CIT v. Karnal Cooperative Sugar Mills

118 Taxmann 489Supreme Court of India2001#4787 most cited

What is CIT v. Karnal Cooperative Sugar Mills authority for?

Interest income earned by an assessee on funds parked in FDRs is an integral part of its business income and cannot be distinguished from its core business activities.

24

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2026.

Also referred to as

CIT v. Karnal Cooperative Sugar Mills · 118 Taxmann 489 · SC · interest income · business income · FDR · cooperative sugar mills

Sections most often in play

Section 143(3)Section 147Section 148Section 194ISection 2(13)Section 22Section 250Section 35AD

Issues it is cited on

section 24(1)section 43(5)speculative transactionsection 80hsection 80hhcsection 80hhfurnishing inaccurate particularsrule 46asection 43section 28section 250(6)section 24

Judgments citing CIT v. Karnal Cooperative Sugar Mills

INCOME TAX OFFICER, FEROZEPUR vs. MS.JATIN AGRO, FORT ROAD

In the result, the appeal of the revenue is dismissed

ITA 104/ASR/2024[2017-18]Status: DisposedITAT Amritsar15 Jan 2026AY 2017-18

Bench: Sh. Manoj Kumar Aggarwal & Sh. Udayan Dasgupta(Physical Hearing) I.T.A. No. 103 & 104/Asr/2024 Assessment Years: 2014-15 & 2017-18 Ito, Ward-3(1), Vs. M/S Jatin Agro Fort Road, Ferozepur. 152-P, Ferozepur. [Pan:-Aarpm5393F] (Appellant) (Respondent) Sh. Ashray Sarna, Ca Appellant By Respondent By Sh. Sunil Gautam, Cit. Dr

Section 143(3)Section 148Section 250Section 35A

…IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR. BEFORE SH. MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER AND SH. UDAYAN DASGUPTA, JUDICIAL MEMBER (Physical Hearing) I.T.A. No. 103 & 104/Asr/2024 Assessment Years: 2014-15 and 2017-18 ITO, Ward-3(1), Vs. M/s Jatin Agro Fort Road, Ferozepur. 152-P, Ferozepur. [PAN:-AARPM5393F] (Appellant) (Respondent) Sh. Ashray Sarna, CA Appellant by Respondent by Sh. Sunil Gautam, CIT. DR 16.12.2025 Date of Hearing Date of Pronouncement 15.01.2026 ORDER Per: Udayan Dasgupta, J.M.: Both these appeals are filed by the revenue against the orders of ld. CIT (A), NFAC, De…

INCOME TAX OFFICER, WARD-3(1),FEROZEPUR, FEROZEPUR vs. MS.JATIN AGRO, FORT ROAD

In the result, the appeal of the revenue is dismissed

ITA 103/ASR/2024[2014-15]Status: DisposedITAT Amritsar15 Jan 2026AY 2014-15

Bench: Sh. Manoj Kumar Aggarwal & Sh. Udayan Dasgupta(Physical Hearing) I.T.A. No. 103 & 104/Asr/2024 Assessment Years: 2014-15 & 2017-18 Ito, Ward-3(1), Vs. M/S Jatin Agro Fort Road, Ferozepur. 152-P, Ferozepur. [Pan:-Aarpm5393F] (Appellant) (Respondent) Sh. Ashray Sarna, Ca Appellant By Respondent By Sh. Sunil Gautam, Cit. Dr

Section 143(3)Section 148Section 250Section 35A

…IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR. BEFORE SH. MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER AND SH. UDAYAN DASGUPTA, JUDICIAL MEMBER (Physical Hearing) I.T.A. No. 103 & 104/Asr/2024 Assessment Years: 2014-15 and 2017-18 ITO, Ward-3(1), Vs. M/s Jatin Agro Fort Road, Ferozepur. 152-P, Ferozepur. [PAN:-AARPM5393F] (Appellant) (Respondent) Sh. Ashray Sarna, CA Appellant by Respondent by Sh. Sunil Gautam, CIT. DR 16.12.2025 Date of Hearing Date of Pronouncement 15.01.2026 ORDER Per: Udayan Dasgupta, J.M.: Both these appeals are filed by the revenue against the orders of ld. CIT (A), NFAC, De…

ASSISTANT COMMISSIONER OF INCOME TAX, C-1(1)(1), BANGALORE vs. BANGALORE INTERNATIONAL AIRPORT LIMITED, BANGALORE

In the result, the cross objection of the assessee is hereby partly allowed

ITA 1109/BANG/2024[2020-21]Status: DisposedITAT Bangalore16 Apr 2025AY 2020-21

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Smt. Nandini Das, CIT-DR
Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: BANGALORE BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER AND SHRI KESHAV DUBEY, JUDICIAL MEMBER ITA Nos. 1108 & 1109/Bang/2024 Assessment Year : 2018-19 & 2020-21 M/s. Bangalore International Airport Ltd., Alpha 2, The Assistant Commissioner Administrative Block, of Income Tax, Kempegowda International Circle – 1 (1)(1), Airport, Bangalore. Devanhalli, Vs. Bangalore. Karnataka – 560 300. PAN: AABCB8973D APPELLANT RESPONDENT & C.O. No. 25/Bang/2024 (in ITA No. 1109/Bang/2024) (Assessment Year : 2020-21) (By Assessee) Assessee by : Shri T. Suryanarayana, Advocate Reve…

ASSISTANT COMMISSIONER OF INCOME TAX, C-1(1)(1), BANGALORE vs. BANGALORE INTERNATIONAL AIRPORT LIMITED, BANGALORE

ITA 1108/BANG/2024[2018-19]Status: DisposedITAT Bangalore16 Apr 2025AY 2018-19

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Smt. Nandini Das, CIT-DR
Section 143(4)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL 'A' BENCH: BANGALORE BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER AND SHRI KESHAV DUBEY, JUDICIAL MEMBER ITA Nos.1108 & 1109/Bang/2024 Assessment Year : 2018-19 & 2020-21 The Assistant Commissioner of Income Tax, Circle – 1 (1)(1), Bangalore. APPELLANT M/s. Bangalore International Airport Ltd., Alpha 2, Administrative Block, Kempegowda International Airport, Devanhalli, Vs. Bangalore. Karnataka – 560 300. PAN: AABCB8973D RESPONDENT & C.O. No. 25/Bang/2024 (in ITA No. 1109/Bang/2024) (Assessment Year : 2020-21) (By Assessee) Assessee by : Shri T. Suryanarayana, Advocate Revenue…

NEYVELI UTTAR PRADESH POWER LIMITED,LUCKNOW vs. ITO - 2(1), LUCKNOW, LUCKNOW

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

ITA 152/LKW/2024[2018-19]Status: DisposedITAT Lucknow27 Dec 2024AY 2018-19

Bench: Shri Anadee Nath Misshra

Section 143(1)Section 154

…I.T.A. No.152/Lkw/2024 Assessment Year:2018-19 1 IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH ‘SMC’, LUCKNOW BEFORE SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER I.T.A. No.152/Lkw/2024 Assessment Year:2018-19 Neyveli Uttar Pradesh Power Vs. Income Tax Officer-2(1), Limited, Lucknow. KH 419, GN Extension, Gomti Nagar S.O., Lucknow. PAN:AAECN3221F (Appellant) (Respondent) Appellant by Ms. Krishna Laasya, Advocate Respondent by Shri Sunil Kumar Rajwanshi, Addl. CIT (D.R.) O R D E R (A) In this case assessee’s return was processed u/s 143(1) of the I. T. Act and intimation dated 30/09/2019 was issued deny…

MEASAGE GURDAS AGRO PRIVATE LIMITED,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE- 1 , BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

ITA 517/ASR/2019[2016-17]Status: DisposedITAT Amritsar24 May 2023AY 2016-17

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250(6)

…nd short term import I.T.A. Nos.506/Asr/2019 13 & Others and, thus, such interest income cannot be distinguished with the business of the assessee. The case of assessee is duly covered by the judgment of CIT Vs. Karnal Cooperative Sugar Mills as reported in 118 Taxmann 489. iii) The same issue was decided by the Hon’ble ITAT Bench in the latest order in the case of G.H.Crop Sciences Pvt. Ltd. and M/s Apex Fibre India Ltd. in ITA No. 56/Asr/2020 & ITA No. 84/Asr/2020 and this has been discussed and analyzed at length from para 14 at page 23, of the order of the Hon’ble Bench, where the Ld. CIT(A) has relied upon…

SHRI GURDAS GARG,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE- 1, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

ITA 516/ASR/2019[2016-17]Status: DisposedITAT Amritsar24 May 2023AY 2016-17

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250(6)

…nd short term import I.T.A. Nos.506/Asr/2019 13 & Others and, thus, such interest income cannot be distinguished with the business of the assessee. The case of assessee is duly covered by the judgment of CIT Vs. Karnal Cooperative Sugar Mills as reported in 118 Taxmann 489. iii) The same issue was decided by the Hon’ble ITAT Bench in the latest order in the case of G.H.Crop Sciences Pvt. Ltd. and M/s Apex Fibre India Ltd. in ITA No. 56/Asr/2020 & ITA No. 84/Asr/2020 and this has been discussed and analyzed at length from para 14 at page 23, of the order of the Hon’ble Bench, where the Ld. CIT(A) has relied upon…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA vs. MEASAGE GURDAS AGRO PRIVATE LIMITED, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

ITA 510/ASR/2019[2016-17]Status: DisposedITAT Amritsar24 May 2023AY 2016-17

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250(6)

…nd short term import I.T.A. Nos.506/Asr/2019 13 & Others and, thus, such interest income cannot be distinguished with the business of the assessee. The case of assessee is duly covered by the judgment of CIT Vs. Karnal Cooperative Sugar Mills as reported in 118 Taxmann 489. iii) The same issue was decided by the Hon’ble ITAT Bench in the latest order in the case of G.H.Crop Sciences Pvt. Ltd. and M/s Apex Fibre India Ltd. in ITA No. 56/Asr/2020 & ITA No. 84/Asr/2020 and this has been discussed and analyzed at length from para 14 at page 23, of the order of the Hon’ble Bench, where the Ld. CIT(A) has relied upon…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE- 1, BATHINDA vs. SHRI GURDAS GARG, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

ITA 508/ASR/2019[2016-17]Status: DisposedITAT Amritsar24 May 2023AY 2016-17

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250(6)

…nd short term import I.T.A. Nos.506/Asr/2019 13 & Others and, thus, such interest income cannot be distinguished with the business of the assessee. The case of assessee is duly covered by the judgment of CIT Vs. Karnal Cooperative Sugar Mills as reported in 118 Taxmann 489. iii) The same issue was decided by the Hon’ble ITAT Bench in the latest order in the case of G.H.Crop Sciences Pvt. Ltd. and M/s Apex Fibre India Ltd. in ITA No. 56/Asr/2020 & ITA No. 84/Asr/2020 and this has been discussed and analyzed at length from para 14 at page 23, of the order of the Hon’ble Bench, where the Ld. CIT(A) has relied upon…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA vs. SHRI GURDAS GARG, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

ITA 507/ASR/2019[2013-14]Status: DisposedITAT Amritsar24 May 2023AY 2013-14

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250(6)

…nd short term import I.T.A. Nos.506/Asr/2019 13 & Others and, thus, such interest income cannot be distinguished with the business of the assessee. The case of assessee is duly covered by the judgment of CIT Vs. Karnal Cooperative Sugar Mills as reported in 118 Taxmann 489. iii) The same issue was decided by the Hon’ble ITAT Bench in the latest order in the case of G.H.Crop Sciences Pvt. Ltd. and M/s Apex Fibre India Ltd. in ITA No. 56/Asr/2020 & ITA No. 84/Asr/2020 and this has been discussed and analyzed at length from para 14 at page 23, of the order of the Hon’ble Bench, where the Ld. CIT(A) has relied upon…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE- 1 , BATHINDA vs. MEASAGE G. G CONTINENTAL TRADERS PRIVATE LIMITED, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

ITA 506/ASR/2019[2013-14]Status: DisposedITAT Amritsar24 May 2023AY 2013-14

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250(6)

…nd short term import I.T.A. Nos.506/Asr/2019 13 & Others and, thus, such interest income cannot be distinguished with the business of the assessee. The case of assessee is duly covered by the judgment of CIT Vs. Karnal Cooperative Sugar Mills as reported in 118 Taxmann 489. iii) The same issue was decided by the Hon’ble ITAT Bench in the latest order in the case of G.H.Crop Sciences Pvt. Ltd. and M/s Apex Fibre India Ltd. in ITA No. 56/Asr/2020 & ITA No. 84/Asr/2020 and this has been discussed and analyzed at length from para 14 at page 23, of the order of the Hon’ble Bench, where the Ld. CIT(A) has relied upon…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA vs. MEASAGE G.G.OILS AND FAITS PRIVATE LIMITED, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

ITA 505/ASR/2019[2013-14]Status: DisposedITAT Amritsar24 May 2023AY 2013-14

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250(6)

…nd short term import I.T.A. Nos.506/Asr/2019 13 & Others and, thus, such interest income cannot be distinguished with the business of the assessee. The case of assessee is duly covered by the judgment of CIT Vs. Karnal Cooperative Sugar Mills as reported in 118 Taxmann 489. iii) The same issue was decided by the Hon’ble ITAT Bench in the latest order in the case of G.H.Crop Sciences Pvt. Ltd. and M/s Apex Fibre India Ltd. in ITA No. 56/Asr/2020 & ITA No. 84/Asr/2020 and this has been discussed and analyzed at length from para 14 at page 23, of the order of the Hon’ble Bench, where the Ld. CIT(A) has relied upon…

SHRI GURDAS GARG,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

ITA 498/ASR/2019[2013-14]Status: DisposedITAT Amritsar24 May 2023AY 2013-14

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250(6)

…nd short term import I.T.A. Nos.506/Asr/2019 13 & Others and, thus, such interest income cannot be distinguished with the business of the assessee. The case of assessee is duly covered by the judgment of CIT Vs. Karnal Cooperative Sugar Mills as reported in 118 Taxmann 489. iii) The same issue was decided by the Hon’ble ITAT Bench in the latest order in the case of G.H.Crop Sciences Pvt. Ltd. and M/s Apex Fibre India Ltd. in ITA No. 56/Asr/2020 & ITA No. 84/Asr/2020 and this has been discussed and analyzed at length from para 14 at page 23, of the order of the Hon’ble Bench, where the Ld. CIT(A) has relied upon…

MEASAGE G. G. CONTINENTAL TRADERS PRIVATE LIMITED,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

ITA 495/ASR/2019[2013-14]Status: DisposedITAT Amritsar24 May 2023AY 2013-14

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250(6)

…nd short term import I.T.A. Nos.506/Asr/2019 13 & Others and, thus, such interest income cannot be distinguished with the business of the assessee. The case of assessee is duly covered by the judgment of CIT Vs. Karnal Cooperative Sugar Mills as reported in 118 Taxmann 489. iii) The same issue was decided by the Hon’ble ITAT Bench in the latest order in the case of G.H.Crop Sciences Pvt. Ltd. and M/s Apex Fibre India Ltd. in ITA No. 56/Asr/2020 & ITA No. 84/Asr/2020 and this has been discussed and analyzed at length from para 14 at page 23, of the order of the Hon’ble Bench, where the Ld. CIT(A) has relied upon…

MEASAGE G. G. OILS AND FATS PRIVATE LIMITED,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE- 1, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

ITA 494/ASR/2019[2013-14]Status: DisposedITAT Amritsar24 May 2023AY 2013-14

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250(6)

…nd short term import I.T.A. Nos.506/Asr/2019 13 & Others and, thus, such interest income cannot be distinguished with the business of the assessee. The case of assessee is duly covered by the judgment of CIT Vs. Karnal Cooperative Sugar Mills as reported in 118 Taxmann 489. iii) The same issue was decided by the Hon’ble ITAT Bench in the latest order in the case of G.H.Crop Sciences Pvt. Ltd. and M/s Apex Fibre India Ltd. in ITA No. 56/Asr/2020 & ITA No. 84/Asr/2020 and this has been discussed and analyzed at length from para 14 at page 23, of the order of the Hon’ble Bench, where the Ld. CIT(A) has relied upon…

INCOME TAX OFFICER WARD-1(1), BATHINDA vs. M/S APEX FIBRE INDIA LIMITED, BATHINDA

ITA 84/ASR/2020[2016-17]Status: DisposedITAT Amritsar23 Feb 2023AY 2016-17

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 145(3)Section 43(5)Section 45(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR BEFORE DR. M. L. MEENA, ACCOUNTANT MEMBER AND SH. ANIKESH BANERJEE, JUDICIAL MEMBER I.T. A. No. 56/Asr/2020 Assessment Year: 2016-17 Dy. Commissioner of Income V. M/s G. H. Crop Science Pvt. Tax, Circle-1, Bathinda Ltd., 48, Homeland Enclave, Bathinda [PAN: AACCG 1026D] (Appellant) (Respondent) Appellant by Sh. Sudhir Sehgal, AR Respondent by Sh. Rajiv Wadhera, Sr. DR I.T. A. No. 84/Asr/2020 Assessment Year: 2016-17 Income Tax Officer, V. M/s Apex Fibre India Ltd., Ward-1(1), Bathinda 53 Homeland Enclave, Bathinda [PAN: AABCL 0479Q] (App…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA vs. M/S G.H. CROP SCIENCE PRIVATE LIMITED , BATHINDA

ITA 56/ASR/2020[2016-17]Status: DisposedITAT Amritsar23 Feb 2023AY 2016-17

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 145(3)Section 43(5)Section 45(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR BEFORE DR. M. L. MEENA, ACCOUNTANT MEMBER AND SH. ANIKESH BANERJEE, JUDICIAL MEMBER I.T. A. No. 56/Asr/2020 Assessment Year: 2016-17 Dy. Commissioner of Income V. M/s G. H. Crop Science Pvt. Tax, Circle-1, Bathinda Ltd., 48, Homeland Enclave, Bathinda [PAN: AACCG 1026D] (Appellant) (Respondent) Appellant by Sh. Sudhir Sehgal, AR Respondent by Sh. Rajiv Wadhera, Sr. DR I.T. A. No. 84/Asr/2020 Assessment Year: 2016-17 Income Tax Officer, V. M/s Apex Fibre India Ltd., Ward-1(1), Bathinda 53 Homeland Enclave, Bathinda [PAN: AABCL 0479Q] (App…

PATEL & ASSOCIATES,MUMBAI vs. DY CIT -CC-7(3), MUMBAI

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

ITA 832/MUM/2021[2017-18]Status: DisposedITAT Mumbai15 Mar 2022AY 2017-18

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2017-18 Patel & Associates, Dcit Cc-7(3), Office No. 1, 2Nd Floor, Patel Vs. Aayakarbhavan, Bhuvan, 29 Vijay Wad, Dr Mumbai-400020. Nagindas N Shah Lane Chirasazar, Mumbai-400 002. Pan No. Aanfm 8145 P Appellant Respondent

For Appellant: Ms. AparnaSivakumar, AR
Section 139(9)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI PAVAN KUMAR GADALE (JUDICIAL MEMBER) Assessment Year: 2017-18 Patel & Associates, DCIT CC-7(3), Office No. 1, 2nd floor, Patel Vs. AayakarBhavan, Bhuvan, 29 Vijay Wad, DR Mumbai-400020. Nagindas N Shah Lane ChiraSazar, Mumbai-400 002. PAN No. AANFM 8145 P Appellant Respondent Assessee by : Ms. AparnaSivakumar, AR : Revenue by Mr. S.G. Menon, DR : Date of Hearing 09/02/2022 : Date of 16/03/2022 pronouncement ORDER PER OM PRAKASH KANT, AM This appeal by the assessee is directed against order dated…

WESTERN DRILLING CONTRACTORS PVT. LTD.,NOIDA vs. ITO WARD3(5), NOIDA

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

ITA 3642/DEL/2019[2012-13]Status: DisposedITAT Delhi25 Sept 2019AY 2012-13

Bench: Shri R.K. Pandaassessment Year: 2012-13 Western Drilling Contractors Pvt. Ltd., Vs Ito, Plot No.1A, Institutional Area, Ward-3(5), Sector-16A, Noida, Noida. Uttar Pradesh. Pan: Aaafw5961A (Appellant) (Respondent) Assessee By : Shri K.M. Gupta, Advocate Revenue By Shri S.L. Anuragi, Sr. Dr Date Of Hearing : 31.07.2019 Date Of Pronouncement : 25.09.2019 Order This Appeal Filed By The Assessee Is Directed Against The Order Dated 29.11.2018 Of The Cit(A)-1, Noida, Relating To Assessment Year 2012-13. 2. Grounds Of Appeal 1, 2 & 3 Which Are Corelated Are As Under:- “1. On The Facts, In Law & In Circumstances Of The Case, The Ld. Commissioner Of Income Tax (Appeals) [Cit(A)] Erred In Confirming The Assessment Of Interest Of Rs.27,82,217/- Earned On Fixed Deposits Placed As Margin Money With Bank For Issuance Of Bank Guarantee For Oil Blocks, A "Income From Other Sources" On The Ground That Margin Money Placed With The Bank For Issuance Of Guarantees Is Not A Pre-Condition For Set Up Of Business Of The Appellant. 2. On The Facts, In Law & In Circumstances Of The Case, The Ld. Cit(A) Erred In Holding That Fixed Deposits Placed As Margin Money With Bank For Issuance Of Bank Guarantee Could Not Be Held To Be Intrinsically Connected With The Business Of The Appellant. 3. Without Prejudice, On The Facts, In Law & In Circumstances Of The Case, The Ld. Cit(A) Erred In Not Allowing Deduction Of Proportionate Interest Expense Of Rs.49,07,818/- Incurred Directly & Exclusively Towards Earning Aforesaid Interest Income.”

For Appellant: Shri K.M. Gupta, Advocate

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : SMC : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER Assessment Year: 2012-13 Western Drilling Contractors Pvt. Ltd., Vs ITO, Plot No.1A, Institutional Area, Ward-3(5), Sector-16A, Noida, Noida. Uttar Pradesh. PAN: AAAFW5961A (Appellant) (Respondent) Assessee by : Shri K.M. Gupta, Advocate Revenue by Shri S.L. Anuragi, Sr. DR Date of Hearing : 31.07.2019 Date of Pronouncement : 25.09.2019 ORDER This appeal filed by the assessee is directed against the order dated 29.11.2018 of the CIT(A)-1, Noida, relating to assessment year 2012-13. 2. Grounds of appeal…

NIRMAL INFRASTRUCTURE PRIVATE LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX - CENTRAL CIRCLE 3(1), MUMBAI

In the result, these appeals by the assessee stand allowed

ITA 1012/MUM/2018[2008-09]Status: DisposedITAT Mumbai16 May 2019AY 2008-09

Bench: Shri Shamim Yahya (Am) & Shri Ramlal Negi (Jm)

Section 153ASection 271(1)(c)

…THE INCOME TAX APPELLATE TRIBUNAL “B” Bench, Mumbai Before Shri Shamim Yahya (AM) & Shri Ramlal Negi (JM) I.T.A. No. 1012/Mum/2018 (Assessment Year 2008-09) I.T.A. No. 1013/Mum/2018 (Assessment Year 2009-10) I.T.A. No. 1014/Mum/2018 (Assessment Year 2011-12) I.T.A. No. 1015/Mum/2018 (Assessment Year 2012-13) I.T.A. No. 1016/Mum/2018 (Assessment Year 2010-11) M/s. Nirmal Infrastructure DCIT, CC-3(1) Vs. Private Limited Room No.1924 3rd Floor, Multiplex Building 19th Floor Noirmal Lifestyle Air India Building LBS Marg, Mulund (West) Nariman Point Mumbai-400 080. Mumbai-400 021. PAN : AACCN4417H (Appellant) (Resp…

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CIT v. Karnal Cooperative Sugar Mills (118 Taxmann 489) — Cited in 24 Judgments | BharatTax