CIT v. Goyal MG Gases P. Ltd.

303 ITR 159High Court2008#2226 most cited

What is CIT v. Goyal MG Gases P. Ltd. authority for?

Interest income does not truly accrue, and thus is not taxable, when the realization of the principal amount itself is in jeopardy, upholding the principle that only real income, not hypothetical income, can be subjected to tax.

52

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2011 to 2025.

Also referred to as

CIT v. Goyal MG Gases P. Ltd. · 303 ITR 159 · real income theory · accrual of interest income · hypothetical income · principal amount recovery in jeopardy · income recognition · section 2(22)(e) · section 40(a)(ia) · taxation of income

Sections most often in play

Section 143(3)Section 142(2A)Section 147Section 14ASection 2(22)(e)Section 40(a)(ia)Section 40A(2)(b)Section 40A(3)

Issues it is cited on

section 40(3)short deduction of tdsinterest on interestsection 127(1)closely held companyshort deduction of taxaccumulated profitsrelated party transactionsection 138section 194jsection 40a(2)(b)section 142(2a)

Judgments citing CIT v. Goyal MG Gases P. Ltd.

DCIT CENTRAL CIRCLE-01, NEW DELHI vs. SAHARA INDIA COMMERCIAL CORPORATION LTD. , KOLKATA

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 5793/DEL/2019[2016-17]Status: DisposedITAT Delhi23 Dec 2025AY 2016-17

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

ACIT, CENTRAL CIRCLE- 1, NEW DELHI vs. SAHARA INDIA COMMERCIAL CORPORATION, KOLKATA

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 2369/DEL/2018[2015-16]Status: DisposedITAT Delhi23 Dec 2025AY 2015-16

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

SAHARA INDIA COMMERCIAL CORP. LTD.,KOLKATA vs. ACIT, CC- 1, NEW DELHI

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 1893/DEL/2018[2015-16]Status: DisposedITAT Delhi23 Dec 2025AY 2015-16

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

ACIT, CC- 1, NEW DELHI vs. SAHARA INDIA COMMERCIAL CORP. LTD., KOLKATA

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 5534/DEL/2017[2014-15]Status: DisposedITAT Delhi23 Dec 2025AY 2014-15

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

ACIT, CC- 1, NEW DELHI vs. SAHARA INDIA COMMERCIAL CORP. LTD., KOLKATA

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 5505/DEL/2017[2013-2014]Status: DisposedITAT Delhi23 Dec 2025AY 2013-2014

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

ACIT, CC- 1, NEW DELHI vs. SAHARA INDIA COMMERCIAL CORP. LTD., KOLKATA

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 5504/DEL/2017[2012-13]Status: DisposedITAT Delhi23 Dec 2025AY 2012-13

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

ACIT, CENTRAL CIRCLE-1, NEW DELHI vs. SAHARA INDIA COMMERCIAL CORP. LTD, LUCKNOW

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 4855/DEL/2017[2010-11]Status: DisposedITAT Delhi23 Dec 2025AY 2010-11

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

SAHARA INDIA COMMERCIAL CORP. LTD.,KOLKATA vs. ACIT, CC- 1, NEW DELHI

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 4731/DEL/2017[2014-15]Status: DisposedITAT Delhi23 Dec 2025AY 2014-15

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

SAHARA INDIA COMMERCIAL CORP. LTD.,KOLKATA vs. ACIT, CC- 1, NEW DELHI

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 4730/DEL/2017[2013-14]Status: DisposedITAT Delhi23 Dec 2025AY 2013-14

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

SAHARA INDIA COMMERCIAL CORP. LTD.,KOLKATA vs. ACIT, CC- 1, NEW DELHI

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 4729/DEL/2017[2012-13]Status: DisposedITAT Delhi23 Dec 2025AY 2012-13

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

SAHARA INDIA COMMERCIAL CORP. LTD.,KOLKATA vs. ACIT, CC- 1, NEW DELHI

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 4728/DEL/2017[2010-11]Status: DisposedITAT Delhi23 Dec 2025AY 2010-11

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

SAHARA INDIA COMMERCIAL CORPN. LTD.,KOLKATA vs. ACIT, NEW DELHI

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 2795/DEL/2017[2011-12]Status: DisposedITAT Delhi23 Dec 2025AY 2011-12

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

DCIT, NEW DELHI vs. M/S. SAHARA INDIA COMMERCIAL CORPORATION LTD., KOLKATA

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 2620/DEL/2013[2009-10]Status: DisposedITAT Delhi23 Dec 2025AY 2009-10

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

SAHARA INDIA,KOLKATA vs. DCIT, NEW DELHI

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 1977/DEL/2013[2009-10]Status: DisposedITAT Delhi23 Dec 2025AY 2009-10

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

COBOL TECHNOLOGIES P.LTD,NEW DELHI vs. ACIT, CENTRAL CIRCLE-18, NEW DELHI

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 5505/DEL/2018[2014-15]Status: DisposedITAT Delhi25 Apr 2025AY 2014-15

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

M/S YUM RESTAURANTS (INDIA) PVT. LTD.,,GURGAON vs. ITO, NEW DELHI

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 2369/DEL/2016[1999-00]Status: DisposedITAT Delhi11 Feb 2025AY 1999-00

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

MEHRUNNISAN SHERWANI,OKHLA vs. INCOME TAX OFFICER W 28(1), DELHI

In the result, appeal of the Revenue is dismissed and CO of the assessee is allowed

ITA 4728/DEL/2024[2012-2013]Status: DisposedITAT Delhi06 Jan 2025AY 2012-2013

Bench: Shri Vikas Awasthy & Shri S Rifaur Rahmanआअसं.1977/धिल्ली/2013(नि.व. 2009-10) Sahara India Commercial Corporation Ltd., Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata 700071 ...... अपीलार्थी/Appellant Pan: Aadcs-6118-F बिाम Vs. Deputy Commissioner Of Income Tax, Central Circle-6, R. No. 334, E-2, Ara, ..... प्रनिवादी/Respondent Centre Jhandewalan Extn. New Delhi आअसं.4728, 2795, 4729, 4730 और 4731/धिल्ली/2017(नि.व. 2010-11 से 2014-15)

Section 142

…rther interest was charged by the assessee on the outstanding amount. The 47 Sahara India Commercial Corporation Ltd. ITA No. 1977/DEL/2013 (A.Y.2009-10) & Other Appeals assessee placed reliance on the decision in the case of CIT vs. Goyal MG Gases P. Ltd., 303 ITR 159 (Del.) to contend that where the realization of principle amount was itself in jeopardy, no real accrual of interest income could have taken place in the hands of the assessee. Further, to buttress the submissions that only real income and not hypothetical income can be taxed in the hands of the assessee reliance was placed on following decisions…

ACIT, CENTRAL CIRCLE- 26 , NEW DELHI vs. KRISHAN KUMAR MODI, NEW DELHI

The Appeal of the Revenue is dismissed

ITA 4554/DEL/2018[2014-15]Status: DisposedITAT Delhi06 Nov 2024AY 2014-15

Bench: Shri S. Rifaur Rahman & Shri Yogesh Kumar U.S.Ita No. 4554/Del/2018, (A.Y.2014-15)

Section 132Section 143(3)

…liance was placed on the following decisions, wherein it has been held that no addition on account of interest can be made where no interest has in fact been charged by the parties within the terms of funds/loan advanced. • CIT vs. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 (Del.) • B & A Plantations and Industries vs. CIT: 242 ITR 22 (Gau.) • KeshrichandJaisukhlal vs. CIT: 248 ITR 47 (Gau.) • Highways Construction Co. Pvt. Ltd vs. CIT: 199 ITR 702 (Gau.) • Jwala Prasad Radha Krishna vs. CIT [1992]: 198 ITR 415(All) • CIT vs. Punjab Financial Corpn. Ltd.: 295 ITR 510 (P&H HC) • CIT vs. South India Corpn. (Agen…

PME POWER SOLUTIONS INDIA LTD,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, NEW DELHI

In the result, both the appeal of the assessee are allowed

ITA 249/DEL/2024[2013-14]Status: DisposedITAT Delhi16 Oct 2024AY 2013-14

Bench: Shri M. Balaganesh & Shri Vimal Kumar

For Appellant: Shri Gaurav Jain, AdvFor Respondent: Shri Rajesh Dhanesta, Sr. DR
Section 139Section 139(9)Section 140ASection 143(1)Section 143(2)Section 143(3)Section 154Section 249(4)(a)Section 271(1)(c)Section 276C(2)

…pothetical income. Therefore, entries inspired by realistic prospects of their realisation cannot per se constitute the basis of a valid levy. This view finds support in the Division Bench ruling of this Court in CIT V. Gases MANU/DE/8071/2007 (2008) Goyal MG 303 ITR 159, Furthermore, this Court is of the opinion that having once accepted the assessee's explanation, with respect to the income not in fact accruing and therefore not liable to be taxed for the previous period 1998-99, the Revenue could not have in the absence of any compelling reason, treated an identical subject matter for succeeding years as it di…

PME POWER SOLUTIONS INDIA LTD,NEW DELHI vs. DY. COMMISSIONER OF INCOME TAX, NEW DELHI

In the result, both the appeal of the assessee are allowed

ITA 242/DEL/2024[2013-14]Status: DisposedITAT Delhi16 Oct 2024AY 2013-14

Bench: Shri M. Balaganesh & Shri Vimal Kumar

For Appellant: Shri Gaurav Jain, AdvFor Respondent: Shri Rajesh Dhanesta, Sr. DR
Section 139Section 139(9)Section 140ASection 143(1)Section 143(2)Section 143(3)Section 154Section 249(4)(a)Section 271(1)(c)Section 276C(2)

…pothetical income. Therefore, entries inspired by realistic prospects of their realisation cannot per se constitute the basis of a valid levy. This view finds support in the Division Bench ruling of this Court in CIT V. Gases MANU/DE/8071/2007 (2008) Goyal MG 303 ITR 159, Furthermore, this Court is of the opinion that having once accepted the assessee's explanation, with respect to the income not in fact accruing and therefore not liable to be taxed for the previous period 1998-99, the Revenue could not have in the absence of any compelling reason, treated an identical subject matter for succeeding years as it di…

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CIT v. Goyal MG Gases P. Ltd. (303 ITR 159) — Cited in 52 Judgments | BharatTax