How many judgments cite CIT v. Elgi Finance?

25 judgments on BharatTax cite CIT v. Elgi Finance (293 ITR 357), spanning 2010 to 2024.

CIT v. Elgi Finance

Q: Which sections of the Income Tax Act does CIT v. Elgi Finance come up under?

It is most often cited in judgments turning on Section 1961, Section 135 of Companies Act, Section 143(3) of Income-tax Act, Section 145, Section 145 of Income-tax Act, Section 14A.

293 ITR 357High Court2007#4745 most cited

What is CIT v. Elgi Finance authority for?

Interest income from non-performing assets should not be recognized for tax purposes if there is uncertainty about its realization, particularly when considering RBI guidelines and Accounting Standard 9.

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2010 to 2024.

Also referred to as

CIT v. Elgi Finance · interest income · non-performing assets · RBI guidelines · Accounting Standard 9 · accrual basis · cash basis · uncertainty of realization · mercantile system

Sections most often in play

Section 1961 Section 135 of Companies Act Section 143(3) of Income-tax Act Section 145 Section 145 of Income-tax Act Section 14A Section 14A of Income-tax Act Section 158A(1)

Issues it is cited on

right to receive section 35 mercantile system of accounting section 145 revenue expenditure section 37(1)section 37 income from other sources previous year transfer prescribed person

Judgments citing CIT v. Elgi Finance

ITO, Chennai vs. Chentech Computer Services Pvt. Ltd., Chennai

In the result, the appeal of the Revenue in ITA

ITA 550/CHNY/2016[2011-12]Status: DisposedITAT Chennai25 May 2016AY 2011-12

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. No.550/Mds/2016 "नधा"रण वष" /Assessment Year : 2011-2012

For Appellant: Shri. K.N. Dhandapani, IRS, JCITFor Respondent: Shri. R. Dhiraj, Advocate

Section 143(2)Section 143(3)Section 145Section 260ASection 43D

…on the order of Commissioner of Income Tax (Appeals) were written submissions and order of ITAT in assessee own case was considered. The ld. Authorised Representative relied on the jurisdictional High Court decision in the case of CIT vs. Elgi Finance Ltd 293 ITR 357 and Apex Court decision in the case of CIT :- 7 -: vs. KICM Investments Ltd 310 ITR (St) 4 (SC) and prayed for deleting of addition. We heard the rival submissions, perused the material on 7. record and judicial decisions cited. The ld. Departmental Representative argued on the chargeability of interest on advances to M/s. Maxworth Investment…

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)

…nancial Services Ltd, 335 ITR 182 (Delhi), 2011 ITA NO. 2537/Del/2012 (4) TRO Vs Custodian, 293 ITR 369 (Del) (5) Barkha Investment & 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 l…

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)

…ahmaputra Capital Financial Services Ltd, 335 ITR 182 (Delhi), 2011 (4) TRO Vs Custodian, 293 ITR 369 (Del) (5) Barkha Investment & Trading Co P Ltd Vs CIT, 281 ITR 31 (Guj) (6) CIT vs Nainital Bank Ltd. 309 ITR 335 (Uttarakhand) (7) CIT vs Elgi Finance Ltd. 293 ITR 357 (Mad) (8) CIT Vs Motor Credit Co P Ltd, 127 ITR 572 (Mad) [1981] (9) CIT Vs Coimbatore Lakshmi Inv. & Finance Co Ltd, 331 ITR 229 (Mad) [2011] (10) UCO Bank Vs CIT, 237 ITR 889 (SC)[1999] AY: 2009-10 6. We further observe that the CIT(A) granted relief to the assessee with following observations and conclusion:- “4.3 I have considered the order…

Bses Rajdhani Power Ltd., New Delhi vs. ACIT, New Delhi

The appeal is partly allowed

ITA 3688/DEL/2011[2005-06]Status: DisposedITAT Delhi05 Oct 2015AY 2005-06

Bench: Shri I.C. Sudhir & Shri Inturi Rama Rao Assessment Year : 2005-06 Bses Rajdhani Power Ltd., Vs. Assistant Cit, Bses Bhawan, Nehru Place, Circle-3(1), New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent) Assessment Year: 2005-06 Deputy Cit, Vs. Bses Rajdhani Power Ltd., Circle 3(1), Bses Bhavan, Nehru Place, New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent) Assessment Year : 2006-07 Bses Rajdhani Power Ltd., Vs. Assistant Cit, Bses Bhawan, Nehru Place, Circle-3(1), New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent) Assessment Year: 2006-07 Deputy Cit, Vs. Bses Rajdhani Power Ltd., Circle 3(1), Bses Bhavan, Nehru Place, New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent)

Section 154

…sions of a specific Act would override the provisions of all other Acts as has been held in the following decisions: - TRO v Custodian, Special Court Act, 1934: 293 ITR 369 (SC) - CIT v India Equipment Leasing Ltd: 293 ITR 350 (Mad) - CIT v Elgi Finance Ltd: 293 ITR 357 (Mad) - VasisthChayVyapar Ltd: 330 ITR 440 (Del) - DCIT vs. BhartiyaSamruddhi Finance Ltd.: 58 SOT 141 (Del) 22.10 In view of the above, it is patently clear that the appellant prepares its annual accounts in accordance with the applicable laws, including provisions of the Delhi Electricity Reforms (Transfer Scheme), Rules, 2001 and is not re…

Commissioner of of Income Tax vs. Vishisth Chay Vyapar Limited

Appeals are dismissed

ITA - 1191 / 2007HC Delhi29 Nov 2010

…ujarat High Court in the case of Barkha Investment And · Trading Company (Private Ltd. Vs. CIT, 281 ITR 31, that of Uttrakhand High Court in the case of CIT Vs. Nainital Bank Ltd., 309 ITR 335 and Madras High Court in the case of CIT Vs. Elgi **Finance Ltd.** 293 ITR 357. - 8. Placing heavy reliance upon *Elgi Finance* (supra), his submission was that almost identical controversy was considered in the said decision. In that case the assessee company was engaged in the business of leasing, finance and hire purchase. On the ground that in the profit and loss account of the previous year and in the memo of the total…