B.N. Khandelwal v. ITO

16 SOT 343Income Tax Appellate Tribunal2007#11186 most cited
9

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2018 to 2025.

Sections most often in play

Section 143(3)Section 147Section 148Section 36(1)(vii)Section 36(2)Section 37Section 56(2)(viib)Section 68

Issues it is cited on

section 36(2)(i)section 36(2)section 56(2)(viib)valuation of sharessection 36(1)(vii)section 36(1)section 36section 37notice under section 148section 11previous yearsection 68

Judgments citing B.N. Khandelwal v. ITO

TUTOR INVESTMENT AND FINANCE PVT LTD,MUMBAI vs. DCIT, CENTRAL CIRCLE 6(4), MUMBAI

In the result, the orders of the ld

ITA 289/MUM/2025[2015-16]Status: DisposedITAT Mumbai24 Mar 2025AY 2015-16

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Snehal Shah, CAFor Respondent: Shri Hemanshu Joshi, (Sr. DR)
Section 143(3)Section 147Section 148Section 56(2)(viib)Section 68

…oes not have license to conduct this business, does not mean that the claim of bad debts should be denied. The Commissioner has in relation to this claim held in his order at paragraph 4.2 that the Tribunal's order in the case of B.N. Khandelwal v. ITO [2007] 16 SOT 343 (Mum.), would assist the Assessee inasmuch as the amount is lent in ordinary course of money lending business. It was written off after making efforts to recover. The effort was unsuccessful. In such circumstances, the Tribunal did not commit any error in reaffirming the conclusion of the Commissioner of Income Tax (Appeals) and which is to be fou…

TUTOR INVESTMENT AND FINANCE PVT LTD,MUMBAI vs. DCIT CENTRAL CIRCLE 6(4), MUMBAI

In the result, the orders of the ld

ITA 288/MUM/2025[2014-15]Status: DisposedITAT Mumbai24 Mar 2025AY 2014-15

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Snehal Shah, CAFor Respondent: Shri Hemanshu Joshi, (Sr. DR)
Section 143(3)Section 147Section 148Section 56(2)(viib)Section 68

…oes not have license to conduct this business, does not mean that the claim of bad debts should be denied. The Commissioner has in relation to this claim held in his order at paragraph 4.2 that the Tribunal's order in the case of B.N. Khandelwal v. ITO [2007] 16 SOT 343 (Mum.), would assist the Assessee inasmuch as the amount is lent in ordinary course of money lending business. It was written off after making efforts to recover. The effort was unsuccessful. In such circumstances, the Tribunal did not commit any error in reaffirming the conclusion of the Commissioner of Income Tax (Appeals) and which is to be fou…

TUTOR INVESTMENT AND FINANCE PVT LTD,MUMBAI vs. DCIT, CENTRAL CIRCLE 6(4), MUMBAI

In the result, the orders of the ld

ITA 287/MUM/2025[2013-14]Status: DisposedITAT Mumbai24 Mar 2025AY 2013-14

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Snehal Shah, CAFor Respondent: Shri Hemanshu Joshi, (Sr. DR)
Section 143(3)Section 147Section 148Section 56(2)(viib)Section 68

…oes not have license to conduct this business, does not mean that the claim of bad debts should be denied. The Commissioner has in relation to this claim held in his order at paragraph 4.2 that the Tribunal's order in the case of B.N. Khandelwal v. ITO [2007] 16 SOT 343 (Mum.), would assist the Assessee inasmuch as the amount is lent in ordinary course of money lending business. It was written off after making efforts to recover. The effort was unsuccessful. In such circumstances, the Tribunal did not commit any error in reaffirming the conclusion of the Commissioner of Income Tax (Appeals) and which is to be fou…

PRANAVA ELECTRONICS P LTD,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-12(2), BANGALORE

In the result, the appeal by the assessee is partly allowed

ITA 415/BANG/2015[2010-11]Status: DisposedITAT Bangalore06 Apr 2022AY 2010-11

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2010-11

For Appellant: Shri K.R. Pradeep, Advocate and Ms. Girija, AdvocateFor Respondent: Shri Priyadarshini Mishra, Addl. CIT
Section 115JSection 14Section 14ASection 234BSection 37(1)

…oes not have license to conduct this business, does not mean that the claim of bad debts should be denied. The Commissioner has in relation to this claim held in his order at paragraph 4.2 that the Tribunal's order in the case of B.N. Khandelwal v. ITO [2007] 16 SOT 343 (Mum.), would assist the Assessee inasmuch as the amount is lent in ordinary course of money lending business. It was written off after making efforts to recover. The effort was unsuccessful. In such circumstances, the Tribunal Page 15 of 21 did not commit any error in reaffirming the conclusion of the Commissioner of Income Tax (Appeals) and whi…

OPTICAL DISC MARKETING (INDIA) PRIVATE LIMTED (NOW MERGED WITH DISHA INFIN CONSULTANS PRIVATE LIMITED),MUMBAI vs. DCIT CIRCLE-13(1)(1), MUMBAI

The appeal of the assessee is allowed in terms of our aforesaid observations

ITA 2202/MUM/2018[2013-14]Status: DisposedITAT Mumbai29 Sept 2021AY 2013-14

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () M/S Optical Disc Marketing The Dcit, Circle 13(1)(1) (India) P. Ltd. Vs. 2Nd Floor, Aayakar Bhavan, (Now Merged With Disha Infin Consultants Pvt. Ltd.) Mumbai - 702, 7Th Floor, Samudra Setu, Near Parsi Agiary, Opp. Annand Bhavan, Opp. B.D. Desai Road, Mumbai – 400 026 Pan No. Aaaco3254B (Assessee) (Revenue) Assessee By : Shri H.D. Shah, A.R Revenue By : Ms. Shrikala Pardeshi, D.R Date Of Hearing : 24/08/2021 Date Of Pronouncement : 29/09/2021

For Appellant: Shri H.D. Shah, A.RFor Respondent: Ms. Shrikala Pardeshi, D.R
Section 143(2)Section 143(3)Section 234B

…y lending business the interest income earned from its aforesaid activities could not have been declined from being assessed as its business income. Our aforesaid view is supported by the order of the ITAT, Mumbai in the case of B.N. Khandelwal Vs. ITO (2007) 16 SOT 343 (Mum). In its said order, it was, inter alia, observed by the Tribunal that as the assessee was engaged in granting of loans on a regular basis and was earning interest income, therefore, it could be said to be engaged in money-lending business even though it had no money-lending license. Reliance is also placed on the judgment of the Hon‟ble High…

INCOME TAX OFFICER 6(3)(4), MUMBAI vs. KHYATI REALTORS PRIVATE LIMITED , MUMBAI

In the result, this appeal filed by the Revenue stands dismissed

ITA 6537/MUM/2017[2010-11]Status: DisposedITAT Mumbai16 Sept 2019AY 2010-11

Bench: Shri Shamim Yahya (Am) & Shri Pawan Singh (Jm)

Section 143(3)Section 36Section 36(2)

…are written off. In this regard learned counsel placed reliance upon the following case laws :-  CIT Vs. Smt. Padma S. Bora (54 taxmann.com 319) (Bombay HC)  All Grow Finance and Investment P. Ltd. Vs. CIT (338 ITR 496)(Delhi HC)  B.N. Khandelwal Vs. ITO (16 SOT 343)(ITAT) 8. We have carefully considered the submissions and perused the records. We find that assessee apart from being a builder and developer is also engaged in the business of financing/money lending. Learned CIT(A) has also given a finding to this effect. This is also supported by the fact that the loans were 6 M/s. Khyati Realtors Pvt. Ltd.…

DCIT 4(1)(1), MUMBAI vs. BHARAT J PATEL, MUMBAI

In the result, appeals of the assessee are partly allowed and appeal of the Revenue is dismissed

ITA 1578/MUM/2016[2011-12]Status: DisposedITAT Mumbai23 Apr 2018AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Ble

For Appellant: Shri V.G. GindeFor Respondent: Shri B. Sriniwas
Section 143(3)Section 14A

…e does not have license to conduct this business, does not mean that the claim of bad debts should be denied. The Commissioner has in relation this claim held in his order at Paragraph 4.2 that the Tribunal’s order in the case of B.N. Khandelwal v. ITO [2007] 16 SOT 343 (Mum). Would assist the assessee inasmuch as the amount is lent in ordinary course of money lending business. It was written off after making efforts to recover. The effort was unsuccessful. In such circumstances, the Tribunal did of the Act commit any error in reaffirming the conclusion of the commissioner of Income Tax (appeals) and which is to…

BHARAT JAYANTILAL PATEL,MUMBAI vs. DCIT RG 4(1)(1), MUMBAI

In the result, appeals of the assessee are partly allowed and appeal of the Revenue is dismissed

ITA 1514/MUM/2016[2012-13]Status: DisposedITAT Mumbai23 Apr 2018AY 2012-13

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Ble

For Appellant: Shri V.G. GindeFor Respondent: Shri B. Sriniwas
Section 143(3)Section 14A

…e does not have license to conduct this business, does not mean that the claim of bad debts should be denied. The Commissioner has in relation this claim held in his order at Paragraph 4.2 that the Tribunal’s order in the case of B.N. Khandelwal v. ITO [2007] 16 SOT 343 (Mum). Would assist the assessee inasmuch as the amount is lent in ordinary course of money lending business. It was written off after making efforts to recover. The effort was unsuccessful. In such circumstances, the Tribunal did of the Act commit any error in reaffirming the conclusion of the commissioner of Income Tax (appeals) and which is to…

BHARAT JAYANTILAL PATEL,MUMBAI vs. ADDL CIT RG 4(1), MUMBAI

In the result, appeals of the assessee are partly allowed and appeal of the Revenue is dismissed

ITA 1513/MUM/2016[2011-12]Status: DisposedITAT Mumbai23 Apr 2018AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Ble

For Appellant: Shri V.G. GindeFor Respondent: Shri B. Sriniwas
Section 143(3)Section 14A

…e does not have license to conduct this business, does not mean that the claim of bad debts should be denied. The Commissioner has in relation this claim held in his order at Paragraph 4.2 that the Tribunal’s order in the case of B.N. Khandelwal v. ITO [2007] 16 SOT 343 (Mum). Would assist the assessee inasmuch as the amount is lent in ordinary course of money lending business. It was written off after making efforts to recover. The effort was unsuccessful. In such circumstances, the Tribunal did of the Act commit any error in reaffirming the conclusion of the commissioner of Income Tax (appeals) and which is to…

B.N. Khandelwal v. ITO (16 SOT 343) — Cited in 9 Judgments | BharatTax