Oceanic Investments Ltd. v. CIT

57 TTJ 549Income Tax Appellate Tribunal1997#14294 most cited
7

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2022 to 2023.

Judgments citing Oceanic Investments Ltd. v. CIT

Parvinchand Narindernath Sehgal, Mumbai vs. ITO, Ward 19(2)(5), Mumbai

In the result, the appeal of the assessee is dismissed

ITA 3064/MUM/2022[2010-11]Status: DisposedITAT Mumbai24 May 2023AY 2010-11

Bench: Shri B.R. Baskaran (Am) & Smt. Kavitha Rajagopal (Jm)

Section 2Section 50Section 50C

…not put to use the asset during the year under consideration does not disentitle the assessee from reducing the asset from block of assets. She also relied upon the decision rendered by Mumbai bench of Tribunal in the case of Oceanic Investment Ltd vs. ACIT (57 TTJ 549) in support of above said proposition. 6. The Ld D.R, on the contrary, supported the order passed by Ld CIT(A). 7. We heard the rival contentions and perused the record. We notice that the ITAT has restored the matter in the first round to the file of the assessing officer on the reasoning that the assessee has submitted before the Tribunal that…

The ACIT, Circle-5, Ahmedabad vs. Nirma Chemicals Works Pvt.Ltd., Ahmedabad

In the result appeal of the revenue is dismissed

ITA 1600/AHD/2013[2009-10]Status: DisposedITAT Ahmedabad24 Feb 2022AY 2009-10

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT, D.R
Section 143(3)Section 14A

…AO by observing as under: 9.5 Perusal of records further reveals that the A.O has not established nexus between interest bearing funds and loans with interest free advances. It is held by Mumbai Tribunal in the case of Oceanic Investments Ltd. v/s CIT (1997) 57 TTJ 549 that it is necessary to establish nexus between borrowed funds and the amount advanced, and in the absence of this finding the lower authorities were not justified in making the disallowance of interest. It was also held in the case of M/s.Jai singh's Sons & Co. Ltd. v/s. ITO (1977) 4 TTJ 1452 that interest expenses has to be allowed as the A.O, h…

Nirma Chemical Works Pvt.Ltd., Ahmedabad vs. The ACIT., Circle-5, Ahmedabad

In the result appeal of the revenue is dismissed

ITA 1190/AHD/2013[2009-10]Status: DisposedITAT Ahmedabad24 Feb 2022AY 2009-10

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT, D.R
Section 143(3)Section 14A

…AO by observing as under: 9.5 Perusal of records further reveals that the A.O has not established nexus between interest bearing funds and loans with interest free advances. It is held by Mumbai Tribunal in the case of Oceanic Investments Ltd. v/s CIT (1997) 57 TTJ 549 that it is necessary to establish nexus between borrowed funds and the amount advanced, and in the absence of this finding the lower authorities were not justified in making the disallowance of interest. It was also held in the case of M/s.Jai singh's Sons & Co. Ltd. v/s. ITO (1977) 4 TTJ 1452 that interest expenses has to be allowed as the A.O, h…

The ACIT, Circle-5, Ahmedabad vs. Nirma Chemicals Works Pvt.Ltd., Ahmedabad

In the result appeal of the revenue is dismissed

ITA 1209/AHD/2012[2007-08]Status: DisposedITAT Ahmedabad24 Feb 2022AY 2007-08

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT, D.R
Section 143(3)Section 14A

…AO by observing as under: 9.5 Perusal of records further reveals that the A.O has not established nexus between interest bearing funds and loans with interest free advances. It is held by Mumbai Tribunal in the case of Oceanic Investments Ltd. v/s CIT (1997) 57 TTJ 549 that it is necessary to establish nexus between borrowed funds and the amount advanced, and in the absence of this finding the lower authorities were not justified in making the disallowance of interest. It was also held in the case of M/s.Jai singh's Sons & Co. Ltd. v/s. ITO (1977) 4 TTJ 1452 that interest expenses has to be allowed as the A.O, h…

The ACIT, Circle-5, Ahmedabad vs. Nirma Chemicals Works Pvt.Ltd., Ahmedabad

In the result appeal of the revenue is dismissed

ITA 1208/AHD/2012[2006-07]Status: DisposedITAT Ahmedabad24 Feb 2022AY 2006-07

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT, D.R
Section 143(3)Section 14A

…AO by observing as under: 9.5 Perusal of records further reveals that the A.O has not established nexus between interest bearing funds and loans with interest free advances. It is held by Mumbai Tribunal in the case of Oceanic Investments Ltd. v/s CIT (1997) 57 TTJ 549 that it is necessary to establish nexus between borrowed funds and the amount advanced, and in the absence of this finding the lower authorities were not justified in making the disallowance of interest. It was also held in the case of M/s.Jai singh's Sons & Co. Ltd. v/s. ITO (1977) 4 TTJ 1452 that interest expenses has to be allowed as the A.O, h…

Nirma Chemicals Works Pvt.Ltd., Ahmedabad vs. The Dy.CIT., Circle-5, Ahmedabad

In the result appeal of the revenue is dismissed

ITA 1057/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad24 Feb 2022AY 2008-09

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT, D.R
Section 143(3)Section 14A

…AO by observing as under: 9.5 Perusal of records further reveals that the A.O has not established nexus between interest bearing funds and loans with interest free advances. It is held by Mumbai Tribunal in the case of Oceanic Investments Ltd. v/s CIT (1997) 57 TTJ 549 that it is necessary to establish nexus between borrowed funds and the amount advanced, and in the absence of this finding the lower authorities were not justified in making the disallowance of interest. It was also held in the case of M/s.Jai singh's Sons & Co. Ltd. v/s. ITO (1977) 4 TTJ 1452 that interest expenses has to be allowed as the A.O, h…

Nirma Chemicals Works Pvt.Ltd., Ahmedabad vs. The Dy.CIT., Circle-5, Ahmedabad

In the result appeal of the revenue is dismissed

ITA 1056/AHD/2012[2007-08]Status: DisposedITAT Ahmedabad24 Feb 2022AY 2007-08

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT, D.R
Section 143(3)Section 14A

…AO by observing as under: 9.5 Perusal of records further reveals that the A.O has not established nexus between interest bearing funds and loans with interest free advances. It is held by Mumbai Tribunal in the case of Oceanic Investments Ltd. v/s CIT (1997) 57 TTJ 549 that it is necessary to establish nexus between borrowed funds and the amount advanced, and in the absence of this finding the lower authorities were not justified in making the disallowance of interest. It was also held in the case of M/s.Jai singh's Sons & Co. Ltd. v/s. ITO (1977) 4 TTJ 1452 that interest expenses has to be allowed as the A.O, h…

Oceanic Investments Ltd. v. CIT (57 TTJ 549) — Cited in 7 Judgments | BharatTax