Principal Commissioner of Income Tax v. Facor Power Ltd.

380 ITR 474High Court2016#6471 most cited

What is Principal Commissioner of Income Tax v. Facor Power Ltd. authority for?

Interest income earned on funds deposited with banks, which were borrowed for the construction of a power project, is inextricably linked to the business of the assessee and should not be treated as income from other sources. Such net interest income shall be capitalized.

18

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2018 to 2024.

Also referred to as

Principal Commissioner of Income Tax v. Facor Power Ltd. · 380 ITR 474 · interest income · borrowed funds · power project · business expenditure · capitalization of interest · income from other sources

Judgments citing Principal Commissioner of Income Tax v. Facor Power Ltd.

VIATON ENERGY PRIVATE LIMITED,MUMBAI vs. ITO, WARD-17(4), HYD, HYDERABAD

In the result, appeal of the assessee is dismissed

ITA 1280/HYD/2016[2012-13]Status: DisposedITAT Hyderabad21 Mar 2024AY 2012-13

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Chary

For Appellant: Shri Dharmesh Shah &For Respondent: Shri Shakeer Ahamed, DR
Section 143(3)

…s for construction of various equipment and machinery for the purpose of power project. 11. While placing reliance on the decisions reported in the case of Karnal Co-Operative Sugar Mills, Indian Oil Panipat Power Consortium Ltd. (supra) and Facor Power Ltd. 380 ITR 474, he submitted that the intention to deposit the loan amount with the bank was to earn income which would help in over all reducing the cost of project and, therefore, earning of such interest income is inextricably linked with the business of the assessee and, therefore, the decision of the Hon’ble Supreme Court in the case of Tuticorin Alkali Ch…

ALAKNANDA HYDRO POWER COMPANY LIMITED ,SECUNDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-1(1), HYDERABAD

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

ITA 745/HYD/2019[2014-15]Status: DisposedITAT Hyderabad31 Jan 2024AY 2014-15

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumarआ.अपी.सं /Ita No.745/Hyd/2019 (िनधा"रण वष"/Assessment Year: 2014-15) Alakananda Hydro Power Vs. Dy. C. I. T. Company, Circle 1(1) Secunderabad Hyderabad Pan:Aafac2081B (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Advocate H. Srinivasulu राज" व "ारा/Revenue By:: Smt. Sheetal Sarin, Dr सुनवाई की तारीख/Date Of Hearing: 18/01/2024 घोषणा की तारीख/Pronouncement: 31/01/2024 Order Per R.K. Panda, Vice-

For Appellant: Advocate H. SrinivasuluFor Respondent: : Smt. Sheetal Sarin, DR
Section 143(2)

…VGR Foundations - 298 ITR 132 (Mad) Page 7 of 10 ITA No 745 of 2019 Alakananda Hydro Power Company (8) Bank Note paper Mill India (P) Ltd- 56ITR (Trib) 266 (|TAT, Bang) (9) Prayag Raj Power Generation Co Ltd - 158 ITD 509, ITAT (Luck) (10)Facor Power Ltd - 380 ITR 474 (Del) (11)Beas Valley Corporation Ltd-ITA:1274 to 1277/Chd/ 2016 ITAT (Chd) (12)|TO Vs KSK Wind Energy, ITAT, 'A' Bench, Hyderabad - ITA No: 1098 to 1105/Hyd/2017. 15. The learned Counsel for the assessee also filed a petition under Rule 29 of the ITAT Rules for filing of certain additional evidences which is in the shape of loan agreements with…

PR. COMMISSIONER OF INCOME TAX -7 vs. TRIUMPH REALTY PVT. LTD.

In the result we answer the question as framed in favour

ITA - 55 / 2024HC Delhi23 Jan 2024

…other sources. In the result we answer the question as framed in favour of the assessee and against the Revenue.......” 6. The aforesaid principle has also been reiterated by this Court in Principal Commissioner of Income Tax vs. Facor Power Ltd., (2016) 380 ITR 474 (Delhi). 7. Keeping in view the aforesaid, this Court is of the opinion that no substantial question of law arises for consideration as the questions sought to be raised in the present appeal are squarely covered by the decisions of the Apex Court as well as this Court. Accordingly, the present appeal is dismissed.” 2. In view of the afo…

THE PR. COMMISSIONER OF INCOME TAX -5 vs. JAYPEE POWERGRID LTD.

ITA-397/2019HC Delhi30 Nov 2023

Bench: The Tribunal Was Whether The Interest Earned By The Respondent/Assessee From The Investment Made In Fixed Deposits, Out Of The Funds Received For Setting Up A Power Transmission System In The State Of Himachal Pradesh, Would Be Amenable To Tax Under The Head “Income From Other Sources”? 4. The Assessing Officer (Ao), Via The Assessment Order Dated Digitally Signed By:Atul Jain Signing Date:14.12.2023 15:33:37 Signature Not Verified

…Company Ltd.; Principal Commissioner of Income-Tax v. Triumph Realty (P) Ltd., [2023] 450 ITR 271 (Delhi); NTPC Sail Power Company Pvt. Ltd. vs Commissioner of Income Tax, 2012 (10) TMI 524; Principal Commissioner of Income Tax vs Facor Power Ltd., [2016] 380 ITR 474; Commissioner of Income Tax v/s Sasan Power Ltd., 2012 (1) TMI 25, and Principal Commissioner of Income Tax, Jaipur-II vs Road Infrastructure Development Corporation of India, D.B. IT Appeal No. 144 of 2017. 32. We may note that Mr Singh has relied upon a more recent judgment of the Supreme Court, rendered in The Commissioner of Income Tax…

PRIDE PURPLE BUILDERS PRIVATE LTD.,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE - 1 (1),, PUNE

In the result, the appeal of the Assessee is allowed

ITA 699/PUN/2022[2015-16]Status: DisposedITAT Pune04 Oct 2023AY 2015-16

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.699/Pun/2022 िनधा"रण वष" / Assessment Year : 2015-16 Pride Purple Builders Private The Deputy Limited, V Commissioner Income Pride House, 5Th Floor, S Tax, Circle-1(1), Pune. S.No.108/7, Shivajinagar, Near Pune University Circle, Pune – 411016. Pan: Aadcp 4286 H Appellant / Assessee Respondent / Revenue Assessee By Shri Suhas Bora – Ar Revenue By Shri M G Jasnani, Irs - Dr Date Of Hearing 03/10/2023 Date Of Pronouncement 04/10/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Filed By Assessee Is Directed Against The Order Of Ld. Commissioner Of Income Tax(Appeal), Pune-11 Dated 18.08.2022For A.Y.2015-16 Emanating From The Assessment Order Under Section 143(3) Of The Income Tax Act, 1961 Dated 30.11.2017. The Assessee Has Raised The Following Grounds Of Appeal: Pride Purple Builders Private Limited [A]

Section 143(2)Section 143(3)

…18 Pride Purple Builders Private Limited [A] the question as framed in favour of the assessee and against the Revenue……" 6. The aforesaid principle has also been reiterated by this Court in Pr. CIT v. Facor Power Ltd. [2016] 66 taxmann.com 178/237 Taxman 613/380 ITR 474. 7. Keeping in view the aforesaid, this Court is of the opinion that no substantial question of law arises for consideration as the questions sought to be raised in the present appeal are squarely covered by the decisions of the Apex Court as well as this Court. Accordingly, the present appeal is dismissed..” Unquote. 16.1 Thus, the Hon’ble Delhi…

SP JAMMU UDHAMPUR HIGHWAY LTD.,MUMBAI vs. DCIT CIRCLE 3(3)(2), MUMBAI

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

ITA 1507/MUM/2019[2014-15]Status: DisposedITAT Mumbai02 Jan 2023AY 2014-15

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blesp Jammu-Udhampur Highway Pvt Ltd., V. Dcit- Circle-3(3)(2) 41/44, Shapoorji Pallonji Centre Aayakar Bhavan Minoo Desai Marg Mumbai - 400020 Colaba, Mumbai – 400005 Pan: Aaocs5512N (Appellant) (Respondent) Assessee By : Shri Manish Chulawala Department By : Smiti Samant

For Appellant: Shri Manish ChulawalaFor Respondent: Smiti Samant
Section 115JSection 142(1)Section 143(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, HON'BLE JUDICIAL MEMBER SP Jammu-Udhampur Highway Pvt Ltd., v. DCIT- Circle-3(3)(2) 41/44, Shapoorji Pallonji Centre Aayakar Bhavan Minoo Desai Marg Mumbai - 400020 Colaba, Mumbai – 400005 PAN: AAOCS5512N (Appellant) (Respondent) Assessee by : Shri Manish Chulawala Department by : Smiti Samant Date of Hearing : 08.12.2022 Date of Pronouncement : 02.01.2023 O R D E R PER S. RIFAUR RAHMAN (AM) 1. This appeal is filed by the assessee against order of Learned Commi…

PR. COMMISSIONER OF INCOME TAX-7 vs. M/S TRIUMPH REALTY PVT. LTD.

In the result we answer the question as framed in favour of the assessee and

ITA/177/2022HC Delhi01 Jun 2022

Bench: HON'BLE MR. JUSTICE MANMOHAN,HON'BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA

…e from other sources. In the result we answer the question as framed in favour of the assessee and against the Revenue.......”. The aforesaid principle has also been reiterated by this Court in Principal Commissioner of Income Tax vs. Facor Power Ltd., (2016) 380 ITR 474 (Delhi).” This is a digitally signed Judgement. NEUTRAL CITATION NO: 2022/DHC/002183 ITA 177/2022 Page 3 of 3 4. Keeping in view the aforesaid, this Court is of the opinion that no substantial question of law arises for consideration as the questions sought to be raised in the present appeal are squarely covered by the decisions of the Apex Cou…

PRINCIPAL COMMISSIONER OF INCOME TAX, -7 vs. M/S TRIUMPH REALTY PVT. LTD.

In the result we answer the question as framed in favour of the assessee and

ITA/70/2022HC Delhi31 Mar 2022

Bench: HON'BLE MR. JUSTICE MANMOHAN,HON'BLE MR. JUSTICE DINESH KUMAR SHARMA

…ITA No.70 /2022 Page 1 of 3 $~25 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 70/2022 PRINCIPAL COMMISSIONER OF INCOME TAX, -7 ..... Appellant Through Ms.Vibhooti Malhotra, senior standing counsel for the Revenue with Mr.Shailendra Singh and Mr.Udit Sharma, Advocates. versus M/S TRIUMPH REALTY PVT. LTD. ..... Respondent Through Mr.Ajay Vohra, Sr.Advocate with Ms.Kavita Jha and Mr.Himanshu Aggarwal, Advocates. %…

PRINCIPAL COMMISSIONER OF INCOME TAX, -7 vs. M/S TRIUMPH REALTY PVT. LTD.

In the result we answer the question as framed in favour of the assessee and

ITA-70/2022HC Delhi31 Mar 2022

…ITA No.70 /2022 Page 1 of 3 $~25 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 70/2022 PRINCIPAL COMMISSIONER OF INCOME TAX, -7 ..... Appellant Through Ms.Vibhooti Malhotra, senior standing counsel for the Revenue with Mr.Shailendra Singh and Mr.Udit Sharma, Advocates. versus M/S TRIUMPH REALTY PVT. LTD. ..... Respondent Through Mr.Ajay Vohra, Sr.Advocate with Ms.Kavita Jha and Mr.Himanshu Aggarwal, Advocates. %…

HAZARIBAG RANCHI EXPRESSWAY LTD,MUMBAI vs. ITO 14(2)(1), MUMBAI

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

ITA 6696/MUM/2017[2012-13]Status: DisposedITAT Mumbai22 Jan 2020AY 2012-13

Bench: Shri G. Manjunatha & Shri Ram Lal Negihazaribagh Ranchi Vs. Ito-14(2)(1) 4Th Floor, Expressway Ltd. The Il&Fs Financial Center Aaykar Bhawan Plot No.C-22, G Block M.K.Road Bkc, Bandra(E) Mumbai-400 020 Mumbai-400 051 Pan/Gir No.Aacch2490J Appellant) .. Respondent)

Section 234BSection 56(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL “H”, BENCH MUMBAI BEFORE SHRI G. MANJUNATHA, ACCOUNTANT MEMBER & SHRI RAM LAL NEGI, JUDICIAL MEMBER Hazaribagh Ranchi Vs. ITO-14(2)(1) 4th Floor, Expressway Ltd. The IL&FS Financial Center Aaykar Bhawan Plot No.C-22, G Block M.K.Road BKC, Bandra(E) Mumbai-400 020 Mumbai-400 051 PAN/GIR No.AACCH2490J Appellant) .. Respondent) Revenue by Shri Sachchidanand Dube, DR Assessee by Shri Sandeep Bhalla & Ms. Niti Agarwal, AR’s Date of Hearing 06/01/2020 Date of Pronouncement 22/01/2020 आदेश आदेश / O R D E R आदेश आदेश PER G.MANJUNATHA (A.M): This appeal filed by the assessee is…

WESTERN DRILLING CONTRACTORS PVT. LTD.,NOIDA vs. ITO WARD3(5), NOIDA

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

ITA 3642/DEL/2019[2012-13]Status: DisposedITAT Delhi25 Sept 2019AY 2012-13

Bench: Shri R.K. Pandaassessment Year: 2012-13 Western Drilling Contractors Pvt. Ltd., Vs Ito, Plot No.1A, Institutional Area, Ward-3(5), Sector-16A, Noida, Noida. Uttar Pradesh. Pan: Aaafw5961A (Appellant) (Respondent) Assessee By : Shri K.M. Gupta, Advocate Revenue By Shri S.L. Anuragi, Sr. Dr Date Of Hearing : 31.07.2019 Date Of Pronouncement : 25.09.2019 Order This Appeal Filed By The Assessee Is Directed Against The Order Dated 29.11.2018 Of The Cit(A)-1, Noida, Relating To Assessment Year 2012-13. 2. Grounds Of Appeal 1, 2 & 3 Which Are Corelated Are As Under:- “1. On The Facts, In Law & In Circumstances Of The Case, The Ld. Commissioner Of Income Tax (Appeals) [Cit(A)] Erred In Confirming The Assessment Of Interest Of Rs.27,82,217/- Earned On Fixed Deposits Placed As Margin Money With Bank For Issuance Of Bank Guarantee For Oil Blocks, A "Income From Other Sources" On The Ground That Margin Money Placed With The Bank For Issuance Of Guarantees Is Not A Pre-Condition For Set Up Of Business Of The Appellant. 2. On The Facts, In Law & In Circumstances Of The Case, The Ld. Cit(A) Erred In Holding That Fixed Deposits Placed As Margin Money With Bank For Issuance Of Bank Guarantee Could Not Be Held To Be Intrinsically Connected With The Business Of The Appellant. 3. Without Prejudice, On The Facts, In Law & In Circumstances Of The Case, The Ld. Cit(A) Erred In Not Allowing Deduction Of Proportionate Interest Expense Of Rs.49,07,818/- Incurred Directly & Exclusively Towards Earning Aforesaid Interest Income.”

For Appellant: Shri K.M. Gupta, Advocate

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : SMC : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER Assessment Year: 2012-13 Western Drilling Contractors Pvt. Ltd., Vs ITO, Plot No.1A, Institutional Area, Ward-3(5), Sector-16A, Noida, Noida. Uttar Pradesh. PAN: AAAFW5961A (Appellant) (Respondent) Assessee by : Shri K.M. Gupta, Advocate Revenue by Shri S.L. Anuragi, Sr. DR Date of Hearing : 31.07.2019 Date of Pronouncement : 25.09.2019 ORDER This appeal filed by the assessee is directed against the order dated 29.11.2018 of the CIT(A)-1, Noida, relating to assessment year 2012-13. 2. Grounds of appeal…

ACIT CC 6(4), MUMBAI vs. ARSHIYA LTD, MUMBAI

In the result the ground of appeal raised by the

ITA 3951/MUM/2015[2007-08]Status: DisposedITAT Mumbai27 Aug 2019AY 2007-08

Bench: Shri G.S. Pannu, Vice- & Shri Pawan Singhacit, Cc-6(4), M/S Arshiya Ltd. Room No. 32(1), Ground 308, Level 3, Ceejay House, Vs. Floor, Aayakar Bhavan, F Block, Shiv Sagar Estate, M.K. Road, Dr. A.B. Road, Worli, Mumbai-400020 Mumbai-400018. Pan: Aaaci2679A Appellant Respondent Dcit Cc-6(4), M/S Arshiya International Ltd. Room No. 32(1), Ground 7Th Floor, Twin Arcade, Vs. Floor, Aayakar Bhavan, C Wing, Military Road, M.K. Road, Marol Maroshi, Andheri (E), Mumbai-400020 Mumbai-400059. Pan: Aaaci2679A Appellant Respondent M/S Arshiya Ltd. [Formerly Dcit Cc-6(4), Known As Arshiya International Room No. 32(1), Ground Vs. Ltd.] 3021, Ceejay House, Floor, Aayakar Bhavan, Level-3, Shiv Sagar Estate, M.K. Road, F-Block, Dr. A.B. Road, Mumbai-400020 Worli, Mumbai-400018. Pan: Aaaci2679A Appellant Respondent M/S Arshiya Ltd. [Formerly Dcit Cc-6(4), Known As Arshiya International Room No. 32(1), Ground Vs. Ltd.] 3021, Ceejay House, Floor, Aayakar Bhavan, Level-3, Shiv Sagar Estate, M.K. Road, F-Block, Dr. A.B. Road, Mumbai-400020 Worli, Mumbai-400018. M/S Arshiya International Ltd.

For Appellant: Shri Mukundraj Chare
Section 143(3)Section 147Section 14ASection 254(1)Section 68Section 69C

…nt sources. In support the submission, the ld. AR relied upon the decisions of CIT vs. Bokaro Steel Ltd. 236 ITR 315 (SC), Indian Panipat Power Consortium vs. ITO (315 ITR 255, CIT vs. Karnal Co-op Sugar Mills Ltd. (243 ITR 2) and PCIT vs. Facor Power Ltd. (380 ITR 474). 52. We have considered the rival submission of both the parties and perused the record. During the assessment Assessing Officer has noted that assessee has M/s Arshiya International Ltd. earned interest income of Rs. 13,40,444/- on capital advances made and the said interest income was reduced from WIP of Rs. 194,01,71,203/- instead of showing…

KARANJA TERMINAL & LOGISTICS P. LTD,MUMBAI vs. DCIT CEN CIR 6(3), MUMBAI

The appeal of the assessee is allowed

ITA 2472/MUM/2018[2013-14]Status: DisposedITAT Mumbai20 Mar 2019AY 2013-14

Bench: Shri Rajesh Kumar, Hon'Ble Accountantmember & Shri Ramlal Negi, Hon'Ble Judicialmember

For Appellant: Shri J.P. BairagraFor Respondent: Shri B. Srinivas
Section 115JSection 147Section 148

…egard, heavy reliance is placed by the assessee on the Apex Court decision rendered in the case matter of Bakaro Steel Ltd. - 263 ITR 315, Delhi High Court decision rendered in the case of Indian Oil Panipat Power Consortium -315 ITR 255 and Facor Power Ltd. -380 ITR 474. The assessee has also further pointed out that this decision of the Delhi High Court has been followed by the Delhi ITAT in the matter of CLC Textile Pvt. Ltd. ~ 44 CCH 258, NTPC Tamil Nadu Energy Co. Ltd. - 44 CCH 263 and Facor Power Ltd, 2015 TIOL, 1183 (Delhi). The Ahmedabad WAT in Adani Power Ltd. -155 ITD 239, where, while holding interest…

ONGC MANGALORE PETROCHEMICALS LTD,MANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1), MANGALORE

In the result, the assessee’s appeal for Assessment Year 2008-09 is allowed

ITA 1522/BANG/2017[2008-09]Status: DisposedITAT Bangalore15 Mar 2019AY 2008-09

Bench: Shri N. V. Vasudevanand Shri Jason P. Boazassessment Year : 2008-09 M/S. Ongc Mangalore Vs. Assistant Commissioner Of Petrochemicals Ltd., Income-Tax, Mangalore Special Economic Circle-1(1), Zone, Mangalore. Permude Village, Mangalore – 574 509. Pan : Aafcm 0322 D Appellant Respondent Assessee By : Shri. B. R. Kamath, Ca Revenue By : Shri. R. N. Siddappaji, Addl.Cit Date Of Hearing : 10.01.2019 Date Of Pronouncement : 15.03.2019 O R D E R

For Appellant: Shri. B. R. Kamath, CAFor Respondent: Shri. R. N. Siddappaji, Addl.CIT
Section 143(1)Section 143(2)Section 143(3)Section 154

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI N. V. VASUDEVAN, VICE PRESIDENTAND SHRI JASON P. BOAZ, ACCOUNTANT MEMBER Assessment Year : 2008-09 M/s. ONGC Mangalore Vs. Assistant Commissioner of Petrochemicals Ltd., Income-Tax, Mangalore Special Economic Circle-1(1), Zone, Mangalore. Permude Village, Mangalore – 574 509. PAN : AAFCM 0322 D APPELLANT RESPONDENT Assessee by : Shri. B. R. Kamath, CA Revenue by : Shri. R. N. Siddappaji, Addl.CIT Date of hearing : 10.01.2019 Date of Pronouncement : 15.03.2019 O R D E R Per Jason P Boaz, Accountant Member This appeal by the assessee is direc…

M/S. JAIPUR TAX WEAVING PARK LTD.,JAIPUR vs. INCOME TAX OFFICER, JAIPUR

In the result, appeal filed by the assessee is allowed

ITA 31/JPR/2018[2009-10]Status: DisposedITAT Jaipur13 Dec 2018AY 2009-10

Bench: Her.”

For Appellant: Shri Mukesh Khandelwal (CA)For Respondent: Shri J. C. Kulhari (JCIT)
Section 139(1)Section 143(3)Section 148

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES-A, JAIPUR Jh fot; iky jko] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 31/JP/2018 fu/kZkj.k o"kZ@Assessment Year :2009-10 cuke M/s Jaipur Texweaving Park Ltd., Income Tax Officer, Vs. 37-38, Yarnwala Chambers, Ward-7 (2) Ramganj Bazar, Jaipur Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AABCJ6286B vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri Mukesh Khandelwal (CA) jktLo dh vksj ls@ Re…

JORABAT SHILLONG EXPRESSWAY LTD,MUMBAI vs. ITO 14(2)(1), MUMBAI

In the result, the appeal filed by the assessee is hereby ordered to be partly allowed

ITA 3667/MUM/2016[2011-12]Status: DisposedITAT Mumbai12 Sept 2018AY 2011-12

Bench: Shri B. R. Baskaran, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.3667/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2011-12) बिधम/ Jorabat Shillong Expressway Ito 14(2)(1) Ltd. (Erstwhile Income Tax Vs. The Il&Fs Financial Center, Officer-10(1)(4) Mumbai Room No. 457, 4Th Floor, Plot No. C-22, G Block, Bandra-Kurla Complex, Aaykar Bhavan, Maharshi Bandra(E), Mumbai-400051. Karve Road, Marine Lines, Mumbai-400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaccj3827H (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri Dilip V. Lakhani (Ar) Revenue By: Shri Suman Kumar (Dr) सुनवाई की तारीख / Date Of Hearing: 20.06.2018 घोषणा की तारीख /Date Of Pronouncement: 12.09.2018 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 09.02.2016 Passed By The Commissioner Of Income Tax (Appeals)-22, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2011-12. 2. The Assessee Has Raised The Following Grounds: - 1. On The Facts & Circumstances Of The Case The Learned Commissioner Of Income Tax (Appeals) Has Erred In Confirming That The Interest Income Of Rs.31,13,010/- The Appellant Prays That The Interest Income Earned By The Appellant Amounting To

For Appellant: Shri Dilip V. Lakhani (AR)For Respondent: Shri Suman Kumar (DR)
Section 234B

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI B. R. BASKARAN, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.3667/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2011-12) बिधम/ Jorabat Shillong Expressway ITO 14(2)(1) Ltd. (erstwhile Income Tax Vs. The IL&FS Financial Center, Officer-10(1)(4) Mumbai Room No. 457, 4th Floor, Plot No. C-22, G Block, Bandra-Kurla Complex, Aaykar Bhavan, Maharshi Bandra(E), Mumbai-400051. Karve Road, Marine Lines, Mumbai-400020. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACCJ3827H (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee by: Shri Dilip V. Lakhan…

M/S. SHRISTI HOTEL PVT. LTD., ,KOLKATA vs. DCIT, CIRCLE - 8(2), KOLKATA , KOLKATA

In the result, the appeal of the assessee is allowed

ITA 395/KOL/2018[2012-13]Status: DisposedITAT Kolkata18 Jul 2018AY 2012-13

Bench: Shri P.M. Jagtap, Am & Shri A. T. Varkey, Jm]

Section 143(3)Section 57

…ise “inextricably linked” to the setting up of the plant, such income is required to be capitalized to be set off against pre-operative expenses.” 14. We also rely on the judgment of Hon’ble Delhi High Court in the case of Pr. CIT Vs. Facor Power Ltd. (2016) 380 ITR 474 (Del). In this case the interest earned by the assessee on temporary investment on FDRs made out of the additional share capital was assessed as income. Such share capital was raised to part finance construction of the power plant. On appeal, the appellate authorities concurrently found that additional capital was raised for the purpose of acquir…

SCI FORBES LTD,MUMBAI vs. ITO 5(3)(2), MUMBAI

In the result, assessee’s appeal is dismissed

ITA 6348/MUM/2013[2010-11]Status: DisposedITAT Mumbai15 May 2018AY 2010-11

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2010-11 Shapoorji Pallonji Forbes Income Tax Officer-5(3)(2), Shipping Ltd. (Formerly Room No.526B बनाम/ Known As Sci Forbes Ltd.), Aayakar Bhavan, Vs. C/O- Kalyaniwalla & Mistry M.K. Road, Llp, Esplanade House, Mumbai-400020 02Nd Floor, Hazarimal Somani Marg, Fort, Mumbai-400001 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aakcs0662F

Section 115VSection 56

…support of such contention, he relied upon the following decisions:– i) CIT v/s Varun Shipping Co. Ltd., 334 ITR 263; ii) DCIT v/s Hari Orgochem P. Ltd., 45 taxmann.com 381; iii) Empire Pumps Pvt. Ltd. v/s ACIT, 229 taxman 379; iv) PCIT v/s Facor Power Ltd., 380 ITR 474; v) CIT v/s Arihant Threads Ltd., 12 taxmann.com 69; vi) Bharat Oman Refineries Ltd. v/s ITO, 52 taxmann.com 347; 7 Shapoorji Pallonji Forbes Shipping Ltd. (Formerly known as SCI Forbes Ltd.), vii) CIT v/s Indo Swiss Jewels Ltd., 284 ITR 389; viii) Keshavji Ravji and Co. v/s CIT, 183 ITR 1; ix) ACG Associated Capsules Pvt. Ltd. v/s CIT, 343 ITR…

Principal Commissioner of Income Tax v. Facor Power Ltd. (380 ITR 474) — Cited in 18 Judgments | BharatTax