Indian Oil Panipat Power Consortium Ltd. v. ITO

315 ITR 255High Court2009#954 most cited

What is Indian Oil Panipat Power Consortium Ltd. v. ITO authority for?

Interest earned from the temporary parking of borrowed funds specifically intended for project development, prior to the commencement of business, constitutes a capital receipt inextricably linked to the project and is not taxable as 'income from other sources'.

112

judgments rely on this decision, according to BharatTax’s citation analysis of 367,368 Indian tax judgments — from 2011 to 2026.

Also referred to as

Indian Oil Panipat Power Consortium Ltd. v. ITO · 315 ITR 255 · interest income · temporary parking of funds · borrowed funds · project development · pre-commencement of business · capital receipt · income from other sources · Section 56 · Section 4

Also reported as

181 Taxmann 249

Sections most often in play

Section 143(3)Section 148Section 56Section 22Section 4Section 80-ICSection 10(5) of the Indian Income-tax ActSection 115BBE
Read the full judgment

Issues it is cited on

section 293section 40a(i)section 10(5)section 44csection 32asection 74section 73section 42section 32(1)(iia)initial assessment yearsection 72section 22

Judgments citing Indian Oil Panipat Power Consortium Ltd. v. ITO

Renault Nissan Automotive India Private Limited, Kancheepuram vs. ACIT, Chennai

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 2218/CHNY/2015[2009-10]Status: DisposedITAT Chennai30 Aug 2023AY 2009-10

Bench: Shri V. Durga Rao & Shri Manjunatha, G.आयकर अपील सं./I.T.A. No.2218/Chny/2015 िनधा"रण वष"/Assessment Year: 2009-10 M/S. Renault Nissan Automotive Vs. The Assistant Commissioner Of India Private Limited, Income Tax, Plot No. 1, Sipcot Industrial Park, Company Circle V(3), Sriperumbudur, Kanchipuram District, Chennai 600 034. Tamil Nadu 602 105. [Pan:Aadcr7965B] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri N. V. Balaji, Advocate ""थ" की ओर से/Respondent By : Shri P. Dhivahar, Cit सुनवाई की तारीख/ Date Of Hearing : 23.08.2023 घोषणा की तारीख /Date Of Pronouncement : 30.08.2023 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 3, Chennai, Dated 02.09.2015 Relevant To The Assessment Year 2009-10. 2. Brief Facts Of The Case Are That The Assessee Has Filed Its Return Of Income On 23.09.2009 For The Assessment Year 2009-10 Declaring Taxable Income Of Nil. The Case Was Selected For Scrutiny By Issue Of 2

For Appellant: Shri N. V. Balaji, AdvocateFor Respondent: Shri P. Dhivahar, CIT
Section 142(1)Section 143(2)Section 143(3)

…ng Officer has rejected the plea of the assessee that the impugned interest was not taxable, being a capital receipt in terms of ratio relied upon by the appellant in CIT V. VGR Foundations (2007) 298 ITR 132 and Indian Oil Panipat Power Consortium Ltd v. ITO 315 ITR 255. 6. Before the ld. CIT(A), by reiterating the submissions made before the Assessing Officer the assessee has submitted that the decision relied on by the Assessing Officer in the case of Tuticorin Alkali Chemicals and Fertilizers v. CIT (supra) does not apply to the assessee’s fact pattern as the decision has been rendered in the context of borro…

Brahma Center Development Pvt. Ltd., New Delhi vs. ACIT Circle-5(1), New Delhi

In the result, the appeal of the assessee is allowed

ITA 4343/DEL/2019[2014-15]Status: DisposedITAT Delhi17 Jul 2023AY 2014-15

Bench: Sh. Saktijit Deydr. B. R. R. Kumar

For Appellant: Sh. Salil Kapoor, AdvFor Respondent: Sh. P. Praveen Sidharth, CIT DR

…held as under: “Hon’ble jurisdictional High court considered the decision of the Hon'ble Apex Court in the case of Ms. Tuticorin Alkal Chemicals and Fertilizers Ltd (supra) and Bokaro Steel Ltd (supra) in Indian Of Panipat Power Consortium Ltd Vs ITO (2009) 315 ITR 255(Del) and held that the interest eamed on funds primarily brought for infusion in the business could not have been classified as income from other sources. Further, unlike in the Brahma Center Development Pvt. Ltd. case of M/s. Tuticorin Alkali Chemicals and Fertilizers Ltd (apra in the case on hand, the assessee had already commenced business (Pa…

M/S. Kanpur Fertilizers & Cement Ltd., Noida vs. ITO, Noida

Appeal are allowed

ITA 308/DEL/2016[2012-13]Status: DisposedITAT Delhi30 May 2023AY 2012-13

Bench: Shri Kul Bharat & Shri Pradip Kumar Kedia[Assessment Year: 2012-13

Section 143(3)Section 234B

…ee vehemently argued that the authorities below were not justified in making and sustaining the addition. Learned counsel placed reliance on the judgment of the Hon’ble Delhi High Court rendered in the case of Indian Oil Panipat Power Consortium Ltd. v. ITO 315 ITR 255 and also placed reliance on the judgment of the Hon’ble Supreme Court rendered in the case of Bokaro Steel Ltd. 236 ITR 315 (SC). Further reliance was placed on the judgment of the Hon’ble Madras High Court rendered in the case of CIT Vs. VGR Foundations 298 ITR 132 (Mad.). Learned counsel further reiterated the submissions as made in the writt…

ACIT, Circle 8(2), New Delhi vs. Etawah Chakeri (Kanpur) Highway Pvt. Ltd., New Delhi

In the result, appeal of Revenue is dismissed

ITA 9200/DEL/2019[2015-16]Status: DisposedITAT Delhi25 May 2023AY 2015-16

Bench: Sh. Anil Chaturvedi & Sh. Anubhav Sharmaacit Vs. Etawah Chakeri (Kanpur) Circle – 8(2), Highway Pvt. Ltd. New Delhi Ose Commercial Block, Asset 5B, Aerocity, Hospitality, District, Igi Pan No. Aacce 8963 D Airport, New Delhi – 110 037 (Appellant) (Respondent) Assessee By Shri K. V. S. R. Krishna, C.A. Revenue By Shri Javed Akhter, Cit-D.R. Date Of Hearing: 22.05.2023 Date Of Pronouncement: 25.05.2023

Section 143(3)

…arned by the assessee on the fixed deposit receipts must go to reduce the pre- production expenses. 7.3.1 Reference is also made to the decision of Hon'ble Delhi High Court in the case of Indian Oil Panipat Power Consortium Limited v. Income-tax Office [2009] 315 ITR 255 (Delhi), in which it has been held that – “5.2 It is clear upon a perusal of the facts as found by the authorities below that the funds in the form of share capital were infused for a specific purpose of acquiring land and the development of infrastructure. Therefore, the interest earned on funds primarily brought for infusion in the business cou…

Addl.CIT, Special Range-4, New Delhi vs. Idemitsu Lube India P.Ltd, New Delhi

In the result, Cross objection of assessee is allowed for statistical purposes

ITA 7256/DEL/2018[2013-14]Status: DisposedITAT Delhi27 Apr 2023AY 2013-14

Bench: Sh. Anil Chaturvedi & Sh. Anubhav Sharmaita Nos. 7255 & 7256/Del/2018 (Assessment Years : 2012-13 & 2013-14) Acit Vs. Idemitsu Lube India P. Ltd. Special Range -4, 603, 6Th Floor, Erose New Delhi Corporate Tower, Nehru Place, New Delhi-110 019 Pan No. Aabci 5684 A (Appellant) (Respondent) & Co Nos. 36 & 35/Del/2019 (Arising Out Of Ita Nos.7255 & 7256/Del/2018) (Assessment Years : 2012-13 & 2013-14) Idemitsu Lube India P. Ltd. Vs. Acit 603, 6Th Floor, Erose Special Range -4, Corporate Tower, Nehru New Delhi Place, New Delhi-110 019 Pan No. Aabci 5684 A (Appellant) (Respondent)

Section 115JSection 143(3)

…e. He has held that since the payment of interest and the earning of interest was inextricably linked to each other the same was required to netted off. He thereafter, placing reliance on the decision in the case of Indian Oil Panipat Power Consortium vs. ITO 315 ITR 255 (Delhi) deleted the addition made by AO. 14. Aggrieved by the order of CIT(A), Revenue is before the Tribunal. 10 15. Before us, Learned DR took us through the findings of AO and strongly supported the order of AO. Learned AR on the other hand reiterated the submissions made before AO and CIT(A) and supported the order of CIT(A). Learned AR als…

Addl.CIT, Special Range-4, New Delhi vs. Idemitsu Lube India P.Ltd, New Delhi

In the result, Cross objection of assessee is allowed for statistical purposes

ITA 7255/DEL/2018[2012-13]Status: DisposedITAT Delhi27 Apr 2023AY 2012-13

Bench: Sh. Anil Chaturvedi & Sh. Anubhav Sharmaita Nos. 7255 & 7256/Del/2018 (Assessment Years : 2012-13 & 2013-14) Acit Vs. Idemitsu Lube India P. Ltd. Special Range -4, 603, 6Th Floor, Erose New Delhi Corporate Tower, Nehru Place, New Delhi-110 019 Pan No. Aabci 5684 A (Appellant) (Respondent) & Co Nos. 36 & 35/Del/2019 (Arising Out Of Ita Nos.7255 & 7256/Del/2018) (Assessment Years : 2012-13 & 2013-14) Idemitsu Lube India P. Ltd. Vs. Acit 603, 6Th Floor, Erose Special Range -4, Corporate Tower, Nehru New Delhi Place, New Delhi-110 019 Pan No. Aabci 5684 A (Appellant) (Respondent)

Section 115JSection 143(3)

…e. He has held that since the payment of interest and the earning of interest was inextricably linked to each other the same was required to netted off. He thereafter, placing reliance on the decision in the case of Indian Oil Panipat Power Consortium vs. ITO 315 ITR 255 (Delhi) deleted the addition made by AO. 14. Aggrieved by the order of CIT(A), Revenue is before the Tribunal. 10 15. Before us, Learned DR took us through the findings of AO and strongly supported the order of AO. Learned AR on the other hand reiterated the submissions made before AO and CIT(A) and supported the order of CIT(A). Learned AR als…

Cairn Energy Hydrocarbon Ltd., Gurgaon vs. DCIT, Intl. Taxation, Circle, Gurgaon

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 6278/DEL/2018[2014-15]Status: DisposedITAT Delhi31 Jan 2023AY 2014-15

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. Gangadhar Panda, CIT-DR
Section 40aSection 57Section 80I

…e flows from deposits made by the assessee’s which were inextricably linked t the process of setting up of its plant & machinery. We were also appraised of the decision of the Hon’ble Delhi High Court in case of Indian Oil Panipat Power Consortium Ltd. v. ITO 315 ITR 255 (Del) wherein the ld. AR argued that where interest on money received as share capital is temporarily placed in fixed deposit awaiting acquisition of land, a claim that such interest is a capital receipt entitled to be set off against pre-operative expenses, is admissible, as the funds received by the assessee company by the joint venture partner…

Cairn Energy Hydrocarbon Ltd., Gurgaon vs. DCIT, Intl. Taxation, Circle, Gurgaon

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 6277/DEL/2018[2013-14]Status: DisposedITAT Delhi31 Jan 2023AY 2013-14

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. Gangadhar Panda, CIT-DR
Section 40aSection 57Section 80I

…e flows from deposits made by the assessee’s which were inextricably linked t the process of setting up of its plant & machinery. We were also appraised of the decision of the Hon’ble Delhi High Court in case of Indian Oil Panipat Power Consortium Ltd. v. ITO 315 ITR 255 (Del) wherein the ld. AR argued that where interest on money received as share capital is temporarily placed in fixed deposit awaiting acquisition of land, a claim that such interest is a capital receipt entitled to be set off against pre-operative expenses, is admissible, as the funds received by the assessee company by the joint venture partner…

DCIT, Intl. Taxation, Circle, Gurgaon vs. Cairn Energy Hydrocarbon Ltd., Gurgaon

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 5989/DEL/2018[2014-15]Status: DisposedITAT Delhi31 Jan 2023AY 2014-15

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. Gangadhar Panda, CIT-DR
Section 40aSection 57Section 80I

…e flows from deposits made by the assessee’s which were inextricably linked t the process of setting up of its plant & machinery. We were also appraised of the decision of the Hon’ble Delhi High Court in case of Indian Oil Panipat Power Consortium Ltd. v. ITO 315 ITR 255 (Del) wherein the ld. AR argued that where interest on money received as share capital is temporarily placed in fixed deposit awaiting acquisition of land, a claim that such interest is a capital receipt entitled to be set off against pre-operative expenses, is admissible, as the funds received by the assessee company by the joint venture partner…

DCIT, Intl. Taxation, Circle, Gurgaon vs. Cairn Energy Hydrocarbon Ltd., Gurgaon

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 5988/DEL/2018[2013-14]Status: DisposedITAT Delhi31 Jan 2023AY 2013-14

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. Gangadhar Panda, CIT-DR
Section 40aSection 57Section 80I

…e flows from deposits made by the assessee’s which were inextricably linked t the process of setting up of its plant & machinery. We were also appraised of the decision of the Hon’ble Delhi High Court in case of Indian Oil Panipat Power Consortium Ltd. v. ITO 315 ITR 255 (Del) wherein the ld. AR argued that where interest on money received as share capital is temporarily placed in fixed deposit awaiting acquisition of land, a claim that such interest is a capital receipt entitled to be set off against pre-operative expenses, is admissible, as the funds received by the assessee company by the joint venture partner…

DDIT, New Delhi vs. M/S. Cairn Energy Hydrocarbons Ltd., Gurgaon

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 6357/DEL/2013[2010-11]Status: DisposedITAT Delhi31 Jan 2023AY 2010-11

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. Gangadhar Panda, CIT-DR
Section 40aSection 57Section 80I

…e flows from deposits made by the assessee’s which were inextricably linked t the process of setting up of its plant & machinery. We were also appraised of the decision of the Hon’ble Delhi High Court in case of Indian Oil Panipat Power Consortium Ltd. v. ITO 315 ITR 255 (Del) wherein the ld. AR argued that where interest on money received as share capital is temporarily placed in fixed deposit awaiting acquisition of land, a claim that such interest is a capital receipt entitled to be set off against pre-operative expenses, is admissible, as the funds received by the assessee company by the joint venture partner…

Cairn Energy Hydrocarbons Ltd., Gurgaon vs. DDIT, New Delhi

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 6346/DEL/2013[2010-11]Status: DisposedITAT Delhi31 Jan 2023AY 2010-11

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. Gangadhar Panda, CIT-DR
Section 40aSection 57Section 80I

…e flows from deposits made by the assessee’s which were inextricably linked t the process of setting up of its plant & machinery. We were also appraised of the decision of the Hon’ble Delhi High Court in case of Indian Oil Panipat Power Consortium Ltd. v. ITO 315 ITR 255 (Del) wherein the ld. AR argued that where interest on money received as share capital is temporarily placed in fixed deposit awaiting acquisition of land, a claim that such interest is a capital receipt entitled to be set off against pre-operative expenses, is admissible, as the funds received by the assessee company by the joint venture partner…

Shree Sai Sagar Consultants, Mumbai vs. DCIT -CC-5(4), Mumbai

In the result, the present appeal is partly allowed

ITA 2191/MUM/2021[2012-13]Status: DisposedITAT Mumbai25 Jan 2023AY 2012-13
For Appellant: Shri Jayant Bhatt & Jitali GandhiFor Respondent: Shri R.N. D‟Souza
Section 143(3)Section 68

…n 251 ITR 329 (SC); Hon‟ble Jurisdictional High Court in the case of Shree Maheshwar Hydel Power Corporation Ltd vs CIT reported in 96 taxmann.com 167 (Bom) and Hon‟ble Delhi High Court in the case of Indian Oil Panipat Power Consortium Ltd vs ITO reported in 315 ITR 255 (Del). 6.5. In view of the aforesaid observations and respectfully following the judicial precedents relied upon hereinabove, we hold that the interest income earned on fixed deposits should be treated as capital receipt and to be reduced from the project cost. Hence we do not find any infirmity in the treatment given by the assessee in the inst…

Sp Jammu Udhampur Highway Ltd., Mumbai vs. DCIT Circle 3(3)(2), Mumbai

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

ITA 1507/MUM/2019[2014-15]Status: DisposedITAT Mumbai02 Jan 2023AY 2014-15

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blesp Jammu-Udhampur Highway Pvt Ltd., V. Dcit- Circle-3(3)(2) 41/44, Shapoorji Pallonji Centre Aayakar Bhavan Minoo Desai Marg Mumbai - 400020 Colaba, Mumbai – 400005 Pan: Aaocs5512N (Appellant) (Respondent) Assessee By : Shri Manish Chulawala Department By : Smiti Samant

For Appellant: Shri Manish ChulawalaFor Respondent: Smiti Samant
Section 115JSection 142(1)Section 143(2)

…business income in accordance with law and in this regard the Ld. Representative of the assessee has placed reliance upon the law settled by the different authorities cited as Indian Oil Panipat Power Consortium Ltd. Vs. ITO reported in 181 Taxmann page 249, 315 ITR 255 (Delhi High Court), Bokaro Steel Ltd. 236 ITR pg. 315 (SC), The Road Infrastructure Development Company of Rajasthan Ltd. ITA. No. 628/JP/2014 Jaipur, Andhra Pradesh Expressway Ltd. ITA. No. 663/M/2015 & Karnataka Power Corporation Ltd. 247 ITR 268. However, on the other hand, the Ld. Representative of the revenue has refuted the said contention.…

Vatika Hotels Pvt. Ltd., New Delhi vs. ACIT Central Circle-8, New Delhi

ITA 7833/DEL/2019[2009-10]Status: DisposedITAT Delhi11 Nov 2022AY 2009-10

Bench: Shri N.K. Billaiya & Shri Kul Bharat

For Appellant: Shri C.S. Aggarwal, Sr. AdvFor Respondent: Shri Sanjai Kumar Yadav, Addl. CIT-DR
Section 57

…lected in the balance sheet. Entire transaction has been duly explained by way of Notes to the respective Schedule to the Balance Sheet by the assessee and the auditors. 17. Hon'ble High Court of Delhi in the case of Indian Oil Panipat Power Consortium Ltd 315 ITR 255 has held as under: “5.2 It is clear upon a perusal of the facts as found by the authorities below that the funds in the form of share capital were infused for a specific purpose of acquiring land and the development of infrastructure. Therefore, the interest earned on funds primarily brought for infusion in the business could not have been class…

ACIT Circle-14(1), New Delhi vs. Kanti Bijlee Utpadan Nigam Ltd., New Delhi

ITA 5586/DEL/2019[2013-14]Status: DisposedITAT Delhi01 Sept 2022AY 2013-14

Bench: Sh. N. K. Billaiya & Sh. Anubhav Sharmaassessment Year: 2013-14

…m bank deposits is inextricably linked to the development / setting up of the Power plant by wrongly relying on the decision of Hon’ble High Court in the case of NTPC Sail Power Company Ltd. Vs. CIT and Indian Oil Panipat power Construction Ltd. vs. ITO (2009 315 ITR 255) (Del.). The facts and ratio of these case laws is not applicable to this case. 2. The Ld. CIT(A) has erred in holding that the interest of Rs.1,54,00,667/- recovered from contractors is inextricably linked to the development / setting up of the Power plant by wrongly relying on the decision of Hon’ble Supreme Court in the case of CIT vs. Bokaro…

Mellona Developers Pvt. Ltd., Mumbai vs. ITO, Ward- 3 (2)(2), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 1408/MUM/2020[2015-16]Status: DisposedITAT Mumbai08 Aug 2022AY 2015-16

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Mellona Developers Pvt. Ltd., V. Income Tax Officer – Ward – 3(2)(2) Room No. 673A, Aayakar Bhavan 514, Dalamal Towers, 211 M.K. Road, Mumbai - 400020 F.P.J. Marg, Nariman Point Mumbai - 400021 Pan: Aafcm3780K (Appellant) (Respondent) Assessee By : Shri K. Gopal Department By : Shri Mahita Nair

For Appellant: Shri K. GopalFor Respondent: Shri Mahita Nair
Section 115JSection 142(1)Section 143(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER M/s. Mellona Developers Pvt. Ltd., v. Income Tax Officer – Ward – 3(2)(2) Room No. 673A, Aayakar Bhavan 514, Dalamal Towers, 211 M.K. Road, Mumbai - 400020 F.P.J. Marg, Nariman Point Mumbai - 400021 PAN: AAFCM3780K (Appellant) (Respondent) Assessee by : Shri K. Gopal Department by : Shri Mahita Nair Date of Hearing : 12.07.2022 Date of Pronouncement : 08.08.2022 O R D E R PER S. RIFAUR RAHMAN (AM) 1. This appeal is filed by the assessee against order of Le…

Sai Siddhant Developers, Mumbai vs. DCIT -CC -5(4), Mumbai

In the result , all the appeals of the assessee are allowed

ITA 2193/MUM/2021[2012-13]Status: DisposedITAT Mumbai15 Jul 2022AY 2012-13
Section 143(3)

…n 251 ITR 329 (SC); Hon’ble Jurisdictional High Court in the case of Shree Maheshwar Hydel Power Corporation Ltd vs CIT reported in 96 taxmann.com 167 (Bom) and Hon’ble Delhi High Court in the case of Indian Oil Panipat Power Consortium Ltd vs ITO reported in 315 ITR 255 (Del). 6.5. In view of the aforesaid observations and respectfully following the judicial precedents relied upon hereinabove, we hold that the interest income earned on fixed deposits should be treated as capital receipt and to be reduced from the project cost. Hence we do not find any infirmity in the treatment given by the assessee in the inst…

Sai Siddhant Developers, Mumbai vs. DCIT -CC-5(4), Mumbai

In the result , all the appeals of the assessee are allowed

ITA 2192/MUM/2021[2014-15]Status: DisposedITAT Mumbai15 Jul 2022AY 2014-15
Section 143(3)

…n 251 ITR 329 (SC); Hon’ble Jurisdictional High Court in the case of Shree Maheshwar Hydel Power Corporation Ltd vs CIT reported in 96 taxmann.com 167 (Bom) and Hon’ble Delhi High Court in the case of Indian Oil Panipat Power Consortium Ltd vs ITO reported in 315 ITR 255 (Del). 6.5. In view of the aforesaid observations and respectfully following the judicial precedents relied upon hereinabove, we hold that the interest income earned on fixed deposits should be treated as capital receipt and to be reduced from the project cost. Hence we do not find any infirmity in the treatment given by the assessee in the inst…

M/S. Sai Siddhi Developers, Mumbai vs. DCIT -CC-5(40, Mumbai

In the result , all the appeals of the assessee are allowed

ITA 2190/MUM/2021[2014-15]Status: DisposedITAT Mumbai15 Jul 2022AY 2014-15
Section 143(3)

…n 251 ITR 329 (SC); Hon’ble Jurisdictional High Court in the case of Shree Maheshwar Hydel Power Corporation Ltd vs CIT reported in 96 taxmann.com 167 (Bom) and Hon’ble Delhi High Court in the case of Indian Oil Panipat Power Consortium Ltd vs ITO reported in 315 ITR 255 (Del). 6.5. In view of the aforesaid observations and respectfully following the judicial precedents relied upon hereinabove, we hold that the interest income earned on fixed deposits should be treated as capital receipt and to be reduced from the project cost. Hence we do not find any infirmity in the treatment given by the assessee in the inst…