CIT v. Asian Hotels Ltd.

323 ITR 490High Court2010#4008 most cited

What is CIT v. Asian Hotels Ltd. authority for?

Notional income from interest-free loans or deposits is not taxable under the Income Tax Act in the absence of a specific provision allowing for such taxation.

30

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2025.

Also referred to as

CIT v. Asian Hotels Ltd. · notional income · interest free loans · interest free deposits · taxable income · Income Tax Act · specific provision

Also reported as

168 Taxmann 59

Sections most often in play

Section 1961Section 143(3)Section 147Section 148Section 112(1)Section 115JAASection 133(6)Section 133A
Read the full judgment

Issues it is cited on

interest on interestsection 23previous yearcompanybusinesssection 143interesttotal incomepersonsection 14section 143(3)india

Judgments citing CIT v. Asian Hotels Ltd.

ACIT, C. R. BUILDING vs. HANSDEEP INDUSTRIES AND TRADING COMPANY LTD., FOURTH FLOOR, LINK HOUSE,

In the result, the appeal is allowed

ITA 3466/DEL/2023[2016-17]Status: DisposedITAT Delhi28 May 2025AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwalassessment Year: 2016-17 Vs. M/S. Acit, Hansdeep Industries C.R. Building & Trading Company Ltd., New Delhi 4Th Floor, Link House, 3 Bahadur Shah Zafar Marg, New Delhi Pan: Aabcj0776A (Appellant) (Respondent) Assessee By Sh. Ankit Kumar, Adv. Sh. Lalit Mohan, Ca Department By Sh. Rajesh Kumar Dhanesta, Sr. Dr Date Of Hearing 28.05.2025 Date Of Pronouncement 28.05.2025 Order

Section 143(3)Section 5Section 57

…itions on that basis to the income of the assessee, is not justified” 5.4. In Andhra Bank case (1997) 225 ITR 447 (SC) it was held that there cannot be a tax if no income resulted, despite the entry in the book keeping. 5.5. In the case of Asian Hotels (2010) 323 ITR 490 (Delhi), the Delhi High Court considered the issue of notional income from interest free loans received by the petitioner in respect of shops given on rent. The 3 | P a g e Assessing Officer computed tax of 18 percent per annum on the notional interest on the basis that they resulted in benefit to the petitioner. Rejecting this contention, the Co…

ACIT, CENTRAL CRCLE-18, NEW DELHI vs. SHIMMER DEVELOPERS P.LTD, NEW DELHI

In the result, appeal of the Revenue is dismissed

ITA 1497/DEL/2018[2011-12]Status: DisposedITAT Delhi21 Oct 2024AY 2011-12

Bench: Pradip Kumar Kedia & Shri Anubhav Sharma

Section 132Section 143(3)Section 147Section 150Section 68

…d interest that is not expressly allowed in the ITA. This approach was adopted by the Bombay High Court in CIT v. F.L Smidth & Co., (1959) 35 ITR 183 (Born). See also Bipin Chandra Maganlal v. CIT, (1955) 28 ITR 1 (Born). 5.1 In CIT v. Asian Hotels Ltd. (2010)323 ITR 490, (Delhi), the Delhi High Court considered the issue of notional income from interest free loan received by the petitioner in respect of shops given on rent. The AO computed tax of 18 percent per annum on notional interest on the basis that they resulted in benefit to the petitioner. Rejecting this connection, the Court held that the notional inco…

HERO MOTOCORP LTD (AS SUCCESSOR OF HERO INVESTMENT P.LTD),NEW DELHI vs. DCIT, CIRCLE 11(1), NEW DELHI

The appeal is allowed

ITA 1053/DEL/2023[2011-12]Status: DisposedITAT Delhi24 Jul 2024AY 2011-12

Bench: Shri G.S. Pannu & Shri Anubhav Sharmaassessment Year: 2011-12

Section 143(3)

…ng with the issue, the High Court observed that the price differential could not be said to be benefit arising to the assessee, so as to be taxed under section 28 of the Act. 39.1 The Hon'ble Delhi High Court decision in the case of CIT v. Asian Hotels Ltd.: 323 ITR 490 was also relied where it is held that notional interest on interest-free deposit advanced by the assessee could not be added to income of assessee under section 28 of the Act on the basis that it may have been earned if placed in a fixed deposit. 40. In regard to these ground it is seen that section 28(iv) before substitution by Finance Act. 202…

ACIT-3(1)(1), MUMBAI vs. GENTEX MERCHANTS PVT. LTD., MUMBAI

Appeal of the revenue is partly allowed

ITA 196/MUM/2024[2017-18]Status: DisposedITAT Mumbai11 Jun 2024AY 2017-18

Bench: Ms Padmavathy S, Am & Shri Raj Kumar Chauhan, Jm

For Appellant: Shri Anuj Kisnadwala, CAFor Respondent: Shri Mahesh Parwani, Sr. DR

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE MS PADMAVATHY S, AM & SHRI RAJ KUMAR CHAUHAN, JM I.T.A. No. 196/Mum/2024 (Assessment Year: 2017-18) ACIT – 3(1)(1) Gentex Merchants Pvt. Ltd. Room No. 607, 6th Floor, 81, Maker Chambers-III, 223, Vs. Aayakar Bhawan, M.K. Road, Nariman Point, Mumbai-400021. Mumbai-400020. PAN : AABCG1491M Appellant) : Respondent) Appellant/Assessee by : Shri Anuj Kisnadwala, CA Revenue/Respondent by : Shri Mahesh Parwani, Sr. DR Date of Hearing : 05.06.2024 Date of Pronouncement : 11.06.2024 O R D E R Per Padmavathy S, AM: This appeal by the Revenue is against the order…

GURPREET SINGH DHILLON,AMRITSAR vs. ACIT, CIRCLE INT. TAX. 1(2)(2), NEW DELHI

In the result, appeal of the assessee is allowed as indicated above

ITA 2673/DEL/2022[2018-19]Status: DisposedITAT Delhi25 Sept 2023AY 2018-19

Bench: Shri G. S. Pannua N D Shri Challa Nagendra Prasad

Section 23Section 24Section 251(2)

…left open." 12. It is, thus, manifest that various Courts have held a consistent view that notional interest cannot form part of actual rent. Hence, there is no justification to take a different view that what has been stated in Asian Hotels Limited [(2010) 323 ITR 490 (Del).” 12. Ratio of the decisions squarely applies to the facts of the assessee’s case. Thus, we reverse the findings of the ld. CIT (Appeals) on this issue and hold that no notional interest on interest free security deposit can be added to the ALV of the property while computing income from house property. 13. In the result, appeal of the as…

ACIT-3(1)(1), MUMBAI vs. M/S GEMTEX MERCHANTS PRIVATE LIMITED, MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 1270/MUM/2023[2012-13]Status: DisposedITAT Mumbai20 Jul 2023AY 2012-13

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No.1270/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) Acit-3(1)(1) बिधम/ M/S. Gentex Merchants Room No. 607, 6Th Floor, Pvt. Ltd. Vs. Aayakar Bhavan, M. K. 81, Maker Chambers-Iii, Road, Mumbai-400020. 223, Nariman Point, Mumbai-400021. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aabcg1491M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Anuj Kisnadwala Revenue By: Dr. Kishor Dhule (Dr) सुनवाई की तारीख / Date Of Hearing: 04/07/2023 घोषणा की तारीख /Date Of Pronouncement: 20/07/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Revenue Against The Order Of The Ld. Commissioner Of Income Tax/Nfac, Delhi Dated 20.02.2023 For Assessment Year 2012-13. 2. The First Ground Of Appeal Of The Revenue Is Against The Action Of The Ld. Cit(A) Restricting The Annual Value Of The Property Let Out At Rs.1,20,00,000/- As Against Rs.14,14,94,120/- Determined By The Ao. 3. Brief Facts Are That The Assessee Company Had Filed Its Return Of Income For Ay. 2012-13 On 29.09.2012 Declaring A Total Loss Of (Rs.2,14,60,919/-). The Ao Noted That The Assessee Has Declared Income From Two Heads Of Income Viz. Income From House Property & Income From Business & Profession. & That The Assessee Company Owned A Residential Property At 22, Aurangazeb Road, New Delhi. & That The Assessee Has Let Out The Said Property On Rent Of Rs.1,20,00,000/- For The Year. Further The Assessee Also Charged A Fixed

For Appellant: Shri Anuj KisnadwalaFor Respondent: Dr. Kishor Dhule (DR)

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI AMARJIT SINGH, AM आयकर अपील सं/ I.T.A. No.1270/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) ACIT-3(1)(1) बिधम/ M/s. Gentex Merchants Room No. 607, 6th Floor, Pvt. Ltd. Vs. Aayakar Bhavan, M. K. 81, Maker Chambers-III, Road, Mumbai-400020. 223, Nariman Point, Mumbai-400021. स्थधयी लेखध सं./जीआइआर सं./PAN/GIR No. : AABCG1491M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee by: Shri Anuj Kisnadwala Revenue by: Dr. Kishor Dhule (DR) सुनवाई की तारीख / Date of Hearing: 04/07/2023 घोषणा की तारीख /Date of…

THE DEPUTY COMMR. OF INCOME TAX, CIRCLE-2 (1),, RAJKOT-GUJARAT vs. SHRI GIRISH R. TANTI,, RAJKOT-GUJARAT

In the result, appeal of the Department is dismissed

ITA 113/RJT/2018[2011-12]Status: DisposedITAT Rajkot31 Oct 2022AY 2011-12
For Appellant: Shri Mehul Ranpura, A.RFor Respondent: Shri Shramdeep Sinha, Sr. D.R
Section 139Section 143(3)Section 263

…. It was observed that the question of real accrual of income must be considered by I.T.A No. 113/Rjt/2018 A.Y. 2011-12 Page No 10 Dy. CIT vs. Shri Girish R. Tanti taking the probability of realisation in a realistic manner. In the case of Asian Hotels(2010) 323 ITR 490 (Delhi),the Delhi High Court considered the issue of notional income from interest free loans received by the petitioner in respect of shops given on rent. The Assessing Officer computed tax of 18 percent per annum on the notional interest on the basis that they resulted in benefit to the petitioner. Rejecting this contention, the Court held that…

MLL LOGISTICS PVT. LTD.,MUMBAI vs. ACIT - 3(2)(1), MUMBAI

In the result, appeal is partly allowed

ITA 164/MUM/2019[2013-14]Status: HeardITAT Mumbai18 Nov 2021AY 2013-14

Bench: Shri G.S. Pannu (Hon’Ble) & Shri Saktijit Dey (Hon’Ble)

Section 115JSection 133(6)

…ever, by no stretch of imagination, the notional interest on the interest free security can be taken as determinative factor to arrive at a “fair rent”. The Provisions of Section 23(1) (a) do not mandate this. The Division Bench in Asian Hotels Limited [2010] 323 ITR 490 (Delhi), thus, rightly observed that in a taxing statute it would be unsafe for the Court to go beyond the letter of the law and try to read into the provision more than what is already provided for. We may also record that even the Bombay High Court in the case Commissioner of Income Tax Vs. J. K. Investors (Bombay) Ltd.,[(2001) 248 ITR 723 (Bom…

M/S. SIMPSON UNITECH WIRELESS (P) LTD.,NEW DELHI vs. ITO, NEW DELHI

In the result, the appeals of the assessees are allowed and the appeal of the Revenue is dismissed

ITA 1953/DEL/2014[2009-10]Status: DisposedITAT Delhi08 Nov 2019AY 2009-10

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: Shri Salil Agrawal, Adv. ShriFor Respondent: Shri S.S. Rana CIT-DR
Section 28Section 3

…(Del.), affirmed by the Hon’ble Supreme Court in 404 ITR 1 (SC) ii) Mahindra and Mahindra Ltd., reported in 261 ITR 501 (Bom.) affired by Hon’ble Supreme Court in 404 ITR 1 (SC) iiii) 324 ITR 154 (Bom) Prashant S. Joshi vs. ITO iv) CIT vs. Asian Hotels Ltd. , 323 ITR 490 (Del) vi) Ravinder Singh And Another vs. CIT, 253 ITR 353 (Del) v) Unitech Holdings Ltd. vs. DCIT, reported in 290 CTR 201 (HC)” 16. Further, the decision of the Assessing Officer and CIT (A) is contrary to the decision of Hon’ble Apex Court in the case of Excel Industries, 358 ITR 259 and made following submissions. 24 I.T.A. No.1953, 101/DEL…

M/S. ACORUS UNITECH WIRELESS PVT. LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeals of the assessees are allowed and the appeal of the Revenue is dismissed

ITA 2989/DEL/2017[2009-10]Status: DisposedITAT Delhi08 Nov 2019AY 2009-10

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: Shri Salil Agrawal, Adv. ShriFor Respondent: Shri S.S. Rana CIT-DR
Section 28Section 3

…(Del.), affirmed by the Hon’ble Supreme Court in 404 ITR 1 (SC) ii) Mahindra and Mahindra Ltd., reported in 261 ITR 501 (Bom.) affired by Hon’ble Supreme Court in 404 ITR 1 (SC) iiii) 324 ITR 154 (Bom) Prashant S. Joshi vs. ITO iv) CIT vs. Asian Hotels Ltd. , 323 ITR 490 (Del) vi) Ravinder Singh And Another vs. CIT, 253 ITR 353 (Del) v) Unitech Holdings Ltd. vs. DCIT, reported in 290 CTR 201 (HC)” 16. Further, the decision of the Assessing Officer and CIT (A) is contrary to the decision of Hon’ble Apex Court in the case of Excel Industries, 358 ITR 259 and made following submissions. 24 I.T.A. No.1953, 101/DEL…

DCIT, NEW DELHI vs. M/S. ACORUS WIRELESS UNITECH PVT. LTD., NEW DELHI

In the result, the appeals of the assessees are allowed and the appeal of the Revenue is dismissed

ITA 2075/DEL/2017[2009-10]Status: DisposedITAT Delhi08 Nov 2019AY 2009-10

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: Shri Salil Agrawal, Adv. ShriFor Respondent: Shri S.S. Rana CIT-DR
Section 28Section 3

…(Del.), affirmed by the Hon’ble Supreme Court in 404 ITR 1 (SC) ii) Mahindra and Mahindra Ltd., reported in 261 ITR 501 (Bom.) affired by Hon’ble Supreme Court in 404 ITR 1 (SC) iiii) 324 ITR 154 (Bom) Prashant S. Joshi vs. ITO iv) CIT vs. Asian Hotels Ltd. , 323 ITR 490 (Del) vi) Ravinder Singh And Another vs. CIT, 253 ITR 353 (Del) v) Unitech Holdings Ltd. vs. DCIT, reported in 290 CTR 201 (HC)” 16. Further, the decision of the Assessing Officer and CIT (A) is contrary to the decision of Hon’ble Apex Court in the case of Excel Industries, 358 ITR 259 and made following submissions. 24 I.T.A. No.1953, 101/DEL…

S.P. CORPORATION,MUMBAI vs. A.C.I.T. RG. 11(1), MUMBAI

In the result, appeal of the assessee for the Assessment Years

ITA 6298/MUM/2012[2009-10]Status: DisposedITAT Mumbai16 May 2018AY 2009-10

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Perci PardiwalaFor Respondent: Shri V. Justin
Section 143(3)

…Ld. Counsel for the assessee referring to the decision in the case of CIT v. Tip Top Typography [368 ITR 330] submitted that the Hon’ble Jurisdictional High Court considering the decision of the Hon’ble Delhi High Court in the case of CIT v. Asian Hotels Ltd [323 ITR 490] wherein it has been held that since the provisions of fixation of annual rent under the Delhi Municipal 9 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation Corporation Act are in Pari Materia of Section 23 of the I.T. Act the Hon’ble High Court was inclined to accept the…

S.P. CORPORATION,MUMBAI vs. A.C.I.T.RG.11(1), MUMBAI

In the result, appeal of the assessee for the Assessment Years

ITA 2626/MUM/2012[2008-09]Status: DisposedITAT Mumbai16 May 2018AY 2008-09

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Perci PardiwalaFor Respondent: Shri V. Justin
Section 143(3)

…Ld. Counsel for the assessee referring to the decision in the case of CIT v. Tip Top Typography [368 ITR 330] submitted that the Hon’ble Jurisdictional High Court considering the decision of the Hon’ble Delhi High Court in the case of CIT v. Asian Hotels Ltd [323 ITR 490] wherein it has been held that since the provisions of fixation of annual rent under the Delhi Municipal 9 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation Corporation Act are in Pari Materia of Section 23 of the I.T. Act the Hon’ble High Court was inclined to accept the…

S.P. CORPORATION,MUMBAI vs. ASST CIT RG 11(1), MUMBAI

In the result, appeal of the assessee for the Assessment Years

ITA 6857/MUM/2011[2007-08]Status: DisposedITAT Mumbai16 May 2018AY 2007-08

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Perci PardiwalaFor Respondent: Shri V. Justin
Section 143(3)

…Ld. Counsel for the assessee referring to the decision in the case of CIT v. Tip Top Typography [368 ITR 330] submitted that the Hon’ble Jurisdictional High Court considering the decision of the Hon’ble Delhi High Court in the case of CIT v. Asian Hotels Ltd [323 ITR 490] wherein it has been held that since the provisions of fixation of annual rent under the Delhi Municipal 9 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation Corporation Act are in Pari Materia of Section 23 of the I.T. Act the Hon’ble High Court was inclined to accept the…

ACIT 11(1), MUMBAI vs. S.P. CORPORATION, MUMBAI

In the result, appeal of the assessee for the Assessment Years

ITA 2747/MUM/2011[2004-05]Status: DisposedITAT Mumbai16 May 2018AY 2004-05

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Perci PardiwalaFor Respondent: Shri V. Justin
Section 143(3)

…Ld. Counsel for the assessee referring to the decision in the case of CIT v. Tip Top Typography [368 ITR 330] submitted that the Hon’ble Jurisdictional High Court considering the decision of the Hon’ble Delhi High Court in the case of CIT v. Asian Hotels Ltd [323 ITR 490] wherein it has been held that since the provisions of fixation of annual rent under the Delhi Municipal 9 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation Corporation Act are in Pari Materia of Section 23 of the I.T. Act the Hon’ble High Court was inclined to accept the…

S.P CORPORATION,MUMBAI vs. ACIT RG 11(1), MUMBAI

In the result, appeal of the assessee for the Assessment Years

ITA 2596/MUM/2011[2006-07]Status: DisposedITAT Mumbai16 May 2018AY 2006-07

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Perci PardiwalaFor Respondent: Shri V. Justin
Section 143(3)

…Ld. Counsel for the assessee referring to the decision in the case of CIT v. Tip Top Typography [368 ITR 330] submitted that the Hon’ble Jurisdictional High Court considering the decision of the Hon’ble Delhi High Court in the case of CIT v. Asian Hotels Ltd [323 ITR 490] wherein it has been held that since the provisions of fixation of annual rent under the Delhi Municipal 9 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation Corporation Act are in Pari Materia of Section 23 of the I.T. Act the Hon’ble High Court was inclined to accept the…

S.P CORPORATION,MUMBAI vs. ACIT RG 11(1), MUMBAI

In the result, appeal of the assessee for the Assessment Years

ITA 2595/MUM/2011[2004-05]Status: DisposedITAT Mumbai16 May 2018AY 2004-05

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Perci PardiwalaFor Respondent: Shri V. Justin
Section 143(3)

…Ld. Counsel for the assessee referring to the decision in the case of CIT v. Tip Top Typography [368 ITR 330] submitted that the Hon’ble Jurisdictional High Court considering the decision of the Hon’ble Delhi High Court in the case of CIT v. Asian Hotels Ltd [323 ITR 490] wherein it has been held that since the provisions of fixation of annual rent under the Delhi Municipal 9 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation Corporation Act are in Pari Materia of Section 23 of the I.T. Act the Hon’ble High Court was inclined to accept the…

S.P CORPORATION,MUMBAI vs. ACIT RG 11(1), MUMBAI

In the result, appeal of the assessee for the Assessment Years

ITA 2594/MUM/2011[2003-04]Status: DisposedITAT Mumbai16 May 2018AY 2003-04

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Perci PardiwalaFor Respondent: Shri V. Justin
Section 143(3)

…Ld. Counsel for the assessee referring to the decision in the case of CIT v. Tip Top Typography [368 ITR 330] submitted that the Hon’ble Jurisdictional High Court considering the decision of the Hon’ble Delhi High Court in the case of CIT v. Asian Hotels Ltd [323 ITR 490] wherein it has been held that since the provisions of fixation of annual rent under the Delhi Municipal 9 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation Corporation Act are in Pari Materia of Section 23 of the I.T. Act the Hon’ble High Court was inclined to accept the…

WEST GUJARAT EXPRESSWAY LTD,MUMBAI vs. DCIT 14(3)(2), MUMBAI

In the result, the appeal of Revenue is dismissed and that of assessee is allowed

ITA 664/MUM/2015[2010-11]Status: DisposedITAT Mumbai26 May 2017AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Dy. Commissioner Of Income Tax, West Gujarat Expressway Circle 14(3)(1) Ltd. 453 Aayakar Bhavan, M.K. Marg The Il & Fs Financial Centre, Mumbai-400020 Vs. Plot No. C-22, G Block Bkc Complex, Bandra (E) Mumbai-400051 Pin No. Aaacw5862D Appellant .. Respondent West Gujarat Expressway Ltd. Dy. Commissioner Of Income Tax, The Il & Fs Financial Centre, Circle 14(3)(1) Plot No. C-22, G Block Bkc 453 Aayakar Bhavan, M.K. Vs. Complex, Bandra (E) Marg Mumbai-400051 Mumbai-400020 Pin No. Aaacw5862D Appellant .. Respondent

Section 143(3)

…hat there is no claim pending against NHAI as the income has not accrued to the assessee and do not have a right to receive this notional interest. 15. In this similar circumstances the Hon’ble Delhi High Court in the case of CIT vs. Asian Hotels Ltd. (2010) 323 ITR 490 (Del) has held considering the provisions of section 28 (iv) of the Act that the question of any notional interest Page 28 of 32 ITA No.634 & 664/Mum/2015 West Gujarat Expressway Ltd. (A.Y:2010-11) on an interest free deposits being added to the interest of the assessee on the basis that it may have earned by assessee if placed in a fixed depo…

DCIT 14(3)(1), MUMBAI vs. WEST GUJARAT EXPRESSWAY LTD, MUMBAI

In the result, the appeal of Revenue is dismissed and that of assessee is allowed

ITA 634/MUM/2015[2010-11]Status: DisposedITAT Mumbai26 May 2017AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Dy. Commissioner Of Income Tax, West Gujarat Expressway Circle 14(3)(1) Ltd. 453 Aayakar Bhavan, M.K. Marg The Il & Fs Financial Centre, Mumbai-400020 Vs. Plot No. C-22, G Block Bkc Complex, Bandra (E) Mumbai-400051 Pin No. Aaacw5862D Appellant .. Respondent West Gujarat Expressway Ltd. Dy. Commissioner Of Income Tax, The Il & Fs Financial Centre, Circle 14(3)(1) Plot No. C-22, G Block Bkc 453 Aayakar Bhavan, M.K. Vs. Complex, Bandra (E) Marg Mumbai-400051 Mumbai-400020 Pin No. Aaacw5862D Appellant .. Respondent

Section 143(3)

…hat there is no claim pending against NHAI as the income has not accrued to the assessee and do not have a right to receive this notional interest. 15. In this similar circumstances the Hon’ble Delhi High Court in the case of CIT vs. Asian Hotels Ltd. (2010) 323 ITR 490 (Del) has held considering the provisions of section 28 (iv) of the Act that the question of any notional interest Page 28 of 32 ITA No.634 & 664/Mum/2015 West Gujarat Expressway Ltd. (A.Y:2010-11) on an interest free deposits being added to the interest of the assessee on the basis that it may have earned by assessee if placed in a fixed depo…

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