CIT v. United Wire Ropes Ltd.

121 ITR 762High Court1980#16556 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2017 to 2025.

Sections most often in play

Section 143(3)Section 250Section 57(iii)

Judgments citing CIT v. United Wire Ropes Ltd.

Shantilal Bachubhai Rita, Goregaon West vs. ITO, Ward 31(1)(9), Mumbai, Bandra (East)

In the result, the appeal of the assessee bearing ITA No

ITA 2356/MUM/2024[2017-18]Status: DisposedITAT Mumbai09 Apr 2025AY 2017-18

Bench: Shrinarendra Kumar Billaiya & Shri Anikesh Banerjeeshantilal Bachubhai Rita Vs Ito, Ward 31(1)(9), Mumbai C-33, Sai Baba Enclave Room No.536, 5H Floor, Kautilya Building No.3, S.V. Road, Near Bhavan, C-41 To C-43, G Block, Citi Centre, Goregaon West, Bandra Kurla Complex, Bandra (E), Mumbai-400 104 Mumbai-400 051 Pan: Aetpr2071R Respondent

For Appellant: Shri S.D. ChhedaFor Respondent: Shri Bhangerpatil Pushkaraj Ramesh
Section 143(3)Section 250Section 57

…DR also placed reliance upon the decision of the Hon’ble Kerala High Court in Mathew Joseph vs. ACIT, reported in (2017) 87 taxmann.com 317 (Kerala) and the decision of the Hon’ble Jurisdictional High Court in CIT vs. United Wire Ropes Ltd. reported in (1980) 121 ITR 762 (Bom). From the perusal of the aforesaid decisions, it is evident that the loan was given to the taxpayer for a specific purpose for which interest was payable and thus there was no permission by the bankers for the usage of the amount for a purpose other than for which it was given. Accordingly, the Hon’ble Courts denied the deduction claimed un…

Shantiben K Rita, Goregaon West vs. ITO Ward 41(4)(4), Kautilya Bhavan

In the result, the appeal of the assessee is allowed

ITA 3406/MUM/2024[2020-21]Status: DisposedITAT Mumbai06 Jan 2025AY 2020-21

Bench: Shri Amarjit Singhshri Sandeep Singh Karhailshantiben K Rita, 1601, Laburnum Tower, Sv Road, Goregaon West, ……………. Appellant Mumbai - 400104 Pan – Aecpr3455A V/S Ito, Ward-41(4)(4), ……………. Respondent Kautilya Bhavan, Mumbai Maharashtra Assessee By : Shri Surji D. Chheda, Ca Revenue By : Shri Bhangepatil Pushkaraj Ramesh, Sr.Dr

For Appellant: Shri Surji D. Chheda, CAFor Respondent: Shri Bhangepatil Pushkaraj Ramesh, Sr.DR
Section 142(1)Section 143(2)Section 250Section 57

…DR also placed reliance upon the decision of the Hon’ble Kerala High Court in Mathew Joseph vs. ACIT, reported in (2017) 87 taxmann.com 317 (Kerala) and the decision of the Hon’ble Jurisdictional High Court in CIT vs. United Wire Ropes Ltd. reported in (1980) 121 ITR 762 (Bom). From the perusal of the aforesaid decisions, it is evident that the loan was given to the taxpayer for a specific purpose for which interest was payable and thus there was no permission by the bankers for the usage of the amount for a purpose other than for which it was given. Accordingly, the Hon’ble Courts denied the deduction claimed un…

Assistant Commissioner of Income-Tax, Circle -6, Pune vs. M/S. Sion Panvel Tollways Pvt.Ltd, Pune

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

ITA 489/PUN/2018[2013-14]Status: DisposedITAT Pune16 Nov 2022AY 2013-14

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury

Section 57

…rrowing for highway development has no relation with the making of FDRs on which the interest income chargeable to tax under the head `Income from other sources’ was earned. 7. The Hon’ble jurisdictional High Court in CIT Vs. United Wire Ropes Ltd. (1980) 121 ITR 762 (Bom.) considered almost similar facts in a case in which the assessee received interest on the amounts kept in short term deposits with various banks which was assessed as ‘Income from other sources’. The assessee paid 8 M/s. Sion Panvel Tollways Pvt. Ltd., A.Yrs. 2013-14 & 2014-15 interest in respect of loan which it had obtained. Deduction…

Assistant Commissioner of Income-Tax, Circle -6, Pune vs. M/S. Sion Panvel Tollways Pvt.Ltd, Pune

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

ITA 249/PUN/2018[2014-15]Status: DisposedITAT Pune16 Nov 2022AY 2014-15

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury

Section 57

…rrowing for highway development has no relation with the making of FDRs on which the interest income chargeable to tax under the head `Income from other sources’ was earned. 7. The Hon’ble jurisdictional High Court in CIT Vs. United Wire Ropes Ltd. (1980) 121 ITR 762 (Bom.) considered almost similar facts in a case in which the assessee received interest on the amounts kept in short term deposits with various banks which was assessed as ‘Income from other sources’. The assessee paid 8 M/s. Sion Panvel Tollways Pvt. Ltd., A.Yrs. 2013-14 & 2014-15 interest in respect of loan which it had obtained. Deduction…

Coastal Gujarat Power Ltd, Mumbai vs. ITO 6(2)(1), Mumbai

In the result, the appeal of the assessee is allowed

ITA 2298/MUM/2015[2010-11]Status: DisposedITAT Mumbai15 Mar 2017AY 2010-11

Bench: Shri Amit Shukla, Jm & Shri Rajesh Kumar, Am आमकय अऩीर सं./ I.T.A. No 2298/Mum/2015 (निर्धारण वषा / Assessment Year : 2010-11) Coastal Gujarat Power Limited, The Income Tax Officer 34, Sant Tukaram Road, 6(2)(1), फनाभ/ Carnac Bunder, Aayakar Bhavan, Vs. Mumbai-400009 M K Road, Mumbai-400020 अऩीराथी की ओय से / Applicant By : Shri Farrokh V Irani प्रत्मथी की ओय से/Respondent By : Shri M C Omi Ningshen सुनवाई की तायीख /Date Of Hearing : 14.12.2016 घोषणा की तायीख /Date Of : 15.3.2017 Pronouncement आदेश / O R D E R Per Rajesh Kumar, A. M: This Is An Appeal Filed By The Assessee & Is Directed Against The Order Of The Ld.Cit(A), Mumbai, Dated25.2.2015 For The Assessment Year 2010-11. 2. The First Ground Raised By The Assessee Is Against Upholding The Order Of Assessing Officer As Regards Interest Income From Securities Deposited With Paschim Gujarat Vij Co.Ltd (Hereinafter Referred To As Pgvcl) For Availing Electricity For The Purposes Of Construction Of Power

For Respondent: Shri M C Omi Ningshen
Section 143(3)

…ng dividend income – Held, yes – Whether where existence of a connection between amount borrowed and shares purchased by assessee would not be sufficient to attract application of section 12(2) of 1922 Act – Held, yes” 9. CIT V/s United Wire Ropes Ltd [1980] 121 ITR 762 (BOM.) “Section 57 of the Income-tax Act, 1961 – Income from other sources – Deductions – Assessment year 1963-64 – Assessee- company received interest on amounts kept as short-term deposits with banks and said interest was shown as „income from other sources‟ – Those amounts were raised as share capital and assessee wanted to make payment for i…

CIT v. United Wire Ropes Ltd. (121 ITR 762) — Cited in 5 Judgments | BharatTax