Coastal Gujarat Power Ltd, Mumbai vs. ITO 6(2)(1), Mumbai
In the result, the appeal of the assessee is allowed
ITA 2298/MUM/2015[2010-11]Status: DisposedITAT Mumbai15 Mar 2017AY 2010-11
Bench: Shri Amit Shukla, Jm & Shri Rajesh Kumar, Am आमकय अऩीर सं./ I.T.A. No 2298/Mum/2015 (निर्धारण वषा / Assessment Year : 2010-11) Coastal Gujarat Power Limited, The Income Tax Officer 34, Sant Tukaram Road, 6(2)(1), फनाभ/ Carnac Bunder, Aayakar Bhavan, Vs. Mumbai-400009 M K Road, Mumbai-400020 अऩीराथी की ओय से / Applicant By : Shri Farrokh V Irani प्रत्मथी की ओय से/Respondent By : Shri M C Omi Ningshen सुनवाई की तायीख /Date Of Hearing : 14.12.2016 घोषणा की तायीख /Date Of : 15.3.2017 Pronouncement आदेश / O R D E R Per Rajesh Kumar, A. M: This Is An Appeal Filed By The Assessee & Is Directed Against The Order Of The Ld.Cit(A), Mumbai, Dated25.2.2015 For The Assessment Year 2010-11. 2. The First Ground Raised By The Assessee Is Against Upholding The Order Of Assessing Officer As Regards Interest Income From Securities Deposited With Paschim Gujarat Vij Co.Ltd (Hereinafter Referred To As Pgvcl) For Availing Electricity For The Purposes Of Construction Of Power
For Respondent: Shri M C Omi Ningshen
Section 143(3)
…as the income under the head “Income from other sources” and taxed accordingly by framing the assessment u/s 143(3) by relying on the following decisions: i) South India Shipping Corp. Ltd V/s CIT -240 ITR 24(Mad); ii) CIT V/s Delhi Brass and Metal Works Ltd 313 ITR 352; iii) CIT V/s Dr.V.P.Gopinathan iv) Tuticorin Alkali Chemicals and Fertilizers Ltd V/s CIT 227 ITR 172 (SC); v) Bongaigaon Refinery and Petrochemicals Ltd V/s CIT 251 ITR 329 (SC) 4. The FAA also dismissed the appeal of the assessee after considering the submissions and contentions as raised during the appellate proceedings by observing and hold…
