Deepak Fertilisers and Petrochemicals Corpn. Ltd. v. DCIT

304 ITR 167Income Tax Appellate Tribunal#10498 most cited

What is Deepak Fertilisers and Petrochemicals Corpn. Ltd. v. DCIT authority for?

Money received on account of share capital is capital in nature and not chargeable to tax.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2016 to 2021.

Also referred to as

Deepak Fertilisers and Petrochemicals Corpn. Ltd. v. DCIT · money received on account of share capital · capital in nature · not chargeable to tax · revenue · deletion of addition

Issues it is cited on

section 32(1)(i)section 43ainitial assessment yearenhanced compensationsection 80hsection 80hhcdeduction under section 80iainterest free advancessection 80hhsection 40a(2)(b)section 40a(2)disallowance of interest expenditure

Judgments citing Deepak Fertilisers and Petrochemicals Corpn. Ltd. v. DCIT

Jindal Steel & Power Ltd., New Delhi vs. Addl. CIT, Haryana

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 4185/DEL/2011[2008-09]Status: DisposedITAT Delhi01 Dec 2021AY 2008-09

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has also held that money received on account of share capital is capital in nature not chargeable to tax. 103. In view of the aforesaid judgments, we do not find any infi…

DCIT, Hisar vs. Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 4067/DEL/2011[2008-09]Status: DisposedITAT Delhi01 Dec 2021AY 2008-09

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has also held that money received on account of share capital is capital in nature not chargeable to tax. 103. In view of the aforesaid judgments, we do not find any infi…

Jindal Steel & Power Ltd., New Delhi vs. DCIT, Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 2280/DEL/2011[2007-08]Status: DisposedITAT Delhi01 Dec 2021AY 2007-08

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has also held that money received on account of share capital is capital in nature not chargeable to tax. 103. In view of the aforesaid judgments, we do not find any infi…

ACIT, Hisar vs. Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 2230/DEL/2011[2007-08]Status: DisposedITAT Delhi01 Dec 2021AY 2007-08

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has also held that money received on account of share capital is capital in nature not chargeable to tax. 103. In view of the aforesaid judgments, we do not find any infi…

Jindal Steel & Power Ltd., Haryana vs. DCIT, Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 413/DEL/2010[2006-07]Status: DisposedITAT Delhi01 Dec 2021AY 2006-07

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has also held that money received on account of share capital is capital in nature not chargeable to tax. 103. In view of the aforesaid judgments, we do not find any infi…

DCIT, Hisar vs. Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 341/DEL/2010[2006-07]Status: DisposedITAT Delhi01 Dec 2021AY 2006-07

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has also held that money received on account of share capital is capital in nature not chargeable to tax. 103. In view of the aforesaid judgments, we do not find any infi…

ACIT, Hisar vs. M/S Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 220/DEL/2009[2003-04]Status: DisposedITAT Delhi01 Dec 2021AY 2003-04

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has also held that money received on account of share capital is capital in nature not chargeable to tax. 103. In view of the aforesaid judgments, we do not find any infi…

Jindal Steel & Power Limited vs. Addl. CIT

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 167/DEL/2009[2003-04]Status: DisposedITAT Delhi01 Dec 2021AY 2003-04

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…Brijlaxmi Leasing and Finance Ltd.: 309 ITR 211 (Ahd. ITAT) • Asiatic Oxygen Ltd. v. DCITL: 49 ITD 355 (Cal. ITAT) • Sunita Gupta Share Brokers Limited v. ACIT: ITA No. 4188/Del/2010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has also held that money received on account of share capital is capital in nature not chargeable to tax. 103. In view of the aforesaid judgments, we do not find any infi…

DCIT Cir 3(3), Mumbai vs. Sicom Ltd, Mumbai

In the result, appeal of Revenue is dismissed whereas appeal of the assessee is allowed in part in terms indicated hereinabove

ITA 1685/MUM/2009[2003-2004]Status: DisposedITAT Mumbai06 Dec 2016AY 2003-2004

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm M/S. Sicom Ltd., Vs. Dcit – 3(3) – Mumbai-20 Nirmal, 1St Floor, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent) & Dcit – 3(3) – Mumbai- Vs. M/S. Sicom Ltd., Nirmal, 1St Floor, Nariman Point, 20 Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent)

Section 115JSection 143(3)Section 234BSection 41

…t taxable as income. The Tribunal also held that such remission cannot be charged to tax u/. 41 (1) since the corresponding liability was not allowed as deduction in earlier years. The decision of Deepak Fertilisers and Petrochemicals Corporation Ltd s. DCIT (304 ITR 167)(Mum) (AT) is also on similar facts and it has followed the decision of Prism Cement’s case. 4.17. In a recent decision of the Bangalore Tribunal in the 'case of Manipal Finance Corporation Ltd vs. DCIT (2008- TIOL-245-ITAT-BANG), the assessee was a Non-Banking Finance Company (NBFC) engaged in finance business by accepting deposits from deposito…

Sicom Ltd, Mumbai vs. DCIT RG 3(3), Mumbai

In the result, appeal of Revenue is dismissed whereas appeal of the assessee is allowed in part in terms indicated hereinabove

ITA 1522/MUM/2009[2003-2004]Status: DisposedITAT Mumbai06 Dec 2016AY 2003-2004

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm M/S. Sicom Ltd., Vs. Dcit – 3(3) – Mumbai-20 Nirmal, 1St Floor, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent) & Dcit – 3(3) – Mumbai- Vs. M/S. Sicom Ltd., Nirmal, 1St Floor, Nariman Point, 20 Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent)

Section 115JSection 143(3)Section 234BSection 41

…t taxable as income. The Tribunal also held that such remission cannot be charged to tax u/. 41 (1) since the corresponding liability was not allowed as deduction in earlier years. The decision of Deepak Fertilisers and Petrochemicals Corporation Ltd s. DCIT (304 ITR 167)(Mum) (AT) is also on similar facts and it has followed the decision of Prism Cement’s case. 4.17. In a recent decision of the Bangalore Tribunal in the 'case of Manipal Finance Corporation Ltd vs. DCIT (2008- TIOL-245-ITAT-BANG), the assessee was a Non-Banking Finance Company (NBFC) engaged in finance business by accepting deposits from deposito…

Deepak Fertilisers and Petrochemicals Corpn. Ltd. v. DCIT (304 ITR 167) — Cited in 10 Judgments | BharatTax