PCIT v. Sesa Resources Ltd.

404 ITR 707High Court2018#12759 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2020 to 2026.

Sections most often in play

Section 36(1)(iii)Section 133(6)Section 142(1)Section 143(2)Section 37 Section 57 Section 143(3)Section 1961

Issues it is cited on

section 36(1)(iii)section 57 section 36 section 36(1)transfer section 143 company business interest section 14

Judgments citing PCIT v. Sesa Resources Ltd.

Warana Indusries Ltd, Kolhapur vs. Assistant Commissioner of Income-Tax, Circle - 1, Kolhapur

In the result, the appeal filed by the assessee is allowed for statistical purposes and the Cross Objection filed by the assessee is dismissed

ITA 1285/PUN/2019[2014-15]Status: DisposedITAT Pune22 Jan 2026AY 2014-15

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2014-15

For Appellant: None (written submissions filed)For Respondent: Shri Manish Mehta, Addl.CIT

Section 143(3)Section 36(1)Section 36(1)(iii)

…ollowing written submissions: 9 CO No.39/PUN/2022 10 CO No.39/PUN/2022 10. The assessee in the written submissions has also relied on the following decisions: i) S.A. Builders Ltd. Vs. CIT & Anr (2007) 288 ITR 1 (SC) ii) PCIT vs. Sesa Resources Ltd. (2018) 404 ITR 707 (Bom) iii) CIT vs. Reliance Industries Ltd. (2019) 102 taxmann.com 52 (SC) iv) PCIT vs. Reebok India Company (2018) 103 CCH 28 (Del) v) M/s. Garuda Plant Product Ltd. Vs. DCIT vide ITA Nos.1539/PUN/2016 and 2966/PUN/2016 order dated 27.06.2019 for assessment years 2012-13 and 2013-14 vi) HDFC Bank Ltd vs. DCIT 366 ITR 505 11. The Ld. DR on the o…

ITO, Ward-2(4), New Delhi vs. Antheia Constructions P.Ltd, New Delhi

In the result, both the appeals filed by the Revenue are dismissed

ITA 4963/DEL/2017[2014-15]Status: DisposedITAT Delhi13 Sept 2024AY 2014-15

Bench: Shri Saktijit Dey, Hon’Ble & Shri S.Rifaur Rahman

For Appellant: Shri Ajay Wadhwa, AdvocateFor Respondent: Shri Kanv Bali, Sr. DR

Section 133Section 142(1)Section 143(2)

…so benefits thereby. In our view the Tribunal rightly allowed the appeal of the assessee c and restored the deduction claimed by the assessee under section 36 (1)(ii of the Act." e. The Hon'ble High Court of Bombay in the case of PCIT VS. Sesa Resources Ltd. (404 ITR 707) has held that: "12. Thus, the test is in such cases is whether the loans in question and interest thereon were matters of commercial expediency. We may note that this is admittedly nota L Case where the amount was either a donation (as in Madhay Prasa Jantia's case, supra) or even loan was given to an individual or to a director of the company i…

ITO, New Delhi vs. M/S Antheia Constructions Pvt. Ltd., New Delhi

In the result, both the appeals filed by the Revenue are dismissed

ITA 2373/DEL/2017[2013-14]Status: DisposedITAT Delhi13 Sept 2024AY 2013-14

Bench: Shri Saktijit Dey, Hon’Ble & Shri S.Rifaur Rahman

For Appellant: Shri Ajay Wadhwa, AdvocateFor Respondent: Shri Kanv Bali, Sr. DR

Section 133Section 142(1)Section 143(2)

ACIT Circle 5(1)(1), Mumbai vs. M/S Essar Shipping Limited, Mumbai

In the result, appeal filed by the learned AO is dismissed

ITA 2951/MUM/2022[2015-2016]Status: DisposedITAT Mumbai09 Jan 2024AY 2015-2016

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhry, Jm M/S Essar Shipping Limited Acit, Circle 5(1)(1) Essar House, 11, R.No.568, Aaykar Bhavan, Vs. Kk Marg, Mahalaxmi, M.K. Road, Mumbai-400 020 Mumbai-400 034 (Appellant) (Respondent) Pan No. Aacce3707D

For Appellant: Shri Rishav Patawari, ARFor Respondent: Shri Manoj Sinha, CIT DR

Section 115VSection 143Section 144CSection 28Section 43Section 92Section 92CSection 92F

…2017 Essar Shiping Ltd. Vs ACIT placed on the decisions of the Hon'ble Bombay High Court in the case of CIT v Piramal Glass M/s Essar Shipping Limited; A.Y. 2012-13 limited in Income Tax Appeal No 566 of 2017 dated 11.06.2019 (Bom), CIT v Sesa Resources Ltd. [404 ITR 707 (Bom)] and CIT v Reebok India Company (98 taxmann.com 413) in order to support our contention that interest expenditure is to be allowed u/s.36(1)(iii) while computing the income under head of business and profession. Corresponding interest income is to be assessed under head of business income. 42. The interest expenditure of INR48.03 crores wa…

Income Tax Officer, 19(1)(3), Mumbai vs. Chandresh Ghanashyam Choksy, Mumbai

Appeal is partly allowed

ITA 2729/MUM/2019[2012-13]Status: DisposedITAT Mumbai24 Jan 2023AY 2012-13

For Appellant: Ms. Dinkle HariyaFor Respondent: Ms. Shreekala Pardesi

Section 143(3)

…f Shivnandan Buildcon Pvt. Ltd. vs. CIT : [2015] 233 Taxmann 297 (Delhi) and the judgment of the Hon‟ble Bombay High Court in 4 ITA. No. 2729//Mum/2019 Assessment Year: 2012-13 the case of Principal Commissioner of Income-tax vs. Sesa Resources Ltd. : [2018] 404 ITR 707 (Bombay), she supported the order passed by the CIT(A) in this regard and submitted that no notional addition could be made in respect of interest free advances given in the absence of any specific provisions in the Income-tax Act. 8. In rejoinder, the Learned Departmental Representative submitted that issue relating to notional interest could a…

Ruchi Bio Fuels Pvt Ltd., Mumbai vs. DCIT 3 (3)(1), Mumbai

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

ITA 6653/MUM/2019[2014-15]Status: DisposedITAT Mumbai05 Jan 2022AY 2014-15

For Appellant: Shri Ajay R. SinghFor Respondent: Ms. Neha Thakur (Sr. AR)

Section 115JSection 143(2)Section 271(1)(c)Section 36(1)(iii)

…s disallowable in view of the provisions u/s 36(1)(iii) of the Act. In support of this contention, the Ld. Representative of the assessee has placed reliance upon the decision of the Hon’ble Bombay High Court in the case of PCIT Vs. Sesa Resources Ltd. (2018) 404 ITR 707 (Bom). However, on the other hand, the Ld. Representative of the Department has refuted the said contentions of the ld AR. The claim of the assessee is that the assessee has given the loans to its sister concerns/subsidiaries and therefore, no interest is liable to be disallowed in view of the Section 36(1)(iii) of the Act and in view of the deci…

Shri Samir Chandravadab Bhalavat, Baroda vs. The Income Tax Officer, Sabarkantha Ward-4, Modasa

In the result the appeal of the assessee is partly allowed

ITA 216/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad07 Jul 2020AY 2010-11

For Appellant: Shri Manish Shah, A.RFor Respondent: Shri Vidhyut Trivedi, Sr. D.R

Section 194CSection 194C(7)Section 40

…ger of Job charges paid to the firms which are placed on pages 1-5 of the additional paper book. The learned AR in support of his contention referred to the judgment of the Hon’ble Bombay High Court in the case of Pr. CIT vs. Sesa Resouces Limited reported in 404 ITR 707. 10. On the other hand the learned DR vehemently supported the order of the authorities below. 11. We have heard the rival contentions of both the parties and perused the materials available on record. The facts of the case are not in dispute and therefore we are not referring the same for the sake of brevity and convenience. 11.1 The 1st issue…

Essar Shipping Limited, Mumbai vs. ACIT-5(1)(2), Mumbai

In the result, ground No.10 is allowed for statistical purposes

ITA 7371/MUM/2017[2013-14]Status: DisposedITAT Mumbai06 Mar 2020AY 2013-14

Bench: Shri R.C.Sharma, Am & Shri Vikas Awasthy, Jm Essar Shipping Ltd., Vs. A.C.I.T.-5(1)(2), 11, K.K. Marg, Mahalaxmi, Mumbai. Mumbai-400034. Pan/Gir No.Aacce 3707 D (Appellant) .. (Respondent)

Section 115VSection 143(3)Section 144C(13)Section 144C(5)

…T (379 ITR 347). Further reliance is also 30 Essar Shiping Ltd. Vs ACIT placed on the decisions of the Hon'ble Bombay High Court in the case of CIT v Piramal Glass Limited in Income Tax Appeal No 566 of 2017 dated 11.06.2019 (Bom), CIT v Sesa Resources Ltd. [404 ITR 707 (Bom)] and CIT v Reebok India Company (98 taxmann.com 413) in order to support our contention that interest expenditure is to be allowed u/s.36(1)(iii) while computing the income under head of “business and profession”. Corresponding interest income is to be assessed under head of business income. 42. The interest expenditure of INR48.03 cro…