Indian Oil Panipat Power Consortium Ltd. v. ITO

ITO, New Delhi vs. M/S Iffco Chhattisgarh Power Ltd., New Delhi

In the result, Appeal filed by the Revenue Stands dismissed

Bench: Shri H.S. Sidhua.Y. : 2011-12

…nstead of income from other sources. 2. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in relying upon the Hon’ble Page 1 of 3 Delhi high Court judgment in the case of M/s Indian Oil Panipat Consortium Ltd. (2009) 315 ITR 255 and also upon the Hon’ble Supreme Court decision in the case of M/s Bokaro Steel Limited (1999) 236 ITR 315 without appreciating the ratio of Hon’ble Supreme Court judgment in the case of M/s Tuticorin Alkalies Chemicals & Fertilizers Limited 227 ITR 172 3. The appellant craves to add, alter, amend, modify, add or forego any ground of appeal at a…

ACIT, New Delhi vs. M/S. Ntpc Tamil Nadu Energy Company Ltd., New Delhi

In the result, the appeal filed by the Revenue stands dismissed

Bench: : Shri C.M. Garg & Shri L.P. Sahu

…ked with the setting up of the capital structure of the assessee - company. They must, therefore, be viewed as capital receipts going to reduce the cost of construction." 4.6 Hon'ble Delhi High Court in Indian Oil Panipat Power Consortium Ltd. vs. 1TO (2009) 315 ITR 255 (Del.) held that where interest on money received as 8 ITA No. 6016/Del./2013 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…

Pr Commissioner of Income Tax vs. Facor Power Ltd

The appeal is dismissed

Bench: HON'BLE MR. JUSTICE BADAR DURREZ AHMED,HON'BLE MR. JUSTICE SANJEEV SACHDEVA

…to distinguish the said decision on the basis of facts and placed reliance on the decision of a Division Bench of this Court in the case ITA 1011/2015 Page 4 of 13 of Indian Oil Panipat Power Consortium Limited v. Income Tax Officer: 315 ITR 255. 7. After considering the submissions made on the part of the assessee and the material on record, the Commissioner of Income Tax (Appeals), by virtue of his order dated 14.05.2012, allowed the assessee’s appeal and deleted the said addition. The relevant portion of the Commissioner of Income Tax (Appeals)’s order reads as under:- “7.3…

Commissionerofincometax-I vs. Accession Buildwell (P) Ltd

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.K.GAUBA

…extricably linked with the setting up of the capital structure of the assessee-company. They must, therefore, be viewed as capital receipts going to reduce the cost of construction.” 4. This Court, in Indian Oil Panipat Power Consortium Ltd v. ITO (2009) 315 ITR 255 (Del) held that where interest on money is received as share capital, and is temporarily placed in fixed deposit awaiting acquisition of land, a claim that such interest is in 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 partners are…

Ntpc Sail Power Company Pvt. Ltd

…apital structure of the assessee- 2012:DHC:4389-DB ITA-1238/2011 Page 11 company. They must, therefore, be viewed as capital receipts going to reduce the cost of construction.” 9. This Court, in Indian Oil Panipat Power Consortium Ltd Vs. ITO (2009) 315 ITR 255 (Del.) held 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 partners are “inextric…

CIT vs. Sasan Power Ltd

The appeal is dismissed

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE R.V.EASWAR

…n nature and not Revenue in nature. The Commissioner of Income Tax (Appeals) examined the nature and character of the interest received from PFC and after referring to decision of this Court in Indian Oil Panipat Power Consortium, New Delhi Vs. ITO (2009) 315 ITR 255 (Del.) held that the interest income was capital in nature and not revenue and therefore, not taxable under Section 57 of the Act. 12. The ITAT has, referring to the facts of the present case, held as under : ITA 10/2012…

CIT vs. Sasan Power Ltd

The appeal is dismissed

…n nature and not Revenue in nature. The Commissioner of Income Tax (Appeals) examined the nature and character of the interest received from PFC and after referring to decision of this Court in Indian Oil Panipat Power Consortium, New Delhi Vs. ITO (2009) 315 ITR 255 (Del.) held that the interest income was capital in nature and not revenue and therefore, not taxable under Section 57 of the Act. 12. The ITAT has, referring to the facts of the present case, held as under : 2012:DHC:125-DB ITA 10/2012…

Commissioner of Income Tax vs. Jaypee Dsc Ventures Ltd

Accordingly, the same stands dismissed

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

…Page 15 of 18 income from other sources, the view taken could not be faulted with. 19. In Indian Oil Panipat Power Consortium Limited v. Income-Tax Officer, [2009] 315 ITR 255 (Delhi), this Court had posed the question regarding the treatment which was to be accorded to the interest earned on monies received as share capital by the assessee which were temporarily put in a fixed deposit awaiting acquisition of land which had run into legal entanglements on account of title. The Assessing Officer and the CIT(A) had…