Madras Industrial Investment Corpn. Ltd. v. CIT

91 Taxmann 340Supreme Court of India1997#1562 most cited

What is Madras Industrial Investment Corpn. Ltd. v. CIT authority for?

The Supreme Court held that discount on the issue of debentures is a deductible expenditure that can be spread proportionately over the period for which the debentures remain outstanding, rather than being claimed entirely in the year of issue. This treatment acknowledges the enduring benefit derived from the funds raised through debentures.

73

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2025.

Also referred to as

Madras Industrial Investment Corpn. Ltd. v. CIT · 91 Taxmann 340 · 225 ITR 802 · discount on debentures · deduction of debenture discount · proportionate deduction · spread over debenture period · expenditure timing · Section 36(1) · test of enduring benefit · amortization of expenses

Also reported as

225 ITR 8022

Sections most often in play

Section 143(3)Section 147Section 1961Section 148Section 10(38)Section 35(1)(ii)Section 35(1)(iv)Section 35(2AB)

Issues it is cited on

section 36(i)test of enduring benefitsection 92(1)section 92b(1)legal expensestransferee companyretrospective amendmentcorporate guaranteesection 115jb(2)disallowance of interest expendituresection 63section 139(5)

Judgments citing Madras Industrial Investment Corpn. Ltd. v. CIT

Echjay Industries P.Ltd, Mumbai vs. Asst CIT Cen Cir 45, Mumbai

Appeals are allowed

ITA 5245/MUM/2017[2006-07]Status: DisposedITAT Mumbai17 Jul 2019AY 2006-07

Bench: : Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm Assessment Year :2006-07) Assessment Year :2010-11) Assessment Year :2011-12) Assessment Year :2012-13) Assessment Year :2013-14) Assessment Year :2014-15) Assessment Year :2010-11) & Assessment Year :2012-13) M/S. Echjay Industries Pvt. Ltd. M/S. Echjay Industries Pvt. Vs. Asst. Commissioner Of Ltd., Income Tax, Central Circle- 83, Bajaj Bhavan 45,/Dy.Commissioner Of Nariman Point Income Tax-Circle 8(2) Mumbai – 400 023 Mumbai, Aayakar Bhavan Mumbai – 400 020 Pan/Gir No. : Aaace1157B (Appellant) .. (Respondent)

For Appellant: Shri N.R. RaoFor Respondent: Shri Sachchidanand Dube
Section 143(3)Section 147

…owed in its entirety in the year in which it is incurred. It cannot be spread over a number of years even if the assessee has written it off in his books over a period of years. [Reliance can be placed on Madras Industrial Investment Corpn. Ltd. v. CIT [1997] 225 ITR 8022 (SC). 19. In view of the above discussion, it is very clear that there is no prohibition on the powers of the Tribunal to entertain an additional ground which according to the Tribunal arises in the matter and for the M/s. Echjay Industries Pvt. Ltd. just decision of the case. Therefore, there is no infirmity in the order of the Tribunal. 20. Ac…

M/S. Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

In the result, all the five appeals of the assessee stand

ITA 3114/DEL/2013[2006-07]Status: DisposedITAT Delhi19 Nov 2018AY 2006-07

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Pradeep Singh Gautam, Sr.DR
Section 143(3)

…ITA No. 5847/Del/2010 3111 to 3114/Del/2013 AY:2001-02 03-04,04-05,05-06,06-07 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘D’ NEW DELHI BEFORE SHRI G.D. AGRAWAL, VICE PRESIDENT AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER Assessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07 Technico Agri Sciences Ltd., vs ACIT, (Formerly known as Chambal Agritech Ltd.), Circle 3(1), SCO-835, 1srt & 2nd Floor, New Delhi. NAC Manimajra, Chandigarh-160101 (PAN: AAACC9811G) (Appellant) (Respondent) Appellant by : Shri Rohit Jain, Advocate Shri Dipe…

M/S. Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

In the result, all the five appeals of the assessee stand

ITA 3113/DEL/2013[2005-06]Status: DisposedITAT Delhi19 Nov 2018AY 2005-06

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Pradeep Singh Gautam, Sr.DR
Section 143(3)

…ITA No. 5847/Del/2010 3111 to 3114/Del/2013 AY:2001-02 03-04,04-05,05-06,06-07 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘D’ NEW DELHI BEFORE SHRI G.D. AGRAWAL, VICE PRESIDENT AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER Assessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07 Technico Agri Sciences Ltd., vs ACIT, (Formerly known as Chambal Agritech Ltd.), Circle 3(1), SCO-835, 1srt & 2nd Floor, New Delhi. NAC Manimajra, Chandigarh-160101 (PAN: AAACC9811G) (Appellant) (Respondent) Appellant by : Shri Rohit Jain, Advocate Shri Dipe…

M/S. Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

In the result, all the five appeals of the assessee stand

ITA 3112/DEL/2013[2004-05]Status: DisposedITAT Delhi19 Nov 2018AY 2004-05

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Pradeep Singh Gautam, Sr.DR
Section 143(3)

…ITA No. 5847/Del/2010 3111 to 3114/Del/2013 AY:2001-02 03-04,04-05,05-06,06-07 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘D’ NEW DELHI BEFORE SHRI G.D. AGRAWAL, VICE PRESIDENT AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER Assessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07 Technico Agri Sciences Ltd., vs ACIT, (Formerly known as Chambal Agritech Ltd.), Circle 3(1), SCO-835, 1srt & 2nd Floor, New Delhi. NAC Manimajra, Chandigarh-160101 (PAN: AAACC9811G) (Appellant) (Respondent) Appellant by : Shri Rohit Jain, Advocate Shri Dipe…

M/S. Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

In the result, all the five appeals of the assessee stand

ITA 3111/DEL/2013[2003-04]Status: DisposedITAT Delhi19 Nov 2018AY 2003-04

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Pradeep Singh Gautam, Sr.DR
Section 143(3)

…ITA No. 5847/Del/2010 3111 to 3114/Del/2013 AY:2001-02 03-04,04-05,05-06,06-07 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘D’ NEW DELHI BEFORE SHRI G.D. AGRAWAL, VICE PRESIDENT AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER Assessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07 Technico Agri Sciences Ltd., vs ACIT, (Formerly known as Chambal Agritech Ltd.), Circle 3(1), SCO-835, 1srt & 2nd Floor, New Delhi. NAC Manimajra, Chandigarh-160101 (PAN: AAACC9811G) (Appellant) (Respondent) Appellant by : Shri Rohit Jain, Advocate Shri Dipe…

M/S Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

In the result, all the five appeals of the assessee stand

ITA 5847/DEL/2010[2001-02]Status: DisposedITAT Delhi19 Nov 2018AY 2001-02

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Pradeep Singh Gautam, Sr.DR
Section 143(3)

…ITA No. 5847/Del/2010 3111 to 3114/Del/2013 AY:2001-02 03-04,04-05,05-06,06-07 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘D’ NEW DELHI BEFORE SHRI G.D. AGRAWAL, VICE PRESIDENT AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER Assessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07 Technico Agri Sciences Ltd., vs ACIT, (Formerly known as Chambal Agritech Ltd.), Circle 3(1), SCO-835, 1srt & 2nd Floor, New Delhi. NAC Manimajra, Chandigarh-160101 (PAN: AAACC9811G) (Appellant) (Respondent) Appellant by : Shri Rohit Jain, Advocate Shri Dipe…

DCIT, New Delhi vs. M/S Paradip Port Road Co. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 2689/DEL/2016[2012-13]Status: DisposedITAT Delhi04 Sept 2018AY 2012-13

Bench: : Shri Bhavnesh Saini & Shri L.P. Sahuassessment Year: 2012-13

…In the Income-Tax Appellate Tribunal, Delhi Bench ‘G’, New Delhi Before : Shri Bhavnesh Saini, Judicial Member And Shri L.P. Sahu, Accountant Member Assessment Year: 2012-13 DCIT, Circle 19(2), vs. Paradip Port Road Co. Ltd., New Delhi. G-5&6, Sector-10, Dwarka, (Appellant) New Delhi PAN-AADCP2458F (Respondent) Appellant by Sh. S.S. Rana, CIT/DR Respondent by Ms Khushboo Garg, CA Date of Hearing 27.08.2018 Date of Pronouncement 04.09.2018 ORDER Per L.P. Sahu, A.M.: This is an appeal filed by the Revenue against the order of the ld. CIT(A)- 7, New Delhi dated 17.02.2016 for the assessment year 2012-13 on t…

DCIT, New Delhi vs. M/S. Delhi International Airport Pvt. Ltd., New Delhi

In the result appeal of the revenue in ITA No

ITA 4202/DEL/2013[2007-08]Status: DisposedITAT Delhi14 Dec 2017AY 2007-08

Bench: Shri Amit Shukla & Shri Prashant Maharishiassessment Year: 2007-08 Acit, Vs. M/S. Delhi International Airport Pvt. Ltd. Circle 10(1) Udaan Bhawan, Terminal 1B, New Delhi Indira Gandhi International Airport, New Delhi. Pan No. Aaccd3570F (Appellant) (Respondent) Assessment Year: 2007-08 Dcit, Vs. M/S. Delhi International Airport Pvt. Ltd. Circle 10(1) Udaan Bhawan, Terminal 1B, New Delhi Indira Gandhi International Airport, New Delhi. Pan No. Aaccd3570F (Appellant) (Respondent) Co No. 226/Del/2011 (Arising Ita No.2720/Del/2011) Assessment Year: 2007-08

For Appellant: Shri S.E. Dastur, Sr. Advocate and Shri Ankit Agrawal, CAFor Respondent: Ms. Rachna Singh, CIT(DR)
Section 143(3)Section 271(1)(c)Section 80I

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “B”: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Assessment Year: 2007-08 ACIT, Vs. M/s. Delhi International Airport Pvt. Ltd. Circle 10(1) Udaan Bhawan, Terminal 1B, New Delhi Indira Gandhi International Airport, New Delhi. PAN No. AACCD3570F (Appellant) (Respondent) Assessment Year: 2007-08 DCIT, Vs. M/s. Delhi International Airport Pvt. Ltd. Circle 10(1) Udaan Bhawan, Terminal 1B, New Delhi Indira Gandhi International Airport, New Delhi. PAN No. AACCD3570F (Appellant) (Respondent) CO No. 226/DEL/2011 (Arising…

ACIT, New Delhi vs. M/S Delhi International Airport Pvt. Ltd., New Delhi

In the result appeal of the revenue in ITA No

ITA 2720/DEL/2011[2007-08]Status: DisposedITAT Delhi14 Dec 2017AY 2007-08

Bench: Shri Amit Shukla & Shri Prashant Maharishiassessment Year: 2007-08 Acit, Vs. M/S. Delhi International Airport Pvt. Ltd. Circle 10(1) Udaan Bhawan, Terminal 1B, New Delhi Indira Gandhi International Airport, New Delhi. Pan No. Aaccd3570F (Appellant) (Respondent) Assessment Year: 2007-08 Dcit, Vs. M/S. Delhi International Airport Pvt. Ltd. Circle 10(1) Udaan Bhawan, Terminal 1B, New Delhi Indira Gandhi International Airport, New Delhi. Pan No. Aaccd3570F (Appellant) (Respondent) Co No. 226/Del/2011 (Arising Ita No.2720/Del/2011) Assessment Year: 2007-08

For Appellant: Shri S.E. Dastur, Sr. Advocate and Shri Ankit Agrawal, CAFor Respondent: Ms. Rachna Singh, CIT(DR)
Section 143(3)Section 271(1)(c)Section 80I

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “B”: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Assessment Year: 2007-08 ACIT, Vs. M/s. Delhi International Airport Pvt. Ltd. Circle 10(1) Udaan Bhawan, Terminal 1B, New Delhi Indira Gandhi International Airport, New Delhi. PAN No. AACCD3570F (Appellant) (Respondent) Assessment Year: 2007-08 DCIT, Vs. M/s. Delhi International Airport Pvt. Ltd. Circle 10(1) Udaan Bhawan, Terminal 1B, New Delhi Indira Gandhi International Airport, New Delhi. PAN No. AACCD3570F (Appellant) (Respondent) CO No. 226/DEL/2011 (Arising…

DCIT, New Delhi vs. M/S Dlf Ltd., New Delhi

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 4342/DEL/2012[2007-08]Status: DisposedITAT Delhi01 Nov 2017AY 2007-08

Bench: Shri B.P. Jain & Shri K.N. Chary.

For Appellant: Shri R.S. Singhvi, CAFor Respondent: Ms. Renu Amitabh, CIT-DR
Section 142Section 143(3)Section 14ASection 250Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘B’ BENCH, NEW DELHI BEFORE SHRI B.P. JAIN, ACCOUNTANT MEMBER AND SHRI K.N. CHARY, JUDICIAL MEMBER. ITA No. 3846/DEL/2012 [A.Y. 2007-08] DLF Limited Vs. The Additional C.I.T DLF Centre (9th Floor) Range - 10 Sansad Marg, New Delhi New Delhi PAN : AAACD 3494 N ITA No. 4342/DEL/2012 [A.Y. 2007-08] The Additional C.I.T Vs. DLF Limited DLF Centre (9th Floor) Range – 10 New Delhi Sansad Marg, New Delhi PAN : AAACD 3494 N [Appellant] [Respondent] Date of Hearing : 03.08.2017 Date of Pronouncement : 01.11.2017 Assessee by : Shri R.S. Singhvi, CA Revenue by : Ms. Re…

Dlf Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 3846/DEL/2012[2007-08]Status: DisposedITAT Delhi01 Nov 2017AY 2007-08

Bench: Shri B.P. Jain & Shri K.N. Chary.

For Appellant: Shri R.S. Singhvi, CAFor Respondent: Ms. Renu Amitabh, CIT-DR
Section 142Section 143(3)Section 14ASection 250Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘B’ BENCH, NEW DELHI BEFORE SHRI B.P. JAIN, ACCOUNTANT MEMBER AND SHRI K.N. CHARY, JUDICIAL MEMBER. ITA No. 3846/DEL/2012 [A.Y. 2007-08] DLF Limited Vs. The Additional C.I.T DLF Centre (9th Floor) Range - 10 Sansad Marg, New Delhi New Delhi PAN : AAACD 3494 N ITA No. 4342/DEL/2012 [A.Y. 2007-08] The Additional C.I.T Vs. DLF Limited DLF Centre (9th Floor) Range – 10 New Delhi Sansad Marg, New Delhi PAN : AAACD 3494 N [Appellant] [Respondent] Date of Hearing : 03.08.2017 Date of Pronouncement : 01.11.2017 Assessee by : Shri R.S. Singhvi, CA Revenue by : Ms. Re…

ACIT, Chennai vs. M/S. Celebrity Fashions Ltd., Chennai

In the result, the appeal of the revenue is dismissed

ITA 2516/CHNY/2016[2011-12]Status: DisposedITAT Chennai26 May 2017AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.2516/Mds/2016 "नधा+रण वष+ /Assessment Year: 2011-12

For Respondent: 14.03.2017
Section 14A

…आयकर अपील"य अ"धकरण, ‘बी’ "यायपीठ, चे"नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH: CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी "ड.एस. सु"दर %संह, लेखा सद"य के सम* BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S.SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2516/Mds/2016 "नधा+रण वष+ /Assessment Year: 2011-12 Vs. The Asst. Commissioner of Income M/s.Celebrity Fashions Ltd., SDV, IV and C2, 3rd Main Tax, Corporate Circle-1(2), Chennai-600 034. Road, MEPZ/SEZ, Tambaram, Chennai-600 045. [PAN: AAACC 3696 D] (अपीलाथ./Appellant) (/0यथ./Respondent) : अपीलाथ. क1 ओर से/ Appellant by Mr.Supriyo…

DCIT, Chennai vs. M/S. Shriram Properties (P) Ltd., Chennai

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

ITA 2827/CHNY/2016[2012-13]Status: DisposedITAT Chennai29 Mar 2017AY 2012-13

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singh

For Appellant: Shri Shiva Srinivas, JCITFor Respondent: Shri R. Sivaraman, Advocate
Section 14A

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी "ड.एस. सु"दर "संह, लेखा सद"य केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2827/Mds/2016 "नधा"रण वष" / Assessment Year : 2012-13 The Deputy Commissioner of M/s Shriram Properties Pvt. Ltd., Income Tax, v. No.149, Greams Dugar, 4th & 5th floor, Greams Road, Corporate Circle 6(1), Chennai - 600 034. Chennai - 600 006. PAN : AAFCS 5801 D (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant by : S…