CIT v. Secure Meters Ltd.

321 ITR 611High Court2010#1497 most cited

What is CIT v. Secure Meters Ltd. authority for?

Expenditure incurred on the issuance of debentures, including convertible debentures like Compulsorily Convertible Debentures (CCDs) or Foreign Currency Convertible Bonds (FCCBs), is revenue in nature and thus deductible. This is because a debenture constitutes a loan at the time of its issue, regardless of its future convertibility into equity.

76

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2011 to 2026.

Also referred to as

CIT v. Secure Meters Ltd. · Secure Meters Ltd. · 321 ITR 611 · debenture issuance expenditure · convertible debentures nature · foreign currency convertible bonds · compulsorily convertible debentures · revenue expenditure deduction · loan classification · expenditure on debenture issue · India Cements Ltd. precedent

Also reported as

221 CTR 405

Sections most often in play

Section 115JBSection 14ASection 1961Section 115USection 244ASection 271(1)(c)Section 36(1)(vii)Section 36(1)(viia)

Issues it is cited on

section 50(1)section 80absection 54esection 70(2)section 10(15)section 80msection 10(33)section 14a(1)section 54eclong-term capital assetsection 36(1)(viii)section 111a

Judgments citing CIT v. Secure Meters Ltd.

M/S. the India Cements Ltd., Chennai vs. DCIT, Corporate Circle - 2 (1), Chennai

In the result, appeal filed by the assessee is allowed

ITA 833/CHNY/2020[2007-08]Status: DisposedITAT Chennai18 Aug 2021AY 2007-08

Bench: Shri V.Durga Rao & Shri G.Manjunatha

For Appellant: Mr. S.Bharath,CITFor Respondent: 13.07.2021
Section 115JSection 143(3)Section 263

…t Corporation Ltd. Vs. CIT reported in 139 CTR 555, and held 35 that discount on debentures is revenue expenditure allowable proportionately over the life of debentures. The Hon’ble High Court of Rajasthan in the case of CIT Vs. Secure Meters reported in 321 ITR 611 (Raj) has considered an identical issue and held that expenditure incurred on issue of debentures whether convertible or non-convertible is allowable as revenue expenditure. 16. In this case, the issue of expenditure incurred on premium paid for redemption of debentures was thoroughly examined by the Assessing Officer not once, but twice, an…

DCIT Corporate Circle 1, Coimbatore vs. Sakthi Sugars Limited, Coimbatore

In the result, the Revenue’s appeal is treated as partly allowed

ITA 1356/CHNY/2019[2012-13]Status: DisposedITAT Chennai19 Feb 2020AY 2012-13

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Respondent: Shri. R. Vijayaraghavan Advocate
Section 147Section 43Section 43BSection 78

…iture andnot capital expenditure as held by the assessing officer. The above view is supported by the judicial decision in the case of Mahindra & Mahindra Limited Vs. DCIT (2012)24 taxmann.com 267 (Mumbai). Another decision in CIT Vs. Secure Meiers Limited (321 ITR 611)(Raj) (confirmed in CIT Vs, Secure Meters Limited 2009 -TICL-93-SCIT)also supports the above view, in these decisions it 'was held that as the debenture when issued, is a loan, whether it is convertible or non-convertible, it does not militate against the nature of the debenture being loan. Therefore, the :-7-: expenditure incurred would be adm…

Tata Moters Limited (Formerly Known As Tata Engineering & Locomotive Company Ltd.), Mumbai vs. Dy. CIT, Cir..-2(1), Mumbai

In the result, appeal of the assessee is partly allowed and appeal of the revenue is dismissed

ITA 3333/MUM/2011[2003-04]Status: DisposedITAT Mumbai17 Jul 2019AY 2003-04

Bench: Shri M.Balaganesh, Am & Shri Amarjit Singh, Jm M/S. Tata Motors Limited Vs. Dy. Commissioner Of (Formerly Known As Tata Income Tax-2(1), Engineering & Locomotive Aayakar Bhavan Company Limited M.K. Marg, Mumbai – 400 Bombay House, 24 020 Homi Mody Street Hutatma Chowk Mumbai – 400 001 Pan/Gir No.Aaact2727Q (Appellant) .. (Respondent) Dy. Commissioner Of Vs. M/S. Tata Motors Limited Income Tax-2(1), (Formerly Known As Tata Aayakar Bhavan Engineering & Locomotive M.K. Marg, Mumbai – Company Limited 400 020 Bombay House, 24 Homi Mody Street Hutatma Chowk Mumbai – 400 001 Pan/Gir No.Aaact2727Q (Appellant) .. (Respondent)

Section 143(3)Section 43B

…rther, in support of his contention, he relied upon the decision of the Tribunal in Tata Iron & Steel Co., ITA no.3965/Mum./ 2003 & Ors., dated 7th March 2014. He also relied upon the decision of the Hon'ble Rajasthan High Court in CIT v/s Secure Meters Ltd., 321 ITR 611 (Raj.). 11. The learned Departmental Representative relied upon the observations of the Assessing Officer and the DRP. 12. We have considered rival submissions and perused material on record. Undisputedly, the Assessing Officer has disallowed assessee's claim on the reasoning that FCCNs issued by the assessee are in the nature of convertible debe…

Tata Motors Ltd, Mumbai vs. DCIT 2(3), Mumbai

In the result, assessee’s appeal is partly allowed

ITA 8926/MUM/2010[2006-07]Status: DisposedITAT Mumbai28 Jan 2019AY 2006-07

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

For Appellant: Shri Rajan Vora a/wFor Respondent: Shri C.S. Gulati
Section 115JSection 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER ITA no.8926/Mum./2010 (Assessment Year : 2006–07) Tata Motors Ltd. Bombay House, 24, Homi Mody Street ……………. Appellant Hutatma Chowk, Mumbai 400 001 PAN – AAACT2727Q v/s Dy. Commissioner of Income Tax ……………. Respondent Circle–2(3), Mumbai Assessee by : Shri Rajan Vora a/w Shri Nikhil Tiwari Revenue by : Shri C.S. Gulati Date of Hearing – 30.10.2018 Date of Order – 28.01.2019 O R D E R PER SAKTIJIT DEY, J.M. Aforesaid appeal has been filed by the assessee challenging the…

DCIT, New Delhi vs. M/S. Jubilant Energy Kharsang Pvt Ltd, New Delhi

ITA 1118/DEL/2015[2010-11]Status: DisposedITAT Delhi30 Nov 2018AY 2010-11

Bench: Shri N.K. Billaiya & Shri Kuldip Singh

For Appellant: NoneFor Respondent: Shri Naina Soin Kapil, Senior DR
Section 2

…can be disallowed. The ld. CIT (A) by relying upon the decision rendered by Hon’ble Bombay High Court in the case of Premier Automobiles Ltd. vs. CIT 80 ITR 415 and Hon’ble Rajasthan 7 ITA No.1118/Del./2015 High Court in case of CIT vs. Secure Meters Ltd. 321 ITR 611 has rightly held that upfront charges paid by the assessee is allowable deduction being part of the “interest” already allowed by the AO as revenue expenditure. Finding no illegality or perversity in the deletion of addition of Rs.1,67,22,000/- on account of disallowance of upfront charges paid by the assessee for availing the loan of Rs.200 cr…

Moserbaer India Ltd., New Delhi vs. DCIT, New Delhi

Appeal is dismissed

ITA 1617/DEL/2015[2010-11]Status: DisposedITAT Delhi03 Oct 2018AY 2010-11

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

Section 10BSection 143Section 144CSection 14A

…iture incurred on issue of debentures is to be allowed as revenue expenditure despite indications to effect that debentures are to be converted in near future into equity shares. The Ld. AR relied upon the following decisions: • CIT vs. Secure Meters Limited: 321 ITR 611 (Rajasthan High Court) - SLP dismissed in CC No.10548/ 2009 • CIT vs. First Leasing Co. India Limited: 304 ITR 67 (Madras High Court) • CIT vs. Southern Petrochemical Industries Corporation Limited: 311 ITR 202 (Madras High Court) • CIT vs. ITC Hotels Limited: 334 ITR 109 (Karnataka High Court) • CIT vs. Sukhjit Starch & Chemicals Limited: 326 IT…

M/S. Moserbaer India Ltd., New Delhi vs. ACIT, New Delhi

Appeal is dismissed

ITA 2395/DEL/2014[2009-10]Status: DisposedITAT Delhi03 Oct 2018AY 2009-10

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

Section 10BSection 143Section 144CSection 14A

…iture incurred on issue of debentures is to be allowed as revenue expenditure despite indications to effect that debentures are to be converted in near future into equity shares. The Ld. AR relied upon the following decisions: • CIT vs. Secure Meters Limited: 321 ITR 611 (Rajasthan High Court) - SLP dismissed in CC No.10548/ 2009 • CIT vs. First Leasing Co. India Limited: 304 ITR 67 (Madras High Court) • CIT vs. Southern Petrochemical Industries Corporation Limited: 311 ITR 202 (Madras High Court) • CIT vs. ITC Hotels Limited: 334 ITR 109 (Karnataka High Court) • CIT vs. Sukhjit Starch & Chemicals Limited: 326 IT…

ACIT, New Delhi vs. M/S. Moser Baer India Limited, New Delhi

Appeal is dismissed

ITA 1200/DEL/2014[2009-10]Status: DisposedITAT Delhi03 Oct 2018AY 2009-10

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

Section 10BSection 143Section 144CSection 14A

…iture incurred on issue of debentures is to be allowed as revenue expenditure despite indications to effect that debentures are to be converted in near future into equity shares. The Ld. AR relied upon the following decisions: • CIT vs. Secure Meters Limited: 321 ITR 611 (Rajasthan High Court) - SLP dismissed in CC No.10548/ 2009 • CIT vs. First Leasing Co. India Limited: 304 ITR 67 (Madras High Court) • CIT vs. Southern Petrochemical Industries Corporation Limited: 311 ITR 202 (Madras High Court) • CIT vs. ITC Hotels Limited: 334 ITR 109 (Karnataka High Court) • CIT vs. Sukhjit Starch & Chemicals Limited: 326 IT…

Moserbaer India Ltd., New Delhi vs. ACIT, New Delhi

Appeal is dismissed

ITA 6042/DEL/2012[2008-09]Status: DisposedITAT Delhi03 Oct 2018AY 2008-09

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

Section 10BSection 143Section 144CSection 14A

…iture incurred on issue of debentures is to be allowed as revenue expenditure despite indications to effect that debentures are to be converted in near future into equity shares. The Ld. AR relied upon the following decisions: • CIT vs. Secure Meters Limited: 321 ITR 611 (Rajasthan High Court) - SLP dismissed in CC No.10548/ 2009 • CIT vs. First Leasing Co. India Limited: 304 ITR 67 (Madras High Court) • CIT vs. Southern Petrochemical Industries Corporation Limited: 311 ITR 202 (Madras High Court) • CIT vs. ITC Hotels Limited: 334 ITR 109 (Karnataka High Court) • CIT vs. Sukhjit Starch & Chemicals Limited: 326 IT…

DCIT 1(3), Mumbai vs. Tata Motors Finance Ltd, Mumbai

In the result, appeal for A

ITA 3476/MUM/2013[2008-09]Status: DisposedITAT Mumbai19 Sept 2018AY 2008-09

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm

Section 143(3)

…cumstances of the case and in law, the Ld. CIT (A) erred in deleting the proportionate disallowance of Rs. 36,84,248/- on account of expenses on issue of NCDs by relying on the decision of the Rajasthan High Court in the case of Udaipur Vs. Secure Meters Ltd. 321 ITR 611 without appreciating that in the case cited supra, the issue involved was whether expenditure incurred in issuing debentures is allowable as revenue expenditure and hence the facts of the said case are clearly distinguishable from the facts of the present case.” M/s. Tata Motors Finance Ltd., A.Y. 2007-08 1. "On the facts and in the circumstances…

M/S Country Club India Limited, Hyderabad vs. DCIT, Circle-3(2), Hyderabad

In the result, the grounds of the appeal of the assessee on this issue are allowed

ITA 1714/HYD/2014[2010-11]Status: DisposedITAT Hyderabad22 May 2018AY 2010-11

Bench: Smt. P. Madhavi Devi & Shri S.Rifaur Rahmancountry Club Hospitality & Vs Dy. Commissioner Of Income Holidays Ltd (Formerly Tax, Circle 3 (2) Known As Country Club Hyderabad India Ltd) Hyderabad Pan: Aaacc8276B (Appellant) (Respondent)

For Appellant: Shri P. Murali Mohan RaoFor Respondent: Dr. K. Srinivas Reddy, DR
Section 143(3)Section 40A(3)

…axman 249 (MP) (HC) 3. CIT vs. East India Hotels Ltd., (2001) 119 Taxman 235 (Cal.) 4. CIT vs. South India Corpn. (Agencies) Ltd., (2007) 164 Taxman 249 (Mad.) 5. CIT vs. First Leasing Co. of India Ltd., (2008) 304 ITR 67 (Mad.) 6. CIT vs. Secure Meters Ltd., 321 ITR 611 7. CIT vs. ITC Hotels Ltd., 334 ITR 109 8. M/s. Crane Software International Ltd. vs. DCIT, Bangalore Order dated 08.02.2011 in ITA.Nos. 741 & 742/Bang/2010. 9. CIT vs. Havells India Ltd., 352 ITR 376 Page 14 of 18 ITA No 1714 of 2014 Country Club India Ltd Hyderabad. 10. DCIT vs. UAG Builders (P) Ltd., Delhi (2012) 25 taxmann.com 205 (Del.)…

Dy.CIT, Cir-1(2), Hyderabad vs. M/S Cuntry Club (I) Limited, Hyderabad

In the result, the grounds of the appeal of the assessee on this issue are allowed

ITA 1735/HYD/2012[2009-10]Status: DisposedITAT Hyderabad22 May 2018AY 2009-10

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2009-10 M/S Country Club Vs. Asst. Cit, Circle-1(2), Hospitality & Holidays Ltd., Hyderabad. (Formerly Known As Country Club India Ltd.,) Hyderabad.

For Appellant: Shri P. Murali Mohan RaoFor Respondent: Dr. K. Srinivas Reddy
Section 40Section 40A(3)Section 43B

…n 249 (MP) (HC) 3. CIT vs. East India Hotels Ltd., (2001) 119 Taxman 235 (Cal.) 4. CIT vs. South India Corpn. (Agencies) Ltd., (2007) 164 Taxman 249 (Mad.) 5. CIT vs. First Leasing Co. of India Ltd., (2008) 304 ITR 67 (Mad.) 6. CIT vs. Secure Meters Ltd., 321 ITR 611 7. CIT vs. ITC Hotels Ltd., 334 ITR 109 8. M/s. Crane Software International Ltd. vs. DCIT, Bangalore Order dated 08.02.2011 in ITA.Nos. 741 & 742/Bang/2010. 9. CIT vs. Havells India Ltd., 352 ITR 376 10. DCIT vs. UAG Builders (P) Ltd., Delhi (2012) 25 taxmann.com 205 (Del.) 27 ITA.Nos.1689 & 1735 /Hyd/2012, M/s Country Club Hospitality and H…

M/S. Country Club India Ltd., Hyderabad vs. ACIT, Circle-1(2), Hyderabad

In the result, the grounds of the appeal of the assessee on this issue are allowed

ITA 1689/HYD/2012[2009-10]Status: DisposedITAT Hyderabad22 May 2018AY 2009-10

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2009-10 M/S Country Club Vs. Asst. Cit, Circle-1(2), Hospitality & Holidays Ltd., Hyderabad. (Formerly Known As Country Club India Ltd.,) Hyderabad.

For Appellant: Shri P. Murali Mohan RaoFor Respondent: Dr. K. Srinivas Reddy
Section 40Section 40A(3)Section 43B

…n 249 (MP) (HC) 3. CIT vs. East India Hotels Ltd., (2001) 119 Taxman 235 (Cal.) 4. CIT vs. South India Corpn. (Agencies) Ltd., (2007) 164 Taxman 249 (Mad.) 5. CIT vs. First Leasing Co. of India Ltd., (2008) 304 ITR 67 (Mad.) 6. CIT vs. Secure Meters Ltd., 321 ITR 611 7. CIT vs. ITC Hotels Ltd., 334 ITR 109 8. M/s. Crane Software International Ltd. vs. DCIT, Bangalore Order dated 08.02.2011 in ITA.Nos. 741 & 742/Bang/2010. 9. CIT vs. Havells India Ltd., 352 ITR 376 10. DCIT vs. UAG Builders (P) Ltd., Delhi (2012) 25 taxmann.com 205 (Del.) 27 ITA.Nos.1689 & 1735 /Hyd/2012, M/s Country Club Hospitality and H…

Tata Moters Limited (Formerly Known As Tata Engineering & Locomotive Company Ltd.), Mumbai vs. ACIT, Range.-2(3), Mumbai

In the result the ground of appeal raised by assessee is allowed

ITA 3336/MUM/2011[2005-06]Status: DisposedITAT Mumbai13 Apr 2018AY 2005-06

Bench: Shri Rajendra & Shri Pawan Singhtata Motors Limited. Dcit -2(3) Bombay House, 24, Homi Mody Aayakar Bhavan, M.K. Road, Street, Hutatma Chowk, Vs. Mumbai-20. Mumbai-400001 Pan:Aaact2727Q (Appellant) (Respondent) Tata Motors Limited. Acit -2(3) Bombay House, 24, Homi Mody Aayakar Bhavan, M.K. Road, Street, Hutatma Chowk, Mumbai-20. Vs. Mumbai-400001 Pan:Aaact2727Q (Appellant) (Respondent) Acit -2(3) Tata Motors Limited. R. No. 552, Aayakar Bhavan, Bombay House, 24, Homi Mody Mumbai. Vs. Street, Hutatma Chowk, Mumbai-400001 Pan:Aaact2727Q (Appellant) (Respondent) Assessee By : Ms. Arati Vissanji (Ar) Revenue By : Shri Manjunatha Swamy (Cit-Dr) Date Of Hearing : 11.04.2018 Date Of Pronouncement : 13.04.2018

For Appellant: Ms. Arati Vissanji (AR)For Respondent: Shri Manjunatha Swamy (CIT-DR)
Section 143(3)Section 14ASection 253Section 254(1)

…appeal is also covered in favour of assessee in assessee’s in assessee’s group case in Tata Iron & Steel Company Vs. DCIT for A.Y. 1987-88, 1989-90 & 1990-91 in ITA No. 3982, 3984/Mum/03 and the decision of Rajasthan High Court in CIT Vs. Secure Meters Ltd. (321 ITR 611) and the decision of Hon'ble Bombay High Court in Tata SSL Ltd. in ITA No. 449 of 2011 dated 05.11.2012. The ld. AR of the assessee also relied upon the decision of Hon’ble Supreme Court in case of India Cements Ltd. Vs CIT 60 ITR 52, CIT Vs ITC Hotel Ltd. 334 ITR 109 (Kar), CIT Vs Havells India Ltd. 352 ITR 376 (Del.), CIT Vs Instrumentation…

The ACIT, Circle-15(1), New Delhi vs. M/S. Ranbaxy Laboratories Ltd., New Delhi

Appeal of the assessee is allowed, appeal of the Assessing Officer is dismissed

ITA 3094/DEL/2011[2006-07]Status: DisposedITAT Ahmedabad14 Feb 2018AY 2006-07
Section 143(3)Section 43B

…ITA Nos. 2430 & 3094/Del/2011 Ranbaxy Laboratories Ltd Vs. ACIT A.Y. 2006-07 Page 1 of 7 IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD ‘A’ BENCH, AHMEDABAD [Coram: Pramod Kumar AM and Mahavir Prasad JM] I.T.A. No.2430/Del/2011 Assessment Year : 2006-07 Ranbaxy Laboratories Ltd …...…..………Appellant 12th Floor, Devika Towers, 6, Nehru Place, New Delhi [PAN : AAACR 0127 N] Vs. Addl. Commissioner of Income-tax …………….Respondent Range-15, New Delhi I.T.A. No.3094/Del/2011 Assessment Year : 2006-07 Addl. Commissioner of Income-tax …...…..………Appellant Range-15, New Delhi Vs. Ranbaxy Laboratories Ltd …………….Responden…

M/S. Ranbaxy Laboratories Ltd., New Delhi vs. The Additional Commissioner of Income Tax, Range-15, New Delhi

Appeal of the assessee is allowed, appeal of the Assessing Officer is dismissed

ITA 2430/DEL/2011[2006-07]Status: DisposedITAT Ahmedabad14 Feb 2018AY 2006-07
Section 143(3)Section 43B

…ITA Nos. 2430 & 3094/Del/2011 Ranbaxy Laboratories Ltd Vs. ACIT A.Y. 2006-07 Page 1 of 7 IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD ‘A’ BENCH, AHMEDABAD [Coram: Pramod Kumar AM and Mahavir Prasad JM] I.T.A. No.2430/Del/2011 Assessment Year : 2006-07 Ranbaxy Laboratories Ltd …...…..………Appellant 12th Floor, Devika Towers, 6, Nehru Place, New Delhi [PAN : AAACR 0127 N] Vs. Addl. Commissioner of Income-tax …………….Respondent Range-15, New Delhi I.T.A. No.3094/Del/2011 Assessment Year : 2006-07 Addl. Commissioner of Income-tax …...…..………Appellant Range-15, New Delhi Vs. Ranbaxy Laboratories Ltd …………….Responden…

Assistant Commissioner of Income Tax, Circle - 4(1)(1), Bangalore vs. M/S. Karnataka State Financial Corporation Ltd., Bangalore

In the result, appeals filed by the Revenue are dismissed

ITA 888/BANG/2017[2012 - 13]Status: DisposedITAT Bangalore31 Jan 2018

Bench: Shri. Jason P. Boaz

For Appellant: Shri. A. C. Raju, CAFor Respondent: Shri. Harinder Kumar, CIT-DR-III
Section 14A

…ITA .888 & 889/Bang/2017 Page - 1 IN THE INCOME TAX APPELLATE TRIBUNAL BENGALURU BENCH 'C', BENGALURU BEFORE SHRI. JASON P. BOAZ, ACCOUNTANT MEMBER AND SHRI. LALIET KUMAR, JUDICIAL MEMBER I.T.A Nos.888 & 889/Bang/2017 (Assessment Years : 2012-13 & 2013-14) Asst. Commissioner of Income-tax, Circle - 4(1)(1), Bengaluru .. Appellant v. M/s. Karnataka State Financial Corporation Ltd, KSFC Bhavan, No.1/1, Thimmaiah Road, Near Cantonment Railway Station, Bengaluru 560 052 .. Respondent PAN : AAACK9480H Assessee by : Shri. A. C. Raju, CA Revenue by : Shri. Harinder Kumar, CIT-DR-III Heard on : 13.12.2017 Pronoun…

DCIT, New Delhi vs. M/S Dlf Ltd., New Delhi

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 4342/DEL/2012[2007-08]Status: DisposedITAT Delhi01 Nov 2017AY 2007-08

Bench: Shri B.P. Jain & Shri K.N. Chary.

For Appellant: Shri R.S. Singhvi, CAFor Respondent: Ms. Renu Amitabh, CIT-DR
Section 142Section 143(3)Section 14ASection 250Section 40

…gment and judgment of Hon’ble Supreme Court which was delivered on later date will prevail. Subsequent to Hon’ble Supreme Court judgment in the case of CIT vs. General Insurance Corp., the Hon’ble Rajasthan High Court in the case of CIT Vs. Secure Meters Ltd. 221 CTR 405 has held that even if debentures were to be converted into shares at a later date, the expenditure incurred on such convertible debentures has to be treated as revenue expenditure. Subsequent to this judgment, the Hon’ble Karnataka High Court in the case of CIT vs. ITC Hotels Ltd. 190 Taxmann 430 has decided that expenses relating to convertible…

Dlf Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 3846/DEL/2012[2007-08]Status: DisposedITAT Delhi01 Nov 2017AY 2007-08

Bench: Shri B.P. Jain & Shri K.N. Chary.

For Appellant: Shri R.S. Singhvi, CAFor Respondent: Ms. Renu Amitabh, CIT-DR
Section 142Section 143(3)Section 14ASection 250Section 40

…gment and judgment of Hon’ble Supreme Court which was delivered on later date will prevail. Subsequent to Hon’ble Supreme Court judgment in the case of CIT vs. General Insurance Corp., the Hon’ble Rajasthan High Court in the case of CIT Vs. Secure Meters Ltd. 221 CTR 405 has held that even if debentures were to be converted into shares at a later date, the expenditure incurred on such convertible debentures has to be treated as revenue expenditure. Subsequent to this judgment, the Hon’ble Karnataka High Court in the case of CIT vs. ITC Hotels Ltd. 190 Taxmann 430 has decided that expenses relating to convertible…

M/S.Shanders Property Developers Pvt. Ltd., Bangalore vs. Income Tax Officer, Bangalore

ITA 531/BANG/2017[2012-13]Status: DisposedITAT Bangalore26 May 2017AY 2012-13

Bench: Shri Sunil Kumar Yadavassessment Year : 2012-13

For Appellant: Shri S.V. Shivarama Iyer, CAFor Respondent: Smt. Swapna Das, Jt.CIT(DR)(ITAT)-2, Bengaluru
Section 37

…Gujarat High Court and Mumbai Bench of the Tribunal. The ld. counsel further contended that the Hon'ble jurisdictional High Court has decided the issue following the judgment of Hon’ble Rajasthan High Court in the case of CIT v. Secure Meters Ltd. reported at 321 ITR 611 in which the Hon’ble High Court has examined the issue in the light of various judicial pronouncements. The SLP filed against the judgment of Hon’ble Rajasthan High Court was also dismissed by the Hon’ble Apex Court. Therefore, the view taken by the Hon’ble Rajasthan High Court which was Page 4 of 9 followed by the Hon'ble jurisdictional High Co…