CIT v. Abhishek Industries Ltd.

286 ITR 1High Court2006#212 most cited

What is CIT v. Abhishek Industries Ltd. authority for?

For interest on borrowed capital to be deductible under Section 36(1)(iii), there must be a nexus between the use of the borrowed funds and the purpose of the business. This decision has been overruled by the Supreme Court in Munjal Sales Corporation v. CIT (2008).

359

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2008 to 2026.

Also referred to as

CIT v. Abhishek Industries Ltd. · 286 ITR 1 · Section 36(1)(iii) · interest on borrowed capital · disallowance · commercial expediency · use of borrowed funds for business · nexus of funds · interest-free advances · overruled by Munjal Sales Corporation

Also reported as

156 Taxmann 25756 Taxmann.com 391

Sections most often in play

Section 143(3)Section 36(1)(iii)Section 14ASection 37(1)Section 133(6)Section 147Section 132(4)Section 69A

Issues it is cited on

interest free advancessection 36(1)(iii)put to usecommercial expediencysection 36(1)book profitssection 36disallowance u/s 14adisallowance under section 14arevenue expendituresection 14acapital expenditure

Judgments citing CIT v. Abhishek Industries Ltd.

Acc Ltd ( Formelry Known As the Associated Cement Companies Ltd), Mumbai vs. Addll CIT, (Ltu), Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 6638/MUM/2018[2008-09]Status: DisposedITAT Mumbai28 Feb 2023AY 2008-09

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Ltu (Formerly Known As The Associated Cement 29Th Floor, Center-1 Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - Ltu-1 V. M/S. Acc Limited 29Th Floor, Center-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 143(3)Section 14A

…Ltd Vs CIT [(2001) 251 ITR 843 (Mad)], CIT Vs Rajaram Maize Products [(2001) 251 ITR 427 (SC)], CIT Vs S Kumars Tyre 10 ITA NO.268/MUM/2019 (A.Y: 2008-09) M/s. ACC Limited Manufacturing Co [(2004) 266 ITR 325 (MP)], and CIT Vs Abhishek Industries Ltd [(2006) 286 ITR 1 (P&H)]. The entire amount of Rs 1169.93 crores was added to income of the assessee. Aggrieved, assessee carried the matter in appeal before the CIT(A). Learned CIT(A) took note of the fact that these amounts pertained to five different units under four schemes- namely Maharashtra’s Dispersal of Industries Package Scheme of Incentives 1993 (Maratha…

DCIT(Ltu) - 1, Mumbai vs. Acc Ltd., Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 3246/MUM/2018[2012-13]Status: DisposedITAT Mumbai28 Feb 2023AY 2012-13

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Ltd., V. Dcit – Range – 1(1) Mumbai {Formerly Known As The Associated Cement Companies, Ltd.,} Cement House, 121 M.K. Road, Churchgate Mumbai - 400020 Pan: Aaact1507C (Appellant) (Respondent) Dcit (Ltu)-1 V. M/S. Acc Ltd., 29Th Floor, Centre No.1 Cement House, 121 World Trade Centre, Cuffe Parade M.K. Road, Churchgate Mumbai - 400005 Mumbai - 400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 143(3)Section 14A

…e judgments in the cases of Tamilnadu Sugar Corporation Ltd Vs CIT [(2001) 251 ITR 843 (Mad)], CIT Vs Rajaram Maize Products [(2001) 251 ITR 427 (SC)], CIT Vs S Kumars Tyre Manufacturing Co [(2004) 266 ITR 325 (MP)], and CIT Vs Abhishek Industries Ltd [(2006) 286 ITR 1 (P&H)]. The entire amount of Rs 1169.93 crores was added to income of the assessee. Aggrieved, assessee carried the matter in appeal before the CIT(A). Learned CIT(A) took note of the fact that these amounts pertained to five different units under four schemes- namely Maharshtra’s Dispersal of Industries Package Scheme of Incentives 1993 (Maratha U…

Acc Limited (Formerly Known As the Associated Cement Companies Ltd.), Mumbai vs. Addll. CIT, RG. 1(1), Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 3203/MUM/2018[2012-13]Status: DisposedITAT Mumbai28 Feb 2023AY 2012-13

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Ltd., V. Dcit – Range – 1(1) Mumbai {Formerly Known As The Associated Cement Companies, Ltd.,} Cement House, 121 M.K. Road, Churchgate Mumbai - 400020 Pan: Aaact1507C (Appellant) (Respondent) Dcit (Ltu)-1 V. M/S. Acc Ltd., 29Th Floor, Centre No.1 Cement House, 121 World Trade Centre, Cuffe Parade M.K. Road, Churchgate Mumbai - 400005 Mumbai - 400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 143(3)Section 14A

…e judgments in the cases of Tamilnadu Sugar Corporation Ltd Vs CIT [(2001) 251 ITR 843 (Mad)], CIT Vs Rajaram Maize Products [(2001) 251 ITR 427 (SC)], CIT Vs S Kumars Tyre Manufacturing Co [(2004) 266 ITR 325 (MP)], and CIT Vs Abhishek Industries Ltd [(2006) 286 ITR 1 (P&H)]. The entire amount of Rs 1169.93 crores was added to income of the assessee. Aggrieved, assessee carried the matter in appeal before the CIT(A). Learned CIT(A) took note of the fact that these amounts pertained to five different units under four schemes- namely Maharshtra’s Dispersal of Industries Package Scheme of Incentives 1993 (Maratha U…

Acc Ltd, Mumbai vs. Asst CIT Ltu, Mumbai

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

ITA 6082/MUM/2014[2007-08]Status: DisposedITAT Mumbai28 Feb 2023AY 2007-08

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 145A

…e judgments in the cases of Tamilnadu Sugar Corporation Ltd Vs CIT [(2001) 251 ITR 843 (Mad)], CIT Vs Rajaram Maize Products [(2001) 251 ITR 427 (SC)], CIT Vs S Kumars Tyre Manufacturing Co [(2004) 266 ITR 325 (MP)], and CIT Vs Abhishek Industries Ltd [(2006) 286 ITR 1 (P&H)]. The entire amount of Rs 1169.93 crores was added to income of the assessee. Aggrieved, assessee carried the matter in appeal before the CIT(A). Learned CIT(A) took note of the fact that these amounts pertained to five different units under four schemes- namely Maharashtra’s Dispersal of Industries Package Scheme of Incentives 1993 (Maratha…

Acc Limited (Formerly Known As the Associated Cement Companies Ltd.), Mumbai vs. ACIT - Ltu, Mumbai

ITA 417/MUM/2014[2006-07]Status: DisposedITAT Mumbai28 Feb 2023AY 2006-07

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Range 1(1) (Formerly Known As The Associated Cement Mumbai Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) M/S. Acc Limited V. Asst. Cit-Ltu (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Acit – Ltu V. M/S. Acc Limited 28Th Floor, Centre-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai - 400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 143(3)Section 145ASection 251Section 44A

…e judgments in the cases of Tamilnadu Sugar Corporation Ltd Vs CIT [(2001) 251 ITR 843 (Mad)], CIT Vs Rajaram Maize Products [(2001) 251 ITR 427 (SC)], CIT Vs S Kumars Tyre Manufacturing Co [(2004) 266 ITR 325 (MP)], and CIT Vs Abhishek Industries Ltd [(2006) 286 ITR 1 (P&H)]. The entire amount of Rs 1169.93 crores was added to income of the assessee. Aggrieved, assessee carried the matter in appeal before the CIT(A). Learned CIT(A) took note of the fact that these amounts pertained to five different units under four schemes- namely Maharshtra’s Dispersal of Industries Package Scheme of Incentives 1993 (Maratha U…

Acc Ltd ( Formerly Known As the Associates Cement Companies Ltd), Mumbai vs. Addl CIT Ltu, Mumbai

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

ITA 4669/MUM/2012[2007-08]Status: DisposedITAT Mumbai28 Feb 2023AY 2007-08

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 145A

…e judgments in the cases of Tamilnadu Sugar Corporation Ltd Vs CIT [(2001) 251 ITR 843 (Mad)], CIT Vs Rajaram Maize Products [(2001) 251 ITR 427 (SC)], CIT Vs S Kumars Tyre Manufacturing Co [(2004) 266 ITR 325 (MP)], and CIT Vs Abhishek Industries Ltd [(2006) 286 ITR 1 (P&H)]. The entire amount of Rs 1169.93 crores was added to income of the assessee. Aggrieved, assessee carried the matter in appeal before the CIT(A). Learned CIT(A) took note of the fact that these amounts pertained to five different units under four schemes- namely Maharashtra’s Dispersal of Industries Package Scheme of Incentives 1993 (Maratha…

Addl.C.I.T. Ltu, Mumbai vs. Acc Ltd., Mumbai

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

ITA 4556/MUM/2012[2007-08]Status: DisposedITAT Mumbai28 Feb 2023AY 2007-08

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 145A

…e judgments in the cases of Tamilnadu Sugar Corporation Ltd Vs CIT [(2001) 251 ITR 843 (Mad)], CIT Vs Rajaram Maize Products [(2001) 251 ITR 427 (SC)], CIT Vs S Kumars Tyre Manufacturing Co [(2004) 266 ITR 325 (MP)], and CIT Vs Abhishek Industries Ltd [(2006) 286 ITR 1 (P&H)]. The entire amount of Rs 1169.93 crores was added to income of the assessee. Aggrieved, assessee carried the matter in appeal before the CIT(A). Learned CIT(A) took note of the fact that these amounts pertained to five different units under four schemes- namely Maharashtra’s Dispersal of Industries Package Scheme of Incentives 1993 (Maratha…

Addl CIT RG 1(1), Mumbai vs. Acc Ltd, Mumbai

ITA 5692/MUM/2011[2006-07]Status: DisposedITAT Mumbai28 Feb 2023AY 2006-07

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Range 1(1) (Formerly Known As The Associated Cement Mumbai Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) M/S. Acc Limited V. Asst. Cit-Ltu (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Acit – Ltu V. M/S. Acc Limited 28Th Floor, Centre-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai - 400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 143(3)Section 145ASection 251Section 44A

…e judgments in the cases of Tamilnadu Sugar Corporation Ltd Vs CIT [(2001) 251 ITR 843 (Mad)], CIT Vs Rajaram Maize Products [(2001) 251 ITR 427 (SC)], CIT Vs S Kumars Tyre Manufacturing Co [(2004) 266 ITR 325 (MP)], and CIT Vs Abhishek Industries Ltd [(2006) 286 ITR 1 (P&H)]. The entire amount of Rs 1169.93 crores was added to income of the assessee. Aggrieved, assessee carried the matter in appeal before the CIT(A). Learned CIT(A) took note of the fact that these amounts pertained to five different units under four schemes- namely Maharshtra’s Dispersal of Industries Package Scheme of Incentives 1993 (Maratha U…

Acc Ltd ( Formerly Known As the Associated Cement Companies Ltd), Mumbai vs. Addl CIT RG 1(1), Mumbai

ITA 5655/MUM/2011[2006-07]Status: DisposedITAT Mumbai28 Feb 2023AY 2006-07

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Range 1(1) (Formerly Known As The Associated Cement Mumbai Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) M/S. Acc Limited V. Asst. Cit-Ltu (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Acit – Ltu V. M/S. Acc Limited 28Th Floor, Centre-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai - 400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 143(3)Section 145ASection 251Section 44A

…e judgments in the cases of Tamilnadu Sugar Corporation Ltd Vs CIT [(2001) 251 ITR 843 (Mad)], CIT Vs Rajaram Maize Products [(2001) 251 ITR 427 (SC)], CIT Vs S Kumars Tyre Manufacturing Co [(2004) 266 ITR 325 (MP)], and CIT Vs Abhishek Industries Ltd [(2006) 286 ITR 1 (P&H)]. The entire amount of Rs 1169.93 crores was added to income of the assessee. Aggrieved, assessee carried the matter in appeal before the CIT(A). Learned CIT(A) took note of the fact that these amounts pertained to five different units under four schemes- namely Maharshtra’s Dispersal of Industries Package Scheme of Incentives 1993 (Maratha U…

Addl CIT RG 1(1), Mumbai vs. Acc Ltd, Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 3786/MUM/2009[2005-06]Status: DisposedITAT Mumbai28 Feb 2023AY 2005-06

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit – Range-1(1) (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - 1(1) V. M/S. Acc Limited Room No. 79, Aayakar Bhavan (Formerly Known As The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 14ASection 14A(1)

…e judgments in the cases of Tamilnadu Sugar Corporation Ltd Vs CIT [(2001) 251 ITR 843 (Mad)], CIT Vs Rajaram Maize Products [(2001) 251 ITR 427 (SC)], CIT Vs S Kumars Tyre Manufacturing Co [(2004) 266 ITR 325 (MP)], and CIT Vs Abhishek Industries Ltd [(2006) 286 ITR 1 (P&H)]. The entire amount of Rs 1169.93 crores was added to income of the assessee. Aggrieved, assessee carried the matter in appeal before the CIT(A). Learned CIT(A) took note of the fact that these amounts pertained to five different units under four schemes- namely Maharshtra’s Dispersal of Industries Package Scheme of Incentives 1993 (Maratha U…

Acc Ltd (Formerly Known As the Associated Cement Companies Ltd), Mumbai vs. Addl CIT RG 1(1), Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 3490/MUM/2009[2005-06]Status: DisposedITAT Mumbai28 Feb 2023AY 2005-06

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit – Range-1(1) (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - 1(1) V. M/S. Acc Limited Room No. 79, Aayakar Bhavan (Formerly Known As The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 14ASection 14A(1)

…e judgments in the cases of Tamilnadu Sugar Corporation Ltd Vs CIT [(2001) 251 ITR 843 (Mad)], CIT Vs Rajaram Maize Products [(2001) 251 ITR 427 (SC)], CIT Vs S Kumars Tyre Manufacturing Co [(2004) 266 ITR 325 (MP)], and CIT Vs Abhishek Industries Ltd [(2006) 286 ITR 1 (P&H)]. The entire amount of Rs 1169.93 crores was added to income of the assessee. Aggrieved, assessee carried the matter in appeal before the CIT(A). Learned CIT(A) took note of the fact that these amounts pertained to five different units under four schemes- namely Maharshtra’s Dispersal of Industries Package Scheme of Incentives 1993 (Maratha U…

Shree Ram Urban Infrastructure Ltd, Mumbai vs. DCIT Cir 7(2), Mumbai

Appeal is dismissed

ITA 3511/MUM/2016[2010-11]Status: DisposedITAT Mumbai23 Feb 2023AY 2010-11

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahmanassessment Year: 2010-11

For Appellant: NoneFor Respondent: Shri S.N. Kabra, Sr. A.R
Section 133Section 143(3)

…from which advances are given. The AO disallowed interest @ 14.5% as per the ledger of the party. During the appellate proceedings the appellant reiterated the submissions made during the assessment proceedings. In the case of CIT vs. Abhishek Industries Ltd 285 ITR 1 it is held that :- "Entire money in business entity comes in a common kitty. The monies received as share capital, as term loan, as working capital loan, as sale proceeds, etc, do not have any different colour. Whatever are the receipts in the business, that have the colour of business receipts and have no separate identification. Sources have no c…

M/S. Rmz Hotels Private Limited, Bangalore vs. National E-Assessment Centre, Delhi

In the result, the appeal of the assessee is allowed

ITA 954/BANG/2022[2018-19]Status: DisposedITAT Bangalore22 Feb 2023AY 2018-19

Bench: Shri Chandra Poojariassessment Year: 2018-19

For Appellant: Shri V. Srinivasan, A.RFor Respondent: Shri Ganesh R. Ghale, Standing Counsel for Department
Section 234Section 255Section 255(3)Section 36

…ee advance given to subsidiary company as well as loans given to its own Directors at interest at the rate of 10 per cent (para 9). On the other hand, the High Court has simply quoted from its own judgment in the case of CIT v. Abhishek Industries Ltd.[2006] 286 ITR 1/156 Taxman 257 (Punj. & Har.). On that basis, it has held that when loans were taken from the banks at which interest was paid for the purposes of business, the interest thereon could not be claimed as business expenditure. Such an approach is clearly faulty in law and cannot be countenanced. [Para 10] Once it is established that there is nexus bet…

ACIT, Circle-1, Noida vs. Jaiprakash Associates Limited, Noida

In the result, appeals of the Revenue

ITA 947/DEL/2022[2012-13]Status: DisposedITAT Delhi07 Feb 2023AY 2012-13

Bench: Shri Anil Chaturvedi & Shri Anubhav Sharma

For Appellant: Shri Ashwani Kumar GargFor Respondent: Smt Abha Rani Singh
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “C”: DELHI BEFORE SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER ITA Nos. 945 to 947/Del./2022 Assessment Years 2010-11 to 2012-13 The ACIT, Circle-1 M/s. Jaiprakash Noida 201301 Associates Limited, Sector-128, Noida 201304 [vs. PAN AABCB1562A (Appellant) (Respondent) For Revenue: Smt Abha Rani Singh, CIT DR For Assessee : Shri Ashwani Kumar Garg, Advocate Date of Hearing : 01.12.2022 Date of Pronouncement : 07.02.2023 ORDER PER ANIL CHATURVEDI, A.M. The above appeals by Revenue are directed against the separate Orders of t…

ACIT, Circle-1, Noida vs. Jaiprakash Associates Limited, Noida

In the result, appeals of the Revenue

ITA 946/DEL/2022[2011-12]Status: DisposedITAT Delhi07 Feb 2023AY 2011-12

Bench: Shri Anil Chaturvedi & Shri Anubhav Sharma

For Appellant: Shri Ashwani Kumar GargFor Respondent: Smt Abha Rani Singh
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “C”: DELHI BEFORE SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER ITA Nos. 945 to 947/Del./2022 Assessment Years 2010-11 to 2012-13 The ACIT, Circle-1 M/s. Jaiprakash Noida 201301 Associates Limited, Sector-128, Noida 201304 [vs. PAN AABCB1562A (Appellant) (Respondent) For Revenue: Smt Abha Rani Singh, CIT DR For Assessee : Shri Ashwani Kumar Garg, Advocate Date of Hearing : 01.12.2022 Date of Pronouncement : 07.02.2023 ORDER PER ANIL CHATURVEDI, A.M. The above appeals by Revenue are directed against the separate Orders of t…

ACIT, Circle-1, Noida vs. Jaiprakash Associates Limted, Noida

In the result, appeals of the Revenue

ITA 945/DEL/2022[2010-11]Status: DisposedITAT Delhi07 Feb 2023AY 2010-11

Bench: Shri Anil Chaturvedi & Shri Anubhav Sharma

For Appellant: Shri Ashwani Kumar GargFor Respondent: Smt Abha Rani Singh
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “C”: DELHI BEFORE SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER ITA Nos. 945 to 947/Del./2022 Assessment Years 2010-11 to 2012-13 The ACIT, Circle-1 M/s. Jaiprakash Noida 201301 Associates Limited, Sector-128, Noida 201304 [vs. PAN AABCB1562A (Appellant) (Respondent) For Revenue: Smt Abha Rani Singh, CIT DR For Assessee : Shri Ashwani Kumar Garg, Advocate Date of Hearing : 01.12.2022 Date of Pronouncement : 07.02.2023 ORDER PER ANIL CHATURVEDI, A.M. The above appeals by Revenue are directed against the separate Orders of t…

Jwil Infra Ltd, New Delhi vs. DCIT Circle-13(2), New Delhi

ITA 7789/DEL/2019[2014-15]Status: DisposedITAT Delhi17 Jan 2023AY 2014-15

Bench: Sh. Anil Chaturvedi & Sh. Anubhav Sharma

Section 143(3)

…ad to be provided to the SPV by the assessee company, therefore, interest free loans were given out of commercial expediency. However, Ld. AO was not satisfied and relying the judgment of Hon’ble Punjab & Haryana High Court in CIT vs. Abhishek Industries Ltd. 286 ITR 1 (P&H) case disallowed the proportionate interest of Rs. 3,15,38,000/- being 13% of the total advance Rs. 24,26,00,000/- and complete the assessment with further additions not under dispute in the present appeal. Ld. CIT(A) restricted the disallowance to Rs. 2,38,39,675/- to the extent of actual incurred interest expenses on working capital and term…

DCIT (TDS)(OSD) - 2(3), Mumbai vs. M/S. Wockhardt Ltd., Mumbai

In the result, the appeal filed by the Revenue is dismissed

ITA 2131/MUM/2022[2014-15]Status: DisposedITAT Mumbai30 Dec 2022AY 2014-15

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2014-15 Dcit (Tds) (Osd)-2(3), M/S Wockhardt Ltd., Room No. 310, 3Rd Floor, Mtnl Wockhardt Towers, Bandra Building, Cumballa Hill, Vs. Kurla Complex, Mumbai-400026. Mumbai-400051. Pan No. Aaacw 2472 M Appellant Respondent : Assessee By Mr. Pranay Gandhi, Ar : Revenue By Mr. Byomakesh Pradipta Kumar Panda, Cit-Dr : Date Of Hearing 20/12/2022 : Date Of Pronouncement 30/12/2022

For Respondent: Assessee by Mr. Pranay Gandhi, AR
Section 194H

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G” MUMBAI BEFORE SHRI ABY T VARKEY (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2014-15 DCIT (TDS) (OSD)-2(3), M/s Wockhardt Ltd., Room No. 310, 3rd floor, MTNL Wockhardt Towers, Bandra Building, Cumballa Hill, Vs. Kurla Complex, Mumbai-400026. Mumbai-400051. PAN No. AAACW 2472 M Appellant Respondent : Assessee by Mr. Pranay Gandhi, AR : Revenue by Mr. Byomakesh Pradipta Kumar Panda, CIT-DR : Date of Hearing 20/12/2022 : Date of pronouncement 30/12/2022 ORDER PER OM PRAKASH KANT, AM The Revenue has preferred this appeal again…

The ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Torrent Power Limited, Ahmedabad

ITA 2047/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad28 Dec 2022AY 2013-14
For Appellant: Shri Vartik Choksi, A.RFor Respondent: Shri Ritesh Parmar, CIT. D.R
Section 14ASection 36Section 80

…h of Punjab and Haryana High Court in case of C/TvWinsome Textile Industries Ltd. [2009J 319 ITR 204 in which also the Court had observed as under: "7. We do not find any merit in this submission. The judgement of this court in Abhishck Industries Ltd {2006} 286 ITR 1 was on the issue of allowability of interest paid on loans given to sister concerns, without interest. It was held that deduction for interest was permissible when loan was taken for business purpose and not for diverting the same to sister concern without having nexus with the business. The observations made therein have to be read in that context…

The ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Torrent Power Ltd., Ahmedabad

ITA 14/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad28 Dec 2022AY 2012-13
For Appellant: Shri Vartik Choksi, A.RFor Respondent: Shri Ritesh Parmar, CIT. D.R
Section 14ASection 36Section 80

…h of Punjab and Haryana High Court in case of C/TvWinsome Textile Industries Ltd. [2009J 319 ITR 204 in which also the Court had observed as under: "7. We do not find any merit in this submission. The judgement of this court in Abhishck Industries Ltd {2006} 286 ITR 1 was on the issue of allowability of interest paid on loans given to sister concerns, without interest. It was held that deduction for interest was permissible when loan was taken for business purpose and not for diverting the same to sister concern without having nexus with the business. The observations made therein have to be read in that context…