Further, in CIT v. Vardhman Polytex Ltd.

299 ITR 152High Court2008#20359 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2023.

Judgments citing Further, in CIT v. Vardhman Polytex Ltd.

M/S Mfar Developers Pvt Ltd, Bangalore vs. The Deputy Commissioner of Income Tax Circle-4(1)(3), Bangalore

In the result, the appeal of the assessee is partly allowed

ITA 385/BANG/2023[2017-18]Status: DisposedITAT Bangalore06 Sept 2023AY 2017-18

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2017-18

For Appellant: S/Shri C.R. Krishna & Sachin Mehta, CAsFor Respondent: Shri Saravanan B., CIT(DR)(ITAT), Bengaluru

Section 14ASection 32Section 36(1)Section 36(1)(iii)Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K., VICE PRESIDENT AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER Assessment year : 2017-18 MFAR Developers Private Ltd., Vs. The Deputy Commissioner # 3, Lavelle Road, of Income Tax, Bangalore – 560 001. Circle 4(1)(3), PAN : AAFCM 6271M Bangalore. APPELLANT RESPONDENT Appellant by : S/Shri C.R. Krishna & Sachin Mehta, CAs Respondent by : Shri Saravanan B., CIT(DR)(ITAT), Bengaluru. Date of hearing : 31.08.2023 Date of Pronouncement : 06.09.2023 O R D E R Per Laxmi Prasad Sahu, Accountant Member This appeal is filed by the as…

A K Natarajan, Villupuram vs. ACIT, Villupuram Circle, Villupuram

In the result, the appeal filed by assessee in ITA No

ITA 543/CHNY/2019[2015-16]Status: DisposedITAT Chennai04 Mar 2020AY 2015-16

Bench: Shri N.R.S. Ganesan & Shri Ramit Kochar"नधा(रण वष( /Assessment Year: 2015-16

For Respondent: 12.12.2019

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

…tion has no relevance on the issue at hand. 5.6 Interest paid on capital borrowed for setting up a new unit in same line of business, before it is put to use, is to be treated as capital expenditure as held in 'the case of CIT vs. Vardhman Polytex Ltd. (P&H) 299 ITR 152. Interest on capital borrowed for the purpose of acquisition of assets of the new unit is to be allowed as revenue expenditure only when :- 6 -: such assets is put to use and starts yielding income and not for any period prior to it following the proviso to Section 36(1)(iii). 5.7 Proceedings initiated under 27IB were procedural and the same can…

Smt. Amita Narang, Delhi vs. The Dy Commissioner of Income Tax, Jammu

In the result, the assessee’s appeal is dismissed

ITA 385/ASR/2016[2007-08]Status: DisposedITAT Amritsar25 Mar 2019AY 2007-08

Bench: Sh. Sanjay Arorai.T.A. No. 385/Asr/2016 Assessment Year: 2007-08

For Appellant: Sh. K. R. Jain (Adv.)For Respondent: Sh. Charan Dass (D.R.)

Section 143(3)Section 45Section 48

…[1973] 92 ITR 9 (Del) and CIT (Addl.) v. K.S. Gupta [1979] 119 ITR 372 (AP). The ld. Departmental Representative (DR), Sh. Charan Dass, would rely on CIT v. Vardhman Polytex Ltd. [2008] 300 ITR 186 (P&H), rendered following CIT v. Vardhman Polytex Ltd. [2008] 299 ITR 152 (P&H)(FB). 4. I have heard the parties, and perused the material on record. 4.1 Section 48, which provides the manner of computation of capital gains chargeable u/s. 45 of the Act, reads as under in its relevant part: ‘48. Mode of computation. The income chargeable under the head “Capital gains” shall be computed by deducting from the full value…

M/S. Srs Ltd., New Delhi vs. ACIT, Faridabad

In the result assessee’s appeal is allowed

ITA 6581/DEL/2013[2009-10]Status: DisposedITAT Delhi18 May 2016AY 2009-10

Bench: Shri H.S.Sidhu & Shri J. Sudhakar Reddyay: 2009-10 M/S Srs Ltd. Vs. Acit, Circle Ii C/O M/S Rra Tax India Faridabad D 28, South Ex., Part I New Delhi 110 049 Pan: Aagcs 8846 R (Appellant) (Respondent)

For Appellant: Dr.Rakesh Gupta and Shri Somil Aggarwal, AdvsFor Respondent: Sh. P.Dam Kanunjna, Sr. D.R

…further observed that the assessee had withdrawn the appeal filed before the Ld.CIT(Appeals) in the earlier A.Y. The Ld.CIT(A) relied on the following judgements : (i) Nahar Polyfilm Ltd. vs. CIT (P&H) 201 taxman 304; (ii) CIT vs. Vardhman Polytex Ltd. (P&H) 299 ITR 152 wherein it was held that even in the case of same business, interest on capital borrowed for extension of the same business is not allowed as a revenue expenditure. He dismissed this ground of the assessee by upholding the findings of the A.O. 3.1. Further aggrieved the assessee is before us. 4. We have heard Dr.Rakesh Gupta, the Ld.Counsel for…