Baidya Nath Plastic Industries (P) Ltd. & Others v. K.L. Anand, Income Tax Officer

230 ITR 522High Court1998#5006 most cited

What is Baidya Nath Plastic Industries (P) Ltd. & Others v. K.L. Anand, Income Tax Officer authority for?

The distinction between a loan and a deposit lies in the duty of repayment: in a loan, the debtor must seek out the creditor, while in a deposit, the depositor must demand the return of funds.

23

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2010 to 2024.

Also referred to as

Baidya Nath Plastic Industries · K.L. Anand · loan vs deposit · debtor creditor duty · depositor demand · repayment obligation

Judgments citing Baidya Nath Plastic Industries (P) Ltd. & Others v. K.L. Anand, Income Tax Officer

Commissioner of Interest Tax vs. Visisth Chay Vyapar Ltd

ITA/689/2009HC Delhi30 Aug 2011

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE M.L. MEHTA

Section 2(7)Section 5

…OF 2009,712 OF 2009,765 OF 2009 Page 8 of 14 9. We find that the Tribunal, in support of its conclusion has referred to the judgment of this Court in Baidyanath Plastic Industries (P) Ltd. and Others v K.L. Anand, Income Tax Officer (1998) 230 ITR 522 and that of High Court of Judicature at Allahabad in CIT v Sahara India Saving & Investment Corporation (2003) 264 ITR 646. In addition, Mr. Vohra has referred to the following judgments: (i) CIT v Vikramajit Singh: 292 ITR 274 (Del) (ii) CIT v Lakshmi Vilas Bank Ltd: 228 ITR 697 (Mad) 10. Mr. Vohra has gone to the extent of arguin…

Commissioner of Income Tax vs. Visisth Chay Vypapar Ltd

ITA-689/2009HC Delhi30 Aug 2011
Section 2(7)Section 5

…OF 2009,712 OF 2009,765 OF 2009 Page 8 of 14 9. We find that the Tribunal, in support of its conclusion has referred to the judgment of this Court in Baidyanath Plastic Industries (P) Ltd. and Others v K.L. Anand, Income Tax Officer (1998) 230 ITR 522 and that of High Court of Judicature at Allahabad in CIT v Sahara India Saving & Investment Corporation (2003) 264 ITR 646. In addition, Mr. Vohra has referred to the following judgments: (i) CIT v Vikramajit Singh: 292 ITR 274 (Del) (ii) CIT v Lakshmi Vilas Bank Ltd: 228 ITR 697 (Mad) 10. Mr. Vohra has gone to the extent of arguin…

Tax (Exemption) vs. Acme Educational Society

Appeal is dismissed but with no order as to costs

ITA/888/2010HC Delhi28 Jul 2010
Section 11Section 11(5)Section 12ASection 13(1)(d)Section 260A

…as security for loan, deposit of money bills in a bank in the ordinary course of business of current account and deposits of a sum at interest at a fixed deposit in a bank.” 13. In Baidya Nath Plastic Industries (P) Ltd. & Ors. Vs. K.L. Anand, (1998) 230 ITR 522 (Delhi) a learned Single Judge of this Court pointed out that the distinction between “loan” and “deposit” is that in the case of the former it is ordinarily the duty of the debtor to seek out the creditor and to repay the money according to the agreement, while in the case of the latter it is generally the duty of the depositor to go to the…