J.K. Industries Ltd. v. CIT

18 ITD 226High Court1986#5152 most cited

What is J.K. Industries Ltd. v. CIT authority for?

If a company has both interest-free funds and borrowed funds, a presumption arises that investments are made from interest-free funds, unless the Assessing Officer establishes a nexus between borrowed funds and the investments.

23

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2013 to 2025.

Also referred to as

J.K. Industries Ltd. v. CIT · interest-free funds · borrowed funds · presumption of investment · nexus between borrowed funds and investment · advances

Also reported as

11 Taxmann.com 72238 ITR 820

Sections most often in play

Section 143(3)Section 115JBSection 142(1)Section 14ASection 2(24)(x)Section 250Section 36(1)(iii)Section 40a(ia)

Issues it is cited on

section 14a(3)use of equipmentsection 10(5)intra group servicescomparable uncontrolled price methodsection 43(3)section 14a(1)transfer pricing ordersection 42far analysisrelated party transactionsection 35d

Judgments citing J.K. Industries Ltd. v. CIT

Md. Farooque Ansari, Kolkata vs. ITO, Ward - 32(1), Kolkata

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

ITA 1769/KOL/2011[2008-09]Status: DisposedITAT Kolkata15 Apr 2016AY 2008-09

Bench: Shri P. M. Jagtap, A.M. & Shri S.S.Viswanethra Ravi, J.M.)

For Appellant: Shri A.K.Tulsiyan, FCAFor Respondent: Shri Uday Kumar Sardar, Addl.CIT, Sr.DR
Section 143(2)Section 143(3)Section 50Section 50C

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘A’, KOLKATA (Before Shri P. M. Jagtap, A.M. & Shri S.S.Viswanethra Ravi, J.M.) ITA No. 1769/Kol/2011 : Asstt. Year : 2008-2009 Md. Farooque Ansari Vs I.T.O., Ward-32(1) PAN: ACGPA 7647B Kolkata (APPELLANT) (RESPONDENT) Appellant by : Shri A.K.Tulsiyan, FCA Respondent by : Shri Uday Kumar Sardar, Addl.CIT, Sr.DR Date of Hearing : 18.01.2016 Date of Pronouncement : 15-04-2016 ORDER Per Shri S.S.Viswanethra Ravi, J.M. This is an appeal filed by the assessee against the order dated 16.09.2011 passed by the CIT(Appeals)-XIX, Kolkata for the assessment year 200…

ACIT 19(2), Mumbai vs. Reliance Capital Partners, Mumbai

In the result, the appeal filed by the revenue is dismissed

ITA 1024/MUM/2014[2009-10]Status: DisposedITAT Mumbai26 Feb 2016AY 2009-10

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

For Appellant: Shri Jitendra SanghaviFor Respondent: Shri B.S. Bist (Sr. DR)
Section 40A(2)(b)

…Vs. Walchand and Co. (P) Ltd (65 ITR 381)(SC) (b) J.K. Woollen Manufacturers Vs. CIT (72 ITR 612)(SC) (c) Aluminium Corporation of India Ltd Vs. CIT (86 ITR 11)(SC) (d) CIT Vs. Oracle India Pvt Ltd (11 Taxmann.com 139)(Delhi) (e) J.K. Industries Ltd Vs. CIT (11 Taxmann.com 72)(Cal) (f) Jamshedpur Motor Accessories Stores Vs. CIT (95 ITR 664)(Patna) (g) CIT Vs. Shree Panchaganga Sahakari Sakhar Karkhana (118 Taxmann 122)(Bom) 4. The Ld CIT(A) was convinced with the contentions of the assessee and accordingly directed the AO to delete the disallowance made by him. Aggrieved, the revenue has filed this appeal befo…

Jeans Knit Private Limited vs. The Deputy Commissioner of Income Tax

WP/2508/2013HC Karnataka13 Feb 2013

Bench: The Hon’Ble Mr. Justice H.N. Nagamohan Das

Section 10Section 245

…n proposed to be taken under section 245. Any order of set off purporting to be made without any such intimation is neither fair, nor just, nor reasonable and has to be ignored." Similarly, the High Court of Calcutta in J.K. Industries Ltd. v. CIT [1999] 238 ITR 820, has taken the same view and held (headnote): "The wording of section 245 of the Income-tax Act, 1961, leaves no manner of doubt that the proposed adjustment is to be intimated to the assessee. Since the adjustment at the time of intimation is only a proposed one, the intimation has to go before the adjustment has been made. The Revenue has…