CIT v. Vaikundam Rubber Co. Ltd.

Sangam Sahakari Patpedhi Maryaditnagari, Navi Mumbai, Thane vs. Mumbai-W-91, Vashi Navimumbai

In the result, both the appeal of the assessee are allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2015-16 & Assessment Year: 2020-21 Sangam Sahakari Patpedhi Mumbai-W-91, Maryaditnagari, Navi Mumbai, It-Office, Vashi Railway Station Office No. 227, Central Facility Vs. Building Navi Mumbai-400703. Building, 3Rd Floor, Sector-19, Turbhe, Navi Mumbai-400705. Pan No. Aacas 6296 B Appellant Respondent

…nder section 56. The High Court of Kerala has rendered the same decision in the case of CIT v. Vaikundam Kerala has rendered the same decision in the case of CIT v. Vaikundam Kerala has rendered the same decision in the case of CIT v. Vaikundam Rubber Co. Ltd 241 ITR 50 and CIT v. Cochin Shipyard Ltd 108 Taxman Rubber Co. Ltd 241 ITR 50 and CIT v. Cochin Shipyard Ltd 108 Taxman Rubber Co. Ltd 241 ITR 50 and CIT v. Cochin Shipyard Ltd 108 Taxman 112. A recent judgment of the Hon'ble Gujarat HC in the case of SBI Vs 112. A recent judgment of the Hon'ble Gujarat HC in the case of SBI Vs 112. A recent judgment of the…

Sangam Nagari Sahakri Patpedhi Maryadit, Navimumbai vs. Mum-W-91-Range-222, Navimumbai

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

…herein it is held that keeping the surplus fund in short-term deposits in order to earn interest income, such interests will be chargeable under section 56. The High Court of Kerala has rendered the same decision in the case of CIT v. Vaikundam Rubber Co. Ltd 241 ITR 50 and CIT v. Cochin Shipyard Ltd 108 Taхтап 112. A recent judgment of the Hon'ble Gujarat HC in the case of SBI Vs CIT reported in 389 ITR 578 also supports the above view. In the case of Totgars Co-operative Sales Society reported in 322 ITR 283 (SC) the case before the Supreme Court was in respect of a Co-operative Credit Society, which was also m…