How many judgments cite CIT v. Karnal Co-operative Sugar Mills Ltd.?

125 judgments on BharatTax cite CIT v. Karnal Co-operative Sugar Mills Ltd. (243 ITR 2), spanning 2007 to 2026.

Which sections of the Income Tax Act does CIT v. Karnal Co-operative Sugar Mills Ltd. come up under?

It is most often cited in judgments turning on Section 143(3), Section 234B, Section 234C, Section 250, Section 271(1)(c), Section 28(1).

CIT v. Karnal Co-operative Sugar Mills Ltd.

243 ITR 2Supreme Court of India2000#822 most cited

What is CIT v. Karnal Co-operative Sugar Mills Ltd. authority for?

Income earned from deposits or investments directly and inextricably linked to the acquisition of assets or the setting up of a business project during its construction period is incidental to the asset acquisition, reducing the project cost, or constitutes business receipts eligible for relevant deductions, rather than 'income from other sources'.

125

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2007 to 2026.

Also referred to as

Karnal Co-operative Sugar Mills · 243 ITR 2 · income during construction · project cost reduction · funds linked to asset acquisition · business income · section 28(1) · section 80IA · section 80IAB · Tuticorin Alkali Chemicals distinguished

Sections most often in play

Section 143(3)Section 234B Section 234C Section 250 Section 271(1)(c)Section 28(1)Section 80-IAB Section 80IA(4)(iii)

Issues it is cited on

section 112 section 111 section 114 section 57(iii)furnishing inaccurate particulars of income furnishing inaccurate particulars section 57 section 22 section 56 income from other sources section 271(1)section 37(1)

Judgments citing CIT v. Karnal Co-operative Sugar Mills Ltd.

Express Infrastructure Pvt. Ltd., Chennai vs. DCIT, Chennai

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

ITA 930/CHNY/2017[2009-10]Status: DisposedITAT Chennai18 Jun 2018AY 2009-10

Bench: Shri A. Mohan Alankamony & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.930/Chny/2017 "नधा"रण वष"/Assessment Year:2009-10 M/S. Express Infrastructures Pvt. Ltd., The Deputy Commissioner Of Express Estates, No. 2, Club House Vs. Income Tax, Road, Mount Road, Chennai 600 002. Company Circle Ii(1), [Pan: Aabce5521G] Chennai. (अपीलाथ" /Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से / Appellant By : Shri G. Baskar, Advocate ""यथ" क" ओर से/Respondent By : Ms. Sandhya Rani, Jcit सुनवाई क" तार"ख/ Date Of Hearing : 03.05.2018 घोषणा क" तार"ख /Date Of Pronouncement : 13.06.2018 आदेश /O R D E R Per Duvvuru Rl Reddy: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 9, Chennai Dated 30.12.2016 Relevant To The Assessment Year 2009-10. The Only Effective Ground Raised In The Appeal Of The Assessee Is That The Ld. Cit(A) Has Erred In Holding That The Interest Receipt Of ₹.62,77,671/- Is Income & Is To Be Assessed As Income From Other Sources.

For Appellant: Shri G. Baskar, AdvocateFor Respondent: Ms. Sandhya Rani, JCIT

Section 143(3)

…upra). So, from the above, it is very clear that earning of interest income from short term deposits is not intrinsically linked with the process of setting up of its plant. 6.4 Further, we find that in the case of CIT v. Karnal Co-operative Sugar Mills Ltd. 243 ITR 2(SC), the assessee had deposited money to open a Letter of Credit for the purchase of the machinery required for setting up its plant. Therefore, the Hon’ble Supreme Court observed that income earned on such deposit was incidental to the acquisition of assets for the setting up 8 I.T.A. No.930/Chny/17 of the plant and machinery and therefore, not…

ITO 9(2)(4), Mumbai vs. Edelweiss Commodities Services Ltd, Mumbai

In the result, the appeal filed by the revenue is partly allowed

ITA 1501/MUM/2016[2011-12]Status: DisposedITAT Mumbai06 Jun 2018AY 2011-12

Bench: S/Shri B.R. Baskaran (Am) & Sandeep Gosain (Jm)

Section 2(18)(b)Section 70Section 79

…for the new building constructed by the assessee. Accordingly it was submitted that the interest income should be reduced from Capital work in progress as per the decision rendered by Hon’ble Supreme Court in the case of Karnal Co- operative Sugar Mills Ltd (243 ITR 2) and Bokaro Steels Ltd (236 ITR 315). 17. The Ld CIT(A) was convinced with the contentions of the assessee and accordingly directed the AO to delete the addition of interest income of Rs.4,74,658/-. The revenue is aggrieved by the decision of Ld CIT(A). 18. We heard rival contentions on this issue and perused the record. We notice that the Ld CIT…

Asst CIT 6(2)(2), Mumbai vs. Essar Power Gujarat Ltd, Mumbai

ITA 4020/MUM/2016[2011-12]Status: DisposedITAT Mumbai01 Jun 2018AY 2011-12

Bench: S/Sh.Rajendra & Amarjit Singhआयकर अपील सं./I.T.A./4020/Mum/2016,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2011-12 िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./4019/Mum/2016,िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2012-13 वष" Acit-6(2)(2) M/S. Essar Power Gujarat Ltd. Room No.563, Aayakar Bhavan, Essar House, 11 Kk Marg, Mahalaxmi Vs. M.K. Road, Mumbai-400 020. Mumbai-400 034. Pan:Aabce 7510 K (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri Virendra Singh अपीलाथ" क" ओर से /Assessee By: Shri Anuj Kishnadwala सुनवाई क" तारीख / Date Of Hearing: 21/05/2018 घोषणा क" तारीख / Date Of Pronouncement: 01/06/2018 आयकर आयकर आयकर अिधिनयम आयकर अिधिनयम अिधिनयम,1961 क" अिधिनयम क" क" धारा क" धारा धारा 254(1)के अ"तग"त आदेश धारा के अ"तग"त आदेश के अ"तग"त आदेश के अ"तग"त आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद"य लेखा सद"य ,राजे"" राजे"" केकेकेके अनुसार अनुसार - Per Rajendra, Am- लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Orders Dated 23/03/2016 Of The Cit(A)-12,Mumbai,The Assessing Officer (Ao)Has Filed Above Appeals.Assessee-Company Is Engaged In The Business Setting Up Of Coal Based Power Plant.As The Issues Raised In Both The Appeals Are Similar,So,We Are Adjudicating Them Together.Details Of Filings Of Returns,Retunred Incomes,Assessed Incomes Can Be Summar -Ised As Under: Ay. Roi Filed On Returned Income Asst.Date Assessed Income 2011-12 05/09/2011 Rs.3.65 Crores 18/03/2014 Rs.6.99 Crores 2012-13 27/09/2012 Rs.5.44 Crores 29/12/2014 Rs.11.14 Crores

For Appellant: Shri Anuj KishnadwalaFor Respondent: Shri Virendra Singh

Section 254(1)

…आयकर आयकर आयकर अपीलीय आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई “जेजेजेजे” खंडपीठ मुंबई खंडपीठ खंडपीठ मेमेमेमे खंडपीठ Income-tax Appellate Tribunal -“J”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं अमरजीत "सह, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and Amarjit Singh,Judicial Member आयकर अपील सं./I.T.A./4020/Mum/2016,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2011-12 िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./4019/Mum/2016,िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2012-13 वष" ACIT-6(2)(2) M/s. Essar Power Gujarat Ltd. Room No.563, Aayakar Bhavan, Essar Hou…

M/S Rajiv Gandhi Proudyogik Vishwavidhalya, Hosangabad vs. DCIT CPC, Bengaluru

In the result, the appeal of the assessee in I

ITA 325/IND/2018[15-16]Status: DisposedITAT Indore29 May 2018

Bench: Shri Kul Bharat & Shri Manish Boradआ.अ.सं /.I.T.A. No. 324 & 325/Ind/2018 "नधा"रणवष" / Assessment Years: 2014-15 & 2015-16 M/S. Rajiv Gandhi Proudyogiki Vs. Dcit, Vishwavidyalaya, Cpc, Bhopal Bangaluru

Section 10Section 139Section 143(1)Section 35

…'ble Court after considering the facts held that in the light of the nature of the deposit made and the source from which the interest is received in the present case if the law laid own in the case of CIT vs. Karnal Cooperative Sugar Mills Limited, (2000) 243 ITR 2 ( S.C.), is applicable, then the interest earned may not fall in the category of income from other sources, but may come in the category of income earned from business. That being the legal position it is to be held that in the matter of assessment of income in question a debatable question arises and therefore taxing of income in the facts and 4…

M/S Rajiv Gandhi Proudyogik Vishwavidhalya, Hosangabad vs. DCIT CPC, Bengaluru

In the result, the appeal of the assessee in I

ITA 324/IND/2018[14-15]Status: DisposedITAT Indore29 May 2018

Section 10Section 139Section 143(1)Section 35

Ideal Toll & Infrastructure P.Ltd, Mumbai vs. DCIT 6(1), Mumbai

In the result, the appeal of the assessee is treated as allowed

ITA 7758/MUM/2014[2010-11]Status: DisposedITAT Mumbai25 May 2018AY 2010-11

Bench: Shri B.R. Baskaran (Am)& Shri Pawan Singh (Jm)

Section 14ASection 36(1)(iii)

…dispute that the interest income earned on investment of surplus funds shall not take the character of business income and hence the same is required to be assessed under the head income from other sources. In the case of Karnal Co-operative Sugar Mills Ltd (243 ITR 2) and Bokaro Steels Ltd (236 ITR 315), it was held that the interest income earned in connection with the setting up of capital asset or purchase of machinery, the same shall constitute capital receipt and should be reduced from the cost of capital asset. In the case of Karnal Co-operative Sugar Mills Ltd, the assessee therein opened Letter of Credi…

M/S Bank Note Paper Mill India Private Limited, Mysore vs. The Income Tax Officer Circle-1(1)(3), Bangalore

In the result, the appeals of assessee are allowed

ITA 165/BANG/2018[2013-14]Status: DisposedITAT Bangalore23 May 2018AY 2013-14

Bench: Shri N.V. Vasudevan & Shri Inturi Rama Rao

For Appellant: Shri G.S. Prashant, AdvocateFor Respondent: Shri G. Guruswamy, CIT (D.R)

…directly connected with or incidental to working of construction of the assessee’s plant. The decision of the Hon’ble Supreme Court in the case of Bokaro Steel Ltd. (supra) was followed subsequently in the case of CIT vs. Karnal Co-operative Sugar Mills Ltd. (243 ITR 2). An identical issue had come up for consideration before the Hon’ble Jurisdictional High Court in the case of CITA vs. Karnataka State Agricultural Produce Processing and Export Corporation Ltd.(377 ITR 496). In that case the State Government Corporation earned interest on deposits temporarily kept out of grants received from the State Government…

Toshiba Jsw Power Systems Private Limited, Chennai vs. DCIT, Chennai

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 1286/CHNY/2017[2010-11]Status: DisposedITAT Chennai08 May 2018AY 2010-11

Bench: Shri A. Mohan Alankamony & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.1286/Mds/2017 "नधा"रण वष"/Assessment Year:2010-11 M/S. Toshiba Jsw Power Systems The Deputy Commissioner Of Pvt. Ltd., S.No. 74-95, Vaikkadu Vs. Income Tax, Company Circle Iii(2), Village, Andarkuppam Check Post, Aayakar Bhawan, Mahatma Gandhi Manali New Town, Chennai 600 103. Road, Chennai 600 034. [Pan: Aadct0151D] (अपीलाथ" /Appellant) (""यथ"/Respondent) Shri R. Venkatesan, C.A. अपीलाथ" क" ओर से / Appellant By : ""यथ" क" ओर से/Respondent By : Shri K. Ravi, Jcit सुनवाई क" तार"ख/ Date Of Hearing : 08.03.2018 घोषणा क" तार"ख /Date Of Pronouncement : 08.05.2018 आदेश /O R D E R Per Duvvuru Rl Reddy: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 11, Chennai Dated 21.03.2017 Relevant To The Assessment Year 2010-11. The Only Effective Ground Raised In The Appeal Of The Assessee Is That The Ld. Cit(A) Erred In Confirming The Disallowance Of Interest Income As Capital Abatement Amounting To ₹.1,80,23,464/- Considering The Same As ‘Income From Other Sources’.

For Respondent: Shri K. Ravi, JCIT

…d the receipts, but, simply following the decision in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. v. CIT (supra), the ld. CIT(A) confirmed the addition made by the Assessing Officer. 5.2 In the case of CIT Karnal Co-operative Sugar Mills Ltd. 243 ITR 2 (SC), the assessee deposited money to open a Letter of Credit for the purchase of the machinery required for setting up its plant. Therefore, the Hon’ble Supreme Court observed that income earned on such deposit was incidental to the acquisition of assets for the setting up of the plant and machinery and therefore, not a case where any surplus shar…

Commissionr of Income Tax IV Ahmedabad vs. Shree Rama Multi Tech. Ltd

C.A. No.-006391-006391 - 2013Supreme Court24 Apr 2018

Bench: HON'BLE MR. JUSTICE R.K. AGRAWAL

Section 147Section 240

…REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 6391 of 2013 The Commissioner of Income TaxIV, Ahmedabad …..Appellant(s) Versus M/s. Shree Rama Multi Tech Ltd …..Respondent(s) WITH CIVIL APPEAL NO. 8336 OF 2013 J U D G M E N T R.K. Agrawal, J. 1) The present appeal has been preferred against the impugned final judgment and order dated 18.12.2012 passed by the High Court of Gujarat in Tax Appeal No. 235 of 2012 whereby the Division Bench of the High Court dismissed the appeal filed by…

Sahana Jewellery Exports Private Limited, Coimbatore vs. DCIT Corporate Circle 1, Coimbatore

In the result, the appeal of the assessee stands dismissed

ITA 1814/CHNY/2017[2013-14]Status: DisposedITAT Chennai16 Feb 2018AY 2013-14

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy] आयकर अपील सं./I.T.A. No.1814/Chny/2017 "नधा"रण वष" /Assessment Year : 2013-2014. M/S. Sahana Jewellery Exports Vs. The Deputy Commissioner Of Private Limited, Income Tax, 600, Raja Street, Corporate Circle 1, Coimbatore 641 001. Coimbatore. [Pan Aaecs 7045N] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: Shri. R.U. Aroon Prasad, IRS, JCIT

Section 10A

…rding to him, such deposits had close nexus with the business of the assessee and therefore the interest was nothing but business income. Reliance was placed on the judgment of Hon’ble Apex Court in the case of CIT vs. Karnal Co- operative Sugar Mills Ltd. 243 ITR 2. Per contra, ld. Departmental Representative strongly 5. supported the orders of the authorities below. 6. We have considered the rival contentions and perused the orders of the authorities below. Contention of the assessee, that deposits placed with the bank, on which it earned interest was for opening letters of credit, and but for such deposits…

M/S. Chennai Petroleum Corporation Ltd., Chennai vs. ACIT, Chennai

In the result, both the assessee’s and the Revenue’s appeals are partly allowed and partly allowed for statistical purposes

ITA 1858/CHNY/2011[2004-05]Status: DisposedITAT Chennai05 Dec 2017AY 2004-05

Bench: Shri Sanjay Arora & Shri George Mathanआयकर अपील सं./Ita No.1858/Mds/2011 "नधा"रण वष" / Assessment Year : 2004-05 Chennai Petroleum Corporation Ltd., Asst. Commissioner Of Income Refinery House, Manali, Vs. Tax, Chennai – 600 068 Company Circle-I(3), [Pan: Aaacm 4392C] Chennai – 600 034 (अपीलाथ" /Appellant) (""यथ"/Respondent)

For Appellant: AdvocateFor Respondent: 07.09.2017

Section 143(3)Section 2Section 28Section 36(1)(iii)

…Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172 (SC). The assessee, on the other hand, has relied on, inter alia, the decisions in CIT v. Bokaro Steel Ltd. [1999] 236 ITR 315 (SC) and CIT v. Karnal Co-operative Sugar Mills Ltd. [2000] 243 ITR 2 (SC). The question therefore is which of the two sets of decisions is applicable in the facts and circumstances of the present case? We are not impressed by the ld. CIT(A)’s reliance on the decisions as to whether the interest income could be said to be derived from the assessee’s industrial undertaking in-as-much as that is not the assessee’s case…

ITO, Bangalore vs. M/S Bank Note Paper Mills India Pvt. Ltd., Bangalore

In the result, Revenue’s appeal for asst

ITA 1162/BANG/2016[2012-13]Status: DisposedITAT Bangalore10 Nov 2017AY 2012-13

Bench: Shri Sunil Kumar Yadav & Shri Jason P Boazthe Income-Tax Officer, Ward-1(1)(3), Bengaluru. . Appellant Vs. M/S Bank Note Paper Mill India Pvt. Ltd., 1St Floor, S.R Complex, No.2, Thavarekere Main Road, S.G Palya, Drc Post, Bengaluru. . Respondent Pan – Aaecb3245M Appellant By : Shri B.R Sunil Kumar Singh, Cit Respondent By : Smt. Prathiba, Advocate Date Of Hearing : 7-11-2017 Date Of Pronouncement : -11-2017 O R D E R

For Appellant: Shri B.R Sunil Kumar Singh, CITFor Respondent: Smt. Prathiba, Advocate

Section 143(3)

…irectly connected with or incidental to working of construction of the assessee’s plant. The decision of the Hon’ble Supreme Court in the case of Bokaro Steel Ltd. (supra) was followed subsequently in the case of CIT vs. Karnal Co- operative Sugar Mills Ltd. (243 ITR 2). An identical issue had come up for consideration before the Hon’ble Jurisdictional High Court in the case of CITA vs. Karnataka State Agricultural Produce Processing and Export Corporation Ltd.(377 ITR 496). In that case the State Government Corporation earned interest on deposits temporarily kept out of grants received from the State Government…

Jsl Ltd., Hisar vs. ACIT, New Delhi

In the result, the appeal filed by the Revenue is dismissed and the appeal

ITA 4248/DEL/2013[2006-07]Status: DisposedITAT Delhi03 Nov 2017AY 2006-07

Bench: Shri R. K. Panda & Ms. Suchitra Kambleassessment Year : 2006-07 Dcit, Circle- 4(1), Jsl Ltd., New Delhi. O.P. Jindal Marg, Vs. Hisar.

For Respondent: Shri Kumar Pranav, Sr.DR

Section 143(3)Section 14ASection 80ISection 92C

…cs and on the other hand has shown such interest expenses as revenue to the extent of Rs.9539.99 lacs. Rejecting the various decisions including the decision of the Hon’ble Supreme Court in the case of CIT vs. Karnal Cooperative Sugar Mills Ltd. reported in 243 ITR 2 relied upon by the assessee, the Assessing Officer held that the interest earned as a result of apportionment of loan received for the purpose of green field project at Orissa Project is inextricably and intrinsically linked. 12. We find the ld. CIT(A) deleted the addition by observing as under :- “6.3. The facts of the case are not under disput…

DCIT, New Delhi vs. M/S Jsl Ltd., Hisar

In the result, the appeal filed by the Revenue is dismissed and the appeal

ITA 4111/DEL/2013[2006-07]Status: DisposedITAT Delhi03 Nov 2017AY 2006-07

Bench: Shri R. K. Panda & Ms. Suchitra Kambleassessment Year : 2006-07 Dcit, Circle- 4(1), Jsl Ltd., New Delhi. O.P. Jindal Marg, Vs. Hisar.

For Respondent: Shri Kumar Pranav, Sr.DR

Section 143(3)Section 14ASection 80ISection 92C

ITO, WD-2(2), Kolkata vs. M/S City Mall Vikash Pvt. Ltd., Kolkata

In the result, both the appeals filed by the Revenue are dismissed

ITA 183/KOL/2016[2010-2011]Status: DisposedITAT Kolkata25 Oct 2017AY 2010-2011

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

Section 57

…d –vs.- CIT [141 CTR 387]. He, therefore, required the assessee to offer its explanation in the matter. In reply, reliance was placed by the assessee on the decisions of the Hon’ble Supreme Court in the case of CIT –v.- Karnal Cooperative Sugar Mills Limited [243 ITR 2] and in the case of CIT –vs.- Bokaro Steel Limited [236 ITR 315] to contend that the expenses incurred on account of interest paid to Allahabad Bank on loan for earning the interest income on investment in question was allowable as deduction under section 57(iii) of the Act and, therefore, there was no question of making addition on account of such…

DCIT Cir 3(1)(1), Mumbai vs. Bajaj Energy P.Ltd, Mumbai

In the result, the appeal of the Revenue and the cross–objection of the assessee are partly allowed for statistical purpose

ITA 983/MUM/2015[2011-12]Status: DisposedITAT Mumbai11 Oct 2017AY 2011-12

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment Year:2011-12 Dy. Commissioner Of Income Tax Bajaj Energy Ltd Circle 3(1)(1), Mumbai (Formerly Known As Bajaj Energy Vs. Pvt. Ltd.) 2Nd Floor, Bajaj Bhavan, Jamnalal Bajaj Marg, Nariman Point,Mumbai 400 021 Pan Aadcb4998C (Appellant) (Respondent)

For Appellant: S/Shri Kirit Kamdar, Parth Achwal &For Respondent: Shri Suman Kumar

Section 143(3)Section 57

…Aggrieved the assessee preferred appeal before the CIT(A). 4. The CIT(A) after considering the decision of Hon’ble Supreme Court in the case of Bongaigaon Refinery & Petrochemicals Ltd. [2001] 252 ITR 329 (SC) and Karnal Co-operative Sugar Mills Ltd. [2000] 243 ITR 2 (SC) treated the interest income as income earned on temporary deposits out of the surplus funds kept as deposits during the construction stage and held the same as taxable as “Income from other sources.” Alternatively, the CIT(A) allowed the claim of the assessee of related interest expenses on the borrowed funds, which were utilised for temporary…

Sical Iron Ore Terminal (Mangalore) Ltd., Chennai vs. ACIT, Chennai

In the result, the appeal of the assessee is partly allowed for statistical purpose

ITA 1798/CHNY/2016[2011-12]Status: DisposedITAT Chennai15 Jun 2017AY 2011-12

Bench: Shri Chandra Poojari & Shri Duvvuru R.L. Reddyआयकर अपील सं./Ita No. 1798/Mds/2016 "नधा"रण वष" /Assessment Year : 2011-2012

For Appellant: Shri. Saroj Kumar Parida, AdvFor Respondent: Shri. K. Ravi, IRS, JCIT

…held only for the purpose of acquisition of fixed assets though the source is share application money and unsecured loans. 2.3 The Assistant Commissioner ought to have applied the decision of Supreme Court in the case of Karnal Co- operative Sugar Mills Ltd. (243 ITR 2) and the decision of CIT(A) in the case of Sical Iron Ore Terminal Ltd for the asst year 2008-09. 2.4 Commissioner ought to have held that interest earned as above is not taxable under income from other sources and has to be reduced from the cost of the fixed assets’’. 3. Ld. Commissioner of Income Tax (Appeals) observed that grounds raised by the…

Anchor Electricals Pvt. Ltd., Mumbai vs. A.C.I.T. Cen.Cir.41, Mumbai

In the result of appeals of the assessee are partly allowed

ITA 6930/MUM/2012[2008-09]Status: DisposedITAT Mumbai26 Apr 2017AY 2008-09

Bench: Shri C.N. Prasad () & Shri Ashwani Taneja ()

Section 143(3)Section 144C(13)Section 144C(5)

…horities in denying the benefit of deduction u/s 80IC on the amount of interest income on FD of Rs.1,10,910/-. During the course of hearing, Ld. Counsel relied upon the judgment of Hon’ble Supreme Court in the case of CIT v. Karnal Cooperative Sugar Mill Ltd. 243 ITR 2(SC). Per contra, Ld. DR relied upon the orders of lower authorities and also placed reliance on the judgment of Hon’ble Supreme Court in the case of Pandian Chemicals Ltd. v. CIT 262 ITR 278(SC). 34. We have gone through the facts of the case and find that this issue also came up before the Tribunal for AY 2009-10 wherein the Tribunal held that th…

ITO, Bangalore vs. M/S Bank Note Paper Mill India (P) Ltd., Bangalore

In the result, cross objections of the assessee are dismissed

ITA 692/BANG/2015[2011-12]Status: DisposedITAT Bangalore17 Mar 2017AY 2011-12

Bench: Smt. Asha Vijayaraghavan & Shri Inturi Rama Raoincome-Tax Officer, Ward 1(1)(3), Bengaluru. … Appellant Vs. Bank Note Paper Mill India Pvt. Ltd. I Floor, Sr Complex, No.2, Tavarakere Main Road, Sg Paly, Drc Post, Bengaluru-560029. … Respondent Pan:Aaecb 3245M & Cross Objn.No.177/Bang/2015 (In Ita No.692/Bang/2015) (Assessment Year: 2011-12) (By The Assessee) ***** Assessee By : Shri S.Parthasarathi, Advocate. Revenue By : Smt.Swapna Das, Jcit(Dr).

For Appellant: Shri S.Parthasarathi, AdvocateFor Respondent: Smt.Swapna Das, JCIT(DR)

Section 143(2)Section 143(3)

…ile confirming that the case was selected for scrutiny under CASS, deleted the addition placing reliance on the decisions of the Hon’ble Supreme Court in the case of CIT vs. Bokaro Steel Ltd. (236 ITR 315)(SC) and CIT vs. Karnal Co-operative Sugar Mills Ltd. (243 ITR 2)(SC) and CIT vs. Karnataka Power Corporation (247 ITR 268)(SC). The relevant part of the CIT(A)’s order is extracted below: ITA No.692 & CO 177/Bang/2015 Page 4 of 14 ITA No.692 & CO 177/Bang/2015 Page 5 of 14 ITA No.692 & CO 177/Bang/2015 Page 6 of 14 4. Being aggrieved, the revenue is in appeal in ITA No.692/Bang/2015. The revenue raised the…

Coastal Gujarat Power Ltd, Mumbai vs. ITO 6(2)(1), Mumbai

In the result, the appeal of the assessee is allowed

ITA 2298/MUM/2015[2010-11]Status: DisposedITAT Mumbai15 Mar 2017AY 2010-11

Bench: Shri Amit Shukla, Jm & Shri Rajesh Kumar, Am आमकय अऩीर सं./ I.T.A. No 2298/Mum/2015 (निर्धारण वषा / Assessment Year : 2010-11) Coastal Gujarat Power Limited, The Income Tax Officer 34, Sant Tukaram Road, 6(2)(1), फनाभ/ Carnac Bunder, Aayakar Bhavan, Vs. Mumbai-400009 M K Road, Mumbai-400020 अऩीराथी की ओय से / Applicant By : Shri Farrokh V Irani प्रत्मथी की ओय से/Respondent By : Shri M C Omi Ningshen सुनवाई की तायीख /Date Of Hearing : 14.12.2016 घोषणा की तायीख /Date Of : 15.3.2017 Pronouncement आदेश / O R D E R Per Rajesh Kumar, A. M: This Is An Appeal Filed By The Assessee & Is Directed Against The Order Of The Ld.Cit(A), Mumbai, Dated25.2.2015 For The Assessment Year 2010-11. 2. The First Ground Raised By The Assessee Is Against Upholding The Order Of Assessing Officer As Regards Interest Income From Securities Deposited With Paschim Gujarat Vij Co.Ltd (Hereinafter Referred To As Pgvcl) For Availing Electricity For The Purposes Of Construction Of Power

For Respondent: Shri M C Omi Ningshen

Section 143(3)

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ “एच” म ुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JM AND SHRI RAJESH KUMAR, AM आमकय अऩीर सं./ I.T.A. No 2298/Mum/2015 (निर्धारण वषा / Assessment Year : 2010-11) Coastal Gujarat Power Limited, The Income Tax Officer 34, Sant Tukaram Road, 6(2)(1), फनाभ/ Carnac Bunder, Aayakar Bhavan, Vs. Mumbai-400009 M K Road, Mumbai-400020 अऩीराथी की ओय से / Applicant by : Shri Farrokh V Irani प्रत्मथी की ओय से/Respondent by : Shri M C Omi Ningshen सुनवाई की तायीख /Date of Hearing : 14.12.2016 घोषणा की तायीख /Date of : 15.3.2017 Pronouncement आदेश / O…