(P.) Ltd. v. CIT

56 ITR 52Supreme Court of India1965#693 most cited

What is (P.) Ltd. v. CIT authority for?

Expenditure is revenue if incurred for operating a business to earn profit, even if an incidental enduring advantage results; it is capital if it creates an asset or an enduring advantage for the entire business structure.

146

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2011 to 2026.

Also referred to as

Bombay Steam Navigation Co. v. CIT · 56 ITR 52 · Supreme Court · 1965 · revenue expenditure · capital expenditure · enduring benefit · Section 37(1) · profits and gains of business or profession · deductibility of business expenses

Sections most often in play

Section 143(3)Section 37Section 132Section 144Section 144BSection 147Section 148Section 153A

Issues it is cited on

enduring benefitsection 92bsection 17capital expenditurerevenue expendituresection 37(1)transfer pricing adjustmentassociated enterprisesprofits and gains of business or professionsection 37associated enterprisedispute resolution panel

Judgments citing (P.) Ltd. v. CIT

Jubilant Chemsys Ltd., Noida vs. DCIT, Circle-1, Noida

In the result appeals filed by assessee in all the years under consideration before us stands partly allowed

ITA 2757/DEL/2018[2012-13]Status: DisposedITAT Delhi28 Nov 2018AY 2012-13

Bench: Shri Nk Saini & Smt. Beena A Pillai

For Appellant: Sh. KM Gupta, AdvFor Respondent: Sh. Manish Gupta, CIT,DR
Section 251(2)

…13,33,54,000 Such expenses were incurred towards unsecured loans borrowed by the Appellant Total: 1,02,52,32,000 13. He placed reliance upon decision of Hon’ble Supreme Court in case of Bombay Steam Navigation Co (1953) (P.) Ltd., vs. CIT reported in (1965) 56 ITR 52. 14. On the contrary, Ld. Sr.DR placed reliance upon the orders of authorities below. 15. We have perused submissions advanced by both sides in the light of records placed before us. 16. It is observed that, expenditure incurred by assessee is in its normal course of business. Further, it is also not disputed that assessee has been remunerated as p…

Jubilant Chemsys Ltd., Noida vs. DCIT, Circle-1, Noida

In the result appeals filed by assessee in all the years under consideration before us stands partly allowed

ITA 1825/DEL/2018[2013-14]Status: DisposedITAT Delhi28 Nov 2018AY 2013-14

Bench: Shri Nk Saini & Smt. Beena A Pillai

For Appellant: Sh. KM Gupta, AdvFor Respondent: Sh. Manish Gupta, CIT,DR
Section 251(2)

…13,33,54,000 Such expenses were incurred towards unsecured loans borrowed by the Appellant Total: 1,02,52,32,000 13. He placed reliance upon decision of Hon’ble Supreme Court in case of Bombay Steam Navigation Co (1953) (P.) Ltd., vs. CIT reported in (1965) 56 ITR 52. 14. On the contrary, Ld. Sr.DR placed reliance upon the orders of authorities below. 15. We have perused submissions advanced by both sides in the light of records placed before us. 16. It is observed that, expenditure incurred by assessee is in its normal course of business. Further, it is also not disputed that assessee has been remunerated as p…

Jubilant Chemsys Ltd., Noida vs. DCIT, Circle-1, Noida

In the result appeals filed by assessee in all the years under consideration before us stands partly allowed

ITA 1824/DEL/2018[2012-13]Status: DisposedITAT Delhi28 Nov 2018AY 2012-13

Bench: Shri Nk Saini & Smt. Beena A Pillai

For Appellant: Sh. KM Gupta, AdvFor Respondent: Sh. Manish Gupta, CIT,DR
Section 251(2)

…13,33,54,000 Such expenses were incurred towards unsecured loans borrowed by the Appellant Total: 1,02,52,32,000 13. He placed reliance upon decision of Hon’ble Supreme Court in case of Bombay Steam Navigation Co (1953) (P.) Ltd., vs. CIT reported in (1965) 56 ITR 52. 14. On the contrary, Ld. Sr.DR placed reliance upon the orders of authorities below. 15. We have perused submissions advanced by both sides in the light of records placed before us. 16. It is observed that, expenditure incurred by assessee is in its normal course of business. Further, it is also not disputed that assessee has been remunerated as p…

Jubilant Biosys Ltd, Noida vs. DCIT, Circle-1, Noida

In the result appeals filed by assessee in all the years under consideration before us stands partly allowed

ITA 1823/DEL/2018[2014-15]Status: DisposedITAT Delhi28 Nov 2018AY 2014-15

Bench: Shri Nk Saini & Smt. Beena A Pillai

For Appellant: Sh. KM Gupta, AdvFor Respondent: Sh. Manish Gupta, CIT,DR
Section 251(2)

…13,33,54,000 Such expenses were incurred towards unsecured loans borrowed by the Appellant Total: 1,02,52,32,000 13. He placed reliance upon decision of Hon’ble Supreme Court in case of Bombay Steam Navigation Co (1953) (P.) Ltd., vs. CIT reported in (1965) 56 ITR 52. 14. On the contrary, Ld. Sr.DR placed reliance upon the orders of authorities below. 15. We have perused submissions advanced by both sides in the light of records placed before us. 16. It is observed that, expenditure incurred by assessee is in its normal course of business. Further, it is also not disputed that assessee has been remunerated as p…

Jubilant Biosys Ltd, Noida vs. DCIT, Circle-1, Noida

In the result appeals filed by assessee in all the years under consideration before us stands partly allowed

ITA 1822/DEL/2018[2013-14]Status: DisposedITAT Delhi28 Nov 2018AY 2013-14

Bench: Shri Nk Saini & Smt. Beena A Pillai

For Appellant: Sh. KM Gupta, AdvFor Respondent: Sh. Manish Gupta, CIT,DR
Section 251(2)

…13,33,54,000 Such expenses were incurred towards unsecured loans borrowed by the Appellant Total: 1,02,52,32,000 13. He placed reliance upon decision of Hon’ble Supreme Court in case of Bombay Steam Navigation Co (1953) (P.) Ltd., vs. CIT reported in (1965) 56 ITR 52. 14. On the contrary, Ld. Sr.DR placed reliance upon the orders of authorities below. 15. We have perused submissions advanced by both sides in the light of records placed before us. 16. It is observed that, expenditure incurred by assessee is in its normal course of business. Further, it is also not disputed that assessee has been remunerated as p…

Jubilant Biosys Ltd., Noida vs. JCIT, Range- 1, Noida

In the result appeals filed by assessee in all the years under consideration before us stands partly allowed

ITA 7302/DEL/2017[2011-12]Status: DisposedITAT Delhi28 Nov 2018AY 2011-12

Bench: Shri Nk Saini & Smt. Beena A Pillai

For Appellant: Sh. KM Gupta, AdvFor Respondent: Sh. Manish Gupta, CIT,DR
Section 251(2)

…13,33,54,000 Such expenses were incurred towards unsecured loans borrowed by the Appellant Total: 1,02,52,32,000 13. He placed reliance upon decision of Hon’ble Supreme Court in case of Bombay Steam Navigation Co (1953) (P.) Ltd., vs. CIT reported in (1965) 56 ITR 52. 14. On the contrary, Ld. Sr.DR placed reliance upon the orders of authorities below. 15. We have perused submissions advanced by both sides in the light of records placed before us. 16. It is observed that, expenditure incurred by assessee is in its normal course of business. Further, it is also not disputed that assessee has been remunerated as p…

Pyramid Realtors Pvt. Ltd., New Delhi vs. ACIT, New Delhi

ITA 2057/DEL/2017[2010-11]Status: DisposedITAT Delhi08 Oct 2018AY 2010-11

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri Pradeep Singh Gautam
Section 143(1)Section 143(3)Section 2(22)(e)

…pers Pvt. Ltd., New Delhi & Others. out the creditor and to repay the money according to the agreement, whereas, in the case of depositor to go to the depositee and make a demand for it. 14.3.7 In the case of Bombay Steam Navigation Co. Pvt. Ltd. vs. CIT in 56 ITR 52, the Hon’ble Supreme Court held that a loan of money undoubtedly results in a debt, but every debt does not involve a loan. Liability to pay a debt may arise from diverse sources, and a loan is only one of such sources. Every creditor who is entitled to receive a debt cannot be regarded as a lender. 14.3.8 In the case of CIT, Lucknow vs. Bazpur Co…

Saga Developers Pvt. Ltd., New Delhi vs. ACIT, New Delhi

ITA 2056/DEL/2017[2010-11]Status: DisposedITAT Delhi08 Oct 2018AY 2010-11

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri Pradeep Singh Gautam
Section 143(1)Section 143(3)Section 2(22)(e)

…pers Pvt. Ltd., New Delhi & Others. out the creditor and to repay the money according to the agreement, whereas, in the case of depositor to go to the depositee and make a demand for it. 14.3.7 In the case of Bombay Steam Navigation Co. Pvt. Ltd. vs. CIT in 56 ITR 52, the Hon’ble Supreme Court held that a loan of money undoubtedly results in a debt, but every debt does not involve a loan. Liability to pay a debt may arise from diverse sources, and a loan is only one of such sources. Every creditor who is entitled to receive a debt cannot be regarded as a lender. 14.3.8 In the case of CIT, Lucknow vs. Bazpur Co…

Saamag Construction Ltd., New Delhi vs. ACIT, New Delhi

ITA 2054/DEL/2017[2010-11]Status: DisposedITAT Delhi08 Oct 2018AY 2010-11

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri Pradeep Singh Gautam
Section 143(1)Section 143(3)Section 2(22)(e)

…pers Pvt. Ltd., New Delhi & Others. out the creditor and to repay the money according to the agreement, whereas, in the case of depositor to go to the depositee and make a demand for it. 14.3.7 In the case of Bombay Steam Navigation Co. Pvt. Ltd. vs. CIT in 56 ITR 52, the Hon’ble Supreme Court held that a loan of money undoubtedly results in a debt, but every debt does not involve a loan. Liability to pay a debt may arise from diverse sources, and a loan is only one of such sources. Every creditor who is entitled to receive a debt cannot be regarded as a lender. 14.3.8 In the case of CIT, Lucknow vs. Bazpur Co…

Saamag Developers Pvt. Ltd., New Delhi vs. ACIT, New Delhi

ITA 2053/DEL/2017[2010-11]Status: DisposedITAT Delhi08 Oct 2018AY 2010-11

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri Pradeep Singh Gautam
Section 143(1)Section 143(3)Section 2(22)(e)

…pers Pvt. Ltd., New Delhi & Others. out the creditor and to repay the money according to the agreement, whereas, in the case of depositor to go to the depositee and make a demand for it. 14.3.7 In the case of Bombay Steam Navigation Co. Pvt. Ltd. vs. CIT in 56 ITR 52, the Hon’ble Supreme Court held that a loan of money undoubtedly results in a debt, but every debt does not involve a loan. Liability to pay a debt may arise from diverse sources, and a loan is only one of such sources. Every creditor who is entitled to receive a debt cannot be regarded as a lender. 14.3.8 In the case of CIT, Lucknow vs. Bazpur Co…

ACIT, New Delhi vs. M/S Narsi Iron & Steel Pvt. Ltd., Mathura

In the result, the appeal of the Revenue is dismissed

ITA 2866/DEL/2013[2009-10]Status: DisposedITAT Delhi29 Jun 2018AY 2009-10

Bench: Shri Amit Shukla & Shri L.P. Sahu

For Appellant: Smt. Shefali Swaroop, CIT-D.RFor Respondent: Shri Rajiv Saxena, Adv
Section 143(3)Section 269SSection 269TSection 271E

…The decision of ITAT Pune bench in the case of Sunflower Builders Pvt. Ltd. vs. DCIT 61 ITD 227 is directly on the point. The Hon’ble bench of ITAT has referred to the decisions of Hon’ble Supreme Court of India in the case of Bombay Steam Navigation Co Ltd (56 ITR 52) and decision of Hon’ble Gujarat High Court in the case of CIT 3 vs. Ritu Rayon Pvt. Ltd. (TAXAP/2524/2009 4/4) and concluded that in case of transfer of loan through book entries, backed by letter of the lender to do so and acceptance letter by the person in whose name same is transferred, section 269SS or 269T could not be applicable. Considering…

ACIT, Circle-8(2), Kolkata vs. M/S Peerless Hotels Ltd., Kolkata

In the result, Revenue’s appeal is dismissed

ITA 1869/KOL/2016[2010-11]Status: DisposedITAT Kolkata14 Jun 2018AY 2010-11

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year:2010-11 Acit, Circle-8(2), M/S Peerless Hotels Ltd., बनाम / P-7, Chowringhee 12, J.L.Nehru Road, V/S. Square, Kolkata-69 Kolkata-700 013 [Pan No.Aabcp 9484 D] .. अपीलाथ" /Appellant ""यथ" /Respondent Shri Soumyajit Dasgupta, Addl. Cit-Dr अपीलाथ" क" ओर से/By Appellant Shri Soumitra Choudhury, Advocate ""यथ" क" ओर से/By Respondent 20-03-2018 सुनवाई क" तार"ख/Date Of Hearing 14-06-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Revenue Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-12, Kolkata Dated 08.07.2016. Assessment Was Framed By Dcit, Circle-8,Kolkata U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 07.03.2013 For Assessment Year 2010-11. The Grounds Raised By The Assessee Per Its Appeal Are As Under:- “1. Whether Of The Facts & Circumstances Of The Case Ld. Cit(A) Was Justified In Restricting Depreciation To Rs.20,191/- Instead Of Rs.4,39,9000/- 2. Whether On The Facts & Circumstances Of The Case Ld. Cit(A) Was Justified In Allowing Rs.1,03,71,530/- As Revenue Expenditu9Re Instead Of Capital Expenditure On Account Of Renovation Of Room.

Section 143(3)

…Act. The assessee in support of its claim also relied on the following judgments:- i) Hon'ble Bombay High Court in the case of New Shorrock Spinning and Manufacturing Co. Ltd. vs. CIT (1956) 30 ITR 338 ii) Bombay Steam Navigation Co. Pvt. Ltd. vs. CIT (1965) 56 ITR 52(SC) iii) CIT vs. ICI (India) Pvt. Ltd. (1983) 139 ITR 105, 106 (Cal) Ld. CIT(A) after considering the submissions of assessee deleted the addition made by the AO by observing as under:- “5.2 I have considered the facts of the case and the submissions of the appellant. The AO disallowed an amount of Rs.1,03,71,530/- incurred for repair and renovatio…

Vaaya Renewable Energy (Purna) Private Limited, Mumbai vs. Deputy Commissioner of Income Tax, Central Circle 3(1)`, Mumbai

The appeal of the assessee is allowed

ITA 535/MUM/2018[2012-13]Status: DisposedITAT Mumbai03 May 2018AY 2012-13

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Years: 2012-13 Vaaya Renewable Energy Dcit, (Purna) Private Limited, Central Circle-3(1), बनाम/ A-9, Enercon Tower, Veera 19Th Floor, Air India Bldg. Vs. Desai Raod, Veera Nariman Point, Industrial Estate, Mumbai-400021 Andheri (West), Mumbai-400053 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No.Aadcv7290F "नधा"रती क" ओर से / Assessee By Shri Hemakataria राज"व क" ओर से / Revenue By Ms. N. Hemlatha-Dr

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘जी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी जी. मंजूनाथ, लेखा सद"य, के सम" Before Shri JOGINDER SINGH, Judicial Member, and Shri G. MANJUNATHA, Accountant Member Assessment Years: 2012-13 Vaaya Renewable Energy DCIT, (PURNA) Private Limited, Central Circle-3(1), बनाम/ A-9, Enercon Tower, Veera 19th Floor, AIR India Bldg. Vs. Desai Raod, Veera Nariman Point, Industrial Estate, Mumbai-400021 Andheri (west), Mumbai-400053 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No.AADCV7290F "नधा"रती क" ओर से / Assessee by Shr…

DCIT Circle 1, Tirunelveli vs. Rm Kv Fashion Garments Pvt Ltd, Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 761/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…rded as interest. The interest payable on a loan of money not any other asset acquired under a contract. Reliance in this regard can be placed on the decision of Hon’ble Supreme Court in the case of Bombay Steam Navigation Co. [1953] (P.) Ltd. v. CIT [1965] 56 ITR 52 (SC). :- 21 -: 6.3 The another important point to be noted is that the assessee firm had not credited the goodwill, know-how to the capital accounts of the partner. In other words, it is a device adopted by the respondent- assessee and as well as respondent-assessee to claim deduction in the hands of the company and benefit the partners of the…

ACIT Circle 1, Tirunelveli vs. M/S Rm Kv Fbrics Private Limited, Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 760/CHNY/2018[2014--15]Status: DisposedITAT Chennai30 Apr 2018

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…rded as interest. The interest payable on a loan of money not any other asset acquired under a contract. Reliance in this regard can be placed on the decision of Hon’ble Supreme Court in the case of Bombay Steam Navigation Co. [1953] (P.) Ltd. v. CIT [1965] 56 ITR 52 (SC). :- 21 -: 6.3 The another important point to be noted is that the assessee firm had not credited the goodwill, know-how to the capital accounts of the partner. In other words, it is a device adopted by the respondent- assessee and as well as respondent-assessee to claim deduction in the hands of the company and benefit the partners of the…

ACIT Circle 1, Tirunelveli vs. M/S Rm K V Silks Private Limited, Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 759/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…rded as interest. The interest payable on a loan of money not any other asset acquired under a contract. Reliance in this regard can be placed on the decision of Hon’ble Supreme Court in the case of Bombay Steam Navigation Co. [1953] (P.) Ltd. v. CIT [1965] 56 ITR 52 (SC). :- 21 -: 6.3 The another important point to be noted is that the assessee firm had not credited the goodwill, know-how to the capital accounts of the partner. In other words, it is a device adopted by the respondent- assessee and as well as respondent-assessee to claim deduction in the hands of the company and benefit the partners of the…

M/S Rm Kv Fbrics Private Limited, Tirunelveli vs. ACIT Circle 1, Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 614/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…rded as interest. The interest payable on a loan of money not any other asset acquired under a contract. Reliance in this regard can be placed on the decision of Hon’ble Supreme Court in the case of Bombay Steam Navigation Co. [1953] (P.) Ltd. v. CIT [1965] 56 ITR 52 (SC). :- 21 -: 6.3 The another important point to be noted is that the assessee firm had not credited the goodwill, know-how to the capital accounts of the partner. In other words, it is a device adopted by the respondent- assessee and as well as respondent-assessee to claim deduction in the hands of the company and benefit the partners of the…

M/S Rm K V Silks Private Limited, Tirunelveli vs. ACIT Circle 1, Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 613/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…rded as interest. The interest payable on a loan of money not any other asset acquired under a contract. Reliance in this regard can be placed on the decision of Hon’ble Supreme Court in the case of Bombay Steam Navigation Co. [1953] (P.) Ltd. v. CIT [1965] 56 ITR 52 (SC). :- 21 -: 6.3 The another important point to be noted is that the assessee firm had not credited the goodwill, know-how to the capital accounts of the partner. In other words, it is a device adopted by the respondent- assessee and as well as respondent-assessee to claim deduction in the hands of the company and benefit the partners of the…

DCIT Circle 1, Tirunelveli vs. Rmkv Fashion Garments Pvt. Ltd., Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 1626/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…rded as interest. The interest payable on a loan of money not any other asset acquired under a contract. Reliance in this regard can be placed on the decision of Hon’ble Supreme Court in the case of Bombay Steam Navigation Co. [1953] (P.) Ltd. v. CIT [1965] 56 ITR 52 (SC). :- 21 -: 6.3 The another important point to be noted is that the assessee firm had not credited the goodwill, know-how to the capital accounts of the partner. In other words, it is a device adopted by the respondent- assessee and as well as respondent-assessee to claim deduction in the hands of the company and benefit the partners of the…

DCIT Circle 1, Tirunelveli vs. Rmkv Fashion Garments Pvt. Ltd., Tirunelveli

In the result, appeal filed by the Revenue in ITA No

ITA 1625/CHNY/2017[2012-13]Status: DisposedITAT Chennai30 Apr 2018AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…rded as interest. The interest payable on a loan of money not any other asset acquired under a contract. Reliance in this regard can be placed on the decision of Hon’ble Supreme Court in the case of Bombay Steam Navigation Co. [1953] (P.) Ltd. v. CIT [1965] 56 ITR 52 (SC). :- 21 -: 6.3 The another important point to be noted is that the assessee firm had not credited the goodwill, know-how to the capital accounts of the partner. In other words, it is a device adopted by the respondent- assessee and as well as respondent-assessee to claim deduction in the hands of the company and benefit the partners of the…