CIT v. Century Flour Mills Ltd.

334 ITR 377High Court#24550 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2023.

Judgments citing CIT v. Century Flour Mills Ltd.

The ACIT Cent. Cir-6(4), Mumbai vs. Airmid Developers Ltd, Delhi

In the result, appeal filed by the Revenue/Department stands dismissed as infructuous

ITA 2381/MUM/2021[2012-13]Status: DisposedITAT Mumbai31 May 2023AY 2012-13

Bench: Shri Br Baskaran & Shri Narender Kumar Choudhrythe Acit, Cc-6(4), Vs Airmid Developers Ltd. Room No. 1925, 19Th M-62 & 63, 1St Floor, Floor, Connought Place, Air India Building, New Delhi-110001. Nariman Point, Pan: Aagca5601G Mumbai-400021. Appellant Respondent

For Appellant: Sh. K. Gopal, ARFor Respondent: Sh. Manoj Kumar Sinha, Sr. DR

Section 143(3)Section 147Section 148Section 250Section 36(1)(iii)Section 37

…ed by the subsidiary for some business purposes, the assessee would ordinarily be entitled to deduction of interest on its borrowed loans. The Ld. Commissioner also relied the judgment of the High Court of Madras in the case of CIT vs. Century Flour Mills Ltd 334 ITR 377 (Mad) wherein it was held that where assessee having borrowed money, utilized it as advance to its managing director for purchase of land for business purpose, interest paid on said borrowing was to be allowed as deduction. The Ld. Commissioner ultimately held that assessee has taken a loan for business purposes, therefore interest paid on such l…

M/S. Chemical Sales and Services, New Delhi vs. ITO, New Delhi

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

ITA 4146/DEL/2015[2011-12]Status: DisposedITAT Delhi26 Sept 2018AY 2011-12

Bench: Shri N. K. Billaiya & Sh. K. N. Chary

For Appellant: Sh. Salil Aggarwal, AdvocateFor Respondent: Ms Ashima Neb, Sr DR

Section 36

…ssee would, in our opinion, ordinarily be entitled to deduction of interest on its borrowed loans" [Emphasis supplied] 6.3 I further draw support from the judgment of the Hon’ble High Court of Madras in the case of CIT vs. Century Flour Mills Ltd reported in 334 ITR 377 wherein the Hon'ble Apex Court judgment in the case of SA Builders vs. CIT (Supra) has been followed. The Hon’ble High Court of Madras while following the Hon’ble Apex Court judgment as aforesaid, has held that where assessee having borrowed money, utilized it as advance to its managing director for purchase of land for business purpose, interest…

Horizon Infrastructure Ltd, Mumbai vs. ACIT CC 38, Mumbai

In the result, appeal of the assessee is partly allowed

ITA 356/MUM/2015[2010-11]Status: DisposedITAT Mumbai15 Nov 2017AY 2010-11

Bench: Shri G.S. Pannu & Shri Amarjit Singh: A.Y : 2010-11

For Appellant: Shri J.P. BairagraFor Respondent: Shri M.C. Omi Ningshen &

Section 143(3)Section 14ASection 36

…e Ltd. 288 ITR 1 (SC), the following decisions have been relied upon to support the case of the assessee:- i) Bombay Samachar Ltd., 74 ITR 723 (Bom) ii) Walchand and Co. (P) Ltd., 65 ITR 381 (SC) iii) Indian Bank, 56 ITR 77 (SC) iv) Century Flour Mills Ltd., 334 ITR 377 (Madras) v) Agarwal Global Steels Ltd., 141 ITD 76 vi) Hero Cycles (P.) Ltd., 379 ITR 347 (SC) 9. On the other hand, the ld. DR appearing for the Revenue has primarily reiterated the stand of the lower authorities, which we have already noted in the earlier paragraphs, and is not being repeated for the sake of brevity. The ld. DR emphasised the…