CIT v. Idhayam Publications Ltd.

285 ITR 221High Court2006#1853 most cited

What is CIT v. Idhayam Publications Ltd. authority for?

Money received by a company as share application money from directors or shareholders, especially when no interest is charged and held in a current account, does not constitute a 'loan or deposit' under Section 269SS. Therefore, no penalty can be levied under Section 271D for such transactions.

62

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2012 to 2026.

Also referred to as

CIT v. Idhayam Publications Ltd. · Section 269SS · Section 271D · penalty levy · share application money · loan definition · deposit definition · cash transactions · directors' advances · contravention of Section 269SS

Also reported as

163 Taxmann 265

Sections most often in play

Section 147Section 148Section 151Section 269SSSection 269STSection 271DSection 68

Issues it is cited on

section 269tsection 269ssection 269sssection 271dsection 269levy of penaltysection 26genuineness of the transactionreasonable causesection 271section 27undisclosed income

Judgments citing CIT v. Idhayam Publications Ltd.

Vasan Medical Centre (India) P Ltd., Trichy vs. Addl.CIT Centrla Range 2, Chennai

In the result, appeals filed by the assessee M/s

ITA 2205/CHNY/2018[2015-16]Status: DisposedITAT Chennai26 Nov 2018AY 2015-16

Bench: Shri George Mathan & Shri A.Mohan Alankamony

For Respondent: Dr.Srinivasa Rao, CIT D.R
Section 269SSection 271DSection 271E

…and, in fact, the cash flow submitted by the assessee negates the claim of business exigency. ITA Nos.2149 to 2205/18 :- 18 -: 16. A perusal of the decision of the Hon’ble jurisdictional High Court in the case of M/s.Idhayam Publications Ltd., reported in 285 ITR 221 (Madras) relied upon by the assessee shows that a Private Ltd. Company had received cash from its Director.Consequently, the Hon’ble Jurisdictional High Court had given a finding that deposit/withdrawal of the money from the current account could not be considered as a loan or advance. In the present assessee’s case, herein, Dr.A.M.Arun admitte…

Vasan Medical Centre (India) P Ltd., Trichy vs. Addl.CIT Centrla Range 2, Chennai

In the result, appeals filed by the assessee M/s

ITA 2204/CHNY/2018[2015-16]Status: DisposedITAT Chennai26 Nov 2018AY 2015-16

Bench: Shri George Mathan & Shri A.Mohan Alankamony

For Respondent: Dr.Srinivasa Rao, CIT D.R
Section 269SSection 271DSection 271E

…and, in fact, the cash flow submitted by the assessee negates the claim of business exigency. ITA Nos.2149 to 2205/18 :- 18 -: 16. A perusal of the decision of the Hon’ble jurisdictional High Court in the case of M/s.Idhayam Publications Ltd., reported in 285 ITR 221 (Madras) relied upon by the assessee shows that a Private Ltd. Company had received cash from its Director.Consequently, the Hon’ble Jurisdictional High Court had given a finding that deposit/withdrawal of the money from the current account could not be considered as a loan or advance. In the present assessee’s case, herein, Dr.A.M.Arun admitte…

Vasan Medical Centre (India) P Ltd., Trichy vs. Addl.CIT Centrla Range 2, Chennai

In the result, appeals filed by the assessee M/s

ITA 2203/CHNY/2018[2014-15]Status: DisposedITAT Chennai26 Nov 2018AY 2014-15

Bench: Shri George Mathan & Shri A.Mohan Alankamony

For Respondent: Dr.Srinivasa Rao, CIT D.R
Section 269SSection 271DSection 271E

…and, in fact, the cash flow submitted by the assessee negates the claim of business exigency. ITA Nos.2149 to 2205/18 :- 18 -: 16. A perusal of the decision of the Hon’ble jurisdictional High Court in the case of M/s.Idhayam Publications Ltd., reported in 285 ITR 221 (Madras) relied upon by the assessee shows that a Private Ltd. Company had received cash from its Director.Consequently, the Hon’ble Jurisdictional High Court had given a finding that deposit/withdrawal of the money from the current account could not be considered as a loan or advance. In the present assessee’s case, herein, Dr.A.M.Arun admitte…

Vasan Medical Centre (India) P Ltd., Trichy vs. Addl.CIT Centrla Range 2, Chennai

In the result, appeals filed by the assessee M/s

ITA 2202/CHNY/2018[2014-15]Status: DisposedITAT Chennai26 Nov 2018AY 2014-15

Bench: Shri George Mathan & Shri A.Mohan Alankamony

For Respondent: Dr.Srinivasa Rao, CIT D.R
Section 269SSection 271DSection 271E

…and, in fact, the cash flow submitted by the assessee negates the claim of business exigency. ITA Nos.2149 to 2205/18 :- 18 -: 16. A perusal of the decision of the Hon’ble jurisdictional High Court in the case of M/s.Idhayam Publications Ltd., reported in 285 ITR 221 (Madras) relied upon by the assessee shows that a Private Ltd. Company had received cash from its Director.Consequently, the Hon’ble Jurisdictional High Court had given a finding that deposit/withdrawal of the money from the current account could not be considered as a loan or advance. In the present assessee’s case, herein, Dr.A.M.Arun admitte…

Vasan Medical Centre (India) P Ltd., Trichy vs. Addl.CIT Centrla Range 2, Chennai

In the result, appeals filed by the assessee M/s

ITA 2201/CHNY/2018[2013-14]Status: DisposedITAT Chennai26 Nov 2018AY 2013-14

Bench: Shri George Mathan & Shri A.Mohan Alankamony

For Respondent: Dr.Srinivasa Rao, CIT D.R
Section 269SSection 271DSection 271E

…and, in fact, the cash flow submitted by the assessee negates the claim of business exigency. ITA Nos.2149 to 2205/18 :- 18 -: 16. A perusal of the decision of the Hon’ble jurisdictional High Court in the case of M/s.Idhayam Publications Ltd., reported in 285 ITR 221 (Madras) relied upon by the assessee shows that a Private Ltd. Company had received cash from its Director.Consequently, the Hon’ble Jurisdictional High Court had given a finding that deposit/withdrawal of the money from the current account could not be considered as a loan or advance. In the present assessee’s case, herein, Dr.A.M.Arun admitte…

Vasan Medical Centre (India) P Ltd., Trichy vs. Addl.CIT Centrla Range 2, Chennai

In the result, appeals filed by the assessee M/s

ITA 2200/CHNY/2018[2013-14]Status: DisposedITAT Chennai26 Nov 2018AY 2013-14

Bench: Shri George Mathan & Shri A.Mohan Alankamony

For Respondent: Dr.Srinivasa Rao, CIT D.R
Section 269SSection 271DSection 271E

…and, in fact, the cash flow submitted by the assessee negates the claim of business exigency. ITA Nos.2149 to 2205/18 :- 18 -: 16. A perusal of the decision of the Hon’ble jurisdictional High Court in the case of M/s.Idhayam Publications Ltd., reported in 285 ITR 221 (Madras) relied upon by the assessee shows that a Private Ltd. Company had received cash from its Director.Consequently, the Hon’ble Jurisdictional High Court had given a finding that deposit/withdrawal of the money from the current account could not be considered as a loan or advance. In the present assessee’s case, herein, Dr.A.M.Arun admitte…

Vasan Medical Centre (India) P Ltd., Trichy vs. Addl.CIT Centrla Range 2, Chennai

In the result, appeals filed by the assessee M/s

ITA 2199/CHNY/2018[2012-13]Status: DisposedITAT Chennai26 Nov 2018AY 2012-13

Bench: Shri George Mathan & Shri A.Mohan Alankamony

For Respondent: Dr.Srinivasa Rao, CIT D.R
Section 269SSection 271DSection 271E

…and, in fact, the cash flow submitted by the assessee negates the claim of business exigency. ITA Nos.2149 to 2205/18 :- 18 -: 16. A perusal of the decision of the Hon’ble jurisdictional High Court in the case of M/s.Idhayam Publications Ltd., reported in 285 ITR 221 (Madras) relied upon by the assessee shows that a Private Ltd. Company had received cash from its Director.Consequently, the Hon’ble Jurisdictional High Court had given a finding that deposit/withdrawal of the money from the current account could not be considered as a loan or advance. In the present assessee’s case, herein, Dr.A.M.Arun admitte…

Vasan Medical Centre (India) P Ltd., Trichy vs. Addl.CIT Centrla Range 2, Chennai

In the result, appeals filed by the assessee M/s

ITA 2198/CHNY/2018[2012-13]Status: DisposedITAT Chennai26 Nov 2018AY 2012-13

Bench: Shri George Mathan & Shri A.Mohan Alankamony

For Respondent: Dr.Srinivasa Rao, CIT D.R
Section 269SSection 271DSection 271E

…and, in fact, the cash flow submitted by the assessee negates the claim of business exigency. ITA Nos.2149 to 2205/18 :- 18 -: 16. A perusal of the decision of the Hon’ble jurisdictional High Court in the case of M/s.Idhayam Publications Ltd., reported in 285 ITR 221 (Madras) relied upon by the assessee shows that a Private Ltd. Company had received cash from its Director.Consequently, the Hon’ble Jurisdictional High Court had given a finding that deposit/withdrawal of the money from the current account could not be considered as a loan or advance. In the present assessee’s case, herein, Dr.A.M.Arun admitte…

Vasan Healthcare P Ltd., Chennai vs. Addl.CIT Central Range 2, Chennai

In the result, appeals filed by the assessee M/s

ITA 2197/CHNY/2018[2015-16]Status: DisposedITAT Chennai26 Nov 2018AY 2015-16

Bench: Shri George Mathan & Shri A.Mohan Alankamony

For Respondent: Dr.Srinivasa Rao, CIT D.R
Section 269SSection 271DSection 271E

…and, in fact, the cash flow submitted by the assessee negates the claim of business exigency. ITA Nos.2149 to 2205/18 :- 18 -: 16. A perusal of the decision of the Hon’ble jurisdictional High Court in the case of M/s.Idhayam Publications Ltd., reported in 285 ITR 221 (Madras) relied upon by the assessee shows that a Private Ltd. Company had received cash from its Director.Consequently, the Hon’ble Jurisdictional High Court had given a finding that deposit/withdrawal of the money from the current account could not be considered as a loan or advance. In the present assessee’s case, herein, Dr.A.M.Arun admitte…

Vasan Healthcare P Ltd., Chennai vs. Addl.CIT Central Range 2, Chennai

In the result, appeals filed by the assessee M/s

ITA 2196/CHNY/2018[2015-16]Status: DisposedITAT Chennai26 Nov 2018AY 2015-16

Bench: Shri George Mathan & Shri A.Mohan Alankamony

For Respondent: Dr.Srinivasa Rao, CIT D.R
Section 269SSection 271DSection 271E

…and, in fact, the cash flow submitted by the assessee negates the claim of business exigency. ITA Nos.2149 to 2205/18 :- 18 -: 16. A perusal of the decision of the Hon’ble jurisdictional High Court in the case of M/s.Idhayam Publications Ltd., reported in 285 ITR 221 (Madras) relied upon by the assessee shows that a Private Ltd. Company had received cash from its Director.Consequently, the Hon’ble Jurisdictional High Court had given a finding that deposit/withdrawal of the money from the current account could not be considered as a loan or advance. In the present assessee’s case, herein, Dr.A.M.Arun admitte…

Vasan Healthcare P Ltd., Chennai vs. Addl.CIT Central Range 2, Chennai

In the result, appeals filed by the assessee M/s

ITA 2195/CHNY/2018[2014-15]Status: DisposedITAT Chennai26 Nov 2018AY 2014-15

Bench: Shri George Mathan & Shri A.Mohan Alankamony

For Respondent: Dr.Srinivasa Rao, CIT D.R
Section 269SSection 271DSection 271E

…and, in fact, the cash flow submitted by the assessee negates the claim of business exigency. ITA Nos.2149 to 2205/18 :- 18 -: 16. A perusal of the decision of the Hon’ble jurisdictional High Court in the case of M/s.Idhayam Publications Ltd., reported in 285 ITR 221 (Madras) relied upon by the assessee shows that a Private Ltd. Company had received cash from its Director.Consequently, the Hon’ble Jurisdictional High Court had given a finding that deposit/withdrawal of the money from the current account could not be considered as a loan or advance. In the present assessee’s case, herein, Dr.A.M.Arun admitte…

Vasan Healthcare P Ltd., Chennai vs. Addl.CIT Central Range 2, Chennai

In the result, appeals filed by the assessee M/s

ITA 2194/CHNY/2018[2014-15]Status: DisposedITAT Chennai26 Nov 2018AY 2014-15

Bench: Shri George Mathan & Shri A.Mohan Alankamony

For Respondent: Dr.Srinivasa Rao, CIT D.R
Section 269SSection 271DSection 271E

…and, in fact, the cash flow submitted by the assessee negates the claim of business exigency. ITA Nos.2149 to 2205/18 :- 18 -: 16. A perusal of the decision of the Hon’ble jurisdictional High Court in the case of M/s.Idhayam Publications Ltd., reported in 285 ITR 221 (Madras) relied upon by the assessee shows that a Private Ltd. Company had received cash from its Director.Consequently, the Hon’ble Jurisdictional High Court had given a finding that deposit/withdrawal of the money from the current account could not be considered as a loan or advance. In the present assessee’s case, herein, Dr.A.M.Arun admitte…

Terrain Infrastructure P.Ltd, Mumbai vs. Addl CIT RG 9(3), Mumbai

In the result, the appeal of assessee is allowed

ITA 6568/MUM/2014[2010-11]Status: DisposedITAT Mumbai25 Sept 2018AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am

For Appellant: NoneFor Respondent: Shri Jitendra Kumar, DR
Section 143(3)Section 269SSection 271DSection 273BSection 274

…ived from director attract penalty under section 271D of the Act for violation of the provisions of section 269SS or not? We find that the assessee has relied on the case law of Hon’ble Madras High Court in the case of CIT vs. Idhayam Publications Ltd. (2006) 285 ITR 221 (Madras), wherein Hon’ble Madras High Court held that the amount received by private company from its director is neither loan nor deposit. 6. We find from the facts of the case that there is a current account maintained by the director Shri Ramesh Advani, who is giving loan and the company is further returning the same. The details of current a…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7129/MUM/2016[2009-10]Status: DisposedITAT Mumbai13 Jul 2018AY 2009-10

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘जी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी जी. मंजूनाथ, लेखा सद"य, के सम" Before Shri JOGINDER SINGH, Judicial Member, and Shri G. MANJUNATHA, Accountant Member ITA NOs.7124 to 7129/Mum/2016 Assessment Years: 2007-08 to 2009-10 DCIT, M/s. Galaxy Premises Pvt. Central Circle-7(3), Ltd. बनाम/ Room No.655, 6th Floor, 216, Shah and Nahar Vs. Aayakar Bhavan, Industrial Road, Off. Dr. E. M.K. Road, Moses, Road, Worli, Mumbai-400020 Mumbai-400018 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.AACCG4239L Shri Abhiji…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7128/MUM/2016[2008-09]Status: DisposedITAT Mumbai13 Jul 2018AY 2008-09

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘जी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी जी. मंजूनाथ, लेखा सद"य, के सम" Before Shri JOGINDER SINGH, Judicial Member, and Shri G. MANJUNATHA, Accountant Member ITA NOs.7124 to 7129/Mum/2016 Assessment Years: 2007-08 to 2009-10 DCIT, M/s. Galaxy Premises Pvt. Central Circle-7(3), Ltd. बनाम/ Room No.655, 6th Floor, 216, Shah and Nahar Vs. Aayakar Bhavan, Industrial Road, Off. Dr. E. M.K. Road, Moses, Road, Worli, Mumbai-400020 Mumbai-400018 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.AACCG4239L Shri Abhiji…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7127/MUM/2016[2008-09]Status: DisposedITAT Mumbai13 Jul 2018AY 2008-09

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘जी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी जी. मंजूनाथ, लेखा सद"य, के सम" Before Shri JOGINDER SINGH, Judicial Member, and Shri G. MANJUNATHA, Accountant Member ITA NOs.7124 to 7129/Mum/2016 Assessment Years: 2007-08 to 2009-10 DCIT, M/s. Galaxy Premises Pvt. Central Circle-7(3), Ltd. बनाम/ Room No.655, 6th Floor, 216, Shah and Nahar Vs. Aayakar Bhavan, Industrial Road, Off. Dr. E. M.K. Road, Moses, Road, Worli, Mumbai-400020 Mumbai-400018 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.AACCG4239L Shri Abhiji…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7126/MUM/2016[2008-09]Status: DisposedITAT Mumbai13 Jul 2018AY 2008-09

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘जी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी जी. मंजूनाथ, लेखा सद"य, के सम" Before Shri JOGINDER SINGH, Judicial Member, and Shri G. MANJUNATHA, Accountant Member ITA NOs.7124 to 7129/Mum/2016 Assessment Years: 2007-08 to 2009-10 DCIT, M/s. Galaxy Premises Pvt. Central Circle-7(3), Ltd. बनाम/ Room No.655, 6th Floor, 216, Shah and Nahar Vs. Aayakar Bhavan, Industrial Road, Off. Dr. E. M.K. Road, Moses, Road, Worli, Mumbai-400020 Mumbai-400018 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.AACCG4239L Shri Abhiji…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7125/MUM/2016[2007-08]Status: DisposedITAT Mumbai13 Jul 2018AY 2007-08

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘जी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी जी. मंजूनाथ, लेखा सद"य, के सम" Before Shri JOGINDER SINGH, Judicial Member, and Shri G. MANJUNATHA, Accountant Member ITA NOs.7124 to 7129/Mum/2016 Assessment Years: 2007-08 to 2009-10 DCIT, M/s. Galaxy Premises Pvt. Central Circle-7(3), Ltd. बनाम/ Room No.655, 6th Floor, 216, Shah and Nahar Vs. Aayakar Bhavan, Industrial Road, Off. Dr. E. M.K. Road, Moses, Road, Worli, Mumbai-400020 Mumbai-400018 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.AACCG4239L Shri Abhiji…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7124/MUM/2016[2007-08]Status: DisposedITAT Mumbai13 Jul 2018AY 2007-08

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘जी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी जी. मंजूनाथ, लेखा सद"य, के सम" Before Shri JOGINDER SINGH, Judicial Member, and Shri G. MANJUNATHA, Accountant Member ITA NOs.7124 to 7129/Mum/2016 Assessment Years: 2007-08 to 2009-10 DCIT, M/s. Galaxy Premises Pvt. Central Circle-7(3), Ltd. बनाम/ Room No.655, 6th Floor, 216, Shah and Nahar Vs. Aayakar Bhavan, Industrial Road, Off. Dr. E. M.K. Road, Moses, Road, Worli, Mumbai-400020 Mumbai-400018 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.AACCG4239L Shri Abhiji…

Rmg Benefit Fund Ltd., Chennai vs. ACIT Central Circle 2(1), Chennai

In the result, all the appeals filed by the assessee are allowed

ITA 634/CHNY/2018[2014-15]Status: DisposedITAT Chennai14 Jun 2018AY 2014-15

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita Nos.628, 629, 630, 631, 632, 633 & 634/Chny/2018 "नधा"रण वष" / Assessment Years : 2008-09 To 2014-15 M/S Rmg Benefit Fund Ltd., The Assistant Commissioner Of No.38, Jeenis Road, V. Income Tax, Saidapet, Chennai - 600 015. Central Circle – 2(1), Chennai - 600 034. Pan : Aaacr 5172 K (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri G. Baskar, AdvocateFor Respondent: Shri AR.V. Sreenivasan, JCIT
Section 132Section 143(3)Section 153ASection 153CSection 271D

…आयकर अपील"य अ"धकरण, ’सी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी ए. मोहन अलंकामणी, लेखा सद"य केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.628, 629, 630, 631, 632, 633 & 634/Chny/2018 "नधा"रण वष" / Assessment Years : 2008-09 to 2014-15 M/s RMG Benefit Fund Ltd., The Assistant Commissioner of No.38, Jeenis Road, v. Income Tax, Saidapet, Chennai - 600 015. Central Circle – 2(1), Chennai - 600 034. PAN : AAACR 5172 K (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर…