CIT v. Jindal Equipments Leasing & Consultancy Services Ltd.

325 ITR 87High Court2010#9683 most cited

What is CIT v. Jindal Equipments Leasing & Consultancy Services Ltd. authority for?

This case addresses the tax treatment of a loan written off by a creditor as income of the debtor, particularly when the debtor is a Non-Banking Financial Company (NBFC). The judgment explores whether such a write-off constitutes income for the assessee in the absence of proper inquiry by the Assessing Officer.

11

judgments rely on this decision, according to BharatTax’s citation analysis of 366,315 Indian tax judgments — from 2019 to 2021.

Also referred to as

CIT v. Jindal Equipments Leasing & Consultancy Services Ltd. · 325 ITR 87 · non-banking financial company · NBFC · loan write-off · income of assessee · lack of enquiry · section 2(13) · section 28(i) · section 28(iv)

Read the full judgment

Issues it is cited on

section 2(13)non-compete feesection 28(i)section 28(iv)section 43(1)commercial rightsfull value of considerationright to receivelack of enquirysection 48section 40(a)(i)section 45

Judgments citing CIT v. Jindal Equipments Leasing & Consultancy Services Ltd.

Interglobe Aviation Ltd., New Delhi vs. JCIT, Special Range- 4, New Delhi

Accordingly, appeal filed by the assessee for assessment year 2015 – 16 is allowed

ITA 7695/DEL/2018[2015-16]Status: DisposedITAT Delhi29 Oct 2021AY 2015-16

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: Shri Tarandeep Singh, Adv.; &For Respondent: Ms. Sunita Singh [CIT] – D.R
Section 28Section 37(1)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH “C”: NEW DELHI ] BEFORE MS SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER (Through Video Conferencing) ITA Nos. 432, 433 & 7695/Del/2018 (Assessment Years: 2013-14, 2014-15, & 2015-16) M/s. InterGlobe Aviation Ltd., JCIT, Ground Floor, Central Wing, Vs. Special Range : 4, Thapar House, 124 – Janpath, New Delhi. New Delhi – 110 001. PAN: AABCI2726B AND ITA Nos. 412 and 413/Del/2018 (Assessment Years: 2013-14 & 2014-15) JCIT, M/s. InterGlobe Aviation Ltd., Special Range : 4, Vs. Ground Floor, Central Wing, New Delhi. Thapar House, 1…

Interglobe Aviation Ltd., New Delhi vs. Addl. CIT, Special Range- 4, New Delhi

Accordingly, appeal filed by the assessee for assessment year 2015 – 16 is allowed

ITA 433/DEL/2018[2014-15]Status: DisposedITAT Delhi29 Oct 2021AY 2014-15

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: Shri Tarandeep Singh, Adv.; &For Respondent: Ms. Sunita Singh [CIT] – D.R
Section 28Section 37(1)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH “C”: NEW DELHI ] BEFORE MS SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER (Through Video Conferencing) ITA Nos. 432, 433 & 7695/Del/2018 (Assessment Years: 2013-14, 2014-15, & 2015-16) M/s. InterGlobe Aviation Ltd., JCIT, Ground Floor, Central Wing, Vs. Special Range : 4, Thapar House, 124 – Janpath, New Delhi. New Delhi – 110 001. PAN: AABCI2726B AND ITA Nos. 412 and 413/Del/2018 (Assessment Years: 2013-14 & 2014-15) JCIT, M/s. InterGlobe Aviation Ltd., Special Range : 4, Vs. Ground Floor, Central Wing, New Delhi. Thapar House, 1…

Interglobe Aviation Ltd., New Delhi vs. Addl. CIT, Special Range- 4, New Delhi

Accordingly, appeal filed by the assessee for assessment year 2015 – 16 is allowed

ITA 432/DEL/2018[2013-14]Status: DisposedITAT Delhi29 Oct 2021AY 2013-14

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: Shri Tarandeep Singh, Adv.; &For Respondent: Ms. Sunita Singh [CIT] – D.R
Section 28Section 37(1)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH “C”: NEW DELHI ] BEFORE MS SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER (Through Video Conferencing) ITA Nos. 432, 433 & 7695/Del/2018 (Assessment Years: 2013-14, 2014-15, & 2015-16) M/s. InterGlobe Aviation Ltd., JCIT, Ground Floor, Central Wing, Vs. Special Range : 4, Thapar House, 124 – Janpath, New Delhi. New Delhi – 110 001. PAN: AABCI2726B AND ITA Nos. 412 and 413/Del/2018 (Assessment Years: 2013-14 & 2014-15) JCIT, M/s. InterGlobe Aviation Ltd., Special Range : 4, Vs. Ground Floor, Central Wing, New Delhi. Thapar House, 1…

Addl. CIT, Special Range- 4, New Delhi vs. Interglobe Aviation Ltd., New Delhi

Accordingly, appeal filed by the assessee for assessment year 2015 – 16 is allowed

ITA 413/DEL/2018[2014-15]Status: DisposedITAT Delhi29 Oct 2021AY 2014-15

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: Shri Tarandeep Singh, Adv.; &For Respondent: Ms. Sunita Singh [CIT] – D.R
Section 28Section 37(1)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH “C”: NEW DELHI ] BEFORE MS SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER (Through Video Conferencing) ITA Nos. 432, 433 & 7695/Del/2018 (Assessment Years: 2013-14, 2014-15, & 2015-16) M/s. InterGlobe Aviation Ltd., JCIT, Ground Floor, Central Wing, Vs. Special Range : 4, Thapar House, 124 – Janpath, New Delhi. New Delhi – 110 001. PAN: AABCI2726B AND ITA Nos. 412 and 413/Del/2018 (Assessment Years: 2013-14 & 2014-15) JCIT, M/s. InterGlobe Aviation Ltd., Special Range : 4, Vs. Ground Floor, Central Wing, New Delhi. Thapar House, 1…

Addl. CIT, Special Range- 4, New Delhi vs. Interglobe Aviation Ltd., New Delhi

Accordingly, appeal filed by the assessee for assessment year 2015 – 16 is allowed

ITA 412/DEL/2018[2013-14]Status: DisposedITAT Delhi29 Oct 2021AY 2013-14

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: Shri Tarandeep Singh, Adv.; &For Respondent: Ms. Sunita Singh [CIT] – D.R
Section 28Section 37(1)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH “C”: NEW DELHI ] BEFORE MS SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER (Through Video Conferencing) ITA Nos. 432, 433 & 7695/Del/2018 (Assessment Years: 2013-14, 2014-15, & 2015-16) M/s. InterGlobe Aviation Ltd., JCIT, Ground Floor, Central Wing, Vs. Special Range : 4, Thapar House, 124 – Janpath, New Delhi. New Delhi – 110 001. PAN: AABCI2726B AND ITA Nos. 412 and 413/Del/2018 (Assessment Years: 2013-14 & 2014-15) JCIT, M/s. InterGlobe Aviation Ltd., Special Range : 4, Vs. Ground Floor, Central Wing, New Delhi. Thapar House, 1…

M/S Hothur Traders, Bellary vs. The Assistant Commissioner of Income Tax Circle-1, Bellary

In the result, the appeal by the assessee is dismissed

ITA 541/BANG/2019[2011-12]Status: DisposedITAT Bangalore25 Mar 2021AY 2011-12

Bench: Shri Chandra Poojari & Shri George George K.Assessment Year: 2011-12 M/S. Hothur Traders, Vs. The Assistant Commissioner Plot Nos. 5, 6, 7 & 8, Of Income Tax, “Hothur House”, Infantry Road, Circle 1, Cantonment, Fort Road, Bellary – 583 104. Bellary – 583 102. Pan: Aaefh 7705H Appellant Respondent

For Appellant: Shri Shiva Prasad Reddy, IRSFor Respondent: Shri Kannan Narayanan, Jt.CIT(DR)(ITAT), Bengaluru
Section 10BSection 143(1)Section 143(3)Section 147Section 148Section 41(1)

…. The Tribunal has rightly applied the said judgments wherein the view taken is the same as taken by this Court in Logitronics (P.) Ltd. [2011] 333 ITR 386 (Delhi). 2.1 In so far as the decision in Jindal Equipment Leasing & Consultancy Services Ltd. [2010] 325 ITR 87 (Delhi) is concerned, that was a case where the assessee was an investment company registered with the Reserve Bank of India as a Non Banking Financial Company (NBFC). In the return for the assessment year 2003-04, it had shown a loan of Rs. 6,80,31,189 payable to M/s Jindal Steel & Power Ltd. (JSPL). It is the JSPL which had return of a sum of Rs…

M/S. Simpson Unitech Wireless (P) Ltd., New Delhi vs. ITO, New Delhi

In the result, the appeals of the assessees are allowed and the appeal of the Revenue is dismissed

ITA 1953/DEL/2014[2009-10]Status: DisposedITAT Delhi08 Nov 2019AY 2009-10

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: Shri Salil Agrawal, Adv. ShriFor Respondent: Shri S.S. Rana CIT-DR
Section 28Section 3

…he strongly referred and relied upon the judgment of Hon’ble Supreme Court in the case of CIT vs. Mahindra & Mahindra Ltd. reported in 404 ITR 1 (SC) and following other decisions. i) CIT vs. Jindal Equipments Leasing & Consultancy Services Ltd., reported in 325 ITR 87 (Del.), affirmed by the Hon’ble Supreme Court in 404 ITR 1 (SC) ii) Mahindra and Mahindra Ltd., reported in 261 ITR 501 (Bom.) affired by Hon’ble Supreme Court in 404 ITR 1 (SC) iiii) 324 ITR 154 (Bom) Prashant S. Joshi vs. ITO iv) CIT vs. Asian Hotels Ltd. , 323 ITR 490 (Del) vi) Ravinder Singh And Another vs. CIT, 253 ITR 353 (Del) v) Unitech Ho…

M/S. Acorus Unitech Wireless Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessees are allowed and the appeal of the Revenue is dismissed

ITA 2989/DEL/2017[2009-10]Status: DisposedITAT Delhi08 Nov 2019AY 2009-10

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: Shri Salil Agrawal, Adv. ShriFor Respondent: Shri S.S. Rana CIT-DR
Section 28Section 3

…he strongly referred and relied upon the judgment of Hon’ble Supreme Court in the case of CIT vs. Mahindra & Mahindra Ltd. reported in 404 ITR 1 (SC) and following other decisions. i) CIT vs. Jindal Equipments Leasing & Consultancy Services Ltd., reported in 325 ITR 87 (Del.), affirmed by the Hon’ble Supreme Court in 404 ITR 1 (SC) ii) Mahindra and Mahindra Ltd., reported in 261 ITR 501 (Bom.) affired by Hon’ble Supreme Court in 404 ITR 1 (SC) iiii) 324 ITR 154 (Bom) Prashant S. Joshi vs. ITO iv) CIT vs. Asian Hotels Ltd. , 323 ITR 490 (Del) vi) Ravinder Singh And Another vs. CIT, 253 ITR 353 (Del) v) Unitech Ho…

DCIT, New Delhi vs. M/S. Acorus Wireless Unitech Pvt. Ltd., New Delhi

In the result, the appeals of the assessees are allowed and the appeal of the Revenue is dismissed

ITA 2075/DEL/2017[2009-10]Status: DisposedITAT Delhi08 Nov 2019AY 2009-10

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: Shri Salil Agrawal, Adv. ShriFor Respondent: Shri S.S. Rana CIT-DR
Section 28Section 3

…he strongly referred and relied upon the judgment of Hon’ble Supreme Court in the case of CIT vs. Mahindra & Mahindra Ltd. reported in 404 ITR 1 (SC) and following other decisions. i) CIT vs. Jindal Equipments Leasing & Consultancy Services Ltd., reported in 325 ITR 87 (Del.), affirmed by the Hon’ble Supreme Court in 404 ITR 1 (SC) ii) Mahindra and Mahindra Ltd., reported in 261 ITR 501 (Bom.) affired by Hon’ble Supreme Court in 404 ITR 1 (SC) iiii) 324 ITR 154 (Bom) Prashant S. Joshi vs. ITO iv) CIT vs. Asian Hotels Ltd. , 323 ITR 490 (Del) vi) Ravinder Singh And Another vs. CIT, 253 ITR 353 (Del) v) Unitech Ho…

Wasan Exports (P) Ltd., New Delhi vs. ITO, New Delhi

In the result, this ground of appeal of assessee is allowed for statistical purposes

ITA 1630/DEL/2012[2008-09]Status: DisposedITAT Delhi29 Apr 2019AY 2008-09

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri Kapil Goel, AdvocateFor Respondent: Smt. Naina Soin Kapil, Sr. D.R

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “D”: DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA.No.1586/Del./2012 Assessment Year 2008-2009 The Income Tax Officer, M/s. Wasan Exports (P) Ward-18(2), Room No.247, Ltd., 5-Aradhna Enclave, C.R. Building, vs., R.K. Puram, New Delhi-66. New Delhi. PAN AAACW0159P (Appellant) (Respondent) ITA.No.1630/Del./2012 Assessment Year 2008-2009 M/s. Wasan Exports (P) The Income Tax Officer, Ltd., 5-Aradhna Enclave, Ward-18(2), Room No.247, vs., R.K. Puram, New Delhi-66. C.R. Building, PAN AAACW0159P New Delhi. (Appel…

ITO, New Delhi vs. M/S. Wasan Esports (P) Ltd., New Delhi

In the result, this ground of appeal of assessee is allowed for statistical purposes

ITA 1586/DEL/2012[2008-09]Status: DisposedITAT Delhi29 Apr 2019AY 2008-09

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri Kapil Goel, AdvocateFor Respondent: Smt. Naina Soin Kapil, Sr. D.R

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “D”: DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA.No.1586/Del./2012 Assessment Year 2008-2009 The Income Tax Officer, M/s. Wasan Exports (P) Ward-18(2), Room No.247, Ltd., 5-Aradhna Enclave, C.R. Building, vs., R.K. Puram, New Delhi-66. New Delhi. PAN AAACW0159P (Appellant) (Respondent) ITA.No.1630/Del./2012 Assessment Year 2008-2009 M/s. Wasan Exports (P) The Income Tax Officer, Ltd., 5-Aradhna Enclave, Ward-18(2), Room No.247, vs., R.K. Puram, New Delhi-66. C.R. Building, PAN AAACW0159P New Delhi. (Appel…