CIT v. Tamil Nadu Dairy Development Corporation Ltd.

216 ITR 535High Court1995#10374 most cited
10

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2012 to 2019.

Judgments citing CIT v. Tamil Nadu Dairy Development Corporation Ltd.

ASST CIT 16(1), MUMBAI vs. NATINAL FILMS DEVELOPMENT CORPORATION LTD, MUMBAI

In the result the appeal filed by the revenue is dismissed

ITA 5956/MUM/2017[2012-13]Status: DisposedITAT Mumbai17 May 2019AY 2012-13

Bench: Shri Shamim Yahya & Shri Ramlal Negiआयकर अपील सुं./I.T.A. No.5956/Mum/2017 (धििाारण वर्ा / Assessment Year: 2012-13 बिाम/ Acit 16(1) M/S. National Film R.No.439,Aayakar Bhavan, Development M.K Marg, Mumbai 400020 Corporation, V. 6Th Floor, Discovery Of India, Dr. Annie Besant Road, Nehru Centre, Worli, Mumbai 400018 स्थायी लेखा सुं./Pan:Aaacn3540R (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Shri. Aarsi Prasad (Dr) Assessee By: Shri. Chetan Karia स िवाई की तारीख /Date Of Hearing : 11.03.2019 घोर्णा की तारीख /Date Of Pronouncement : 17.05.2019 आदेश / O R D E R Per Ramlal Negi, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 12.06.2017, Passed By The Commissioner Of Income Tax (Appeals)-4, (Cit(A)) Pertaining To The Assessment Year 2012-13 Whereby The Ld. Cit(A) Has Partly Allowed The Appeal Filed By The Assessee Against Assessment Order Passed U/S. 143(3) Of The Income Tax (Act). 2. The Assessee Company Engaged In The Business Of Distribution Of Films, Film Production, Film Finance, Media Campaign, Exports Of Films, Service Projects Including Subtitling, Hiring Of Equipments, Video Studio Etc., Filed Its Return Of Income For The Assessment Year Under

For Appellant: Shri. Chetan KariaFor Respondent: Shri. Aarsi Prasad (DR)
Section 143(2)Section 143(3)

…ad. The interest on short-term bank deposits received by Bank of Saurashtra was held as Income from Business vide Bihar State Cooperative Bank Ltd. vs. CIT (1960) 39 ITR 114 (SC), Similarly, in the case of CIT vs. Tamil Nadu Dairy Development Corporation Ltd. 216 ITR 535, 542 (Mad.), the Hon'ble Madras High Court has held that interest on short-term deposit, requirement of utilization of such advances for specific purposes which occurrence is always in future as there is a requirement of production of film which takes time and also considering the decision of Hon'ble Jurisdictional High Court giving the propositi…

M/S OPTEK DISC MFG CO.,BADDI vs. DCIT, CIRCLE , PARWANOO

In the result, the appeal of the assessee is allowed

ITA 179/CHANDI/2018[2010-11]Status: DisposedITAT Chandigarh26 Nov 2018AY 2010-11
For Appellant: Shri Arsh KaushalFor Respondent: Shri Manjit Singh, Sr.DR
Section 143(3)Section 271Section 271(1)(c)Section 80I

…The above judgment has been followed in the following cases to here a few: • CIT VS AP Industrial Infra structure Corporation Ltd (1989) 175 ITR 361 (AP) • Triupati Woolen Mills Ltd ( 1992) ITR 252 (Col) • Tamil Naidu Dairy Development pration Ltd . (1995) 216 ITR 535 ( Mad) Even in the case of assessee the above interest income on the margin money have been accepted by the department as business income in the earlier assessments u/s 143(3) and hence there cannot be a different view on the above subject during the current year. 5. The assessee's reply, we note was not accepted considering the position of law a…

TECH PROCESS SOLUTIONS LTD,MUMBAI vs. ASST CIT 10(1), MUMBAI

In the result, the appeals of assessee in ITA

ITA 5395/MUM/2013[2009-10]Status: DisposedITAT Mumbai12 Oct 2018AY 2009-10

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am

For Appellant: Ms Krupa Gandhi, ARFor Respondent: Shri Ajay Kumar Keshari, DR
Section 10(34)Section 143(3)Section 14A

…आयकर अपीलीय अधिकरण “E” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI श्री महावीर स िंह, न्याययक दस्य एविं श्री एन. के. प्रधान लेखा दस्य के मक्ष । BEFORE SRI MAHAVIR SINGH, JM AND SRI NK PRADHAN, AM Aayakr ApIla saM./ ITA No. 8547/Mum/2011 (inaQa-arNa baYa- / Assessment Year 2008-09) Aayakr ApIla saM./ ITA No. 5395/Mum/2013 (inaQa-arNa baYa- / Assessment Year 2009-10) Techprocess Payment The Dy. Commissioner of Services Ltd. Income Tax-10(1), Aayakar (formerly known as Bhavan, Mumbai Techprocess solutions ltd.) Vs. Bldg Nno. 1,2nd floor, Mehra Industrial Estate, Next to Jaswant Lan…

ACIT 10(1), MUMBAI vs. TECHNOPROCESS SOLUTIONS LTD ( FORMERLY BILL JUNCTION PAYMENT LTD), MUMBAI

In the result, the appeals of assessee in ITA

ITA 8576/MUM/2011[2008-09]Status: DisposedITAT Mumbai12 Oct 2018AY 2008-09

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am

For Appellant: Ms Krupa Gandhi, ARFor Respondent: Shri Ajay Kumar Keshari, DR
Section 10(34)Section 143(3)Section 14A

…आयकर अपीलीय अधिकरण “E” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI श्री महावीर स िंह, न्याययक दस्य एविं श्री एन. के. प्रधान लेखा दस्य के मक्ष । BEFORE SRI MAHAVIR SINGH, JM AND SRI NK PRADHAN, AM Aayakr ApIla saM./ ITA No. 8547/Mum/2011 (inaQa-arNa baYa- / Assessment Year 2008-09) Aayakr ApIla saM./ ITA No. 5395/Mum/2013 (inaQa-arNa baYa- / Assessment Year 2009-10) Techprocess Payment The Dy. Commissioner of Services Ltd. Income Tax-10(1), Aayakar (formerly known as Bhavan, Mumbai Techprocess solutions ltd.) Vs. Bldg Nno. 1,2nd floor, Mehra Industrial Estate, Next to Jaswant Lan…

TECHNPROCESS SOLUTIONS LTD,MUMBAI vs. ASST CIT 10(1), MUMBAI

In the result, the appeals of assessee in ITA

ITA 8547/MUM/2011[2008-09]Status: DisposedITAT Mumbai12 Oct 2018AY 2008-09

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am

For Appellant: Ms Krupa Gandhi, ARFor Respondent: Shri Ajay Kumar Keshari, DR
Section 10(34)Section 143(3)Section 14A

…आयकर अपीलीय अधिकरण “E” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI श्री महावीर स िंह, न्याययक दस्य एविं श्री एन. के. प्रधान लेखा दस्य के मक्ष । BEFORE SRI MAHAVIR SINGH, JM AND SRI NK PRADHAN, AM Aayakr ApIla saM./ ITA No. 8547/Mum/2011 (inaQa-arNa baYa- / Assessment Year 2008-09) Aayakr ApIla saM./ ITA No. 5395/Mum/2013 (inaQa-arNa baYa- / Assessment Year 2009-10) Techprocess Payment The Dy. Commissioner of Services Ltd. Income Tax-10(1), Aayakar (formerly known as Bhavan, Mumbai Techprocess solutions ltd.) Vs. Bldg Nno. 1,2nd floor, Mehra Industrial Estate, Next to Jaswant Lan…

ITO 2(1)(4), MUMBAI vs. CANARA BANK SECURITIES LTD, MUMBAI

The appeal of the Revenue is dismissed

ITA 821/MUM/2016[2008-09]Status: DisposedITAT Mumbai07 Dec 2017AY 2008-09

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2008-09 Income Tax Officer-2(1)(4), M/S Canara Bank Securities Room No.553, 5Th Floor, Ltd. बनाम/ Aayakar Bhavan, 7Th Floor, Maker Chamber-Iii, Vs. M.K. Road, Nariman Point, Mumbai-400020 Mumbai-400021 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No. Aaacg2218H

Section 115JSection 143(2)Section 143(3)Section 263Section 263oSection 56

…g capital , any interest income generated thereon is ‘business income’ and not ‘income from other sources’. The assessee company relied upon the following decision in support of its contentions : (i) CIT v. Tamilnadu Dairy Development Corporation Ltd., (1995) 216 ITR 535 (Mad.) (ii) CIT v. Cocanda Radhaswami Bank , (1995) 57 ITR 306(SC) (iii) Bihar State Coop Bank v. CIT , (1960) 39 ITR 114(SC) (iv) CIT v. Tirupati Woollen Mills Ltd. , (1992) 193 ITR 252(Cal.) (v) CIT v. Producin P. Ltd. , (2007) 290 ITR 598 (Kar.) (vi) Eveready Industries Ltd. v. CIT , (2010) 323 ITR 312(Cal.) The assessee company further submit…

ACIT, CIR-31, KOLKATA, KOLKATA vs. WEST BENGAL HOUSING BOARD, KOLKATA

In the result, the appeal of the revenue is dismissed

ITA 284/KOL/2014[2009-10]Status: DisposedITAT Kolkata22 Mar 2017AY 2009-10
Section 143(3)Section 56Section 80I

…it cannot be presumed that the assessee has come all the way from Italy to make bank deposits on India, when it was clear that the company was established for carrying on business. 9.4 In the case of CIT vs. Tamil Nadu Dairy Development Corporation Ltd [1995] 216 ITR 535 (Mad.), the Madras High Court has held, following the decision of the Supreme Court in the case of CIT vs. Calcutta National Bank Ltd. [1959J 37 ITR 171 (SC) that "business" is a word of very wide connotation with the result that it should ordinarily be treated as business income. Except where the investments are independent of business made out…

PINEBRIDGE INVESTMENTS CAPITAL INDIA PVT. LTD.,MUMBAI vs. ACIT, CIRCLE-6(1), MUMBAI

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

ITA 4355/MUM/2013[2009-10]Status: DisposedITAT Mumbai12 Sept 2016AY 2009-10

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.4355/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) Pinebridge Investments Asstt. Commissioner Of बनाम/ Capital India Private Income Tax Circle 6(1), V. Limited, Room No. 506, 5 Th Floor, 1101, Tower “B”, Aayakar Bhavan, Peninsula Business Park, M.K. Road, G.K. Marg, Lower Parel, Mumbai – 400 020. Mumbai – 400 013. "थायी लेखा सं./Pan : Aafca7262A (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Respondent: Shri Naveen Gupta
Section 143(3)Section 250

…IT v. Eveready Industries India Ltd.(2009) 323 ITR 312. 3. The Hon’ble Calcutta High Court in the case of CIT v. Tirupati Woolen Mills Ltd. [1992], 193 ITR 252 4. The Madras High Court in the case of CIT v. Tamil Nadu Dairy Development Corporation Ltd. [1995] 216 ITR 535 5. Supreme Court in the case of CIT v. Nagpur Engineering Co Ltd. 245 ITR 806 6. Bombay High Court in the case of CIT v. Paramount Premises (P) Ltd. 190 ITR 259 7. Karnataka High Court in the case of CIT v. Chinna Nachimuthu Constructions , 297 ITR 70. Thus the assessee prayed that interest income earned from placing fixed deposit be considered t…

NATHURAM RAMNARAYAN P. LTD,MUMBAI vs. ADDL CIT 2(2), MUMBAI

In the result, assessee’s appeal is partly allowed

ITA 2583/MUM/2011[2007-08]Status: DisposedITAT Mumbai30 Oct 2015AY 2007-08

Bench: Shri Rajendra & Shri Saktijit Deyआमकय अऩीर सं. / Ita No.2583/Mum./2011 (ननधधायण वषा / Assessment Year : 2007–08) M/S. Nathuram Ramnarayan Pvt. Ltd. Rustom Building …….………. अऩीरधथी / 29, Veer Nariman Road Appellant Mumbai 400 023 Pan – Aaacn1289P V/S Addl. Commissioner Of Income Tax ..…….………. प्रत्मथी / Range–2(2), Aayakar Bhawan Respondent 101, M.K. Road, Mumbai 400 020 ननधधारयती की ओय से / Assessee By : Shri H.S. Raheja यधजस्व की ओय से / Revenue By : Shri Samir Tekriwal सुनवधई की तधयीख / आदेश घोषणध की तधयीख / Date Of Hearing – 08.10.2015 Date Of Order – 30.10.2015

For Appellant: Shri H.S. RahejaFor Respondent: Shri Samir Tekriwal

…earned Counsel for the assessee submitted, the following decisions are directly in favour of the assessee. i) Sujoy Trading Pvt. Ltd., 111 ITD 249 (Mum.) (TM); ii) Poompuhar Shipping Corporation Ltd., 39 TTJ 206 (Mad.) iii) T.N. Dairy Development Corp. Ltd., 216 ITR 535; iv) Indo Swiss Jewels Ltd., 284 ITR 389; v) Paramount Premises Pvt. Ltd., 190 ITR 259; and vi) Lok Holds, 308 ITR 356. M/s. Nathuram Ramnarayan Pvt. Ltd. 7 7. The learned Departmental Representative, on the other hand, relying upon the findings of the Departmental Authorities submitted that during the year, neither the assessee has started any b…

M/S BHARTI TELEVENTURES LTD vs. ADDL./JT.COMMISSIONER OF INCOME TAX

ITA/1395/2006HC Delhi18 Dec 2012

Bench: The Tribunal. The Questions Of Law Sought To Be Urged Are: - (I) Whether The Tribunal Fell Into Error In Holding That `1,35,05,869/- Paid By The Assessee As Installation Expenditure By The Assessee Was Capital In Nature & Has To Be Treated As Such In Assessment Proceedings?

…scern what was its real and true business. Counsel emphasised the fact that the term “business” is wide. He relied upon the decisions in Krishna Prasad & Co. Ltd. v. CIT, (1955) 27 ITR 49 (SC); CIT v. Tamil Nadu Dairy Development Corporation Ltd., (1955) 216 ITR 535 (Mad.), wherein the Madras High Court held as under: - “The term „business‟ is a word of very wide, though by no means determinate, scope. It has rightly been observed in judicial decisions of high authority that it is neither practicable nor desirable to make any attempt at de-limiting the ambit of its connotation. Each case has to be…

CIT v. Tamil Nadu Dairy Development Corporation Ltd. (216 ITR 535) — Cited in 10 Judgments | BharatTax