ITO v. Midas Touch Exports

43 SOT 38Income Tax Appellate Tribunal2011#7922 most cited

What is ITO v. Midas Touch Exports authority for?

Interest income earned on delayed or overdue payments from customers is assessable as profits and gains from business for the purpose of computing deductions under Chapter VI-A of the Income-tax Act.

14

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2020 to 2025.

Also referred to as

ITO v. Midas Touch Exports · Chapter VI-A · deduction · interest income · delayed payment · overdue payment · business income · profits and gains · Income Tax Act

Sections most often in play

Section 115JBSection 143(3)Section 194CSection 194JSection 195Section 200(1)Section 250Section 4

Issues it is cited on

section 44cazadi bachao andolansection 234dsection 9(1)(i)section 9(1)(vii)permanent establishmentbeneficial ownersection 9(1)interest under section 234atax treatybusiness connectionsection 40(a)(i)

Judgments citing ITO v. Midas Touch Exports

Skechers Sarl, Mumbai vs. The Assistant Commissioner of Income Tax 4(2)(1), Mumbai

In the result the appeal filed by the assessee stands partly

ITA 2028/MUM/2025[2022-23]Status: DisposedITAT Mumbai03 Nov 2025AY 2022-23

Bench: Smt. Beena Pillai () & Smt. Renu Jauhri ()

Section 143(3)Section 144CSection 144C(13)Section 153Section 234BSection 270A

…s India (P.) Ltd. Reported in(2021) 434 ITR 69 • Decision of cooridate bench of this Tribunal in case of Linde AG vs. ITO reported in (1997) 62 ITD 330 • Decision of cooridate bench of this Tribunal in case of DCIT vs. Samsung Engg. Co. Ltd reported in (2011) 43 SOT 38 • Decision of cooridate bench of this Tribunal in case of Endemol South Africa (Proprietary) Ltd. Reported in (2018) 67 ITR(T) 520 • Decision of cooridate bench of this Tribunal in case of ITP Publishing India P Ltd vs. ACIT in ITA No. 4407/Mum/2019 vide order dated 13/01/2023 • Decision of cooridate bench of this Tribunal in case of DCIT vs. BASF…

Sheladia Associates Inc, Hyderabad vs. ADIT(Int Taxn)-2, Hyd, Hyderabad

In the result, appeal of the assessee is allowed for statistical purpose

ITA 423/HYD/2023[2020-2021]Status: DisposedITAT Hyderabad16 Oct 2024AY 2020-2021

Bench: Shri K.Narasimha Chary & Shri Madhusudan Sawdia

For Appellant: Ms.Aluru V Sai Sudha, ARFor Respondent: Shri Kumar Pranav, CIT-DR
Section 143(3)

…only. She further submitted that an identical issue had arisen in assessee’s own case for the assessment year 2021-22 and after considering the issue in extenso in the light of the decision of coordinate bench in the case of DDIT Vs.Samsung Engg.Co.Ltd (2011) 43 SOT 38, Fraport A.G. Frankfurt Airport Services Worldwise Vs. ACIT/ADIT [2023] 151 taxmann.com 370 and Addl.DIT Vs. Bank of Bahrain & Kuwait [2011] 44 SOT 693 and the Hon'ble High Court of Bombay in the case of CIT Vs Emirates Commercial Bank Ltd.[2004] 134 Taxman 682 (Bombay) reached a conclusion that when the assessee proves that certain expenditure exc…

Sheladia Associates Inc, Sd Road vs. ADIT(Int Taxn)-2, Hyderabad

In the result, appeal of the assessee is treated as partly allowed for statistical purposes

ITA 537/HYD/2023[2021-22]Status: DisposedITAT Hyderabad21 Jun 2024AY 2021-22

Bench: Shri K.Narasimha Chary & Shri Madhusudan Sawdiaआ.अपी.सं / Ita No. 537/Hyd/2023 (धििाारण वर्ा / Assessment Year: 2021-22) Sheladia Associates Inc, Adit (Int Taxn)-2, Secunderabad Vs. Hyderabad [Pan No. Aafcs7792F] अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent

For Appellant: Ms. Aluru V. Sai Sudha, ARFor Respondent: Ms. L. Sunitha Rao, CIT-DR
Section 133(6)Section 143(3)Section 144C(5)Section 37Section 44C

…d, therefore, falls in the ambit of section 44C of the Act. On this score, learned DRP declined to delete the addition. Learned AR placed reliance on the decision of the Co-ordinate Bench of the Tribunal in the cases of DDIT vs. Samsung Engg. Co. Ltd., [2011] 43 SOT 38, Fraport A.G. Frankfurt Airport Services Worldwide vs. ACIT/ADIT [2023] 151 taxmann.com 370 and Addl. DIT vs. Bank of Bahrain & Kuwait [2011] 44 SOT 693 to support her contentions. 15. Per contra, learned DR, contended that in this case, the expense in question was incurred by way of payment of salaries, wages or any other perks and therefore, cov…

ACIT Circle 13(1), New Delhi vs. Lx Pantos India Private Limited, New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 912/DEL/2023[2018-19]Status: DisposedITAT Delhi17 May 2024AY 2018-19

Bench: Shri Kul Bharat & Shri M.Balaganesh

Section 143(3)Section 195Section 40Section 9(1)Section 9(1)(i)

…onal Tribunal)  Asstt. CIT v. Leaap International (P.) Ltd. [201 1 1 15 taxmann.com 251 (Chennai)  Spahi Projects (P.) Ltd., In re |2009| 183 Taxman 92 (AAR - New Delhi)  Linde A.G. v. ΙΤΟ [1997] 62 ITD 330 (Mum.)  Dy. DIT v. Samsung Engg. Co. Ltd. [2011] 43 SOT 38 (Mum.) (URO).” 9. We have heard Ld. Authorized Representatives of the parties and perused the material available on record and gone through the orders of the authorities below. The Revenue by way of the present appeal has challenged the correctness of the order of Ld.CIT(A) who had deleted the impugned addition by holding that the assessee was not…

ACIT Circle 13(1), New Delhi vs. Lx Pantos India Private Limited, New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 911/DEL/2023[2017-18]Status: DisposedITAT Delhi17 May 2024AY 2017-18

Bench: Shri Kul Bharat & Shri M.Balaganesh

Section 143(3)Section 195Section 40Section 9(1)Section 9(1)(i)

…onal Tribunal)  Asstt. CIT v. Leaap International (P.) Ltd. [201 1 1 15 taxmann.com 251 (Chennai)  Spahi Projects (P.) Ltd., In re |2009| 183 Taxman 92 (AAR - New Delhi)  Linde A.G. v. ΙΤΟ [1997] 62 ITD 330 (Mum.)  Dy. DIT v. Samsung Engg. Co. Ltd. [2011] 43 SOT 38 (Mum.) (URO).” 9. We have heard Ld. Authorized Representatives of the parties and perused the material available on record and gone through the orders of the authorities below. The Revenue by way of the present appeal has challenged the correctness of the order of Ld.CIT(A) who had deleted the impugned addition by holding that the assessee was not…

Fraport Ag Frankfurt Airport Services Worldwide, New Delhi vs. ACIT (International Taxation), New Delhi

In the result, the appeal is partly allowed

ITA 287/DEL/2017[2012-13]Status: DisposedITAT Delhi03 Apr 2023AY 2012-13

Bench: Shri G.S. Pannu, Hon’Ble & Shri Saktijit Deyassessment Year: 2007-08 With Assessment Year: 2008-09 With Assessment Year: 2009-10 With Assessment Year: 2010-11 With Assessment Year: 2011-12 With Assessment Year: 2012-13 M/S. Fraport A.G. Frankfurt Vs. Acit/Adit, Airport Services Worldwide, International Taxation, C/O- Mohinder Puri & Co., Cas, Circle-1(2), 1-D, Vandhna Building, New Delhi 11 Tolstoy Marg, New Delhi Pan :Aaacf9749E (Appellant) (Respondent)

Section 9(1)(vii)

…ed upon the following decisions: (i) Bank of America NT & SA Vs. DCIT [2009] 27 SOT 97 (Mumbai- Trib.) 12 | P a g e ITA Nos.3257/Del/2014;3869/Del/2015; 3870/Del/2015; 3871/Del/2015; 1115/Del/2016 & 287/Del/2017 (ii) DDIT Vs. Samsung Engg. Co. Ltd. [2011] 43 SOT 38 (Mumbai – Trib.) 15. Learned Departmental Representative strongly relied upon the observations of the departmental authorities. 16. We have considered rival submissions and perused the materials on record. From the materials on record, we find that both the Assessing Officer as well as learned DRP have given a concurrent finding that the assesse…

Fraport Ag Frankfurt Airport Services Worldwide, New Delhi vs. DCIT (International Taxation), New Delhi

In the result, the appeal is partly allowed

ITA 1115/DEL/2016[2011-12]Status: DisposedITAT Delhi03 Apr 2023AY 2011-12

Bench: Shri G.S. Pannu, Hon’Ble & Shri Saktijit Deyassessment Year: 2007-08 With Assessment Year: 2008-09 With Assessment Year: 2009-10 With Assessment Year: 2010-11 With Assessment Year: 2011-12 With Assessment Year: 2012-13 M/S. Fraport A.G. Frankfurt Vs. Acit/Adit, Airport Services Worldwide, International Taxation, C/O- Mohinder Puri & Co., Cas, Circle-1(2), 1-D, Vandhna Building, New Delhi 11 Tolstoy Marg, New Delhi Pan :Aaacf9749E (Appellant) (Respondent)

Section 9(1)(vii)

…ed upon the following decisions: (i) Bank of America NT & SA Vs. DCIT [2009] 27 SOT 97 (Mumbai- Trib.) 12 | P a g e ITA Nos.3257/Del/2014;3869/Del/2015; 3870/Del/2015; 3871/Del/2015; 1115/Del/2016 & 287/Del/2017 (ii) DDIT Vs. Samsung Engg. Co. Ltd. [2011] 43 SOT 38 (Mumbai – Trib.) 15. Learned Departmental Representative strongly relied upon the observations of the departmental authorities. 16. We have considered rival submissions and perused the materials on record. From the materials on record, we find that both the Assessing Officer as well as learned DRP have given a concurrent finding that the assesse…

Fraport Ag Frankfurt Airport Services Worldwide, New Delhi vs. ACIT, New Delhi

In the result, the appeal is partly allowed

ITA 3871/DEL/2015[2010-11]Status: DisposedITAT Delhi03 Apr 2023AY 2010-11

Bench: Shri G.S. Pannu, Hon’Ble & Shri Saktijit Deyassessment Year: 2007-08 With Assessment Year: 2008-09 With Assessment Year: 2009-10 With Assessment Year: 2010-11 With Assessment Year: 2011-12 With Assessment Year: 2012-13 M/S. Fraport A.G. Frankfurt Vs. Acit/Adit, Airport Services Worldwide, International Taxation, C/O- Mohinder Puri & Co., Cas, Circle-1(2), 1-D, Vandhna Building, New Delhi 11 Tolstoy Marg, New Delhi Pan :Aaacf9749E (Appellant) (Respondent)

Section 9(1)(vii)

…ed upon the following decisions: (i) Bank of America NT & SA Vs. DCIT [2009] 27 SOT 97 (Mumbai- Trib.) 12 | P a g e ITA Nos.3257/Del/2014;3869/Del/2015; 3870/Del/2015; 3871/Del/2015; 1115/Del/2016 & 287/Del/2017 (ii) DDIT Vs. Samsung Engg. Co. Ltd. [2011] 43 SOT 38 (Mumbai – Trib.) 15. Learned Departmental Representative strongly relied upon the observations of the departmental authorities. 16. We have considered rival submissions and perused the materials on record. From the materials on record, we find that both the Assessing Officer as well as learned DRP have given a concurrent finding that the assesse…

Fraport Ag Frankfurt Airport Services Worldwide, New Delhi vs. ACIT, New Delhi

In the result, the appeal is partly allowed

ITA 3870/DEL/2015[2009-10]Status: DisposedITAT Delhi03 Apr 2023AY 2009-10

Bench: Shri G.S. Pannu, Hon’Ble & Shri Saktijit Deyassessment Year: 2007-08 With Assessment Year: 2008-09 With Assessment Year: 2009-10 With Assessment Year: 2010-11 With Assessment Year: 2011-12 With Assessment Year: 2012-13 M/S. Fraport A.G. Frankfurt Vs. Acit/Adit, Airport Services Worldwide, International Taxation, C/O- Mohinder Puri & Co., Cas, Circle-1(2), 1-D, Vandhna Building, New Delhi 11 Tolstoy Marg, New Delhi Pan :Aaacf9749E (Appellant) (Respondent)

Section 9(1)(vii)

…ed upon the following decisions: (i) Bank of America NT & SA Vs. DCIT [2009] 27 SOT 97 (Mumbai- Trib.) 12 | P a g e ITA Nos.3257/Del/2014;3869/Del/2015; 3870/Del/2015; 3871/Del/2015; 1115/Del/2016 & 287/Del/2017 (ii) DDIT Vs. Samsung Engg. Co. Ltd. [2011] 43 SOT 38 (Mumbai – Trib.) 15. Learned Departmental Representative strongly relied upon the observations of the departmental authorities. 16. We have considered rival submissions and perused the materials on record. From the materials on record, we find that both the Assessing Officer as well as learned DRP have given a concurrent finding that the assesse…

Fraport Ag Frankfurt Airport Services Worldwide, New Delhi vs. ACIT, New Delhi

In the result, the appeal is partly allowed

ITA 3869/DEL/2015[2008-09]Status: DisposedITAT Delhi03 Apr 2023AY 2008-09

Bench: Shri G.S. Pannu, Hon’Ble & Shri Saktijit Deyassessment Year: 2007-08 With Assessment Year: 2008-09 With Assessment Year: 2009-10 With Assessment Year: 2010-11 With Assessment Year: 2011-12 With Assessment Year: 2012-13 M/S. Fraport A.G. Frankfurt Vs. Acit/Adit, Airport Services Worldwide, International Taxation, C/O- Mohinder Puri & Co., Cas, Circle-1(2), 1-D, Vandhna Building, New Delhi 11 Tolstoy Marg, New Delhi Pan :Aaacf9749E (Appellant) (Respondent)

Section 9(1)(vii)

…ed upon the following decisions: (i) Bank of America NT & SA Vs. DCIT [2009] 27 SOT 97 (Mumbai- Trib.) 12 | P a g e ITA Nos.3257/Del/2014;3869/Del/2015; 3870/Del/2015; 3871/Del/2015; 1115/Del/2016 & 287/Del/2017 (ii) DDIT Vs. Samsung Engg. Co. Ltd. [2011] 43 SOT 38 (Mumbai – Trib.) 15. Learned Departmental Representative strongly relied upon the observations of the departmental authorities. 16. We have considered rival submissions and perused the materials on record. From the materials on record, we find that both the Assessing Officer as well as learned DRP have given a concurrent finding that the assesse…

Fraport A.G. Frankfurt Airport Services Worldwide, New Delhi vs. ADIT, New Delhi

In the result, the appeal is partly allowed

ITA 3257/DEL/2014[2007-08]Status: DisposedITAT Delhi03 Apr 2023AY 2007-08

Bench: Shri G.S. Pannu, Hon’Ble & Shri Saktijit Deyassessment Year: 2007-08 With Assessment Year: 2008-09 With Assessment Year: 2009-10 With Assessment Year: 2010-11 With Assessment Year: 2011-12 With Assessment Year: 2012-13 M/S. Fraport A.G. Frankfurt Vs. Acit/Adit, Airport Services Worldwide, International Taxation, C/O- Mohinder Puri & Co., Cas, Circle-1(2), 1-D, Vandhna Building, New Delhi 11 Tolstoy Marg, New Delhi Pan :Aaacf9749E (Appellant) (Respondent)

Section 9(1)(vii)

…ed upon the following decisions: (i) Bank of America NT & SA Vs. DCIT [2009] 27 SOT 97 (Mumbai- Trib.) 12 | P a g e ITA Nos.3257/Del/2014;3869/Del/2015; 3870/Del/2015; 3871/Del/2015; 1115/Del/2016 & 287/Del/2017 (ii) DDIT Vs. Samsung Engg. Co. Ltd. [2011] 43 SOT 38 (Mumbai – Trib.) 15. Learned Departmental Representative strongly relied upon the observations of the departmental authorities. 16. We have considered rival submissions and perused the materials on record. From the materials on record, we find that both the Assessing Officer as well as learned DRP have given a concurrent finding that the assesse…

ACIT (Ltu), New Delhi vs. M/S Havells India Ltd., New Delhi

In the result, appeal of the assessee is partly allowed

ITA 466/DEL/2011[2007-08]Status: DisposedITAT Delhi25 Aug 2020AY 2007-08

Bench: Shri Amit Shukla & Shri Prashant Maharishihavells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Circle-12(1), Civil Lines, New Delhi Cr Building Ip Estate, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Havells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Ltu, Nbcc Plaza, Civil Lines, New Delhi Pusp Vihar, Sector-4, Saket, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Acit (Ltu), Vs. Havells India Ltd, Nbcc Plaza, Pusp Vihar, Sector- 1/7 Ram Kishore Road, 4, Saket, New Delhi Civil Lines, New Delhi Pan: Aaach0351E (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Saras Kumar, Sr. DR
Section 143(3)Section 144ASection 14ASection 80H

…ii. Voltas International Ltd. v. ACIT: 2 ITR (Trib.) 410 (Mum. Trib.) viii. Oasis Securities Ltd. v. DCIT: [2013] 36 taxmann.com 88 (Mum. Trib.)/59 SOT 302 ix. ITO v. Midas Touch Exports: [2005] 1 SOT 553 (Mum. Trib.) x. DDIT v. Samsung Engg Co. Ltd.: [2011] 43 SOT 38 (Mum.) (URO) xi. SMS Pharmaceuticals Ltd. vs. DCIT: [2014] : 32 ITR(T) 220 Mitsu Ltd. v. Asstt. CIT: 142 ITD 157(Ahd.) xii. 32. He further submitted in following decisions it has been held that interest income earned on delayed or overdue payment from customers is assessable as profits and gains from business for computing deduction under Chapter…

M/S Havells India Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee is partly allowed

ITA 6073/DEL/2010[2007-08]Status: DisposedITAT Delhi25 Aug 2020AY 2007-08

Bench: Shri Amit Shukla & Shri Prashant Maharishihavells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Circle-12(1), Civil Lines, New Delhi Cr Building Ip Estate, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Havells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Ltu, Nbcc Plaza, Civil Lines, New Delhi Pusp Vihar, Sector-4, Saket, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Acit (Ltu), Vs. Havells India Ltd, Nbcc Plaza, Pusp Vihar, Sector- 1/7 Ram Kishore Road, 4, Saket, New Delhi Civil Lines, New Delhi Pan: Aaach0351E (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Saras Kumar, Sr. DR
Section 143(3)Section 144ASection 14ASection 80H

…ii. Voltas International Ltd. v. ACIT: 2 ITR (Trib.) 410 (Mum. Trib.) viii. Oasis Securities Ltd. v. DCIT: [2013] 36 taxmann.com 88 (Mum. Trib.)/59 SOT 302 ix. ITO v. Midas Touch Exports: [2005] 1 SOT 553 (Mum. Trib.) x. DDIT v. Samsung Engg Co. Ltd.: [2011] 43 SOT 38 (Mum.) (URO) xi. SMS Pharmaceuticals Ltd. vs. DCIT: [2014] : 32 ITR(T) 220 Mitsu Ltd. v. Asstt. CIT: 142 ITD 157(Ahd.) xii. 32. He further submitted in following decisions it has been held that interest income earned on delayed or overdue payment from customers is assessable as profits and gains from business for computing deduction under Chapter…

M/S Havells India Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee is partly allowed

ITA 6072/DEL/2010[2004-05]Status: DisposedITAT Delhi25 Aug 2020AY 2004-05

Bench: Shri Amit Shukla & Shri Prashant Maharishihavells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Circle-12(1), Civil Lines, New Delhi Cr Building Ip Estate, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Havells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Ltu, Nbcc Plaza, Civil Lines, New Delhi Pusp Vihar, Sector-4, Saket, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Acit (Ltu), Vs. Havells India Ltd, Nbcc Plaza, Pusp Vihar, Sector- 1/7 Ram Kishore Road, 4, Saket, New Delhi Civil Lines, New Delhi Pan: Aaach0351E (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Saras Kumar, Sr. DR
Section 143(3)Section 144ASection 14ASection 80H

…ii. Voltas International Ltd. v. ACIT: 2 ITR (Trib.) 410 (Mum. Trib.) viii. Oasis Securities Ltd. v. DCIT: [2013] 36 taxmann.com 88 (Mum. Trib.)/59 SOT 302 ix. ITO v. Midas Touch Exports: [2005] 1 SOT 553 (Mum. Trib.) x. DDIT v. Samsung Engg Co. Ltd.: [2011] 43 SOT 38 (Mum.) (URO) xi. SMS Pharmaceuticals Ltd. vs. DCIT: [2014] : 32 ITR(T) 220 Mitsu Ltd. v. Asstt. CIT: 142 ITD 157(Ahd.) xii. 32. He further submitted in following decisions it has been held that interest income earned on delayed or overdue payment from customers is assessable as profits and gains from business for computing deduction under Chapter…

ITO v. Midas Touch Exports (43 SOT 38) — Cited in 14 Judgments | BharatTax