CIT v. Karnal Cooperative Sugar Mills

118 Taxmann 489Supreme Court of India2001#4779 most cited

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

Interest earned on funds parked in fixed deposits is considered business income if it's intrinsically linked to the assessee's business activities.

24

judgments rely on this decision, according to BharatTax’s citation analysis of 366,418 Indian tax judgments — from 2017 to 2026.

Also referred to as

CIT v. Karnal Cooperative Sugar Mills · 118 Taxmann 489 · interest income · business income · FDR · cooperative sugar mills · section 28 · section 24(1)

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

M/S Harbhajan Singh & Co., Sangrur vs. DCIT, Circle, Sangrur

Appeal of the Assessee is dismissed

ITA 727/CHANDI/2018[2012-13]Status: DisposedITAT Chandigarh29 Nov 2018AY 2012-13
For Appellant: Shri. Sanket SinglaFor Respondent: Smt. Chandrakanta
Section 143

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ “ए”, च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH ”A”, CHANDIGARH "ी संजय गग", "या"यक सद"य एवं डा. बी.आर.आर, कुमार, लेखा सद"य BEFORE: Sh.SANJAY GARG, JM & DR. B.R.R. KUMAR, AM आयकर अपील सं./ ITA No. 727/Chd/2018 "नधा"रण वष" / Assessment Year : 2012-13 M/s Harbhajan Singh & Co. The DCIT, Circle बनाम H.O. Singla Enclave, Sangrur Club Road, Sangrur "थायी लेखा सं./PAN No: AADFH9441H अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri. Sanket Singla राज"व क" ओर से/ Revenue by : Smt. Chandrakanta सुनवाई क" तार"ख/Date of Hearing: 26/11/2018 उदघ…

Mjsj Coal Limited, Angul vs. ITO, Ward-1(3), Bhubaneswar

Appeals of the assessee are allowed

ITA 107/CTK/2018[2014-15]Status: DisposedITAT Cuttack31 Aug 2018AY 2014-15

Bench: Shri N.S.Saini, Am & Shri Pavan Kumar Gadale, Jm आयकर अपील सं./Ita Nos.429/Ctk/2016, 68/Ctk/2017 & 107/Ctk/2018 ("नधा"रण वष" / A.Ys :2011-2012, 2013-2014 & 2014-2015) Mjsj Coal Limited, Vs. Ito, Ward-2, Dhenkanal / At/Po:Balanda, Talcher, Ito, Ward-1(3), Bhubaneswar Dist-Angul, Odisha-759116 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagcm 1095 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. "नधा"रती क" ओर से /Assessee By : Shri K.K.Bal, Ar राज"व क" ओर से /Revenue By : Shri Subhendu Dutta, Citdr सुनवाई क" तार"ख / Date Of Hearing : 28/08/2018 घोषणा क" तार"ख/Date Of Pronouncement 31/08/2018 आदेश / O R D E R Per Shri Pavan Kumar Gadale, Jm: These Are The Appeals Filed By The Assessee Against The Separate Orders Of Cit(A)-1&3, Bhubaneswar, Dated 28.04.2016, 04.11.2016 & 04.12.2017 Passed In I.T.Appeal Nos.0120/2014-15, 0472/15-16 & 0254/16-17, For The Assessment Years 2011-2012, 2013-2014 & 2014- 2015. 2. Since Issues The Above Appeals Are Common, Therefore, They Are Heard Together & Disposed Off By This Consolidated Order. For The Sake Of Convenience We Shall Take Up Assessee’S Appeal I.E. Ita No.429/Ctk/2016 For Assessment Year 2011-2012 & The Grounds & Facts Mentioned Therein, Wherein The Assessee Has Raised The Following Grounds Of Appeal :- Ground Of Appeal • We Are Not Agreeing With The Computation Of Tax On Interest Earn By Company Made By Assessing Officer. • During The Assessment, The Cases We Submitted To Justify Our Claim (As Mentioned In Statement Of Facts) Has Not Been Paid Any Emphasis For Deciding The Case By The A.0 & Cit (Appeal- 3),Bhubaneswar. On The Other Hand The A.0 & Cit (Appeal-3) Finally Imposed His Decision Based On The Facts Of Alkali Tuticorin Chem. & Fertilizers Ltd. In Which It Has Earned Interest On The Funds, Were Borrowed Funds Only

For Appellant: Shri K.K.Bal, ARFor Respondent: Shri Subhendu Dutta, CITDR

…आयकर अपील"य अ"धकरण, कटक "यायपीठ,कटक IN THE INCOME TAX APPELLATE TRIBUNAL CUTTACK BENCH CUTTACK BEFORE SHRI N.S.SAINI, AM & SHRI PAVAN KUMAR GADALE, JM आयकर अपील सं./ITA Nos.429/CTK/2016, 68/CTK/2017 & 107/CTK/2018 ("नधा"रण वष" / A.Ys :2011-2012, 2013-2014 & 2014-2015) MJSJ Coal Limited, Vs. ITO, Ward-2, Dhenkanal / At/PO:Balanda, Talcher, ITO, Ward-1(3), Bhubaneswar Dist-Angul, Odisha-759116 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAGCM 1095 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. "नधा"रती क" ओर से /Assessee by : Shri K.K.Bal, AR राज"व क" ओर से /Revenue by : Shri Subhendu Dutta, CITDR सुनवाई क" तार"ख / Dat…

Mjsj Coal Limited, Angul vs. ITO, Ward-2, Dhenkanal

Appeals of the assessee are allowed

ITA 429/CTK/2016[2011-12]Status: DisposedITAT Cuttack31 Aug 2018AY 2011-12

Bench: Shri N.S.Saini, Am & Shri Pavan Kumar Gadale, Jm आयकर अपील सं./Ita Nos.429/Ctk/2016, 68/Ctk/2017 & 107/Ctk/2018 ("नधा"रण वष" / A.Ys :2011-2012, 2013-2014 & 2014-2015) Mjsj Coal Limited, Vs. Ito, Ward-2, Dhenkanal / At/Po:Balanda, Talcher, Ito, Ward-1(3), Bhubaneswar Dist-Angul, Odisha-759116 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagcm 1095 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. "नधा"रती क" ओर से /Assessee By : Shri K.K.Bal, Ar राज"व क" ओर से /Revenue By : Shri Subhendu Dutta, Citdr सुनवाई क" तार"ख / Date Of Hearing : 28/08/2018 घोषणा क" तार"ख/Date Of Pronouncement 31/08/2018 आदेश / O R D E R Per Shri Pavan Kumar Gadale, Jm: These Are The Appeals Filed By The Assessee Against The Separate Orders Of Cit(A)-1&3, Bhubaneswar, Dated 28.04.2016, 04.11.2016 & 04.12.2017 Passed In I.T.Appeal Nos.0120/2014-15, 0472/15-16 & 0254/16-17, For The Assessment Years 2011-2012, 2013-2014 & 2014- 2015. 2. Since Issues The Above Appeals Are Common, Therefore, They Are Heard Together & Disposed Off By This Consolidated Order. For The Sake Of Convenience We Shall Take Up Assessee’S Appeal I.E. Ita No.429/Ctk/2016 For Assessment Year 2011-2012 & The Grounds & Facts Mentioned Therein, Wherein The Assessee Has Raised The Following Grounds Of Appeal :- Ground Of Appeal • We Are Not Agreeing With The Computation Of Tax On Interest Earn By Company Made By Assessing Officer. • During The Assessment, The Cases We Submitted To Justify Our Claim (As Mentioned In Statement Of Facts) Has Not Been Paid Any Emphasis For Deciding The Case By The A.0 & Cit (Appeal- 3),Bhubaneswar. On The Other Hand The A.0 & Cit (Appeal-3) Finally Imposed His Decision Based On The Facts Of Alkali Tuticorin Chem. & Fertilizers Ltd. In Which It Has Earned Interest On The Funds, Were Borrowed Funds Only

For Appellant: Shri K.K.Bal, ARFor Respondent: Shri Subhendu Dutta, CITDR

…आयकर अपील"य अ"धकरण, कटक "यायपीठ,कटक IN THE INCOME TAX APPELLATE TRIBUNAL CUTTACK BENCH CUTTACK BEFORE SHRI N.S.SAINI, AM & SHRI PAVAN KUMAR GADALE, JM आयकर अपील सं./ITA Nos.429/CTK/2016, 68/CTK/2017 & 107/CTK/2018 ("नधा"रण वष" / A.Ys :2011-2012, 2013-2014 & 2014-2015) MJSJ Coal Limited, Vs. ITO, Ward-2, Dhenkanal / At/PO:Balanda, Talcher, ITO, Ward-1(3), Bhubaneswar Dist-Angul, Odisha-759116 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAGCM 1095 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. "नधा"रती क" ओर से /Assessee by : Shri K.K.Bal, AR राज"व क" ओर से /Revenue by : Shri Subhendu Dutta, CITDR सुनवाई क" तार"ख / Dat…

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…