Godavari Sugar Mills Ltd. v. CIT

191 ITR 359High Court#13704 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2024.

Sections most often in play

Section 250 Section 56 Section 92CA

Judgments citing Godavari Sugar Mills Ltd. v. CIT

ASST. COMMISSIONER OF INCOME TAX, CIRCLE 6(1)(1),MUMBAI, MUMBAI vs. ESSAR POWER GUJARAT LTD., MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 137/MUM/2024[2014-15]Status: DisposedITAT Mumbai29 May 2024AY 2014-15

Bench: Shri Amit Shukla & Shri Ratnesh Nandan Sahayassessment Year: 2014-15 Mr. Arun Bende M/S. Essar Power Asst. Commissioner Of Gujarat Ltd. 11Th Floor, Essar House, Income Tax, Circle-6(1)(1), Mumbai. 11 K.K. Marg, Vs. Room No.504, 5Th Floor, Mahalaxmi, Aayakar Bhavan, Mumbai- 400034. M.K.Road, Pan:Aabce7510K Mumbai- 400020. (Appellant) (Respondent) Present For: Assessee By : Shri Vijay Mehta, A.R. Revenue By : Shri P. D. Chougule (Addl. Cit), D.R. Date Of Hearing : 21 . 05 . 2024 Date Of Pronouncement : 29 . 05 . 2024 O R D E R Per: Ratnesh Nandan Sahay: 1. This Appeal Has Been Filed By The Revenue Against The Order Of The Ld. Cit Appeal Passed U/S 250 Of The Income Tax Act (“Act” In Short) Vide Order No. Itba/Nfac/S/250/2023-24/1058193153(1) Dated 23.11.2023 For Assessment Year 2014-15. 2. Following Grounds Of Appeal Have Been Raised:

For Appellant: Shri Vijay Mehta, A.RFor Respondent: Shri P. D. Chougule (Addl. CIT), D.R

Section 250Section 801ASection 92C

…when they were not required for the time being and, therefore, the interest earned by the assessee was assessable as „Income from Other Sources.‟ Reliance in this regard was also placed by the AO on the following judgments: i. Godavari Sugar Mills Ltd. v. CIT 191 ITR 359 (Born) ii. Shree Krishna Pollyester Ltd. v. Dy. CIT 274 ITR 21 (Bam) iii. CIT Vs. Radko Khaitan Ltd. 274 ITR 354 (All) iv. CIT Vs. Rajasthan Land Development Corporation 211 ITR 597 (Raj.) v. CIT Vs. Ravi Ratna Exports Pvt. Ltd., 246 ITR 443 (Born)” 7. Aggrieved by the order of the Assessing office, the assessee filed appeal before the Ld. CIT Ap…

PUNE SHOLAPUR ROAD DEV. CO. LTD.,MUMBAI vs. I.T.O. - 10(1)(3), MUMBAI

In the result, appeal filed by the assessee is allowed

ITA 6674/MUM/2017[2011-12]Status: DisposedITAT Mumbai09 Aug 2019AY 2011-12

Bench: Shri G. Manjunatha & Shri Ram Lal Negipune Sholapur Road Dev.Co.Ltd. Vs. Ito-10(1)(3) Room No.461, 4Th Floor The Il &Fs Financial Center Plot No.C-22, G Block Aaykar Bhawan, M.K.Road Bandra Kurla Complex , Mumbai-400 020 Bandra(E) Mumbai-400 051 Pan/Gir No.Aafcp1669Q Appellant) .. Respondent)

Section 143(3)Section 234B

…funds when the fund were not required for the time being and, therefore, the interest earned by the assessee was assessable as Income From Other Sources. Reliance in this regard is also placed on the following judgments: i. Godavari Sugar Mills Pvt.Ltd. V CIT 191 ITR 359 (Bom) ii. Shree Krishna Pollyster Ltd. Vs DCIT 274 ITR 21 (Bom) iii. CIT Vs Ravi Ratna Exports Pvt.Ltd. 246 ITR 443 (Bom 5.2 Further I have gone through the decision relied by the assesee. In respect of decision in the case the Bokaro Steel Ltd. 236 ITR 315, the assessee had received interest from the contractor to whom advance was given to facil…

G.K. FOUNDERS P.LTD,MUMBAI vs. ASST CIT 14(1)(2), MUMBAI

In the result, the appeal of the assessee is allowed

ITA 7464/MUM/2016[2012-13]Status: DisposedITAT Mumbai14 May 2019AY 2012-13

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2012-13

For Appellant: Shri Vimal Punmiya, A.RFor Respondent: Shri Choudhary Arunkumar Singh, D.R

Section 143(1)Section 143(3)Section 234BSection 80Section 80I

…essee and treated the same as income from other sources on the ground that same is not emanating from business activity of the assessee by relying on the decision in the case of Murli Investment Co. vs. CIT 167 ITR 368 (Raj), Godavari Sugar Mills Ltd. vs. CIT 191 ITR 359 (Bom) and South India Shipping Corporation Ltd. vs. CIT (1999) 240 ITR 24 (Madras). The AO further relied on the case of Kinfra Export Promotion Industrial Ports Ltd. vs. DCIT (2013) 59 SOT 57 (URO Kochin) wherein it has been held that if interest income is not derived from eligible undertaking it is not eligible for deduction. According to the A…

JET AIRWAYS (INDIA) LTD,MUMBAI vs. DCIT RG 5(2), MUMBAI

The appeal of the assessee is allowed

ITA 933/MUM/2015[2008-09]Status: DisposedITAT Mumbai27 Sept 2017AY 2008-09

For Appellant: Shri Jehangir D.Mistry-ARFor Respondent: Shri Alok Johari and Ms.Arju Goradia-DR

Section 115JSection 254(1)

…e to be made independently and separately, that the interest income on investment of surplus funds was assess -able under the head income from other sources. He relied upon the case of Murli Investment Company Ltd. (167 ITR 368) and Godavari Sugar Mills Ltd. (191 ITR 359). Culling out various tests from legal preposition for treating interest income out of the deposits from surplus funds 933/M/15(08-09);758/M/15(08-09;759/M/15(10-11);760/M/15(11-12)- and otherwise he held that interest income earned by the assessee had to be taxed under the head income from other sources. 7.1.In the appellate proceedings,the FA…

EMGEE CABLES & COMMUNICATIONS LTD.,JAIPUR vs. DCIT, JAIPUR

In the result, ground no. 1 of the

ITA 390/JPR/2014[2008-09]Status: DisposedITAT Jaipur31 Mar 2017AY 2008-09

For Appellant: Shri R.A.Verma (Addl. CIT)For Respondent: Shri S.R. Sharma &

Section 2Section 32Section 32(2)

…re, not applicable in this case. It is further noted that the advances have been given to various persons with whom the appellant has failed to show any business transaction. Hence, as held by the Hon’ble Bombay High Court in the case of Godavari Sugar Mills (191 ITR 359), interest received on loans and advances where there was no evidence that the loans were advanced in the course of assessee’s business has to be taxed as income from other sources. In the present case, the appellant has failed to establish that the loans were given for business purposes. It is, however, noted from the details that the interest r…

PRATIBHA SHIPPING CO. LTD.,MUMBAI vs. D.C.I.T. 5(2), MUMBAI

ITA 6299/MUM/2012[2009-10]Status: DisposedITAT Mumbai20 Jul 2016AY 2009-10

For Appellant: NoneFor Respondent: Shri Love Kumar-DR

Section 143(3)Section 154Section 254(1)

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, , , , मुंबई आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई मुंबई “सी मुंबई सी सी ” ” ” ” खंडपीठ सी खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal “ C ”Bench Mumbai सव"ी जोिग"दर "सह, "याियक सद"य एवं राजे"", लेखा सद"य Before S/Sh.Joginder Singh,Judicial Member & Rajendra,Accountant Member आयकर आयकर अपील अपील संसंसंसं./I.T.A./6299/Mum/2012,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/s. Pratibha Shipping Company Limited DCIT, Range-5(2) Room No.571, 5th Floor 1201/1202, 12th Floor Aayakar Bhavan Arcadia Bldg., NCPA Road Vs…

ANDHRA PRADESH EXPRESSWAY LTD,MUMBAI vs. ASST CIT 14(1)(1), MUMBAI

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

ITA 663/MUM/2015[2010-11]Status: DisposedITAT Mumbai19 Jul 2016AY 2010-11

Bench: Shri B.R. Baskaran (Am)& Ramlal Negi (Jm)

…g the decision rendered by Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilisers Ltd Vs. CIT (227 ITR 172) and also the decision rendered by the jurisdictional Hon’ble Bombay High Court in the case of Godavari Sugar Mills Ltd Vs. CIT (191 ITR 359). The Ld CIT(A) also confirmed the same. Aggrieved, the assessee has filed this appeal before us. 3. The Ld A.R submitted that the fixed deposits have been made out of funds generated from the business of the assessee and hence the interest income should be assessed under the head Business. In this regard, he placed reliance on the decision rend…