Cambay Electric Supply Industrial Co. Ltd. v. CIT

113 ITR 84Supreme Court of India1978#355 most cited

What is Cambay Electric Supply Industrial Co. Ltd. v. CIT authority for?

The expression "attributable to" is wider in scope and import than the expression "derived from" when interpreting provisions related to profits and gains from a business or industrial undertaking. The legislature's deliberate use of these distinct phrases indicates a nuanced intent regarding the directness of the nexus between income and the source.

245

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 1999 to 2026.

Also referred to as

Cambay Electric Supply Industrial Co. Ltd. v. CIT · 113 ITR 84 · Section 80P · derived from · attributable to · scope of expressions · profits and gains · business income attribution · industrial undertaking income · income interpretation · direct nexus

Sections most often in play

Section 80P(2)(a)(i)Section 143(3)Section 80P(2)(d)Section 80PSection 250Section 263Section 56Section 2(19)
Read the full judgment

Issues it is cited on

section 57(i)section 80(2)(d)section 80(p)(2)(a)section 286section 161section 80p(2)(a)(iii)section 80p(2)(c)section 60section 80jinterest on securitiessection 80p(1)section 2(19)

Judgments citing Cambay Electric Supply Industrial Co. Ltd. v. CIT

Sri.Navas M.Meeran, Adimaly vs. The DCIT, Ernakulam

In the result, the appeals of the assessee are partly allowed for statistical

ITA 326/COCH/2017[2006-07]Status: DisposedITAT Cochin01 Mar 2019AY 2006-07

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 69Section 801BSection 80I

…, deduction u/s. 80IB is to be granted. Thus, the controversy before us is centred around the interpretation of the word “derived from” used by the legislature u/s. 80IB of the Act. The Hon'ble Supreme Court in the case of Cambay Electrical Supply Co. Ltd. 113 ITR 84 (SC) held that the expression 'derived from' is much narrower than the expression “attributable to". According to the Court, whenever legislature intended to give narrower meaning, it has used the word “derived from”. In view of the above judgment of the Supreme Court, let us now examine the scope of word “derived from” used by the Legislatur…

Sri.Nava M.Meeran, Adimaly vs. The ACIT, Ernakulam

In the result, the appeals of the assessee are partly allowed for statistical

ITA 325/COCH/2017[2005-06]Status: DisposedITAT Cochin01 Mar 2019AY 2005-06

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 69Section 801BSection 80I

…, deduction u/s. 80IB is to be granted. Thus, the controversy before us is centred around the interpretation of the word “derived from” used by the legislature u/s. 80IB of the Act. The Hon'ble Supreme Court in the case of Cambay Electrical Supply Co. Ltd. 113 ITR 84 (SC) held that the expression 'derived from' is much narrower than the expression “attributable to". According to the Court, whenever legislature intended to give narrower meaning, it has used the word “derived from”. In view of the above judgment of the Supreme Court, let us now examine the scope of word “derived from” used by the Legislatur…

M/S. Vijay Industries vs. Commissioner of Income Tax

Appeals are allowed

C.A. No.-001581-001582 - 2005Supreme Court01 Mar 2019

Bench: HON'BLE MR. JUSTICE A.K. SIKRI

Section 80H

…tions to be made is with reference to Income included in the Gross Total Income under the heading ‘C – Deduction in respect of certain incomes’. It also makes it clear that the amount of income of that nature is to be computed in accordance with the 2 (1978) 2 SCC 644 3 (1979) 3 SCC 538 Civil Appeal Nos. 1581-1582 of 2005 a/w. Connected matters Page 10 of 22 provisions of the Act (before making any deduction under this Chapter). That alone shall be deemed to be the amount of income of that nature which is derived or received by the assessee and which is included in his Gross Total Income. 14) Her…

Sri Uma Kamandaleswara Co - Operative Rural Bank Ltd., Athreyapuram vs. The Addl. CIT, Kakinada

In the result, appeal filed by the assessee is allowed

ITA 199/VIZ/2017[2008-2009]Status: DisposedITAT Visakhapatnam13 Feb 2019AY 2008-2009

Bench: Shri V. Durga Rao, Hon’Blesri Uma Kamandaleswara Vs. Addl.Cit, Kakinada Co-Op Rural Bank Ltd., Ryali, Range, Kakinada. Athreyapuram Mandalm, East Godavari District. Pan No. Aadas 4663 B (Appellant) (Respondent)

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Shri P.S. Murthy – Sr.DR
Section 80P(2)(a)

…t the said decision was confined to the facts of the said case and that the Supreme Court was not dealing with the cases relating to co-operative banks. Referring to the decision of the Supreme Court in Cambay Electric Supply Industrial Co. Ltd. v. CIT [1978] 113 ITR 84, this court pointed out that the expression "attributable to" is wider in scope than the expression "derived from" and that a co-operative society may earn profits by way of interest by parking their funds in high- yielding deposits or may earn income by circulating its capital among its members in the course of their banking business. Adverting t…

Income-Tax Officer, Ward – 3, Satara vs. M/S. Shri Bhairavnath Multistate Cooperative Credit Society Limited, Satara

In the result, the appeal of the Revenue stands dismissed

ITA 2996/PUN/2017[2013-14]Status: DisposedITAT Pune08 Feb 2019AY 2013-14

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

For Appellant: Shri Prateek Jha
Section 143(1)Section 143(2)Section 2Section 44ASection 80PSection 80P(2)(a)Section 80P(2)(ai)Section 80P(2)(d)

…ot derived from. This phrase 'attributable to' has a wide meaning and is wider than the scope of the phrase 'derived from'. This issue has been considered at length by the Supreme Court in the case of Cambay Electric Supply Industrial Company Ltd v CIT [1978] 113 ITR 84 (SC). 5.2.1 It is further submitted that putting money in the Co-operative Banks and earning interest income was integral part of assessee's business of providing finance. The assessee's arguments are supported by the following judgments- • CIT Vs. Karnataka State Co-operative Apex Bank 9251 ITR 194 • CIT Vs. Andhra Pradesh State Co-operative Ban…

Asst CIT (Ltu) 2, Mumbai vs. Glenmark Pharmaceuticals Ltd, Mumbai

In the result, the appeal filed by the Revenue stands partly allowed for statistical purpose

ITA 1654/MUM/2016[2010-11]Status: DisposedITAT Mumbai01 Feb 2019AY 2010-11

Bench: Shri Shamim Yahya & Shri Ravish Soodacit (Ltu)-2 M/S. Glenmark Pharmaceuticals Ltd. World Trade Centre Glenmark Huse, Hdo Corporate Centre-1, 29Th Flor Vs. Bldg., Wing A, B.D. Sawant Marg Cuff Parade Chakala, Opp. Western Express Mumbai 400005 High Way, Andheri (E), Mumbai Pan – Aaacg2207L Appellant Respondent

For Appellant: Shi Rajesh DumorFor Respondent: Shri Vijay Mehta &
Section 115JSection 14ASection 41(1)Section 80I

…egislature has used the 26 M/s. Glenmark Pharmaceuticals Ltd. expression “derived from" intentionally & therefore, this aspect need to be considered in this perspective. The Apex Court in the case of Cambay Electric Supply Co. v. CIT 1978 CTR (SC) 50 : (1978) 113 ITR 84 (SC) has held that the expression "derived from" has been used by the legislature in restricted sense as the words "attributable to" are much wider in meaning than the words "derived from". Further, the Supreme Court in the case of CIT v. Sterling Foods (1999) 153 CTR (SC) 439 : (1999) 237 ITR 579 (SC) has held that for application of the words "d…

ACIT, Circle-33, Kolkata vs. Central Bank of India Employees Cooperative Society Limited, Kolkata

Appeal is allowed for statistical purposes in above terms

ITA 1868/KOL/2017[2014-15]Status: DisposedITAT Kolkata30 Nov 2018AY 2014-15

Bench: Shri P.M.Jagtap, Vice- & Shri S.S.Godaraassessment Year:1014-15

Section 143(3)Section 80PSection 80P(2)(a)

…aid Section is of great importance. The Apex Court had an occasion to consider the meaning of the word 'attributable' as supposed to derive from its use in various other provisions of the statute in the case of Cambay Electric Supply Industrial Co. Ltd. v.CIT 113 ITR 84 (SC) (at page 93) as under:— 'As regards the aspect emerging from the expression "attributable to" occurring in the phrase "profits and gains attributable to the business of" the specified industry (here generation and distribution of electricity) on which the learned Solicitor-General relied, it will be pertinent to observe that the legislature h…

M/S Optek Disc Mfg Co., Baddi vs. DCIT, Circle, Parwanoo

In the result, the appeal of the assessee is allowed

ITA 179/CHANDI/2018[2010-11]Status: DisposedITAT Chandigarh26 Nov 2018AY 2010-11
For Appellant: Shri Arsh KaushalFor Respondent: Shri Manjit Singh, Sr.DR
Section 143(3)Section 271Section 271(1)(c)Section 80I

…bject during the current year. 5. The assessee's reply, we note was not accepted considering the position of law as laid down by the Court in the case of Pandian Chemicals Ltd. Vs CIT (2003) 262 ITR 278, Cambay Electric Supply Industrial Co. Ltd. V CIT (1978) 113 ITR 84 (S.C) and CIT Vs Raja Bahadur Kamakhaya Narain Singh (1948) 16 ITR 325. Apart from that it was also noticed that the assessee has given as security FDR worth Rs. 2 lacs to the Sales Tax authorities as reflected in the balance sheet. The AO made the addition of Rs. 20,000/- estimating the interest @ 10% leading to the addition of Rs. 20,000/-. On t…

Sulphur Mills Ltd, Mumbai vs. Addl CIT RG 8(3), Mumbai

In the result, appeal of the assessee is allowed for statistical purposes

ITA 22/MUM/2014[2010-11]Status: DisposedITAT Mumbai28 Jun 2018AY 2010-11

Bench: Shri C.N. Prasad & Shri Rajesh Kumarassessment Year: 2010-11

For Appellant: Smt. M.K. Patel, A.R. &For Respondent: Shri V. Justin, D.R
Section 10BSection 115PSection 143(3)

…10B in respect of interest income should not be disallowed. After considering the submission of the assessee, the AO held that the interest receipts were not derived from exports. He referred to the cases of Cambay Electrical Supply Industrial Company. Ltd. (113 ITR 84), Sterling Foods and Pandiyan Chemicals Ltd. (233 ITR 497),that the interest income could at best be said to have been attributable to the export, that same was not derived from the business of the assessee, that gross interest receipts were to be disallowed for calculating the deduction u/s. lOB of the Act. For the similar reasons incomes credite…

ITO 17(1)(3), Mumbai vs. The Bombay Sales Tax Staff Co Op Credit Society Ltd, Mumbai

Accordingly directed to allow the deduction claimed by the appellant. Grounds 1, 2 are allowed in favour of the appellant

ITA 7064/MUM/2013[2010-11]Status: DisposedITAT Mumbai31 May 2018AY 2010-11

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm Ito 17(1)(3) The Bombay Sales Tax Staff 1St Floor, R. No. 114, Co-Op. Credit Society Ltd. बिधम/ Piramal Chambers, 18, Vikrikar Bhavan, Vs. Lalbaug, Parel, Balwant Singh Dhodi Marg, Mumbai-12 Mazgaon, Mumbai 400 010 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aaaat0006E (अऩीराथी /Revenue) (प्रत्मथी / Assessee) :

For Appellant: NoneFor Respondent: Shri M.C. Omi Ningshen, D.R
Section 143(1)Section 143(2)Section 143(3)Section 80PSection 80P(2)Section 80P(2)(a)

…ns “attributable to” specified activities of the co-operative society. The CIT(A) deliberating on the scope and gamut of the term “attributable to” as defined by the Hon‟ble Supreme Court in the case of Cambay Electric Supply Industrial Co. Ltd Vs. CIT (1978) 113 ITR 84 (SC) observed that the said term was much wider in impact than the expression „derived from‟. It was further observed by the CIT(A) that the legislature in all its wisdom had used the words „attributable to‟ in Sec. 80P, in conjunction with the phrase „any one or more of such activities‟ which thus revealed that the word „attributable‟ was much wi…

ACIT, Circle-33, Kolkata vs. Central Bank of India Employees Cooperative Society Limited, Kolkata

In the result, appeal by the revenue is dismissed

ITA 2203/KOL/2016[2013-14]Status: DisposedITAT Kolkata01 Mar 2018AY 2013-14

Bench: Hon’Ble Sri.N.V.Vasudevan, Jm & Sri.Waseem Ahmed Am]

For Appellant: Shri S.Bhatacharjee, FCA & Gautam BanerjeeFor Respondent: Shri S.Dasgupta, Addl.CIT Sr.DR
Section 80P(2)(a)

…aid Section is of great importance. The Apex Court had an occasion to consider the meaning of the word 'attributable' as supposed to derive from its use in various other provisions of the statute in the case of Cambay Electric Supply Industrial Co. Ltd. v.CIT 113 ITR 84 (SC) (at page 93) as under:— 'As regards the aspect emerging from the expression "attributable to" occurring in the phrase "profits and gains attributable to the business of" the specified industry (here generation and distribution of electricity) on which the learned Solicitor-General relied, it will be pertinent to observe that the legislature h…

Sahana Jewellery Exports Private Limited, Coimbatore vs. DCIT Corporate Circle 1, Coimbatore

In the result, the appeal of the assessee stands dismissed

ITA 1814/CHNY/2017[2013-14]Status: DisposedITAT Chennai16 Feb 2018AY 2013-14

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy] आयकर अपील सं./I.T.A. No.1814/Chny/2017 "नधा"रण वष" /Assessment Year : 2013-2014. M/S. Sahana Jewellery Exports Vs. The Deputy Commissioner Of Private Limited, Income Tax, 600, Raja Street, Corporate Circle 1, Coimbatore 641 001. Coimbatore. [Pan Aaecs 7045N] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: Shri. R.U. Aroon Prasad, IRS, JCIT
Section 10A

…आयकर अपील"य अ"धकरण, ‘बी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL, ‘B’ BENCH : CHENNAI "ी अ"ाहम पी. जॉज", लेखा सद"य एवं "ी धु"वु" आर.एल रे"डी, "या"यक सद"य के सम" । [BEFORE SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER] आयकर अपील सं./I.T.A. No.1814/CHNY/2017 "नधा"रण वष" /Assessment year : 2013-2014. M/s. Sahana Jewellery Exports Vs. The Deputy Commissioner of Private Limited, Income Tax, 600, Raja Street, Corporate Circle 1, Coimbatore 641 001. Coimbatore. [PAN AAECS 7045N] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. L.Shibi, C.A. अपीलाथ" क" ओर से/ Appellant…

Indira Industries, Ranipet vs. ACIT, Vellore

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

ITA 1262/CHNY/2016[2009-10]Status: DisposedITAT Chennai18 Jan 2018AY 2009-10

Bench: Shri A. Mohan Alankamony & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.1262/Mds/2016 "नधा"रण वष"/Assessment Year:2009-10 M/S. Indira Industries, The Assistant Commissioner Of No. 6, Sipcot Industrial Complex, Vs. Income Tax, Ranipet 632 403, Tamil Nadu. Circle 1, Vellore. [Pan: Aaafi2440N] (Appellant) (Respondent) अपीलाथ" क" ओर से / Appellant By : Shri G. Seetharaman, C.A. ""यथ" क" ओर से/Respondent By : Shri Ar.V. Sreenivasan, Jcit सुनवाई क" तार"ख/ Date Of Hearing : 28.12.2017 घोषणा क" तार"ख /Date Of Pronouncement : 18.01.2018 आदेश /O R D E R Per Duvvuru Rl Reddy:

For Appellant: Shri G. Seetharaman, C.AFor Respondent: Shri AR.V. Sreenivasan, JCIT
Section 10BSection 142(1)Section 143(1)Section 143(2)Section 143(3)Section 144Section 147Section 148

…that the profits and gains derived by an assessee from an industrial undertaking to which that section applies shall not be included in the total income of the assessee. The Supreme Court in the case of Cambay Electric Supply Industrial Co. Ltd. v. CIT [1978] 113 ITR 84 has held that the words "derived from" are narrower in scope than the words "attributable to". In the case of CIT v. Sterling Foods [1999] 237 ITR 579, the Supreme Court observed that: "the word 'derive' is usually followed by the word 'from' and it means: 'get, to trace from a source; arise from, originate in, show the origin or formation of'". I…

M/S Karnataka Renewabl Energy Development Limited, Bangalore vs. DCIT, Bangalore

In the result, the appeal filed by the revenue is partly allowed

ITA 713/BANG/2015[2011-12]Status: DisposedITAT Bangalore13 Dec 2017AY 2011-12

Bench: Shri Sunil Kumar Yadav & Shri Inturi Rama Rao

For Appellant: Shri V.Srinivasan, AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 143(3)Section 234Section 80Section 801A(4)(iv)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, BENGALURU BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER and SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA No. and Appellant Respondent Asst. year 274/Bang/2014 Karnataka Renewal Energy Asst. Commissioner of 2009-10 Development Ltd. Income-tax, Shanthi Gruha, Bharat Scouts & Circle 11(5), Guides Bldg., Palace Road, Bengaluru. Bengaluru-560001. PAN: AACCK 3953 F 1490/Bang/2013 -do- Dy. Commissioner of 2010-11 Income-tax, Circle 11(1), Bengaluru. 713/Bang/2015 -do Dy. Commissioner of 2011-12 Income-tax, Circle 11(5), Bengaluru. 212/Bang/2014 Dy. Commissioner of Income-…

M/S Karnataka Renewal Energy Dev. Ltd vs. ACIT

In the result, the appeal filed by the revenue is partly allowed

ITA 274/BANG/2014[2009-10]Status: DisposedITAT Bangalore13 Dec 2017AY 2009-10

Bench: Shri Sunil Kumar Yadav & Shri Inturi Rama Rao

For Appellant: Shri V.Srinivasan, AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 143(3)Section 234Section 80Section 801A(4)(iv)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, BENGALURU BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER and SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA No. and Appellant Respondent Asst. year 274/Bang/2014 Karnataka Renewal Energy Asst. Commissioner of 2009-10 Development Ltd. Income-tax, Shanthi Gruha, Bharat Scouts & Circle 11(5), Guides Bldg., Palace Road, Bengaluru. Bengaluru-560001. PAN: AACCK 3953 F 1490/Bang/2013 -do- Dy. Commissioner of 2010-11 Income-tax, Circle 11(1), Bengaluru. 713/Bang/2015 -do Dy. Commissioner of 2011-12 Income-tax, Circle 11(5), Bengaluru. 212/Bang/2014 Dy. Commissioner of Income-…

DCIT vs. M/S Karnataka Renewable Energy Dev. Ltd

In the result, the appeal filed by the revenue is partly allowed

ITA 212/BANG/2014[2009-10]Status: DisposedITAT Bangalore13 Dec 2017AY 2009-10

Bench: Shri Sunil Kumar Yadav & Shri Inturi Rama Rao

For Appellant: Shri V.Srinivasan, AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 143(3)Section 234Section 80Section 801A(4)(iv)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, BENGALURU BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER and SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA No. and Appellant Respondent Asst. year 274/Bang/2014 Karnataka Renewal Energy Asst. Commissioner of 2009-10 Development Ltd. Income-tax, Shanthi Gruha, Bharat Scouts & Circle 11(5), Guides Bldg., Palace Road, Bengaluru. Bengaluru-560001. PAN: AACCK 3953 F 1490/Bang/2013 -do- Dy. Commissioner of 2010-11 Income-tax, Circle 11(1), Bengaluru. 713/Bang/2015 -do Dy. Commissioner of 2011-12 Income-tax, Circle 11(5), Bengaluru. 212/Bang/2014 Dy. Commissioner of Income-…

DCIT vs. M/S Karnataka Renewable Energy Development Ltd

In the result, the appeal filed by the revenue is partly allowed

ITA 1596/BANG/2013[2010-11]Status: DisposedITAT Bangalore13 Dec 2017AY 2010-11

Bench: Shri Sunil Kumar Yadav & Shri Inturi Rama Rao

For Appellant: Shri V.Srinivasan, AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 143(3)Section 234Section 80Section 801A(4)(iv)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, BENGALURU BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER and SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA No. and Appellant Respondent Asst. year 274/Bang/2014 Karnataka Renewal Energy Asst. Commissioner of 2009-10 Development Ltd. Income-tax, Shanthi Gruha, Bharat Scouts & Circle 11(5), Guides Bldg., Palace Road, Bengaluru. Bengaluru-560001. PAN: AACCK 3953 F 1490/Bang/2013 -do- Dy. Commissioner of 2010-11 Income-tax, Circle 11(1), Bengaluru. 713/Bang/2015 -do Dy. Commissioner of 2011-12 Income-tax, Circle 11(5), Bengaluru. 212/Bang/2014 Dy. Commissioner of Income-…

M/S Karnataka Renewal Energy Dev. Ltd vs. DCIT

In the result, the appeal filed by the revenue is partly allowed

ITA 1490/BANG/2013[2010-11]Status: DisposedITAT Bangalore13 Dec 2017AY 2010-11

Bench: Shri Sunil Kumar Yadav & Shri Inturi Rama Rao

For Appellant: Shri V.Srinivasan, AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 143(3)Section 234Section 80Section 801A(4)(iv)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, BENGALURU BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER and SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA No. and Appellant Respondent Asst. year 274/Bang/2014 Karnataka Renewal Energy Asst. Commissioner of 2009-10 Development Ltd. Income-tax, Shanthi Gruha, Bharat Scouts & Circle 11(5), Guides Bldg., Palace Road, Bengaluru. Bengaluru-560001. PAN: AACCK 3953 F 1490/Bang/2013 -do- Dy. Commissioner of 2010-11 Income-tax, Circle 11(1), Bengaluru. 713/Bang/2015 -do Dy. Commissioner of 2011-12 Income-tax, Circle 11(5), Bengaluru. 212/Bang/2014 Dy. Commissioner of Income-…

Quadron Business Park Ltd, Mumbai vs. DCIT CC 36, Mumbai

In the result, this appeal by the assessee stands partly allowed

ITA 4857/MUM/2014[2010-11]Status: DisposedITAT Mumbai07 Nov 2017AY 2010-11

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं./I.T.A. No. 4857/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11) M/S. Quadron Business Part Ltd. Dy. Cit, C.C.36, Plot No.28, Midc, Aayakar Bhavan, M. K. Road, बनाम/ Rajiv Gandhi Infotech Park, Mumbai-400 020 Vs. Hinjewadi, Phase-Ii, Pune, "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaeca 9058 R (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri Pradeep Sharma/ Shri Dhruv Mehta ""यथ" क" ओर से/Respondent By : Shri Abhijit Patankar

For Appellant: Shri Pradeep Sharma/For Respondent: Shri Abhijit Patankar
Section 80Section 80I

…s wherein the expression "derived been interpreted, explained and distinguished from the expression attributable to: • Liberty India v. CIT 317 ITR 218 (SC) • Pandian Chemicals Ltd. v. CIT 262 ITR 278 (SC) • Cambay Electric Supply Industrial Co. Ltd. v. CIT 113 ITR 84 (SC) • CIT v. Sterling Foods 237 ITR 579 (SC) • Dy. CIT v. Parekh PIast India (P) Ltd. 137 ITD 208 (Mum) • JJC. Trust v. CIT 23 ITR 143 (Bom) 11. Accordingly, the Assessing Officer held that the amount receipt in this account is not derived from business and, accordingly, the claim of the assessee for deduction u/s. 80-IAB was reduced by the amo…

M/S. Repco Home Finance Ltd., Chennai vs. ACIT, Chennai

In the result, the appeal of assessee in ITA No

ITA 2733/CHNY/2016[2012-13]Status: DisposedITAT Chennai20 Sept 2017AY 2012-13

Bench: Shri N.R.S. Ganesan & Shri Chandra Poojari]

For Appellant: Mr.M.Viswanathan, C.A ""For Respondent: Dr.S.Sundaresan
Section 143(3)Section 147Section 148Section 36

…sidered as profit out of eligible business of the assessee and not eligible for deduction u/s.36(i)(viii) of the Act. For this purpose, he placed reliance in the judgement of Supreme Court in the case of Cambay Electric Supply Industrial Co. Ltd Vs. CIT in 113 ITR 84(SC) and in the case of CIT Vs. Sterling foods in 237 ITR 579(SC) and judgement of jurisdictional High Court in the case of CIT Vs. Menon Impex P Ltd., in 259 ITR 403 (Mad.). Further, ld. Assessing Officer was of the opinion that there was no direct nexus between the interest income and interest paid by the assessee for which the assessee also n…