CIT v. Indian Explosives Ltd.

192 ITR 144High Court1991#23338 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2019.

Judgments citing CIT v. Indian Explosives Ltd.

ACIT, New Delhi vs. M/S. National Cable Industries, New Delhi

Appeal is allowed

ITA 4145/DEL/2015[2010-11]Status: DisposedITAT Delhi26 Sept 2019AY 2010-11

Bench: Ms Suchitra Kamble & Shri Prashant Maharishii.T.A. No. 4145/Del/2015 (A.Y. 2010-11)

Section 133ASection 143(3)Section 145(3)Section 154Section 154(3)Section 37Section 37(1)

…olvex Ltd. (2015) 59 taxmann.com 294 (Raj.) d) Sunil Goel vs. ACIT (2008) 118 TTJ 415 (Del) e) CIT vs. Hotel Savera, (1998) 148 CTR 585 (Mad HC) f) CIT vs. Coimbatore Salem Transport (P) Ltd. (1966) 61 ITR 480 (Mad HC) g) CIT vs. Indian Explosives Ltd. (1991) 192 ITR 144 (Cal HC) h) D & H Secheron Electrodes P. Ltd. vs. CIT (1983) 142 ITR 528 (MP HC) The Ld. AR further submitted that the assessee is having CC limit of Rs. 70 Lakh only which is evident from sanction letter of Union Bank for CC limit. Therefore, when the assessee is having limit of Rs. 70 Lakh only and paying interest for the same, how it can adva…

I.T.O. Ward - 2, Khamgaon vs. M/S Shri Hanuman Onion Trading Co

In the result this appeal filed by the Revenue is stands dismissed

ITA 534/NAG/2016[2008-09]Status: DisposedITAT Nagpur10 Jan 2017AY 2008-09

Bench: Shri Shamim Yahya. (S.M.C.)

For Appellant: Shri A.R. NinaweFor Respondent: Shri Vijay Chandak

Section 36(1)(iii)Section 69

…1 ITA No. 534/Nag/2016. IN THE INCOME TAX APPELLATE TRIBUNAL, NAGPUR BENCH, NAGPUR BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER. (S.M.C.) I.T.A. No. 534/Nag/2016 Assessment Year : 2008-09. The Income-tax Officer, M/s Shri Hanuman Onion Ward-2, Kmangaon. Vs. Trading Company, Nandura. PAN AANFS0617G. Appellant. Respondent. Appellant by : Shri A.R. Ninawe. Respondent by : Shri Vijay Chandak. Date of Hearing : 15-12-2016 Date of Pronouncement : 10th January, 2017. O R D E R. This appeal by the Revenue is directed against order of Learned CIT(Appeals)-I, Nagpur dated 29/7/2016 and pertains to assessment year 2008…

M/S. Srs Ltd., New Delhi vs. ACIT, Faridabad

In the result assessee’s appeal is allowed

ITA 6581/DEL/2013[2009-10]Status: DisposedITAT Delhi18 May 2016AY 2009-10

Bench: Shri H.S.Sidhu & Shri J. Sudhakar Reddyay: 2009-10 M/S Srs Ltd. Vs. Acit, Circle Ii C/O M/S Rra Tax India Faridabad D 28, South Ex., Part I New Delhi 110 049 Pan: Aagcs 8846 R (Appellant) (Respondent)

For Appellant: Dr.Rakesh Gupta and Shri Somil Aggarwal, AdvsFor Respondent: Sh. P.Dam Kanunjna, Sr. D.R

…We have heard Dr.Rakesh Gupta, the Ld.Counsel for the assessee and Sh. P.Dam Kanunjna, Ld.Sr.D.R. on behalf of the Revenue. 5. The Ld.Counsel for the assessee relied on the decision of Hon’ble Calcutta High Court in the case of CIT vs. Indian Explosives Ltd. 192 ITR 144, 147 (Cal.) and submitted that the AO erred in treating the impugned advance, as that made out of borrowed funds for purchase of capital asset. He argued that the assessee has sufficient interest free funds and the presumption is that the interest free funds should have been utilized for giving interest free advances. 5.1. The Ld.D.R. on the oth…