CIT v. ITC Hotels Ltd.

290 ITR 217High Court2007#2311 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 366,369 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, Chennai vs. Ashok Leyland Ltd., Chennai

In the result, the appeal of the Revenue in ITA

ITA 2825/CHNY/2014[2005-06]Status: DisposedITAT Chennai23 Sept 2016AY 2005-06

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. Nos.2825, 2826 & 2827/Mds/2014 "नधा"रण वष" /Assessment Years : 2005-06, 2006-07 & 2007-2008. The Deputy Commissioner Of M/S. Ashok Leyland Ltd, Income Tax, Vs. No.1, Sardar Patel Road, Large Taxpayer Unit -Ii, Guindy, Chennai 600 101. Chennai 600 032. [Pan Aaaca 4651L] (Department) (Assessee )

For Appellant: Shri. Vikram Vijayaraghavan, AdvocateFor Respondent: Shri. Arun C. Bharath, IRS, CIT
Section 35D(2)Section 35D(2)(c)

…Tax (Appeals) order, the assessee assailed an appeal before Tribunal. 8.3 We heard both sides, perused the material on record and judicial decision cited. This issue came for consideration in following cases:- (i) CIT vs. South India Corpn. (Agencies) Ltd 290 ITR 217. (ii) CIT vs. First Leasing Co. of India Ltd 304 ITR 67. (iii) CIT vs. Secure Meters Ltd 321 ITR 611. ITA Nos.2825 to 2827, 2834 :- 23 -: to 2839/Mds/2014. In all these judgments wherein held that expenditure incurred on issue of debentures whether convertible or non convertible is allowable as Revenue expenditure. Being so, even foreign currency…

Hindustan Motors Limited, Kolkata vs. D.C.I.T., Circle-6, Kolkata

In the result, the appeal filed by the assessee is allowed

ITA 2644/KOL/2013[1999-2000]Status: DisposedITAT Kolkata21 Sept 2016AY 1999-2000

Bench: Shri M.Balaganesh & Shri S.S.Viswanethra Ravi

Section 143(2)Section 147Section 350Section 35D

…nue expenditure and such expenditure is admissible as a deduction against profits of the year as under :- (i) India Cements Ltd Vs. CIT - 60 ITR 52 ( SC) (ii) CIT Vs East India Hotels Ltd - 252 ITR 860 ( Cal) (iii) CIT Vs. South India Corpn. ( Agencies) Ltd - 290 ITR 217 ( Mad) (iv) CIT Vs. First Leasing Co. of India Ltd - 304 ITR 67 ( Mad) (v) CIT Vs. Thirani Chemicals Ltd - 290 ITR 196 ( Del) (vi) CIT Vs. Office of the Official Liquidator- 3161TR 181 (Guj). (vii) CIT vs. Mahindra Ugine & Steel Co. Ltd - 250 ITR 696 ( Mum). It is respectfully submitted that action of the AO in disallowing the debenture issue exp…

Reliance Natural Resources Ltd, Navi Mumbai vs. Addl CIT RG 7(2), Mumbai

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

ITA 6843/MUM/2012[208-09]Status: DisposedITAT Mumbai24 Aug 2016

Bench: Shri G.S.Pannu & Shri Ravish Soodthe Dcit -7(2), Aaykar Bhavan,M.K.Road, Mumbai 400 020 ..... Appellant Vs. M/S. Reliance Natural Resources Ltd. H-Block, 1St Floor, Dhirubhai Ambani Knowledge City, Thane-Belapur Road, Koperkhairane, Navi Mumbai 400 710 Pan:Aabcr 7656P .... Respondent [ M/S. Reliance Natural Resources Ltd. H-Block, 1St Floor, Dhirubhai Ambani Knowledge City, Thane-Belapur Road, Koperkhairane, Navi Mumbai 400 710 Pan:Aabcr 7656P ... Appellant Vs. The Addl.Cit -7(2), Aaykar Bhavan,M.K.Road, Mumbai 400 020 .... Respondent Revenue By : Shri Jasbir Chouhan Assessee By : S/Shri Jitendra Sanghavi/ Deepak Jain Date Of Hearing : 17/8/2016 Date Of Pronouncement : 24/08/2016 (Assessment Year : 2008-09) Order Per G.S.Pannu,A.M:

For Appellant: S/Shri Jitendra Sanghavi/ Deepak JainFor Respondent: Shri Jasbir Chouhan
Section 143(3)Section 195Section 37(1)Section 40

…348 (Mum) iii) CIT vs. Secure Meters Ltd. (2009) 175 Taxman 567 (Raj) iv) CIT vs. Tata Teleservices ( व"वध आवेदन) Ltd. (2014) 47 taxmann.com 238 " (Bom) v) CIT vs. ITC Hotels Ltd. (2011) 334 ITR 198 (Kar) vi) CIT vs. South India Corpn. (Agencies) Ltd. (2007) 290 ITR 217 (Mad) vii) CIT vs. Havells India Ltd. (2013) 352 ITR 376 (Del) (Assessment Year : 2008-09) viii) CIT vs. First Leasing Co. of India Ltd. (2008) 304 ITR 67 (Mad) ix) Gati Limited (ITA No. 749/Hyd/2012 dated 04.01.2013) x) Gati Limited (ITA No. 1325/Hyd/2015 dated 10.03.2016) 11.4.1 We have heard the rival contentions of both the parties and perus…

Addl CIT 7(2), Mumbai vs. Reliance Natural Resources Ltd, Navi Mumbai

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

ITA 6711/MUM/2012[2008-09]Status: DisposedITAT Mumbai24 Aug 2016AY 2008-09

Bench: Shri G.S.Pannu & Shri Ravish Soodthe Dcit -7(2), Aaykar Bhavan,M.K.Road, Mumbai 400 020 ..... Appellant Vs. M/S. Reliance Natural Resources Ltd. H-Block, 1St Floor, Dhirubhai Ambani Knowledge City, Thane-Belapur Road, Koperkhairane, Navi Mumbai 400 710 Pan:Aabcr 7656P .... Respondent [ M/S. Reliance Natural Resources Ltd. H-Block, 1St Floor, Dhirubhai Ambani Knowledge City, Thane-Belapur Road, Koperkhairane, Navi Mumbai 400 710 Pan:Aabcr 7656P ... Appellant Vs. The Addl.Cit -7(2), Aaykar Bhavan,M.K.Road, Mumbai 400 020 .... Respondent Revenue By : Shri Jasbir Chouhan Assessee By : S/Shri Jitendra Sanghavi/ Deepak Jain Date Of Hearing : 17/8/2016 Date Of Pronouncement : 24/08/2016 (Assessment Year : 2008-09) Order Per G.S.Pannu,A.M:

For Appellant: S/Shri Jitendra Sanghavi/ Deepak JainFor Respondent: Shri Jasbir Chouhan
Section 143(3)Section 195Section 37(1)Section 40

…348 (Mum) iii) CIT vs. Secure Meters Ltd. (2009) 175 Taxman 567 (Raj) iv) CIT vs. Tata Teleservices ( व"वध आवेदन) Ltd. (2014) 47 taxmann.com 238 " (Bom) v) CIT vs. ITC Hotels Ltd. (2011) 334 ITR 198 (Kar) vi) CIT vs. South India Corpn. (Agencies) Ltd. (2007) 290 ITR 217 (Mad) vii) CIT vs. Havells India Ltd. (2013) 352 ITR 376 (Del) (Assessment Year : 2008-09) viii) CIT vs. First Leasing Co. of India Ltd. (2008) 304 ITR 67 (Mad) ix) Gati Limited (ITA No. 749/Hyd/2012 dated 04.01.2013) x) Gati Limited (ITA No. 1325/Hyd/2015 dated 10.03.2016) 11.4.1 We have heard the rival contentions of both the parties and perus…

Reliance Natural Resources Ltd, Navi Mumbai vs. Addl CIT RG 7(2), Mumbai

In the result, the appeal is allowed

ITA 847/MUM/2011[2007-08]Status: DisposedITAT Mumbai08 Jul 2016AY 2007-08

Bench: Shri Jason P. Boaz & Shri Saktijit Deyreliance Natural Resources Ltd. Addl. Cit, Range 7(2) H Block, 1St Floor, Dhirubhai Room No. 620, 6Th Floor Vs. Ambani Knowledge City Aayakar Bhavan Navi Mumbai 400710 M.K. Road, Mumbai 400020 Pan - Aabcr7656P Appellant Respondent Addl. Cit, Range 7(2) Reliance Natural Resources Ltd. Room No. 620, 6Th Floor H Block, 1St Floor, Dhirubhai Vs. Aayakar Bhavan Ambani Knowledge City M.K. Road, Mumbai 400020 Navi Mumbai 400710 Pan - Aabcr7656P Appellant Respondent

For Appellant: Shri Jitendra Sanghavi &For Respondent: Shri Jasbir Chouhan
Section 115JSection 143(3)Section 14ASection 195Section 40Section 9(1)(vii)

…OT 348 (Mum) iii) CIT vs. Secure Meters Ltd. (2009) 175 Taxman 567 (Raj) CIT vs. Tata Teleservices ("व"वध आवेदन) Ltd. (2014) 47 taxmann.com iv) 238 (Bom) v) CIT vs. ITC Hotels Ltd. (2011) 334 ITR 198 (Kar) vi) CIT vs. South India Corpn. (Agencies) Ltd. (2007) 290 ITR 217 (Mad) vii) CIT vs. Havells India Ltd. (2013) 352 ITR 376 (Del) viii) CIT vs. First Leasing Co. of India Ltd. (2008) 304 ITR 67 (Mad) ix) Gati Limited (ITA No. 749/Hyd/2012 dated 04.01.2013) x) Gati Limited (ITA No. 1325/Hyd/2015 dated 10.03.2016) 11.4.1 We have heard the rival contentions of both the parties and perused and carefully considered t…

Addl CIT 7(2), Mumbai vs. Reliance Natural Resources Ltd, Navi Mumbai

In the result, the appeal is allowed

ITA 1425/MUM/2011[2007-08]Status: DisposedITAT Mumbai08 Jul 2016AY 2007-08

Bench: Shri Jason P. Boaz & Shri Saktijit Deyreliance Natural Resources Ltd. Addl. Cit, Range 7(2) H Block, 1St Floor, Dhirubhai Room No. 620, 6Th Floor Vs. Ambani Knowledge City Aayakar Bhavan Navi Mumbai 400710 M.K. Road, Mumbai 400020 Pan - Aabcr7656P Appellant Respondent Addl. Cit, Range 7(2) Reliance Natural Resources Ltd. Room No. 620, 6Th Floor H Block, 1St Floor, Dhirubhai Vs. Aayakar Bhavan Ambani Knowledge City M.K. Road, Mumbai 400020 Navi Mumbai 400710 Pan - Aabcr7656P Appellant Respondent

For Appellant: Shri Jitendra Sanghavi &For Respondent: Shri Jasbir Chouhan
Section 115JSection 143(3)Section 14ASection 195Section 40Section 9(1)(vii)

…OT 348 (Mum) iii) CIT vs. Secure Meters Ltd. (2009) 175 Taxman 567 (Raj) CIT vs. Tata Teleservices ("व"वध आवेदन) Ltd. (2014) 47 taxmann.com iv) 238 (Bom) v) CIT vs. ITC Hotels Ltd. (2011) 334 ITR 198 (Kar) vi) CIT vs. South India Corpn. (Agencies) Ltd. (2007) 290 ITR 217 (Mad) vii) CIT vs. Havells India Ltd. (2013) 352 ITR 376 (Del) viii) CIT vs. First Leasing Co. of India Ltd. (2008) 304 ITR 67 (Mad) ix) Gati Limited (ITA No. 749/Hyd/2012 dated 04.01.2013) x) Gati Limited (ITA No. 1325/Hyd/2015 dated 10.03.2016) 11.4.1 We have heard the rival contentions of both the parties and perused and carefully considered t…

CIT Large Tax Payers Unit vs. Indian Railway Finance Corp Ltd

ITA-1189/2011HC Delhi31 Oct 2013
Section 115Section 145

…& * IN THE HIGH COURT OF DELHI AT NEW DELHI 1 Date ofdecision: 31^^ October, 2013 + ITA1189/2011 CIT LARGE TAX PAYERS UNIT ..... Appellant Through Mr. N.P. Sahni, Sr. Standing Counsel. versus INDIAN RAILWAY FINANCE CORP LTD Respondent Through Mr. S. Kirshnan, Advocate. CORAM: HON'BLE MR. JUSTICE SANJIV KHANNA HON'BLE MR. JUSTICE SANJEEV SACHDEVA SANJIV KHANNA, J. (ORAL) This appeal by the revenue pertains to assessment year 2001-02. Revenue has raised four questions in this appeal and for the sake of convenience these issues are being discussed separately:- Issue No.l Whether the lease equalisation charges can be…

CIT vs. Havells India Ltd

In the result the appeals filed by the revenue are disposed of with no

ITA/57/2012HC Delhi21 May 2012

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE R.V.EASWAR

Section 195Section 260ASection 40Section 9(1)(vii)

…ITA 55/2012 & 57/2012 Page 1 of 22 * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 7th May, 2012 % Date of Decision: 21st May, 2012 + ITA No.55/2012 + ITA No.57/2012 COMMISSIONER OF INCOME TAX .....Appellant Through: Mr. Sanjeev Sabharwal, Sr. Standing Counsel. Versus HAVELLS INDIA LTD. ....Respondents Through: Mr. Ajay Vohra, Ms. Kavita Jha & Mr. Somnath Shukla, Advocates. CORAM: HON'BLE MR. JUSTICE SANJIV KHANNA HON'BLE MR. JUSTICE R.V. EASWAR 1. Whether Reporters of local papers may be allowed to…

Commissioner of Income Tax vs. Havells India Ltd

In the result the appeals filed by the revenue are disposed of with no

ITA/55/2012HC Delhi21 May 2012
Section 195Section 201Section 260ASection 40Section 9(1)(vii)

…ITA 55/2012 & 57/2012 Page 1 of 22 * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 7th May, 2012 % Date of Decision: 21st May, 2012 + ITA No.55/2012 + ITA No.57/2012 COMMISSIONER OF INCOME TAX .....Appellant Through: Mr. Sanjeev Sabharwal, Sr. Standing Counsel. Versus HAVELLS INDIA LTD. ....Respondents Through: Mr. Ajay Vohra, Ms. Kavita Jha & Mr. Somnath Shukla, Advocates. CORAM: HON'BLE MR. JUSTICE SANJIV KHANNA HON'BLE MR. JUSTICE R.V. EASWAR 1. Whether Reporters of local papers may be allowed to…

CIT vs. Havells India Ltd

In the result the appeals filed by the revenue are disposed of with no

ITA - 55 / 2012HC Delhi21 Apr 2012
Section 195Section 201Section 260ASection 40Section 9(1)(vii)

…ITA 55/2012 & 57/2012 Page 1 of 22 * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 7th May, 2012 % Date of Decision: 21st May, 2012 + ITA No.55/2012 + ITA No.57/2012 COMMISSIONER OF INCOME TAX .....Appellant Through: Mr. Sanjeev Sabharwal, Sr. Standing Counsel. Versus HAVELLS INDIA LTD. ....Respondents Through: Mr. Ajay Vohra, Ms. Kavita Jha & Mr. Somnath Shukla, Advocates. CORAM: HON'BLE MR. JUSTICE SANJIV KHANNA HON'BLE MR. JUSTICE R.V. EASWAR 1. Whether Reporters of local papers may be allowed to…