CIT v. ITC Hotels Ltd.

290 ITR 217High Court2007#2333 most cited

What is CIT v. ITC Hotels Ltd. authority for?

Expenditure, including interest paid on Compulsorily Convertible Debentures (CCDs) or Optionally Convertible Debentures (OCDs), qualifies as an allowable revenue deduction for income tax purposes.

50

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2012 to 2024.

Also referred to as

CIT v. ITC Hotels Ltd. · 290 ITR 217 · revenue expenditure · allowable deduction · interest on debentures · Compulsorily Convertible Debentures · Optionally Convertible Debentures · business expenses · Income-tax Act 1961

Also reported as

190 Taxmann 430

Sections most often in play

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

Issues it is cited on

illegal paymentsection 80iesection 35(1)(iv)section 10(2a)section 92(1)explanation to section 37section 35(1)legal expensessection 40a(2)(b)section 36(1)(ii)prohibited by lawsection 36(2)

Judgments citing CIT v. ITC Hotels Ltd.

DCIT, NEW DELHI vs. M/S HUDCO LTD.,, NEW DELHI

In the result, the appeal of the revenue in ITA No

ITA 3904/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &
Section 143(3)

…w that even in such a situation the expenditure is allowable as revenue expenditure: (1) CIT v. East India Hotels Ltd. [2001] 252 ITR 860 (Cal); (ii) CIT v. ITC Hotels Ltd. [2011] 334 ITR 109 (Karn); (iii) CIT v. South India Corporation (Agencies) Ltd. [2007] 290 ITR 217 (Mad); and (iv) CIT v. First Leasing Co. of India Ltd. [2008] 304 ITR 67 (Mad). In addition to the above judgments, we also have the judgment of the Rajasthan High Court in CIT v. Secure Meters Ltd. [2010] 321 ITR 611 (Raj) against which the special leave petition filed by the Revenue was dismissed. ITA No. 3262/Del/2015 (AY: 2011-12) ITA Nos. 39…

M/S. HOUSING & URBAN DEVELOPMENT CORPORATION LTD. (HUDCO),NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, the appeal of the revenue in ITA No

ITA 3261/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &
Section 143(3)

…w that even in such a situation the expenditure is allowable as revenue expenditure: (1) CIT v. East India Hotels Ltd. [2001] 252 ITR 860 (Cal); (ii) CIT v. ITC Hotels Ltd. [2011] 334 ITR 109 (Karn); (iii) CIT v. South India Corporation (Agencies) Ltd. [2007] 290 ITR 217 (Mad); and (iv) CIT v. First Leasing Co. of India Ltd. [2008] 304 ITR 67 (Mad). In addition to the above judgments, we also have the judgment of the Rajasthan High Court in CIT v. Secure Meters Ltd. [2010] 321 ITR 611 (Raj) against which the special leave petition filed by the Revenue was dismissed. ITA No. 3262/Del/2015 (AY: 2011-12) ITA Nos. 39…

THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-2(1) (1),, AHMEDABAD vs. M/S. INTAS PHARMACEUTICALS PVT. LTD.,, AHMEDABAD

Accordingly the claim of expenditure is allowed as revenue

ITA 1646/AHD/2017[2011-12]Status: DisposedITAT Ahmedabad31 Jan 2024AY 2011-12

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

For Appellant: Shri S. N. Soparkar, Sr. AdvocateFor Respondent: Dr. Darsi Suman Ratnam, CI

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFORE SMT. ANNAPURNA GUPTA, ACCOUNTANT MEMBER& SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER I.T.A. No.1334/Ahd/2017 (Assessment Year: 2009-10) Intas Pharmaceuticals Ltd., Vs. Assistant Commissioner of 203, Chinubhai Center, Income Tax, Off. Nehru Bridge, Ashram Road Circle-2(1)(1), Ahmedabad-380009 Ahmedabad [PAN No.AAACI5120L] (Appellant) .. (Respondent) I.T.A. No. 1644/Ahd/2017 (Assessment Year: 2009-10) Assistant Commissioner of Vs. Intas Pharmaceuticals Pvt. Ltd. Income Tax, 203, Chinubhai Center, Opp. Circle-2(1)(1), Nehru Bridge, Ashram Road, Ahmeda…

THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-2(1) (1),, AHMEDABAD vs. M/S. INTAS PHARMACEUTICALS PVT. LTD.,, AHMEDABAD

Accordingly the claim of expenditure is allowed as revenue

ITA 1645/AHD/2017[2010-11]Status: DisposedITAT Ahmedabad31 Jan 2024AY 2010-11

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

For Appellant: Shri S. N. Soparkar, Sr. AdvocateFor Respondent: Dr. Darsi Suman Ratnam, CI

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFORE SMT. ANNAPURNA GUPTA, ACCOUNTANT MEMBER& SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER I.T.A. No.1334/Ahd/2017 (Assessment Year: 2009-10) Intas Pharmaceuticals Ltd., Vs. Assistant Commissioner of 203, Chinubhai Center, Income Tax, Off. Nehru Bridge, Ashram Road Circle-2(1)(1), Ahmedabad-380009 Ahmedabad [PAN No.AAACI5120L] (Appellant) .. (Respondent) I.T.A. No. 1644/Ahd/2017 (Assessment Year: 2009-10) Assistant Commissioner of Vs. Intas Pharmaceuticals Pvt. Ltd. Income Tax, 203, Chinubhai Center, Opp. Circle-2(1)(1), Nehru Bridge, Ashram Road, Ahmeda…

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, AHMEDABAD vs. INTAS PHARMACEUTICALS PVT. LTD.,, AHMEDABAD

Accordingly the claim of expenditure is allowed as revenue

ITA 1644/AHD/2017[2009-10]Status: DisposedITAT Ahmedabad31 Jan 2024AY 2009-10

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

For Appellant: Shri S. N. Soparkar, Sr. AdvocateFor Respondent: Dr. Darsi Suman Ratnam, CI

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFORE SMT. ANNAPURNA GUPTA, ACCOUNTANT MEMBER& SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER I.T.A. No.1334/Ahd/2017 (Assessment Year: 2009-10) Intas Pharmaceuticals Ltd., Vs. Assistant Commissioner of 203, Chinubhai Center, Income Tax, Off. Nehru Bridge, Ashram Road Circle-2(1)(1), Ahmedabad-380009 Ahmedabad [PAN No.AAACI5120L] (Appellant) .. (Respondent) I.T.A. No. 1644/Ahd/2017 (Assessment Year: 2009-10) Assistant Commissioner of Vs. Intas Pharmaceuticals Pvt. Ltd. Income Tax, 203, Chinubhai Center, Opp. Circle-2(1)(1), Nehru Bridge, Ashram Road, Ahmeda…

INTAS PHARMACEUTICALS LTD.,,AHMEDABAD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, AHMEDABAD

Accordingly the claim of expenditure is allowed as revenue

ITA 1336/AHD/2017[2011-12]Status: DisposedITAT Ahmedabad31 Jan 2024AY 2011-12

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

For Appellant: Shri S. N. Soparkar, Sr. AdvocateFor Respondent: Dr. Darsi Suman Ratnam, CI

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFORE SMT. ANNAPURNA GUPTA, ACCOUNTANT MEMBER& SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER I.T.A. No.1334/Ahd/2017 (Assessment Year: 2009-10) Intas Pharmaceuticals Ltd., Vs. Assistant Commissioner of 203, Chinubhai Center, Income Tax, Off. Nehru Bridge, Ashram Road Circle-2(1)(1), Ahmedabad-380009 Ahmedabad [PAN No.AAACI5120L] (Appellant) .. (Respondent) I.T.A. No. 1644/Ahd/2017 (Assessment Year: 2009-10) Assistant Commissioner of Vs. Intas Pharmaceuticals Pvt. Ltd. Income Tax, 203, Chinubhai Center, Opp. Circle-2(1)(1), Nehru Bridge, Ashram Road, Ahmeda…

INTAS PHARMACEUTICALS LTD.,,AHMEDABAD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, AHMEDABAD

Accordingly the claim of expenditure is allowed as revenue

ITA 1335/AHD/2017[2010-11]Status: DisposedITAT Ahmedabad31 Jan 2024AY 2010-11

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

For Appellant: Shri S. N. Soparkar, Sr. AdvocateFor Respondent: Dr. Darsi Suman Ratnam, CI

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFORE SMT. ANNAPURNA GUPTA, ACCOUNTANT MEMBER& SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER I.T.A. No.1334/Ahd/2017 (Assessment Year: 2009-10) Intas Pharmaceuticals Ltd., Vs. Assistant Commissioner of 203, Chinubhai Center, Income Tax, Off. Nehru Bridge, Ashram Road Circle-2(1)(1), Ahmedabad-380009 Ahmedabad [PAN No.AAACI5120L] (Appellant) .. (Respondent) I.T.A. No. 1644/Ahd/2017 (Assessment Year: 2009-10) Assistant Commissioner of Vs. Intas Pharmaceuticals Pvt. Ltd. Income Tax, 203, Chinubhai Center, Opp. Circle-2(1)(1), Nehru Bridge, Ashram Road, Ahmeda…

INTAS PHARMACEUTICALS LTD.,,AHMEDABAD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, AHMEDABAD

Accordingly the claim of expenditure is allowed as revenue

ITA 1334/AHD/2017[2009-10]Status: DisposedITAT Ahmedabad31 Jan 2024AY 2009-10

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

For Appellant: Shri S. N. Soparkar, Sr. AdvocateFor Respondent: Dr. Darsi Suman Ratnam, CI

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFORE SMT. ANNAPURNA GUPTA, ACCOUNTANT MEMBER& SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER I.T.A. No.1334/Ahd/2017 (Assessment Year: 2009-10) Intas Pharmaceuticals Ltd., Vs. Assistant Commissioner of 203, Chinubhai Center, Income Tax, Off. Nehru Bridge, Ashram Road Circle-2(1)(1), Ahmedabad-380009 Ahmedabad [PAN No.AAACI5120L] (Appellant) .. (Respondent) I.T.A. No. 1644/Ahd/2017 (Assessment Year: 2009-10) Assistant Commissioner of Vs. Intas Pharmaceuticals Pvt. Ltd. Income Tax, 203, Chinubhai Center, Opp. Circle-2(1)(1), Nehru Bridge, Ashram Road, Ahmeda…

DCIT, CIRCLE- 21(1), NEW DELHI vs. RELIGARE FINVEST LTD., NEW DELHI

In the result, -Appeal in ITA No

ITA 7553/DEL/2018[2015-16]Status: DisposedITAT Delhi13 Jul 2023AY 2015-16

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…ied).” 33.3. The similar views have been expressed on the issue of CCDs/OCDs were held to be allowable revenue deduction in following judicial pronouncements:- -DCIT v. ITC Hotels Ltd.: 334 ITR 109 (Kar.) - CIT v. South India Corporation (Agencies) Limited: 290 ITR 217 (Mad.) -CIT v. East India Hotels Limited: 252 ITR 860 (Cal.) -Ganesh Benzoplast v. ACIT: 111 TTJ 385 (Mum.) -Crane Software International Ltd: ITA Nos. 741&742 Bang/2010 (Bang) - DCIT v. Modern Syntex (India) Ltd.: 95 TTJ 161/3 SOT 27 (Jaipur). 37 ITA Nos. 4796/Del/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT 33.4. The Co-ordinate Bench of th…

RELIGARE FINVEST LTD.,NEW DELHI vs. DCIT, CIRCLE- 21(1), NEW DELHI

In the result, -Appeal in ITA No

ITA 6116/DEL/2018[2015-16]Status: DisposedITAT Delhi13 Jul 2023AY 2015-16

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…ied).” 33.3. The similar views have been expressed on the issue of CCDs/OCDs were held to be allowable revenue deduction in following judicial pronouncements:- -DCIT v. ITC Hotels Ltd.: 334 ITR 109 (Kar.) - CIT v. South India Corporation (Agencies) Limited: 290 ITR 217 (Mad.) -CIT v. East India Hotels Limited: 252 ITR 860 (Cal.) -Ganesh Benzoplast v. ACIT: 111 TTJ 385 (Mum.) -Crane Software International Ltd: ITA Nos. 741&742 Bang/2010 (Bang) - DCIT v. Modern Syntex (India) Ltd.: 95 TTJ 161/3 SOT 27 (Jaipur). 37 ITA Nos. 4796/Del/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT 33.4. The Co-ordinate Bench of th…

RELIGARE FINVEST LTD.,NEW DELHI vs. DCIT, CIRCLE- 21(1), NEW DELHI

In the result, -Appeal in ITA No

ITA 547/DEL/2018[2013-14]Status: DisposedITAT Delhi13 Jul 2023AY 2013-14

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…ied).” 33.3. The similar views have been expressed on the issue of CCDs/OCDs were held to be allowable revenue deduction in following judicial pronouncements:- -DCIT v. ITC Hotels Ltd.: 334 ITR 109 (Kar.) - CIT v. South India Corporation (Agencies) Limited: 290 ITR 217 (Mad.) -CIT v. East India Hotels Limited: 252 ITR 860 (Cal.) -Ganesh Benzoplast v. ACIT: 111 TTJ 385 (Mum.) -Crane Software International Ltd: ITA Nos. 741&742 Bang/2010 (Bang) - DCIT v. Modern Syntex (India) Ltd.: 95 TTJ 161/3 SOT 27 (Jaipur). 37 ITA Nos. 4796/Del/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT 33.4. The Co-ordinate Bench of th…

ACIT (OSD), CIRCLE- 21(1), NEW DELHI vs. RELIGARE FINVEST LTD., NEW DELHI

In the result, -Appeal in ITA No

ITA 133/DEL/2018[2014-15]Status: DisposedITAT Delhi13 Jul 2023AY 2014-15

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…ied).” 33.3. The similar views have been expressed on the issue of CCDs/OCDs were held to be allowable revenue deduction in following judicial pronouncements:- -DCIT v. ITC Hotels Ltd.: 334 ITR 109 (Kar.) - CIT v. South India Corporation (Agencies) Limited: 290 ITR 217 (Mad.) -CIT v. East India Hotels Limited: 252 ITR 860 (Cal.) -Ganesh Benzoplast v. ACIT: 111 TTJ 385 (Mum.) -Crane Software International Ltd: ITA Nos. 741&742 Bang/2010 (Bang) - DCIT v. Modern Syntex (India) Ltd.: 95 TTJ 161/3 SOT 27 (Jaipur). 37 ITA Nos. 4796/Del/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT 33.4. The Co-ordinate Bench of th…

RELIGARE FINVEST LTD.,NEW DELHI vs. ACIT, CIRCLE- 21(1), NEW DELHI

In the result, -Appeal in ITA No

ITA 7856/DEL/2017[2014-15]Status: DisposedITAT Delhi13 Jul 2023AY 2014-15

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…ied).” 33.3. The similar views have been expressed on the issue of CCDs/OCDs were held to be allowable revenue deduction in following judicial pronouncements:- -DCIT v. ITC Hotels Ltd.: 334 ITR 109 (Kar.) - CIT v. South India Corporation (Agencies) Limited: 290 ITR 217 (Mad.) -CIT v. East India Hotels Limited: 252 ITR 860 (Cal.) -Ganesh Benzoplast v. ACIT: 111 TTJ 385 (Mum.) -Crane Software International Ltd: ITA Nos. 741&742 Bang/2010 (Bang) - DCIT v. Modern Syntex (India) Ltd.: 95 TTJ 161/3 SOT 27 (Jaipur). 37 ITA Nos. 4796/Del/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT 33.4. The Co-ordinate Bench of th…

ACIT, CIRCLE- 21(1), NEW DELHI vs. RELIGARE FINVEST LTD.,, NEW DELHI

In the result, -Appeal in ITA No

ITA 5202/DEL/2017[2012-13]Status: DisposedITAT Delhi13 Jul 2023AY 2012-13

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…ied).” 33.3. The similar views have been expressed on the issue of CCDs/OCDs were held to be allowable revenue deduction in following judicial pronouncements:- -DCIT v. ITC Hotels Ltd.: 334 ITR 109 (Kar.) - CIT v. South India Corporation (Agencies) Limited: 290 ITR 217 (Mad.) -CIT v. East India Hotels Limited: 252 ITR 860 (Cal.) -Ganesh Benzoplast v. ACIT: 111 TTJ 385 (Mum.) -Crane Software International Ltd: ITA Nos. 741&742 Bang/2010 (Bang) - DCIT v. Modern Syntex (India) Ltd.: 95 TTJ 161/3 SOT 27 (Jaipur). 37 ITA Nos. 4796/Del/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT 33.4. The Co-ordinate Bench of th…

RELIGARE FINVEST LTD.,NEW DELHI vs. DCIT, CIRCLE- 21(1), NEW DELHI

In the result, -Appeal in ITA No

ITA 4796/DEL/2017[2012-13]Status: PendingITAT Delhi13 Jul 2023AY 2012-13

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…ied).” 33.3. The similar views have been expressed on the issue of CCDs/OCDs were held to be allowable revenue deduction in following judicial pronouncements:- -DCIT v. ITC Hotels Ltd.: 334 ITR 109 (Kar.) - CIT v. South India Corporation (Agencies) Limited: 290 ITR 217 (Mad.) -CIT v. East India Hotels Limited: 252 ITR 860 (Cal.) -Ganesh Benzoplast v. ACIT: 111 TTJ 385 (Mum.) -Crane Software International Ltd: ITA Nos. 741&742 Bang/2010 (Bang) - DCIT v. Modern Syntex (India) Ltd.: 95 TTJ 161/3 SOT 27 (Jaipur). 37 ITA Nos. 4796/Del/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT 33.4. The Co-ordinate Bench of th…

ASSTT COMMISSIONER OF INCOME TAX, CC-7(3), MUMBAI vs. M/S MACROTECH DEVELOPERS LTD .(SUCCESSOR TO M/S SAHAJANAD HI-TECH CONSTRUCTION PVT LTD.), MUMBAI

In the result, for A.Y. 2015-16, the appeal of the learned

ITA 1893/MUM/2022[2014-15]Status: DisposedITAT Mumbai26 Oct 2022AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm M/S Macrotech Developers Ltd. (Successor To M/S Sahajanad Acit Cc-7(3) Hi-Tech Construction Pvt. Room No. 655, Ltd.) Aayakar Bhavan, 412,4Th Floor, 17-G, Vs. M.K.Road, Vardhaman Chambers, Mumbai- 400 020 Cawasji Patel Road, Horniman Cirlce, Fort, Mumbai-400001 (Respondent) (Appellant) Pan No.Aaecp1936F Acit Cc-7(3) Macrotech Developers Ltd. Room No. 655, (Successor To Bellissimo Aayakar Bhavan, Developers Thane Private Limited) M.K.Road, 412, Floor-4, 17G Vs. Mumbai- 400 020 Vardhman Chamber, Cawasji, Patel Road, Horniman Circle, Fort, Mumabi-400 001 (Respondent) (Appellant) Pan No.Aadco0409D ‘Ita No. 1864/Mum/2022 (Assessment Year 2015-16) Macrotech Developers Ltd. Dcit, (Successor To Bellissimo Central Circle 7(3) Developers Thane Private Room No. 655, 6 Th Floor, Limited) 412, Floor-4, 17G Aaykar Bhavan, Vs. Vardhman Chamber, Cawasji, M. K. Road, Patel Road, Horniman Circle, Mumbai-400 021 Fort, Mumabi-400 001 (Respondent) (Appellant) Pan No.Aadco0409D

For Appellant: Shri. Gunajjan KakkadFor Respondent: Shri. Nishant Somaiya SRAR
Section 143(3)Section 36(1)(iii)

…llowed deduction u/s 57(mi) if the Act: In this respect, the assessee has relied on the following judicial decisions - CIT vs Rajendra Prasad Mody [115 ITR 0519 SC] CIT VS. Modi Pvt. Ltd [208 ITR 31] (Bombay) CIT Vs. South India Corporation (Agencies) Ltd [290 ITR 217)(Madras) R.K. Kabel Ltd Vs. Addl. CIT [66 DTR 250] (Mumbai) The assessee has also further made the submission as under: - 3.1 The assessee would humbly submit that reducing the interest income from the WIP and taxing the same under the head income from other sources shall be tax neutral. The assessee submits that the reduction of interest inco…

ASSISTANT COMMISSIONER OF INCOME TAX,CENTRAL CIRCLE-7(3), MUMBAI vs. M/S MACROTECH DEVELOPERS LTD, MUMBAI

In the result, for A.Y. 2015-16, the appeal of the learned

ITA 1885/MUM/2022[2015-16]Status: DisposedITAT Mumbai26 Oct 2022AY 2015-16

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm M/S Macrotech Developers Ltd. (Successor To M/S Sahajanad Acit Cc-7(3) Hi-Tech Construction Pvt. Room No. 655, Ltd.) Aayakar Bhavan, 412,4Th Floor, 17-G, Vs. M.K.Road, Vardhaman Chambers, Mumbai- 400 020 Cawasji Patel Road, Horniman Cirlce, Fort, Mumbai-400001 (Respondent) (Appellant) Pan No.Aaecp1936F Acit Cc-7(3) Macrotech Developers Ltd. Room No. 655, (Successor To Bellissimo Aayakar Bhavan, Developers Thane Private Limited) M.K.Road, 412, Floor-4, 17G Vs. Mumbai- 400 020 Vardhman Chamber, Cawasji, Patel Road, Horniman Circle, Fort, Mumabi-400 001 (Respondent) (Appellant) Pan No.Aadco0409D ‘Ita No. 1864/Mum/2022 (Assessment Year 2015-16) Macrotech Developers Ltd. Dcit, (Successor To Bellissimo Central Circle 7(3) Developers Thane Private Room No. 655, 6 Th Floor, Limited) 412, Floor-4, 17G Aaykar Bhavan, Vs. Vardhman Chamber, Cawasji, M. K. Road, Patel Road, Horniman Circle, Mumbai-400 021 Fort, Mumabi-400 001 (Respondent) (Appellant) Pan No.Aadco0409D

For Appellant: Shri. Gunajjan KakkadFor Respondent: Shri. Nishant Somaiya SRAR
Section 143(3)Section 36(1)(iii)

…llowed deduction u/s 57(mi) if the Act: In this respect, the assessee has relied on the following judicial decisions - CIT vs Rajendra Prasad Mody [115 ITR 0519 SC] CIT VS. Modi Pvt. Ltd [208 ITR 31] (Bombay) CIT Vs. South India Corporation (Agencies) Ltd [290 ITR 217)(Madras) R.K. Kabel Ltd Vs. Addl. CIT [66 DTR 250] (Mumbai) The assessee has also further made the submission as under: - 3.1 The assessee would humbly submit that reducing the interest income from the WIP and taxing the same under the head income from other sources shall be tax neutral. The assessee submits that the reduction of interest inco…

MACROTECH DEVELOPERS LTD(SUCCESSOR TO BELLISSIMO DEVELOPERS THANE PRIVATE LIMITED) ,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 7(3) (FORMERLY INCOME TAX OFFICER, WARD 6(3)(2)), MUMBAI

In the result, for A.Y. 2015-16, the appeal of the learned

ITA 1864/MUM/2022[2015-16]Status: DisposedITAT Mumbai26 Oct 2022AY 2015-16

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm M/S Macrotech Developers Ltd. (Successor To M/S Sahajanad Acit Cc-7(3) Hi-Tech Construction Pvt. Room No. 655, Ltd.) Aayakar Bhavan, 412,4Th Floor, 17-G, Vs. M.K.Road, Vardhaman Chambers, Mumbai- 400 020 Cawasji Patel Road, Horniman Cirlce, Fort, Mumbai-400001 (Respondent) (Appellant) Pan No.Aaecp1936F Acit Cc-7(3) Macrotech Developers Ltd. Room No. 655, (Successor To Bellissimo Aayakar Bhavan, Developers Thane Private Limited) M.K.Road, 412, Floor-4, 17G Vs. Mumbai- 400 020 Vardhman Chamber, Cawasji, Patel Road, Horniman Circle, Fort, Mumabi-400 001 (Respondent) (Appellant) Pan No.Aadco0409D ‘Ita No. 1864/Mum/2022 (Assessment Year 2015-16) Macrotech Developers Ltd. Dcit, (Successor To Bellissimo Central Circle 7(3) Developers Thane Private Room No. 655, 6 Th Floor, Limited) 412, Floor-4, 17G Aaykar Bhavan, Vs. Vardhman Chamber, Cawasji, M. K. Road, Patel Road, Horniman Circle, Mumbai-400 021 Fort, Mumabi-400 001 (Respondent) (Appellant) Pan No.Aadco0409D

For Appellant: Shri. Gunajjan KakkadFor Respondent: Shri. Nishant Somaiya SRAR
Section 143(3)Section 36(1)(iii)

…llowed deduction u/s 57(mi) if the Act: In this respect, the assessee has relied on the following judicial decisions - CIT vs Rajendra Prasad Mody [115 ITR 0519 SC] CIT VS. Modi Pvt. Ltd [208 ITR 31] (Bombay) CIT Vs. South India Corporation (Agencies) Ltd [290 ITR 217)(Madras) R.K. Kabel Ltd Vs. Addl. CIT [66 DTR 250] (Mumbai) The assessee has also further made the submission as under: - 3.1 The assessee would humbly submit that reducing the interest income from the WIP and taxing the same under the head income from other sources shall be tax neutral. The assessee submits that the reduction of interest inco…

M/S HASSAN HAJEE & CO.,MANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE, MANGALORE

In the result, the assessee’s appeals in ITA Nos

ITA 870/BANG/2017[2013-14]Status: DisposedITAT Bangalore22 Sept 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Sri V. Srinivasan, A.RFor Respondent: Sri Praveen Karanth, D.R

…ivities were being carried at the Madras Port. The assessment year involved was 1994-95. The Hon'ble Madras High Court allowed such expenditure in the case of the assessee. Such expenditure was also allowed in the case of that assessee in decision reported at 290 ITR 217 for the asst, years 1986-87 to 1993-94. 19. The Mumbai Tribunal in the case of A P L (India) Pvt. Ltd. v. DCIT 96 ITC, 227 had. an occasion to consider the allowability of incentives paid to the port workers. In that case, there were self-made vouchers. This concern was also doing the cargo handling at Madras Port. The Mumbai Tribunal held that b…

M/S HASSAN HAJEE & CO., ,MANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE, MANGALORE

In the result, the assessee’s appeals in ITA Nos

ITA 30/BANG/2017[2012-13]Status: DisposedITAT Bangalore22 Sept 2022AY 2012-13

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Sri V. Srinivasan, A.RFor Respondent: Sri Praveen Karanth, D.R

…ivities were being carried at the Madras Port. The assessment year involved was 1994-95. The Hon'ble Madras High Court allowed such expenditure in the case of the assessee. Such expenditure was also allowed in the case of that assessee in decision reported at 290 ITR 217 for the asst, years 1986-87 to 1993-94. 19. The Mumbai Tribunal in the case of A P L (India) Pvt. Ltd. v. DCIT 96 ITC, 227 had. an occasion to consider the allowability of incentives paid to the port workers. In that case, there were self-made vouchers. This concern was also doing the cargo handling at Madras Port. The Mumbai Tribunal held that b…

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