CIT v. N.S.C. Shoes

258 ITR 749Reported decision#24045 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2017.

Judgments citing CIT v. N.S.C. Shoes

M/S. Kamakhaya Oil Company, New Delhi vs. CIT, New Delhi

In the result, appeal of the assessee is dismissed

ITA 3030/DEL/2014[2009-10]Status: DisposedITAT Delhi21 Nov 2017AY 2009-10

Bench: Sh. Bhavnesh Saini & Sh. O.P. Kantassessment Year: 2009-10 M/S. Kamakhaya Oil Company, Vs. Cit, Delhi-X, New Delhi C/O- M/S. Rra Taxindia, D-28, South Extension, Part-I, New Delhi. Pan : Aahfk3040R (Appellant) (Respondent) Appellant By Sh. R.S. Singhvi, Ca Respondent By Sh. Vijay Verma, Cit(Dr) Date Of Hearing 07.11.2017 Date Of Pronouncement 21.11.2017 Order Per O.P. Kant, A.M.:

Section 143(2)Section 143(3)Section 263Section 80I

…ase of Pandian Chemicals Ltd. Vs CIT (SC) 262 ITR 278 it has been held that the "Interest on deposits with Electricity Board made out of statutory compulsion are not profit "derived from" industrial undertaking." (iii) In the case of CIT Vs N.S.C. Shoes (Mad) 258 ITR 749 it has been held that the; "Interest on amount deposited with bank as guarantee fund for opening the letters of credit for the purpose of import of material cannot be said to be income 'derived from' industrial undertaking - The direct and proximate link is with the deposit in the bank and not v/ith the industrial undertaking." (iv) In the case o…

M/S. A.T. Kearney India Private Limited, Gurgaon vs. ITO, New Delhi

In the result the ground No

ITA 511/DEL/2014[2007-08]Status: DisposedITAT Delhi23 Sept 2016AY 2007-08

Bench: Smt Diva Singh & Shri Prashant Maharishiat Kearney India Private Ito, Limited, Ward-1(1), Vs. 6Th Floor, Tower-D, Global New Delhi Business Park, Gurgaon Pan:Aadca1436G (Appellant) (Respondent) At Kearney India Private Ito, Limited, Ward-1(1), Vs. 6Th Floor, Tower-D, Global New Delhi Business Park, Gurgaon Pan:Aadca1436G (Appellant) (Respondent)

For Appellant: Shri Salil Kapoor, AdvFor Respondent: Sh. Amit Ray, Sr. DR
Section 10ASection 10A(7)Section 115JSection 147Section 148Section 80I

…'ble Apex Court in the case of Liberty India vs. CIT 317 ITR 218 (SC) has held that by using the expression 'derived from', Parliament intended to cover the sources not beyond the first degree. The Hon'ble Madras High Court in the case of CIT vs. N.S.C. Shoes 258 ITR 749 has held that interest on amount deposited with bank cannot be said to be income derived from industrial undertaking. The interest income was held to be not having any direct and proximate link with the industrial undertaking. In view of the facts of the case and judicial pronouncements discussed above, ! hold that the AO was fully justified in t…

M/S. A.T. Kearney India Private Limited, Gurgaon vs. ITO, New Delhi

In the result the ground No

ITA 510/DEL/2014[2005-06]Status: DisposedITAT Delhi23 Sept 2016AY 2005-06

Bench: Smt Diva Singh & Shri Prashant Maharishiat Kearney India Private Ito, Limited, Ward-1(1), Vs. 6Th Floor, Tower-D, Global New Delhi Business Park, Gurgaon Pan:Aadca1436G (Appellant) (Respondent) At Kearney India Private Ito, Limited, Ward-1(1), Vs. 6Th Floor, Tower-D, Global New Delhi Business Park, Gurgaon Pan:Aadca1436G (Appellant) (Respondent)

For Appellant: Shri Salil Kapoor, AdvFor Respondent: Sh. Amit Ray, Sr. DR
Section 10ASection 10A(7)Section 115JSection 147Section 148Section 80I

…'ble Apex Court in the case of Liberty India vs. CIT 317 ITR 218 (SC) has held that by using the expression 'derived from', Parliament intended to cover the sources not beyond the first degree. The Hon'ble Madras High Court in the case of CIT vs. N.S.C. Shoes 258 ITR 749 has held that interest on amount deposited with bank cannot be said to be income derived from industrial undertaking. The interest income was held to be not having any direct and proximate link with the industrial undertaking. In view of the facts of the case and judicial pronouncements discussed above, ! hold that the AO was fully justified in t…

CIT v. N.S.C. Shoes (258 ITR 749) — Cited in 3 Judgments | BharatTax