi24 Jun 2021AY 2009-10

Bench: Shri N.K. Billaiya & Shri Kuldip Singh

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Prakash Dubey, Sr. DR
Section 153ASection 271(1)(c)Section 69

…be made where no interest has in fact been charged by the parties within the terms of funds/loan advanced. • CIT vs. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 (Del.) • B & A Plantations and Industries vs. CIT: 242 ITR 22 (Gau.) • KeshrichandJaisukhlal vs. CIT: 248 ITR 47 (Gau.) • Highways Construction Co. Pvt. Ltd vs. CIT: 199 ITR 702 (Gau.) • Jwala Prasad Radha Krishna vs. CIT [1992]: 198 ITR 415 (All) • CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P&H HC) • CIT vs. South India Corpn. (Agencies) Ltd.: 293 ITR 237 (Chennai HC) • CIT vs. Sanghi Finance and Investment Ltd.: 190 CTR 207 (MP) ITA 2892 to 2894/D/…

Shyam Sunder Jindal, New Delhi vs. ACIT, Central Circle- 30, New Delhi

In the result the appeals of the assessee in ITA Nos

ITA 6295/DEL/2017[2008-09]Status: DisposedITAT Delhi24 Jun 2021AY 2008-09

Bench: Shri N.K. Billaiya & Shri Kuldip Singh

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Prakash Dubey, Sr. DR
Section 153ASection 271(1)(c)Section 69

…be made where no interest has in fact been charged by the parties within the terms of funds/loan advanced. • CIT vs. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 (Del.) • B & A Plantations and Industries vs. CIT: 242 ITR 22 (Gau.) • KeshrichandJaisukhlal vs. CIT: 248 ITR 47 (Gau.) • Highways Construction Co. Pvt. Ltd vs. CIT: 199 ITR 702 (Gau.) • Jwala Prasad Radha Krishna vs. CIT [1992]: 198 ITR 415 (All) • CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P&H HC) • CIT vs. South India Corpn. (Agencies) Ltd.: 293 ITR 237 (Chennai HC) • CIT vs. Sanghi Finance and Investment Ltd.: 190 CTR 207 (MP) ITA 2892 to 2894/D/…

ACIT, CC- 26, New Delhi vs. Krishan Kumar Modi, New Delhi

In the result, the assessee's appeal is allowed

ITA 3956/DEL/2017[2012-13]Status: DisposedITAT Delhi05 Jul 2019AY 2012-13

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2006-07 Assessment Year: 2006-07 Assessment Year: 2012-13 Krishan Kumar Modi, Acit, A-1, Maharani Bagh, Central Circle – 2, New Delhi. New Delhi. Vs (Pan: Aanpm0159M)

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri J.K. Mishra, C.I.T. DR
Section 132Section 132(4)Section 139(1)Section 69A

…be made where no interest has in fact been charged by the parties within the terms of funds/loan advanced. • CIT vs. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 (Del.) • B & A Plantations and Industries vs. CIT: 242 ITR 22 (Gau.) • KeshrichandJaisukhlal vs. CIT: 248 ITR 47 (Gau.) • Highways Construction Co. Pvt. Ltd vs. CIT: 199 ITR 702 (Gau.) • Jwala Prasad Radha Krishna vs. CIT [1992]: 198 ITR 415 (All) • CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P&H HC) • CIT vs. South India Corpn. (Agencies) Ltd.: 293 ITR 237 (Chennai HC) • CIT vs. Sanghi Finance and Investment Ltd.: 190 CTR 207 (MP) ITA 2892 to 2894/D…

ACIT, CC- 26, New Delhi vs. Krishan Kumar Modi, New Delhi

In the result, the assessee's appeal is allowed

ITA 3955/DEL/2017[2011-12]Status: DisposedITAT Delhi05 Jul 2019AY 2011-12

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2006-07 Assessment Year: 2006-07 Assessment Year: 2012-13 Krishan Kumar Modi, Acit, A-1, Maharani Bagh, Central Circle – 2, New Delhi. New Delhi. Vs (Pan: Aanpm0159M)

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri J.K. Mishra, C.I.T. DR
Section 132Section 132(4)Section 139(1)Section 69A

…be made where no interest has in fact been charged by the parties within the terms of funds/loan advanced. • CIT vs. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 (Del.) • B & A Plantations and Industries vs. CIT: 242 ITR 22 (Gau.) • KeshrichandJaisukhlal vs. CIT: 248 ITR 47 (Gau.) • Highways Construction Co. Pvt. Ltd vs. CIT: 199 ITR 702 (Gau.) • Jwala Prasad Radha Krishna vs. CIT [1992]: 198 ITR 415 (All) • CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P&H HC) • CIT vs. South India Corpn. (Agencies) Ltd.: 293 ITR 237 (Chennai HC) • CIT vs. Sanghi Finance and Investment Ltd.: 190 CTR 207 (MP) ITA 2892 to 2894/D…

ACIT, CC- 26, New Delhi vs. Krishan Kumar Modi, New Delhi

In the result, the assessee's appeal is allowed

ITA 3954/DEL/2017[2010-11]Status: DisposedITAT Delhi05 Jul 2019AY 2010-11

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2006-07 Assessment Year: 2006-07 Assessment Year: 2012-13 Krishan Kumar Modi, Acit, A-1, Maharani Bagh, Central Circle – 2, New Delhi. New Delhi. Vs (Pan: Aanpm0159M)

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri J.K. Mishra, C.I.T. DR
Section 132Section 132(4)Section 139(1)Section 69A

…be made where no interest has in fact been charged by the parties within the terms of funds/loan advanced. • CIT vs. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 (Del.) • B & A Plantations and Industries vs. CIT: 242 ITR 22 (Gau.) • KeshrichandJaisukhlal vs. CIT: 248 ITR 47 (Gau.) • Highways Construction Co. Pvt. Ltd vs. CIT: 199 ITR 702 (Gau.) • Jwala Prasad Radha Krishna vs. CIT [1992]: 198 ITR 415 (All) • CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P&H HC) • CIT vs. South India Corpn. (Agencies) Ltd.: 293 ITR 237 (Chennai HC) • CIT vs. Sanghi Finance and Investment Ltd.: 190 CTR 207 (MP) ITA 2892 to 2894/D…

ACIT, CC- 26, New Delhi vs. Krishan Kumar Modi, New Delhi

In the result, the assessee's appeal is allowed

ITA 3953/DEL/2017[2009-10]Status: DisposedITAT Delhi05 Jul 2019AY 2009-10

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2006-07 Assessment Year: 2006-07 Assessment Year: 2012-13 Krishan Kumar Modi, Acit, A-1, Maharani Bagh, Central Circle – 2, New Delhi. New Delhi. Vs (Pan: Aanpm0159M)

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri J.K. Mishra, C.I.T. DR
Section 132Section 132(4)Section 139(1)Section 69A

…be made where no interest has in fact been charged by the parties within the terms of funds/loan advanced. • CIT vs. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 (Del.) • B & A Plantations and Industries vs. CIT: 242 ITR 22 (Gau.) • KeshrichandJaisukhlal vs. CIT: 248 ITR 47 (Gau.) • Highways Construction Co. Pvt. Ltd vs. CIT: 199 ITR 702 (Gau.) • Jwala Prasad Radha Krishna vs. CIT [1992]: 198 ITR 415 (All) • CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P&H HC) • CIT vs. South India Corpn. (Agencies) Ltd.: 293 ITR 237 (Chennai HC) • CIT vs. Sanghi Finance and Investment Ltd.: 190 CTR 207 (MP) ITA 2892 to 2894/D…

ACIT, CC- 26, New Delhi vs. Krishan Kumar Modi, New Delhi

In the result, the assessee's appeal is allowed

ITA 3952/DEL/2017[2008-09]Status: DisposedITAT Delhi05 Jul 2019AY 2008-09

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2006-07 Assessment Year: 2006-07 Assessment Year: 2012-13 Krishan Kumar Modi, Acit, A-1, Maharani Bagh, Central Circle – 2, New Delhi. New Delhi. Vs (Pan: Aanpm0159M)

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri J.K. Mishra, C.I.T. DR
Section 132Section 132(4)Section 139(1)Section 69A

…be made where no interest has in fact been charged by the parties within the terms of funds/loan advanced. • CIT vs. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 (Del.) • B & A Plantations and Industries vs. CIT: 242 ITR 22 (Gau.) • KeshrichandJaisukhlal vs. CIT: 248 ITR 47 (Gau.) • Highways Construction Co. Pvt. Ltd vs. CIT: 199 ITR 702 (Gau.) • Jwala Prasad Radha Krishna vs. CIT [1992]: 198 ITR 415 (All) • CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P&H HC) • CIT vs. South India Corpn. (Agencies) Ltd.: 293 ITR 237 (Chennai HC) • CIT vs. Sanghi Finance and Investment Ltd.: 190 CTR 207 (MP) ITA 2892 to 2894/D…

ACIT, CC- 26, New Delhi vs. Krishan Kumar Modi, New Delhi

In the result, the assessee's appeal is allowed

ITA 3951/DEL/2017[2007-08]Status: DisposedITAT Delhi05 Jul 2019AY 2007-08

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2006-07 Assessment Year: 2006-07 Assessment Year: 2012-13 Krishan Kumar Modi, Acit, A-1, Maharani Bagh, Central Circle – 2, New Delhi. New Delhi. Vs (Pan: Aanpm0159M)

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri J.K. Mishra, C.I.T. DR
Section 132Section 132(4)Section 139(1)Section 69A

…be made where no interest has in fact been charged by the parties within the terms of funds/loan advanced. • CIT vs. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 (Del.) • B & A Plantations and Industries vs. CIT: 242 ITR 22 (Gau.) • KeshrichandJaisukhlal vs. CIT: 248 ITR 47 (Gau.) • Highways Construction Co. Pvt. Ltd vs. CIT: 199 ITR 702 (Gau.) • Jwala Prasad Radha Krishna vs. CIT [1992]: 198 ITR 415 (All) • CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P&H HC) • CIT vs. South India Corpn. (Agencies) Ltd.: 293 ITR 237 (Chennai HC) • CIT vs. Sanghi Finance and Investment Ltd.: 190 CTR 207 (MP) ITA 2892 to 2894/D…

Sh. Krishan Kumar Modi, New Delhi vs. ACIT, New Delhi

In the result, the assessee's appeal is allowed

ITA 2894/DEL/2017[2012-13]Status: DisposedITAT Delhi05 Jul 2019AY 2012-13

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2006-07 Assessment Year: 2006-07 Assessment Year: 2012-13 Krishan Kumar Modi, Acit, A-1, Maharani Bagh, Central Circle – 2, New Delhi. New Delhi. Vs (Pan: Aanpm0159M)

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri J.K. Mishra, C.I.T. DR
Section 132Section 132(4)Section 139(1)Section 69A

…be made where no interest has in fact been charged by the parties within the terms of funds/loan advanced. • CIT vs. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 (Del.) • B & A Plantations and Industries vs. CIT: 242 ITR 22 (Gau.) • KeshrichandJaisukhlal vs. CIT: 248 ITR 47 (Gau.) • Highways Construction Co. Pvt. Ltd vs. CIT: 199 ITR 702 (Gau.) • Jwala Prasad Radha Krishna vs. CIT [1992]: 198 ITR 415 (All) • CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P&H HC) • CIT vs. South India Corpn. (Agencies) Ltd.: 293 ITR 237 (Chennai HC) • CIT vs. Sanghi Finance and Investment Ltd.: 190 CTR 207 (MP) ITA 2892 to 2894/D…

Sh. Krishan Kumar Modi, New Delhi vs. ACIT, New Delhi

In the result, the assessee's appeal is allowed

ITA 2893/DEL/2017[2007-08]Status: DisposedITAT Delhi05 Jul 2019AY 2007-08

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2006-07 Assessment Year: 2006-07 Assessment Year: 2012-13 Krishan Kumar Modi, Acit, A-1, Maharani Bagh, Central Circle – 2, New Delhi. New Delhi. Vs (Pan: Aanpm0159M)

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri J.K. Mishra, C.I.T. DR
Section 132Section 132(4)Section 139(1)Section 69A

…be made where no interest has in fact been charged by the parties within the terms of funds/loan advanced. • CIT vs. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 (Del.) • B & A Plantations and Industries vs. CIT: 242 ITR 22 (Gau.) • KeshrichandJaisukhlal vs. CIT: 248 ITR 47 (Gau.) • Highways Construction Co. Pvt. Ltd vs. CIT: 199 ITR 702 (Gau.) • Jwala Prasad Radha Krishna vs. CIT [1992]: 198 ITR 415 (All) • CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P&H HC) • CIT vs. South India Corpn. (Agencies) Ltd.: 293 ITR 237 (Chennai HC) • CIT vs. Sanghi Finance and Investment Ltd.: 190 CTR 207 (MP) ITA 2892 to 2894/D…

Sh. Krishan Kumar Modi, New Delhi vs. ACIT, New Delhi

In the result, the assessee's appeal is allowed

ITA 2892/DEL/2017[2006-07]Status: DisposedITAT Delhi05 Jul 2019AY 2006-07

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2006-07 Assessment Year: 2006-07 Assessment Year: 2012-13 Krishan Kumar Modi, Acit, A-1, Maharani Bagh, Central Circle – 2, New Delhi. New Delhi. Vs (Pan: Aanpm0159M)

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri J.K. Mishra, C.I.T. DR
Section 132Section 132(4)Section 139(1)Section 69A

…be made where no interest has in fact been charged by the parties within the terms of funds/loan advanced. • CIT vs. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 (Del.) • B & A Plantations and Industries vs. CIT: 242 ITR 22 (Gau.) • KeshrichandJaisukhlal vs. CIT: 248 ITR 47 (Gau.) • Highways Construction Co. Pvt. Ltd vs. CIT: 199 ITR 702 (Gau.) • Jwala Prasad Radha Krishna vs. CIT [1992]: 198 ITR 415 (All) • CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P&H HC) • CIT vs. South India Corpn. (Agencies) Ltd.: 293 ITR 237 (Chennai HC) • CIT vs. Sanghi Finance and Investment Ltd.: 190 CTR 207 (MP) ITA 2892 to 2894/D…

B & A Plantations and Industries v. CIT (248 ITR 47) — Cited in 15 Judgments | BharatTax