COMMISSIONER OF INCOME TAX v. VASISTH CHAY VYAAR LIMITED

90 Taxmann.com 365Supreme Court of India2018#7527 most cited

What is COMMISSIONER OF INCOME TAX v. VASISTH CHAY VYAAR LIMITED authority for?

Interest income on Non-Performing Assets (NPA) need not be recognized on an accrual basis and the provisions of Section 145 of the Income Tax Act do not play a role in such income recognition. Furthermore, if interest does not result in any income, there can be no levy of tax.

15

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2025.

Also referred to as

CIT v. Vasisth Chay Vyapar Ltd. · 90 taxmann.com 365 · SC · interest income · NPA · Non-Performing Assets · accrual basis · receipt basis · Section 145 · income recognition · tax levy

Sections most often in play

Section 133A(2A)Section 192Section 194NSection 198Section 201Section 201(1A)

Judgments citing COMMISSIONER OF INCOME TAX v. VASISTH CHAY VYAAR LIMITED

M/S. the Coimbatore District Central Co-Op. Bank Ltd., Coimbatore vs. ITO, TDS Ward-2, Coimbatore

In the result, the appeal filed by the assessee is dismissed

ITA 1004/CHNY/2025[2020-21]Status: DisposedITAT Chennai12 Aug 2025AY 2020-21

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपील सं./Ita No.1004/Chny/2025 िनधा9रण वष9 /Assessment Year: 2020-21 M/S. Coimbatore District Central The Income Tax Officer, Co-Op. Bank Ltd., Vs. Tds Ward-2 (I/C), 80, State Bank Road, Coimbatore. Coimbatore – 641 018. [Pan: Aabat 3010F]

For Appellant: Shri T.Vasudevan, Advocate
Section 133ASection 194NSection 201Section 201(1)

…आयकर अपीलीय अिधकरण, ‘बी’ "ायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH: CHENNAI "ी एबी टी. वक", "ाियक सद! एवं "ी जगदीश, लेखा सद! के सम( BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI JAGADISH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.1004/Chny/2025 िनधा9रण वष9 /Assessment Year: 2020-21 M/s. Coimbatore District Central The Income Tax Officer, Co-op. Bank Ltd., Vs. TDS Ward-2 (i/c), 80, State Bank Road, Coimbatore. Coimbatore – 641 018. [PAN: AABAT 3010F] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" की ओर से/ Appellant by : Shri T.Vasudevan, Advocate FGथ" की ओर से /Respondent by Ms. Gauthami M…

Aditya Birla Finance Limited, Mumbai vs. Assistant Commissioner of Income-Tax - 2(1)(1), Mumbai

In the result, the appeal is partly allowed

ITA 4821/MUM/2024[AY 2017-18]Status: DisposedITAT Mumbai08 Jul 2025

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

For Appellant: Shri Yogesh Thar & Ms. S.Jayaram, ARsFor Respondent: Shri Rajesh Kumar Yadav, (CIT DR)
Section 135Section 143(3)Section 32Section 43BSection 80G

…IN THE INCOME-TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER & SHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER ITA No.4821/MUM/2024 (A.Y. 2017-18) Aditya Birla Finance Limited v/s. Assistant Commissioner of Limited, Tower 1, 18th Floor, बनाम Income Tax, Circle One World Center, 841, 2(1)(1), Aayakar Bhavan, Senapati Bapat Marg, Mumbai Mumbai 400 020, 400 013, Maharashtra Maharashtra स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AABCB5769M Appellant/अपीलार्थी .. Respondent/प्रतिवादी Appellant by : Shri Yogesh Thar & Ms. S.Jayaram, ARs Respondent by : Shri Rajesh Kumar Yadav, (CIT DR) Date o…

The Pr Commissioner of Income Tax CIT(A) vs. M/S South Canara District

The appeal stands dismissed

ITA/115/2016HC Karnataka14 Dec 2021

Bench: S.SUJATHA,S VISHWAJITH SHETTY

Section 145Section 260Section 260A

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 14TH DAY OF DECEMBER, 2021 PRESENT THE HON’BLE MRS. JUSTICE S.SUJATHA AND THE HON’BLE MR. JUSTICE S.VISHWAJITH SHETTY I.T.A.No.115/2016 BETWEEN: 1. The Pr. Commissioner of Income-tax, CIT(A) C.R.Building, Attavara, Mangaluru-575 001. 2. The Asst. Commissioner of Income-tax, Circle-1(1), C.R.building, Attavara, Mangaluru-575 001. … APPELLANTS (By Sri K.V.Aravind, Adv.) AND: M/s. South Canara District, Central Co-operative Bank Ltd., Sadashiva Sahakara Sadana, K.S.Rao Road, Mangaluru-575 00…

The Pr Commissioner of Income Tax, CIT(A) vs. M/S South Canara District

The appeal stands dismissed

ITA/393/2016HC Karnataka14 Dec 2021

Bench: S.SUJATHA,S VISHWAJITH SHETTY

Section 145Section 260Section 260A

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 14TH DAY OF DECEMBER, 2021 PRESENT THE HON’BLE MRS. JUSTICE S.SUJATHA AND THE HON’BLE MR. JUSTICE S.VISHWAJITH SHETTY I.T.A.No.393/2016 BETWEEN: 1. The Pr. Commissioner of Income-tax, CIT(A) C.R.Building, Attavara, Mangaluru-575 001. 2. The Asst. Commissioner of Income-tax, Circle-2(1), C.R.building, Attavara, Mangaluru-575 001. … APPELLANTS (By Sri K.V.Aravind, Adv.) AND: M/s. South Canara District, Central Co-operative Bank Ltd., Sadashiva Sahakara Sadana, K.S.Rao Road, Mangaluru-575 00…

The Pr Commissioner of Income Tax CIT(A) vs. M/S South Canara District

The appeal stands dismissed

ITA/116/2016HC Karnataka14 Dec 2021

Bench: S.SUJATHA,S VISHWAJITH SHETTY

Section 145Section 260Section 260A

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 14TH DAY OF DECEMBER, 2021 PRESENT THE HON’BLE MRS. JUSTICE S.SUJATHA AND THE HON’BLE MR. JUSTICE S.VISHWAJITH SHETTY I.T.A.No.116/2016 BETWEEN: 1. The Pr. Commissioner of Income-tax, CIT(A) C.R.Building, Attavara, Mangaluru-575 001. 2. The Asst. Commissioner of Income-tax, Circle-1(1), C.R.building, Attavara, Mangaluru-575 001. … APPELLANTS (By Sri K.V.Aravind, Adv.) AND: M/s. South Canara District, Central Co-operative Bank Ltd., Sadashiva Sahakara Sadana, K.S.Rao Road, Mangaluru-575 00…

The Commissioner of Income-Tax vs. M/S. Syndicate Bank

The appeals are disposed of

ITA/98/2010HC Karnataka23 Jan 2020

Bench: ALOK ARADHE,RAVI V HOSMANI

Section 115JSection 14ASection 260Section 36(1)(vii)Section 36(2)(i)Section 43D

…IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 23RD DAY OF JANUARY 2020 PRESENT THE HON’BLE MR. JUSTICE ALOK ARADHE AND THE HON’BLE MR. JUSTICE RAVI V.HOSMANI I.T.A. NO.98 OF 2010 C/W I.T.A. NO.100 OF 2010 I.T.A. NO.98 OF 2010 BETWEEN: 1. THE COMMISSIONER OF INCOME-TAX C.R. BUILDING, ATTAVATA MANGALORE. 2. THE ASST. COMMISSIONER OF INCOME-TAX CIRCLE-1, UDUPI. ... APPELLANTS (By Sri. K.V. ARAVIND, ADV.) AND: M/S. SYNDICATE BANK SYNDICATE HOUSE MANIPAL. ... RESPONDENT (By Sri. T. SURYANARAYANA, ADV.) - - - 2 THIS I.T.A. IS FILED UND…

DCIT Corporate Circle 2(1), Chennai vs. Fullerton India Credit Company Ltd., Chennai

In the result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed

ITA 1473/CHNY/2018[2012-13]Status: DisposedITAT Chennai05 Dec 2018AY 2012-13

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy

For Appellant: Shri G.S.P. Babu, AdvocateFor Respondent: Mrs. Ruby George, CIT
Section 145

…आयकर अपीलीय अिधकरण, ‘बी’ "ायपीठ, चे"ई IN THE INCOME-TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी अ"ाहम पी. जॉज", लेखा सद" एवं "ी धु"ु" आर.एल रे"ी, "ाियक सद" के सम" Before Shri Abraham P. George, Accountant Member & Shri Duvvuru RL Reddy, Judicial Member I.T.A. Nos. 1083, 1084 & 1085/Chny/2018 Assessment Years: 2010-11, 11-12 & 12-13 M/s. Fullerton India Credit Co. Ltd., The Deputy Commissioner of Megh Towers, 1-3rd Floor, Old No. 307, Vs. Income Tax, New No. 165, Poonamallee High Road, Corporate Circle 2(1), Maduravoyal, Chennai 600 095. Chennai. [PAN:AAACD1707C] (अपीलाथ" /Appellant) (""थ"/Respondent) I.T.A. Nos…

DCIT Corporate Circle 2(1), Chennai vs. Fullerton India Credit Company Ltd., Chennai

In the result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed

ITA 1472/CHNY/2018[2011-12]Status: DisposedITAT Chennai05 Dec 2018AY 2011-12

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy

For Appellant: Shri G.S.P. Babu, AdvocateFor Respondent: Mrs. Ruby George, CIT
Section 145

…आयकर अपीलीय अिधकरण, ‘बी’ "ायपीठ, चे"ई IN THE INCOME-TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी अ"ाहम पी. जॉज", लेखा सद" एवं "ी धु"ु" आर.एल रे"ी, "ाियक सद" के सम" Before Shri Abraham P. George, Accountant Member & Shri Duvvuru RL Reddy, Judicial Member I.T.A. Nos. 1083, 1084 & 1085/Chny/2018 Assessment Years: 2010-11, 11-12 & 12-13 M/s. Fullerton India Credit Co. Ltd., The Deputy Commissioner of Megh Towers, 1-3rd Floor, Old No. 307, Vs. Income Tax, New No. 165, Poonamallee High Road, Corporate Circle 2(1), Maduravoyal, Chennai 600 095. Chennai. [PAN:AAACD1707C] (अपीलाथ" /Appellant) (""थ"/Respondent) I.T.A. Nos…

M/S Fullerton India Credit Company Limited, Chennai vs. DCIT Corporate Circle 2 (1), Chennai

In the result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed

ITA 1085/CHNY/2018[2012-13]Status: DisposedITAT Chennai05 Dec 2018AY 2012-13

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy

For Appellant: Shri G.S.P. Babu, AdvocateFor Respondent: Mrs. Ruby George, CIT
Section 145

…आयकर अपीलीय अिधकरण, ‘बी’ "ायपीठ, चे"ई IN THE INCOME-TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी अ"ाहम पी. जॉज", लेखा सद" एवं "ी धु"ु" आर.एल रे"ी, "ाियक सद" के सम" Before Shri Abraham P. George, Accountant Member & Shri Duvvuru RL Reddy, Judicial Member I.T.A. Nos. 1083, 1084 & 1085/Chny/2018 Assessment Years: 2010-11, 11-12 & 12-13 M/s. Fullerton India Credit Co. Ltd., The Deputy Commissioner of Megh Towers, 1-3rd Floor, Old No. 307, Vs. Income Tax, New No. 165, Poonamallee High Road, Corporate Circle 2(1), Maduravoyal, Chennai 600 095. Chennai. [PAN:AAACD1707C] (अपीलाथ" /Appellant) (""थ"/Respondent) I.T.A. Nos…

M/S Fullerton India Credit Company Limited, Chennai vs. DCIT Corporate Circle 2 (1), Chennai

In the result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed

ITA 1084/CHNY/2018[2011-12]Status: DisposedITAT Chennai05 Dec 2018AY 2011-12

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy

For Appellant: Shri G.S.P. Babu, AdvocateFor Respondent: Mrs. Ruby George, CIT
Section 145

…आयकर अपीलीय अिधकरण, ‘बी’ "ायपीठ, चे"ई IN THE INCOME-TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी अ"ाहम पी. जॉज", लेखा सद" एवं "ी धु"ु" आर.एल रे"ी, "ाियक सद" के सम" Before Shri Abraham P. George, Accountant Member & Shri Duvvuru RL Reddy, Judicial Member I.T.A. Nos. 1083, 1084 & 1085/Chny/2018 Assessment Years: 2010-11, 11-12 & 12-13 M/s. Fullerton India Credit Co. Ltd., The Deputy Commissioner of Megh Towers, 1-3rd Floor, Old No. 307, Vs. Income Tax, New No. 165, Poonamallee High Road, Corporate Circle 2(1), Maduravoyal, Chennai 600 095. Chennai. [PAN:AAACD1707C] (अपीलाथ" /Appellant) (""थ"/Respondent) I.T.A. Nos…

M/S Fullerton India Credit Company Limited, Chennai vs. DCIT Corporate Circle 2 (1), Chennai

In the result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed

ITA 1083/CHNY/2018[2010-11]Status: DisposedITAT Chennai05 Dec 2018AY 2010-11

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy

For Appellant: Shri G.S.P. Babu, AdvocateFor Respondent: Mrs. Ruby George, CIT
Section 145

…आयकर अपीलीय अिधकरण, ‘बी’ "ायपीठ, चे"ई IN THE INCOME-TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी अ"ाहम पी. जॉज", लेखा सद" एवं "ी धु"ु" आर.एल रे"ी, "ाियक सद" के सम" Before Shri Abraham P. George, Accountant Member & Shri Duvvuru RL Reddy, Judicial Member I.T.A. Nos. 1083, 1084 & 1085/Chny/2018 Assessment Years: 2010-11, 11-12 & 12-13 M/s. Fullerton India Credit Co. Ltd., The Deputy Commissioner of Megh Towers, 1-3rd Floor, Old No. 307, Vs. Income Tax, New No. 165, Poonamallee High Road, Corporate Circle 2(1), Maduravoyal, Chennai 600 095. Chennai. [PAN:AAACD1707C] (अपीलाथ" /Appellant) (""थ"/Respondent) I.T.A. Nos…

Tata Motors Ltd., Mumbai vs. DCIT RG 8(3), Mumbai

In the result, appeals filed by the assessee are partly allowed, for

ITA 1490/MUM/2012[2000-01]Status: DisposedITAT Mumbai21 Aug 2018AY 2000-01

Bench: Shri Mahavir Singh() & Shri G Manjunatha ()

Section 143(3)Section 14ASection 32Section 54E

…1 Tata Motors The IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E”, MUMBAI Before Shri Mahavir Singh(JUDICIAL MEMBER) AND Shri G Manjunatha (ACCOUNTANT MEMBER) I.T.A No.1490/Mum/2012 (Assessment year: 2000-01) & I.T.A No.3523/Mum/2013 (Assessment year: 2001-02) Tata Motors Ltd (Successor vs ACIT, Range-10(2) / Dy.CIT, to Tata Finance Ltd), Bombay Range(3), Mumbai House, 24, Homi Mody Street Fort, Mumbai- 400 001 PAN : AAACT1629F APPELLANT RESPONDENT I.T.A No.1721/Mum/2012 (Assessment year: 2000-01) & I.T.A No.4095/Mum/2013 (Assessment year: 2001-02) ACIT-2(3) / Dy.CIT-8(3), vs Tata Motors Ltd (Successor…

Tradelink Securities Ltd., Kolkata vs. The ITO, WD-4(1), Kolkata

In the result the appeals of the assessee are allowed

ITA 915/KOL/2015[2005-2006]Status: DisposedITAT Kolkata14 Mar 2018AY 2005-2006

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 914&915/Kol/2015 Assessment Years : 2004-05 & 2005-06 Tradelink Securities Ltd. -Vs- Ito, Ward-4(1), Kolkata [Pan: Aaact 9210 G] (Appellant) (Respondent)

For Appellant: Shri P. R. KothariFor Respondent: Shri Arindam Bhattacharjee, Addl. CIT
Section 139(1)Section 143(3)Section 147Section 271Section 271(1)Section 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH : KOLKATA [Before Hon’ble Shri Aby. T. Varkey, JM & Shri M.Balaganesh, AM ] I.T.A Nos. 914&915/Kol/2015 Assessment Years : 2004-05 & 2005-06 Tradelink Securities Ltd. -vs- ITO, Ward-4(1), Kolkata [PAN: AAACT 9210 G] (Appellant) (Respondent) For the Appellant : Shri P. R. Kothari, For the Respondent : Shri Arindam Bhattacharjee, Addl. CIT Date of Hearing : 12.03.2018 Date of Pronouncement : 14.03.2018 ORDER Per Bench: 1. These appeals by the Assessee arise out of the common orders of the Learned Commissioner of Income Tax(Appeals)-2, Kolkata [in short the l…

Tradelink Securities Ltd., Kolkata vs. The ITO, WD-4(1), Kolkata

In the result the appeals of the assessee are allowed

ITA 914/KOL/2015[2004-2005]Status: DisposedITAT Kolkata14 Mar 2018AY 2004-2005

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 914&915/Kol/2015 Assessment Years : 2004-05 & 2005-06 Tradelink Securities Ltd. -Vs- Ito, Ward-4(1), Kolkata [Pan: Aaact 9210 G] (Appellant) (Respondent)

For Appellant: Shri P. R. KothariFor Respondent: Shri Arindam Bhattacharjee, Addl. CIT
Section 139(1)Section 143(3)Section 147Section 271Section 271(1)Section 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH : KOLKATA [Before Hon’ble Shri Aby. T. Varkey, JM & Shri M.Balaganesh, AM ] I.T.A Nos. 914&915/Kol/2015 Assessment Years : 2004-05 & 2005-06 Tradelink Securities Ltd. -vs- ITO, Ward-4(1), Kolkata [PAN: AAACT 9210 G] (Appellant) (Respondent) For the Appellant : Shri P. R. Kothari, For the Respondent : Shri Arindam Bhattacharjee, Addl. CIT Date of Hearing : 12.03.2018 Date of Pronouncement : 14.03.2018 ORDER Per Bench: 1. These appeals by the Assessee arise out of the common orders of the Learned Commissioner of Income Tax(Appeals)-2, Kolkata [in short the l…

The Commissioner of Income tax III vs. Biraj Kavar Galada

ITTA/98/2010HC Telangana29 Feb 2016

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY