CIT v. Triputi Wollen Mills Limited

193 ITR 252High Court1992#4311 most cited
27

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2016 to 2023.

Issues it is cited on

section 36(1)(ii)project completion methodpercentage completion methodsection 57(iii)disallowance of interest expenditureput to usesection 57section 36(1)(iii)capital expendituresection 36(1)section 36income from other sources

Judgments citing CIT v. Triputi Wollen Mills Limited

M/S Tea Promoters (India) Pvt. Ltd., Kolkata vs. DCIT, Circle - 4, Kolkata

In the result, Revenue’s appeal is dismissed

ITA 1841/KOL/2013[2002-03]Status: DisposedITAT Kolkata18 Nov 2016AY 2002-03

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 10BSection 143(1)Section 143(3)Section 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “C” KOLKATA Before Shri N.V.Vasudevan, Judicial Member and Shri Waseem Ahmed, Accountant Member ITA Nos.1841/Kol/2013, 1897/Kol/2013, 2161-2162/Kol/2013 & 623/Kol/2014 Assessment Years :2002-03 to 2004-05 M/s Tea Promoters (India) V/s. DCIT, Range-4, Pvt. Ltd., Suit No. 17, Aaykar Vhawan, Kolkata-69 Chowringhee Mansion, 30, J.L. Nehru Road, Kolkata- 700 016 [PAN No.AABCT 0260 H] ITO Ward-4(4) V/s. M/s Tea Promoters (India) P-7, Chowringhee Square, Pvt. Ltd., Aayakar Bhawan, 8th Floor, Kolkta-69 M/s Tea Promoters (India) V/s. ACIT, Circle-4 Kolkata अपीलाथ" /Ap…

DCIT 7(2), Mumbai vs. Swan Energy Ltd, Mumbai

In the result appeal filed by the Revenue is dismissed

ITA 5442/MUM/2013[2008-09]Status: DisposedITAT Mumbai24 Oct 2016AY 2008-09

Bench: Shri R.C. Sharma() & Shri Amarjeet Singh () Assessment Year: 2008-09

For Appellant: Shri. J.P. BairagraFor Respondent: Shri. H.N. Singh
Section 143(3)

…had to be treated as business income and not income from other sources . In the case of Snam Progetti SPA Vs. Addl. CIT, 133 ITR 70, the Del High Court held that interest on bank deposits was also business income. In the case of CIT vs. Tirupati Woolen Mills, 193 ITR 252, Madras High Court in the case of Tamilnadu Dairy Development, 216 ITR 355, and Mumbai Tribunal in the case of ACIT Vs. Niru Impex held that the interest income was business income. Recently, the ITAT Mumbai has decided the case of M/s. West Gujarat Expressway Ltd. Vs. DCIT 10(1) in ITA No. 1284/Mum/2011/- A.Y. 2007-08 order dated 27/02/2013. In…

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

…Vashulinga Finance P. Ltd. (ITA No. 5464/Del/2011). 2. The Hon’ble Calcutta High Court decision in the case of CIT 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 Constructio…

Shine Star Impex P.Ltd, Mumbai vs. DCIT Cen Cir (42), Mumbai

In the result, the appeals of the assessee’s are allowed in part

ITA 4350/MUM/2015[2009-10]Status: DisposedITAT Mumbai09 Sept 2016AY 2009-10

Bench: Shri R. C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. Nos.4347 & 4348/Mum/2015 (नििाारण वषा / Assessment Years: 2008-09 & 2009-10) Sunshine Import & Exports Pvt. Ltd. Dy. Cit, Central Circle (42), बिाम/ 28/3, Shree Ramniwas, 1St Bhatwadi, Mumbai Vs. Opera House, Mumbai-400 004 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aalcs 1023 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) : & आमकय अऩीर सं./I.T.A. Nos.4349 & 4350/Mum/2015 (नििाारण वषा / Assessment Years: 2008-09 & 2009-10) Shine Star Impex Pvt. Ltd. Dy. Cit, Central Circle (42), बिाम/ 28/3, Shree Ramniwas, 1St Bhatwadi, Mumbai Vs. Opera House, Mumbai-400 004 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aalcs 3998 R (अऩीराथी /Appellant) (प्रत्मथी / Respondent) : अऩीराथी की ओय से / Appellant By : Shri Vimal Punmiya – Written Submission प्रत्मथी की ओय से/Respondent By : Shri Uday Bhaskar Jakke सुनवाई की तायीख / : 19.7.2016 Date Of Hearing घोषणा की तायीख / : .9.2016 Date Of Pronouncement आदेश / O R D E R Per R. C. Sharma, A. M.:

For Appellant: Shri Vimal Punmiya – Written submissionFor Respondent: Shri Uday Bhaskar Jakke
Section 131Section 133ASection 143(3)

…d that interest received on deposits made out of advance money so received by the assessee in the course of its business is liable to be taxed as ‘business income’. Furthermore, the Hon’ble Calcutta High Court in the case of Tirupati Woollen Mills Ltd. (1992) 193 ITR 252 (Cal) held that interest arising from deposits made out of business funds lying idle, is income from business and not from other sources. Consequently any expenditure relating to the business can be deducted from that. (A.Ys. 2008-09 & 2009-10) 18. Respectfully following the decision of the Hon’ble Jurisdictional High Court, we direct the A.O. to…

Shine Star Impex P.Ltd, Mumbai vs. DCIT Cen Cir (42), Mumbai

In the result, the appeals of the assessee’s are allowed in part

ITA 4349/MUM/2015[2008-09]Status: DisposedITAT Mumbai09 Sept 2016AY 2008-09

Bench: Shri R. C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. Nos.4347 & 4348/Mum/2015 (नििाारण वषा / Assessment Years: 2008-09 & 2009-10) Sunshine Import & Exports Pvt. Ltd. Dy. Cit, Central Circle (42), बिाम/ 28/3, Shree Ramniwas, 1St Bhatwadi, Mumbai Vs. Opera House, Mumbai-400 004 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aalcs 1023 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) : & आमकय अऩीर सं./I.T.A. Nos.4349 & 4350/Mum/2015 (नििाारण वषा / Assessment Years: 2008-09 & 2009-10) Shine Star Impex Pvt. Ltd. Dy. Cit, Central Circle (42), बिाम/ 28/3, Shree Ramniwas, 1St Bhatwadi, Mumbai Vs. Opera House, Mumbai-400 004 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aalcs 3998 R (अऩीराथी /Appellant) (प्रत्मथी / Respondent) : अऩीराथी की ओय से / Appellant By : Shri Vimal Punmiya – Written Submission प्रत्मथी की ओय से/Respondent By : Shri Uday Bhaskar Jakke सुनवाई की तायीख / : 19.7.2016 Date Of Hearing घोषणा की तायीख / : .9.2016 Date Of Pronouncement आदेश / O R D E R Per R. C. Sharma, A. M.:

For Appellant: Shri Vimal Punmiya – Written submissionFor Respondent: Shri Uday Bhaskar Jakke
Section 131Section 133ASection 143(3)

…d that interest received on deposits made out of advance money so received by the assessee in the course of its business is liable to be taxed as ‘business income’. Furthermore, the Hon’ble Calcutta High Court in the case of Tirupati Woollen Mills Ltd. (1992) 193 ITR 252 (Cal) held that interest arising from deposits made out of business funds lying idle, is income from business and not from other sources. Consequently any expenditure relating to the business can be deducted from that. (A.Ys. 2008-09 & 2009-10) 18. Respectfully following the decision of the Hon’ble Jurisdictional High Court, we direct the A.O. to…

Sunshine Import & Exports P. Ltd, Mumbai vs. DCIT Cen Cir (42), Mumbai

In the result, the appeals of the assessee’s are allowed in part

ITA 4348/MUM/2015[2009-10]Status: DisposedITAT Mumbai09 Sept 2016AY 2009-10

Bench: Shri R. C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. Nos.4347 & 4348/Mum/2015 (नििाारण वषा / Assessment Years: 2008-09 & 2009-10) Sunshine Import & Exports Pvt. Ltd. Dy. Cit, Central Circle (42), बिाम/ 28/3, Shree Ramniwas, 1St Bhatwadi, Mumbai Vs. Opera House, Mumbai-400 004 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aalcs 1023 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) : & आमकय अऩीर सं./I.T.A. Nos.4349 & 4350/Mum/2015 (नििाारण वषा / Assessment Years: 2008-09 & 2009-10) Shine Star Impex Pvt. Ltd. Dy. Cit, Central Circle (42), बिाम/ 28/3, Shree Ramniwas, 1St Bhatwadi, Mumbai Vs. Opera House, Mumbai-400 004 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aalcs 3998 R (अऩीराथी /Appellant) (प्रत्मथी / Respondent) : अऩीराथी की ओय से / Appellant By : Shri Vimal Punmiya – Written Submission प्रत्मथी की ओय से/Respondent By : Shri Uday Bhaskar Jakke सुनवाई की तायीख / : 19.7.2016 Date Of Hearing घोषणा की तायीख / : .9.2016 Date Of Pronouncement आदेश / O R D E R Per R. C. Sharma, A. M.:

For Appellant: Shri Vimal Punmiya – Written submissionFor Respondent: Shri Uday Bhaskar Jakke
Section 131Section 133ASection 143(3)

…d that interest received on deposits made out of advance money so received by the assessee in the course of its business is liable to be taxed as ‘business income’. Furthermore, the Hon’ble Calcutta High Court in the case of Tirupati Woollen Mills Ltd. (1992) 193 ITR 252 (Cal) held that interest arising from deposits made out of business funds lying idle, is income from business and not from other sources. Consequently any expenditure relating to the business can be deducted from that. (A.Ys. 2008-09 & 2009-10) 18. Respectfully following the decision of the Hon’ble Jurisdictional High Court, we direct the A.O. to…

M/S. Gujarat Ambuja Cements Ltd vs. The Dy CIT RG 3(1)

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

ITA 2486/MUM/2005[1999-2000]Status: DisposedITAT Mumbai30 May 2016AY 1999-2000

Bench: Shri D.Karunakara Rao & Shri Pawan Singhassessment Year: 1999-2000 Gujarat Ambuja Cements Limited, Dcit Range 3(1), 122, Maker Chambers, Iii, Aayakar Bhavan, M.K. Road, Vs. Mumbai-400020. Nariman Point, Mumbai-400021. Pan: Aaacg0569P (Appellant) (Respondent) Assessment Year: 1999-2000 Dcit Range 3(1), Gujarat Ambuja Cements Limited, Aayakar Bhavan, M.K. Road, 122, Maker Chambers, Iii, Vs. Mumbai-400020. Nariman Point, Mumbai-400021. Pan: Aaacg0569P (Appellant) (Respondent)

For Respondent: Shri Yashwant Kumar Bhaskar
Section 115JSection 145ASection 244A

…iation (Clause La & 49)(Paper book page 102 & 104) and hence income arising therefrom in the course of business is assessable a business Income. He relied on the decision in the cases of Plast Ltd Vs CIT (237 ITR 454) (SC). CIT Vs Tirupati Woollen Mills Ltd. (193 ITR 252) (Cal) and Lakshmi Silk Mills Ltd 20 ITR 451(SC). 18. Ld. Counsel submitted that instead of considering Rs. 2,000/- on adhoc basis as expenditure incurred to earn the said income, the actual expenditure incurred to earn the aforesaid income is to be excluded 19. The Ld. Departmental Representative relied on the order of the Ld. CIT(A). 20. We hav…