Bombay Oil Industries Ltd. v. DCIT

28 SOT 383Income Tax Appellate Tribunal2009#2303 most cited

What is Bombay Oil Industries Ltd. v. DCIT authority for?

Loans or advances made by a company in the normal course of business, out of business expediency, or as current account transactions, do not attract the provisions of section 2(22)(e) concerning deemed dividends.

50

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2012 to 2025.

Also referred to as

Bombay Oil Industries Ltd. v. DCIT · 28 SOT 383 · section 2(22)(e) · deemed dividend · loan transactions · normal course of business · business expediency · current account transaction · non-applicability of section 2(22)(e)

Sections most often in play

Section 143(3)Section 148Section 2(22)(e)Section 10Section 115JBSection 119Section 132(1)Section 133A

Issues it is cited on

section 142asection 150surrender of incomemat creditaccumulated profitssection 2(22)section 158bddeemed dividendsection 2(22)(e)section 80icshell companyretracted statement

Judgments citing Bombay Oil Industries Ltd. v. DCIT

AJAY BAKLIWAL,KOTA vs. ACIT, CENTRAL CIRCLE, KOTA, KOTA

ITA 1275/JPR/2024[2012-13]Status: DisposedITAT Jaipur11 Apr 2025AY 2012-13
For Appellant: Sh. Rajendra Sisodia, AdvFor Respondent: Mrs. Anita Rinesh, JCIT-DR
Section 132(1)Section 139Section 142Section 143(2)Section 143(3)Section 148Section 153ASection 2(22)(e)Section 250

…ished regular business transactions. One of the\ntransaction claimed is also found to be without any evidence of business related\ntransaction. Hence, the decision is not found to be applicable on the facts of the\npresent case.\nBousay Oil Ind.Ltd. v/s DCIT. 28 SOT 383 (Mum)\nIn that case, it was held that Inter-Corporate Deposits (ICDs) are different from\nloans or advances and would not come within purview of deemed dividend under\nsection 2(22). It is also not proved that the assessee was accepting deposits.\nHowever, in the present case, it is evident that the loans are not ICDs. Hence, this\ndecision is not…

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-I, CHANDIGARH , CHANDIGARH vs. MS SCOTT EDIL ADVANCE RESEARCH LABORATOTRIES AND EDUCATION LTD., , CHANDIGARH

ITA 93/CHANDI/2024[2017-18]Status: DisposedITAT Chandigarh03 Mar 2025AY 2017-18
Section 127Section 132Section 153ASection 153DSection 2(22)(e)

…g outside the scope of deemed dividends as per the statutory provision. Reliance has been placed on following case laws : i). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated 04.01.2022 ii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom) iii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046, (Delhi ITAT), 31. The Ld. Counsel for the assessee has further contended that the assessee provided personal guarantees to SEPL in order to secure credit facilities from banks which included a fund-based limit of Rs.42.85 crore and a non-fund-based limit of Rs.1…

SCOTT EDIL ADVANCE RESEARCH LABORATORIES AND EDUCATION LIMITED,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 857/CHANDI/2023[2016-17]Status: DisposedITAT Chandigarh03 Mar 2025AY 2016-17
Section 127Section 132Section 153ASection 153D

…tside the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs. 42.85 crore and a non-fund-based limit o…

SCOTT EDIL ADVANCE RESEARCH LABORATORIES AND EDUCATION LIMITED,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 856/CHANDI/2023[2015-16]Status: DisposedITAT Chandigarh03 Mar 2025AY 2015-16
Section 127Section 132Section 153ASection 153D

…tside the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs.42.85 crore and a non-fund-based limit of…

SCOTT EDIL ADVANCE RESEARCH LABORATORIES AND EDUCATION LIMITED,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 845/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh03 Mar 2025AY 2017-18
Section 127Section 132Section 153ASection 153D

…tside the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs.42.85 crore and a non-fund-based limit of…

SCOTT EDIL ADVANCE RESEARCH LABORATORIES AND EDUCATION LIMITED,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 844/CHANDI/2023[2013-14]Status: DisposedITAT Chandigarh03 Mar 2025AY 2013-14
Section 132Section 153A

…e the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\n\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\n\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\n\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs.42.85 crore and a non-fund-based limi…

SCOTT EDIL ADVANCE RESEARCH LABORATORIES AND EDUCATION LIMITED,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 843/CHANDI/2023[2012-13]Status: DisposedITAT Chandigarh03 Mar 2025AY 2012-13
Section 127Section 132Section 153ASection 153D

…tside the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs.42.85 crore and a non-fund-based limit of…

SCOTT EDIL PHARMACIA LTD.,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 833/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh03 Mar 2025AY 2017-18
Section 127Section 132Section 153ASection 153D

…tside the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs.42.85 crore and a non-fund-based limit of…

SCOTT EDIL PHARMACIA LTD.,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 832/CHANDI/2023[2016-17]Status: DisposedITAT Chandigarh03 Mar 2025AY 2016-17
Section 127Section 153D

…tside the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs. 42.85 crore and a non-fund-based limit o…

SCOTT EDIL PHARMACIA LTD.,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 831/CHANDI/2023[2015-16]Status: DisposedITAT Chandigarh03 Mar 2025AY 2015-16
Section 127Section 132Section 153ASection 153D

…tside the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs.42.85 crore and a non-fund-based limit of…

SCOTT EDIL PHARMACIA LTD.,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

ITA 829/CHANDI/2023[2013-14]Status: DisposedITAT Chandigarh03 Mar 2025AY 2013-14
Section 132Section 153A

…tside the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs.42.85 crore and a non-fund-based limit of…

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

ITA 732/CHANDI/2023[2018-19]Status: DisposedITAT Chandigarh03 Mar 2025AY 2018-19
Section 132Section 153ASection 153D

…tside the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs.42.85 crore and a non-fund-based limit of…

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

ITA 731/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh03 Mar 2025AY 2017-18
Section 127Section 132Section 153ASection 153D

…tside the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs. 42.85 crore and a non-fund-based limit o…

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

ITA 730/CHANDI/2023[2016-17]Status: DisposedITAT Chandigarh03 Mar 2025AY 2016-17
Section 127Section 132Section 153ASection 153D

…tside the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs.42.85 crore and a non-fund-based limit of…

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

ITA 729/CHANDI/2023[2015-16]Status: DisposedITAT Chandigarh03 Mar 2025AY 2015-16
Section 127Section 132Section 153ASection 153D

…tside the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs.42.85 crore and a non-fund-based limit of…

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

ITA 728/CHANDI/2023[2014-15]Status: DisposedITAT Chandigarh03 Mar 2025AY 2014-15
Section 127Section 132Section 153ASection 153D

…side the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA N o. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs.42.85 crore and a non-fund-based limit of…

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

ITA 727/CHANDI/2023[2013-14]Status: DisposedITAT Chandigarh03 Mar 2025AY 2013-14
Section 127Section 132Section 153ASection 153D

…g outside the scope of deemed dividends as per the statutory provision. Reliance has been placed on following case laws : i). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated 04.01.2022 ii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom) iii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046, (Delhi ITAT), 31. The Ld. Counsel for the assessee has further contended that the assessee provided personal guarantees to SEPL in order to secure credit facilities from banks which included a fund-based limit of Rs.42.85 crore and a non-fund-based limit of Rs.1…

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

ITA 726/CHANDI/2023[2012-13]Status: DisposedITAT Chandigarh03 Mar 2025AY 2012-13

…tside the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs.42.85 crore and a non-fund-based limit of…

MAXPORT INDIA PRIVATE LIMITED,CHANDIGARH vs. DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1,CHANDIGARH, CHANDIGARH

ITA 583/CHANDI/2023[2015-16]Status: DisposedITAT Chandigarh03 Mar 2025AY 2015-16
Section 127Section 132Section 153ASection 153D

…tside the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs.42.85 crore and a non-fund-based limit of…

MAXPORT INDIA PRIVATE LIMITED,CHANDIGARH vs. DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1,CHANDIGARH, CHANDIGARH

ITA 582/CHANDI/2023[2014-15]Status: DisposedITAT Chandigarh03 Mar 2025AY 2014-15
Section 127Section 132Section 153ASection 153D

…tside the scope of deemed dividends as per the statutory\nprovision. Reliance has been placed on following case laws :\ni). DCIT vs Futurz Next Services Ltd. (Del Trib) (ITA No. 3556/Del/2016) dated\n04.01.2022\nii). Bombay Oil Industries Ltd. Vs. DCIT (2009) 28 SOT 383 (Bom)\niii). “Exotica Housing & Infrastructure Company Pvt. Ltd. vs. ITO., 82 ITR 0046,\n(Delhi ITAT),\n31. The Ld. Counsel for the assessee has further contended that the assessee provided\npersonal guarantees to SEPL in order to secure credit facilities from banks which included\na fund-based limit of Rs.42.85 crore and a non-fund-based limit of…

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