Jaipur Electro (P) Ltd. v. CIT

223 ITR 535High Court1997#8327 most cited
13

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2020 to 2022.

Judgments citing Jaipur Electro (P) Ltd. v. CIT

MARVEL SUPPORT CONSULTANCY SERVICES,JAIPUR vs. ACIT, CIRLCE, JAIPUR

In the result, appeal of the assessee is allowed per ground

ITA 293/JPR/2022[2018-19]Status: DisposedITAT Jaipur14 Dec 2022AY 2018-19
For Appellant: Sh. P. C. Parwal (CA)For Respondent: Sh. A. S. Nehra (Addl. CIT)
Section 142(1)Section 143(2)Section 143(3)Section 37(1)

…penditure incurred against the receipt from the specific customer is verifiable. Hence, the adhoc disallowance made by AO has been rightly deleted by Ld. CIT(A). 3. Reliance is also placed on the following case laws:- Jaipur Electro Pvt. Ltd. Vs. CIT (1997) 223 ITR 535 (Raj.) (HC) The relevant Para 11 of the order reads as under:- 11. The general principle underlying s. 37(1) of the Act is that an expenditure which is found to have been wholly and exclusively made or laid out by a businessman for purposes of his business is to be allowed. There can hardly be any dispute to the proposition that the businessman…

VENKATESHWAR ISPAT LIMITED,RAIPUR vs. INCOME TAX OFFICER, WARD 2(1), RAIPUR

In the result, the appeal of assessee is allowed

ITA 10/RPR/2018[2014-15]Status: DisposedITAT Raipur17 Oct 2022AY 2014-15

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita No.10/Rpr/2018 (ननधाारण वषा / Assessment Year :2014-2015) Venkateshwar Ispat Limited, Vs Ito-2(1), Raipur 655-B, Urla Industrial Complex, Raipur Pan No. : Aaacv 7829 H (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Shri R.B.Doshi, CAFor Respondent: Shri G.N.Singh, Sr. DR

…1) 192 ITR 565 (Raj) (vi) St. Tereas's Mills V. State of Kerala 76 ITR 365. (vii) Chandra Timber traders Vs. CIT (1996) 54 TTJ (Del-Trib) 544. (viii) Prahaladas Hari Kishan Vs. Astt. CIT (1998) 60 TTJ (Ind-Trib) 27. (ix) Jaipur Electro (P) Ltd. Vs. CIT (1997) 223 ITR 535 (Raj), (x) Dy.CIT Vs. Surface Finishing Equipment (2003) 81 TTJ (Jod- Trib) 448. In view of the detailed factual and legal submissions above, we submit that towards stores and spares consumed has been incurred wholly and exclusively for the purposes of business and the deduction for the same ought to be fully allowed and disallowance made by the…

DCIT, CHENNAI vs. MALLADI DRUGS & PHARMACEUTICALS LTD., CHENNAI

In the result, appeal filed by the Revenue in ITA Nos

ITA 882/CHNY/2017[2004-05]Status: DisposedITAT Chennai22 Dec 2021AY 2004-05

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…ssment years 2010-11 to 2012-13. The Ld. CIT(A) after considering relevant submissions of the assessee and also by following certain judicial precedents including the decision of Hon’ble Rajasthan High Court in the case of Jaipur Electro (P) Ltd vs CIT (1997) 223 ITR 535 (Raj), upheld additions made by the AO towards estimation of interest on loans advanced. The relevant findings of the Ld CIT(A) are under: “4.2. Interest Income A.Ys. 2010-11 to 2012-13) The Assessing Officer observes that the appellant has been consistently disclosing interest income from a loan advanced to its sister concern namely, Malladi Pr…

DCIT, CHENNAI vs. MALLADI DRUGS & PHARMACEUTICALS LTD., CHENNAI

In the result, appeal filed by the Revenue in ITA Nos

ITA 881/CHNY/2017[2003-04]Status: DisposedITAT Chennai22 Dec 2021AY 2003-04

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…ssment years 2010-11 to 2012-13. The Ld. CIT(A) after considering relevant submissions of the assessee and also by following certain judicial precedents including the decision of Hon’ble Rajasthan High Court in the case of Jaipur Electro (P) Ltd vs CIT (1997) 223 ITR 535 (Raj), upheld additions made by the AO towards estimation of interest on loans advanced. The relevant findings of the Ld CIT(A) are under: “4.2. Interest Income A.Ys. 2010-11 to 2012-13) The Assessing Officer observes that the appellant has been consistently disclosing interest income from a loan advanced to its sister concern namely, Malladi Pr…

DCIT, CHENNAI vs. MALLADI DRUGS & PHARMACEUTICALS LTD., CHENNAI

In the result, appeal filed by the Revenue in ITA Nos

ITA 880/CHNY/2017[2002-03]Status: DisposedITAT Chennai22 Dec 2021AY 2002-03

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…ssment years 2010-11 to 2012-13. The Ld. CIT(A) after considering relevant submissions of the assessee and also by following certain judicial precedents including the decision of Hon’ble Rajasthan High Court in the case of Jaipur Electro (P) Ltd vs CIT (1997) 223 ITR 535 (Raj), upheld additions made by the AO towards estimation of interest on loans advanced. The relevant findings of the Ld CIT(A) are under: “4.2. Interest Income A.Ys. 2010-11 to 2012-13) The Assessing Officer observes that the appellant has been consistently disclosing interest income from a loan advanced to its sister concern namely, Malladi Pr…

DCIT, CHENNAI vs. MALLADI DRUGS & PHARMACEUTICALS LTD., CHENNAI

In the result, appeal filed by the Revenue in ITA Nos

ITA 879/CHNY/2017[2001-02]Status: DisposedITAT Chennai22 Dec 2021AY 2001-02

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…ssment years 2010-11 to 2012-13. The Ld. CIT(A) after considering relevant submissions of the assessee and also by following certain judicial precedents including the decision of Hon’ble Rajasthan High Court in the case of Jaipur Electro (P) Ltd vs CIT (1997) 223 ITR 535 (Raj), upheld additions made by the AO towards estimation of interest on loans advanced. The relevant findings of the Ld CIT(A) are under: “4.2. Interest Income A.Ys. 2010-11 to 2012-13) The Assessing Officer observes that the appellant has been consistently disclosing interest income from a loan advanced to its sister concern namely, Malladi Pr…

MALLADI DRUGS AND PHARMACEUTICALS LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, appeal filed by the Revenue in ITA Nos

ITA 1259/CHNY/2017[2012-13]Status: DisposedITAT Chennai22 Dec 2021AY 2012-13

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…ssment years 2010-11 to 2012-13. The Ld. CIT(A) after considering relevant submissions of the assessee and also by following certain judicial precedents including the decision of Hon’ble Rajasthan High Court in the case of Jaipur Electro (P) Ltd vs CIT (1997) 223 ITR 535 (Raj), upheld additions made by the AO towards estimation of interest on loans advanced. The relevant findings of the Ld CIT(A) are under: “4.2. Interest Income A.Ys. 2010-11 to 2012-13) The Assessing Officer observes that the appellant has been consistently disclosing interest income from a loan advanced to its sister concern namely, Malladi Pr…

MALLADI DRUGS AND PHARMACEUTICALS LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, appeal filed by the Revenue in ITA Nos

ITA 1258/CHNY/2017[2011-12]Status: DisposedITAT Chennai22 Dec 2021AY 2011-12

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…ssment years 2010-11 to 2012-13. The Ld. CIT(A) after considering relevant submissions of the assessee and also by following certain judicial precedents including the decision of Hon’ble Rajasthan High Court in the case of Jaipur Electro (P) Ltd vs CIT (1997) 223 ITR 535 (Raj), upheld additions made by the AO towards estimation of interest on loans advanced. The relevant findings of the Ld CIT(A) are under: “4.2. Interest Income A.Ys. 2010-11 to 2012-13) The Assessing Officer observes that the appellant has been consistently disclosing interest income from a loan advanced to its sister concern namely, Malladi Pr…

MALLADI DRUGS AND PHARMACEUTICALS LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, appeal filed by the Revenue in ITA Nos

ITA 1257/CHNY/2017[2010-11]Status: DisposedITAT Chennai22 Dec 2021AY 2010-11

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…ssment years 2010-11 to 2012-13. The Ld. CIT(A) after considering relevant submissions of the assessee and also by following certain judicial precedents including the decision of Hon’ble Rajasthan High Court in the case of Jaipur Electro (P) Ltd vs CIT (1997) 223 ITR 535 (Raj), upheld additions made by the AO towards estimation of interest on loans advanced. The relevant findings of the Ld CIT(A) are under: “4.2. Interest Income A.Ys. 2010-11 to 2012-13) The Assessing Officer observes that the appellant has been consistently disclosing interest income from a loan advanced to its sister concern namely, Malladi Pr…

DCIT, CHENNAI vs. MALLADI DRUGS & PHARMACEUTICALS LTD., CHENNAI

In the result, appeal filed by the Revenue in ITA Nos

ITA 1256/CHNY/2017[2012-13]Status: DisposedITAT Chennai22 Dec 2021AY 2012-13

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…ssment years 2010-11 to 2012-13. The Ld. CIT(A) after considering relevant submissions of the assessee and also by following certain judicial precedents including the decision of Hon’ble Rajasthan High Court in the case of Jaipur Electro (P) Ltd vs CIT (1997) 223 ITR 535 (Raj), upheld additions made by the AO towards estimation of interest on loans advanced. The relevant findings of the Ld CIT(A) are under: “4.2. Interest Income A.Ys. 2010-11 to 2012-13) The Assessing Officer observes that the appellant has been consistently disclosing interest income from a loan advanced to its sister concern namely, Malladi Pr…

DCIT, CHENNAI vs. MALLADI DRUGS & PHARMACEUTICALS LTD., CHENNAI

In the result, appeal filed by the Revenue in ITA Nos

ITA 1255/CHNY/2017[2011-12]Status: DisposedITAT Chennai22 Dec 2021AY 2011-12

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…ssment years 2010-11 to 2012-13. The Ld. CIT(A) after considering relevant submissions of the assessee and also by following certain judicial precedents including the decision of Hon’ble Rajasthan High Court in the case of Jaipur Electro (P) Ltd vs CIT (1997) 223 ITR 535 (Raj), upheld additions made by the AO towards estimation of interest on loans advanced. The relevant findings of the Ld CIT(A) are under: “4.2. Interest Income A.Ys. 2010-11 to 2012-13) The Assessing Officer observes that the appellant has been consistently disclosing interest income from a loan advanced to its sister concern namely, Malladi Pr…

DCIT, CHENNAI vs. MALLADI DRUGS & PHARMACEUTICALS LTD., CHENNAI

In the result, appeal filed by the Revenue in ITA Nos

ITA 1254/CHNY/2017[2010-11]Status: DisposedITAT Chennai22 Dec 2021AY 2010-11

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…ssment years 2010-11 to 2012-13. The Ld. CIT(A) after considering relevant submissions of the assessee and also by following certain judicial precedents including the decision of Hon’ble Rajasthan High Court in the case of Jaipur Electro (P) Ltd vs CIT (1997) 223 ITR 535 (Raj), upheld additions made by the AO towards estimation of interest on loans advanced. The relevant findings of the Ld CIT(A) are under: “4.2. Interest Income A.Ys. 2010-11 to 2012-13) The Assessing Officer observes that the appellant has been consistently disclosing interest income from a loan advanced to its sister concern namely, Malladi Pr…

CONTOUR ENTERTAINMENT INC.,MUMBAI vs. DCIT (IT) 2(1)(1), MUMBAI

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

ITA 2416/MUM/2017[2013-14]Status: DisposedITAT Mumbai02 Mar 2020AY 2013-14

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.2416/Mum/2017 (निर्धारण वर्ा / Assessment Year:2013-14) Contour Entertainment Inc. बिधम/ Dcit(It) 2(1)(1) C/O Rashmi Modi & Co. Air Building, Mumbai. Vs. Chartered Accountants, 7, Vallabhji Kanji Building, 173/175, Princess Street, Opp. Corporation Bank, Princess Street, Marine Lines, Mumbai-400002. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaecc3711D (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: None Revenue By: Shri V. Sreekar (Dr) सुनवाई की तारीख / Date Of Hearing: 09/01/2020 घोषणा की तारीख /Date Of Pronouncement: 02/03/2020 आदेश / O R D E R Per Shamim Yahya, Am: This Appeal By The Assessee Is Directed Against The Order Of The Assessing Officer Dated 23.01.2017 Passed To Pursuant Directions Of The Dispute Resolution Panel (‘Drp' For Short) U/S 144C(13) Of The Income Tax Act, 1961 & Pertains To A.Y.2013-14. 2. The Grounds Of Appeal As Read: -

For Appellant: NoneFor Respondent: Shri V. Sreekar (DR)
Section 144Section 144C(13)

…d by implication A.0.) would be justified in giving a finding that the payment is not a revenue expenditure. In the absence of the same, A.O. was Justified in following the principles (though not cited) laid down in the case of Jaipur Electro Pvt. Ltd. V. CIT 223 ITR 535 (Raj.) and CIT vs. National Rayon Commercial Co. Ltd. 193 ITR 744 (Born.) for disallowing a part of the expenditure. 3.2.12 In the case Jayshree Tea Industries Ltd. Vs. CII 272 hR 193 (Cal), It has been held that even if the payment is made under a contract or agreement, it is not allowable if the expenditure is not incurred and exclusively for t…

Jaipur Electro (P) Ltd. v. CIT (223 ITR 535) — Cited in 13 Judgments | BharatTax