NTPC. In Commissioner of Income- Tax v. New Horizon Sugar Mills Pvt. Ltd.

244 ITR 738High Court2000#5012 most cited

What is NTPC. In Commissioner of Income- Tax v. New Horizon Sugar Mills Pvt. Ltd. authority for?

Amounts set apart towards a statutory reserve fund, where the assessee has no power to spend the funds and must adhere to government directions, are required to be excluded from the total income of the assessee.

23

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2015 to 2025.

Also referred to as

Commissioner of Income-Tax v. New Horizon Sugar Mills Pvt. Ltd. · Molasses Storage Reserve Fund · exclusion from total income · statutory reserve · government directions · 244 ITR 738

Sections most often in play

Section 115JB Section 143(1)(a)Section 143(3)Section 14A Section 154 Section 263 Section 37(1)Section 40(a)(iib)

Issues it is cited on

section 35ac specified fund corpus fund section 135 csr expenditure section 80ia(4)weighted deduction section 35(2ab)section 9(1)(vi)section 45 book profits eligible business

Judgments citing NTPC. In Commissioner of Income- Tax v. New Horizon Sugar Mills Pvt. Ltd.

Andhra Pradesh Power Generation Corporation Limited, Vijayawada vs. Deputy Commissioner of Income Tax, Circle 1(1), Vijayawada

In the result, appeal filed by the assessee is allowed for statistical purposes

ITA 197/VIZ/2024[2020-21]Status: DisposedITAT Visakhapatnam20 Aug 2025AY 2020-21

Bench: SHRI RAVISH SOOD, HON’BLE (Judicial Member), SHRI S BALAKRISHNAN HON’BLE (Accountant Member)

Section 143(1)(a)Section 143(3)Section 14ASection 37(1)Section 40

…given facts, we do not find any infirmity with the decision of the learned ITAT that the Assessee had not earned any income on account of sale of fly ash, which was provided by NTPC. In Commissioner of Income- Tax v. New Horizon Sugar Mills Pvt. Ltd.: (2000) 244 ITR 738, the Madras High Court had upheld the decision of the learned ITAT holding that the amount set apart towards Molasses Storage Reserve Fund is required to be excluded from the total income of the assessee. The said decision was rendered bearing in mind the Molasses Control (Amendment) Order dated 06.02.1972, which required that the amount for cons…

Andhra Pradesh Power Generation Corporation Limited, Vijayawada vs. Deputy Commissioner of Income Tax, Circle1(1), Vijayawada

In the result, appeal filed by the assessee is allowed for statistical purposes

ITA 196/VIZ/2024[2018-19]Status: DisposedITAT Visakhapatnam20 Aug 2025AY 2018-19

Bench: SHRI RAVISH SOOD, HON’BLE (Judicial Member)

Section 143(1)(a)Section 143(3)Section 14ASection 37(1)Section 40

…given facts, we do not find any infirmity with the decision of the learned ITAT that the Assessee had not earned any income on account of sale of fly ash, which was provided by NTPC. In Commissioner of Income- Tax v. New Horizon Sugar Mills Pvt. Ltd.: (2000) 244 ITR 738, the Madras High Court had upheld the decision of the learned ITAT holding that the amount set apart towards Molasses Storage Reserve Fund is required to be excluded from the total income of the assessee. The said decision was rendered bearing in mind the Molasses Control (Amendment) Order dated 06.02.1972, which required that the amount for cons…

Andhra Pradesh Power Generation Corporation Limited, Vijayawada vs. Deputy Commissioner of Income Tax, Circle-1(1), Vijayawada

In the result, appeal filed by the assessee is allowed for statistical purposes

ITA 195/VIZ/2024[2017-18]Status: DisposedITAT Visakhapatnam20 Aug 2025AY 2017-18

Bench: SHRI RAVISH SOOD, HON’BLE (Judicial Member), SHRI S BALAKRISHNAN HON’BLE (Accountant Member)

Section 143(1)(a)Section 143(3)Section 14ASection 37(1)Section 40

…given facts, we do not find any infirmity with the decision of the learned ITAT that the Assessee had not earned any income on account of sale of fly ash, which was provided by NTPC. In Commissioner of Income- Tax v. New Horizon Sugar Mills Pvt. Ltd.: (2000) 244 ITR 738, the Madras High Court had upheld the decision of the learned ITAT holding that the amount set apart towards Molasses Storage Reserve Fund is required to be excluded from the total income of the assessee. The said decision was rendered bearing in mind the Molasses Control (Amendment) Order dated 06.02.1972, which required that the amount for cons…

Andhra Pradesh Power Generation Corporation Limited, Vijayawada vs. Deputy Commissioner of Income Tax, Circle-1(1), Vijayawada

In the result, appeal filed by the assessee is allowed for statistical purposes

ITA 193/VIZ/2024[2013-14]Status: DisposedITAT Visakhapatnam20 Aug 2025AY 2013-14

Bench: SHRI RAVISH SOOD, HON’BLE (Judicial Member), SHRI S BALAKRISHNAN HON’BLE (Accountant Member)

Section 143(1)(a)Section 143(3)Section 14ASection 37(1)Section 40

…given facts, we do not find any infirmity with the decision of the learned ITAT that the Assessee had not earned any income on account of sale of fly ash, which was provided by NTPC. In Commissioner of Income- Tax v. New Horizon Sugar Mills Pvt. Ltd.: (2000) 244 ITR 738, the Madras High Court had upheld the decision of the learned ITAT holding that the amount set apart towards Molasses Storage Reserve Fund is required to be excluded from the total income of the assessee. The said decision was rendered bearing in mind the Molasses Control (Amendment) Order dated 06.02.1972, which required that the amount for cons…

Andhra Pradesh Power Generation Corporation Limited, Vijayawada vs. Deputy Commissioner of Income Tax, Circle-1(1), Vijayawada

In the result, appeal filed by the assessee is allowed for statistical purposes

ITA 192/VIZ/2024[2015-16]Status: DisposedITAT Visakhapatnam20 Aug 2025AY 2015-16

Bench: SHRI RAVISH SOOD, HON’BLE (Judicial Member), SHRI S BALAKRISHNAN HON’BLE (Accountant Member)

Section 143(1)(a)Section 143(3)Section 14ASection 37(1)Section 40

…given facts, we do not find any infirmity with the decision of the learned ITAT that the Assessee had not earned any income on account of sale of fly ash, which was provided by NTPC. In Commissioner of Income- Tax v. New Horizon Sugar Mills Pvt. Ltd.: (2000) 244 ITR 738, the Madras High Court had upheld the decision of the learned ITAT holding that the amount set apart towards Molasses Storage Reserve Fund is required to be excluded from the total income of the assessee. The said decision was rendered bearing in mind the Molasses Control (Amendment) Order dated 06.02.1972, which required that the amount for cons…

Andhra Pradesh Power Generation Corporation Limited, Vijayawada vs. Deputy Commissioner of Income Tax, Circle 1(1), Vijayawada

In the result, appeal filed by the assessee is allowed for statistical purposes

ITA 191/VIZ/2024[2016-17]Status: DisposedITAT Visakhapatnam20 Aug 2025AY 2016-17

Bench: SHRI RAVISH SOOD, HON’BLE (Judicial Member), SHRI S BALAKRISHNAN HON’BLE (Accountant Member)

Section 143(1)(a)Section 143(3)Section 14ASection 37(1)Section 40

…given facts, we do not find any infirmity with the decision of the learned ITAT that the Assessee had not earned any income on account of sale of fly ash, which was provided by NTPC. In Commissioner of Income- Tax v. New Horizon Sugar Mills Pvt. Ltd.: (2000) 244 ITR 738, the Madras High Court had upheld the decision of the learned ITAT holding that the amount set apart towards Molasses Storage Reserve Fund is required to be excluded from the total income of the assessee. The said decision was rendered bearing in mind the Molasses Control (Amendment) Order dated 06.02.1972, which required that the amount for cons…

Aravali Power Comany Private Ltd., Jhajjar vs. DCIT Circle-1(1), Delhi

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

ITA 4604/DEL/2024[2019-20]Status: DisposedITAT Delhi23 Jun 2025AY 2019-20

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Jitender Singh, CIT-DR

Section 115JSection 28

…ation of sale is by the Government and the Government has regulated the sale proceeds. The ld AR relied on the following decisions: i) CIT Vs. Salem Co-Operative Sugar Mills Limited,[1998] 229 ITR 285 (Mad) ii) CIT V New Horizon Sugar Mills Pvt. Ltd., [2000] 244 ITR 738(Mad) SLP dismissed in the case of CIT V. New Horizon Sugar Mills P. Ltd. [2004] 269 ITR 397, relying upon the dismissal of SLP in the case of CIT V. Ambur Co-op. Sugar Mills Ltd., [2004] 269 ITR 398 (SC) iii) DCM Ltd. V. CIT, (2004) 192 CTR Del 408 iv) CIT V. Pandavapura Sahakara Sakkare Karkhane Limited, [1992] 198 ITR 69(SC) v) CIT V. M/s Modip…

Aravali Power Company Private Limited, Jhajjar vs. DCIT, Circle-1(1), Delhi

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

ITA 4603/DEL/2024[2018-19]Status: DisposedITAT Delhi23 Jun 2025AY 2018-19

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Jitender Singh, CIT-DR

Section 115JSection 28

…ation of sale is by the Government and the Government has regulated the sale proceeds. The ld AR relied on the following decisions: i) CIT Vs. Salem Co-Operative Sugar Mills Limited,[1998] 229 ITR 285 (Mad) ii) CIT V New Horizon Sugar Mills Pvt. Ltd., [2000] 244 ITR 738(Mad) SLP dismissed in the case of CIT V. New Horizon Sugar Mills P. Ltd. [2004] 269 ITR 397, relying upon the dismissal of SLP in the case of CIT V. Ambur Co-op. Sugar Mills Ltd., [2004] 269 ITR 398 (SC) iii) DCM Ltd. V. CIT, (2004) 192 CTR Del 408 iv) CIT V. Pandavapura Sahakara Sakkare Karkhane Limited, [1992] 198 ITR 69(SC) v) CIT V. M/s Modip…

Aravali Power Company Pvt. Ltd., New Delhi vs. DCIT, Circle-1(1), Delhi

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

ITA 2561/DEL/2024[2020-21]Status: DisposedITAT Delhi23 Jun 2025AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Jitender Singh, CIT-DR

Section 115JSection 28

…ation of sale is by the Government and the Government has regulated the sale proceeds. The ld AR relied on the following decisions: i) CIT Vs. Salem Co-Operative Sugar Mills Limited,[1998] 229 ITR 285 (Mad) ii) CIT V New Horizon Sugar Mills Pvt. Ltd., [2000] 244 ITR 738(Mad) SLP dismissed in the case of CIT V. New Horizon Sugar Mills P. Ltd. [2004] 269 ITR 397, relying upon the dismissal of SLP in the case of CIT V. Ambur Co-op. Sugar Mills Ltd., [2004] 269 ITR 398 (SC) iii) DCM Ltd. V. CIT, (2004) 192 CTR Del 408 iv) CIT V. Pandavapura Sahakara Sakkare Karkhane Limited, [1992] 198 ITR 69(SC) v) CIT V. M/s Modip…

Aravali Power Company Pvt. Ltd., New Delhi vs. DCIT, Circle-3(1), Delhi

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

ITA 2560/DEL/2024[2017-18]Status: DisposedITAT Delhi23 Jun 2025AY 2017-18

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Jitender Singh, CIT-DR

Section 115JSection 28

…ation of sale is by the Government and the Government has regulated the sale proceeds. The ld AR relied on the following decisions: i) CIT Vs. Salem Co-Operative Sugar Mills Limited,[1998] 229 ITR 285 (Mad) ii) CIT V New Horizon Sugar Mills Pvt. Ltd., [2000] 244 ITR 738(Mad) SLP dismissed in the case of CIT V. New Horizon Sugar Mills P. Ltd. [2004] 269 ITR 397, relying upon the dismissal of SLP in the case of CIT V. Ambur Co-op. Sugar Mills Ltd., [2004] 269 ITR 398 (SC) iii) DCM Ltd. V. CIT, (2004) 192 CTR Del 408 iv) CIT V. Pandavapura Sahakara Sakkare Karkhane Limited, [1992] 198 ITR 69(SC) v) CIT V. M/s Modip…

Aravali Power Company Pvt. Ltd., New Delhi vs. DCIT, Circle-3(1), New Delhi

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

ITA 9105/DEL/2019[2016-17]Status: DisposedITAT Delhi23 Jun 2025AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Jitender Singh, CIT-DR

Section 115JSection 28

…ation of sale is by the Government and the Government has regulated the sale proceeds. The ld AR relied on the following decisions: i) CIT Vs. Salem Co-Operative Sugar Mills Limited,[1998] 229 ITR 285 (Mad) ii) CIT V New Horizon Sugar Mills Pvt. Ltd., [2000] 244 ITR 738(Mad) SLP dismissed in the case of CIT V. New Horizon Sugar Mills P. Ltd. [2004] 269 ITR 397, relying upon the dismissal of SLP in the case of CIT V. Ambur Co-op. Sugar Mills Ltd., [2004] 269 ITR 398 (SC) iii) DCM Ltd. V. CIT, (2004) 192 CTR Del 408 iv) CIT V. Pandavapura Sahakara Sakkare Karkhane Limited, [1992] 198 ITR 69(SC) v) CIT V. M/s Modip…

The Pr Commissioner of Income Tax IV New Delhi vs. Ntpc Vidyut Vyapar Nigam Ltd

ITA/260/2024HC Delhi23 Apr 2025

Bench: HON'BLE MR. JUSTICE VIBHU BAKHRU,HON'BLE MR. JUSTICE TEJAS KARIA

For Appellant: Mr Shlok Chandra, senior standing counselFor Respondent: Mr Ved Jain and Mr Nischay Kantoor

Section 143(3)Section 263

…ven facts, we do not find any infirmity with the decision of the learned ITAT that the Assessee had not earned any income on account of sale of fly ash, which was provided by NTPC. In Commissioner of Income-Tax v. New Horizon Sugar Mills Pvt. Ltd.: (2000) 244 ITR 738, the Madras High Court had upheld the decision of the learned ITAT holding that the amount set apart towards Molasses Storage Reserve Fund is required to be excluded from the total income of the assessee. The said decision was rendered bearing in mind the Molasses Control (Amendment) Order dated 06.02.1972, which required that the amount for…

DCIT 3(2)(2), Mumbai vs. National Bank of Agriculture An Rural Development, Mumbai

ITA 4010/MUM/2018[2015-16]Status: DisposedITAT Mumbai03 Apr 2024AY 2015-16

…THE INCOME TAX APPELLATE TRIBUNAL “B” Bench, Mumbai Shri Justice (Retd.) C.V. Bhadang (President) & Shri B.R. Baskaran (AM) Ι.Τ.Α. No. 4006/Mum/2018 (A.Y. 2011-12) Ι.Τ.Α. No. 4007/Mum/2018 (A.Y. 2012-13) I.T.A. No. 4008/Mum/2018 (A.Y. 2013-14) I.T.A. No. 4009/Mum/2018 (A.Y. 2014-15) I.T.A. No. 4010/Mum/2018 (A.Y. 2015-16) Ι.Τ.Α. No. 2037/Mum/2023 (A.Y. 2019-20) DCIT 3(2)(2)/DCIT Vs. National Bank for Agriculture 3(2)(1) Room No. 674 6th Floor Aayakar Bhavan M.K. Road Mumbai-400 020. (Appellant) & Rural Development C-24, G-Block, Bandra Kurla Complex, Bandra Mumbai-400 051. (Respondent) Ι.Τ.Α. No. 4188/Mum/2018 (A…

DCIT 3(2)(2), Mumbai vs. National Bank of Agriculture An Rural Development, Mumbai

ITA 4009/MUM/2018[2014-15]Status: DisposedITAT Mumbai03 Apr 2024AY 2014-15

…THE INCOME TAX APPELLATE TRIBUNAL “B” Bench, Mumbai Shri Justice (Retd.) C.V. Bhadang (President) & Shri B.R. Baskaran (AM) Ι.Τ.Α. No. 4006/Mum/2018 (A.Y. 2011-12) Ι.Τ.Α. No. 4007/Mum/2018 (A.Y. 2012-13) I.T.A. No. 4008/Mum/2018 (A.Y. 2013-14) I.T.A. No. 4009/Mum/2018 (A.Y. 2014-15) I.T.A. No. 4010/Mum/2018 (A.Y. 2015-16) Ι.Τ.Α. No. 2037/Mum/2023 (A.Y. 2019-20) DCIT 3(2)(2)/DCIT Vs. National Bank for Agriculture 3(2)(1) Room No. 674 6th Floor Aayakar Bhavan M.K. Road Mumbai-400 020. & Rural Development C-24, G-Block, Bandra Kurla Complex, Bandra Mumbai-400 051. (Appellant) (Respondent) Ι.Τ.Α. No. 4188/Mum/2018 (A…

DCIT 3(2)(2), Mumbai vs. National Bank of Agriculture An Rural Development, Mumbai

ITA 4007/MUM/2018[2012-13]Status: DisposedITAT Mumbai03 Apr 2024AY 2012-13

…THE INCOME TAX APPELLATE TRIBUNAL “B” Bench, Mumbai Shri Justice (Retd.) C.V. Bhadang (President) & Shri B.R. Baskaran (AM) Ι.Τ.Α. No. 4006/Mum/2018 (A.Y. 2011-12) Ι.Τ.Α. No. 4007/Mum/2018 (A.Y. 2012-13) I.T.A. No. 4008/Mum/2018 (A.Y. 2013-14) I.T.A. No. 4009/Mum/2018 (A.Y. 2014-15) I.T.A. No. 4010/Mum/2018 (A.Y. 2015-16) Ι.Τ.Α. No. 2037/Mum/2023 (A.Y. 2019-20) DCIT 3(2)(2)/DCIT Vs. National Bank for Agriculture 3(2)(1) Room No. 674 & Rural Development 6th Floor C-24, G-Block, Bandra Kurla Aayakar Bhavan Complex, Bandra Mumbai-400 020. Mumbai-400 051. (Appellant) (Respondent) Ι.Τ.Α. No. 4188/Mum/2018 (A.Y. 2011-1…

National Securities Depository Limited, Mumbai vs. PCIT-8, Mumbai

In the result, appeal filed by the assessee is partly allowed

ITA 1918/MUM/2023[2018-19]Status: DisposedITAT Mumbai07 Feb 2024AY 2018-19

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blenational Securities Depository Limited V. Pr.Cit-8 4Th Floor, A-Wing Room No. 611, 6Th Floor Trade World, Kamala Mills Compound Aayakar Bhavan, M.K. Road Senapati Bapat Marg, Lower Parel Mumbai - 400020 Mumbai - 400013 Pan: Aadcn9802F (Appellant) (Respondent) Assessee Represented By : Shri Percy Pardiwala & Shri Jeet Kamdae Department Represented By : Shri S. Srinivasu

Section 143(3)Section 14ASection 263Section 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER National Securities Depository Limited v. Pr.CIT-8 4th Floor, A-Wing Room No. 611, 6th Floor Trade World, Kamala Mills Compound Aayakar Bhavan, M.K. Road Senapati Bapat Marg, Lower Parel Mumbai - 400020 Mumbai - 400013 PAN: AADCN9802F (Appellant) (Respondent) Assessee Represented by : Shri Percy Pardiwala & Shri Jeet Kamdae Department Represented by : Shri S. Srinivasu Date of Conclusion of Hearing : 08.01.2024 Date of Pronouncement : 07.02.2024 O R…

DCIT, Circle-1(1), New Delhi vs. Agriculture Insurance Company of India Ltd, Delhi

In the result, appeals are dismissed

ITA 2563/DEL/2022[2017-18]Status: DisposedITAT Delhi29 May 2023AY 2017-18

Bench: Shri G.S. Pannu & Shri Saktijit Dey

For Appellant: Sh. Akash Singhal, C.AFor Respondent: Ms. Sapna Bhatia, CIT-DR

…d. CIT(A) on the ratio laid down by the Hon'ble Supreme Court in the case of Associated Power [supra] is well taken. The ratio laid down by the Hon'ble Supreme Court has been followed in various judgments, to name a few, CIT Vs. New Horizon Sugar Mill Pvt Ltd 244 ITR 738, Bijli Cotton Mills [P] Ltd 116 ITR 60, Dalmia Cement Ltd 237 ITR 617, etc. All these judicial decisions have been discussed elaborately by the ld. CIT(A) in his order. We, therefore, do not find any error or infirmity in the order of the ld. CIT(A). Accordingly, Ground No. 1 of the Revenue is dismissed.” 7. Same view was reiterated by the Tribu…

DCIT, Circle-1(1), New Delhi vs. Agriculture Insurance Company of India Ltd, Delhi

In the result, appeals are dismissed

ITA 2562/DEL/2022[2016-17]Status: DisposedITAT Delhi29 May 2023AY 2016-17

Bench: Shri G.S. Pannu & Shri Saktijit Dey

For Appellant: Sh. Akash Singhal, C.AFor Respondent: Ms. Sapna Bhatia, CIT-DR

…d. CIT(A) on the ratio laid down by the Hon'ble Supreme Court in the case of Associated Power [supra] is well taken. The ratio laid down by the Hon'ble Supreme Court has been followed in various judgments, to name a few, CIT Vs. New Horizon Sugar Mill Pvt Ltd 244 ITR 738, Bijli Cotton Mills [P] Ltd 116 ITR 60, Dalmia Cement Ltd 237 ITR 617, etc. All these judicial decisions have been discussed elaborately by the ld. CIT(A) in his order. We, therefore, do not find any error or infirmity in the order of the ld. CIT(A). Accordingly, Ground No. 1 of the Revenue is dismissed.” 7. Same view was reiterated by the Tribu…

DCIT 3(2)(2), Mumbai vs. National Bank for Agriculture and Rural Development, Mumbai

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

ITA 3650/MUM/2016[2010-11]Status: DisposedITAT Mumbai24 Aug 2022AY 2010-11

…e funds do not count as income of the assessee. The Ld A.R accordingly submitted that it is a clear case of diversion of income by overriding title. The Ld A.R placed his reliance on the following case laws:- (a) CIT vs. New Horizon Sugar Mills (P) Ltd (2000)(244 ITR 738)(Mad), wherein the amount set apart for construction of molasses storage tank as required by Molasses Control Order, which is required to be spent as per the directions of Government was held to be excluded as there is diversion of income at source. (b) DCIT vs. M/s National Commodity & Derivatives Exchange Ltd (ITA No.1423/Mum/2011 & others dat…

JCIT, Special Range- 1, New Delhi vs. Agriculture Insurance Company of India Ltd., New Delhi

In the result, the appeal of the revenue is dismissed

ITA 1622/DEL/2018[2013-14]Status: DisposedITAT Delhi12 Jul 2021AY 2013-14

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 1622/Del/2018 : Asstt. Year : 2013-14 Jcit, Vs Agriculture Insurance Company Of India Ltd., 13Th Floor, Ambardeep, Special Range-1, New Delhi 14, K.G. Marg, Connaught Place, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaeca2874P Assessee By : None Revenue By : Sh. Satpal Gulati, Cit Dr Date Of Hearing: 12.07.2021 Date Of Pronouncement: 12.07.2021

For Appellant: NoneFor Respondent: Sh. Satpal Gulati, CIT DR

…d. CIT(A) on the ratio laid down by the Hon'ble Supreme Court in the case of Associated Power [supra] is well taken. The ratio laid down by the Hon'ble Supreme Court has been followed in various judgments, to name a few, CIT Vs. New Horizon Sugar Mill Pvt Ltd 244 ITR 738, Bijli Cotton Mills [P] Ltd 116 ITR 60, Dalmia Cement Ltd 237 ITR 617, etc. All these judicial decisions have been discussed elaborately by the ld. CIT(A) in his order. We, therefore, do not find any error or infirmity in the order of the ld. CIT(A). Accordingly, Ground No. 1 of the Revenue is dismissed. 5. Hence, in the absence of any material…

NTPC. In Commissioner of Income- Tax v. New Horizon Sugar Mills Pvt. Ltd. (244 ITR 738) — Cited in 23 Judgments | BharatTax