CIT v. Karnataka Power Corporation

247 ITR 268Supreme Court of India2001#837 most cited

What is CIT v. Karnataka Power Corporation authority for?

Income earned during the project construction stage, which has a direct nexus or is inextricably linked to the project's setting up, constitutes a capital receipt not liable to tax and reduces the project cost.

124

judgments rely on this decision, according to BharatTax’s citation analysis of 366,418 Indian tax judgments — from 2011 to 2026.

Also referred to as

CIT v. Karnataka Power Corporation · 247 ITR 268 · Supreme Court · income during construction · project cost reduction · capital receipt · not taxable · inextricably linked · capital work-in-progress · section 37(1) · section 32(1)(ii) · Bokaro Steel principle

Sections most often in play

Section 37(1)Section 40A(2)(b)Section 139(1)Section 143(3)Section 234ASection 244ASection 32(1)(ii)Section 37

Issues it is cited on

section 3asection 120(4)(b)section 4asection 36(1)(v)section 35esection 10(20)section 61section 46section 10(5)section 40a(7)section 92esection 92ba

Judgments citing CIT v. Karnataka Power Corporation

Visakhapatnam Port Authority, Visakhapatnam vs. Assistant Commissioner of Income Tax, Circle-1(1), Visakhapatnam

In the result, appeal of the Revenue is dismissed

ITA 191/VIZ/2023[2009-10]Status: DisposedITAT Visakhapatnam25 Mar 2024AY 2009-10

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.191/Viz/2023 (निर्धारणवर्ा/ Assessment Year :2009-10) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.193/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.200/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Deputy Commissioner Of Income Vs. Visakhapatnam Port Authority, Tax, Circle-1, Range-1, Administrative Office Building, Visakhapatnam. Port Area, Visakhapatnam, Andhra Pradesh-530001. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent)

Section 142(2)Section 143(3)

…to road and should be treated as “buildings” for the purpose of calculation of depreciation. The Ld. DR also submitted that the Ld. AO has also distinguished the decision of the Hon’ble Apex Court in the case of CIT vs. Karnataka Power Corporation reported in 247 ITR 268 (SC) relied on by the assessee in support of its claim. Therefore, the Ld. DR pleaded that the order of the Ld. AO be upheld. Per contra, the Ld. AR relied on the order of the Ld. CIT(A) and argued in support of the same. 118. We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue Author…

Deputy Commissioner of Income Tax, Visakhapatnam vs. M/S. Visakhapatnam Port Authority, Visakhapatnam

In the result, appeal of the Revenue is dismissed

ITA 125/VIZ/2023[2018-19]Status: DisposedITAT Visakhapatnam25 Mar 2024AY 2018-19

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.191/Viz/2023 (निर्धारणवर्ा/ Assessment Year :2009-10) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.193/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.200/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Deputy Commissioner Of Income Vs. Visakhapatnam Port Authority, Tax, Circle-1, Range-1, Administrative Office Building, Visakhapatnam. Port Area, Visakhapatnam, Andhra Pradesh-530001. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent)

Section 142(2)Section 143(3)

…to road and should be treated as “buildings” for the purpose of calculation of depreciation. The Ld. DR also submitted that the Ld. AO has also distinguished the decision of the Hon’ble Apex Court in the case of CIT vs. Karnataka Power Corporation reported in 247 ITR 268 (SC) relied on by the assessee in support of its claim. Therefore, the Ld. DR pleaded that the order of the Ld. AO be upheld. Per contra, the Ld. AR relied on the order of the Ld. CIT(A) and argued in support of the same. 118. We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue Author…

Visakhapatnam Port Authority, Visakhapatnam vs. Assistant Commissioner of Income Tax, Circle-1(1), Visakhapatnam

In the result, appeal of the Revenue is dismissed

ITA 106/VIZ/2023[2018-19]Status: DisposedITAT Visakhapatnam25 Mar 2024AY 2018-19

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.191/Viz/2023 (निर्धारणवर्ा/ Assessment Year :2009-10) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.193/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.200/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Deputy Commissioner Of Income Vs. Visakhapatnam Port Authority, Tax, Circle-1, Range-1, Administrative Office Building, Visakhapatnam. Port Area, Visakhapatnam, Andhra Pradesh-530001. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent)

Section 142(2)Section 143(3)

…to road and should be treated as “buildings” for the purpose of calculation of depreciation. The Ld. DR also submitted that the Ld. AO has also distinguished the decision of the Hon’ble Apex Court in the case of CIT vs. Karnataka Power Corporation reported in 247 ITR 268 (SC) relied on by the assessee in support of its claim. Therefore, the Ld. DR pleaded that the order of the Ld. AO be upheld. Per contra, the Ld. AR relied on the order of the Ld. CIT(A) and argued in support of the same. 118. We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue Author…

Viaton Energy Private Limited, Mumbai vs. ITO, Ward-17(4), Hyd, Hyderabad

In the result, appeal of the assessee is dismissed

ITA 1280/HYD/2016[2012-13]Status: DisposedITAT Hyderabad21 Mar 2024AY 2012-13

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Chary

For Appellant: Shri Dharmesh Shah &For Respondent: Shri Shakeer Ahamed, DR
Section 143(3)

…tting up the plant of the assessee in terms of agreement with the supplier cannot be treated as income from other sources, because the interest was emanating from a transaction which was inextricably linked. So also, in the case of Karnataka Power Corporation 247 ITR 268, the receipt was relating to the hire charges paid by contractors was dealt with in the light of the ratio laid in Bokaro Steel Ltd. (supra). In the case of Bongaigaon Refinery and Petro Chemicals Ltd. (supra) also, the receipts in dispute before the Hon’ble Supreme Court were in respect of the interest income derived by the assessee during its f…

Alaknanda Hydro Power Company Limited, Secunderabad vs. Dy. Commissioner of Income Tax, Circle-1(1), Hyderabad

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

ITA 745/HYD/2019[2014-15]Status: DisposedITAT Hyderabad31 Jan 2024AY 2014-15

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumarआ.अपी.सं /Ita No.745/Hyd/2019 (िनधा"रण वष"/Assessment Year: 2014-15) Alakananda Hydro Power Vs. Dy. C. I. T. Company, Circle 1(1) Secunderabad Hyderabad Pan:Aafac2081B (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Advocate H. Srinivasulu राज" व "ारा/Revenue By:: Smt. Sheetal Sarin, Dr सुनवाई की तारीख/Date Of Hearing: 18/01/2024 घोषणा की तारीख/Pronouncement: 31/01/2024 Order Per R.K. Panda, Vice-

For Appellant: Advocate H. SrinivasuluFor Respondent: : Smt. Sheetal Sarin, DR
Section 143(2)

…ion of the Hydro Power Project and go to reduce the cost of the project and such interest income is in the nature of capital receipts: (1) Bokaro steel Ltd- 236 ITR 315 (SC) (2) Karnal Cooperative Sugar Mill Ltd - 243 ITR 2 (SC) (3) Karnataka Power Corporate -247 ITR 268 (SC) (4) Shree Rama Multi Tech Ltd 403 ITR 426 (SC) (5) Indian oil Panipat Power consortium Ltd -315 ITR 255 (Del) (6) Adani Power Ltd -ITAT, (Ahm) -61 Taxmann.com 355 (7) VGR Foundations - 298 ITR 132 (Mad) Page 7 of 10 ITA No 745 of 2019 Alakananda Hydro Power Company (8) Bank Note paper Mill India (P) Ltd- 56ITR (Trib) 266 (|TAT, Bang) (9)…

Addl. CIT, Special Range-2, New Delhi vs. Bokaro Power Supply Company Pvt. Ltd., New Delhi

ITA 4455/DEL/2017[2011-12]Status: DisposedITAT Delhi12 Jan 2024AY 2011-12
For Appellant: Shri M. P. Rastogi, AdvFor Respondent: Shri PN Shastri, Adv Shri Kanv Bali, Sr. DR
Section 143(3)

…other sources. “Indian Oil Panipat Power Consortium Ltd.” (supra) is squarely applicable to the present case, as discussed. This is in consonance with "Bokaro Steel Ltd.” (supra), "Karnal Cooperative Sugar Mill” (supra), “CIT Vs. Karnataka Power Corporation”, 247 ITR 268 (SC) and “Bongaigaon Refinery and Petro Chemical Co.Ltd. vs. CIT”, 251 ITR 329 (SC), wherein also, it has been laid down that any receipt inextricably linked to the setting up of the project is capital receipt not liable to tax and going to reduce the cost of the project. In the present case too, the funds infused by the assessee company were ine…

The Assistant Commissioner of Income Tax, Circle-1(1), Visakhapatnam vs. Visakhapatnam Port Authority, Visakhaptnam

In the result, CO raised by the assessee is disposed off as discussed herein above

ITA 67/VIZ/2021[2016-17]Status: DisposedITAT Visakhapatnam27 Sept 2023AY 2016-17

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.25/Viz/2014 ("नधा"रणवष"/ Assessment Year :2010-11) Visakhapatnam Port Authority, Vs. Addl. Cit, (Formerly Known As M/S. Range-1, Visakhapatnam Port Trust) Visakhapatnam. Visakhapatnam. Pan: Aaalv0035C (अपीलाथ"/ Appellant) (""यथ"/ Respondent)

…road and should be treated as “buildings” for the purpose of calculation of depreciation. The Ld. DR also submitted that the Ld. AO has also distinguished the decision of the Hon’ble Apex Court in the case of CIT vs. Karnataka Power Corporation reported in 247 ITR 268 (SC) relied on by the assessee in support of its claim. Therefore, the Ld. DR pleaded that the order of the Ld. AO be upheld. Per contra, the Ld. AR relied on the order of the Ld. CIT(A) and argued in support of the same. 118. We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue…

The Assistant Commissioner of Income Tax, Circle-1(1), Visakhapatnam vs. Visakhapatnam Port Authority, Visakhapatnam

In the result, CO raised by the assessee is disposed off as discussed herein above

ITA 49/VIZ/2021[2015-16]Status: DisposedITAT Visakhapatnam27 Sept 2023AY 2015-16

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.25/Viz/2014 ("नधा"रणवष"/ Assessment Year :2010-11) Visakhapatnam Port Authority, Vs. Addl. Cit, (Formerly Known As M/S. Range-1, Visakhapatnam Port Trust) Visakhapatnam. Visakhapatnam. Pan: Aaalv0035C (अपीलाथ"/ Appellant) (""यथ"/ Respondent)

…road and should be treated as “buildings” for the purpose of calculation of depreciation. The Ld. DR also submitted that the Ld. AO has also distinguished the decision of the Hon’ble Apex Court in the case of CIT vs. Karnataka Power Corporation reported in 247 ITR 268 (SC) relied on by the assessee in support of its claim. Therefore, the Ld. DR pleaded that the order of the Ld. AO be upheld. Per contra, the Ld. AR relied on the order of the Ld. CIT(A) and argued in support of the same. 118. We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue…

Visakhapatnam Port Authority, Visakhapatnam vs. The Assistant Commissioner of Income Tax, Circle-1(1), Visakhapatnam

In the result, CO raised by the assessee is disposed off as discussed herein above

ITA 236/VIZ/2020[2016-17]Status: DisposedITAT Visakhapatnam27 Sept 2023AY 2016-17

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.25/Viz/2014 ("नधा"रणवष"/ Assessment Year :2010-11) Visakhapatnam Port Authority, Vs. Addl. Cit, (Formerly Known As M/S. Range-1, Visakhapatnam Port Trust) Visakhapatnam. Visakhapatnam. Pan: Aaalv0035C (अपीलाथ"/ Appellant) (""यथ"/ Respondent)

…road and should be treated as “buildings” for the purpose of calculation of depreciation. The Ld. DR also submitted that the Ld. AO has also distinguished the decision of the Hon’ble Apex Court in the case of CIT vs. Karnataka Power Corporation reported in 247 ITR 268 (SC) relied on by the assessee in support of its claim. Therefore, the Ld. DR pleaded that the order of the Ld. AO be upheld. Per contra, the Ld. AR relied on the order of the Ld. CIT(A) and argued in support of the same. 118. We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue…

Visakhapatnam Port Authority, Visakhapatnam vs. The Assistant Commissioner of Income Tax, Circle-1(1), Visakhapatnam

In the result, CO raised by the assessee is disposed off as discussed herein above

ITA 235/VIZ/2020[2015-16]Status: DisposedITAT Visakhapatnam27 Sept 2023AY 2015-16

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.25/Viz/2014 ("नधा"रणवष"/ Assessment Year :2010-11) Visakhapatnam Port Authority, Vs. Addl. Cit, (Formerly Known As M/S. Range-1, Visakhapatnam Port Trust) Visakhapatnam. Visakhapatnam. Pan: Aaalv0035C (अपीलाथ"/ Appellant) (""यथ"/ Respondent)

…road and should be treated as “buildings” for the purpose of calculation of depreciation. The Ld. DR also submitted that the Ld. AO has also distinguished the decision of the Hon’ble Apex Court in the case of CIT vs. Karnataka Power Corporation reported in 247 ITR 268 (SC) relied on by the assessee in support of its claim. Therefore, the Ld. DR pleaded that the order of the Ld. AO be upheld. Per contra, the Ld. AR relied on the order of the Ld. CIT(A) and argued in support of the same. 118. We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue…

The Visakhapatnam Port Authority, Visakhapatnam vs. The Asst. CIT, Visakhapatnam

In the result, CO raised by the assessee is disposed off as discussed herein above

ITA 325/VIZ/2017[2012-2013]Status: DisposedITAT Visakhapatnam27 Sept 2023AY 2012-2013

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.25/Viz/2014 ("नधा"रणवष"/ Assessment Year :2010-11) Visakhapatnam Port Authority, Vs. Addl. Cit, (Formerly Known As M/S. Range-1, Visakhapatnam Port Trust) Visakhapatnam. Visakhapatnam. Pan: Aaalv0035C (अपीलाथ"/ Appellant) (""यथ"/ Respondent)

…road and should be treated as “buildings” for the purpose of calculation of depreciation. The Ld. DR also submitted that the Ld. AO has also distinguished the decision of the Hon’ble Apex Court in the case of CIT vs. Karnataka Power Corporation reported in 247 ITR 268 (SC) relied on by the assessee in support of its claim. Therefore, the Ld. DR pleaded that the order of the Ld. AO be upheld. Per contra, the Ld. AR relied on the order of the Ld. CIT(A) and argued in support of the same. 118. We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue…

Visakhapatnam Port Authority, Visakhapatnam vs. The ACIT, Visakhapatnam

In the result, CO raised by the assessee is disposed off as discussed herein above

ITA 12/VIZ/2015[2011-12]Status: DisposedITAT Visakhapatnam27 Sept 2023AY 2011-12

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.25/Viz/2014 ("नधा"रणवष"/ Assessment Year :2010-11) Visakhapatnam Port Authority, Vs. Addl. Cit, (Formerly Known As M/S. Range-1, Visakhapatnam Port Trust) Visakhapatnam. Visakhapatnam. Pan: Aaalv0035C (अपीलाथ"/ Appellant) (""यथ"/ Respondent)

…road and should be treated as “buildings” for the purpose of calculation of depreciation. The Ld. DR also submitted that the Ld. AO has also distinguished the decision of the Hon’ble Apex Court in the case of CIT vs. Karnataka Power Corporation reported in 247 ITR 268 (SC) relied on by the assessee in support of its claim. Therefore, the Ld. DR pleaded that the order of the Ld. AO be upheld. Per contra, the Ld. AR relied on the order of the Ld. CIT(A) and argued in support of the same. 118. We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue…

The ACIT, Circle - 1(1), Visakhapatnam vs. Visakhapatnam Port Authority, Visakhapatnam

In the result, CO raised by the assessee is disposed off as discussed herein above

ITA 399/VIZ/2014[2011-12]Status: DisposedITAT Visakhapatnam27 Sept 2023AY 2011-12

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.25/Viz/2014 ("नधा"रणवष"/ Assessment Year :2010-11) Visakhapatnam Port Authority, Vs. Addl. Cit, (Formerly Known As M/S. Range-1, Visakhapatnam Port Trust) Visakhapatnam. Visakhapatnam. Pan: Aaalv0035C (अपीलाथ"/ Appellant) (""यथ"/ Respondent)

…road and should be treated as “buildings” for the purpose of calculation of depreciation. The Ld. DR also submitted that the Ld. AO has also distinguished the decision of the Hon’ble Apex Court in the case of CIT vs. Karnataka Power Corporation reported in 247 ITR 268 (SC) relied on by the assessee in support of its claim. Therefore, the Ld. DR pleaded that the order of the Ld. AO be upheld. Per contra, the Ld. AR relied on the order of the Ld. CIT(A) and argued in support of the same. 118. We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue…

Visakhapatnam Port Authority, Visakhapatnam vs. The ACIT, Visakhapatnam

In the result, CO raised by the assessee is disposed off as discussed herein above

ITA 397/VIZ/2014[2011-12]Status: DisposedITAT Visakhapatnam27 Sept 2023AY 2011-12

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.25/Viz/2014 ("नधा"रणवष"/ Assessment Year :2010-11) Visakhapatnam Port Authority, Vs. Addl. Cit, (Formerly Known As M/S. Range-1, Visakhapatnam Port Trust) Visakhapatnam. Visakhapatnam. Pan: Aaalv0035C (अपीलाथ"/ Appellant) (""यथ"/ Respondent)

…road and should be treated as “buildings” for the purpose of calculation of depreciation. The Ld. DR also submitted that the Ld. AO has also distinguished the decision of the Hon’ble Apex Court in the case of CIT vs. Karnataka Power Corporation reported in 247 ITR 268 (SC) relied on by the assessee in support of its claim. Therefore, the Ld. DR pleaded that the order of the Ld. AO be upheld. Per contra, the Ld. AR relied on the order of the Ld. CIT(A) and argued in support of the same. 118. We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue…

Visakhapatnam Port Authority, Visakhapatnam vs. The ACIT, Visakhapatnam

In the result, CO raised by the assessee is disposed off as discussed herein above

ITA 396/VIZ/2014[2010-11]Status: DisposedITAT Visakhapatnam27 Sept 2023AY 2010-11

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.25/Viz/2014 ("नधा"रणवष"/ Assessment Year :2010-11) Visakhapatnam Port Authority, Vs. Addl. Cit, (Formerly Known As M/S. Range-1, Visakhapatnam Port Trust) Visakhapatnam. Visakhapatnam. Pan: Aaalv0035C (अपीलाथ"/ Appellant) (""यथ"/ Respondent)

…road and should be treated as “buildings” for the purpose of calculation of depreciation. The Ld. DR also submitted that the Ld. AO has also distinguished the decision of the Hon’ble Apex Court in the case of CIT vs. Karnataka Power Corporation reported in 247 ITR 268 (SC) relied on by the assessee in support of its claim. Therefore, the Ld. DR pleaded that the order of the Ld. AO be upheld. Per contra, the Ld. AR relied on the order of the Ld. CIT(A) and argued in support of the same. 118. We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue…

Visakhapatnam Port Authority, Visakhapatnam vs. The ACIT, Circle - 1(1), Visakhapatnam

In the result, CO raised by the assessee is disposed off as discussed herein above

ITA 26/VIZ/2014[2011-12]Status: DisposedITAT Visakhapatnam27 Sept 2023AY 2011-12

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.25/Viz/2014 ("नधा"रणवष"/ Assessment Year :2010-11) Visakhapatnam Port Authority, Vs. Addl. Cit, (Formerly Known As M/S. Range-1, Visakhapatnam Port Trust) Visakhapatnam. Visakhapatnam. Pan: Aaalv0035C (अपीलाथ"/ Appellant) (""यथ"/ Respondent)

…road and should be treated as “buildings” for the purpose of calculation of depreciation. The Ld. DR also submitted that the Ld. AO has also distinguished the decision of the Hon’ble Apex Court in the case of CIT vs. Karnataka Power Corporation reported in 247 ITR 268 (SC) relied on by the assessee in support of its claim. Therefore, the Ld. DR pleaded that the order of the Ld. AO be upheld. Per contra, the Ld. AR relied on the order of the Ld. CIT(A) and argued in support of the same. 118. We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue…

Visakhapatnam Port Authority, Visakhapatnam vs. The Addl. CIT., Visakhapatnam

In the result, CO raised by the assessee is disposed off as discussed herein above

ITA 25/VIZ/2014[2010-11]Status: DisposedITAT Visakhapatnam27 Sept 2023AY 2010-11

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.25/Viz/2014 ("नधा"रणवष"/ Assessment Year :2010-11) Visakhapatnam Port Authority, Vs. Addl. Cit, (Formerly Known As M/S. Range-1, Visakhapatnam Port Trust) Visakhapatnam. Visakhapatnam. Pan: Aaalv0035C (अपीलाथ"/ Appellant) (""यथ"/ Respondent)

…road and should be treated as “buildings” for the purpose of calculation of depreciation. The Ld. DR also submitted that the Ld. AO has also distinguished the decision of the Hon’ble Apex Court in the case of CIT vs. Karnataka Power Corporation reported in 247 ITR 268 (SC) relied on by the assessee in support of its claim. Therefore, the Ld. DR pleaded that the order of the Ld. AO be upheld. Per contra, the Ld. AR relied on the order of the Ld. CIT(A) and argued in support of the same. 118. We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue…

Kadavanthara Builders Pvt Ltd, Chennai vs. ITO, Ward -4(2), Chennai

The appeal of the assessee is partly allowed for statistical purposes

ITA 2485/CHNY/2019[2015-16]Status: DisposedITAT Bangalore12 May 2023AY 2015-16
Section 143(3)

…IT v. Indo Swiss Jewels Ltd. [2006] 284 ITR 389 (Bombay) CIT v Dalmia Promoters Developers (P) Ltd [2006] 281 ITR 346 (Del.) Interest income would he a capital receipt CIT v Bokaro Stcel Limited [1999] 236 ITR 315 (SC) CIT v Karnataka Power Corporation [2001] 247 ITR 268 (SC) PCIT v Bank Note Paper Mill India (P.) Ltd [2019] 412 ITR 415 (Kar) Disallowance of expenditure and enhancement of income Expenditure incurred alter setting up of the business is allowable expenditure 1. Swire Holdings (P.) Ltd. v ITO [2006] 6 SOT 621 (Bang- Trib.) (SMC) 2. CIT v. Dhoornketu Builders & Development (P.) Ltd. [2013] 368 ITR 68…

Kadavanthara Builders Pvt Ltd, Chennai vs. ITO, Ward -4(2), Chennai

The appeal of the assessee is partly allowed for statistical purposes

ITA 2484/CHNY/2019[2014-15]Status: DisposedITAT Bangalore12 May 2023AY 2014-15
Section 143(3)

…IT v. Indo Swiss Jewels Ltd. [2006] 284 ITR 389 (Bombay) CIT v Dalmia Promoters Developers (P) Ltd [2006] 281 ITR 346 (Del.) Interest income would he a capital receipt CIT v Bokaro Stcel Limited [1999] 236 ITR 315 (SC) CIT v Karnataka Power Corporation [2001] 247 ITR 268 (SC) PCIT v Bank Note Paper Mill India (P.) Ltd [2019] 412 ITR 415 (Kar) Disallowance of expenditure and enhancement of income Expenditure incurred alter setting up of the business is allowable expenditure 1. Swire Holdings (P.) Ltd. v ITO [2006] 6 SOT 621 (Bang- Trib.) (SMC) 2. CIT v. Dhoornketu Builders & Development (P.) Ltd. [2013] 368 ITR 68…

ACIT, Circle-1, Noida vs. Jaiprakash Associates Limited, Noida

In the result, appeals of the Revenue

ITA 947/DEL/2022[2012-13]Status: DisposedITAT Delhi07 Feb 2023AY 2012-13

Bench: Shri Anil Chaturvedi & Shri Anubhav Sharma

For Appellant: Shri Ashwani Kumar GargFor Respondent: Smt Abha Rani Singh
Section 143(3)

…elied upon the decisions in the case of Tulsi [SK] & Sons Vs. CIT 187 [supra], CIT Vs. Mazagaon Dock Ltd 191 ITR 460. [Mum] CIT Vs. Electro Metallurgical Works Pvt. 207 IT 494 [Mum] CIT. Vs. Ispat Ltd 210 ITR 1018 [Rajl and CIT Vs. Karnataka Power Corporation 247 ITR 268 [SC] wherein same propositions have been laid down in order to determine whether the building structure or installation is a plant. It has been held that for determining the same the functional test is to be applied. If the structure or installation is merely a premises in which business is carried out it is not a plant. In case, however, the str…