CIT v. Coimbatore Lakshmi Investment & Finance Co. Ltd.

331 ITR 229High Court2011#8990 most cited

What is CIT v. Coimbatore Lakshmi Investment & Finance Co. Ltd. authority for?

An assessee is justified in not recognizing income if assets are classified based on RBI notifications, and the principle of accrual is not applicable in such scenarios. Expenditure incurred under Section 37 and the accrual of income are distinct concepts.

12

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2022.

Also referred to as

CIT v. Coimbatore Lakshmi Investment & Finance Co. Ltd. · 331 ITR 229 · RBI notification · asset classification · income recognition · accrual of income · Section 37 · deductible expenditure

Judgments citing CIT v. Coimbatore Lakshmi Investment & Finance Co. Ltd.

Gujarat State Land Development Corporation Ltd., Gandhinagar vs. The Dy.CIT, Gandhinagar Circle, Gandhinagar

Appeal is allowed

ITA 2632/AHD/2015[2012-13]Status: DisposedITAT Ahmedabad23 Feb 2022AY 2012-13
For Appellant: Ms. Arti N. Shah, A.RFor Respondent: Shri Mohd Usman, CIT/DR
Section 250(6)

…I.T.A No. 2538/Ahd/2014 & Ors. Page No 9 Gujarat State Land Development Cor. vs. DCIT (iii) Commissioner of Income-tax v. Vasisth Chay Vyapar Ltd. (2011) 330 ITR 440 (Delhi) (iv) Commissioner of Income-tax vs. Coimbatore Lakshmi Inv. & Finance Co. Ltd. (2011)331 ITR 229(Mad) Commissioner of Income-tax v. Indbank Housing Ltd. (2009) 224 CTR 297 (Mad) (v) ANZ Grindlays Bank Ltd. v. Commissioner of Income-tax (2011) 250 ITR 125 (Cal) (vi) CIT vs. KICM Investments Ltd. (2009) 310 ITR (St) 4 (SC) Copies are separately enclosed in paper book. 2.2 Your attention is invited to the SC decision in case of CIT v. KICM In…

Gujarat State Land Development Corporation Ltd., Gandhinagar vs. The Dy.CIT, Gandhinagar Circle, Gandhinagar

Appeal is allowed

ITA 2630/AHD/2015[2008-09]Status: DisposedITAT Ahmedabad23 Feb 2022AY 2008-09
For Appellant: Ms. Arti N. Shah, A.RFor Respondent: Shri Mohd Usman, CIT/DR
Section 250(6)

…I.T.A No. 2538/Ahd/2014 & Ors. Page No 9 Gujarat State Land Development Cor. vs. DCIT (iii) Commissioner of Income-tax v. Vasisth Chay Vyapar Ltd. (2011) 330 ITR 440 (Delhi) (iv) Commissioner of Income-tax vs. Coimbatore Lakshmi Inv. & Finance Co. Ltd. (2011)331 ITR 229(Mad) Commissioner of Income-tax v. Indbank Housing Ltd. (2009) 224 CTR 297 (Mad) (v) ANZ Grindlays Bank Ltd. v. Commissioner of Income-tax (2011) 250 ITR 125 (Cal) (vi) CIT vs. KICM Investments Ltd. (2009) 310 ITR (St) 4 (SC) Copies are separately enclosed in paper book. 2.2 Your attention is invited to the SC decision in case of CIT v. KICM In…

Gujarat State Land Development Corporation Ltd., Gandhinagar vs. The Dy.CIT, Gandhinagar Circle, Gandhinagar

Appeal is allowed

ITA 2538/AHD/2014[2011-12]Status: DisposedITAT Ahmedabad23 Feb 2022AY 2011-12
For Appellant: Ms. Arti N. Shah, A.RFor Respondent: Shri Mohd Usman, CIT/DR
Section 250(6)

…I.T.A No. 2538/Ahd/2014 & Ors. Page No 9 Gujarat State Land Development Cor. vs. DCIT (iii) Commissioner of Income-tax v. Vasisth Chay Vyapar Ltd. (2011) 330 ITR 440 (Delhi) (iv) Commissioner of Income-tax vs. Coimbatore Lakshmi Inv. & Finance Co. Ltd. (2011)331 ITR 229(Mad) Commissioner of Income-tax v. Indbank Housing Ltd. (2009) 224 CTR 297 (Mad) (v) ANZ Grindlays Bank Ltd. v. Commissioner of Income-tax (2011) 250 ITR 125 (Cal) (vi) CIT vs. KICM Investments Ltd. (2009) 310 ITR (St) 4 (SC) Copies are separately enclosed in paper book. 2.2 Your attention is invited to the SC decision in case of CIT v. KICM In…

DCIT, New Delhi vs. M/S. Ongc Videsh Ltd., New Delhi

In the result, the appeal filed by the assessee as well as by the Revenue are dismissed

ITA 3208/DEL/2014[2006-07]Status: DisposedITAT Delhi01 Jul 2019AY 2006-07

Bench: Shri R.K. Panda & Shri Kuldip Singhassessment Year: 2006-07 Ongc Videsh Ltd., Vs Addl. Cit, 601, 6Th Floor, Kailash Building, Range-13, 26, Kasturba Gandhi Marg, New Delhi. New Delhi. Pan: Aaaco1230F Assessment Year: 2006-07 Dcit, Vs Ongc Videsh Ltd., 601, 6Th Floor, Kailash Circle 13(1), New Delhi Building, 26, Kasturba Gandhi Marg, New Delhi. Pan: Aaaco1230F (Appellant) (Respondent) Assessee By : Shri C.S. Aggarwal, Sr. Advocate, Shri R.P. Mall, Advocate & Shri Madhur Aggarwal, Advocate Revenue By : Ms Pramita M. Biswas, Cit, Dr Date Of Hearing : 02.04.2019 Date Of Pronouncement : 01.07.2019 Order Per R.K. Panda, Am:

For Appellant: Shri C.S. Aggarwal, Sr. AdvocateFor Respondent: Ms Pramita M. Biswas, CIT, DR
Section 32Section 32(1)(ii)Section 37Section 42

…of accountancy followed by the assessee, the amount was a deductible expenditure for the assessment year 1964-65. 31. Referring to the decision of the Hon'ble Madras High Court in the case of CIT vs. Coimbatore Lakshmi Inv. & Finance Company Ltd. reported in 331 ITR 229 (Mad), he submitted that it has been held that the assessee had classified its assets on the basis of the Notification issued by the RBI and was justified in not recognizing the income as such. In that case, there was no occasion to consider the principle of accrual. Relying on various other decisions, he submitted that incurring of expenditur…

Ongc Videsh Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, the appeal filed by the assessee as well as by the Revenue are dismissed

ITA 3150/DEL/2014[2006-07]Status: DisposedITAT Delhi01 Jul 2019AY 2006-07

Bench: Shri R.K. Panda & Shri Kuldip Singhassessment Year: 2006-07 Ongc Videsh Ltd., Vs Addl. Cit, 601, 6Th Floor, Kailash Building, Range-13, 26, Kasturba Gandhi Marg, New Delhi. New Delhi. Pan: Aaaco1230F Assessment Year: 2006-07 Dcit, Vs Ongc Videsh Ltd., 601, 6Th Floor, Kailash Circle 13(1), New Delhi Building, 26, Kasturba Gandhi Marg, New Delhi. Pan: Aaaco1230F (Appellant) (Respondent) Assessee By : Shri C.S. Aggarwal, Sr. Advocate, Shri R.P. Mall, Advocate & Shri Madhur Aggarwal, Advocate Revenue By : Ms Pramita M. Biswas, Cit, Dr Date Of Hearing : 02.04.2019 Date Of Pronouncement : 01.07.2019 Order Per R.K. Panda, Am:

For Appellant: Shri C.S. Aggarwal, Sr. AdvocateFor Respondent: Ms Pramita M. Biswas, CIT, DR
Section 32Section 32(1)(ii)Section 37Section 42

…of accountancy followed by the assessee, the amount was a deductible expenditure for the assessment year 1964-65. 31. Referring to the decision of the Hon'ble Madras High Court in the case of CIT vs. Coimbatore Lakshmi Inv. & Finance Company Ltd. reported in 331 ITR 229 (Mad), he submitted that it has been held that the assessee had classified its assets on the basis of the Notification issued by the RBI and was justified in not recognizing the income as such. In that case, there was no occasion to consider the principle of accrual. Relying on various other decisions, he submitted that incurring of expenditur…

DCIT Corporate Circle 2(1), Chennai vs. Fullerton India Credit Company Ltd., Chennai

In the result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed

ITA 1473/CHNY/2018[2012-13]Status: DisposedITAT Chennai05 Dec 2018AY 2012-13

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy

For Appellant: Shri G.S.P. Babu, AdvocateFor Respondent: Mrs. Ruby George, CIT
Section 145

…77, the ld. Counsel for the assessee has relied on the decisions of Hon’ble Madras High Court in the case of CIT v. Elgi Finance 293 ITR 357, CIT v. Annamalai Finance Ltd. 319 ITR 196) and in the case of CIT v. Coimbatore Lakshmi Investment & Finance Co. Ltd. 331 ITR 229, and submitted that the interest income on NPA could be recognized on receipt basis and not on accrual basis. Further, reliance was also placed in the case of Vasisth Chay Vyapar Ltd. 90 taxmann.com 365 on the pretext that the income recognition for interest on NPA, the provisions of section 145 of the Act has no role to play and prayed for delet…

DCIT Corporate Circle 2(1), Chennai vs. Fullerton India Credit Company Ltd., Chennai

In the result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed

ITA 1472/CHNY/2018[2011-12]Status: DisposedITAT Chennai05 Dec 2018AY 2011-12

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy

For Appellant: Shri G.S.P. Babu, AdvocateFor Respondent: Mrs. Ruby George, CIT
Section 145

…77, the ld. Counsel for the assessee has relied on the decisions of Hon’ble Madras High Court in the case of CIT v. Elgi Finance 293 ITR 357, CIT v. Annamalai Finance Ltd. 319 ITR 196) and in the case of CIT v. Coimbatore Lakshmi Investment & Finance Co. Ltd. 331 ITR 229, and submitted that the interest income on NPA could be recognized on receipt basis and not on accrual basis. Further, reliance was also placed in the case of Vasisth Chay Vyapar Ltd. 90 taxmann.com 365 on the pretext that the income recognition for interest on NPA, the provisions of section 145 of the Act has no role to play and prayed for delet…

M/S Fullerton India Credit Company Limited, Chennai vs. DCIT Corporate Circle 2 (1), Chennai

In the result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed

ITA 1085/CHNY/2018[2012-13]Status: DisposedITAT Chennai05 Dec 2018AY 2012-13

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy

For Appellant: Shri G.S.P. Babu, AdvocateFor Respondent: Mrs. Ruby George, CIT
Section 145

…77, the ld. Counsel for the assessee has relied on the decisions of Hon’ble Madras High Court in the case of CIT v. Elgi Finance 293 ITR 357, CIT v. Annamalai Finance Ltd. 319 ITR 196) and in the case of CIT v. Coimbatore Lakshmi Investment & Finance Co. Ltd. 331 ITR 229, and submitted that the interest income on NPA could be recognized on receipt basis and not on accrual basis. Further, reliance was also placed in the case of Vasisth Chay Vyapar Ltd. 90 taxmann.com 365 on the pretext that the income recognition for interest on NPA, the provisions of section 145 of the Act has no role to play and prayed for delet…

M/S Fullerton India Credit Company Limited, Chennai vs. DCIT Corporate Circle 2 (1), Chennai

In the result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed

ITA 1084/CHNY/2018[2011-12]Status: DisposedITAT Chennai05 Dec 2018AY 2011-12

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy

For Appellant: Shri G.S.P. Babu, AdvocateFor Respondent: Mrs. Ruby George, CIT
Section 145

…77, the ld. Counsel for the assessee has relied on the decisions of Hon’ble Madras High Court in the case of CIT v. Elgi Finance 293 ITR 357, CIT v. Annamalai Finance Ltd. 319 ITR 196) and in the case of CIT v. Coimbatore Lakshmi Investment & Finance Co. Ltd. 331 ITR 229, and submitted that the interest income on NPA could be recognized on receipt basis and not on accrual basis. Further, reliance was also placed in the case of Vasisth Chay Vyapar Ltd. 90 taxmann.com 365 on the pretext that the income recognition for interest on NPA, the provisions of section 145 of the Act has no role to play and prayed for delet…

M/S Fullerton India Credit Company Limited, Chennai vs. DCIT Corporate Circle 2 (1), Chennai

In the result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed

ITA 1083/CHNY/2018[2010-11]Status: DisposedITAT Chennai05 Dec 2018AY 2010-11

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy

For Appellant: Shri G.S.P. Babu, AdvocateFor Respondent: Mrs. Ruby George, CIT
Section 145

…77, the ld. Counsel for the assessee has relied on the decisions of Hon’ble Madras High Court in the case of CIT v. Elgi Finance 293 ITR 357, CIT v. Annamalai Finance Ltd. 319 ITR 196) and in the case of CIT v. Coimbatore Lakshmi Investment & Finance Co. Ltd. 331 ITR 229, and submitted that the interest income on NPA could be recognized on receipt basis and not on accrual basis. Further, reliance was also placed in the case of Vasisth Chay Vyapar Ltd. 90 taxmann.com 365 on the pretext that the income recognition for interest on NPA, the provisions of section 145 of the Act has no role to play and prayed for delet…

ACIT, New Delhi vs. M/S. the Delhi State Co-Operative Bank Ltd., New Delhi

In the result, appeal of the revenue is dismissed

ITA 518/DEL/2014[2010-11]Status: DisposedITAT Delhi10 Feb 2016AY 2010-11

Bench: Sri C.M.Garg, Jm & Sri O.P. Kant, Am Ita No. 518/Del./2014 : Asstt. Year : 2010-11

For Appellant: Sh. S.C.GuptaFor Respondent: Sh. Sunil Chander Sharma, CIT, DR
Section 36Section 36(1)(viia)Section 80PSection 80P(2)(a)

…& Trading Co P Ltd Vs CIT, 281 ITR 31 (Guj) (6) CIT Vs Nanital Bank Ltd, 309 ITR 335 (Uttarakhand) (7) CIT Vs Elgi Finance Ltd, 293 ITR 357 (Mad) (8) CIT V s Motor Credit Co P Ltd, 127 ITR 572 (Mad) [1981] (9) CIT Vs Coimbatore Lakshmi Inv. & Finance Co Ltd, 331 ITR 229 (Mad) [2011] 8.1 We find that as per RBI prudential norms where the principal amount is doubtful of recovery and borrower is not paying, income from interest on such accounts should not be credited to its profit and loss account. The assessee is adopting the same accounting policies since long, so interest accrued on bad & doubtful loans cannot b…

DCIT, New Delhi vs. M/S. the Vaish Co-Operative Adarsh Bank Ltd., New Delhi

In the result, the appeal of the Revenue being devoid of merits is

ITA 3310/DEL/2012[2009-10]Status: DisposedITAT Delhi16 Oct 2015AY 2009-10

Bench: Shri Chandra Mohan Garg & Shri L.P. Sahu

For Appellant: Shri R.C. Danday, ACIT DRFor Respondent: Shri M.K. Bhatt, Advocate
Section 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH `H’ NEW DELHI BEFORE SHRI CHANDRA MOHAN GARG, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER I.T.A.No.3310/Del/2012 Assessment Year : 2009-10 DCIT, vs The Vaish Cooperative Adarsh Bank Ltd., Circle 30(1), 3, Netaji Subhash Marg, Drum Shape Building, Darya Ganj, New Delhi. New Delhi. (PAN: AABAT7703R) (Appellant) (Respondent) Appellant by: Shri R.C. Danday, ACIT DR Respondent by : Shri M.K. Bhatt, Advocate Date of Hearing: 9.10.2015 Date of pronouncement: 16.10.2015 O R D E R PER CHANDRAMOHAN GARG, J.M. This appeal by the revenue has been directed…

CIT v. Coimbatore Lakshmi Investment & Finance Co. Ltd. (331 ITR 229) — Cited in 12 Judgments | BharatTax