CIT v. Goyal MG Gases P. Ltd.

303 ITR 159High Court2008#2224 most cited

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

Interest income does not accrue if the realization of the principal amount itself is in jeopardy, and only real income, not hypothetical income, can be taxed.

52

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2011 to 2025.

Also referred to as

CIT vs. Goyal MG Gases P. Ltd. · 303 ITR 159 · interest income · real income · jeopardy · principal amount · accrual of interest

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)
Read the full judgment

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.

ACIT, Central Circle-04, New Delhi vs. Vishnu Kumar Garg, Faridabad

ITA 9449/DEL/2019[2014-15]Status: DisposedITAT Delhi11 Feb 2022AY 2014-15

Bench: Shri R.K. Panda & Ms. Suchitra Kamble

For Appellant: Shri Gurjeet Singh, C.A. &For Respondent: Smt. Sushma Singh, CIT-DR
Section 127(1)Section 132Section 142(1)Section 143(2)Section 153ASection 69A

…ed Counsel for the Assessee relied upon the following decisions: 1. Order of ITAT, Delhi Bench in the case of Red Fort Shahjahan Properties Pvt. Ltd., vide ITA.No.742/Del./2020 dated 20.08.2020 for the A.Y. 2016-17. 2. CIT vs., Goyal M.G. Gases (P) Ltd., 303 ITR 159 (Del.HC). 43 ITA.Nos.9147 to 9152 & 9448 & 9449/Del./2019 Shri Vishnu Kumar Garg, Faridabad. 3. CIT vs., Godhra Electricity Co. 225 ITR 746 (SC). 4. Andhra Bank vs., CIT 225 ITR 447 (SC). 5. CIT vs., Excel Industries Ltd., & Others 358 ITR 295 (SC). 21.6. The Learned Counsel for the Assessee further submitted that Shri Abhay Salwan to whom l…

ACIT, Central Circle-04, New Delhi vs. Vishnu Kumar Garg, Faridabad

ITA 9448/DEL/2019[2013-14]Status: DisposedITAT Delhi11 Feb 2022AY 2013-14

Bench: Shri R.K. Panda & Ms. Suchitra Kamble

For Appellant: Shri Gurjeet Singh, C.A. &For Respondent: Smt. Sushma Singh, CIT-DR
Section 127(1)Section 132Section 142(1)Section 143(2)Section 153ASection 69A

…ed Counsel for the Assessee relied upon the following decisions: 1. Order of ITAT, Delhi Bench in the case of Red Fort Shahjahan Properties Pvt. Ltd., vide ITA.No.742/Del./2020 dated 20.08.2020 for the A.Y. 2016-17. 2. CIT vs., Goyal M.G. Gases (P) Ltd., 303 ITR 159 (Del.HC). 43 ITA.Nos.9147 to 9152 & 9448 & 9449/Del./2019 Shri Vishnu Kumar Garg, Faridabad. 3. CIT vs., Godhra Electricity Co. 225 ITR 746 (SC). 4. Andhra Bank vs., CIT 225 ITR 447 (SC). 5. CIT vs., Excel Industries Ltd., & Others 358 ITR 295 (SC). 21.6. The Learned Counsel for the Assessee further submitted that Shri Abhay Salwan to whom l…

Vishnu Kumar Garg, Faridabad vs. DCIT Central Circle-4, New Delhi

ITA 9152/DEL/2019[2016-17]Status: DisposedITAT Delhi11 Feb 2022AY 2016-17

Bench: Shri R.K. Panda & Ms. Suchitra Kamble

For Appellant: Shri Gurjeet Singh, C.A. &For Respondent: Smt. Sushma Singh, CIT-DR
Section 127(1)Section 132Section 142(1)Section 143(2)Section 153ASection 69A

…ed Counsel for the Assessee relied upon the following decisions: 1. Order of ITAT, Delhi Bench in the case of Red Fort Shahjahan Properties Pvt. Ltd., vide ITA.No.742/Del./2020 dated 20.08.2020 for the A.Y. 2016-17. 2. CIT vs., Goyal M.G. Gases (P) Ltd., 303 ITR 159 (Del.HC). 43 ITA.Nos.9147 to 9152 & 9448 & 9449/Del./2019 Shri Vishnu Kumar Garg, Faridabad. 3. CIT vs., Godhra Electricity Co. 225 ITR 746 (SC). 4. Andhra Bank vs., CIT 225 ITR 447 (SC). 5. CIT vs., Excel Industries Ltd., & Others 358 ITR 295 (SC). 21.6. The Learned Counsel for the Assessee further submitted that Shri Abhay Salwan to whom l…

Vishnu Kumar Garg, Faridabad vs. DCIT Central Circle-4, New Delhi

ITA 9151/DEL/2019[2015-16]Status: DisposedITAT Delhi11 Feb 2022AY 2015-16

Bench: Shri R.K. Panda & Ms. Suchitra Kamble

For Appellant: Shri Gurjeet Singh, C.A. &For Respondent: Smt. Sushma Singh, CIT-DR
Section 127(1)Section 132Section 142(1)Section 143(2)Section 153ASection 69A

…ed Counsel for the Assessee relied upon the following decisions: 1. Order of ITAT, Delhi Bench in the case of Red Fort Shahjahan Properties Pvt. Ltd., vide ITA.No.742/Del./2020 dated 20.08.2020 for the A.Y. 2016-17. 2. CIT vs., Goyal M.G. Gases (P) Ltd., 303 ITR 159 (Del.HC). 43 ITA.Nos.9147 to 9152 & 9448 & 9449/Del./2019 Shri Vishnu Kumar Garg, Faridabad. 3. CIT vs., Godhra Electricity Co. 225 ITR 746 (SC). 4. Andhra Bank vs., CIT 225 ITR 447 (SC). 5. CIT vs., Excel Industries Ltd., & Others 358 ITR 295 (SC). 21.6. The Learned Counsel for the Assessee further submitted that Shri Abhay Salwan to whom l…

Vishnu Kumar Garg, Faridabad vs. DCIT Central Circle-4, New Delhi

ITA 9150/DEL/2019[2014-1]Status: DisposedITAT Delhi11 Feb 2022

Bench: Shri R.K. Panda & Ms. Suchitra Kamble

For Appellant: Shri Gurjeet Singh, C.A. &For Respondent: Smt. Sushma Singh, CIT-DR
Section 127(1)Section 132Section 142(1)Section 143(2)Section 153ASection 69A

…ed Counsel for the Assessee relied upon the following decisions: 1. Order of ITAT, Delhi Bench in the case of Red Fort Shahjahan Properties Pvt. Ltd., vide ITA.No.742/Del./2020 dated 20.08.2020 for the A.Y. 2016-17. 2. CIT vs., Goyal M.G. Gases (P) Ltd., 303 ITR 159 (Del.HC). 43 ITA.Nos.9147 to 9152 & 9448 & 9449/Del./2019 Shri Vishnu Kumar Garg, Faridabad. 3. CIT vs., Godhra Electricity Co. 225 ITR 746 (SC). 4. Andhra Bank vs., CIT 225 ITR 447 (SC). 5. CIT vs., Excel Industries Ltd., & Others 358 ITR 295 (SC). 21.6. The Learned Counsel for the Assessee further submitted that Shri Abhay Salwan to whom l…

Vishnu Kumar Garg, Faridabad vs. DCIT Central Circle-4, New Delhi

ITA 9149/DEL/2019[2013-14]Status: DisposedITAT Delhi11 Feb 2022AY 2013-14

Bench: Shri R.K. Panda & Ms. Suchitra Kamble

For Appellant: Shri Gurjeet Singh, C.A. &For Respondent: Smt. Sushma Singh, CIT-DR
Section 127(1)Section 132Section 142(1)Section 143(2)Section 153ASection 69A

…ed Counsel for the Assessee relied upon the following decisions: 1. Order of ITAT, Delhi Bench in the case of Red Fort Shahjahan Properties Pvt. Ltd., vide ITA.No.742/Del./2020 dated 20.08.2020 for the A.Y. 2016-17. 2. CIT vs., Goyal M.G. Gases (P) Ltd., 303 ITR 159 (Del.HC). 43 ITA.Nos.9147 to 9152 & 9448 & 9449/Del./2019 Shri Vishnu Kumar Garg, Faridabad. 3. CIT vs., Godhra Electricity Co. 225 ITR 746 (SC). 4. Andhra Bank vs., CIT 225 ITR 447 (SC). 5. CIT vs., Excel Industries Ltd., & Others 358 ITR 295 (SC). 21.6. The Learned Counsel for the Assessee further submitted that Shri Abhay Salwan to whom l…

Vishnu Kumar Garg, Faridabad vs. DCIT Central Circle-4, New Delhi

ITA 9148/DEL/2019[2012-13]Status: DisposedITAT Delhi11 Feb 2022AY 2012-13

Bench: Shri R.K. Panda & Ms. Suchitra Kamble

For Appellant: Shri Gurjeet Singh, C.A. &For Respondent: Smt. Sushma Singh, CIT-DR
Section 127(1)Section 132Section 142(1)Section 143(2)Section 153ASection 69A

…ed Counsel for the Assessee relied upon the following decisions: 1. Order of ITAT, Delhi Bench in the case of Red Fort Shahjahan Properties Pvt. Ltd., vide ITA.No.742/Del./2020 dated 20.08.2020 for the A.Y. 2016-17. 2. CIT vs., Goyal M.G. Gases (P) Ltd., 303 ITR 159 (Del.HC). 43 ITA.Nos.9147 to 9152 & 9448 & 9449/Del./2019 Shri Vishnu Kumar Garg, Faridabad. 3. CIT vs., Godhra Electricity Co. 225 ITR 746 (SC). 4. Andhra Bank vs., CIT 225 ITR 447 (SC). 5. CIT vs., Excel Industries Ltd., & Others 358 ITR 295 (SC). 21.6. The Learned Counsel for the Assessee further submitted that Shri Abhay Salwan to whom l…

Vishnu Kumar Garg, Faridabad vs. DCIT Central Circle-4, New Delhi

ITA 9147/DEL/2019[2011-12]Status: DisposedITAT Delhi11 Feb 2022AY 2011-12

Bench: Shri R.K. Panda & Ms. Suchitra Kamble

For Appellant: Shri Gurjeet Singh, C.A. &For Respondent: Smt. Sushma Singh, CIT-DR
Section 127(1)Section 132Section 142(1)Section 143(2)Section 153ASection 69A

…ed Counsel for the Assessee relied upon the following decisions: 1. Order of ITAT, Delhi Bench in the case of Red Fort Shahjahan Properties Pvt. Ltd., vide ITA.No.742/Del./2020 dated 20.08.2020 for the A.Y. 2016-17. 2. CIT vs., Goyal M.G. Gases (P) Ltd., 303 ITR 159 (Del.HC). 43 ITA.Nos.9147 to 9152 & 9448 & 9449/Del./2019 Shri Vishnu Kumar Garg, Faridabad. 3. CIT vs., Godhra Electricity Co. 225 ITR 746 (SC). 4. Andhra Bank vs., CIT 225 ITR 447 (SC). 5. CIT vs., Excel Industries Ltd., & Others 358 ITR 295 (SC). 21.6. The Learned Counsel for the Assessee further submitted that Shri Abhay Salwan to whom l…

Tata Realty and Infrastructure Ltd, Mumbai vs. Ast CIT 2(3)(1), Mumbai

ITA 763/MUM/2020[2015-16]Status: DisposedITAT Mumbai28 Jan 2022AY 2015-16
For Appellant: Aarti VissanjiFor Respondent: Sanjeev Kashyap
Section 115JSection 143(2)Section 143(3)

…eceived but was in fact not received.” ITA Nos. 763 &730/Mum/2020 A.Y. 2015-16 5 Tata Realty & Infrastructure Limited Vs. ACIT 2(3)(1) The ld. Counsel has also referred the decision in the case of Commissioner of Income Tax Vs. Goyal MG Gases P. Ltd. (2008) 303 ITR 159 (Del). The relevant part of the decision is reproduced as under: “Held dismissing the appeal, (i) that given the facts of the case, there was no hope left with the assesse of recovering the amount from K and it is this which prompted the assessee to seek winding up of K by an appropriate order to be passed by the Calcutta High Court. K had been d…

Jt CIT(OSD) 2(3)(1), Mumbai vs. M/S Tata Realty and Infrastructure Ltd., Mumbai

ITA 730/MUM/2020[2015-16]Status: DisposedITAT Mumbai28 Jan 2022AY 2015-16
For Appellant: Aarti VissanjiFor Respondent: Sanjeev Kashyap
Section 115JSection 143(2)Section 143(3)

…eceived but was in fact not received.” ITA Nos. 763 &730/Mum/2020 A.Y. 2015-16 5 Tata Realty & Infrastructure Limited Vs. ACIT 2(3)(1) The ld. Counsel has also referred the decision in the case of Commissioner of Income Tax Vs. Goyal MG Gases P. Ltd. (2008) 303 ITR 159 (Del). The relevant part of the decision is reproduced as under: “Held dismissing the appeal, (i) that given the facts of the case, there was no hope left with the assesse of recovering the amount from K and it is this which prompted the assessee to seek winding up of K by an appropriate order to be passed by the Calcutta High Court. K had been d…

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

Accordingly, the appeal filed by the assessee is allowed in terms of our

ITA 330/DEL/2012[2005-06]Status: DisposedITAT Delhi30 Dec 2021AY 2005-06

Bench: Shri G.S. Pannu & Shri Ravish Sood

For Appellant: Shri Tarandeep Singh, Advocate and Shri Pulkit Verma, AdvocateFor Respondent: Shri Sumit Kumar Varma, Sr. DR
Section 143(3)Section 14ASection 251(2)Section 263Section 94(7)

…r drawing support from the judgment of the Hon’ble Supreme Court in the case of Godhra Electricity Co. Ltd. Vs. CIT (1997) 225 ITR 746 (SC) a/w the judgment of the Hon’ble High Court of Delhi in the case of, viz. (i) CIT Vs. Goyal M G Gases Pvt. Ltd. (2008) 303 ITR 159 (Del); and (ii) CIT Vs. Eicher Ltd., ITA No. 231/09 dated 15th July, 2009, had concluded that there was no justification on the part of the AO to bring to tax the interest income on accrual basis qua those ICD’s whose recovery had become doubtful. For the sake of clarity, the relevant observations of the CIT(A) as regards the aforesaid issue in…

Frick India Ltd vs. DCIT Circle-11 (1)

Accordingly, the appeal filed by the assessee is allowed in terms of our

ITA 2072/DEL/2008[2004-2005]Status: DisposedITAT Delhi30 Dec 2021AY 2004-2005

Bench: Shri G.S. Pannu & Shri Ravish Sood

For Appellant: Shri Tarandeep Singh, Advocate and Shri Pulkit Verma, AdvocateFor Respondent: Shri Sumit Kumar Varma, Sr. DR
Section 143(3)Section 14ASection 251(2)Section 263Section 94(7)

…r drawing support from the judgment of the Hon’ble Supreme Court in the case of Godhra Electricity Co. Ltd. Vs. CIT (1997) 225 ITR 746 (SC) a/w the judgment of the Hon’ble High Court of Delhi in the case of, viz. (i) CIT Vs. Goyal M G Gases Pvt. Ltd. (2008) 303 ITR 159 (Del); and (ii) CIT Vs. Eicher Ltd., ITA No. 231/09 dated 15th July, 2009, had concluded that there was no justification on the part of the AO to bring to tax the interest income on accrual basis qua those ICD’s whose recovery had become doubtful. For the sake of clarity, the relevant observations of the CIT(A) as regards the aforesaid issue in…

Shyam Sunder Jindal, New Delhi vs. ACIT, Central Circle- 30, New Delhi

In the result the appeals of the assessee in ITA Nos

ITA 6298/DEL/2017[2011-12]Status: DisposedITAT Delhi24 Jun 2021AY 2011-12

Bench: Shri N.K. Billaiya & Shri Kuldip Singh

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Prakash Dubey, Sr. DR
Section 153ASection 271(1)(c)Section 69

…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. (Agencies)…

Shyam Sunder Jindal, New Delhi vs. ACIT, Central Circle- 30, New Delhi

In the result the appeals of the assessee in ITA Nos

ITA 6297/DEL/2017[2010-11]Status: DisposedITAT Delhi24 Jun 2021AY 2010-11

Bench: Shri N.K. Billaiya & Shri Kuldip Singh

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Prakash Dubey, Sr. DR
Section 153ASection 271(1)(c)Section 69

…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. (Agencies)…

Shyam Sunder Jindal, New Delhi vs. ACIT, Central Circle- 30, New Delhi

In the result the appeals of the assessee in ITA Nos

ITA 6296/DEL/2017[2009-10]Status: DisposedITAT Delhi24 Jun 2021AY 2009-10

Bench: Shri N.K. Billaiya & Shri Kuldip Singh

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Prakash Dubey, Sr. DR
Section 153ASection 271(1)(c)Section 69

…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. (Agencies)…

Shyam Sunder Jindal, New Delhi vs. ACIT, Central Circle- 30, New Delhi

In the result the appeals of the assessee in ITA Nos

ITA 6295/DEL/2017[2008-09]Status: DisposedITAT Delhi24 Jun 2021AY 2008-09

Bench: Shri N.K. Billaiya & Shri Kuldip Singh

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Prakash Dubey, Sr. DR
Section 153ASection 271(1)(c)Section 69

…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. (Agencies)…

Red Fort Shahjahan Properties Pvt. Ltd., New Delhi vs. ACIT, Circle-21(2), New Delhi

In the result, appeal of the assessee is allowed

ITA 742/DEL/2020[2016-17]Status: DisposedITAT Delhi20 Aug 2020AY 2016-17

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble[A.Ys 2016-17]

For Appellant: Shri Ajay Vohra, Sr. D.RFor Respondent: Shri Jagdish Singh, Sr. D.R

…urt vide SLP (Civil) No. 2806 of 1981. A similar view was taken by the Hon’ble High Court of Punjab and Haryana in the case of CIT v. Ferozepur Finance (P) Ltd.: 124 ITR 619. 18. The Hon’ble High Court of Delhi in the case of CIT v. Goyal M.G. Gases (P) Ltd.: 303 ITR 159 has held that when the when the realization of even the principal amount of loan was in jeopardy, there could not be any real accrual of income by way of interest, even as per the mercantile system of accounting. The relevant findings of the Hon’ble High Court are as under: “10. The principle that the Supreme Court applied was that even if the a…

M/S Ginni Filaments Ltd., Mathura vs. A.C.I.T., Range-3, Mathura

In the result, the appeal of the assessee is partly allowed

ITA 173/AGR/2013[2008-09]Status: DisposedITAT Agra02 Sept 2019AY 2008-09

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meena

Section 234BSection 44A

…ssessee for reducing the block of asset in the assessment year 2010-11. 17.3 The ld. AR relies on the decision of Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd., 358 ITR 295 (SC) and also in the matter of CIT vs. Goyal MG Gases (P) Ltd. 303 ITR 159 (Delhi). 18. On the other hand, the ld. DR has submitted that the assessee was following mercantile method of accounting and hence, the rent is required to be shown on accrual basis in the books of account. 19. We have heard the rival contentions and perused the records. The rent was payable by GIL on account of machines let out by the assesse…

ACIT, New Delhi vs. M/S. Ammonia Supply Co., New Delhi

ITA 5088/DEL/2015[2012-13]Status: DisposedITAT Delhi22 Jul 2019AY 2012-13

Bench: Shri R.K. Panda & Shri Kuldip Singh

For Appellant: NoneFor Respondent: Ms. Ashima Neb, Senior DR

…in deleting the addition of Rs.48,72,309/- on account of excess depreciation claimed at the block value done on the basis of reliance placed upon CIT Vs H.B. 3 ITA No.5088/Del./2015 CO No.59/Del/2018 Leasing & Finance Ltd. & CIT Vs Goyal MG Gases Ltd.(2008) 296 ITR 72 (Delhi) which is not applicable in this case.” 4. Briefly stated the facts necessary for adjudication of the controversy at hand are : Assessing Officer (AO) noticed that the assessee has debited an amount of Rs.23,43,541/- towards commission payment. On failure of the assessee to furnish the details regarding the new businesses and clients secu…

ACIT, CC- 26, New Delhi vs. Krishan Kumar Modi, New Delhi

In the result, the assessee's appeal is allowed

ITA 3956/DEL/2017[2012-13]Status: DisposedITAT Delhi05 Jul 2019AY 2012-13

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2006-07 Assessment Year: 2006-07 Assessment Year: 2012-13 Krishan Kumar Modi, Acit, A-1, Maharani Bagh, Central Circle – 2, New Delhi. New Delhi. Vs (Pan: Aanpm0159M)

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri J.K. Mishra, C.I.T. DR
Section 132Section 132(4)Section 139(1)Section 69A

…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. (Agencies)…