Eveready Industries India Limited v. CIT

323 ITR 312High Court2010#5607 most cited

What is Eveready Industries India Limited v. CIT authority for?

Interest income derived from funds temporarily not required for immediate business activity is assessable as business income, not income from other sources.

21

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2015 to 2024.

Also referred to as

Eveready Industries India Limited v. CIT · business income · interest income · income from other sources · profit and gain from business · short term fixed deposits

Issues it is cited on

section 36(1)(ii)project completion methodpercentage completion methodsection 57(iii)disallowance of interest expenditureput to usesection 36(1)(iii)section 57section 36(1)section 36capital expenditureincome from other sources

Judgments citing Eveready Industries India Limited v. CIT

DCIT, Circle-4, Kolkata vs. M/S. Derby Tea & Industries Pvt Ltd., Kolkata

In the result, appeal filed by Revenue is dismissed

ITA 1122/KOL/2012[1998-99]Status: DisposedITAT Kolkata24 Nov 2015AY 1998-99

Bench: Shri N.V. Vasudevan & Shri Waseem Ahmedassessment Year :1998-99

Section 143(3)Section 2(24)(x)Section 36(1)(iv)Section 36(1)(va)Section 43B

…terest income as income from the manufacture of tea by observing the ITA No.1122/Kol/2012 A.Y. 1998-99 CIT Cir-4, Kol. M/s Derby Tea & Inds. Pvt. Ltd. Page 12 judgment of Hon'ble jurisdictional High Court in the case of Eveready Industries (India) Ltd. v. CIT 323 ITR 312 (Cal), wherein Hon'ble jurisdictional has held that interest income of an assessee engaged in the business of growing and manufacture of tea is to be assessed as business income subject to Rule 8 of the IT Rule. Accordingly, Ld. CIT(A) has held that interest income is from the business of manufacture of tea in India and set off was allowed. Aggr…