CIT v. New India Maritime Agencies (P.) Ltd.

124 Taxmann.com 801Reported decision#6831 most cited

What is CIT v. New India Maritime Agencies (P.) Ltd. authority for?

Income generated from a property owned by a company and used in its business operations is to be assessed as income from business, not income from other sources.

16

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2024 to 2024.

Also referred to as

CIT v. New India Maritime Agencies · income from business · income from other sources · property used in business · assessment of income

Issues it is cited on

section 32(1)(iia)section 43(1)additional depreciationsection 115jb(2)unabsorbed depreciationsection 32(1)book profitsinterest under section 234asection 32section 115jsection 270disallowance of interest expenditure

Judgments citing CIT v. New India Maritime Agencies (P.) Ltd.

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)

…ts as “income from other sources” which does not require any interference. 9. We have given our thoughtful consideration and perused the materials available on record. The Hon’ble Madras High Court in the case of CIT vs. New India Maritime Agencies (P.) Ltd., 124 Taxmann.com 801 wherein it was held that the “company had given the houses owned by it, to its Directors for their residences, it is ITA Nos.292 to 294/Ahd/2023 & 269 to 271/Ahd/2023 Uttar Gujarat Vij Company Ltd. vs. DCIT & ACIT vs. Uttar Gujarat Vij Company Ltd. Asst.Years –2016-17 to 2018-19 - 10– doing so only in the course of his business. The prin…

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)

…ts as “income from other sources” which does not require any interference. 9. We have given our thoughtful consideration and perused the materials available on record. The Hon’ble Madras High Court in the case of CIT vs. New India Maritime Agencies (P.) Ltd., 124 Taxmann.com 801 wherein it was held that the “company had given the houses owned by it, to its Directors for their residences, it is ITA Nos.292 to 294/Ahd/2023 & 269 to 271/Ahd/2023 Uttar Gujarat Vij Company Ltd. vs. DCIT & ACIT vs. Uttar Gujarat Vij Company Ltd. Asst.Years –2016-17 to 2018-19 - 10– doing so only in the course of his business. The prin…

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)

…ts as “income from other sources” which does not require any interference. 9. We have given our thoughtful consideration and perused the materials available on record. The Hon’ble Madras High Court in the case of CIT vs. New India Maritime Agencies (P.) Ltd., 124 Taxmann.com 801 wherein it was held that the “company had given the houses owned by it, to its Directors for their residences, it is ITA Nos.292 to 294/Ahd/2023 & 269 to 271/Ahd/2023 Uttar Gujarat Vij Company Ltd. vs. DCIT & ACIT vs. Uttar Gujarat Vij Company Ltd. Asst.Years –2016-17 to 2018-19 - 10– doing so only in the course of his business. The prin…

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)

…ts as “income from other sources” which does not require any interference. 9. We have given our thoughtful consideration and perused the materials available on record. The Hon’ble Madras High Court in the case of CIT vs. New India Maritime Agencies (P.) Ltd., 124 Taxmann.com 801 wherein it was held that the “company had given the houses owned by it, to its Directors for their residences, it is ITA Nos.292 to 294/Ahd/2023 & 269 to 271/Ahd/2023 Uttar Gujarat Vij Company Ltd. vs. DCIT & ACIT vs. Uttar Gujarat Vij Company Ltd. Asst.Years –2016-17 to 2018-19 - 10– doing so only in the course of his business. The prin…

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)

…ts as “income from other sources” which does not require any interference. 9. We have given our thoughtful consideration and perused the materials available on record. The Hon’ble Madras High Court in the case of CIT vs. New India Maritime Agencies (P.) Ltd., 124 Taxmann.com 801 wherein it was held that the “company had given the houses owned by it, to its Directors for their residences, it is ITA Nos.292 to 294/Ahd/2023 & 269 to 271/Ahd/2023 Uttar Gujarat Vij Company Ltd. vs. DCIT & ACIT vs. Uttar Gujarat Vij Company Ltd. Asst.Years –2016-17 to 2018-19 - 10– doing so only in the course of his business. The prin…

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)

…ts as “income from other sources” which does not require any interference. 9. We have given our thoughtful consideration and perused the materials available on record. The Hon’ble Madras High Court in the case of CIT vs. New India Maritime Agencies (P.) Ltd., 124 Taxmann.com 801 wherein it was held that the “company had given the houses owned by it, to its Directors for their residences, it is ITA Nos.292 to 294/Ahd/2023 & 269 to 271/Ahd/2023 Uttar Gujarat Vij Company Ltd. vs. DCIT & ACIT vs. Uttar Gujarat Vij Company Ltd. Asst.Years –2016-17 to 2018-19 - 10– doing so only in the course of his business. The prin…

Madhya Gujarat Vij Company Limited, Vadodara vs. Dy. Commissioner of Income Tax, Circle-2(1)(1), Vadodara

In the result, the appeal filed by the Revenue is allowed for statistical purpose

ITA 374/AHD/2022[2018-19]Status: DisposedITAT Ahmedabad07 Feb 2024AY 2018-19

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 234Section 271(1)(c)Section 32(1)(iia)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Smt. Annapurna Gupta, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member ITA Nos: 372 to 374/Ahd/2022 Assessment Years: 2014-15, 2015-16 & 2018-19 Madhya Gujarat Vij The DCIT, Company Ltd. Circle-2(1)(1), Sardar Patel, Vs Vadodara Vidyut Bhavan, GEB Race Course, Vadodara-390007 PAN: AADCM7439H (Appellant) (Respondent ITA Nos: 367 to 369/Ahd/2022 Assessment Years: 2014-15, 2015-16 & 2018-19 The DCIT, Madhya Gujarat Vij Circle-2(1)(1), Company Ltd. Vadodara Vs Sardar Patel, Vidyut Bhavan, GEB Race Course, Vadodara-390007 PAN: AADCM…

Madhya Gujarat Vij Company Limited, Vadodara vs. Asstt. Commissioner of Income Tax, Circle-2(1)(2), Vadodara

In the result, the appeal filed by the Revenue is allowed for statistical purpose

ITA 373/AHD/2022[2015-16]Status: DisposedITAT Ahmedabad07 Feb 2024AY 2015-16

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 234Section 271(1)(c)Section 32(1)(iia)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Smt. Annapurna Gupta, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member ITA Nos: 372 to 374/Ahd/2022 Assessment Years: 2014-15, 2015-16 & 2018-19 Madhya Gujarat Vij The DCIT, Company Ltd. Circle-2(1)(1), Sardar Patel, Vs Vadodara Vidyut Bhavan, GEB Race Course, Vadodara-390007 PAN: AADCM7439H (Appellant) (Respondent ITA Nos: 367 to 369/Ahd/2022 Assessment Years: 2014-15, 2015-16 & 2018-19 The DCIT, Madhya Gujarat Vij Circle-2(1)(1), Company Ltd. Vadodara Vs Sardar Patel, Vidyut Bhavan, GEB Race Course, Vadodara-390007 PAN: AADCM…

Madhya Gujarat Vij Company Limited, Vadodara vs. Dy. Commissioner of Income Tax, Circle-2(1)(1), Vadodara

In the result, the appeal filed by the Revenue is allowed for statistical purpose

ITA 372/AHD/2022[2014-15]Status: DisposedITAT Ahmedabad07 Feb 2024AY 2014-15

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 234Section 271(1)(c)Section 32(1)(iia)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Smt. Annapurna Gupta, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member ITA Nos: 372 to 374/Ahd/2022 Assessment Years: 2014-15, 2015-16 & 2018-19 Madhya Gujarat Vij The DCIT, Company Ltd. Circle-2(1)(1), Sardar Patel, Vs Vadodara Vidyut Bhavan, GEB Race Course, Vadodara-390007 PAN: AADCM7439H (Appellant) (Respondent ITA Nos: 367 to 369/Ahd/2022 Assessment Years: 2014-15, 2015-16 & 2018-19 The DCIT, Madhya Gujarat Vij Circle-2(1)(1), Company Ltd. Vadodara Vs Sardar Patel, Vidyut Bhavan, GEB Race Course, Vadodara-390007 PAN: AADCM…

Dy. Commissioner of Income Tax, Circle-2(1)(1), Vadodara vs. Madhya Gujarat Vij Company Ltd., Vadodara

In the result, the appeal filed by the Revenue is allowed for statistical purpose

ITA 369/AHD/2022[2018-19]Status: DisposedITAT Ahmedabad07 Feb 2024AY 2018-19

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 234Section 271(1)(c)Section 32(1)(iia)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Smt. Annapurna Gupta, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member ITA Nos: 372 to 374/Ahd/2022 Assessment Years: 2014-15, 2015-16 & 2018-19 Madhya Gujarat Vij The DCIT, Company Ltd. Circle-2(1)(1), Sardar Patel, Vs Vadodara Vidyut Bhavan, GEB Race Course, Vadodara-390007 PAN: AADCM7439H (Appellant) (Respondent ITA Nos: 367 to 369/Ahd/2022 Assessment Years: 2014-15, 2015-16 & 2018-19 The DCIT, Madhya Gujarat Vij Circle-2(1)(1), Company Ltd. Vadodara Vs Sardar Patel, Vidyut Bhavan, GEB Race Course, Vadodara-390007 PAN: AADCM…

Dy. Commissioner of Income Tax, Circle-2(1)(1), Vadodara vs. Madhya Gujarat Vij Company Ltd., Vadodara

In the result, the appeal filed by the Revenue is allowed for statistical purpose

ITA 368/AHD/2022[2015-16]Status: DisposedITAT Ahmedabad07 Feb 2024AY 2015-16

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 234Section 271(1)(c)Section 32(1)(iia)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Smt. Annapurna Gupta, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member ITA Nos: 372 to 374/Ahd/2022 Assessment Years: 2014-15, 2015-16 & 2018-19 Madhya Gujarat Vij The DCIT, Company Ltd. Circle-2(1)(1), Sardar Patel, Vs Vadodara Vidyut Bhavan, GEB Race Course, Vadodara-390007 PAN: AADCM7439H (Appellant) (Respondent ITA Nos: 367 to 369/Ahd/2022 Assessment Years: 2014-15, 2015-16 & 2018-19 The DCIT, Madhya Gujarat Vij Circle-2(1)(1), Company Ltd. Vadodara Vs Sardar Patel, Vidyut Bhavan, GEB Race Course, Vadodara-390007 PAN: AADCM…

Dy. Commissioner of Income Tax, Circle-2(1)(1), Vadodara vs. Madhya Gujarat Vij Company Ltd., Vadodara

In the result, the appeal filed by the Revenue is allowed for statistical purpose

ITA 367/AHD/2022[2014-15]Status: DisposedITAT Ahmedabad07 Feb 2024AY 2014-15

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 234Section 271(1)(c)Section 32(1)(iia)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Smt. Annapurna Gupta, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member ITA Nos: 372 to 374/Ahd/2022 Assessment Years: 2014-15, 2015-16 & 2018-19 Madhya Gujarat Vij The DCIT, Company Ltd. Circle-2(1)(1), Sardar Patel, Vs Vadodara Vidyut Bhavan, GEB Race Course, Vadodara-390007 PAN: AADCM7439H (Appellant) (Respondent ITA Nos: 367 to 369/Ahd/2022 Assessment Years: 2014-15, 2015-16 & 2018-19 The DCIT, Madhya Gujarat Vij Circle-2(1)(1), Company Ltd. Vadodara Vs Sardar Patel, Vidyut Bhavan, GEB Race Course, Vadodara-390007 PAN: AADCM…

The ACIT, Circle-1(1)(1), Vadodara vs. Dakshin Gujarat Vij Company Ltd., Surat

In the result, the appeal filed by the Revenue is dismissed

ITA 405/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad31 Jan 2024AY 2018-19

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 32(1)(iia)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “C” BENCH Before: Shri Waseem Ahmed, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member ITA Nos: 330 & 331/Ahd/2023 Assessment Years: 2017-18 & 2018-19 Dakshin Gujarat Vij The DCIT, Co. Ltd. Circle-1(1)(1), ADD: Urja Sadan, Vs Vadodara Nana Varachha Road Kaposara, Char Rasta, (Respondent) Surat-395006, Gujarat PAN: AABCD8912C (Appellant) ITA Nos: 404 & 405/Ahd/2023 Assessment Years: 2017-18 & 2018-19 The ACIT, Dakshin Gujarat Vij Circle-1(1)(1), Co. Ltd. Vadodara Vs ADD: Urja Sadan, Nana Varachha Road (Appellant) Kaposara, Char Rasta, Surat-39500…

The ACIT, Circle-1(1)(1), Vadodara vs. Dakshin Gujarat Vij Company Ltd., Surat

In the result, the appeal filed by the Revenue is dismissed

ITA 404/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad31 Jan 2024AY 2017-18

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 32(1)(iia)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “C” BENCH Before: Shri Waseem Ahmed, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member ITA Nos: 330 & 331/Ahd/2023 Assessment Years: 2017-18 & 2018-19 Dakshin Gujarat Vij The DCIT, Co. Ltd. Circle-1(1)(1), ADD: Urja Sadan, Vs Vadodara Nana Varachha Road Kaposara, Char Rasta, (Respondent) Surat-395006, Gujarat PAN: AABCD8912C (Appellant) ITA Nos: 404 & 405/Ahd/2023 Assessment Years: 2017-18 & 2018-19 The ACIT, Dakshin Gujarat Vij Circle-1(1)(1), Co. Ltd. Vadodara Vs ADD: Urja Sadan, Nana Varachha Road (Appellant) Kaposara, Char Rasta, Surat-39500…

Dakshin Gujarat Vij Company Limited, Surat vs. The Dy. CIT, Circle-1(1)(1), Vadodara

In the result, the appeal filed by the Revenue is dismissed

ITA 331/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad31 Jan 2024AY 2018-19

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 32(1)(iia)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “C” BENCH Before: Shri Waseem Ahmed, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member ITA Nos: 330 & 331/Ahd/2023 Assessment Years: 2017-18 & 2018-19 Dakshin Gujarat Vij The DCIT, Co. Ltd. Circle-1(1)(1), ADD: Urja Sadan, Vs Vadodara Nana Varachha Road Kaposara, Char Rasta, (Respondent) Surat-395006, Gujarat PAN: AABCD8912C (Appellant) ITA Nos: 404 & 405/Ahd/2023 Assessment Years: 2017-18 & 2018-19 The ACIT, Dakshin Gujarat Vij Circle-1(1)(1), Co. Ltd. Vadodara Vs ADD: Urja Sadan, Nana Varachha Road (Appellant) Kaposara, Char Rasta, Surat-39500…

Dakshin Gujarat Vij Company Limited, Surat vs. The Dy. CIT, Circle-1(1)(1), Vadodara

In the result, the appeal filed by the Revenue is dismissed

ITA 330/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad31 Jan 2024AY 2017-18

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 32(1)(iia)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “C” BENCH Before: Shri Waseem Ahmed, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member ITA Nos: 330 & 331/Ahd/2023 Assessment Years: 2017-18 & 2018-19 Dakshin Gujarat Vij The DCIT, Co. Ltd. Circle-1(1)(1), ADD: Urja Sadan, Vs Vadodara Nana Varachha Road Kaposara, Char Rasta, (Respondent) Surat-395006, Gujarat PAN: AABCD8912C (Appellant) ITA Nos: 404 & 405/Ahd/2023 Assessment Years: 2017-18 & 2018-19 The ACIT, Dakshin Gujarat Vij Circle-1(1)(1), Co. Ltd. Vadodara Vs ADD: Urja Sadan, Nana Varachha Road (Appellant) Kaposara, Char Rasta, Surat-39500…