CIT v. Claridges Investment & Finance Pvt. Ltd.

18 SOT 390Income Tax Appellate Tribunal2007#10281 most cited

What is CIT v. Claridges Investment & Finance Pvt. Ltd. authority for?

Advances for expenses such as tour expenses, organizing parties, laundry services, employee advances, vehicle repairs, and painting are not for procuring capital expenditure.

10

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

Also referred to as

CIT v. Claridges Investment & Finance Pvt. Ltd. · 18 SOT 390 · 24 ITD 25 · advances for expenses · capital expenditure · tour expenses · employee advances · vehicle repair · laundry services

Also reported as

24 ITD 25

Judgments citing CIT v. Claridges Investment & Finance Pvt. Ltd.

DCIT, C-2, Ajmer vs. Jai Narayan Agarwal, Jaipur

In the result, appeal of the Revenue is dismissed

ITA 38/JPR/2022[2014-15]Status: DisposedITAT Jaipur16 Aug 2022AY 2014-15

Bench: Or At The Time Of Hearing.”

For Appellant: Shri Nikhelesh Kataria (C.A.) aFor Respondent: Ms. Monisha Choudhary (JCIT) fu/kZkfjrh dh vksj ls@
Section 142(1)Section 143(2)Section 143(3)Section 148Section 14A

…TA No.4320/Del/2014 dated 21.10.2015 Asst. IT vs. M/s Kajaria Ceramics Limited 7. ITA No. 1027/Del/2013 dated 23.10.2015 Hema Engineering Industries Ltd. vs. ACIT 8. ITA No.3763/De1/2013 dated 29.04.2015 Indus Valley Investment & Finance Pvt. Ltd. vs. DCIT 9. 18 SOT 390 (MUM) ACIT vs. Claridge Investments & Finance (P) LTD 5.6 In the case of Appellant, it is seen that provisions of Section 14A of the Act have been rightly invoked to disallow expenditure attributable to exempt income earned. However, it is seen that the 8 DCIT vs. Jai Narayan Agarwal quantum of disallowance exceeds the exempt income during the yea…

Landbase India Ltd., Gurgaon vs. DCIT, New Delhi

In the result, appeal of the assessee for assessment year 2011-12 is allowed

ITA 4999/DEL/2015[2011-12]Status: DisposedITAT Delhi26 Aug 2019AY 2011-12

Bench: Smt Beena A Pillai & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 143(3)Section 147Section 148Section 32(1)

…Co.: 136 ITR 825(Guj)  Salora International Ltd. v. JCIT: 129 Taxman 68 (Del.)  CIT V. Shreyans Industries Limited: 207 CTR 281 (P&H)  DCIT vs. M/s Edelweiss Capital Ltd.: ITA No: 3971/Mum/2009 (Mum ITAT)  CIT v. Claridges Investment & Finance Pvt. Ltd.: 18 SOT 390 (Mum ITAT)  ITO v. Gokaldas Pragji: 24 ITD 25 (Ahd. ITAT)  Gujarat Fluoro Chemicals Ltd. v. JCIT: 76 TTJ 313 (Ahd.)  Asst. CIT v. Shantilal Balabhai: 74 TTJ 506 (Ahd.)  ITO vs. Ashok Kumar Lalitkumar: 53 ITD 326 (Ahd.) It is further submitted that advances primarily related to tour expenses, advances for organizing party, advance for laundry…

Landbase India Ltd., Gurgaon vs. DCIT, New Delhi

In the result, appeal of the assessee for assessment year 2011-12 is allowed

ITA 4998/DEL/2015[2010-11]Status: DisposedITAT Delhi26 Aug 2019AY 2010-11

Bench: Smt Beena A Pillai & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 143(3)Section 147Section 148Section 32(1)

…Co.: 136 ITR 825(Guj)  Salora International Ltd. v. JCIT: 129 Taxman 68 (Del.)  CIT V. Shreyans Industries Limited: 207 CTR 281 (P&H)  DCIT vs. M/s Edelweiss Capital Ltd.: ITA No: 3971/Mum/2009 (Mum ITAT)  CIT v. Claridges Investment & Finance Pvt. Ltd.: 18 SOT 390 (Mum ITAT)  ITO v. Gokaldas Pragji: 24 ITD 25 (Ahd. ITAT)  Gujarat Fluoro Chemicals Ltd. v. JCIT: 76 TTJ 313 (Ahd.)  Asst. CIT v. Shantilal Balabhai: 74 TTJ 506 (Ahd.)  ITO vs. Ashok Kumar Lalitkumar: 53 ITD 326 (Ahd.) It is further submitted that advances primarily related to tour expenses, advances for organizing party, advance for laundry…

Landbase India Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee for assessment year 2011-12 is allowed

ITA 4560/DEL/2011[2005-06]Status: DisposedITAT Delhi26 Aug 2019AY 2005-06

Bench: Smt Beena A Pillai & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 143(3)Section 147Section 148Section 32(1)

…Co.: 136 ITR 825(Guj)  Salora International Ltd. v. JCIT: 129 Taxman 68 (Del.)  CIT V. Shreyans Industries Limited: 207 CTR 281 (P&H)  DCIT vs. M/s Edelweiss Capital Ltd.: ITA No: 3971/Mum/2009 (Mum ITAT)  CIT v. Claridges Investment & Finance Pvt. Ltd.: 18 SOT 390 (Mum ITAT)  ITO v. Gokaldas Pragji: 24 ITD 25 (Ahd. ITAT)  Gujarat Fluoro Chemicals Ltd. v. JCIT: 76 TTJ 313 (Ahd.)  Asst. CIT v. Shantilal Balabhai: 74 TTJ 506 (Ahd.)  ITO vs. Ashok Kumar Lalitkumar: 53 ITD 326 (Ahd.) It is further submitted that advances primarily related to tour expenses, advances for organizing party, advance for laundry…

M/S Landbase India Ltd., Gurgaon vs. ACIT, New Delhi

In the result, appeal of the assessee for assessment year 2011-12 is allowed

ITA 138/DEL/2016[2012-13]Status: DisposedITAT Delhi26 Aug 2019AY 2012-13

Bench: Smt Beena A Pillai & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 143(3)Section 147Section 148Section 32(1)

…Co.: 136 ITR 825(Guj)  Salora International Ltd. v. JCIT: 129 Taxman 68 (Del.)  CIT V. Shreyans Industries Limited: 207 CTR 281 (P&H)  DCIT vs. M/s Edelweiss Capital Ltd.: ITA No: 3971/Mum/2009 (Mum ITAT)  CIT v. Claridges Investment & Finance Pvt. Ltd.: 18 SOT 390 (Mum ITAT)  ITO v. Gokaldas Pragji: 24 ITD 25 (Ahd. ITAT)  Gujarat Fluoro Chemicals Ltd. v. JCIT: 76 TTJ 313 (Ahd.)  Asst. CIT v. Shantilal Balabhai: 74 TTJ 506 (Ahd.)  ITO vs. Ashok Kumar Lalitkumar: 53 ITD 326 (Ahd.) It is further submitted that advances primarily related to tour expenses, advances for organizing party, advance for laundry…

Landbase India Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee for assessment year 2011-12 is allowed

ITA 653/DEL/2011[2007-08]Status: DisposedITAT Delhi26 Aug 2019AY 2007-08

Bench: Smt Beena A Pillai & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 143(3)Section 147Section 148Section 32(1)

…Co.: 136 ITR 825(Guj)  Salora International Ltd. v. JCIT: 129 Taxman 68 (Del.)  CIT V. Shreyans Industries Limited: 207 CTR 281 (P&H)  DCIT vs. M/s Edelweiss Capital Ltd.: ITA No: 3971/Mum/2009 (Mum ITAT)  CIT v. Claridges Investment & Finance Pvt. Ltd.: 18 SOT 390 (Mum ITAT)  ITO v. Gokaldas Pragji: 24 ITD 25 (Ahd. ITAT)  Gujarat Fluoro Chemicals Ltd. v. JCIT: 76 TTJ 313 (Ahd.)  Asst. CIT v. Shantilal Balabhai: 74 TTJ 506 (Ahd.)  ITO vs. Ashok Kumar Lalitkumar: 53 ITD 326 (Ahd.) It is further submitted that advances primarily related to tour expenses, advances for organizing party, advance for laundry…

ACIT, New Delhi vs. M/S. Landbase India Ltd., New Delhi

In the result, appeal of the assessee for assessment year 2011-12 is allowed

ITA 4849/DEL/2011[2005-06]Status: DisposedITAT Delhi26 Aug 2019AY 2005-06

Bench: Smt Beena A Pillai & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri J. K. Mishra, CIT DR
Section 143(3)Section 147Section 148Section 32(1)

…Co.: 136 ITR 825(Guj)  Salora International Ltd. v. JCIT: 129 Taxman 68 (Del.)  CIT V. Shreyans Industries Limited: 207 CTR 281 (P&H)  DCIT vs. M/s Edelweiss Capital Ltd.: ITA No: 3971/Mum/2009 (Mum ITAT)  CIT v. Claridges Investment & Finance Pvt. Ltd.: 18 SOT 390 (Mum ITAT)  ITO v. Gokaldas Pragji: 24 ITD 25 (Ahd. ITAT)  Gujarat Fluoro Chemicals Ltd. v. JCIT: 76 TTJ 313 (Ahd.)  Asst. CIT v. Shantilal Balabhai: 74 TTJ 506 (Ahd.)  ITO vs. Ashok Kumar Lalitkumar: 53 ITD 326 (Ahd.) It is further submitted that advances primarily related to tour expenses, advances for organizing party, advance for laundry…

ACIT, Cir-4, Kolkata vs. M/S R. K. Commercial Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 1330/KOL/2014[2007-2008]Status: DisposedITAT Kolkata04 Jun 2019AY 2007-2008

Bench: Shri A.T.Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1330/Kol/2014 ("नधा"रणवष" / Assessment Year:2007-08)

For Appellant: Shri A. K. Nayak, CIT DRFor Respondent: Shri J.P. Khaitan, Advocate & Shri Sujoy Sen, Advocate
Section 133(6)Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 68

…s. Simply by arguing it to be a case of manipulation the Revenue is not supposed to succeed in their contention without proper evidence. Mukesh R. Marolia vs. Addl. CIT (2005) 6 SOT 245 (Mumbai), Asstt. CIT vs. Claridges Investments & Finances (P) Ltd. (2007) 18 SOT 390 (Mumbai), CIT vs. Vipin Batra (2007) 212 CTR(Del) 557: (2007) 293 ITR 389 (Del), CIT vs. Korlay Trading Co. Ltd. (1999) 152 CTR (Cal) and Anup Kumar Jayaswal (I.T.A. Nos. 1678&1679/Kol/2004) relied on.” M/s R.K. Commercial Ltd. Assessment Year:2007-08 12. We note that the shares of ‘Dehra Dun Tea Co. Ltd’ was acquired @ 15,611/- per share by the a…

Merind Ltd, Mumbai vs. ACIT Cen Cir 14, Mumbai

In the result appeal filed by the assessee for the A

ITA 905/MUM/2011[2003-04]Status: DisposedITAT Mumbai12 Aug 2016AY 2003-04

Bench: Shri D. Karunakara Rao (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2003-04

For Appellant: Shri. M.P.LohiaFor Respondent: Shri. M. Rajan
Section 143(1)Section 143(3)Section 35Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI BEFORE SHRI D. KARUNAKARA RAO (AM) AND SHRI RAM LAL NEGI (JM) Assessment Year: 2003-04 M/s. Merind Limited. The ACIT Central Circle -14, Mulund Goregaon Link Road, Aayakar Bhavan, Bandup (West), M.K.Road, Mumbai- 400 020. Mumbai- 400 078. Vs. PAN: AAACM2735P (Appellant) (Respondent) Appellant by : Shri. M.P.Lohia Respondent by : Shri. M. Rajan Date of Hearing: 08/08/2016 Date of Pronouncement: 12/08/2016 O R D E R PER RAM LAL NEGI, JM This appeal has been preferred by the assessee against order dated 22/11/2010 passed by the Ld. CIT(Appeals…

Merind Ltd, Mumbai vs. ACIT Cen Cir 14, Mumbai

In the result, appeal filed by the assessee is partly allowed for statistical purposes

ITA 904/MUM/2011[2002-03]Status: DisposedITAT Mumbai31 May 2016AY 2002-03

Bench: Shri D. Karunakara Rao & Shri Pawan Singhassessment Year: 2002-03 Merind Limited, Acit Range- 10(3), Mulund Goregaon Link Aayakar Bhavan, M. K. Road, Road, Bhandup (West), Vs. Mumbai-400020. Mumbai-400078 Pan: Aaacm2735P (Appellant) (Respondent)

For Respondent: Shri K P R R Murty (DR)
Section 143(3)Section 234DSection 35Section 36(1)(iii)

…ssment year. Therefore the assessee's claim is to be allowed. 11. Secondly, it is essential to prove diversion of borrowed funds for non business purpose before disallowing interest paid on borrowed capital in ACIT Vs Claridges Investments & Finance Pvt. Ltd. 18 SOT 390(Mum) it has been held as under: "There is no case for making any disallowance on the interest paid on the monies borrowed as the facts clearly reveal that the borrowed funds have been utilized for the purpose of business. Merely because there was huge overdraft account it cannot be held that such borrowed funds were utilized for non-business purpo…

CIT v. Claridges Investment & Finance Pvt. Ltd. (18 SOT 390) — Cited in 10 Judgments | BharatTax