CIT v. Cargill Global Trading (P.) Ltd.

11 Taxmann.com 219High Court2011#14572 most cited
7

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2022.

Also reported as

355 ITR 94
Read the full judgment

Issues it is cited on

section 2(28a)strategic investmentsection 194asection 40(a)(ia)section 194section 250(6)section 19section 133aincome from other sourcessection 143(1)section 25transfer

Judgments citing CIT v. Cargill Global Trading (P.) Ltd.

Academy of Higher Education, Trichy vs. DCIT Circle 1(2), Trichy

The appeal stands partly allowed

ITA 1973/CHNY/2018[2009-10]Status: DisposedITAT Chennai21 Dec 2022AY 2009-10

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am.

For Appellant: Shri B. Ramakrishnan (CA) – Ld. ARFor Respondent: Ms. Ann L Kapthuama (CIT) –Ld. DR
Section 143(3)Section 194Section 250(6)

…(P) Ltd. (69 Taxmann.com 373). This decision has referred to the decisions of Hon’ble Kolkata High Court in CIT v. MKJ Enterprises Ltd. 2015 50 Taxmann.com 441 as well as another decision of Hon’ble Delhi High Court in CIT v. Cargill Global Trading (P.) Ltd (11 Taxmann.com 219). Considering these binding decisions and in the absence of any contrary decision on record, we would hold that no such disallowance could have been made u/s 40(a)(ia). Since we have already directed that the interest income earned by the assessee would be assessable as ‘business income’ and there is complete nexus of factoring charges wit…

Siva Industries and Holdings Limited, Chennai vs. DCIT, Chennai

The appeal stands partly allowed

ITA 1393/CHNY/2016[2008-09]Status: DisposedITAT Chennai21 Dec 2022AY 2008-09

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am.

For Appellant: Shri B. Ramakrishnan (CA) – Ld. ARFor Respondent: Ms. Ann L Kapthuama (CIT) –Ld. DR
Section 143(3)Section 194Section 250(6)

…(P) Ltd. (69 Taxmann.com 373). This decision has referred to the decisions of Hon’ble Kolkata High Court in CIT v. MKJ Enterprises Ltd. 2015 50 Taxmann.com 441 as well as another decision of Hon’ble Delhi High Court in CIT v. Cargill Global Trading (P.) Ltd (11 Taxmann.com 219). Considering these binding decisions and in the absence of any contrary decision on record, we would hold that no such disallowance could have been made u/s 40(a)(ia). Since we have already directed that the interest income earned by the assessee would be assessable as ‘business income’ and there is complete nexus of factoring charges wit…

Siva Industries and Holdings Limited, Chennai vs. DCIT, Chennai

The appeal stands partly allowed

ITA 1392/CHNY/2016[2007-08]Status: DisposedITAT Chennai21 Dec 2022AY 2007-08

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am.

For Appellant: Shri B. Ramakrishnan (CA) – Ld. ARFor Respondent: Ms. Ann L Kapthuama (CIT) –Ld. DR
Section 143(3)Section 194Section 250(6)

…(P) Ltd. (69 Taxmann.com 373). This decision has referred to the decisions of Hon’ble Kolkata High Court in CIT v. MKJ Enterprises Ltd. 2015 50 Taxmann.com 441 as well as another decision of Hon’ble Delhi High Court in CIT v. Cargill Global Trading (P.) Ltd (11 Taxmann.com 219). Considering these binding decisions and in the absence of any contrary decision on record, we would hold that no such disallowance could have been made u/s 40(a)(ia). Since we have already directed that the interest income earned by the assessee would be assessable as ‘business income’ and there is complete nexus of factoring charges wit…

Agr Matthey of Westerm Australia, New Delhi vs. ADIT, New Delhi

Appeal of the assessee is allowed

ITA 1341/DEL/2010[2005-06]Status: DisposedITAT Delhi05 Aug 2019AY 2005-06
Section 71

…the Hon'ble Supreme Court in the case of CIT Vs. Cocanada Radhaswami Bank Ltd. (1965) 57 ITR 306 (SC) as well as in view of the binding precedent of the Hon'ble Delhi High Court on identical facts in the case of CIT Vs. Cargill Global Trading (P.) Ltd. (2011) 11 Taxmann.com 219 (Del.), such interest partakes of the character of the purchase price itself and could not have been put to tax under the residual head of income from other sources. The Revenue Authorities have conveniently omitted to seek to test the transaction under provisions of business income, because they were well aware that in the absence of a pe…

M/S Industrial Perforation India (P) Ltd, Kolkata vs. I.T.O. WD - 5(4), Kolkata

In the result, the appeal of the assessee is partly allowed

ITA 413/KOL/2013[2005-06]Status: DisposedITAT Kolkata24 May 2016AY 2005-06

Bench: : Shri P.M. Jagtap & Shri S.S Viswanethra Ravi

For Appellant: Shri Subash Agarwal, Advocate, ARFor Respondent: Shri S.M Das, JCIT, Sr.DR
Section 143(2)Section 147Section 194JSection 200Section 234BSection 40

…ed that the section 194H on which addition was made is not applicable and the section 194A of the Act is relatively applicable to the facts of the case on hand and reiterated the submissions made before the lower authorities relied on the case law reported in 355 ITR 94. The Ld.DR relied on the order of CIT-A. 17. Heard both the sides and perused the record. It is noticed that the assessee has got guarantee on some terms from banks and other financial institutions for financial assistance against their bills. The said banks used to credit balance amount under bills after deducting their discount charges. Therefo…

Neo Sports Broadcast P.Ltd, Mumbai vs. CIT (TDS), Mumbai

In the result both appeals of the assessee are allowed

ITA 4011/MUM/2014[2011-12]Status: DisposedITAT Mumbai19 Feb 2016AY 2011-12
For Appellant: Dr. K.ShivramFor Respondent: Shri N.P.Singh
Section 194Section 194ASection 194CSection 201(1)Section 263

…eliance on the decision of Hon‟ble Bombay High Court reported at 375 ITR 364. In support of the proposition that bank guarantee commission is not in the nature of interest, he placed reliance on the decision of Hon‟ble Delhi High court in the case reported at 355 ITR 94. 5. Ld. AR further placed reliance on the decision of the Mumbai Tribunal in the case of Kotak Securities Ltd. in support of the proposition that no TDS is required to be deducted in case of payment of bank guarantee commission to the bank, since the payment of commission was not principal to agent but was on principal to principal basis. Reliance…

Neo Sports Broadcast P.Ltd, Mumbai vs. CIT (TDS), Mumbai

In the result both appeals of the assessee are allowed

ITA 4010/MUM/2014[2010-11]Status: DisposedITAT Mumbai19 Feb 2016AY 2010-11
For Appellant: Dr. K.ShivramFor Respondent: Shri N.P.Singh
Section 194Section 194ASection 194CSection 201(1)Section 263

…eliance on the decision of Hon‟ble Bombay High Court reported at 375 ITR 364. In support of the proposition that bank guarantee commission is not in the nature of interest, he placed reliance on the decision of Hon‟ble Delhi High court in the case reported at 355 ITR 94. 5. Ld. AR further placed reliance on the decision of the Mumbai Tribunal in the case of Kotak Securities Ltd. in support of the proposition that no TDS is required to be deducted in case of payment of bank guarantee commission to the bank, since the payment of commission was not principal to agent but was on principal to principal basis. Reliance…

CIT v. Cargill Global Trading (P.) Ltd. (11 Taxmann.com 219) — Cited in 7 Judgments | BharatTax