CIT v. Raghuvir Synthetics Ltd.

36 Taxmann.com 275Reported decision2013#8053 most cited
14

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2025.

Sections most often in play

Section 143(3)Section 263Section 36(1)(iii)Section 44ABSection 69A

Issues it is cited on

disallowance of interest expenditureinterest free advancesbusiness expediencysection 41(1)section 41section 36(1)(iii)commercial expediencysection 44asection 40a(3)sundry creditorssection 44abdisallowance under section 14a

Judgments citing CIT v. Raghuvir Synthetics Ltd.

GALAXY INTERNATIONAL OVERSEAS,DHUVA, WANKANER vs. INCOME TAX OFFICER, WARD-1, MORBI

ITA 54/RJT/2024[2014-15]Status: DisposedITAT Rajkot07 Mar 2025AY 2014-15

Bench: Dr. Arjun Lal Saini, Am. & Dinesh Mohan Sinha, Jm आयकरअपीलसं./Ita No. 54/Rjt/2024 "नधा"रणवष" / Assessment Year: (2014-15) (Hybrid Hearing) Galaxy International Overseas Income Tax Officer, Vs. C/O. Sarda & Sarda, Cas, Ward – 1, 1St Floor, “Sakar”, Shakti Chambers, Nh27, Anand Dr. Radhakrishnan Road, Nagar, Opp. Rajkumar College, Morbi - 363642 Rajkot – 360001. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacfg6749C (Appellant) (Respondent) Appellant By : Shri Vimal Desai, Ld. Ar Respondent By : Shri Sanjay Punglia, Ld. Cit(Dr) Date Of Hearing : 17/12/2024 Date Of Pronouncement : 07/03/2025

For Appellant: Shri Vimal Desai, Ld. ARFor Respondent: Shri Sanjay Punglia, Ld. CIT(DR)
Section 143(1)Section 143(3)Section 263Section 36(1)(iii)Section 44A

…IN THE INCOME TAX APPELLATE TRIBUNAL, RAJKOT BENCH, RAJKOT BEFORE DR. ARJUN LAL SAINI, AM. & DINESH MOHAN SINHA, JM आयकरअपीलसं./ITA No. 54/RJT/2024 "नधा"रणवष" / Assessment Year: (2014-15) (Hybrid Hearing) Galaxy International Overseas Income Tax Officer, Vs. C/o. Sarda & Sarda, CAs, Ward – 1, 1st Floor, “Sakar”, Shakti Chambers, NH27, Anand Dr. Radhakrishnan Road, Nagar, Opp. Rajkumar College, Morbi - 363642 Rajkot – 360001. "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AACFG6749C (Appellant) (Respondent) Appellant by : Shri Vimal Desai, Ld. AR Respondent by : Shri Sanjay Punglia, Ld. CIT(DR) Date of Hearing : 17/12/2024…

ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-2(1)(1), VADODARA, VADODARA vs. ORIENTAL ENTERPRISES PRIVATE LIMITED, PCC NOTIFIED AREA

ITA 807/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad27 Aug 2024AY 2018-19

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

For Appellant: Shri Vartik Chokshi, ARFor Respondent: Shri Ashok Natha Bhalekar, Sr.DR
Section 143(3)Section 36(1)(va)Section 37

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ“ए“, अहमदाबाद। अहमदाबाद "यायपीठ अहमदाबाद। अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, AHMEDABAD सु"ी सु"च"ा का"बले,"या"यक सद"य एवं "ीमकरंद वसंत महादेवकर, लेखा सद"य के सम"। ] ] BEFORE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER Sl. आयकरअपील सं/ "नधा"रण वष"/ Appeal(s) by : No(s) ITA No(s) Assess- अपीलाथ" /""यथ" / ment Appellant बनाम/vs.Respondent Year(s) 1. 661/Ahd/2023 2016-17 Oriental Enterprise The ACIT Pvt.Ltd. Circle…

ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE 2(1)(1), VADODARA, VADODARA vs. ORIENTAL ENTERPRISES PRIVATE LIMITED,, PCC NOTIFIED AREA

ITA 732/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad27 Aug 2024AY 2016-17

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

For Appellant: Shri Vartik Chokshi, ARFor Respondent: Shri Ashok Natha Bhalekar, Sr.DR
Section 143(3)Section 36(1)(va)Section 37

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ“ए“, अहमदाबाद। अहमदाबाद "यायपीठ अहमदाबाद। अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, AHMEDABAD सु"ी सु"च"ा का"बले,"या"यक सद"य एवं "ीमकरंद वसंत महादेवकर, लेखा सद"य के सम"। ] ] BEFORE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER Sl. आयकरअपील सं/ "नधा"रण वष"/ Appeal(s) by : No(s) ITA No(s) Assess- अपीलाथ" /""यथ" / ment Appellant बनाम/vs.Respondent Year(s) 1. 661/Ahd/2023 2016-17 Oriental Enterprise The ACIT Pvt.Ltd. Circle…

ORIENTAL ENTERPRISE PRIVATE LIMITED,VADODARA vs. THE ACIT, CIRCLE-2(1)(2), VADODARA

ITA 661/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad27 Aug 2024AY 2016-17

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

For Appellant: Shri Vartik Chokshi, ARFor Respondent: Shri Ashok Natha Bhalekar, Sr.DR
Section 143(3)Section 36(1)(va)Section 37

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ“ए“, अहमदाबाद। अहमदाबाद "यायपीठ अहमदाबाद। अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, AHMEDABAD सु"ी सु"च"ा का"बले,"या"यक सद"य एवं "ीमकरंद वसंत महादेवकर, लेखा सद"य के सम"। ] ] BEFORE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER Sl. आयकरअपील सं/ "नधा"रण वष"/ Appeal(s) by : No(s) ITA No(s) Assess- अपीलाथ" /""यथ" / ment Appellant बनाम/vs.Respondent Year(s) 1. 661/Ahd/2023 2016-17 Oriental Enterprise The ACIT Pvt.Ltd. Circle…

TAKSHASHILA REALTIES PRIVATE LIMITED (EARSTWHILE YOUNGSTAR INFRACON PVT. LTD.),AHMEDABAD vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(2) NOW CIRCLE 4(1)(1), AHMEDABAD

In the result the appeal filed by the assessee in ITA No

ITA 601/AHD/2023[2010-11]Status: DisposedITAT Ahmedabad29 May 2024AY 2010-11

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

Section 115JSection 143(3)Section 148Section 80Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “C” BENCH Before: Shri T.R. Senthil Kumar, Judicial Member And Shri Narendra Prasad Sinha, Accountant Member Asst Year 2010-11 Takshashila Realties Pvt. Ltd. The ACIT, (Erstwhile Youngstar Circle-4(1)(2), Infracon Pvt. Ltd.), Vs Now Circle-4(1)(2) FP No.58/3 Takshshila House, Ahmedabad. Krishnabaug Cross Roads, Maninagar, Ahmedabad-380008. PAN: AAACY3604R (Appellant) (Respondent) And Asst Year 2010-11 The DCIT, Takshashila Realties Pvt. Ltd. Circle-4(1)(1), (Erstwhile Youngstar Ahmedabad. Vs Infracon Pvt. Ltd.), FP No.58/3 Takshshila House, Krishnabaug Cross Roads, M…

DCIT, CIRCLE 4(1)(1), AHMEDABAD , AHMEDABAD vs. TAKSHASHILA REALITIES PVT. LTD. (ERSTWHILE YOUNGSTAR INFRACON PRIVATE LIMITED), AHMEDABAD

In the result the appeal filed by the assessee in ITA No

ITA 597/AHD/2023[2010-11]Status: DisposedITAT Ahmedabad29 May 2024AY 2010-11

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

Section 115JSection 143(3)Section 148Section 80Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “C” BENCH Before: Shri T.R. Senthil Kumar, Judicial Member And Shri Narendra Prasad Sinha, Accountant Member Asst Year 2010-11 Takshashila Realties Pvt. Ltd. The ACIT, (Erstwhile Youngstar Circle-4(1)(2), Infracon Pvt. Ltd.), Vs Now Circle-4(1)(2) FP No.58/3 Takshshila House, Ahmedabad. Krishnabaug Cross Roads, Maninagar, Ahmedabad-380008. PAN: AAACY3604R (Appellant) (Respondent) And Asst Year 2010-11 The DCIT, Takshashila Realties Pvt. Ltd. Circle-4(1)(1), (Erstwhile Youngstar Ahmedabad. Vs Infracon Pvt. Ltd.), FP No.58/3 Takshshila House, Krishnabaug Cross Roads, M…

SHRI VIMAL RAMNIKLAL AMBANI,,AHMEDABAD vs. THE ITO, WARD-4(1)(1),, AHMEDABAD

In the result, the appeal of the assessee is allowed

ITA 2500/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad18 Jul 2019AY 2013-14
For Appellant: Shri S.N. Soparkar, A.RFor Respondent: Smt. Somogyan Pal, Sr.DR
Section 10(34)Section 14ASection 36(1)(iii)

…the own fund of the assessee exceeds the amount of the loans and advances diverted for nonbusiness purposes. In this regard we find support and guidance from the judgment of Hon’ble Gujarat High Court in the case of CIT versus rugby synthetics Ltd reported in 36 Taxmann.com 275 wherein it was held as under: “It found that the interest-free funds available with the assessee was far greater than the loan advanced to the sister concerns and as a corollary to that, it concluded that the borrowed money was not utilized for the purpose of advance to the sister concerns, as had been noted by the Assessing Officer.” Page…

SHRI VIMAL RAMNIKLAL AMBANI,,AHMEDABAD vs. THE ITO, WARD-4(1)(1),, AHMEDABAD

In the result, the appeal of the assessee is allowed

ITA 2499/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad18 Jul 2019AY 2012-13
For Appellant: Shri S.N. Soparkar, A.RFor Respondent: Smt. Somogyan Pal, Sr.DR
Section 10(34)Section 14ASection 36(1)(iii)

…the own fund of the assessee exceeds the amount of the loans and advances diverted for nonbusiness purposes. In this regard we find support and guidance from the judgment of Hon’ble Gujarat High Court in the case of CIT versus rugby synthetics Ltd reported in 36 Taxmann.com 275 wherein it was held as under: “It found that the interest-free funds available with the assessee was far greater than the loan advanced to the sister concerns and as a corollary to that, it concluded that the borrowed money was not utilized for the purpose of advance to the sister concerns, as had been noted by the Assessing Officer.” Page…

M/S DEEPAK CALES INDA LIMITED,BANGALORE vs. ADDL.C.I.T., BANGALORE

In the result, the assessee’s appeals for Assessment Years 2011-12 and 2012-13 are partly allowed

ITA 1286/BANG/2016[2012-13]Status: DisposedITAT Bangalore04 Jun 2019AY 2012-13

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

For Appellant: Shri. Suresh Muthukrishnan, CAFor Respondent: Dr. P. V. Pradeep Kumar, Addl. CIT
Section 143(3)Section 14ASection 234Section 36Section 41

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : BANGALORE BEFORE SHRI N. V. VASUDEVAN, VICE PRESIDENT AND SHRI JASON P. BOAZ, ACCOUNTANT MEMBER ITA Nos. and APPELLANT RESPONDENT Assessment Year 1285 /Bang/2016 M/s. Deepak Cables India Ltd., The Additional Commissioner 2011-12 #07, N S Iyengar Street, of Income-Tax, Seshadripuram, Range – 11, Bangalore – 560 020. Bangalore. PAN : AACCD 6466 C 1286/Bang/2016 The Deputy Commissioner of 2012-13 -do- Income-Tax, Circle – 1(1)(1), Bangalore. Assessee by : Shri. Suresh Muthukrishnan, CA Revenue by : Dr. P. V. Pradeep Kumar, Addl. CIT Date of hearing : 21.03.2019 Date o…

M/S DEEPAK CALES INDA LIMITED,BANGALORE vs. ADDL.C.I.T., BANGALORE

In the result, the assessee’s appeals for Assessment Years 2011-12 and 2012-13 are partly allowed

ITA 1285/BANG/2016[2011-12]Status: DisposedITAT Bangalore04 Jun 2019AY 2011-12

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

For Appellant: Shri. Suresh Muthukrishnan, CAFor Respondent: Dr. P. V. Pradeep Kumar, Addl. CIT
Section 143(3)Section 14ASection 234Section 36Section 41

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : BANGALORE BEFORE SHRI N. V. VASUDEVAN, VICE PRESIDENT AND SHRI JASON P. BOAZ, ACCOUNTANT MEMBER ITA Nos. and APPELLANT RESPONDENT Assessment Year 1285 /Bang/2016 M/s. Deepak Cables India Ltd., The Additional Commissioner 2011-12 #07, N S Iyengar Street, of Income-Tax, Seshadripuram, Range – 11, Bangalore – 560 020. Bangalore. PAN : AACCD 6466 C 1286/Bang/2016 The Deputy Commissioner of 2012-13 -do- Income-Tax, Circle – 1(1)(1), Bangalore. Assessee by : Shri. Suresh Muthukrishnan, CA Revenue by : Dr. P. V. Pradeep Kumar, Addl. CIT Date of hearing : 21.03.2019 Date o…

M/S. LIBERTY MARKETERS,ERNAKULAM vs. THE ACIT, COCHIN

In the result, the appeals of the assessee are dismissed

ITA 86/COCH/2016[2011-12]Status: DisposedITAT Cochin30 Mar 2018AY 2011-12

Bench: S/Shri Chandra Poojari , Am & George George K., Jm

Section 36(1)(iii)

…1 IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE S/SHRI CHANDRA POOJARI , AM & GEORGE GEORGE K., JM I.T.A. Nos.409/Coch/2014 and 85 & 86/Coch/2016 Assessment Years : 2009-10, 2010-11 & 2011-12 M/s. Liberty Marketers, Vs. The Assistant Commissioner of 44/356,Liberty Towers, Income-tax, Circle-2(2), Kochi. Manapatti Parambu Road, Kaloor, Ernakulam, Kochi-682 017. [PAN:AABFL 6579Q] (Assessee-Appellant) (Revenue-Respondent) Assessee by Shri Anil D. Nair, Adv. Revenue by Shri A. Dhanaraj, Sr. DR Date of hearing 02/04/2018 Date of pronouncement 03/04/2018 O R D E R Per Bench: These…

M/S. LIBERTY MARKETERS,ERNAKULAM vs. THE ACIT, COCHIN

In the result, the appeals of the assessee are dismissed

ITA 85/COCH/2016[2010-11]Status: DisposedITAT Cochin30 Mar 2018AY 2010-11

Bench: S/Shri Chandra Poojari , Am & George George K., Jm

Section 36(1)(iii)

…1 IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE S/SHRI CHANDRA POOJARI , AM & GEORGE GEORGE K., JM I.T.A. Nos.409/Coch/2014 and 85 & 86/Coch/2016 Assessment Years : 2009-10, 2010-11 & 2011-12 M/s. Liberty Marketers, Vs. The Assistant Commissioner of 44/356,Liberty Towers, Income-tax, Circle-2(2), Kochi. Manapatti Parambu Road, Kaloor, Ernakulam, Kochi-682 017. [PAN:AABFL 6579Q] (Assessee-Appellant) (Revenue-Respondent) Assessee by Shri Anil D. Nair, Adv. Revenue by Shri A. Dhanaraj, Sr. DR Date of hearing 02/04/2018 Date of pronouncement 03/04/2018 O R D E R Per Bench: These…

M/S.LIBERTY MARKETERS,ERNAKULAM vs. THE ACIT, COCHIN

In the result, the appeals of the assessee are dismissed

ITA 409/COCH/2014[2009-10]Status: DisposedITAT Cochin30 Mar 2018AY 2009-10

Bench: S/Shri Chandra Poojari , Am & George George K., Jm

Section 36(1)(iii)

…1 IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE S/SHRI CHANDRA POOJARI , AM & GEORGE GEORGE K., JM I.T.A. Nos.409/Coch/2014 and 85 & 86/Coch/2016 Assessment Years : 2009-10, 2010-11 & 2011-12 M/s. Liberty Marketers, Vs. The Assistant Commissioner of 44/356,Liberty Towers, Income-tax, Circle-2(2), Kochi. Manapatti Parambu Road, Kaloor, Ernakulam, Kochi-682 017. [PAN:AABFL 6579Q] (Assessee-Appellant) (Revenue-Respondent) Assessee by Shri Anil D. Nair, Adv. Revenue by Shri A. Dhanaraj, Sr. DR Date of hearing 02/04/2018 Date of pronouncement 03/04/2018 O R D E R Per Bench: These…

DEEPAK CABLES (INDIA) LTD.,,BANGALORE vs. ADDL..C.I.T., BANGALORE

In the result, the assessee’s appeal is partly allowed and the

ITA 493/BANG/2014[2010-11]Status: DisposedITAT Bangalore05 May 2017AY 2010-11

Bench: Shri. Vijay Pal Rao

For Appellant: Shri. Suresh Muthukrishnan, CAFor Respondent: Shri. Sanjay Kumar, CIT-III
Section 143(3)Section 14A

…ITA.493& 669/Bang/2014 Page - 1 IN THE INCOME TAX APPELLATE TRIBUNAL BENGALURU BENCH 'C', BENGALURU BEFORE SHRI. VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI. S. JAYARAMAN, ACCOUNTANT MEMBER I.T.A No.493/Bang/2014 (Assessment Year : 2010-11) Deepak Cable (India) Ltd, No.7, N8, Iyengar Street, Seshadripuram, Bengaluru 560 020 .. Appellant PAN : AAACD6466C v. Additional Commissioner of Income Tax, Range-11, Bengaluru .. Respondent I.T.A No.669/Bang/2014 (Assessment Year : 2010-11) Additional Commissioner of Income Tax, Range-11, Bengaluru .. Appellant v Deepak Cable (India) Ltd, No.7, N8, Iyengar Street, Seshadr…