M/s Liberty India Vs. CIT 225 CTR 233(SC), CIT v. Sterling Foods

227 ITR 557Supreme Court of India1997#3666 most cited

What is M/s Liberty India Vs. CIT 225 CTR 233(SC), CIT v. Sterling Foods authority for?

Interest income earned from mandatory investments made as a condition of carrying on a business, such as for a contingency reserve under the Electricity (Supply) Act, is eligible for deduction under Section 80-IA as it is intrinsically linked to the business activity.

32

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2007 to 2026.

Also referred to as

Vellore Electric Corpn. Ltd. v. CIT · 227 ITR 557 · SC · Section 80IA · deduction · eligible business · interest income · mandatory investment · contingency reserve

Sections most often in play

Section 143(3)Section 246ASection 250Section 253Section 36(1)(iii)Section 43BSection 73Section 80IA(4)

Issues it is cited on

deduction under section 80iasection 80ia(4)eligible businesssection 80icsection 80iasection 80ibsection 80igross total incomecross objectionsection 80income from other sourcesassistant commissioner

Judgments citing M/s Liberty India Vs. CIT 225 CTR 233(SC), CIT v. Sterling Foods

DCIT-4(1), INDORE, INDORE vs. MARAL OVERSEAS LTD, KHARGONE

In the result, the “Impugned

ITA 569/IND/2025[1992-93]Status: DisposedITAT Indore27 Feb 2026AY 1992-93

Bench: Shri B.M. Biyani & Shri Paresh M Joshideputy Commissioner Of Maral Overseas Ltd. बनाम/ Income Tax- 4(1) Maral Srovar, V & Po, Vs. Indore Khalbujurg, Kasrawad, Khargone, Bhopal (Pan: Aaccm0230B) (Appellant) (Respondent) Assessee By Shri Satyajeet Goyal, Ca Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 03.02.2026 Date Of Pronouncement 27.02.2026

Section 143(3)Section 250Section 253

…आयकरअपीलीयअिधकरण,इंदौर"ायपीठ,इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI B.M. BIYANI, ACCOUNTANT MEMBER AND SHRI PARESH M JOSHI, JUDICIAL MEMBER Deputy Commissioner of Maral Overseas Ltd. बनाम/ Income Tax- 4(1) Maral Srovar, V & PO, Vs. Indore Khalbujurg, Kasrawad, Khargone, Bhopal (PAN: AACCM0230B) (Appellant) (Respondent) Assessee by Shri Satyajeet Goyal, CA Revenue by Shri Ashish Porwal, Sr. DR Date of Hearing 03.02.2026 Date of Pronouncement 27.02.2026 आदेश/ O R D E R Per Paresh M Joshi, J.M.: This is an Appeal filed by the Revenue under section 253 of the income tax Act 1…

ASSISTANT COMMISSIONER OF INCOME TAX, C-1(1)(1), BANGALORE vs. BANGALORE INTERNATIONAL AIRPORT LIMITED, BANGALORE

In the result, the cross objection of the assessee is hereby partly allowed

ITA 1109/BANG/2024[2020-21]Status: DisposedITAT Bangalore16 Apr 2025AY 2020-21

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Smt. Nandini Das, CIT-DR
Section 80I

…rowings. The ld. CIT(A) observed that there was a clear nexus between the interest income and the business-related borrowings, as the deposits were mandated under the loan terms. Citing case laws such as the rulings in Vellore Electric Corporation reported in 227 ITR 557 and Karnal Cooperative Sugar Mills Ltd. reported in 118 taxman 489, the ld. CIT(A) concluded that the interest income earned in such a manner is eligible for deduction under section 80IA, as it is intrinsically linked to the business activity of the assessee. 15. Likewise, the learned CIT(A) regarding the tender fee of Rs. 1,44,68,813/- and othe…

ASSISTANT COMMISSIONER OF INCOME TAX, C-1(1)(1), BANGALORE vs. BANGALORE INTERNATIONAL AIRPORT LIMITED, BANGALORE

ITA 1108/BANG/2024[2018-19]Status: DisposedITAT Bangalore16 Apr 2025AY 2018-19

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Smt. Nandini Das, CIT-DR
Section 143(4)Section 80I

…rowings. The Id. CIT(A) observed that there was a clear nexus between the interest income and the business-related borrowings, as the deposits were mandated under the loan terms. Citing case laws such as the rulings in Vellore Electric Corporation reported in 227 ITR 557 and Karnal Cooperative Sugar Mills Ltd. reported in 118 taxman 489, the Id. CIT(A) concluded that the interest income earned in such a manner is eligible for deduction under Section 80IA, as it is intrinsically linked to the business activity of the assessee. 15. Likewise, the learned CIT(A) regarding the tender fee of Rs.1,44,68,813/- and other…

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, TIRUNELVELI vs. VVD AND SONS PRIVATE LIMITED, TUTICORIN

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

ITA 1792/CHNY/2024[2017-18]Status: DisposedITAT Chennai26 Nov 2024AY 2017-18

Bench: Shri George George Kand Shri S.R. Raghunathaआयकर अपील सं./Ita No.: 1792/Chny/2024 निर्धारण वर्ष/Assessment Year: 2017-18 The Assistant Commissioner Of Income Tax, Circle - 1, Tirunelveli. (अपीलार्थी/Appellant) अपीलार्थी की ओर से/Appellant By प्रत्यर्थी की ओर से/Respondent By Vvd & Sons Private Vs. Limited, No.182, Palayamkottai Road, Tuticorin – 628 003. Pan: Aaacv 8438J (प्रत्यर्थी/Respondent) Shri Shiva Srinivas, Addl.Cit Shri S. Sridhar, Advocate सुनवाई की तारीख/Date Of Hearing : 21.11.2024 घोषणा की तारीख/Date Of Pronouncement : 26.11.2024 आदेश /O R Der Per S.R. Raghunatha: This Appeal Filed By The Revenue Is Directed Against The Order Passed By The Learned Commissioner Of Income Tax (Appeals), Chennai 19, Dated 30.04.2024 & Pertains To

Section 4Section 801Section 801ASection 80I

…ation and transmission of power to the state grid. -7- ITA No.1792/CHNY/2024 6.3.7 At this juncture it is appropriate to bring on record the decision rendered by the Hon'ble Supreme Court in the case of Vellore Electric Corpn. Ltd. v. CIT [1997] 93 Taxman 401/227 ITR 557 (SC) where assessee-electricity distributing company had to deposit contingency reserve as stipulated in the Electricity (Supply) Act in securities authorised under the Indian Trusts Act, the Hon'ble Supreme Court held that the assessee is entitled for deduction in respect of interest earned from investment in securities there being direct and pr…

JCIT(OSD)-10(2)(1), MUMBAI vs. M/S.JYOTHY LABORATORIES LIMITED, MUMBAI

In the result, both the appeals of the revenue are dismissed and Cross Objection filed by the assessee are partly allowed

ITA 3876/MUM/2018[2014-15]Status: DisposedITAT Mumbai28 Dec 2022AY 2014-15

Bench: Shri Amit Shukla & Shri Amarjit Singh

For Appellant: Solgy Jose T. KottaramFor Respondent: J.D. Mistry
Section 115JSection 143(2)Section 143(3)Section 14ASection 229Section 80I

…m business activity after referring various judicial pronouncements viz. Cambay Electrical Supply Company Ltd (113 ITR 84), Liberty India Ltd. Vs. CIT (2009) 183 taxman 349 (SC) and in the case of Vellore Electric Corporation ltd. Vs. CIT (1997) 93 taxman 401/227 ITR 557 (SC). 15. During the course of appellate proceedings before us, the ld. Counsel referred the decision of Hon’ble Supreme Court in the case of CIT Vs. Reliance Energy ltd. (2021) 127 taxman.com 69 (SC) wherein it is held that provisions of Sec. 80IA (5) cannot be pressed into service for reading a limitation of deduction under subsection (1) of Se…

DCIT-10(2)(1), MUMBAI vs. M/S.JYOTHY LABORATORIES LIMITED, MUMBAI

In the result, both the appeals of the revenue are dismissed and Cross Objection filed by the assessee are partly allowed

ITA 3875/MUM/2018[2013-14]Status: DisposedITAT Mumbai28 Dec 2022AY 2013-14

Bench: Shri Amit Shukla & Shri Amarjit Singh

For Appellant: Solgy Jose T. KottaramFor Respondent: J.D. Mistry
Section 115JSection 143(2)Section 143(3)Section 14ASection 229Section 80I

…m business activity after referring various judicial pronouncements viz. Cambay Electrical Supply Company Ltd (113 ITR 84), Liberty India Ltd. Vs. CIT (2009) 183 taxman 349 (SC) and in the case of Vellore Electric Corporation ltd. Vs. CIT (1997) 93 taxman 401/227 ITR 557 (SC). 15. During the course of appellate proceedings before us, the ld. Counsel referred the decision of Hon’ble Supreme Court in the case of CIT Vs. Reliance Energy ltd. (2021) 127 taxman.com 69 (SC) wherein it is held that provisions of Sec. 80IA (5) cannot be pressed into service for reading a limitation of deduction under subsection (1) of Se…

M/S. MENZIES AVIATION BOBBA (BANGALORE) PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(2), BANGALORE

In the result, the appeal by the assessee is allowed

ITA 854/BANG/2022[2017-18]Status: DisposedITAT Bangalore05 Dec 2022AY 2017-18

Bench: Shri N.V. Vasudevan & Ms. Padmavathy Sassessment Year : 2017-18

For Appellant: Shri Pavan Kumar, R S V S, AdvocateFor Respondent: Shri K R Narayana, Addl.CIT(DR)(ITAT), Bengaluru
Section 143(2)Section 80I

…rom where the profit/income is generated. - Liberty India Ltd. Vs CIT [2009] 183 Taxman 349 (SC) (vi) There should be direct and proximate connection between carrying on business and the income earned - Vellore Electric Corpn. Ltd. v. CIT [1997] 93 Taxman 401/227 ITR 557 (SC) 13. The Hon’ble Supreme Court in the case of CIT(A) vs Meghalaya Steels Ltd [2016] 67 taxmann.com 158 (SC) has discussed all these principles while deciding whether the subsidy received by the assessee is eligible for deduction u/s.80IB/80IC. Before proceeding further to consider the merits of assessee’s case it is relevant to reproduce the…

M/S. THE KARNATAKA STATE CO-OPERATIVE APEX BANK LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-5(2)(1), BANGALORE

Accordingly, Ground No.3 raised by revenue for assessment years 2011-12 stands dismissed

ITA 1761/BANG/2019[2008-09]Status: DisposedITAT Bangalore08 Apr 2021AY 2008-09

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Ms. Neera Malhotra, CIT(DR)(ITAT)For Respondent: Shri. S. Ramasubramanyan, CA
Section 147

…Co- operative Urban Bank Ltd (supra) rests on the decision of the ITA Nos.2082, 2150/Bang/2017 ITA Nos.1761,1327, 2159, 2160/Bang/2019 C.O. Nos.55 and 56/Bang/2019 Page 18 of 27 Hon'ble Supreme Court in the case of Vellore Electric Corporation Ltd. Vs. CIT (227 ITR 557). On perusal of the said decision, it is clear that the decision is relating to creation of reserve fund which always remained with the assessee-corporation. Therefore, the ratio of decision in teh case of A P Mahesh Co-operative Urban Bank Ltd (supra) is not applicable to the facts of the case. We, direct the AO to allow the amount spent on the…

JOINT COMMISSIONER OF INCOME TAX, SPECIAL RANGE - 5, BANGALORE vs. M/S. THE KARNATAKA STATE CO-OPERATIVE APEX BANK LIMITED, BANGALORE

Accordingly, Ground No.3 raised by revenue for assessment years 2011-12 stands dismissed

ITA 1327/BANG/2019[2011-12]Status: DisposedITAT Bangalore08 Apr 2021AY 2011-12

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Ms. Neera Malhotra, CIT(DR)(ITAT)For Respondent: Shri. S. Ramasubramanyan, CA
Section 147

…Co- operative Urban Bank Ltd (supra) rests on the decision of the ITA Nos.2082, 2150/Bang/2017 ITA Nos.1761,1327, 2159, 2160/Bang/2019 C.O. Nos.55 and 56/Bang/2019 Page 18 of 27 Hon'ble Supreme Court in the case of Vellore Electric Corporation Ltd. Vs. CIT (227 ITR 557). On perusal of the said decision, it is clear that the decision is relating to creation of reserve fund which always remained with the assessee-corporation. Therefore, the ratio of decision in teh case of A P Mahesh Co-operative Urban Bank Ltd (supra) is not applicable to the facts of the case. We, direct the AO to allow the amount spent on the…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-5(2)(1), BANGALORE vs. M/S THE KARNATAKA STATE CO-OPERATIVE APEX BANK LTD , BANGALORE

Accordingly, Ground No.3 raised by revenue for assessment years 2011-12 stands dismissed

ITA 2160/BANG/2017[2014-15]Status: DisposedITAT Bangalore08 Apr 2021AY 2014-15

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Ms. Neera Malhotra, CIT(DR)(ITAT)For Respondent: Shri. S. Ramasubramanyan, CA
Section 147

…Co- operative Urban Bank Ltd (supra) rests on the decision of the ITA Nos.2082, 2150/Bang/2017 ITA Nos.1761,1327, 2159, 2160/Bang/2019 C.O. Nos.55 and 56/Bang/2019 Page 18 of 27 Hon'ble Supreme Court in the case of Vellore Electric Corporation Ltd. Vs. CIT (227 ITR 557). On perusal of the said decision, it is clear that the decision is relating to creation of reserve fund which always remained with the assessee-corporation. Therefore, the ratio of decision in teh case of A P Mahesh Co-operative Urban Bank Ltd (supra) is not applicable to the facts of the case. We, direct the AO to allow the amount spent on the…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-5(2)(1), BANGALORE vs. M/S THE KARNATAKA STATE CO-OPERATIVE APEX BANK LTD , BANGALORE

Accordingly, Ground No.3 raised by revenue for assessment years 2011-12 stands dismissed

ITA 2150/BANG/2017[2008-09]Status: DisposedITAT Bangalore08 Apr 2021AY 2008-09

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Ms. Neera Malhotra, CIT(DR)(ITAT)For Respondent: Shri. S. Ramasubramanyan, CA
Section 147

…Co- operative Urban Bank Ltd (supra) rests on the decision of the ITA Nos.2082, 2150/Bang/2017 ITA Nos.1761,1327, 2159, 2160/Bang/2019 C.O. Nos.55 and 56/Bang/2019 Page 18 of 27 Hon'ble Supreme Court in the case of Vellore Electric Corporation Ltd. Vs. CIT (227 ITR 557). On perusal of the said decision, it is clear that the decision is relating to creation of reserve fund which always remained with the assessee-corporation. Therefore, the ratio of decision in teh case of A P Mahesh Co-operative Urban Bank Ltd (supra) is not applicable to the facts of the case. We, direct the AO to allow the amount spent on the…

KARNATAKA STATE CO-OPERATIVE APEX BANK LIMITED ,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-5(2)(1), BANGALORE

Accordingly, Ground No.3 raised by revenue for assessment years 2011-12 stands dismissed

ITA 2082/BANG/2017[2013-14]Status: DisposedITAT Bangalore08 Apr 2021AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Ms. Neera Malhotra, CIT(DR)(ITAT)For Respondent: Shri. S. Ramasubramanyan, CA
Section 147

…Co- operative Urban Bank Ltd (supra) rests on the decision of the ITA Nos.2082, 2150/Bang/2017 ITA Nos.1761,1327, 2159, 2160/Bang/2019 C.O. Nos.55 and 56/Bang/2019 Page 18 of 27 Hon'ble Supreme Court in the case of Vellore Electric Corporation Ltd. Vs. CIT (227 ITR 557). On perusal of the said decision, it is clear that the decision is relating to creation of reserve fund which always remained with the assessee-corporation. Therefore, the ratio of decision in teh case of A P Mahesh Co-operative Urban Bank Ltd (supra) is not applicable to the facts of the case. We, direct the AO to allow the amount spent on the…

THE ASSTT. COMMISSIONER OF INCOME TAX, VAPI CIRCLE,, VAPI vs. M/S. MITSU LIMITED,, DAMAN

In the result, the appeal of the Revenue is dismissed

ITA 3510/AHD/2016[2000-01]Status: DisposedITAT Surat04 May 2020AY 2000-01

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

Section 143

…namely 'attributable to', has been used, the legislature intended to cover receipts from sources other than the actual conduct of the business of generation and distribution of electricity". 36. The Supreme Court in Vellore Electric Corpn. Ltd. v. CIT [1997] 227 ITR 557/93 Taxman 401, held in the context of s. 80-I, which uses the words "profits and gains attributable to any priority industry", answering the question in affirmative, that the income earned by way of interest on the investment in securities of the amounts appropriated to the contingencies reserve, which was mandatorily required to be maintained by…

M/S. MITSU PRIVATE LIMITED,,VAPI vs. THE ACIT, VAPI CIRCLE,, VAPI

In the result, the appeal of the Revenue is dismissed

ITA 1000/AHD/2016[2002-03]Status: DisposedITAT Surat04 May 2020AY 2002-03

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

Section 143

…namely 'attributable to', has been used, the legislature intended to cover receipts from sources other than the actual conduct of the business of generation and distribution of electricity". 36. The Supreme Court in Vellore Electric Corpn. Ltd. v. CIT [1997] 227 ITR 557/93 Taxman 401, held in the context of s. 80-I, which uses the words "profits and gains attributable to any priority industry", answering the question in affirmative, that the income earned by way of interest on the investment in securities of the amounts appropriated to the contingencies reserve, which was mandatorily required to be maintained by…

INCOME TAX OFFICER-23(1)(2), MUMBAI vs. INDIAN CORPORATE LOAN SECURITIES TRUST 2008 SERIES 14, MUMBAI

In the result, Revenue's appeal for A

ITA 4789/MUM/2017[2010-11]Status: DisposedITAT Mumbai29 Jan 2020AY 2010-11

Bench: Shri M.Balaganesh, Am & Shri Ravish Sood, Jm The Ito-23(1)(2) Vs. M/S. Indian Corporate Loan Room No.18 Securities Trust 2008 Matru Mandir Series 14 Grant Road Il & Fs Financial Centre Mumbai – 400 007 Plot No.C-22, G Block 3Rd Floor, Bandra Kurla Complex, Bandra East Mumbai – 400 051 Pan/Gir No. Aaat16786P (Appellant) .. (Respondent) The Ito-23(1)(2) Vs. M/S. Indian Corporate Loan Room No.18 Securities Trust Series Iii Matru Mandir 2009 Grant Road Il & Fs Financial Centre Mumbai – 400 007 Plot No.C-22, G Block Bandra Kurla Complex, Bandra East Mumbai – 400 051 Pan/Gir No. Aaat17440L (Appellant) .. (Respondent) The Ito-23(1)(2) Vs. M/S. Indian Corporate Loan Room No.18 Securities Trust Series Matru Mandir 2008 Series 36 Grant Road Il & Fs Financial Centre Mumbai – 400 007 Plot No.C-22, G Block Bandra Kurla Complex, Bandra East Mumbai – 400 051 Pan/Gir No. Aaat16925L (Appellant) .. (Respondent) आदेश / O R D E R Per Bench: These Appeals In Ita No.4789/Mum/2017, 4791/Mum/2017 & 4794/Mum/2017 For A.Y.2010-11 Arise Out Of The Order By The Ld. Commissioner Of Income Tax (Appeals)-32, Mumbai In Appeal No.Cit(A)- 32/It-604/23(1)(2)/2015-16, Cit(A)-32/It-48/19(3)(2)/2012-13 & Cit(A)-32/It-483/Ito-19(3)(4)/12-13 Respectively Dated 24/04/2017 (Ld. Cit(A) In Short) Against The Order Of Assessment Passed U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As Act) Dated 26/02/2016, 31/10/2012 Respectively By The Ld. Income Tax Officer – 23(1)(2) & 19(3)(2) Respectively, Mumbai (Hereinafter Referred To As Ld. Ao).

Section 10Section 143(3)Section 148Section 161Section 161(1)Section 61

…ee is in control of the money and merely because restriction was put on use of the money could not make any difference. Since this case is factually different from that of the case on hand, it is not applicable. (vii) Vellore Electric Corpn. Ltd. v. CIT[1997] 227 ITR 557/93 Taxman 401 (SC) Follows Associated Power Co. Ltd. (viii) Performing Right Society Ltd. v. CIT[1977] 106 ITR 11 (SC) In this cited case the Hon'ble Apex Court held that this was a case of case and therefore the same would not be applicable to the case on hand. (ix) CIT v. Madras Race Club[2002] 255 ITR 98/[2003] 126 Taxman 6 (Mad.) The facts…

TUMKUR DCC BANK LIMITED ,TUMKUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1 , TUMKUR

In the result, the appeals filed by the assessee for assessment years 2012-13 to 2014-15 are dismissed and the appeal filed for AY

ITA 1/BANG/2019[2012-13]Status: DisposedITAT Bangalore12 Jul 2019AY 2012-13

Bench: Shri B.R Baskaran & Shri P.K Gadale

For Appellant: Shri S Ramasubramanian, C.AFor Respondent: Shri Smarak Swain, JCIT (DR)
Section 37(1)

…ered by Hon’ble Supreme Court in the case of Poona Electricity Supply Company (supra). However, the Hon’ble Supreme Court has distinguished the above said decision in a later judgement rendered in the case of Vellore Electricity Corporation Ltd vs. CIT (1997)(227 ITR 557). Since the decision rendered by ITA Nos.01 to 04/Bang/2019 Page 4 of 32 Hon’ble Supreme Court in the case of Poona Electricity Supply company (supra) was reversed in the case of Vellore Electricity Corporation (supra) by Hon’ble Supreme Court and since the Hon’ble Karnataka High Court had followed the decision of Poona Electricity Supply Compa…

SARDAR NAGRIK SAHAKARI BANK LTD.,,VADODARA vs. ITO, WARD 3(1)(3),, BARODA

In the result, the appeal of the assessee is partly allowed

ITA 2157/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad01 Jan 2019AY 2014-15

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita Nos.2156 & 2157/Ahd/2017 "नधा"रण वष"/Asstt. Years: 2013-2014 & 2014-2015 Sardar Nagrik Sahakari Bank Ltd Ito, ‘’B’’, Alankar Apartment, Ward 3(1)(3), Vs. Parkarwada, Dandia Bazar, Baroda. Vadodara. Pan: Aaabt2648D

For Respondent: Shri Vinod Talwani, Sr.DR
Section 80PSection 80P(2)(a)

…iance has been placed by the learned counsel for the appellant on the findings recorded in paragraphs 52, 67 and 69 of the said decision. In paragraph 52 the court has referred to the decision of the Supreme Court in Vellore Electric Corpn. Ltd. v. CIT, 19971 227 ITR 557/93 Taxman 401, wherein the phrase attributable to came up for consideration. In paragraph 67, the court has referred to the decision of the Supreme Court in Bihar State Co-operative Bank Ltd. (supra), held that_cannot be said that the borrowers but were laid out in the form of deposits in another bank to add to the profit instead of lyinq idle ne…

SARDAR NAGRIK SAHAKARI BANK LTD.,,VADODARA vs. ITO, WARD 3(1)(3),, BARODA

In the result, the appeal of the assessee is partly allowed

ITA 2156/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad01 Jan 2019AY 2013-14

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita Nos.2156 & 2157/Ahd/2017 "नधा"रण वष"/Asstt. Years: 2013-2014 & 2014-2015 Sardar Nagrik Sahakari Bank Ltd Ito, ‘’B’’, Alankar Apartment, Ward 3(1)(3), Vs. Parkarwada, Dandia Bazar, Baroda. Vadodara. Pan: Aaabt2648D

For Respondent: Shri Vinod Talwani, Sr.DR
Section 80PSection 80P(2)(a)

…iance has been placed by the learned counsel for the appellant on the findings recorded in paragraphs 52, 67 and 69 of the said decision. In paragraph 52 the court has referred to the decision of the Supreme Court in Vellore Electric Corpn. Ltd. v. CIT, 19971 227 ITR 557/93 Taxman 401, wherein the phrase attributable to came up for consideration. In paragraph 67, the court has referred to the decision of the Supreme Court in Bihar State Co-operative Bank Ltd. (supra), held that_cannot be said that the borrowers but were laid out in the form of deposits in another bank to add to the profit instead of lyinq idle ne…

ACIT, SANGRUR vs. M/S H.M.STEELS LTD, DIRBA

In the result, this appeal of the Revenue is partly allowed

ITA 1101/CHANDI/2016[2011-12]Status: DisposedITAT Chandigarh05 Nov 2018AY 2011-12

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…deduction u/s 80IC. The ITAT was also not right in law in not appreciating the ratio of Hon'ble Supreme Court in the cases of M/s Liberty India Vs. CIT 225 CTR 233(SC), CIT vs. Sterling Foods 153 CTR 439, 237 ITR 589, Vellore Electric Corporation Ltd. Vs. CIT 227 ITR 557 (SC). 4. In the facts and circumstances of the case, Ld. CIT(A) has erred in holding that the income from Deferred VAT Rebate received by the assessee is allowed to be included as profits derived from industrial undertaking and eligible for deduction u/s 80IC of the Income Tax Act, 1961, when the assessee received it from the Himachal Govt. for t…

H.M. STEELS LTD.,SANGRUR vs. ACIT, SANGRUR

In the result, this appeal of the Revenue is partly allowed

ITA 590/CHANDI/2014[2010-11]Status: DisposedITAT Chandigarh05 Nov 2018AY 2010-11

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…deduction u/s 80IC. The ITAT was also not right in law in not appreciating the ratio of Hon'ble Supreme Court in the cases of M/s Liberty India Vs. CIT 225 CTR 233(SC), CIT vs. Sterling Foods 153 CTR 439, 237 ITR 589, Vellore Electric Corporation Ltd. Vs. CIT 227 ITR 557 (SC). 4. In the facts and circumstances of the case, Ld. CIT(A) has erred in holding that the income from Deferred VAT Rebate received by the assessee is allowed to be included as profits derived from industrial undertaking and eligible for deduction u/s 80IC of the Income Tax Act, 1961, when the assessee received it from the Himachal Govt. for t…

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M/s Liberty India Vs. CIT 225 CTR 233(SC), CIT v. Sterling Foods (227 ITR 557) — Cited in 32 Judgments | BharatTax