Caldern Pharmaceuticals Ltd. v. CIT

265 ITR 244High Court2004#15493 most cited
6

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2025.

Sections most often in play

Section 143(3)Section 143(3A)Section 143(3B)Section 194ASection 246ASection 250Section 253Section 36(1)(iii)

Judgments citing Caldern Pharmaceuticals Ltd. v. CIT

Bansal Pathways Damoh Katni P Ltd, Bhopal vs. DCIT 1(1), Bhoopal

The appeal of the assesse is allowed for statistical purpose

ITA 851/IND/2024[2018-19]Status: DisposedITAT Indore10 Nov 2025AY 2018-19

Bench: Shri B.M. Biyani & Shri Paresh M Joshibansal Pathways Damoh Dcit-1(1), बनाम Katni Private Limited, Bhopal / 15Th Floor Bansal One, Vs. Rani Kamlapati Railway Station, Bhopal

Section 143(3)Section 250Section 253

…आयकरअपीलीयअिधकरण, इंदौर"ायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI B.M. BIYANI, ACCOUNTANT MEMBER AND SHRI PARESH M JOSHI, JUDICIAL MEMBER Bansal Pathways Damoh DCIT-1(1), बनाम Katni Private Limited, Bhopal / 15th Floor Bansal One, Vs. Rani Kamlapati Railway Station, Bhopal (PAN:AAFCB5633A) (Assessee/Appellant) (Revenue/Respondent) Assessee by S/Shri Anil Khabya & Sumit Khabya, ARs Revenue by Shri Sanjeev Bhagat, SR.DR Date of Hearing 03.11.2025. Date of Pronouncement 10.11.2025 आदेश/ O R D E R Per Paresh M Joshi, J.M: This is an appeal filed by the assessee Under Sectio…

Paradise Infrastructure, Jaipur vs. Assistant Commissioner of Income Tax, Circle-1, Jaipur

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

ITA 871/JPR/2024[2017-18]Status: DisposedITAT Jaipur19 Sept 2024AY 2017-18

Bench: The Learned Ao.

For Appellant: Shri S.L. Poddar (Adv.)For Respondent: Shri Anup Singh (Addl. CIT)
Section 142(1)Section 143(2)Section 143(3)Section 40

…stion whether it was necessary or commercially expedient or not is a question that has to be decided from the point of view of the businessman and not by the subjective standard of reasonableness of the revenue. (d) Caldern Pharmaceuticals Ltd. Vs CIT (2004) 265 ITR 244 (Cal.) Interest on borrowing could not be disallowed, merely because the assessee had not taken, in the opinion of the Assessing Officer, effective steps to realize the amount due to it. In view of the above facts and circumstances the addition made by the Learned Assessing Officer deserves to be deleted. " Ground No. 3– Under the facts and ci…

Principal Commissioner of Income Tax Kolkata 3 vs. M/S Fairluck Commercial Co Ltd

Accordingly, the appeal fails and is dismissed

ITAT/189/2017HC Calcutta06 Dec 2021

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

For Appellant: Mr. Radhamohan Roy, AdvFor Respondent: Mr. A. K. Dey. Adv
Section 260ASection 36(1)(iii)

…cts of the case, the tribunal held that the assessee shall be automatically eligible for protection under Section 36(1)(iii) of the Act. The 4 tribunal also followed the decision of this Court in the case of Caldern Pharmaceuticals Ltd. vs. CIT reported in 265 ITR 244 (Cal). With the above factual finding, the appeal filed by the assessee was allowed. We find that the tribunal being the last fact finding authority has re-appreciated the facts and granted relief. We find that there is no question of law much less substantial question of law arising for consideration in this appeal. Accordingly, the appeal fai…

Diamond Textiles Mills Pvt. Ltd., Ahmedabad vs. ITO, Ward-1(1)(4), Ahmedabad

In the result, appeal filed by the Assessee is allowed

ITA 346/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad10 Dec 2019AY 2014-15

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed)

For Appellant: Ms. Arti N. Shah, C.AFor Respondent: Shri Uma Prasad, Sr. D.R
Section 36

…ITR 21 (Guj.) 2. CIT vs. Vallabh Glass Works Ltd. [1982] 137 ITR 389 (Guj.) 3. CIT vs. H. R. Sugar Factory Pvt. Ltd. [1991] 187 ITR 363 (All.) 4. Indian Saving Products Ltd. vs. CIT [2004] 265 ITR 250 (Raj.) 5. Caldern Pharmaceutical Pvt. Ltd. vs. CIT [2004] 265 ITR 244 (Kal.) 6. CIT vs. Bombay Samachar Ltd. [1969] 74 ITR 723 (Bom.) 7. K. Somasundram & Bro. [1999] 238 ITR 939 (Madras) 8. Elmer Havell Electrics vs. CIT [2005] 277 ITR 549 (Del.) Thus, the contentions of the assessee lacks merit and could not be substantiated. 5.5 In view of the above narrated facts and the judicial pronouncements, the claim of th…

R.S.Credit Private Limited, Kolkata vs. I.T.O WD - 12(2), Kolkata

In the result the appeal of the assessee is allowed

ITA 2314/KOL/2013[2008-09]Status: DisposedITAT Kolkata06 May 2016AY 2008-09

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am] Assessment Year : 2008-09 R.S.Credit Pvt. Ltd. -Versus- I.T.O., Ward-12(2), Kolkata Kolkata (Pan:Aabcr2267A) (Appellant ) (Respondent)

For Appellant: Shri G.C.Roy, A.RFor Respondent: Shri Rajat Kumar Kureel, JCIT, Sr.DR
Section 143(3)

…accepted to be utilized for business purposes the allowance of interest payment thereon becomes automatic. We place reliance in this regard on the decision of the Hon’ble Jurisdictional High Court in the case of Caldern Pharmaceuticals Ltd vs CIT reported in 265 ITR 244 (Cal). In view of the aforesaid findings and the judicial pronouncement mentioned herein above we have no hesitation in directing the AO to allow the claim of interest of Rs.19,74,100/-. 4. The next issue to be decided in this appeal is as to whether the ld. AO is justified in disallowing the bank commission paid of Rs.1,72,372/- in the facts an…

Fairluck Commercial Company Ltd, Kolkata vs. D.C.I.T Cir - 8, Kolkata

In the result the appeal of the assessee is allowed

ITA 1427/KOL/2013[2007-08]Status: DisposedITAT Kolkata06 May 2016AY 2007-08

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am] Assessment Year : 2007-08 Fairluck Commercial Company -Versus- D.C.I.T., Circle-8, Ltd., Kolkata Kolkata (Pan:Aaacf7575Q) (Appellant ) (Respondent)

For Appellant: Akkal Dudhwewala, FCAFor Respondent: Sallong Yaden, Addl. CIT, Sr.DR
Section 143(3)

…AR in this regard. The ld. DR vehemently supported the orders of the lower authorities. We also find that this aspect of the issue have been duly conceded by the Hon’ble Jurisdictional High Court in the case of Caldern Pharmaceuticals Ltd. Vs CIT reported in 265 ITR 244 (Cal) wherein, it was held:- “INTEREST ON BORROWED CAPITAL – CONDITION PRECEDENT FOR DEDUCITON-CAPITAL SHOULD HAVE BEEN BORROWED FOR PURPOSES OF BUSINESS – NOT NECESSARY THAT STEPS SHOULD BE TAKEN TO REALISE CREDITS – INCOME-TAX ACT, 1961, s.36(1)(iii). The language of section 36(1)(iii) of the Income-tax Act, 1961, is very clear. An assessee wou…