Murli Investment Co. v. CIT

167 ITR 368High Court#16996 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2025.

Sections most often in play

Section 143(3)Section 143(3A)Section 143(3B)Section 14A Section 250 Section 37 Section 56 Section 8D

Judgments citing Murli Investment Co. v. CIT

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAICORPORATE CIRCLE 1(1), CHENNAI vs. EQUITAS HOLDINGS LIMITED , CHENNAI

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

ITA 37/CHNY/2025[2018-19]Status: DisposedITAT Chennai27 May 2025AY 2018-19

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपील सं./Ita No.37/Chny/2025 िनधा9रण वष9 /Assessment Year: 2018-19 The Asst. Commissioner Of Equitas Holdings Ltd., 410A, 4Th Floor, Spencer Plaza, Income Tax, Vs. Corporate Circle-1(1), Phase Ii, No.769, Mount Road, Chennai. Anna Salai, Chennai – 600 002. [Pan: Aaacu 9126C]

For Appellant: Shri D. Anand, AdvocateFor Respondent: Ms. R. Anitha, Addl. CIT

Section 143(3)Section 14ASection 37

…disallowed the expenditure for the reason that the expenditure has not been incurred to earn the interest income. The A.O has relied on the various case laws including the decision of Hon’ble Rajasthan High Court in the case of Murli Investment Co. vs. CIT 167 ITR 368 (Raj.). The A.O has also made disallowance of Rs. 14,66,85,890/- u/s. 14A of the Act applying rule 8D. On appeal, the Ld. CIT(A) has deleted the disallowance of expenditure u/s 37 of the Act stating that the assessee-company is a registered NBFC and as part of business investment company, the assessee was entitled to money lending and at the sa…

ASST. COMMISSIONER OF INCOME TAX, CIRCLE 6(1)(1),MUMBAI, MUMBAI vs. ESSAR POWER GUJARAT LTD., MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 137/MUM/2024[2014-15]Status: DisposedITAT Mumbai29 May 2024AY 2014-15

Bench: Shri Amit Shukla & Shri Ratnesh Nandan Sahayassessment Year: 2014-15 Mr. Arun Bende M/S. Essar Power Asst. Commissioner Of Gujarat Ltd. 11Th Floor, Essar House, Income Tax, Circle-6(1)(1), Mumbai. 11 K.K. Marg, Vs. Room No.504, 5Th Floor, Mahalaxmi, Aayakar Bhavan, Mumbai- 400034. M.K.Road, Pan:Aabce7510K Mumbai- 400020. (Appellant) (Respondent) Present For: Assessee By : Shri Vijay Mehta, A.R. Revenue By : Shri P. D. Chougule (Addl. Cit), D.R. Date Of Hearing : 21 . 05 . 2024 Date Of Pronouncement : 29 . 05 . 2024 O R D E R Per: Ratnesh Nandan Sahay: 1. This Appeal Has Been Filed By The Revenue Against The Order Of The Ld. Cit Appeal Passed U/S 250 Of The Income Tax Act (“Act” In Short) Vide Order No. Itba/Nfac/S/250/2023-24/1058193153(1) Dated 23.11.2023 For Assessment Year 2014-15. 2. Following Grounds Of Appeal Have Been Raised:

For Appellant: Shri Vijay Mehta, A.RFor Respondent: Shri P. D. Chougule (Addl. CIT), D.R

Section 250Section 801ASection 92C

…ee's business; hence the interest income is assessable as Income 6 M/s. Essar Power Gujarat Ltd. from Other Sources. This has further been affirmed by the Apex Court in the case of CIT v. Bokaro Steel Ltd. 236 ITR 315. In the case of Murli Investment Co. CIT 167 ITR 368 [Raj.], the Rajasthan High Court has held that the activity indulged in by the assessee did constitute not money-lending business since the assessee merely invested its funds when they were not required for the time being and, therefore, the interest earned by the assessee was assessable as „Income from Other Sources.‟ Reliance in this regard was…

PUNE SHOLAPUR ROAD DEV. CO. LTD.,MUMBAI vs. I.T.O. - 10(1)(3), MUMBAI

In the result, appeal filed by the assessee is allowed

ITA 6674/MUM/2017[2011-12]Status: DisposedITAT Mumbai09 Aug 2019AY 2011-12

Bench: Shri G. Manjunatha & Shri Ram Lal Negipune Sholapur Road Dev.Co.Ltd. Vs. Ito-10(1)(3) Room No.461, 4Th Floor The Il &Fs Financial Center Plot No.C-22, G Block Aaykar Bhawan, M.K.Road Bandra Kurla Complex , Mumbai-400 020 Bandra(E) Mumbai-400 051 Pan/Gir No.Aafcp1669Q Appellant) .. Respondent)

Section 143(3)Section 234B

…227 ITR 172 wherein it was held that in usual course, interest received by the company on loans and banks deposits would be taxable as income under the head income from other sources under section 56 of the I.T.Act. In the case of Murli Investment Co. Vs CIT 167 ITR 368 (Raj), the Rajasthan High Court has held that the activity indulged in by the assessee did not constitute money lending business since the assessee merely invested its funds when the fund were not required for the time being and, therefore, the interest earned by the assessee was assessable as Income From Other Sources. Reliance in this regard is…

G.K. FOUNDERS P.LTD,MUMBAI vs. ASST CIT 14(1)(2), MUMBAI

In the result, the appeal of the assessee is allowed

ITA 7464/MUM/2016[2012-13]Status: DisposedITAT Mumbai14 May 2019AY 2012-13

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2012-13

For Appellant: Shri Vimal Punmiya, A.RFor Respondent: Shri Choudhary Arunkumar Singh, D.R

Section 143(1)Section 143(3)Section 234BSection 80Section 80I

…M/s. G.K. Founders P. Ltd. the contentions of the assessee and treated the same as income from other sources on the ground that same is not emanating from business activity of the assessee by relying on the decision in the case of Murli Investment Co. vs. CIT 167 ITR 368 (Raj), Godavari Sugar Mills Ltd. vs. CIT 191 ITR 359 (Bom) and South India Shipping Corporation Ltd. vs. CIT (1999) 240 ITR 24 (Madras). The AO further relied on the case of Kinfra Export Promotion Industrial Ports Ltd. vs. DCIT (2013) 59 SOT 57 (URO Kochin) wherein it has been held that if interest income is not derived from eligible undertaking…

JET AIRWAYS (INDIA) LTD,MUMBAI vs. DCIT RG 5(2), MUMBAI

The appeal of the assessee is allowed

ITA 933/MUM/2015[2008-09]Status: DisposedITAT Mumbai27 Sept 2017AY 2008-09

For Appellant: Shri Jehangir D.Mistry-ARFor Respondent: Shri Alok Johari and Ms.Arju Goradia-DR

Section 115JSection 254(1)

…mputation of income under each had would have to be made independently and separately, that the interest income on investment of surplus funds was assess -able under the head income from other sources. He relied upon the case of Murli Investment Company Ltd. (167 ITR 368) and Godavari Sugar Mills Ltd. (191 ITR 359). Culling out various tests from legal preposition for treating interest income out of the deposits from surplus funds 933/M/15(08-09);758/M/15(08-09;759/M/15(10-11);760/M/15(11-12)- and otherwise he held that interest income earned by the assessee had to be taxed under the head income from other sour…