CIT v. Rajasthan Land Development Corpn

211 ITR 597High Court1995#11280 most cited
9

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2024.

Sections most often in play

Section 250Section 56Section 92CA

Judgments citing CIT v. Rajasthan Land Development Corpn

Asst. Commissioner of Income Tax, Circle 6(1)(1), Mumbai vs. Essar Power Gujarat Ltd., Mumbai

In the result, the appeal of the revenue is dismissed

ITA 137/MUM/2024[2014-15]Status: DisposedITAT Mumbai29 May 2024AY 2014-15

Bench: Shri Amit Shukla & Shri Ratnesh Nandan Sahayassessment Year: 2014-15 Mr. Arun Bende M/S. Essar Power Asst. Commissioner Of Gujarat Ltd. 11Th Floor, Essar House, Income Tax, Circle-6(1)(1), Mumbai. 11 K.K. Marg, Vs. Room No.504, 5Th Floor, Mahalaxmi, Aayakar Bhavan, Mumbai- 400034. M.K.Road, Pan:Aabce7510K Mumbai- 400020. (Appellant) (Respondent) Present For: Assessee By : Shri Vijay Mehta, A.R. Revenue By : Shri P. D. Chougule (Addl. Cit), D.R. Date Of Hearing : 21 . 05 . 2024 Date Of Pronouncement : 29 . 05 . 2024 O R D E R Per: Ratnesh Nandan Sahay: 1. This Appeal Has Been Filed By The Revenue Against The Order Of The Ld. Cit Appeal Passed U/S 250 Of The Income Tax Act (“Act” In Short) Vide Order No. Itba/Nfac/S/250/2023-24/1058193153(1) Dated 23.11.2023 For Assessment Year 2014-15. 2. Following Grounds Of Appeal Have Been Raised:

For Appellant: Shri Vijay Mehta, A.RFor Respondent: Shri P. D. Chougule (Addl. CIT), D.R
Section 250Section 801ASection 92C

…ced by the AO on the following judgments: i. Godavari Sugar Mills Ltd. v. CIT 191 ITR 359 (Born) ii. Shree Krishna Pollyester Ltd. v. Dy. CIT 274 ITR 21 (Bam) iii. CIT Vs. Radko Khaitan Ltd. 274 ITR 354 (All) iv. CIT Vs. Rajasthan Land Development Corporation 211 ITR 597 (Raj.) v. CIT Vs. Ravi Ratna Exports Pvt. Ltd., 246 ITR 443 (Born)” 7. Aggrieved by the order of the Assessing office, the assessee filed appeal before the Ld. CIT Appeal who allowed the claim of the assessee that this is a „business income‟ as has been held by it in assessee‟s own case for the assessment year 2011-12 and 2012-13. 8. During the c…

DCIT- CC- 5(3), Mumbai vs. Irb Jaipur Deoli Tollway Ltd., Mumbai

In the result, the appeal filed by the revenue stands dismissed

ITA 2542/MUM/2021[2012-13]Status: DisposedITAT Mumbai10 Nov 2022AY 2012-13

Bench: Shri B. R. Baskaran, Am & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No. 2542/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) Dcit, Central Circle-5(3) बिधम/ M/S. Irb Jaipur Deoli Tollway Room No. 1906, 19Th Floor, Ltd. Vs. Air India Building, Irb Complex, Chandivali Nariman Point, Mumbai- Village, Andheri, East, 400021. Mumbai-400072. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aacci1724Q (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri P. D. Chougule (Sr. Ar) Assessee By: Shri Nishit Gandhi & Ms. Dhanalaxmi Iyyar सुनवाई की तारीख / Date Of Hearing: 06/10/2022 घोषणा की तारीख /Date Of Pronouncement: 10/11/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By Revenue Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)- 53, Mumbai Dated 03.06.2021. 2. The Main Grievance Of The Revenue Is Against The Action Of The Ld. Cit(A) To Have Deleted The Addition Of Rs.4,70,67,196/- Which Was Added By The Ao U/S 56 Of The Income Tax Act, 1961 (Hereinafter “The Act”).

For Appellant: Shri Nishit Gandhi & MsFor Respondent: Shri P. D. Chougule (Sr. AR)
Section 143(3)Section 147Section 56

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI B. R. BASKARAN, AM AND SHRI ABY T. VARKEY, JM आयकर अपील सं/ I.T.A. No. 2542/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2012-13) DCIT, Central Circle-5(3) बिधम/ M/s. IRB Jaipur Deoli Tollway Room No. 1906, 19th Floor, Ltd. Vs. Air India Building, IRB Complex, Chandivali Nariman Point, Mumbai- Village, Andheri, East, 400021. Mumbai-400072. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACCI1724Q (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue by: Shri P. D. Chougule (Sr. AR) Assessee by: Shri Nishit Gandhi & Ms. Dhanalaxmi Iyyar सुनवाई की तारीख…

The Asstt. Commissioner of Income Tax, Vapi Circle, Vapi vs. M/S. Mitsu Limited, Daman

In the result, the appeal of the Revenue is dismissed

ITA 3510/AHD/2016[2000-01]Status: DisposedITAT Surat04 May 2020AY 2000-01

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

Section 143

…Page 1 of 83 Mitsu Ltd. v. ACIT- Vapi/I.T.A. No.1671-1371,CO-184,1672-1764,1614 &1000/AHD/2006/A.Y.02-03,03-04,06-07.02-03 आयकर अपीलीय अिधकरण, सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI SANDIP GOSAIN, JUDICIAL MEMBER AND SHRI O. P. MEENA, ACCOUNTANT MEMBER V. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/s. Mitsu Limited, V. Assistant d/2006 03 304/2, IInd Phase, Commissioner of GIDC, Vapi 396195 Income Tax-Vapi PAN: AACCM 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/s. Mitsu Limited, d/2006 03 Commissioner of…

M/S. Mitsu Private Limited, Vapi vs. The ACIT, Vapi Circle, Vapi

In the result, the appeal of the Revenue is dismissed

ITA 1000/AHD/2016[2002-03]Status: DisposedITAT Surat04 May 2020AY 2002-03

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

Section 143

…Page 1 of 83 Mitsu Ltd. v. ACIT- Vapi/I.T.A. No.1671-1371,CO-184,1672-1764,1614 &1000/AHD/2006/A.Y.02-03,03-04,06-07.02-03 आयकर अपीलीय अिधकरण, सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI SANDIP GOSAIN, JUDICIAL MEMBER AND SHRI O. P. MEENA, ACCOUNTANT MEMBER V. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/s. Mitsu Limited, V. Assistant d/2006 03 304/2, IInd Phase, Commissioner of GIDC, Vapi 396195 Income Tax-Vapi PAN: AACCM 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/s. Mitsu Limited, d/2006 03 Commissioner of…

Karanja Terminal & Logistics P. Ltd, Mumbai vs. DCIT Cen Cir 6(3), Mumbai

The appeal of the assessee is allowed

ITA 2472/MUM/2018[2013-14]Status: DisposedITAT Mumbai20 Mar 2019AY 2013-14

Bench: Shri Rajesh Kumar, Hon'Ble Accountantmember & Shri Ramlal Negi, Hon'Ble Judicialmember

For Appellant: Shri J.P. BairagraFor Respondent: Shri B. Srinivas
Section 115JSection 147Section 148

…is contentions relied on a series of decisions namely: a) Tuticorin Alkali Chemicals &Fertilisers Ltd Vs CIT (1997)93 Taxman 502 (SC) b) Shree Krishnan Polyster Ltd Vs DCIT (2005) 144 Taxman 41 (Bom) c) CIT Vs Rajasthan Land Development Corporation Ltd (1995)211 ITR 597 (Raj) d) Thermal Power Tech Corporation India Ltd. Vs DCIT 81 Taxmann.com 168 (Hyd) e) Emta Steel & Energy Ltd Vs DCIT ITA No. 1018/Kol/2012 dated 6.1.2017 f) ShreMaheshwar Hydel Power Corporation Ltd Vs CIT 96 Taxmann.com 176 (Bom) g) Thermal Powertech Corporation India Ltd. 164 ITD 449(Hyd. Trib) 14. The ld DR prayed before the bench that in vi…

M/S. Jaipur Tax Weaving Park Ltd., Jaipur vs. Income Tax Officer, Jaipur

In the result, appeal filed by the assessee is allowed

ITA 31/JPR/2018[2009-10]Status: DisposedITAT Jaipur13 Dec 2018AY 2009-10

Bench: Her.”

For Appellant: Shri Mukesh Khandelwal (CA)For Respondent: Shri J. C. Kulhari (JCIT)
Section 139(1)Section 143(3)Section 148

…es.” 5. Further, the ld. CIT(A) referred to the decision of the Hon’ble Supreme Court in case of Tuticorin Alkali Chemicals Fertilizers Ltd (supra), the decision of Hon’ble Rajasthan High Court in case of CIT vs. Rajasthan Land Development Corporation [1995] 211 ITR 597 (RAJ.), and decision of Delhi High Court in case of CIT vs. Modi Rubber Ltd. [1994] 73 Taxman 337 (Delhi) and relying on the same confirmed the action of AO in taxing interest on FDR as income from other sources. 6 M/s Jaipur Texweaving Park Ltd., Jaipur Vs. ITO, Jaipur 6. Against the said finding of the ld. CIT(A), the assessee is in appeal be…

Asst CIT 6(2)(2), Mumbai vs. Essar Power Gujarat Ltd, Mumbai

ITA 4020/MUM/2016[2011-12]Status: DisposedITAT Mumbai01 Jun 2018AY 2011-12

Bench: S/Sh.Rajendra & Amarjit Singhआयकर अपील सं./I.T.A./4020/Mum/2016,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2011-12 िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./4019/Mum/2016,िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2012-13 वष" Acit-6(2)(2) M/S. Essar Power Gujarat Ltd. Room No.563, Aayakar Bhavan, Essar House, 11 Kk Marg, Mahalaxmi Vs. M.K. Road, Mumbai-400 020. Mumbai-400 034. Pan:Aabce 7510 K (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri Virendra Singh अपीलाथ" क" ओर से /Assessee By: Shri Anuj Kishnadwala सुनवाई क" तारीख / Date Of Hearing: 21/05/2018 घोषणा क" तारीख / Date Of Pronouncement: 01/06/2018 आयकर आयकर आयकर अिधिनयम आयकर अिधिनयम अिधिनयम,1961 क" अिधिनयम क" क" धारा क" धारा धारा 254(1)के अ"तग"त आदेश धारा के अ"तग"त आदेश के अ"तग"त आदेश के अ"तग"त आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद"य लेखा सद"य ,राजे"" राजे"" केकेकेके अनुसार अनुसार - Per Rajendra, Am- लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Orders Dated 23/03/2016 Of The Cit(A)-12,Mumbai,The Assessing Officer (Ao)Has Filed Above Appeals.Assessee-Company Is Engaged In The Business Setting Up Of Coal Based Power Plant.As The Issues Raised In Both The Appeals Are Similar,So,We Are Adjudicating Them Together.Details Of Filings Of Returns,Retunred Incomes,Assessed Incomes Can Be Summar -Ised As Under: Ay. Roi Filed On Returned Income Asst.Date Assessed Income 2011-12 05/09/2011 Rs.3.65 Crores 18/03/2014 Rs.6.99 Crores 2012-13 27/09/2012 Rs.5.44 Crores 29/12/2014 Rs.11.14 Crores

For Appellant: Shri Anuj KishnadwalaFor Respondent: Shri Virendra Singh
Section 254(1)

…rowing facilities was deducted from the same. The AO,after citing the judgments of Tuticorin Alkali Chemicals & Fertilizers Ltd. (227 ITR 172);South India Shipping Corporation Ltd.(240ITR24);Radico Khaitan Ltd (274 ITR 354); Rajasthan Land Development Corpn. (211 ITR 597)and Ravi Ratna Exports P. Ltd.(246 ITR 443) held that the interest income received on margin money was to be taxed under the head ‘Income From Other Sources’. 3.Aggrieved by the order of the AO,the assessee filed an appeal before the First Appellate Authority(FAA)and made detailed submissions.After considering the available material,she held that…

Rohda Specialtiy Chemicals India Ltd, Mumbai vs. Addl CIT Cir 6(1), Mumbai

Appeal stands dismissed for want of substantial question of law

ITA 830/MUM/2014[2009-10]Status: DisposedITAT Mumbai24 Apr 2017AY 2009-10

Bench: Shri Shamim Yahya & Shri C.N. Prasadita No. 830/Mum/2014 : (A.Y : 2009-10) M/S Rhodia Specialty Chemicals Vs. Addl. Cit – Circle 6(1) India Ltd. (Formerly Known As Room No.511, Aayakar Bhawan M/S Albright & Wilson Chemicals Mk Road India Ltd.), Phoenix House, A Wing New Marine Lines 4Th Floor, 462 Senapati Bapat Marg Mumbai – 400 020 Lower Parel (West) Mumbai – 400 013 Pan : Aaaca3841L Ita No. 622/Mum/2014 : (A.Y : 2009-10) Dcit -7(2) Vs. M/S Rhodia Specialty Chemicals Room No.624, Mk Road India Ltd. (Formerly Known As Mumbai – 400 020 M/S Albright & Wilson Chemicals India Ltd.), Phoenix House, A Wing 4Th Floor, 462 Senapati Bapat Marg Lower Parel (West) Mumbai – 400 013 (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent)

For Appellant: Shri Manish V ShahFor Respondent: Shri Rajguru M
Section 143(3)

…ome to be business income and not income from other sources. The Assessing Officer placing reliance on the decisions of the Hon’ble Apex Court in the cases of Tuticorin Alkali Chemicals Limited [227 ITR 502] and CIT Vs. Rajasthan Land Development Corporation [211 ITR 597] held that interest income from fixed deposits and deposits with MIDC & MSEB should be 8 ITA NO. 830/MUM/2014 and ITA NO. 622/MUM/2014 M/s Rhodia Specialty Chemicals India Ltd. (Formerly known as M/s Albright & Wilson Chemicals India Ltd.) , A.Y : 2009-10 taxed under the head income from other sources. Having held that interest on fixed deposits…

DCIT 7(2), Mumbai vs. Albright & Wilson Chemicals India Ltd, Mumbai

Appeal stands dismissed for want of substantial question of law

ITA 622/MUM/2014[2009-10]Status: DisposedITAT Mumbai24 Apr 2017AY 2009-10

Bench: Shri Shamim Yahya & Shri C.N. Prasadita No. 830/Mum/2014 : (A.Y : 2009-10) M/S Rhodia Specialty Chemicals Vs. Addl. Cit – Circle 6(1) India Ltd. (Formerly Known As Room No.511, Aayakar Bhawan M/S Albright & Wilson Chemicals Mk Road India Ltd.), Phoenix House, A Wing New Marine Lines 4Th Floor, 462 Senapati Bapat Marg Mumbai – 400 020 Lower Parel (West) Mumbai – 400 013 Pan : Aaaca3841L Ita No. 622/Mum/2014 : (A.Y : 2009-10) Dcit -7(2) Vs. M/S Rhodia Specialty Chemicals Room No.624, Mk Road India Ltd. (Formerly Known As Mumbai – 400 020 M/S Albright & Wilson Chemicals India Ltd.), Phoenix House, A Wing 4Th Floor, 462 Senapati Bapat Marg Lower Parel (West) Mumbai – 400 013 (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent)

For Appellant: Shri Manish V ShahFor Respondent: Shri Rajguru M
Section 143(3)

…ome to be business income and not income from other sources. The Assessing Officer placing reliance on the decisions of the Hon’ble Apex Court in the cases of Tuticorin Alkali Chemicals Limited [227 ITR 502] and CIT Vs. Rajasthan Land Development Corporation [211 ITR 597] held that interest income from fixed deposits and deposits with MIDC & MSEB should be 8 ITA NO. 830/MUM/2014 and ITA NO. 622/MUM/2014 M/s Rhodia Specialty Chemicals India Ltd. (Formerly known as M/s Albright & Wilson Chemicals India Ltd.) , A.Y : 2009-10 taxed under the head income from other sources. Having held that interest on fixed deposits…

CIT v. Rajasthan Land Development Corpn (211 ITR 597) — Cited in 9 Judgments | BharatTax