CIT v. L.K. Trust

297 ITR 53High Court#11445 most cited
9

judgments rely on this decision, according to BharatTax’s citation analysis of 362,840 Indian tax judgments — from 2015 to 2019.

Judgments citing CIT v. L.K. Trust

M/S.Golflinks Software Park (P) Ltd., Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the appeal of the revenue in ITA No

ITA 339/BANG/2017[2013-14]Status: DisposedITAT Bangalore10 May 2019AY 2013-14

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri G. Sitaram, CAFor Respondent: Shri Pradeep Kumar, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 28Section 36(1)(iii)

…the assessee would receive by such investments or the business expediency of making the aforesaid investments. The CIT(Appeals) in this regard has rightly placed reliance on the decision of the Hon’ble High Court of Karnataka in the case of CIT v. L.K. Trust, 297 ITR 53 (Kar). ITA Nos.333 to 339/Bang/2017 & IT(TP)A 384/Bang/2017 Page 25 of 32 55. The ld. counsel for the assessee made an alternative submission that if the interest expenditure disallowance is upheld, then the rate of interest that should be applied should be the average rate in respect of all the borrowings of the assessee because mixed funds wer…

M/S.Golflinks Software Park (P) Ltd., Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the appeal of the revenue in ITA No

ITA 338/BANG/2017[2012-13]Status: DisposedITAT Bangalore10 May 2019AY 2012-13

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri G. Sitaram, CAFor Respondent: Shri Pradeep Kumar, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 28Section 36(1)(iii)

…the assessee would receive by such investments or the business expediency of making the aforesaid investments. The CIT(Appeals) in this regard has rightly placed reliance on the decision of the Hon’ble High Court of Karnataka in the case of CIT v. L.K. Trust, 297 ITR 53 (Kar). ITA Nos.333 to 339/Bang/2017 & IT(TP)A 384/Bang/2017 Page 25 of 32 55. The ld. counsel for the assessee made an alternative submission that if the interest expenditure disallowance is upheld, then the rate of interest that should be applied should be the average rate in respect of all the borrowings of the assessee because mixed funds wer…

M/S.Golflinks Software Park (P) Ltd., Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the appeal of the revenue in ITA No

ITA 337/BANG/2017[2011-12]Status: DisposedITAT Bangalore10 May 2019AY 2011-12

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri G. Sitaram, CAFor Respondent: Shri Pradeep Kumar, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 28Section 36(1)(iii)

…the assessee would receive by such investments or the business expediency of making the aforesaid investments. The CIT(Appeals) in this regard has rightly placed reliance on the decision of the Hon’ble High Court of Karnataka in the case of CIT v. L.K. Trust, 297 ITR 53 (Kar). ITA Nos.333 to 339/Bang/2017 & IT(TP)A 384/Bang/2017 Page 25 of 32 55. The ld. counsel for the assessee made an alternative submission that if the interest expenditure disallowance is upheld, then the rate of interest that should be applied should be the average rate in respect of all the borrowings of the assessee because mixed funds wer…

M/S.Golflinks Software Park (P) Ltd., Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the appeal of the revenue in ITA No

ITA 336/BANG/2017[2010-11]Status: DisposedITAT Bangalore10 May 2019AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri G. Sitaram, CAFor Respondent: Shri Pradeep Kumar, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 28Section 36(1)(iii)

…the assessee would receive by such investments or the business expediency of making the aforesaid investments. The CIT(Appeals) in this regard has rightly placed reliance on the decision of the Hon’ble High Court of Karnataka in the case of CIT v. L.K. Trust, 297 ITR 53 (Kar). ITA Nos.333 to 339/Bang/2017 & IT(TP)A 384/Bang/2017 Page 25 of 32 55. The ld. counsel for the assessee made an alternative submission that if the interest expenditure disallowance is upheld, then the rate of interest that should be applied should be the average rate in respect of all the borrowings of the assessee because mixed funds wer…

Sri.Ratan Babulal Lath, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the appeal of the revenue in ITA No

ITA 335/BANG/2017[2009-10]Status: DisposedITAT Bangalore10 May 2019AY 2009-10

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri G. Sitaram, CAFor Respondent: Shri Pradeep Kumar, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 28Section 36(1)(iii)

…the assessee would receive by such investments or the business expediency of making the aforesaid investments. The CIT(Appeals) in this regard has rightly placed reliance on the decision of the Hon’ble High Court of Karnataka in the case of CIT v. L.K. Trust, 297 ITR 53 (Kar). ITA Nos.333 to 339/Bang/2017 & IT(TP)A 384/Bang/2017 Page 25 of 32 55. The ld. counsel for the assessee made an alternative submission that if the interest expenditure disallowance is upheld, then the rate of interest that should be applied should be the average rate in respect of all the borrowings of the assessee because mixed funds wer…

M/S.Golflinks Software Park (P) Ltd., Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the appeal of the revenue in ITA No

ITA 334/BANG/2017[2008-09]Status: DisposedITAT Bangalore10 May 2019AY 2008-09

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri G. Sitaram, CAFor Respondent: Shri Pradeep Kumar, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 28Section 36(1)(iii)

…the assessee would receive by such investments or the business expediency of making the aforesaid investments. The CIT(Appeals) in this regard has rightly placed reliance on the decision of the Hon’ble High Court of Karnataka in the case of CIT v. L.K. Trust, 297 ITR 53 (Kar). ITA Nos.333 to 339/Bang/2017 & IT(TP)A 384/Bang/2017 Page 25 of 32 55. The ld. counsel for the assessee made an alternative submission that if the interest expenditure disallowance is upheld, then the rate of interest that should be applied should be the average rate in respect of all the borrowings of the assessee because mixed funds wer…

M/S.Golflinks Software Park (P) Ltd., Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the appeal of the revenue in ITA No

ITA 333/BANG/2017[2007-2008]Status: DisposedITAT Bangalore10 May 2019AY 2007-2008

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri G. Sitaram, CAFor Respondent: Shri Pradeep Kumar, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 28Section 36(1)(iii)

…the assessee would receive by such investments or the business expediency of making the aforesaid investments. The CIT(Appeals) in this regard has rightly placed reliance on the decision of the Hon’ble High Court of Karnataka in the case of CIT v. L.K. Trust, 297 ITR 53 (Kar). ITA Nos.333 to 339/Bang/2017 & IT(TP)A 384/Bang/2017 Page 25 of 32 55. The ld. counsel for the assessee made an alternative submission that if the interest expenditure disallowance is upheld, then the rate of interest that should be applied should be the average rate in respect of all the borrowings of the assessee because mixed funds wer…

DCIT, Gurgaon vs. M/S. Q.H. Talbros Ltd., Gurgaon

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

ITA 1320/DEL/2013[2008-09]Status: DisposedITAT Delhi04 Nov 2015AY 2008-09

Bench: Shri Inturi Rama Rao & Ms. Suchitra Kambleassessment Year: 2007-08 Acit, Circle-2, Vs. M/S Qh Talbros Ltd., Plot No. 400, Gurgaon Udyog Vihar, Phase-Iii, Gurgaon (Pan: Aaaco2191D) (Appellant) (Respondent) & Assessment Year: 2008-09 Dcit, Circle-2, Vs. M/S Qh Talbros Ltd., Plot No. 400, Gurgaon Udyog Vihar, Phase-Iii, Gurgaon (Pan: Aaaco2191D) (Appellant) (Respondent) Appellant By :Smt. Anjula Jain, Sr. Dr Respondent By : Sh. V.K. Aggarwal, Ar Date Of Hearing: 29.10.2015 Date Of Pronouncement: 04.11.2015 Order Per Inturi Rama Rao, A.M.: The Present Appeals Filed By The Revenue Are Directed Against The Orders Of Cit(A), Faridabad, Dated 27.12.2011 & 20.12.2012 Passed For The Assessment Years 2007-08 & 2008-09 Respectively. The Revenue Raised The Following Grounds Of Appeal In Ita No. 1321/Del/2012:

For Appellant: Smt. Anjula Jain, Sr. DRFor Respondent: Sh. V.K. Aggarwal, AR
Section 10BSection 115JSection 154Section 36(1)(iii)

…deleting the disallowance of interest liability of Rs. 65,07,805/- made by AO under section 36(1)(iii) of the Income Tax Act. The Ld. CIT(A) has ignored the ratio of the decision of Hon'ble High Court of Karnataka in the case of 'CIT, Bangalore vs L.K. Trust. 297 ITR 53' wherein it has been held that 'where the interest is paid in respect of the amount borrowed for acquisition of asset, unless asset is acquired and put to use, deduction for the interest cannot be claimed. Allowing any such deduction will be contrary to the proviso to section 36(1)(iii) of the Income Tax Act, 1961 4. On the facts and in the circum…

ACIT, Gurgaon vs. M/S. Qh Talbros Ltd., Gurgaon

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

ITA 1321/DEL/2012[2007-08]Status: DisposedITAT Delhi04 Nov 2015AY 2007-08

Bench: Shri Inturi Rama Rao & Ms. Suchitra Kambleassessment Year: 2007-08 Acit, Circle-2, Vs. M/S Qh Talbros Ltd., Plot No. 400, Gurgaon Udyog Vihar, Phase-Iii, Gurgaon (Pan: Aaaco2191D) (Appellant) (Respondent) & Assessment Year: 2008-09 Dcit, Circle-2, Vs. M/S Qh Talbros Ltd., Plot No. 400, Gurgaon Udyog Vihar, Phase-Iii, Gurgaon (Pan: Aaaco2191D) (Appellant) (Respondent) Appellant By :Smt. Anjula Jain, Sr. Dr Respondent By : Sh. V.K. Aggarwal, Ar Date Of Hearing: 29.10.2015 Date Of Pronouncement: 04.11.2015 Order Per Inturi Rama Rao, A.M.: The Present Appeals Filed By The Revenue Are Directed Against The Orders Of Cit(A), Faridabad, Dated 27.12.2011 & 20.12.2012 Passed For The Assessment Years 2007-08 & 2008-09 Respectively. The Revenue Raised The Following Grounds Of Appeal In Ita No. 1321/Del/2012:

For Appellant: Smt. Anjula Jain, Sr. DRFor Respondent: Sh. V.K. Aggarwal, AR
Section 10BSection 115JSection 154Section 36(1)(iii)

…deleting the disallowance of interest liability of Rs. 65,07,805/- made by AO under section 36(1)(iii) of the Income Tax Act. The Ld. CIT(A) has ignored the ratio of the decision of Hon'ble High Court of Karnataka in the case of 'CIT, Bangalore vs L.K. Trust. 297 ITR 53' wherein it has been held that 'where the interest is paid in respect of the amount borrowed for acquisition of asset, unless asset is acquired and put to use, deduction for the interest cannot be claimed. Allowing any such deduction will be contrary to the proviso to section 36(1)(iii) of the Income Tax Act, 1961 4. On the facts and in the circum…

CIT v. L.K. Trust (297 ITR 53) — Cited in 9 Judgments | BharatTax