Indian Explosives Ltd. v. CIT

147 ITR 392High Court1984#4558 most cited

What is Indian Explosives Ltd. v. CIT authority for?

Where an assessee has sufficient own funds exceeding its investments, a presumption arises that investments were made out of interest-free funds, preventing disallowance of interest expenses.

26

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2025.

Also referred to as

Indian Explosives Ltd. v. CIT · 147 ITR 392 · interest disallowance · mixed funds · interest free funds · own funds · investment · mixed fund theory · borrowing costs

Sections most often in play

Section 143(3)Section 1961 - Sections 14ASection 1962 - Rule 8DSection 22Section 23Section 23(1)(c)Section 23(5)Section 80-IA(5)

Issues it is cited on

section 80ia(8)weighted deductionsection 10(34)section 35(2ab)section 194hsection 80icsection 194jsection 40a(2)(b)section 2(22)transactional net margin methodsection 2(22)(e)section 40a(2)

Judgments citing Indian Explosives Ltd. v. CIT

Maruti Suzuki India Ltd., New Delhi vs. DCIT, New Delhi

In the result, all the three appeals of the assessee are allowed as indicated above and the appeal of Revenue is partly allowed

ITA 901/DEL/2017[2012-13]Status: DisposedITAT Delhi08 Oct 2025AY 2012-13

Bench: Shris.Rifaur Rahman & Shri Vimal Kumar

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri G.C. Srivastava, Spl. Counsel for the Department
Section 143(3)Section 144CSection 144C(1)Section 144C(5)Section 14ASection 32Section 35Section 43B

…est free and borrowed funds and relied on the following cases :-  East India Pharmaceutical Works Ltd. v. CIT: 224 ITR 627 (SC)  CIT v. UTI Bank Ltd: 215 Taxman 8 (Mag.) - Revenue’s SLP dismissed in Civil Appeal No. 468/2014  Indian Explosives Ltd. V. CIT: 147 ITR 392 (Cal.)  Woolcombers of India Ltd. v. CIT: 134 ITR 219 (Cal.) - approved by Supreme Court in the case of East India Pharmaceutical Works Ltd. v. CIT: 224 ITR 627  Alkali & Chemical Corp. of India v. CIT: (1986) 161 ITR 820 (Cal.)  CIT v. Reliance Utilities and Power Ltd.: 313 ITR 340 (Bom.)  CIT vs. M/s. Ashok Commercial Enterprises: ITA No.…

DCIT, New Delhi vs. M/S. Maruti Suzuki India Ltd., New Delhi

In the result, all the three appeals of the assessee are allowed as indicated above and the appeal of Revenue is partly allowed

ITA 1024/DEL/2016[2011-12]Status: DisposedITAT Delhi08 Oct 2025AY 2011-12

Bench: Shris.Rifaur Rahman & Shri Vimal Kumar

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri G.C. Srivastava, Spl. Counsel for the Department
Section 143(3)Section 144CSection 144C(1)Section 144C(5)Section 14ASection 32Section 35Section 43B

…est free and borrowed funds and relied on the following cases :-  East India Pharmaceutical Works Ltd. v. CIT: 224 ITR 627 (SC)  CIT v. UTI Bank Ltd: 215 Taxman 8 (Mag.) - Revenue’s SLP dismissed in Civil Appeal No. 468/2014  Indian Explosives Ltd. V. CIT: 147 ITR 392 (Cal.)  Woolcombers of India Ltd. v. CIT: 134 ITR 219 (Cal.) - approved by Supreme Court in the case of East India Pharmaceutical Works Ltd. v. CIT: 224 ITR 627  Alkali & Chemical Corp. of India v. CIT: (1986) 161 ITR 820 (Cal.)  CIT v. Reliance Utilities and Power Ltd.: 313 ITR 340 (Bom.)  CIT vs. M/s. Ashok Commercial Enterprises: ITA No.…

DCIT Circle- 1, Ltu, New Delhi vs. Mawana Sugar Ltd., New Delhi

Appeal is partly allowed as above and the appeal of the Revenue is dismissed as above

ITA 5984/DEL/2019[2016-17]Status: DisposedITAT Delhi30 Apr 2025AY 2016-17

Bench: Shri Challa Nagendra Prasad & Shri Avdhesh Kumar Mishra

Section 115JSection 14ASection 36(1)(iii)

…s of the interest free loans & advances, etc. no disallowance out of interest could be made. He placed reliance on following cases: (i) Woolcombers of India Ltd. 134 ITR 219 227 (Cal) M/s. Mawana Sugar Ltd. (ii) Alkali and Chemical Corporation of India Ltd. 161 ITR 820 (Cal) (iii) Hotel Savera 239 ITR 795 799-800 (Mad) (iv) Radico Khaitan Ltd. 274 ITR 354 (All) (v) Britannia Industries Ltd. 280 ITR 525 (Cal) (vi) Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) (vii) East India Pharmaceutical Works Ltd. 224 ITR 627 (SC) (viii) Munjal Sales Corporation 298 ITR 298 (SC) (ix) South Indian Bank Ltd. 438 ITR 1 (S…

Sarbinder Singh Bindra, New Delhi vs. ACIT Circle-47(1), New Delhi

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

ITA 7591/DEL/2019[2016-17]Status: DisposedITAT Delhi19 Feb 2025AY 2016-17

Bench: Shri Vikas Awasthy & Shri Manish Agarwalsarbinder Singh Bindra Asst. Cit, 362, 2Nd Floor, Circle-47(1), Naya Katra, Chandni Vs. Delhi. Chowk, Delhi-110006. Pan-Aaepb2783P (Appellant) (Respondent)

Section 154

…the assessee is having own funds in excess of the investment made, no disallowance of interest could be made, the same are as under: (i) Woolcombers of India Ltd. v. CIT (1982) 134 ITR 219 @ 227 (Cal). (ii) Alkali and Chemical Corporation of India Ltd. v. CIT 161 ITR 820 (Cal). (iii) CIT v. Hotel Savera (1999) 239 ITR 795 @799-800 (Mad) (iv) CIT v. Radico Khaitan Ltd. (2005) 274 ITR 354 @ 365-366 (All) (v) CIT v. Britannia Industries Ltd. (2006) 280 ITR 525 @ 532-534 (Cal) In CIT v. Reliance Utilities and Power Ltd. (2009) 313 ITR 340, Hon’ble Bombay High Court has held that where the investments were out of mix…

ITO, New Delhi vs. M/S Ansal Housing & Construction Ltd., New Delhi

In the result, the cross-objection filed by the assessee is dismissed

ITA 2731/DEL/2010[2007-08]Status: DisposedITAT Delhi26 Jul 2024AY 2007-08

Bench: Shri G.S.Pannu & Shri Kul Bharat[Assessment Year : 2007-08] Dcit, Vs Ansal Housing & Construction Ltd., Central Circle-20, Ugf-15, Indraprastha Building, 21, New Delhi. Barakhamba Road, New Delhi. Pan-Aaaca0377R Appellant Respondent

Section 143(3)Section 14ASection 80Section 80I

…s available with the assessee: - South Indian Bank Ltd. & Others v. CIT: Civil Appeal No. 9606 of 2011(SC) - CIT vs. Reliance Industries Limited: 410 ITR 466 (SC) - East India Pharmaceutical Works Ltd. v. CIT: 224 ITR 627 (SC) - Indian Explosives Ltd. V. CIT: 147 ITR 392 (Cal.) - Woolcombers of India Ltd. v. CIT: 134 ITR 219 (Cal.) - approved by Supreme Court in the case of East India - Pharmaceutical Works Ltd. v. CIT: 224 ITR 627 - CIT v. Reliance Utilities and Power Ltd.: 313 ITR 340 (Bom.) - CIT v. M/s Ashok Commercial Enterprises: ITA No. 2985 of 2009 (Bom) - Gurdas Garg v. CIT: ITA No.413 of 2014 (P&H) - Br…

DCIT, C-11(1), New Delhi vs. Hero Motocorp Ltd., New Delhi

Appeal of the Revenue is dismissed

ITA 1982/DEL/2019[2014-15]Status: DisposedITAT Delhi03 Feb 2023AY 2014-15

Bench: Shri Narendra Kumar Billaiya & Shri Kul Bharat

Section 14ASection 2(22)(e)Section 40Section 40a

…venue’s - SLP in Civil Appeal No. 468/2014 - Woolcombers of India Ltd. v. CIT: 134 ITR 219 (Cal.) - PCIT v. Basti Sugar Mills Co. Ltd.: ITA No. 205 of 2018 (Del HC) - PCIT v. Reebok India Company: [2018] 259 Taxman 100 (Delhi) - Indian Explosives Ltd. V. CIT: 147 ITR 392 (Cal.) - Alkali & Chemicals Corp of India Ltd. v CIT: 161 ITR 820 (Cal) - CIT v Radico Khaitan Ltd : 274 ITR 354 (All) - CIT v Dhampur Sugar Mills Ltd : 274 ITR 370 (All) 33 - CIT v. United Collieries Ltd. : 49 Taxman 227 (Cal) - CIT v. Enamour Investment Ltd.: 72 Taxman 370 (Cal) - CIT v. Caroline Investment Ltd.: 87 Taxman 238 (Cal) - CIT v. K…

Dharam Bhushan Jain, New Delhi vs. ACIT, Circle- 61(1), New Delhi

In the result, appeal of the Assessee is allowed

ITA 4578/DEL/2018[2014-15]Status: DisposedITAT Delhi10 Jan 2022AY 2014-15

Bench: Shri R.K. Panda & Shri N.K. Choudhary

For Appellant: Shri Ravi Pratap MallFor Respondent: Ms. Sangeeta Yadav, Sr.DR
Section 143(2)Section 234ASection 234BSection 234CSection 57Section 57o

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “B” : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI N.K. CHOUDHARY, JUDICIAL MEMBER ITA No.4578/Del./2018 Assessment Year 2014-15 Shri Dharam Bhushan The ACIT, Jain, XI/4239A, Shakahar Bldg., 1- vs., Circle – 61(1) Ansari Road, Darya Ganj, New Delhi. New Delhi. PAN AAFPJ9620G (Appellant) (Respondent) Shri C.S. Aggarwal, Sr. Advocate And For Assessee : Shri Ravi Pratap Mall, Advocate For Revenue : Ms. Sangeeta Yadav, Sr.DR Date of Hearing : 22.12.2021 Date of Pronouncement : 10.01.2022 ORDER PER R.K. PANDA, A.M. This appeal filed by the Asses…

Hero Moto Corp Ltd., New Delhi vs. Neac, Delhi

ITA 706/DEL/2021[2016-17]Status: DisposedITAT Delhi26 Nov 2021AY 2016-17

Bench: Shri Kul Bharat & Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri Surendra Pal
Section 143(3)Section 144BSection 144CSection 144C(13)Section 145Section 1lSection 80ISection 92C

…s SLP in Civil Appeal No. 468/2014 iv. Woolcombers of India Ltd. v. CIT: 134 ITR 219 (Cal.) v. PCIT v. Basti Sugar Mills Co. Ltd.: ITA No. 205 of 2018 (Del HC) vi. PCIT v. Reebok India Company: [2018] 259 Taxman 100 (Delhi) vii. Indian Explosives Ltd. V. CIT: 147 ITR 392 (Cal.) viii. Alkali & Chemicals Corp of India Ltd. v CIT: 161 ITR 820 (Cal) ix. CIT v RadicoKhaitanLtd : 274 ITR 354 (All) x. CIT v Dhampur Sugar Mills Ltd : 274 ITR 370 (All) xi. CIT v. United Collieries Ltd. : 49 Taxman 227 (Cal) xii. CIT v. Enamour Investment Ltd.: 72 Taxman 370 (Cal) xiii. CIT v. Caroline Investment Ltd.: 87 Taxman 238 (Cal)…

Hero Motocrop Ltd., New Delhi vs. ACIT, Circle- 11(1), New Delhi

The appeal of the assessee is partly allowed

ITA 9187/DEL/2019[2015-16]Status: DisposedITAT Delhi13 Apr 2021AY 2015-16

Bench: Shri Sudhanshu Srivastava & Shri O.P. Kantassessment Year: 2015-16

Section 115JSection 143(3)Section 144CSection 145ASection 80ISection 92C

…revenue’s SLP in Civil Appeal No. 468/2014 - Woolcombers of India Ltd. v. CIT: 134 ITR 219 (Cal.) - PCIT v. Basti Sugar Mills Co. Ltd.: ITA No. 205 of 2018 (Del HC) - PCIT v. Reebok India Company: [2018] 259 Taxman 100 (Delhi) - Indian Explosives Ltd. V. CIT: 147 ITR 392 (Cal.) - Alkali & Chemicals Corp of India Ltd. v CIT: 161 ITR 820 (Cal) - CIT v Radico Khaitan Ltd : 274 ITR 354 (All) - CIT v Dhampur Sugar Mills Ltd : 274 ITR 370 (All) - CIT v. United Collieries Ltd. : 49 Taxman 227 (Cal) - CIT v. Enamour Investment Ltd.: 72 Taxman 370 (Cal) - CIT v. Caroline Investment Ltd.: 87 Taxman 238 (Cal) - CIT v. Kanor…

DCIT, Circle - 8(1), Kolkata vs. M/S. Eih Associated Hotels Limited (Successor in Interest to Indus Hotels Corp. Ltd., Kolkata

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

ITA 1433/KOL/2018[2004-05]Status: DisposedITAT Kolkata15 Mar 2021AY 2004-05

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

Section 14A

…the overdraft account had a debit balance, the earlier conclusion should not have been different. In coming to this conclusion, the Hon’ble High Court had relied on a plethora of decisions held by the same Court earlier, such as, in 132 ITR 219, 135 ITR 698, 147 ITR 392 & 161 ITR 820. It was argued by the AR that the advances were made out of mixed bank accounts where the receipts out of current sales were credited. The AR had also submitted that apart from showing the years in which the advances were made, which were earlier to the previous year relevant to the assessment year under appeal it was submitted that…

State Bank of India, Mumbai vs. Addl CIT RG 2(2), Mumbai

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed, as indicated above

ITA 3644/MUM/2016[2008-09]Status: DisposedITAT Mumbai03 Feb 2020AY 2008-09

Bench: Sri Mahavir Singh, Vp & Sri G Manjunatha, Am आयकर अपील सुं./ Ita No. 3644/Mum/2016 (ननर्ाारण वर्ा / Assessment Year 2008-09) State Bank Of India The Dy. Commissioner Of 3Rd Floor, Corporate Centre Income Tax, Circle -2(2)(1) बनाम/ Madam Cama Road Mumbai Vs. Nariman Point Mumbai-400021 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacs8577K

For Appellant: Shri P.J. Pardiwalla &For Respondent: Shri Anadi Varma, CIT-DR&
Section 143(3)Section 147

…&4563/Mum/2016  CIT vs. Reliance Utilities & Power Limited [2009] 313 ITR 340 (Bombay)  Woolcombers of India Ltd. vs. CIT [1982] 134 ITR 219 (Calcutta)  Reckitt & Coleman of India vs. CIT [1982] 135 ITR 698 (Calcutta)  India Explosives Ltd. vs. CIT [1984] 147 ITR 392 (Calcutta)  Alkali & Chemical Corporation of India Ltd. vs. [1986] 161 ITR 820 (Calcutta)  British Paints (India) Ltd. vs. CIT [1991] 190 ITR 196 (Calcutta)  Consolidated Investments Ltd. vs. DCIT [1996] 57 ITD 286 (Madras)  Durametallic (India) Ltd. vs. IAC [1991] 38 ITD 211 (Madras)  East India Pharmaceutical Works vs. CIT [1997] 224 ITR…

ACIT, New Delhi vs. M/S. National Cable Industries, New Delhi

Appeal is allowed

ITA 4145/DEL/2015[2010-11]Status: DisposedITAT Delhi26 Sept 2019AY 2010-11

Bench: Ms Suchitra Kamble & Shri Prashant Maharishii.T.A. No. 4145/Del/2015 (A.Y. 2010-11)

Section 133ASection 143(3)Section 145(3)Section 154Section 154(3)Section 37Section 37(1)

…s and borrowed funds, there is no presumption that payment is out of borrowed funds only: a) Woolcombers of India Ltd. vs. CIT (1982) 134 ITR 219 (Cal) b) Reckitt & Colman of India Ltd. vs. CIT (1982) 135 ITR 698 (Cal) c) Indian Explosives Ltd. vs. CIT (1984) 147 ITR 392 (Cal) d) British Paints India Ltd. vs. CIT (1991) 190 ITR 196 (Cal) e) Tata Chemicals Ltd. vs. DCIT (2000) 72 ITD 1 11 f) Alkali and Chemical Corporation India Ltd. vs. CIT (1987) 161 ITR 820 (Cal) Without prejudice to above, the Ld. AR submitted that in fact interest cannot be disallowed unless direct nexus is established between the interest…

Hero Motocorp Ltd., New Delhi vs. DCIT, Circle- 11(1), New Delhi

Appeal of the assessee is partly allowed for statistical purpose

ITA 1351/DEL/2018[2009-10]Status: DisposedITAT Delhi23 Apr 2019AY 2009-10

Bench: Shri N. K. Billaiya & Ms Suchitra Kamble

For Appellant: Amount of Proposed international
Section 115JSection 143(3)Section 144C

…nds have been utilized for making investments during the year. The Ld. AR relied upon following decisions: • East India Pharmaceutical Works Ttd. v. CIT: 224 ITR 627 (SC) • Woolcombers of India Ltd. v. CIT: 134 ITR 219 (Cal.) • Indian Explosives Ttd. V. CIT: 147 ITR 392 (Cal.) • Alkali & Chemicals Corp of India Ttd. v CI T: 161 ITR 820 (Cal) • CIT v Radico Khaitan Ltd : 274 ITR 354 (All) • CIT v Dhampur Sugar Mills Ttd : 274 ITR 370 (All) • CIT v. United Collieries Ltd. : 49 Taxman 227 (Cal) • CIT v. Enamour Investment Ttd.: 72 Taxman 370 (Cal) • CIT v. Caroline Investment Ltd.: 87 Taxman 238 (Cal) • CIT v. Kano…

DCIT, New Delhi vs. M/S Jsl Ltd., Hisar

Accordingly, ground number 2 of the appeal of the learned AO for 2007 – 08 is dismissed

ITA 4110/DEL/2013[2007-08]Status: DisposedITAT Delhi19 Nov 2018AY 2007-08

Bench: Smt Diva Singh & Shri Prashant Maharishi

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Kumar Parnav, Sr. DR
Section 92CSection 92C(2)

…., and there is nothing on record to show that borrowed funds have been directly utilized for such purpose, a presumption in favour of the appellant can be drawn with respect to utilization of interest free and borrowed funds:  Indian Explosives Ltd. vs CIT: 147 ITR 392 (Cal.)  Woolcombers of India Ltd. v. CIT: 134 ITR 219 (Cal.) - approved by Supreme Court in the case of East India Pharmaceutical Works Ltd. v. CIT: 224 ITR 627  CIT v. Reliance Utilities and Power Ltd.: 313 ITR 340 (Bom.)  CIT vs. M/s. Ashok Commercial Enterprises: ITA No. No.2985 of 2009 (Bom) While following the ratio emanating from the afo…

Jindal Stainless Ltd., Hisar vs. DCIT, New Delhi

Accordingly, ground number 2 of the appeal of the learned AO for 2007 – 08 is dismissed

ITA 6337/DEL/2012[2008-09]Status: DisposedITAT Delhi19 Nov 2018AY 2008-09

Bench: Smt Diva Singh & Shri Prashant Maharishi

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Kumar Parnav, Sr. DR
Section 92CSection 92C(2)

…., and there is nothing on record to show that borrowed funds have been directly utilized for such purpose, a presumption in favour of the appellant can be drawn with respect to utilization of interest free and borrowed funds:  Indian Explosives Ltd. vs CIT: 147 ITR 392 (Cal.)  Woolcombers of India Ltd. v. CIT: 134 ITR 219 (Cal.) - approved by Supreme Court in the case of East India Pharmaceutical Works Ltd. v. CIT: 224 ITR 627  CIT v. Reliance Utilities and Power Ltd.: 313 ITR 340 (Bom.)  CIT vs. M/s. Ashok Commercial Enterprises: ITA No. No.2985 of 2009 (Bom) While following the ratio emanating from the afo…

Maruti Suzuki India Ltd., New Delhi vs. Addl. CIT, New Delhi

Appeal of the assessee is partly allowed for statistical purpose

ITA 467/DEL/2014[2009-10]Status: DisposedITAT Delhi17 Oct 2018AY 2009-10

Bench: Shri R. K. Panda & Ms Suchitra Kamblei.T.A .No. 467/Del/2014 (A.Y 2009-10)

Section 143(3)Section 144CSection 144C(5)Section 43Section 43B

…been directly utilized for such purpose, a presumption in favour of the assessee can be drawn with respect to utilization of interest free and borrowed funds: • East India Pharmaceutical Works Ltd. Vs. CIT : 224 ITR 627 (S.C) • Indian Explosives Ltd. V. CIT: 147 ITR 392 (Cal.) • Woolcombers of India Ltd. v. CIT: 134 ITR 219 (Cal.) - approved by Supreme Court in the case of East India Pharmaceutical Works Ltd. v. CIT: 224 ITR 627 • Alkali & Chemical Corp. of India v. CIT: (1986) 161 ITR 820 (Cal.) • CIT v. Reliance Utilities and Power Ltd.: 313 ITR 340 (Bom.) • CIT vs. M/s. Ashok Commercial Enterprises: ITA No. N…

Hero Motocorp Ltd., New Delhi vs. Addl.CIT, Range-11, New Delhi

In the result ground No

ITA 6990/DEL/2017[2013-14]Status: DisposedITAT Delhi20 Jun 2018AY 2013-14

Bench: Shri R. K. Panda & Ms Suchitra Kamblei.T.A. No. 6990/Del/2017 (A.Y 2013-14)

Section 143(3)Section 144C

…zed for making investments during the year. Reference, in this regard, is made to the following decisions:  East India Pharmaceutical Works Ltd. v. CIT: 224 ITR 627 (SC)  Woolcombers of India Ltd. v. CIT: 134 ITR 219 (Cal.)  Indian Explosives Ltd. V. CIT: 147 ITR 392 (Cal.)  Alkali & Chemicals Corp of India Ltd. v CIT: 161 ITR 820 (Cal)  -CIT v Radico Khaitan Ltd : 274 ITR 354 (All)  CIT v Dhampur Sugar Mills Ltd : 274 ITR 370 (All)  CIT v. United Collieries Ltd. : 49 Taxman 227 (Cal)  CIT v. Enamour Investment Ltd.: 72 Taxman 370 (Cal)  CIT v. Caroline Investment Ltd.: 87 Taxman 238 (Cal)  CIT v. Kano…

Hero Motocorp Ltd., New Delhi vs. DCIT, New Delhi

In the result appeal No. 2424/Del/ 2015 filed by the revenue in assessment year 2010-11 is partly allowed

ITA 1616/DEL/2017[2012-13]Status: DisposedITAT Delhi13 Jun 2018AY 2012-13

Bench: Shri R. K. Panda & Ms Suchitra Kamble

Section 143(3)Section 144CSection 92C

…zed for making investments during the year. Reference, in this regard, is made to the following decisions: • East India Pharmaceutical Works Ltd. v. CIT: 224 ITR 627 (SC) • Woolcombers of India Ltd. v. CIT: 134 ITR 219 (Cal.) • Indian Explosives Ltd. V. CIT: 147 ITR 392 (Cal.) • Alkali & Chemicals Corp of India Ltd. v CIT: 161 ITR 820 (Cal) • -CIT v Radico Khaitan Ltd : 274 ITR 354 (All) • CIT v Dhampur Sugar Mills Ltd : 274 ITR 370 (All) • CIT v. United Collieries Ltd. : 49 Taxman 227 (Cal) • CIT v. Enamour Investment Ltd.: 72 Taxman 370 (Cal) • CIT v. Caroline Investment Ltd.: 87 Taxman 238 (Cal) • CIT v. Kano…

Maruti Suzuki India Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, the appeal of the assessee is allowed in part for statistical purposes

ITA 6021/DEL/2012[2008-09]Status: DisposedITAT Delhi09 Nov 2017AY 2008-09

Bench: Shri N.K. Saini & Shri K.N. Charry

Section 143(3)Section 144CSection 144C(5)Section 14ASection 35DSection 43BSection 92C

…of funds, the correct method to establish source of investment would be to consider the macro fund/ cash flow position during the year and basing on the decisions in East India Pharmaceutical Works Ltd. v. CIT: 224 ITR 627 (SC), Indian Explosives Ltd. V. CIT: 147 ITR 392 (Cal.), Woolcombers of India Ltd. v. CIT: 134 ITR 219 (Cal.) - approved by Supreme Court in the case of East India Pharmaceutical Works Ltd. v. CIT: 224 ITR 627, Alkali & Chemical Corp. of India v. CIT: (1986) 161 ITR 820 (Cal.), CIT v. Reliance Utilities and Power Ltd.: 313 ITR 340 (Bom.), CIT vs. M/s. Ashok Commercial Enterprises: ITA No. No.29…

Tata Tea Limited, Kolkata vs. DCIT, C Ircle- 4, Kolkata

In the result, the appeal of the revenue in ITA No

ITA 511/KOL/2010[2004-05]Status: DisposedITAT Kolkata03 Feb 2017AY 2004-05

Bench: Shri N. V. Vasudevan, Jm & Shri M. Balaganesh, Am]

For Appellant: S/Shri Manish Sheth & Prasun Kr. Maity, ARsFor Respondent: N o n e
Section 143(3)

…he following decisions in support of its proposition :- (a) Woolcombers of India Ltd vs CIT reported in (1982) 134 ITR 219 (Cal) (b) Reckitt & Colman of India Ltd vs CIT reported in (1982) 135 ITR 698 (Cal) (c ) Indian Explosives Ltd vs CIT reported in (1983) 147 ITR 392 (Cal) Tata Tea Ltd. (New Name Tata Global Beverage Ltd.), AY 2004-05 The ld CITA relying on the earlier order of his predecessor for the Asst Year 2000-01 confirmed the disallowance of notional interest amounting to Rs. 118.71 lakhs. Aggrieved, the assessee is in appeal before us on the following grounds:- “1a. That on the facts and in the circum…