City Motor Service Ltd. v. CIT

61 ITR 426High Court1966#25360 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2018.

Judgments citing City Motor Service Ltd. v. CIT

Income Tax Officer -1, Rajnandgaon vs. M/S. Radius Water Limited, Rajnandgaon

In the result, appeal filed by the revenue is dismissed

ITA 195/BIL/2011[2008-09]Status: DisposedITAT Raipur10 Jan 2018AY 2008-09

Bench: S/Shri N.S Saini & Pavan Kumar Gadaleassessment Year : 2008-09

For Appellant: Shri P.C.Maloo/Abhisek Maloo Jain, ARFor Respondent: Shri D.K.Jain, DR
Section 2

…ssee has not charged interest from its trade debtors, interest paid by it to its trade creditors could not be disallowed as a deduction especially when there is no dispute about the genuineness of the payment. In case of City Motor Service Ltd. vs. CIT (1966) 61 ITR 426 (MAD.), it has been held that when the loan is advanced in the course of business merely because interest of such advantages made to debtors have been waived subsequently, interest paid by the assessee on borrowed money cannot be disallowed as long as borrowal is for the purpose of business. In view of above facts and the legal position, I am of t…

E-City Investments & Holdings Comapny P. Ltd, Mumbai vs. DCIT Cir 8(1), Mumbai

In the result appeal filed by the assessee for the Asst

ITA 1153/MUM/2015[2008-09]Status: DisposedITAT Mumbai15 Feb 2017AY 2008-09

Bench: Shri B.R.Baskaran (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2008-09

For Appellant: Shri. Jay BhansaliFor Respondent: Shri. Suman Kumar
Section 115JSection 143(1)Section 143(3)(ii)Section 271(1)(c)Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “E”, MUMBAI BEFORE SHRI B.R.BASKARAN (AM) AND SHRI RAM LAL NEGI (JM) Assessment Year: 2008-09 E-City Investments & Holdings The Dy.CIT, Circle – 8(1), Company Private Limited. Room No. 210, 2nd Floor, 844/4, Shah Industrial Estate, Aayakar Bhavan, Off. New Link Road, Vs. Mumbai-400 020. Opp. Laxmi Industrial Estate, Andheri (West), Mumbai- 400053. PAN:- AAACE8030F (Appellant) (Respondent) Appellant by : Shri. Jay Bhansali. Respondent by : Shri. Suman Kumar Date of Hearing: 10/02/2017 Date of Pronouncement: 15/02/2017 O R D E R PER RAM LAL NEGI, JM This…

E-City Investments & Holdings Co. Pvt. Ltd., Mumbai vs. D.C.I.T. RG. 8(1) (OSD), Mumbai

The appeal of the assessee is allowed

ITA 8382/MUM/2011[2008-09]Status: DisposedITAT Mumbai03 Feb 2016AY 2008-09

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2008-09 E-City Investments & Holdings Dcit, Company Private Limited, Range-8(1)(Osd), बनाम/ 844/4, Shah Industrial Estate, Aayakar Bhavan, Vs. Off. New Link Road, Opp. M.K. Road, Laxmi Industrial Estate, Mumbai-400020 Andheri (West), Mumbai-400053 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaace8030F "नधा"रती क" ओर से / Assessee By Shri Vijay Mehta राज"व क" ओर से / Revenue By Mr.J. Saravanan -Dr

Section 143(3)Section 36(1)(iii)

…ssee had ample funds or resources at his disposal and need not have borrowed funds is not a relevant matter for consideration. All that is germane is whether the borrowing was, or was not, for the purposes of business. In City Motor Service Ltd. vs CIT (1966) 61 ITR 426 (Mad. ) The assessee used the borrowed capital for giving loans on interest to others in normal course of his business. Subsequently, it waved interest in respect of certain such loans. It was held that the subsequent waver did not alter the nature of loans. The ratio laid down in Gleneburn Estate Ltd. vs State of Tamilnadu 240 ITR 719 (Mad.) supp…

City Motor Service Ltd. v. CIT (61 ITR 426) — Cited in 3 Judgments | BharatTax