What is CIT v. Shriram Honda Power Equipment & Ors. authority for?

If interest income has been assessed as 'Income from Business' by the Assessing Officer and this classification has not been challenged by the department, its nature cannot be reopened later. The focus then shifts to whether netting of interest income against interest expenditure is permissible for deductions under sections like 80HHC or 10B.

How many judgments cite CIT v. Shriram Honda Power Equipment & Ors.?

126 judgments on BharatTax cite CIT v. Shriram Honda Power Equipment & Ors. (289 ITR 475), spanning 2007 to 2023.

CIT v. Shriram Honda Power Equipment & Ors. (289 ITR 475)

Vardhman Textile Ltd., Ludhiana vs. ACIT, Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 475/CHANDI/2008[2003-04]Status: DisposedITAT Chandigarh04 May 2018AY 2003-04

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol

Section 10BSection 14ASection 80H

…Section 80HHC. Aggrieved, the assessee filed an appeal before the Income Tax Appellate Tribunal (for short `the Tribunal'). The Tribunal held, relying on the decision of the Delhi High Court in Commissioner of Income-Tax v. Shri Ram Honda Power Equip [(2007) 289 ITR 475 (Delhi)], that netting of the interest could be allowed if the assessee is able to prove the nexus between the interest expenditure and interest income and remanded the matter to the file of the Assessing Officer. The Tribunal also remanded the issue of netting of the rent to the Assessing Officer with the direction to find out whether the assess…

ACIT, Ludhiana vs. Vardhman Textiles Ltd., Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 691/CHANDI/2007[2002-03]Status: DisposedITAT Chandigarh04 May 2018AY 2002-03

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol

Section 10BSection 14ASection 80H

…Section 80HHC. Aggrieved, the assessee filed an appeal before the Income Tax Appellate Tribunal (for short `the Tribunal'). The Tribunal held, relying on the decision of the Delhi High Court in Commissioner of Income-Tax v. Shri Ram Honda Power Equip [(2007) 289 ITR 475 (Delhi)], that netting of the interest could be allowed if the assessee is able to prove the nexus between the interest expenditure and interest income and remanded the matter to the file of the Assessing Officer. The Tribunal also remanded the issue of netting of the rent to the Assessing Officer with the direction to find out whether the assess…

M/S Vardhman Textiles Ltd., Ludhiana vs. ACIT, Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 681/CHANDI/2007[2002-03]Status: DisposedITAT Chandigarh04 May 2018AY 2002-03

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol

Section 10BSection 14ASection 80H

…Section 80HHC. Aggrieved, the assessee filed an appeal before the Income Tax Appellate Tribunal (for short `the Tribunal'). The Tribunal held, relying on the decision of the Delhi High Court in Commissioner of Income-Tax v. Shri Ram Honda Power Equip [(2007) 289 ITR 475 (Delhi)], that netting of the interest could be allowed if the assessee is able to prove the nexus between the interest expenditure and interest income and remanded the matter to the file of the Assessing Officer. The Tribunal also remanded the issue of netting of the rent to the Assessing Officer with the direction to find out whether the assess…

Safeflex International Ltd., Jaipur vs. ITO, Jaipur

In the result, the appeal of the assessee for the Assessment Year

ITA 696/JPR/2014[2010-11]Status: DisposedITAT Jaipur04 Apr 2018AY 2010-11

Bench: The Ld. Cit(A)-2, Jaipur. Appeal Against The Order U/S 143(3) Was Partially Dismissed By Ld. Cit(A)-2, Jaipur Vide Order Dated 04-04-2016. The Said Order Was Received By The Company On 17-04-2016 & Accordingly, It Was Supposed To File The Appeal Within 60 Days I.E. By16-06-2016. The Present Appeal Is Delayed By 22 Days.

For Appellant: Shri Rajeev Sogani, CAFor Respondent: Smt. Poonam Rai, DCIT - DR

Section 10ASection 143(3)Section 43BSection 68Section 69

…held as under:- 9 Shri Safeflex International Ltd vs ITO, Ward- 6(4) ,Jaipur ‘’I would like to place reliance on the judicial pronouncement on the issue under consideration. The Hon'ble Delhi High Court in the case of CIT vs Sree Ram Honda Power Equipment 289 ITR 475 (Delhi) has held that the interest income earned on deposits is to be taxable as income form other sources u/s 56 of the Act. Similar view has also been expressed in other decisions particularly Apex Court’s decision in the case of Tuticorin Alkalies and Fertilizers and also in CIT vs Auto Kast Ltd 248 ITR 110 (SC), CIT vs V. Goppinathan, Consoli…

Sahana Jewellery Exports Private Limited, Coimbatore vs. DCIT Corporate Circle 1, Coimbatore

In the result, the appeal of the assessee stands dismissed

ITA 1814/CHNY/2017[2013-14]Status: DisposedITAT Chennai16 Feb 2018AY 2013-14

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy] आयकर अपील सं./I.T.A. No.1814/Chny/2017 "नधा"रण वष" /Assessment Year : 2013-2014. M/S. Sahana Jewellery Exports Vs. The Deputy Commissioner Of Private Limited, Income Tax, 600, Raja Street, Corporate Circle 1, Coimbatore 641 001. Coimbatore. [Pan Aaecs 7045N] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: Shri. R.U. Aroon Prasad, IRS, JCIT

Section 10A

…a loss and therefore no deduction u/s.10AA of the Act could be allowed. Though the assessee relied on the judgments of Hon’ble Delhi High Court in the case of PCIT vs Universal Precision Screws (2015) 94 CCH 46, and CIT vs. Shri Ram Honda Power Equipment 289 ITR 475 and that of Bombay High Court in the case of CIT vs. Punit Commercial Ltd, 245 ITR 550 ld. Assessing Officer did not accept the above contention of the assessee. According to him, by virtue of judgment of Hon’ble Jurisdictional High Court in the case of India Comnet International vs. ITO, 304 ITR 322, interest received by the assessee ITA N…

Commissioner of Income Tax vs. M/S Banaras House Ltd

The appeal is disposed of without any order as to costs

ITA/583/2005HC Delhi17 Jan 2018

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE CHANDER SHEKHAR

Section 41Section 41(1)Section 4BSection 80Section 80H

…ant but there is no appearance on behalf of the counsel for the respondent/assessee in spite of service. 4. The first question of law is covered by decision of this Court in Commissioner of Income Tax Etc. v. Shri Ram Honda Powers Equipment Ltd. (2007) 289 ITR 475 (Del) and the Supreme Court in ACG Associated Capsules P. Ltd. v. The Commissioner of Income Tax, Central-IV Mumbai (2012) 343 ITR (SC). The Assessing Officer will apply their ratio on applicability and effect of Explanation (baa) and compute deduction under Section 80 HHC of the Act. 5. The first question of law is answered accordingly.…