Chemicals and Plastics India Ltd. v. CIT

260 ITR 193High Court2003#13879 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2006 to 2023.

Judgments citing Chemicals and Plastics India Ltd. v. CIT

DCIT Central Circle-32, Delhi vs. Bptp Ltd., Delhi

In the result, the appeal of the Revenue is dismissed

ITA 955/DEL/2022[2016-17]Status: DisposedITAT Delhi17 Oct 2023AY 2016-17

Bench: Sh. C. M. Gargdr. B. R. R. Kumarita No. 955/Del/2022 : Asstt. Year : 2016-17 Dcit, Vs M/S Bptp Ltd., Central Circle-32, M-11, Middle Circle, Connaught New Delhi Circus, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaccb2442A Assessee By : Sh. Ajay Bhagwani, Ca Revenue By : Sh. Amitabh K. Sinha, Cit-Dr Date Of Hearing: 20.07.2023 Date Of Pronouncement: 17.10.2023 Order Per Dr. B. R. R. Kumar:

For Appellant: Sh. Ajay Bhagwani, CAFor Respondent: Sh. Amitabh K. Sinha, CIT-DR

Section 142(1)Section 143(3)Section 36(1)(iii)Section 43Section 43B

…s treatment in books of accounts. 20. Reliance is being placed on following decisions for allowing of interest:  Lakhanpal National Ltd. vs. ITO in 162 ITR 240 (Guj.) (1986)  CIT vs. BPCL in 252 ITR 43 (Bombay) (2001)  Chemicals and Plastics Ltd. vs. CIT 260 ITR 193 (Mad.) (2002)  Berger Paints (India) Ltd. vs. CIT in 266 ITR 99 (SC) (2004)  Associated Pigments Ltd. vs. CVIT in 234 ITR 589 (Cal.) (1998)  CIT vs. C.L. Gupta & Sons in 259 ITR 513 (All.) (2002)  CIT vs. Modipon Ltd. in C.A. no. 19763 of 2017 (SC) (2017)  DCIT vs. GSK Consumer Healthcare Ltd. in 107 ITD 343 (Chd.) 21. To conclude,  The a…

DCIT Corporate Circle 1(1), Chennai vs. Amex Garments Private Limited, Chennai

In the result, appeal filed by the Revenue is dismissed

ITA 2513/CHNY/2018[2015-16]Status: DisposedITAT Chennai30 Nov 2021AY 2015-16

Bench: Shri Mahavir Singh, Vice- & Shri G.Manjunatha

Section 36Section 36(1)(iii)Section 438Section 43B

…Act, 1961. 5. The learned CIT(A) after considering relevant submissions of the assessee and by relied upon certain judicial precedents, including decision of the Hon’ble Madras High Court in the case of M/s. Chemicals & Plastics India Ltd. Vs. CIT (2003) 260 ITR 193, held that when the assessee has availed loan from bank for the purpose of its business, interest payable in respect of said loan is allowable deduction. Further, said interest was admissible in the respective year to which it pertains, but same was deductible in the year in which such interest was paid to banks in view of specific provisions of…

Maruti Suzuki India Ltd., New Delhi vs. Addl. CIT, New Delhi

Appeal of the assessee is partly allowed for statistical purpose

ITA 467/DEL/2014[2009-10]Status: DisposedITAT Delhi17 Oct 2018AY 2009-10

Bench: Shri R. K. Panda & Ms Suchitra Kamblei.T.A .No. 467/Del/2014 (A.Y 2009-10)

Section 143(3)Section 144CSection 144C(5)Section 43Section 43B

…pur Cooling Towers Ltd.: CA No. 19769 of 2017 (SC) • Lakhanpal National v. ITO : 162 ITR 240 (Guj) • Bharat Petroleum Corporation Ltd: 252 ITR 43 (Bom) • CIT v. NCR Corporation India (P) Ltd.: 240 Taxman 598 (Kar.) • Chemicals and Plastics India Ltd. v. CIT : 260 ITR 193 (Mad) • CIT vs. C.L. Gupta: 259 ITR 513 (All.) • CIT v. Raj and Sans Deep Ltd: 293 ITR 12 (P&H) • Indian Communication Network : 206 ITR 96 (ITAT - SB) • DCIT v Glaxo SmithKline Consumer Healthcare Ltd: 107 ITD 343 (SB) (Chd.) • Hind Lamps Ltd. DCIT: ITA No. 283/D/92 (Agra) • Euro RSCG Advertising (P) Ltd v. ACIT : [2013] 154 TTJ 389 (Mum) The Ld…

The DCIT, 5(1), Bhopal vs. M/S. Sanwaria Agro Oils Ltd., Bhopal

In the result Ground No.2 of the revenue is dismissed

ITA 288/IND/2015[2010-11]Status: DisposedITAT Indore16 Jan 2018AY 2010-11

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2010-11

Section 143(2)Section 143(3)Section 43BSection 80I

…ould be made in the account so as to entitle to the deduction of an amount which is paid during the year under section 43B of the Act. 6.7 Similar view was expressed by the Hon’ble Madras High Court in the case of Chemicals & Plastic India Ltd. Vs. CIT (2003) 260 ITR 193 (Mad.) in which it was observed as under:- “Section 43B of the Income-tax Act, 1961, does not stipulate that before an assessee could claim deduction in that year, the assessee should have shown the amounts paid towards duty under a separate head and that the inclusion of the duty element in the valuation of the current assets would disentitle th…

Maruti Suzuki India Ltd., New Delhi vs. Addl. CIT, New Delhi

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

ITA 6021/DEL/2012[2008-09]Status: DisposedITAT Delhi09 Nov 2017AY 2008-09

Bench: Shri N.K. Saini & Shri K.N. Charry

Section 143(3)Section 144CSection 144C(5)Section 14ASection 35DSection 43BSection 92C

…481 (SC), CIT v. Modipon Ltd.:334 ITR 106 (Del), Lakhanpal National Ltd. v. ITO : 162 ITR 240 (Guj), Bharat Petroleum Corporation Ltd.: 252 ITR 43 (Bom), CIT v. NCR Corporation India (P) Ltd. : 240 Taxman 598 (Kar.), Chemicals and Plastics India Ltd. v. CIT : 260 ITR 193 (Mad), CIT v. C.L. Gupta: 259 ITR513 (All.), CIT v. Raj and Sans Deep Ltd: 293 ITR 12 (P&H), Indian Communication Network 206 ITR 96 (ITAT – SB), DCIT v. Glaxo SmithKline Consumer Healthcare Ltd: 107 ITD 343 (SB) (Chd.), Hind Lamps Ltd. DCIT: ITA No. 283/D/92 (Agra), Euro RSCG Advertising (P) Ltd v. ACIT : 154 TTJ 389 (Mum), he submitted that the…

Maruti Suzuki India Ltd., New Delhi vs. Addl. CIT, New Delhi

Appeal is allowed

ITA 5720/DEL/2011[2007-08]Status: DisposedITAT Delhi12 Jul 2016AY 2007-08

Bench: Shri I.C. Sudhir & Shri L.P. Sahu Assessment Year: 2007-08 Assessment Year: 2007-08 Maruti Suzuki India Ltd., Vs. Additional Cit, Plot No.1, Nelson Mandela Road, Range-6, Vasant Road, New Delhi. New Delhi. (Pan: Aaacm0829Q) (Appellant) (Respondent) Assessee By: S/Shri Ajay Vohra, Sr. Adv. Neeraj Jain, Rohit Jain, Adv. Romit Katyal & Ms. Tejasvi Jain, Cas Department By:Shri Amrendra Kumar, Cit(Dr)

For Appellant: S/Shri Ajay Vohra, Sr. Adv. NeerajFor Respondent: Shri Amrendra Kumar, CIT(DR)

…t. He placed reliance on the following decisions:  Berger Paints India Ltd. v. CIT : (2004) 266 ITR 99 (SC) Lakhanpal National Ltd. v. ITO : 162 ITR 240 (Guj)   Bharat Petroleum Corporation Ltd. : 252 ITR 43 (Bom) Chemicals and Plastics India Ltd. v. CIT : 260 ITR 193 (Mad)  Indian Communication Network (P) Ltd. v. Inspecting ACIT : 206 ITR S-96 / 49  ITD 56 (ITAT – SB) CIT v. C.L. Gupta : 259 ITR513 (All.)  CIT v. Raj and Sans Deep Ltd: 293 ITR 12 (P&H)  DCIT v. Glaxo SmithKline Consumer Healthcare Ltd: 107 ITD 343  (SB) (Chd.) 8. The item-wise submission on each of the above grounds have been explained…

Sandvik Asia Ltd vs. Commnr.of Income Tax-I, Pune

In the result, the appeals stand allowed

C.A. No.-001337-001340 - 2005Supreme Court27 Jan 2006

For Respondent: Commissioner of Income Tax-I, Pune & Ors

Section 214Section 264

…anpal National Ltd.’s case [1986] 162 ITR 240 (Guj) was directly followed by the judgment of the Bombay High Court in CIT v. Bharat Petroleum Corporation Ltd. [2001] 252 ITR 43 and by the Madras High Court in Chemicals and Plastics India Ltd. v. CIT [2003] 260 ITR 193. These two judgments also appear to have been accepted by the Revenue and have not been challenged before this court at all. This fact asserted before us by the petitioner-assessee has not been disputed in the counter affidavit of the Department. In view of the judgments of this court in Union of India v. Kaumudini Narayan Dalal [2001] 249…