Nirma Industries Ltd. v. DCIT

283 ITR 402High Court2006#757 most cited

What is Nirma Industries Ltd. v. DCIT authority for?

Interest charged on delayed realization of sale proceeds constitutes business income and is eligible for deduction under Section 80-I of the Income-tax Act.

136

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2009 to 2025.

Also referred to as

Nirma Industries Ltd. v. DCIT · Section 80-I · interest on delayed sale proceeds · business income · 80-I deduction eligibility · characterization of income · Gujarat High Court · 283 ITR 402 · profit eligible for 80-I · industrial undertaking deduction

Also reported as

94 ITD 187

Sections most often in play

Section 143(3)Section 154Section 271(1)(c)Section 36(1)(iii)Section 43CASection 50CSection 48Section 80-I

Issues it is cited on

section 2(7)section 120(4)(b)section 120(1)section 40(1)section 80iabsection 3asection 2(7a)section 262section 163section 160section 153(3)section 115ja

Judgments citing Nirma Industries Ltd. v. DCIT

ACIT,CIRCLE--2(1), CHANDIGARH vs. CSJ INFRASTRUCTURE PVT.LTD, CHANDIGARH

In the result, both the appeals of the assessee are allowed and that of the Revenue are dismissed

ITA 147/CHANDI/2020[2015-16]Status: DisposedITAT Chandigarh28 May 2025AY 2015-16

Bench: Shri Rajpal Yadav & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 131,132 /Chd/2020 "नधा"रण वष" / A.Y.: 2014-15, 2015-16, M/S Csj Infrastructure Pvt.Ltd., The Acit, C/O C.A. Ajay Kumar Jain, Vs Circle 2(1), Sco 80-81, 4Th Floor, Sector 17-C, Chandigarh. Chandigarh. "थायी लेखा सं./Pan No: Aaccc8021G अपीलाथ"/Appellant ""यथ"/Respondent आयकर अपील सं./ Ita No. 146, 147/Chd/2020 "नधा"रण वष" / A.Y.: 2014-15, 2015-16, The Acit, Vs M/S Csj Infrastructure Pvt. Ltd., Circle 2(1), C/O C.A. Ajay Kumar Jain, Chandigarh. Sco 80-81, 4Th Floor, Sector 17-C, Chandigarh. "थायी लेखा सं./Pan No: Aaccc8021G अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Shri Ajay Jain, Ca Revenue By : Shri Manav Bansal, Cit, Dr Date Of Hearing : 19.05.2025 Date Of Pronouncement : 28.05.2025 Physical Hearing O R D E R

For Appellant: Shri Ajay Jain, CAFor Respondent: Shri Manav Bansal, CIT, DR
Section 43CSection 50C

…t eligible for grant of 80-I wherein it has been held that if sale proceeds are realized late by the assessee and interest is being charged on those sale proceeds, then interest would par-take character of business income upon whom 80-I would be applicable. [ 283 ITR 402 (Hon'ble Gujrat High Court] Nirma Industry and 284 ITR 389 Ind Swiss Jewel (Hon'ble Bombay HC)]. Thus, if this interest is being included in the alleged sale consideration disclosed by the assessee, which we have taken note While making reference to the argument of ld. counsel for the assessee, then the ITA No.131, 132, 146,147/CHD/2020 A.Y.2014-…

ACIT,CIRCLE--2(1), CHANDIGARH vs. CSJ INFRASTRUCTURE PVT.LTD, CHANDIGARH

In the result, both the appeals of the assessee are allowed and that of the Revenue are dismissed

ITA 146/CHANDI/2020[2014-15]Status: DisposedITAT Chandigarh28 May 2025AY 2014-15

Bench: Shri Rajpal Yadav & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 131,132 /Chd/2020 "नधा"रण वष" / A.Y.: 2014-15, 2015-16, M/S Csj Infrastructure Pvt.Ltd., The Acit, C/O C.A. Ajay Kumar Jain, Vs Circle 2(1), Sco 80-81, 4Th Floor, Sector 17-C, Chandigarh. Chandigarh. "थायी लेखा सं./Pan No: Aaccc8021G अपीलाथ"/Appellant ""यथ"/Respondent आयकर अपील सं./ Ita No. 146, 147/Chd/2020 "नधा"रण वष" / A.Y.: 2014-15, 2015-16, The Acit, Vs M/S Csj Infrastructure Pvt. Ltd., Circle 2(1), C/O C.A. Ajay Kumar Jain, Chandigarh. Sco 80-81, 4Th Floor, Sector 17-C, Chandigarh. "थायी लेखा सं./Pan No: Aaccc8021G अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Shri Ajay Jain, Ca Revenue By : Shri Manav Bansal, Cit, Dr Date Of Hearing : 19.05.2025 Date Of Pronouncement : 28.05.2025 Physical Hearing O R D E R

For Appellant: Shri Ajay Jain, CAFor Respondent: Shri Manav Bansal, CIT, DR
Section 43CSection 50C

…t eligible for grant of 80-I wherein it has been held that if sale proceeds are realized late by the assessee and interest is being charged on those sale proceeds, then interest would par-take character of business income upon whom 80-I would be applicable. [ 283 ITR 402 (Hon'ble Gujrat High Court] Nirma Industry and 284 ITR 389 Ind Swiss Jewel (Hon'ble Bombay HC)]. Thus, if this interest is being included in the alleged sale consideration disclosed by the assessee, which we have taken note While making reference to the argument of ld. counsel for the assessee, then the ITA No.131, 132, 146,147/CHD/2020 A.Y.2014-…

CSJ INFRASTRUCTURE PVT.LTD,CHANDIGARH vs. ACIT,CIRCLE--2(1), CHANDIGARH

In the result, both the appeals of the assessee are allowed and that of the Revenue are dismissed

ITA 132/CHANDI/2020[2015-16]Status: DisposedITAT Chandigarh28 May 2025AY 2015-16

Bench: Shri Rajpal Yadav & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 131,132 /Chd/2020 "नधा"रण वष" / A.Y.: 2014-15, 2015-16, M/S Csj Infrastructure Pvt.Ltd., The Acit, C/O C.A. Ajay Kumar Jain, Vs Circle 2(1), Sco 80-81, 4Th Floor, Sector 17-C, Chandigarh. Chandigarh. "थायी लेखा सं./Pan No: Aaccc8021G अपीलाथ"/Appellant ""यथ"/Respondent आयकर अपील सं./ Ita No. 146, 147/Chd/2020 "नधा"रण वष" / A.Y.: 2014-15, 2015-16, The Acit, Vs M/S Csj Infrastructure Pvt. Ltd., Circle 2(1), C/O C.A. Ajay Kumar Jain, Chandigarh. Sco 80-81, 4Th Floor, Sector 17-C, Chandigarh. "थायी लेखा सं./Pan No: Aaccc8021G अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Shri Ajay Jain, Ca Revenue By : Shri Manav Bansal, Cit, Dr Date Of Hearing : 19.05.2025 Date Of Pronouncement : 28.05.2025 Physical Hearing O R D E R

For Appellant: Shri Ajay Jain, CAFor Respondent: Shri Manav Bansal, CIT, DR
Section 43CSection 50C

…t eligible for grant of 80-I wherein it has been held that if sale proceeds are realized late by the assessee and interest is being charged on those sale proceeds, then interest would par-take character of business income upon whom 80-I would be applicable. [ 283 ITR 402 (Hon'ble Gujrat High Court] Nirma Industry and 284 ITR 389 Ind Swiss Jewel (Hon'ble Bombay HC)]. Thus, if this interest is being included in the alleged sale consideration disclosed by the assessee, which we have taken note While making reference to the argument of ld. counsel for the assessee, then the ITA No.131, 132, 146,147/CHD/2020 A.Y.2014-…

CSJ INFRASTRUCTURE PVT.LTD,CHANDIGARH vs. ACIT,CIRCLE--2(1), CHANDIGARH

In the result, both the appeals of the assessee are allowed and that of the Revenue are dismissed

ITA 131/CHANDI/2020[2014-15]Status: DisposedITAT Chandigarh28 May 2025AY 2014-15

Bench: Shri Rajpal Yadav & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 131,132 /Chd/2020 "नधा"रण वष" / A.Y.: 2014-15, 2015-16, M/S Csj Infrastructure Pvt.Ltd., The Acit, C/O C.A. Ajay Kumar Jain, Vs Circle 2(1), Sco 80-81, 4Th Floor, Sector 17-C, Chandigarh. Chandigarh. "थायी लेखा सं./Pan No: Aaccc8021G अपीलाथ"/Appellant ""यथ"/Respondent आयकर अपील सं./ Ita No. 146, 147/Chd/2020 "नधा"रण वष" / A.Y.: 2014-15, 2015-16, The Acit, Vs M/S Csj Infrastructure Pvt. Ltd., Circle 2(1), C/O C.A. Ajay Kumar Jain, Chandigarh. Sco 80-81, 4Th Floor, Sector 17-C, Chandigarh. "थायी लेखा सं./Pan No: Aaccc8021G अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Shri Ajay Jain, Ca Revenue By : Shri Manav Bansal, Cit, Dr Date Of Hearing : 19.05.2025 Date Of Pronouncement : 28.05.2025 Physical Hearing O R D E R

For Appellant: Shri Ajay Jain, CAFor Respondent: Shri Manav Bansal, CIT, DR
Section 43CSection 50C

…t eligible for grant of 80-I wherein it has been held that if sale proceeds are realized late by the assessee and interest is being charged on those sale proceeds, then interest would par-take character of business income upon whom 80-I would be applicable. [ 283 ITR 402 (Hon'ble Gujrat High Court] Nirma Industry and 284 ITR 389 Ind Swiss Jewel (Hon'ble Bombay HC)]. Thus, if this interest is being included in the alleged sale consideration disclosed by the assessee, which we have taken note While making reference to the argument of ld. counsel for the assessee, then the ITA No.131, 132, 146,147/CHD/2020 A.Y.2014-…

INOX INDIA LIMITED,VADODARA vs. THE ACIT, CIRCLE-1(2) NOW CIRCLE-1(1)(1), VADODARA

In the result, the appeal of the assessee is partly allowed for assessment year 2000-2001 and other years before us, on the above two issues which were argued before us

ITA 524/AHD/2023[2004-05]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2004-05

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

For Appellant: Shri Milin Mehta, A.RFor Respondent: Shri Waghe Prasad Rao, Sr. DR
Section 251Section 251(2)Section 801A(9)Section 801HSection 80H

…ly, i.e., once while computing the gross total income and secondly, at the time of computing deduction u/s 80-1 of the Act. An identical issue was considered by the Hon'ble High Court of Gujarat in the case of Nirma Industries Ltd vs. DCIT, reported in (2995) 283 ITR 402 (Guj.), wherein inter alia the Hon'ble High Court was seized with the following question:- "2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that while computing deduction under s. 80-1 of the IT Act, 1961, interest received from trade debtors towards late payment of sales consideration is requi…

INOX INDIA LIMITED,VADODARA vs. THE ACIT, CIRCLE-1(2) NOW CIRCLE-1(1)(1), VADODARA

In the result, the appeal of the assessee is partly allowed for assessment year 2000-2001 and other years before us, on the above two issues which were argued before us

ITA 523/AHD/2023[2003-04]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2003-04

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

For Appellant: Shri Milin Mehta, A.RFor Respondent: Shri Waghe Prasad Rao, Sr. DR
Section 251Section 251(2)Section 801A(9)Section 801HSection 80H

…ly, i.e., once while computing the gross total income and secondly, at the time of computing deduction u/s 80-1 of the Act. An identical issue was considered by the Hon'ble High Court of Gujarat in the case of Nirma Industries Ltd vs. DCIT, reported in (2995) 283 ITR 402 (Guj.), wherein inter alia the Hon'ble High Court was seized with the following question:- "2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that while computing deduction under s. 80-1 of the IT Act, 1961, interest received from trade debtors towards late payment of sales consideration is requi…

INOX INDIA LIMITED,VADODARA vs. THE ACIT, CIRCLE-1(2) NOW CIRCLE- 1(1)(1), VADODARA

In the result, the appeal of the assessee is partly allowed for assessment year 2000-2001 and other years before us, on the above two issues which were argued before us

ITA 522/AHD/2023[2002-03]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2002-03

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

For Appellant: Shri Milin Mehta, A.RFor Respondent: Shri Waghe Prasad Rao, Sr. DR
Section 251Section 251(2)Section 801A(9)Section 801HSection 80H

…ly, i.e., once while computing the gross total income and secondly, at the time of computing deduction u/s 80-1 of the Act. An identical issue was considered by the Hon'ble High Court of Gujarat in the case of Nirma Industries Ltd vs. DCIT, reported in (2995) 283 ITR 402 (Guj.), wherein inter alia the Hon'ble High Court was seized with the following question:- "2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that while computing deduction under s. 80-1 of the IT Act, 1961, interest received from trade debtors towards late payment of sales consideration is requi…

INOX INDIA LIMITED,VADODARA vs. THE DCIT, CIRCLE-1 NOW CIRCLE 1(1)(1), VADODARA

In the result, the appeal of the assessee is partly allowed for assessment year 2000-2001 and other years before us, on the above two issues which were argued before us

ITA 521/AHD/2023[2000-01]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2000-01

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

For Appellant: Shri Milin Mehta, A.RFor Respondent: Shri Waghe Prasad Rao, Sr. DR
Section 251Section 251(2)Section 801A(9)Section 801HSection 80H

…ly, i.e., once while computing the gross total income and secondly, at the time of computing deduction u/s 80-1 of the Act. An identical issue was considered by the Hon'ble High Court of Gujarat in the case of Nirma Industries Ltd vs. DCIT, reported in (2995) 283 ITR 402 (Guj.), wherein inter alia the Hon'ble High Court was seized with the following question:- "2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that while computing deduction under s. 80-1 of the IT Act, 1961, interest received from trade debtors towards late payment of sales consideration is requi…

M/S VARDHMAN POLYTEX LTD. vs. C I T AND ANR.

ITA/556/2008HC Punjab & Haryana08 Aug 2024

Bench: MR. JUSTICE SANJEEV PRAKASH SHARMA,MR. JUSTICE SANJAY VASHISTH

Section 10BSection 80Section 80H

…207 I M/S VARDH Vs. CIT AND AN M/S VARDH V/S C I T AND A M/S VARDH V/S C I T AND A M/S VARDH V/S C I T AND A IN THE HIGH COURT OF PUN AT CHANDIGA I D HAMAN TEXTILES LTD. NOTHER I D HMAN POLYTEX LTD. ANR. I D HMAN POLYTEX LTD. ANR. I D HMAN PLOYTEX LTD. ANR. NJAB AND HARYANA ARH ITA-597-2008 (O&M) Date of Decision: 08.08.2024 …Appellant …Respondents ITA-556-2008 (O&M) Date of Decision: 08.08.2024. …Appellant …Respondents ITA-557-2008 (O&M) Date of Decision: 08.08.2024. …Appellant …Respondents ITA-558-2008 (O&M)…

ACIT 3(2)(1), MUMBAI vs. MAHARASHTRA AIRPORT DEVELOPMENT COMPANY LTD, MUMBAI

ITA 798/MUM/2019[2015-16]Status: DisposedITAT Mumbai15 Mar 2024AY 2015-16

Bench: Shri Kuldip Singh & Ms. Padmavathy Sassessment Year: 2008-09 Assessment Year: 2012-13 Assessment Year: 2015-16 M/S. Maharashtra Airport Deputy Commissioner Of Development Company Income Tax, Ltd., Circle (3)(2)(1), 6Th Floor, Room No.608, 6Th Floor, Vs. World Trade Centre, Aayakar Bhawan, Tower No.1, Cuffe Parade, M.K. Road, Mumbai – 400 005 Mumbai - 400020 Pan: Aadcm9623M (Appellant) (Respondent) Assessment Year: 2008-09 Assessment Year: 2012-13 Assessment Year: 2013-14 Assessment Year: 2014-15 Assessment Year: 2015-16 Dy/Asst. Commissioner Of M/S. Maharashtra Airport Income Tax-(3)(2)(1), Development Co. Ltd., Vs. 12Th Floor, Room No.608/674, 6Th Floor, World Trade Centre, Aayakar Bhavan, Tower No.1, Cuffe Parade

For Appellant: Shri Rushabh Mehta, A.RFor Respondent: Smt Sanyogita Nagpal, D.R
Section 80I

…e relates to the interest received by the assessee on advances made by it to its various contractors who are engaged in infrastructure work. We find that an identical issue has been considered by the Hon’ble Gujarat High Court in the case of Nirma Industries, 283 ITR 402 where the Hon’ble Gujarat High Court has held that the interest received on delayed payment by the debtor is to be included in the profit of the industrial undertaking. In the case in hand, there is no dispute that the assessee has received interest from advances made by it to its contractors engaged in infrastructure work, therefore, the interes…

MAHARASHTRA AIRPORT DEVELOPMENT COMPANY LTD.,MUMBAI vs. DCIT-3(2)(1), MUMBAI

ITA 522/MUM/2019[2015-16]Status: DisposedITAT Mumbai15 Mar 2024AY 2015-16

Bench: Shri Kuldip Singh & Ms. Padmavathy Sassessment Year: 2008-09 Assessment Year: 2012-13 Assessment Year: 2015-16 M/S. Maharashtra Airport Deputy Commissioner Of Development Company Income Tax, Ltd., Circle (3)(2)(1), 6Th Floor, Room No.608, 6Th Floor, Vs. World Trade Centre, Aayakar Bhawan, Tower No.1, Cuffe Parade, M.K. Road, Mumbai – 400 005 Mumbai - 400020 Pan: Aadcm9623M (Appellant) (Respondent) Assessment Year: 2008-09 Assessment Year: 2012-13 Assessment Year: 2013-14 Assessment Year: 2014-15 Assessment Year: 2015-16 Dy/Asst. Commissioner Of M/S. Maharashtra Airport Income Tax-(3)(2)(1), Development Co. Ltd., Vs. 12Th Floor, Room No.608/674, 6Th Floor, World Trade Centre, Aayakar Bhavan, Tower No.1, Cuffe Parade

For Appellant: Shri Rushabh Mehta, A.RFor Respondent: Smt Sanyogita Nagpal, D.R
Section 80I

…e relates to the interest received by the assessee on advances made by it to its various contractors who are engaged in infrastructure work. We find that an identical issue has been considered by the Hon’ble Gujarat High Court in the case of Nirma Industries, 283 ITR 402 where the Hon’ble Gujarat High Court has held that the interest received on delayed payment by the debtor is to be included in the profit of the industrial undertaking. In the case in hand, there is no dispute that the assessee has received interest from advances made by it to its contractors engaged in infrastructure work, therefore, the interes…

MAHARASHTRA AIRPORT DEVELOPMENT COMPANY LTD.,MUMBAI vs. ACIT-3(2)(1), MUMBAI

ITA 521/MUM/2019[2088-09]Status: DisposedITAT Mumbai15 Mar 2024AY 2088-09

Bench: Shri Kuldip Singh & Ms. Padmavathy Sassessment Year: 2008-09 Assessment Year: 2012-13 Assessment Year: 2015-16 M/S. Maharashtra Airport Deputy Commissioner Of Development Company Income Tax, Ltd., Circle (3)(2)(1), 6Th Floor, Room No.608, 6Th Floor, Vs. World Trade Centre, Aayakar Bhawan, Tower No.1, Cuffe Parade, M.K. Road, Mumbai – 400 005 Mumbai - 400020 Pan: Aadcm9623M (Appellant) (Respondent) Assessment Year: 2008-09 Assessment Year: 2012-13 Assessment Year: 2013-14 Assessment Year: 2014-15 Assessment Year: 2015-16 Dy/Asst. Commissioner Of M/S. Maharashtra Airport Income Tax-(3)(2)(1), Development Co. Ltd., Vs. 12Th Floor, Room No.608/674, 6Th Floor, World Trade Centre, Aayakar Bhavan, Tower No.1, Cuffe Parade

For Appellant: Shri Rushabh Mehta, A.RFor Respondent: Smt Sanyogita Nagpal, D.R
Section 80I

…e relates to the interest received by the assessee on advances made by it to its various contractors who are engaged in infrastructure work. We find that an identical issue has been considered by the Hon’ble Gujarat High Court in the case of Nirma Industries, 283 ITR 402 where the Hon’ble Gujarat High Court has held that the interest received on delayed payment by the debtor is to be included in the profit of the industrial undertaking. In the case in hand, there is no dispute that the assessee has received interest from advances made by it to its contractors engaged in infrastructure work, therefore, the interes…

ACIT-3(2)(1), MUMBAI vs. MAHARASHTRA AIRPORT DEVELOPMENT COMPANY LTD., MUMBAI

ITA 7498/MUM/2018[2008-09]Status: DisposedITAT Mumbai15 Mar 2024AY 2008-09

Bench: Shri Kuldip Singh & Ms. Padmavathy S

Section 80I

…e relates to the interest received by the assessee on advances made by it to its various contractors who are engaged in infrastructure work. We find that an identical issue has been considered by the Hon'ble Gujarat High Court in the case of Nirma Industries, 283 ITR 402 where the Hon'ble Gujarat High Court has held that the interest received on delayed payment by the debtor is to be included in the profit of the industrial undertaking. In the case in hand, there is no dispute that the assessee has received interest from advances made by it to its contractors engaged in infrastructure work, therefore, the interes…

DCIT 3(2)(1), MUMBAI vs. MAHARASHTRA AIRPORT DEVELOPEMENT CO. LTD, MUMBAI

ITA 7258/MUM/2017[2013-14]Status: DisposedITAT Mumbai15 Mar 2024AY 2013-14

Bench: Shri Kuldip Singh & Ms. Padmavathy S

Section 80I

…e relates to the interest received by the assessee on advances made by it to its various contractors who are engaged in infrastructure work. We find that an identical issue has been considered by the Hon'ble Gujarat High Court in the case of Nirma Industries, 283 ITR 402 where the Hon'ble Gujarat High Court has held that the interest received on delayed payment by the debtor is to be included in the profit of the industrial undertaking. In the case in hand, there is no dispute that the assessee has received interest from advances made by it to its contractors engaged in infrastructure work, therefore, the interes…

DCIT 3(2)(1), MUMBAI vs. MAHARASHTRA AIRPORT DEVELOPEMENT CO. LTD, MUMBAI

ITA 3704/MUM/2017[2012-13]Status: DisposedITAT Mumbai15 Mar 2024AY 2012-13

Bench: Shri Kuldip Singh & Ms. Padmavathy Sassessment Year: 2008-09 Assessment Year: 2012-13 Assessment Year: 2015-16 M/S. Maharashtra Airport Deputy Commissioner Of Development Company Income Tax, Ltd., Circle (3)(2)(1), 6Th Floor, Room No.608, 6Th Floor, Vs. World Trade Centre, Aayakar Bhawan, Tower No.1, Cuffe Parade, M.K. Road, Mumbai – 400 005 Mumbai - 400020 Pan: Aadcm9623M (Appellant) (Respondent) Assessment Year: 2008-09 Assessment Year: 2012-13 Assessment Year: 2013-14 Assessment Year: 2014-15 Assessment Year: 2015-16 Dy/Asst. Commissioner Of M/S. Maharashtra Airport Income Tax-(3)(2)(1), Development Co. Ltd., Vs. 12Th Floor, Room No.608/674, 6Th Floor, World Trade Centre, Aayakar Bhavan, Tower No.1, Cuffe Parade

For Appellant: Shri Rushabh Mehta, A.RFor Respondent: Smt Sanyogita Nagpal, D.R
Section 80I

…e relates to the interest received by the assessee on advances made by it to its various contractors who are engaged in infrastructure work. We find that an identical issue has been considered by the Hon’ble Gujarat High Court in the case of Nirma Industries, 283 ITR 402 where the Hon’ble Gujarat High Court has held that the interest received on delayed payment by the debtor is to be included in the profit of the industrial undertaking. In the case in hand, there is no dispute that the assessee has received interest from advances made by it to its contractors engaged in infrastructure work, therefore, the interes…

MAHARASHTRA AIRPORT DEVELOPMENT COMPANY LTD,MUMBAI vs. DCIT CIR 3(2)(1), MUMBAI

ITA 3682/MUM/2017[2012-13]Status: DisposedITAT Mumbai15 Mar 2024AY 2012-13

Bench: Shri Kuldip Singh & Ms. Padmavathy S

Section 80I

…e relates to the interest received by the assessee on advances made by it to its various contractors who are engaged in infrastructure work. We find that an identical issue has been considered by the Hon'ble Gujarat High Court in the case of Nirma Industries, 283 ITR 402 where the Hon'ble Gujarat High Court has held that the interest received on delayed payment by the debtor is to be included in the profit of the industrial undertaking. In the case in hand, there is no dispute that the assessee has received interest from advances made by it to its contractors engaged in infrastructure work, therefore, the interes…

M/S STANDARD FINANCIAL CONSULTANTS PVT. LTD. ,KOLKATA vs. DCIT, CIR.7(2), KOLKATA

In the result, assessee’s appeal stands allowed

ITA 178/KOL/2021[2015-16]Status: HeardITAT Kolkata08 Jan 2024AY 2015-16

Bench: Sri Rajesh Kumar & Sonjoy Sarma

Section 194ASection 2Section 40

…Therefore, a conclusion can be drawn that if a payment is compensatory in nature and not related to any deposit/debt/loan, then such a payment is out of the ambit of the provisions of s. 194A.— Nirma Industries Ltd. vs Dy. CIT (2006) 202 CTR (Guj) 198: (2006) 283 ITR 402 (Guj), CIT vs. Indo Matsushita Carbon Co. Ltd. (2006) 205 CTR (Mad) 493: (2006) 286 ITR 201 (Mad) and Phatela Cotgin Industries (P) Ltd. vs. CIT (2008) 303 ITR 411 (P&H) relied on. An another interesting feature involved to resolve this controversy is that the Revenue otherwise cannot allow the claim of payment under s. 36(1)(Hi) because as per t…

NHDC LIMITED,BHOPAL vs. DCIT - 3(1), BHOPAL, BHOPAL

In the result, the appeal of the revenue is dismissed, Cross appeal of the assesse is partly allowed for statistical purposes and CO is dismissed being infructuous

ITA 40/IND/2021[2015-16]Status: DisposedITAT Indore11 Dec 2023AY 2015-16

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaninhdc Limited Dcit, 3(1) F-01, Nhdc Parisar, Shyamla Bhopal Vs. Hills Bhopal -462013 (Appellant / Assessee) (Revenue) Pan: Aabcn 1732G Dcit, 3(1) Nhdc Limited Bhopal F-01, Nhdc Parisar, Vs. Shyamla Hills Bhopal -462013 (Appellant / Revenue) (Assessee) Pan: Aabcn 1732G

Section 143(3)Section 80I

…the interest on delayed payment becomes part of the sale proceeds and consequently an income derived from the business eligible for deduction u/s 80IA. He has also relied upon the judgment of Hon’ble Gujarat High Court in case of Nirma Industries Ltd vs. DCIT 283 ITR 402 which has been upheld by the Hon’ble Supreme Court as SLP filed by the revenue was dismissed reported in 2007 (4) TMI 727. Thus, Ld. AR has submitted that the interest on outstanding dues for Page 6 of 19 ITA No.316/Ind/2020 & ITANo.20/Ind/2021 & CO NO.03/Ind/20219 NHDC Ltd. Page 7 of 19 sale of electricity is part and parcel of the sale proceed…

DCIT 3 (1) , BHOPAL vs. M/S NHDC LTD, BHOPAL

In the result, the appeal of the revenue is dismissed, Cross appeal of the assesse is partly allowed for statistical purposes and CO is dismissed being infructuous

ITA 316/IND/2020[2015-16]Status: DisposedITAT Indore11 Dec 2023AY 2015-16

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaninhdc Limited Dcit, 3(1) F-01, Nhdc Parisar, Shyamla Bhopal Vs. Hills Bhopal -462013 (Appellant / Assessee) (Revenue) Pan: Aabcn 1732G Dcit, 3(1) Nhdc Limited Bhopal F-01, Nhdc Parisar, Vs. Shyamla Hills Bhopal -462013 (Appellant / Revenue) (Assessee) Pan: Aabcn 1732G

Section 143(3)Section 80I

…the interest on delayed payment becomes part of the sale proceeds and consequently an income derived from the business eligible for deduction u/s 80IA. He has also relied upon the judgment of Hon’ble Gujarat High Court in case of Nirma Industries Ltd vs. DCIT 283 ITR 402 which has been upheld by the Hon’ble Supreme Court as SLP filed by the revenue was dismissed reported in 2007 (4) TMI 727. Thus, Ld. AR has submitted that the interest on outstanding dues for Page 6 of 19 ITA No.316/Ind/2020 & ITANo.20/Ind/2021 & CO NO.03/Ind/20219 NHDC Ltd. Page 7 of 19 sale of electricity is part and parcel of the sale proceed…

NUCLEAR POWER CORPORATION OF INDIA LTD,MUMBAI vs. ADDL CIT RG 3(2), MUMBAI

ITA 3553/MUM/2011[2006-07]Status: DisposedITAT Mumbai29 Nov 2023AY 2006-07

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-99 & Assessment Year: 1999-2000 & Assessment Year: 2000-01 & Assessment Year: 2001-02 & Assessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05 & Assessment Year: 2005-06 Nuclear Power Corporation Of Acit, Range-3(2), India Ltd., Aayakar Bhavan, M.K. Road, Vikram Sarabhai Bhavan, Vs. Mumbai-400021. Central Avenue, Anushakti Nagar, Mumbai-400094. Pan No. Aaacn 3154 F Appellant Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) Assessment Year: 1998-99 & Assessment Year: 1999-2000 & Assessment Year: 2000-01 & Assessment Year: 2001-02 & Assessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05 & Assessment Year: 2005-06 Nuclear Power Corporation of ACIT, Range-3(2), India Ltd., Aayakar Bhavan, M.K. Road, Vikram Sarabhai Bhavan, Vs. Mumbai-400021. Central Avenue, Anushakti Nagar, Mumbai-400094. PAN NO. AAACN 3154 F Appellant Respondent M/s Nuclear Power Corporation o…

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