Commonwealth Trust Ltd., Calicut, Kerala v. Commissioner of Income-tax Kerala II, Ernakulam

228 ITR 1Supreme Court of India#8317 most cited
13

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2010 to 2025.

Sections most often in play

Section 14ASection 36(1)(iii)Section 10(38)Section 143(3)Section 40(A)(2)Section 8D(2)(iii)

Issues it is cited on

interest free advancessection 57(iii)business expediencysection 36(1)(iii)commercial expediencysection 57section 36(1)section 36section 14ascrutiny assessmenttransfercompany

Judgments citing Commonwealth Trust Ltd., Calicut, Kerala v. Commissioner of Income-tax Kerala II, Ernakulam

DCIT, C-V, Ludhiana vs. M/S Hero Cycles Ltd., Ludhiana

In the result, appeal of the Department is dismissed and the appeal of the assessee is allowed

ITA 588/CHANDI/2018[2012-13]Status: DisposedITAT Chandigarh08 Sept 2025AY 2012-13

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY, AM आयकर अपील सं. / ITA No. 588/Chd/2018 निर्धारण वर्ष / Assessment Years : 2012-13 The DCIT C-V, Ludhiana बनाम M/s Hero Cycles Ltd. Hero Nagar, G.T. Road Ludhiana स्थायी लेखा सं./PAN NO: AAACH4073P अपीलार्थी/Appellant प्रत्यर्थी / Respondent आयकर अपील सं. / ITA No. 473/Chd/2018 निर्धारण वर्ष / Assessment Years : 2012-13 M/s Hero Cycles Ltd. Hero Nagar, G.T. Road Ludhiana बनाम The ACIT C-V, Ludhiana स्थायी लेखा सं./PAN NO: AAACH4073P

For Appellant: Shri Ashwani Kumar, Shri Ashish Aggarwal &For Respondent: Shri Manav Bansal, CIT, DR
Section 10(38)Section 143(1)Section 14ASection 36(1)(iii)

…isallowed the interest expenditure. The issue eventually reached the Tribunal. The Tribunal by the impugned judgment held in favour of the assessee. The Tribunal referred to and relied upon the decision of the Supreme Court in case ofS.A. Builders Ltd. v. CIT 228 ITR 1 (SC) and concluded as under: — "If the aforesaid ratio laid down by Hon'ble Apex Court is analyzed by keeping the same in juxtaposition with the facts of the present appeal, firstly, we find that there is no finding by the Assessing Officer that the funds were not utilized for business purposes and secondly, we note that advancing loan to the siste…

Parakkott Investment India Pvt Ltd, Mumbai vs. Income Tax Officer Ward 14(2)(4), Mumbai

In the result, no question of law arises

ITA 2137/MUM/2024[2017-18]Status: DisposedITAT Mumbai19 Feb 2025AY 2017-18

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2017-18

For Appellant: Shri M. Subramaniam, AdvocateFor Respondent: Shri Krishna Kumar, Sr. DR
Section 143(3)Section 14ASection 36

…sallowed the interest expenditure. The issue eventually reached the Tribunal. The Tribunal by the impugned judgment held in favour of the assessee. The Tribunal referred to and relied upon the decision of the Supreme Court in case of S.A. Builders Ltd. v. CIT 228 ITR 1 (SC) and concluded as under: - "If the aforesaid ratio laid down by Hon'ble Apex Court is analyzed by keeping the same in juxtaposition with the facts of the present appeal, firstly, we find that there is no finding by the Assessing Officer that the funds were not utilized for business purposes and secondly, we note that advancing loan to the sist…

Deputy Commissioner of Income Tax, Central Circle-1(4), Chennai vs. Shri. Moolchand Kiran Kumar Jain, Chennai

In the result, both the appeals of the revenue are dismissed

ITA 6/CHNY/2024[2021-22]Status: DisposedITAT Chennai12 Jul 2024AY 2021-22

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 5 & 6/Chny/2024 िनधा"रणवष" / Assessment Years: 2020-21 & 2021-22 The Dy. Commissioner Of Shri. Moolchandkiran Kumar Income Tax, V. Jain, Central Circle -1(4), No. 123, Usman Road, T.Nagar, Chennai-34. Chennai – 600 017. [Pan:Achpm-2247-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Shri. R. Clement Ramesh Kumar, Cit ""यथ"क"ओरसे/Respondent By : Shri. D. Anand, Advocate सुनवाई क" तारीख/Date Of Hearing : 13.05.2024 घोषणा क" तारीख/Date Of Pronouncement : 12.07.2024 आदेश /O R D E R Per S. R. Raghunatha, Am: These Appeals Are Preferred By The Revenue Against The Common Order Of The Learned Commissioner Of Income Tax (Appeals)-18, (Hereinafter In Short "The Ld.Cit(A)”), Chennai, Dated 15.11.2022 Against The Assessment Order U/S.153A/143(3) Of The Income Tax Act, 1961 (Hereinafter In Short "The Act”) For :-2-: Ita. Nos: 5 & 6/Chny/2024

For Appellant: Shri. R. Clement Ramesh Kumar, CITFor Respondent: Shri. D. Anand, Advocate
Section 132Section 143(3)Section 153ASection 36(1)Section 36(1)(iii)

…आयकर अपीलीय अिधकरण,‘सी’"यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, CHENNAI "ी एबी टी वक", "याियक सद"य एवं "ी एस. आर.रघुनाथा, लेखा सद"य के सम" BEFORE SHRI ABY T VARKEY, HON’BLE JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA Nos.: 5 & 6/Chny/2024 िनधा"रणवष" / Assessment Years: 2020-21 & 2021-22 The Dy. Commissioner of Shri. MoolchandKiran Kumar Income Tax, v. Jain, Central Circle -1(4), No. 123, Usman Road, T.Nagar, Chennai-34. Chennai – 600 017. [PAN:ACHPM-2247-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant by : Shri. R. Clement Ramesh Kum…

Deputy Commissioner of Income Tax, Central Circle - 1(4), Chennai vs. Shri. Moolchand Kiran Kumar Jain, Chennai

In the result, both the appeals of the revenue are dismissed

ITA 5/CHNY/2024[2020-21]Status: DisposedITAT Chennai12 Jul 2024AY 2020-21

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 5 & 6/Chny/2024 िनधा"रणवष" / Assessment Years: 2020-21 & 2021-22 The Dy. Commissioner Of Shri. Moolchandkiran Kumar Income Tax, V. Jain, Central Circle -1(4), No. 123, Usman Road, T.Nagar, Chennai-34. Chennai – 600 017. [Pan:Achpm-2247-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Shri. R. Clement Ramesh Kumar, Cit ""यथ"क"ओरसे/Respondent By : Shri. D. Anand, Advocate सुनवाई क" तारीख/Date Of Hearing : 13.05.2024 घोषणा क" तारीख/Date Of Pronouncement : 12.07.2024 आदेश /O R D E R Per S. R. Raghunatha, Am: These Appeals Are Preferred By The Revenue Against The Common Order Of The Learned Commissioner Of Income Tax (Appeals)-18, (Hereinafter In Short "The Ld.Cit(A)”), Chennai, Dated 15.11.2022 Against The Assessment Order U/S.153A/143(3) Of The Income Tax Act, 1961 (Hereinafter In Short "The Act”) For :-2-: Ita. Nos: 5 & 6/Chny/2024

For Appellant: Shri. R. Clement Ramesh Kumar, CITFor Respondent: Shri. D. Anand, Advocate
Section 132Section 143(3)Section 153ASection 36(1)Section 36(1)(iii)

…आयकर अपीलीय अिधकरण,‘सी’"यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, CHENNAI "ी एबी टी वक", "याियक सद"य एवं "ी एस. आर.रघुनाथा, लेखा सद"य के सम" BEFORE SHRI ABY T VARKEY, HON’BLE JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA Nos.: 5 & 6/Chny/2024 िनधा"रणवष" / Assessment Years: 2020-21 & 2021-22 The Dy. Commissioner of Shri. MoolchandKiran Kumar Income Tax, v. Jain, Central Circle -1(4), No. 123, Usman Road, T.Nagar, Chennai-34. Chennai – 600 017. [PAN:ACHPM-2247-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant by : Shri. R. Clement Ramesh Kum…

Gujarat Nippon Enterprises Pvt. Ltd., Ahmedabad vs. The Income Tax Officer, Ward-2(1)(1), Ahmedabad

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

ITA 410/AHD/2017[2005-06]Status: DisposedITAT Ahmedabad01 Feb 2022AY 2005-06

Bench: Shri Waseem Ahmed & Ms Suchitra Kambleआयकर अपील सं./Ita No. 410/Ahd/2017 िनधा"रण वष"/Asstt. Year:2005-2006 Gujarat Nippon Enterprises Pvt. Ltd., I.T.O., (Formerly Known As Gujarat Nippon Vs. Ward-2(1)(1), Bimetals Pvt. Ltd.) Ahmedabad. 404, Soham-2, Near Navrang School Six Roads, Navrangpura, Ahmedabad.

For Appellant: Shri Manish Shah, A.RFor Respondent: Shri R.R. Makwana, Sr.D.R
Section 14ASection 36Section 36(1)(ii)Section 36(1)(iii)

…isallowed the interest expenditure. The issue eventually reached the Tribunal. The Tribunal by the impugned judgment held in favour of the assessee. The Tribunal referred to and relied upon the decision of the Supreme Court in case of S.A. Builders Ltd. v.CIT 228 ITR 1 (SC) and concluded as under: — "If the aforesaid ratio laid down by Hon'ble Apex Court is analyzed by keeping the same in juxtaposition with the facts of the present appeal, firstly, we find that there is no finding by the Assessing Officer that the funds were not utilized for business purposes and secondly, we note that advancing loan to the siste…

M/S. Lucina Land Development Ltd., New Delhi vs. ACIT, New Delhi

In the result, grounds no

ITA 962/DEL/2017[2012-13]Status: DisposedITAT Delhi26 Nov 2021AY 2012-13

Bench: Shri Sudhanshu Srivastava & Shri O.P. Kantassessment Year: 2012-13 M/S. Lucina Land Vs. Acit, Development Ltd., Circle-15(2), M-62 & 63, 1St Floor, New Delhi Connaught Place, New Delhi Pan :Aabcl2130N (Appellant) (Respondent)

Section 143(3)Section 234BSection 36Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘E’ NEW DELHI BEFORE SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER Assessment Year: 2012-13 M/s. Lucina Land Vs. ACIT, Development Ltd., Circle-15(2), M-62 & 63, 1st Floor, New Delhi Connaught Place, New Delhi PAN :AABCL2130N (Appellant) (Respondent) Appellant by Sh. Gautam Jain, Adv. Sh. Lalit Mohan, CA Respondent by Ms. Sarita Kumari, CIT(DR) Date of hearing 18.11.2021 Date of pronouncement 26.11.2021 ORDER PER O.P. KANT, AM: This appeal by the assessee is directed against order dated 23/12/2016 passed by the learned Commis…

Asst.C.I.T., Raichur vs. M/S Shilpa Medicare Ltd., Raichur

In the result, the revenue’s appeal for AY 2011-12 is dismissed

ITA 1373/BANG/2015[2010-11]Status: DisposedITAT Bangalore06 Feb 2020AY 2010-11

Bench: Shri N.V. Vasudevan & Shri B R Baskaran

For Respondent: Shri Pradeep Kumar, CIT(DR) (ITAT), Bengaluru
Section 143(2)

…t under the Automatic Route. The condition was that the investment is made to acquire a company in the same field, the Assessee stated to the AO. The Assessee relied on the decision rendered.* the Hon'ble Supreme Court in the case of S.A. Builders reported in 228 ITR 1 (SC). 24. The AO rejected the claim of the Assessee and held that the transaction between the Assessee Company and that of subsidiary Company (ZHL) is in the nature of International Transaction and he further held that Commercial Principles are to be applied to evaluate the International Transaction. The AO further held that International lending…

Asst.C.I.T., Raichur vs. M/S Shilpa Medicare Ltd., Raichur

In the result, the revenue’s appeal for AY 2011-12 is dismissed

ITA 1374/BANG/2015[2011-12]Status: DisposedITAT Bangalore06 Feb 2020AY 2011-12

Bench: Shri N.V. Vasudevan & Shri B R Baskaran

For Respondent: Shri Pradeep Kumar, CIT(DR) (ITAT), Bengaluru
Section 143(2)

…t under the Automatic Route. The condition was that the investment is made to acquire a company in the same field, the Assessee stated to the AO. The Assessee relied on the decision rendered.* the Hon'ble Supreme Court in the case of S.A. Builders reported in 228 ITR 1 (SC). 24. The AO rejected the claim of the Assessee and held that the transaction between the Assessee Company and that of subsidiary Company (ZHL) is in the nature of International Transaction and he further held that Commercial Principles are to be applied to evaluate the International Transaction. The AO further held that International lending…

M/S Shilpa Medicare Ltd., Raichur vs. Addl.C.I.T., Raichur

In the result, the revenue’s appeal for AY 2011-12 is dismissed

ITA 1351/BANG/2015[2010-11]Status: DisposedITAT Bangalore06 Feb 2020AY 2010-11

Bench: Shri N.V. Vasudevan & Shri B R Baskaran

For Respondent: Shri Pradeep Kumar, CIT(DR) (ITAT), Bengaluru
Section 143(2)

…t under the Automatic Route. The condition was that the investment is made to acquire a company in the same field, the Assessee stated to the AO. The Assessee relied on the decision rendered.* the Hon'ble Supreme Court in the case of S.A. Builders reported in 228 ITR 1 (SC). 24. The AO rejected the claim of the Assessee and held that the transaction between the Assessee Company and that of subsidiary Company (ZHL) is in the nature of International Transaction and he further held that Commercial Principles are to be applied to evaluate the International Transaction. The AO further held that International lending…

Rustomjee Knowledge City P.Ltd, Mumbai vs. Asst CIT 9(1), Mumbai

In the result, the appeal filed by the assessee is hereby ordered to be allowed

ITA 3317/MUM/2016[2010-11]Status: DisposedITAT Mumbai19 Sept 2018AY 2010-11

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.3317/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2010-11) M/S. Rustomjee Knowledge बिधम/ The Asst. Cit-9(1), Aayakar City Pvt. Ltd. Rustomjee Bhavan, M.K. Road, Vs. Acres, J.S. Road. Off. Mumbai-400020. Rustom Irani Marg, Dahisar (W), Mumbai-400099. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadca1923E (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Ms. N. Hemlatha Assessee By: Shri Satish Mody सुनवाई की तारीख / Date Of Hearing: 22.06.2018 घोषणा की तारीख /Date Of Pronouncement: 19.09.2018 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 04.04.2016 Passed By The Commissioner Of Income Tax (Appeals)-21 Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The Ay. 2010- 11. 2. The Assessee Has Raised The Following Grounds: - 1. The Learned Commissioner Of Income-Lax (Appeals) -21, Mumbai, Has Erred In Disallowing Interest Of Rs.16,13,25G/- On The Ground That The Funds Borrowed For Business Purposes Were Used Or Utilized For Giving Advances To One "Terraform Realty On Which No Interest Was Charged.

For Appellant: Shri Satish ModyFor Respondent: Ms. N. Hemlatha
Section 142(1)Section 143(1)Section 143(2)Section 36(1)(iii)Section 37(1)Section 40A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.3317/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2010-11) M/s. Rustomjee Knowledge बिधम/ The Asst. CIT-9(1), Aayakar City Pvt. Ltd. Rustomjee Bhavan, M.K. Road, Vs. Acres, J.S. Road. Off. Mumbai-400020. Rustom Irani Marg, Dahisar (W), Mumbai-400099. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AADCA1923E (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue by: Ms. N. Hemlatha Assessee by: Shri Satish Mody सुनवाई की तारीख / Date of Hearing: 22.06.2018 घोषणा की तारीख /Date of Prono…

Hinduja Group India Ltd, Mumbai vs. ACIT RG 6(3), Mumbai

In the result, appeals for A

ITA 4458/MUM/2014[2009-10]Status: DisposedITAT Mumbai17 May 2018AY 2009-10

Bench: Shri R.C.Sharma & Shri Amarjit Singh

Section 115Section 143(3)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH MUMBAI BEFORE SHRI R.C.SHARMA, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER ITA No.2466/Mum/2014 (Assessment Year :2008-09) M/s. Hinduja Group India Ltd., Vs. ACIT – RG 6(3) (Now known as Aasia Advisory Aayakar Bhavan Services Ltd.) M.K.Road Hinduja House, Dr. A.B. Road Mumbai – 400 020 Worli, Mumbai – 400 018 PAN/GIR No.AAACH2457B Appellant .. Respondent ITO – 7(1)(3), Vs. M/s. Hinduja Group India Ltd. Mumbai Hinduja House, Dr. A.B.Road Worli, Mumbai – 400 018 PAN/GIR No.AAACH2457B Appellant .. Respondent Assessee by Shri J.P.Bairgra / Shri S.K.Mutsaddi…

Commissioner of Income Tax vs. Ece Industries Ltd

ITA/417/2007HC Delhi24 Dec 2010

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE SURESH KUMAR KAIT

Section 50Section 50(2)

…ITA Nos.417 of 2007 & 1069 of 2007 Page 1 of 22 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA No.417 of 2007 with ITA No.1069 of 2007 % DECISION DELIVERED ON: DECEMBER 24, 2010 1) ITA No.417 of 2007 Commissioner of Income Tax . . . Appellant through : Ms. Prem Lata Bansal, Advocate. VERSUS ECE Industries Limited . . .Respondent through: Mr. Ajay Vohra, Advocate with Ms. Kavita Jha, Advocate and Mr. Somnath Shukla, Advocate. 2) ITA No.1069 of 2007 Commissioner of Income Tax…

Commissioner of Income Tax vs. ECE Industries Limited

ITA-417/2007HC Delhi24 Dec 2010
Section 50Section 50(2)

…* IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA No.417 of 2007 with ITA No.1069 of 2007 % DECISION DELIVERED ON: DECEMBER 24, 2010 1) ITA No.417 of 2007 Commissioner of Income Tax . . . Appellant through : Ms. Prem Lata Bansal, Advocate. VERSUS ECE Industries Limited . . .Respondent through: Mr. Ajay Vohra, Advocate with Ms. Kavita Jha, Advocate and Mr. Somnath Shukla, Advocate. 2) ITA No.1069 of 2007 Commissioner of Income Tax . . . Appellant through : Ms. Prem Lata Bansal,…