What is CIT v. Mysore Sugar Co. Ltd. authority for?

Loss arising from non-recovery of loans given to employees is treated as a loss incidental to business activity, making any interest on such loans fall within the purview of business income, not income from other sources.

How many judgments cite CIT v. Mysore Sugar Co. Ltd.?

37 judgments on BharatTax cite CIT v. Mysore Sugar Co. Ltd. (343 ITR 245), spanning 2000 to 2024.

Which sections of the Income Tax Act does CIT v. Mysore Sugar Co. Ltd. come up under?

It is most often cited in judgments turning on Section 10(2), Section 234A, Section 234B, Section 244A, Section 270A, Section 28.

CIT v. Mysore Sugar Co. Ltd. (343 ITR 245)

THE LOUIS BERGER GROUP INC,GUGAON vs. ASSISTANT COMMISSIONER OF INCOMNE TAX, INTERNATIONAL TAXATION, GURGAON

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

ITA 2630/DEL/2023[2020-21]Status: DisposedITAT Delhi15 Oct 2024AY 2020-21

Bench: Shri Saktijit Dey, Hon’Ble & Shri M. Balaganeshthe Louis Berger Group Inc, Vs. Acit, Plot No. 3, Surinder Jakhir Dcit/Acit, International Bhawan, Sector-32, Gurgaon Taxation, Gurgaon (Appellant) (Respondent) Pan:Aaacl4067F

For Appellant: Shri Deepak Chopra, AdvFor Respondent: Shri Vijay B. Vazanta, CIT DR

Section 36(1)(vii)Section 36(2)

…f Section 28 of the Act and the same would be squarely allowable as deduction to the assessee. Reliance in this regard is placed on the decision of the Hon‟ble Jurisdictional High Court in the case of CIT Vs. Triveni Engineering and Industries Ltd reported in 343 ITR 245 (Del) as under:- “10. Mr. Ajay Vohra, learned counsel appeared on behalf of the respondent-assessee and supported the decision rendered by the CIT(A) as affirmed by the Tribunal. His submission was that under Section 28/37(1) of the Act, deduction is admissible for trading loss/loss incidental to business. The only test to be satisfied is that t…

UTTAR GUJARAT VIJ COMPANY LIMITED,MEHSANA vs. THE DY.CIT, CIRCLE-2(1)(1), VADODARA

In the result, Ground No

ITA 294/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad25 Sept 2024AY 2018-19

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri Mehul K. Patel, A.RFor Respondent: Shri R.N. Dsouza, CIT DR

Section 234BSection 271(1)(c)Section 32(1)(iia)

…the Tribunal that the income from the property could not be assessed separately as income from house property and included in the assessee’s total income, was correct.” 9.1. Further the Hon’ble Delhi High Court in the case of Triveni Engg. & Industries Ltd., 343 ITR 245 wherein the “loss on account of non-recovery of loan given to employees was treated as loss incidental to business activity, then the interest on such loan falls within the purview of business activity only not “income from other sources”. 9.2. In the light of the above, we find it fit to remand this issue to the file of the Assessing Officer for…

UTTAR GUJARAT VIJ COMPANY LIMITED,MEHSANA vs. THE DY.CIT, CIRCLE-2(1)(1), VADODARA

In the result, Ground No

ITA 293/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad25 Sept 2024AY 2017-18

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri Mehul K. Patel, A.RFor Respondent: Shri R.N. Dsouza, CIT DR

Section 234BSection 271(1)(c)Section 32(1)(iia)

…the Tribunal that the income from the property could not be assessed separately as income from house property and included in the assessee’s total income, was correct.” 9.1. Further the Hon’ble Delhi High Court in the case of Triveni Engg. & Industries Ltd., 343 ITR 245 wherein the “loss on account of non-recovery of loan given to employees was treated as loss incidental to business activity, then the interest on such loan falls within the purview of business activity only not “income from other sources”. 9.2. In the light of the above, we find it fit to remand this issue to the file of the Assessing Officer for…

UTTAR GUJARAT VIJ COMPANY LIMITED,MEHSANA vs. THE DY.CIT, CIRCLE-2(1)(1), VADODARA

In the result, Ground No

ITA 292/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad25 Sept 2024AY 2016-17

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri Mehul K. Patel, A.RFor Respondent: Shri R.N. Dsouza, CIT DR

Section 234BSection 271(1)(c)Section 32(1)(iia)

…the Tribunal that the income from the property could not be assessed separately as income from house property and included in the assessee’s total income, was correct.” 9.1. Further the Hon’ble Delhi High Court in the case of Triveni Engg. & Industries Ltd., 343 ITR 245 wherein the “loss on account of non-recovery of loan given to employees was treated as loss incidental to business activity, then the interest on such loan falls within the purview of business activity only not “income from other sources”. 9.2. In the light of the above, we find it fit to remand this issue to the file of the Assessing Officer for…

THE ACIT, CIRCLE-2(1)(1), VADODARA vs. UTTAR GUJARAT VIJ COMPANY LIMITED, MEHSANA

In the result, Ground No

ITA 271/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad25 Sept 2024AY 2018-19

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri Mehul K. Patel, A.RFor Respondent: Shri R.N. Dsouza, CIT DR

Section 234BSection 271(1)(c)Section 32(1)(iia)

…the Tribunal that the income from the property could not be assessed separately as income from house property and included in the assessee’s total income, was correct.” 9.1. Further the Hon’ble Delhi High Court in the case of Triveni Engg. & Industries Ltd., 343 ITR 245 wherein the “loss on account of non-recovery of loan given to employees was treated as loss incidental to business activity, then the interest on such loan falls within the purview of business activity only not “income from other sources”. 9.2. In the light of the above, we find it fit to remand this issue to the file of the Assessing Officer for…

THE ACIT, CIRCLE-2(1)(1), VADODARA vs. UTTAR GUJARAT VIJ COMPANY LIMITED, MEHSANA

In the result, Ground No

ITA 270/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad25 Sept 2024AY 2017-18

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri Mehul K. Patel, A.RFor Respondent: Shri R.N. Dsouza, CIT DR

Section 234BSection 271(1)(c)Section 32(1)(iia)

…the Tribunal that the income from the property could not be assessed separately as income from house property and included in the assessee’s total income, was correct.” 9.1. Further the Hon’ble Delhi High Court in the case of Triveni Engg. & Industries Ltd., 343 ITR 245 wherein the “loss on account of non-recovery of loan given to employees was treated as loss incidental to business activity, then the interest on such loan falls within the purview of business activity only not “income from other sources”. 9.2. In the light of the above, we find it fit to remand this issue to the file of the Assessing Officer for…

THE ACIT, CIRCLE-2(1)(1), VADODARA vs. UTTAR GUJARAT VIJ COMPANY LIMITED, MEHSANA

In the result, Ground No

ITA 269/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad25 Sept 2024AY 2016-17

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri Mehul K. Patel, A.RFor Respondent: Shri R.N. Dsouza, CIT DR

Section 234BSection 271(1)(c)Section 32(1)(iia)

…the Tribunal that the income from the property could not be assessed separately as income from house property and included in the assessee’s total income, was correct.” 9.1. Further the Hon’ble Delhi High Court in the case of Triveni Engg. & Industries Ltd., 343 ITR 245 wherein the “loss on account of non-recovery of loan given to employees was treated as loss incidental to business activity, then the interest on such loan falls within the purview of business activity only not “income from other sources”. 9.2. In the light of the above, we find it fit to remand this issue to the file of the Assessing Officer for…