K.S. Subbhi & Co. v. CIT

260 ITR 304High Court2003#17435 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2007 to 2017.

Judgments citing K.S. Subbhi & Co. v. CIT

ACIT CC 39, Mumbai vs. Diamond 'R'Us, Mumbai

In the result, both the appeals filed by the Revenue stand dismissed while both the appeals filed by the assessee are statistically allowed

ITA 3490/MUM/2014[2010-11]Status: DisposedITAT Mumbai17 Nov 2017AY 2010-11

Bench: Shri P K Bansal & Shri Amarjit Singh

For Appellant: S/Shri Vijay Mehta & Sunil HirawatFor Respondent: Smt. S. Padmaja
Section 10ASection 250Section 36(1)

…n in law which permits such diminution. There is none, therefore, the amount paid by the assessee as interest on loan that he took from the bank did not reduce his income by way of FD placed by him in the bank. Similarly, in case of K.S. Subbhi & Co. Vs. CIT (260 ITR 304) the Hon'ble Madras High Court has held that interest paid and claimed as deduction in computation of profit and gain of business cannot be set- off against interest received and computed under the income from other sources. In view of these circumstances, the second argument of the appellant that net interest has been credited to the P & L a/c.…

Diamonds 'R' Us, Mumbai vs. DCIT Cen Cir 39, Mumbai

In the result, both the appeals filed by the Revenue stand dismissed while both the appeals filed by the assessee are statistically allowed

ITA 2365/MUM/2014[2010-11]Status: DisposedITAT Mumbai17 Nov 2017AY 2010-11

Bench: Shri P K Bansal & Shri Amarjit Singh

For Appellant: S/Shri Vijay Mehta & Sunil HirawatFor Respondent: Smt. S. Padmaja
Section 10ASection 250Section 36(1)

…n in law which permits such diminution. There is none, therefore, the amount paid by the assessee as interest on loan that he took from the bank did not reduce his income by way of FD placed by him in the bank. Similarly, in case of K.S. Subbhi & Co. Vs. CIT (260 ITR 304) the Hon'ble Madras High Court has held that interest paid and claimed as deduction in computation of profit and gain of business cannot be set- off against interest received and computed under the income from other sources. In view of these circumstances, the second argument of the appellant that net interest has been credited to the P & L a/c.…

JCIT (OSD) CC 39, Mumbai vs. Diamond 'R' Us, Mumbai

In the result, both the appeals filed by the Revenue stand dismissed while both the appeals filed by the assessee are statistically allowed

ITA 4935/MUM/2012[2009-10]Status: DisposedITAT Mumbai17 Nov 2017AY 2009-10

Bench: Shri P K Bansal & Shri Amarjit Singh

For Appellant: S/Shri Vijay Mehta & Sunil HirawatFor Respondent: Smt. S. Padmaja
Section 10ASection 250Section 36(1)

…n in law which permits such diminution. There is none, therefore, the amount paid by the assessee as interest on loan that he took from the bank did not reduce his income by way of FD placed by him in the bank. Similarly, in case of K.S. Subbhi & Co. Vs. CIT (260 ITR 304) the Hon'ble Madras High Court has held that interest paid and claimed as deduction in computation of profit and gain of business cannot be set- off against interest received and computed under the income from other sources. In view of these circumstances, the second argument of the appellant that net interest has been credited to the P & L a/c.…

Diamonds 'R' Us, Mumbai vs. Jt.C.I.T. (OSD) Central Circle 39, Mumbai

In the result, both the appeals filed by the Revenue stand dismissed while both the appeals filed by the assessee are statistically allowed

ITA 4583/MUM/2012[2009-10]Status: DisposedITAT Mumbai17 Nov 2017AY 2009-10

Bench: Shri P K Bansal & Shri Amarjit Singh

For Appellant: S/Shri Vijay Mehta & Sunil HirawatFor Respondent: Smt. S. Padmaja
Section 10ASection 250Section 36(1)

…n in law which permits such diminution. There is none, therefore, the amount paid by the assessee as interest on loan that he took from the bank did not reduce his income by way of FD placed by him in the bank. Similarly, in case of K.S. Subbhi & Co. Vs. CIT (260 ITR 304) the Hon'ble Madras High Court has held that interest paid and claimed as deduction in computation of profit and gain of business cannot be set- off against interest received and computed under the income from other sources. In view of these circumstances, the second argument of the appellant that net interest has been credited to the P & L a/c.…

Commissioner of Income Tax-V N vs. Damanjit Singh

ITA/166/2000HC Delhi12 Jan 2007

…v. Netar Krishana Sehgal (1983) 141 ITR 681 (Del). 6.3 Reliance is next placed by the Department on the judgments of the High Courts interpreting Section 80HHC itself. These include that of the Madras High Court in K.S.Subbiah Pillai v. CIT (2003) 260 ITR 304 (Mad), the Punjab & Haryana High Court in Rani Paliwal v. CIT (2004) 268 ITR 220 (P& H), and the decisions of the Kerala High Court in Nanji Topanbhai v. ACIT (2000) 243 ITR 192 (Ker) and K.Ravindranathan Nair v. DCIT 2003 (262) ITR 669 (Ker). The contention is that once the interest income is categorized as ‘income from other sources’, it g…

K.S. Subbhi & Co. v. CIT (260 ITR 304) — Cited in 5 Judgments | BharatTax