How many judgments cite Prakash Cotton Mills Pvt. Ltd. v. CIT?

133 judgments on BharatTax cite Prakash Cotton Mills Pvt. Ltd. v. CIT (201 ITR 684), spanning 2010 to 2026.

Which sections of the Income Tax Act does Prakash Cotton Mills Pvt. Ltd. v. CIT come up under?

It is most often cited in judgments turning on Section 37(1), Section 43B, Section 36(1)(va), Section 143(3), Section 41(2), Section 201(1A).

Prakash Cotton Mills Pvt. Ltd. v. CIT

201 ITR 684Supreme Court of India1993#766 most cited

What is Prakash Cotton Mills Pvt. Ltd. v. CIT authority for?

Compensatory interest or damages paid for a breach of contract, arising in the normal course of business, are allowable as a deduction under section 37(1) as wholly and exclusively incurred for business purposes. This principle extends to indirect taxes paid in the course of business, which are admissible as business expenditure.

133

judgments rely on this decision, according to BharatTax’s citation analysis of 367,368 Indian tax judgments — from 2010 to 2026.

Also referred to as

Prakash Cotton Mills v. CIT · Section 37(1) deduction · business expenditure · compensatory interest · damages for breach of contract · indirect tax · allowability of interest · business expediency · Supreme Court · 201 ITR 684

Sections most often in play

Section 37(1)Section 43B Section 36(1)(va)Section 143(3)Section 41(2)Section 201(1A)Section 41(1)Section 145(3)

Read the full judgment

Issues it is cited on

prohibited by law interest under section 201(1a)section 244a section 201(1a)business expediency employees contribution to pf interest on securities section 41(1)section 37(1)section 41 computer software eligible business

Judgments citing Prakash Cotton Mills Pvt. Ltd. v. CIT

Dalmia Laminators Ltd., Kolkata vs. ACIT, Cir. 7(1), Kolkata

In the result, the appeal of the assessee is partly allowed

ITA 106/KOL/2022[2017-18]Status: DisposedITAT Kolkata25 Aug 2023AY 2017-18

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 143(3)Section 2(24)Section 250Section 3Section 36(1)Section 36(1)(iv)Section 36(1)(va)Section 43BSection 68

…lakshmi Sugar Mills Companies vs CIT (123 ITR 429). This was followed by the Mumbai Bench of ITAT in the case of ITO vs Bisleri (I) (P) Ltd. reported in 12 ITD 116 (Mum). Further, the Hon’ble Supreme Court in the case of Prakash Cotton Mills Pvt. Ltd. vs CIT (201 ITR 684 (SC) has held that imposed of damages paid by the assessee under the Employees State Insurance Act, 1948 for delayed payment of contribution thereunder is allowable deduction u/s 37(1) of the Act. This was followed by the Chandigarh Bench of the Tribunal in the case of DCIT vs M/s. Oswal Woollen Mills Ltd. vide order dated 16.03.2012. Therefore t…

Expat Engineering India Limited, Bengaluru vs. ACIT, Circle-2(1)(2), Bengaluru

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

ITA 1139/BANG/2022[2016-17]Status: HeardITAT Bangalore30 Mar 2023AY 2016-17

Bench: Shri George George K, Jm & Shri Laxmi Prasad Sahu, Am

For Appellant: Sri.Ravishankar S.V., AdvocateFor Respondent: Sri.Gudimella VP Pavan Kumar, JCIT-DR

Section 143(2)Section 143(3)Section 201Section 250Section 37

…erely compensatory in character besides relying on the case of Makalakshmi Sugar Mills 5 ITA No.1139/Bang/2022. M/s.Expat Engineering India Limited. Co. also relied on the decision of the apex court in the cases of Prakash Cotton Mills Pvt Ltd. v. CIT [1993] 201 ITR 684; Malwa Vanaspati and Chemical Co. v. CIT [1997] 225 ITR 383 and CIT v. Ahmedabad Cotton Manufacturing Co. Ltd. [1994] 205 ITR 163. In all these cases, the court was concerned with an indirect tax payable by the assessee in the course of its business and admissible as business expenditure. Further liability for interest which had been incurred by…

Deepak Kumar Goel, Muzaffarnagar vs. ACIT, Circle- 1, Muzaffarnagar

In the result, appeal of the assessee is partly allowed as indicated above

ITA 7407/DEL/2017[2013-14]Status: DisposedITAT Delhi28 Feb 2023AY 2013-14

Bench: Shri Challa Nagendra Prasad, S.M.C.

For Appellant: Shri Anil Jain

Section 133(6)Section 143(3)

…lab so he has not to gain any tax benefit in claiming during the year and not in earlier year. This is an allowable expenses being part of his I.T.A. No. 7407/Del/2017 business. Reliance was placed in the case of Prakash Cotton Mills Pvt. Ltd. Vs. CIT [(SC) 201 ITR 684]. 11. The ld. DR supported the orders of the lower authorities. 12. Heard rival submissions perused the orders of the authorities below. The Assessing Officer while completing the assessment disallowed prior period expenses of Rs.9,76,794/- observing that all the 5 debit entries of Rs.8,96,694/- have been debited on 16.04.2012. It is also observe…

M/S Premier Irrigation Adritec (P) Ltd., Kolkata vs. ACIT, Cir-11(1), Kolkata

In the result, the appeal of the assessee is dismissed

ITA 387/KOL/2021[2014-15]Status: DisposedITAT Kolkata20 Jan 2023AY 2014-15

Bench: Shri Sanjay Garg & Shri Girish Agrawal

Section 2(24)Section 250Section 3Section 36(1)Section 36(1)(va)Section 43B

…of his submission that the interest paid by the assessee was merely compensatory in character besides relying on the case of Makalakshmi Sugar Mills Co. also relied on the decision of the apex court in the cases of Prakash Cotton Mills Pvt Ltd. v. CIT [1993] 201 ITR 684 ; MalwaVanaspati and Chemical Co. v. CIT [19971 225 ITR 383 and CITv. Ahmedabad Cotton Manufacturing Co. Ltd. [1994] 205 ITR 163. In all these cases, the court was concerned with an indirect tax payable by the assessee in the course of its business and admissible as business expenditure. Further liability for interest which had been incurred by t…

M/S Dell International Services India Pvt Ltd, Bangalore vs. Additional Commissioner of Income Tax (Ltu), Bangalore

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

ITA 2835/BANG/2017[2013-14]Status: DisposedITAT Bangalore20 Jan 2023AY 2013-14

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am It(Tp)A No.2835/Bang/2017 : Asst.Year 2013-2014 M/S.Dell International Services The Additional Commissioner India Private Limited Of Income-Tax (Ltu) V. Bangalore. Divyashree Greens, Sy.Nos.12/1, 12/2A & 13/1A,Challaghatta Village,Varthur Hobli Bengaluru – 560 071. Pan : Aaach1925Q. (Appellant) (Respondent) Appellant By : Sri.T.Suryanarayana, Advocate Respondent By : Sri.Praveen Karanth, Cit-Dr Date Of Pronouncement : 20.01.2023 Date Of Hearing : 13.01.2023 O R D E R Per George George K, Jm : This Appeal At The Instance Of The Assessee Is Directed Against Final Assessment Order Dated 30.11.2017 Passed U/S 143(3) R.W.S. 144C Of The I.T.Act. The Relevant Assessment Year Is 2013-2014. 2. The Brief Facts Of The Case Are As Follows: The Assessee Is A Company, Engaged In The Business Of Manufacturing & Trading In Computer Systems Including Support & Maintenance Services & Leasing Of Computers. For The Assessment Year 2013-2014, The Return Of Income Was Filed On 30.11.2013 Declaring Total Income Of Rs.22,31,24,760. The Assessment Was Selected For Scrutiny & Notice U/S 143(2) Of The I.T.Act Was Issued On 2 It(Tp)A No.2835/Bang/2017. M/S.Dell International Services India Private Limited. 11.09.2014. During The Course Of Assessment Proceedings, It Was Noticed That The International Transactions Entered By The Assessee With Its Associated Enterprises (Aes) Had Exceeded The Prescribed Limit, Hence, The Matter Was Referred To The Transfer Pricing Officer (Tpo) To Determine The Arm’S Length Price (Alp) Of The Said Transaction. The Tpo Passed Order U/S 92Ca Of The I.T.Act On 19.10.2016. In The Said Order, The Tpo Had Proposed Following Adjustments:-

For Appellant: Sri.T.Suryanarayana, AdvocateFor Respondent: Sri.Praveen Karanth, CIT-DR

Section 143(2)Section 143(3)Section 144CSection 40Section 92CSection 92C(3)

…of his submission that the interest paid by the assessee was merely compensatory in character besides relying on the case of Makalakshmi Sugar Mills Co. also relied on the decision of the apex court in the cases of Prakash Cotton Mills Pvt Ltd. v. CIT [1993] 201 ITR 684; Malwa Vanaspati and Chemical Co. v. CIT [1997] 225 ITR 383 and CIT v. Ahmedabad Cotton Manufacturing Co. Ltd. [1994] 205 ITR 163. In all these cases, the court was concerned with an indirect tax payable by the assessee in the course of its business and admissible as business expenditure. Further liability for interest which had been incurred by…

M/S Harman Connected Services Corporation India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-3(1)(2), Bangalore

In the result, the appeal filed by the revenue is dismissed

ITA 1982/BANG/2018[2012-13]Status: DisposedITAT Bangalore12 Jan 2023AY 2012-13

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

For Appellant: Shri T. Suryanarayana, Sr. A.RFor Respondent: Shri Sreenivas T. Bidari, D.R

Section 143(3)

…his submission that the interest paid by the assessee was compensatory in character besides relying on the ease of Mahalakshmi Sugar Mills Co. (supra) also relied on the decisions of the Apex Court in the cases of Prakash Cotton Mills (P.) Lid, v. CIT [1993] 201 ITR 684 / 67 Taxman 546; Malwa Vanaspati & Chemical Co. v. CIT[1997] 225 ITR 383 and CIT v. Ahmedabad Cotton Mfg. Co. Ltd. V. CIT[1994] 205 ITR 163. In all those cases, the Court was concerned with an indirect tax payable by the assessee in the course of its business and admissible as business expenditure. Further. liability for' interest which had been…

M/S Harman Connected Services Corporation India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-3(1)(2), Bangalore

In the result, the appeal filed by the revenue is dismissed

ITA 1981/BANG/2018[2010-11]Status: DisposedITAT Bangalore12 Jan 2023AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

For Appellant: Shri T. Suryanarayana, Sr. A.RFor Respondent: Shri Sreenivas T. Bidari, D.R

Section 143(3)

M/S Harman Connected Services Corporation India Private Limited, Bangalore vs. Additional Commissioner of Income Tax Range-12, Bangalore

In the result, the appeal filed by the revenue is dismissed

ITA 1980/BANG/2018[2009-10]Status: DisposedITAT Bangalore12 Jan 2023AY 2009-10

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

For Appellant: Shri T. Suryanarayana, Sr. A.RFor Respondent: Shri Sreenivas T. Bidari, D.R

Section 143(3)

Universal Energies Ltd., New Delhi vs. DCIT, Circle- 18(1), New Delhi

In the result, the appeal of the assessee stands allowed

ITA 5298/DEL/2018[2014-15]Status: DisposedITAT Delhi05 Jan 2023AY 2014-15

Bench: The Ld. Cit (A).

For Appellant: NoneFor Respondent: Shri Abhishek Kumar, Sr. DR

Section 201Section 30Section 37(1)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘G’ : NEW DELHI) SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER and SHRI CHANDRA MOHAN GARG, JUDICIAL MEMBER ITA No.5298/Del./2018 (ASSESSMENT YEAR : 2014-15) Universal Energies Ltd., vs. DCIT, Circle 18 (1), SF, Sethi Chambers, New Delhi. 24, Kalinga Chowk, West Patel Nagar, New Delhi – 110 008. (PAN : AAACU9022F) (APPELLANT) (RESPONDENT) ASSESSEE BY : None REVENUE BY : Shri Abhishek Kumar, Sr. DR Date of Hearing : 08.12.2022 Date of Order : 05.01.2023 ORDER PER SHAMIM YAHYA, ACCOUNTANT MEMBER : This appeal by the assessee is directed against the order of the ld.…

Asianet Satellite Communications P. Ltd, Trivandrum vs. The Pr CIT, Trivandrum

In the result, appeal is allowed in favour of the assessee

ITA 5/COCH/2021[2016-17]Status: DisposedITAT Cochin21 Dec 2022AY 2016-17

Bench: Shri N. V. Vasudevan & Ms. Padmavathy Sassessment Year : 2016-17 M/S. Asianet Satellite Vs. Pcit, Communications Pvt. Ltd., Thiruvananthapuram. 2A, 2Nd Floor, Carnival Technopark, Technopark, Kazhakuttom, Karyavattom, P. O., Thiruvananthapuram. Pan : Aaeca 5548 E Appellant Respondent

For Appellant: Shri. Raghunathan S, AdvocateFor Respondent: Shri. M. Rajasekhar, CIT(DR)

Section 143(2)Section 143(3)Section 154Section 263Section 37Section 37(1)

…ting that the impugned amount debited under finance cost is deductible under section 37(1) of the Act and is of compensatory nature. The assessee relied on the decision of the Hon’ble Supreme Court in the case of Prakash Cotton Mills Pvt. Ltd., Vs. CIT (1993) 201 ITR 684 and Mahalakshmi Sugar Mills Co vs CIT (1980) 123 ITR 429 (SC) in this regard. The PCIT did not accept the submissions of the assessee and proceeded to set aside the order of the AO under section 143(3) of the Act with a direction to redo the assessment by relying on the decision of the Apex Court in the case of Bharat Commerce Inductries Ltd vs C…

M/S Dell International Services India Private Limited, Bangalore vs. Joint Commissioner of Income Tax Ltu, Bangalore

In the result, the appeals of the assessee and the revenue are partly allowed

ITA 932/BANG/2017[2012-13]Status: DisposedITAT Bangalore14 Nov 2022AY 2012-13

Bench: Smt. Beena Pillai & Ms. Padmavathy Sit(Tp)A No.844/Bang/2017 Assessment Year : 2012-13 The Joint Vs. M/S.Dell International Services India Commissioner Of Private Limited, Income Tax, Ltu, (For The Merged Entity Dell India Bangalore. Private Limited), No.12/1, 12/2A, 13/1A, Divyashree Gardens, Challagutta Village, Varthur Hobli, Bangalore – 560 071. Pan : Aaach1925Q Appellant Respondent It(Tp)A No.932/Bang/2017 Assessment Year : 2012-13 M/S.Dell International Services Vs. The Joint Commissioner India Private Limited, Of Income Tax, Ltu, (For The Merged Entity Dell India Bangalore. Private Limited), Bangalore – 560 071. Pan : Aaach1925Q Appellant Respondent Revenue By : Shri Manjunath Karkihalli, Cit(Dr)(Itat), Bengaluru. Assessee By : Shri T. Suryanarayana, Advocate Date Of Hearing : 07.11.2022 Date Of Pronouncement : 14.11.2022

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Shri

Section 143(2)Section 92C

…of his submission that the interest paid by the assessee was merely compensatory in character besides relying on the case of Makalakshmi Sugar Mills Co. also relied on the decision of the apex court in the cases of Prakash Cotton Mills Pvt Ltd. v. CIT [1993] 201 ITR 684; Malwa Vanaspati and Chemical Co. v. CIT [1997] 225 ITR 383 and CIT v. Ahmedabad Cotton Manufacturing Co. Ltd. [1994] 205 ITR 163. In all these cases, the court was concerned with an indirect tax payable by the assessee in the course of its business and admissible as business expenditure. Further liability for interest which had been incurred by…

Joint Commissioner of Income Tax (Ltu), Bangalore vs. M/S Dell International Services India Private Limited, Bangalore

In the result, the appeals of the assessee and the revenue are partly allowed

ITA 844/BANG/2017[2012-13]Status: DisposedITAT Bangalore14 Nov 2022AY 2012-13

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Shri

Section 143(2)Section 92C

…of his submission that the interest paid by the assessee was merely compensatory in character besides relying on the case of Makalakshmi Sugar Mills Co. also relied on the decision of the apex court in the cases of Prakash Cotton Mills Pvt Ltd. v. CIT [1993] 201 ITR 684; Malwa Vanaspati and Chemical Co. v. CIT [1997] 225 ITR 383 and CIT v. Ahmedabad Cotton Manufacturing Co. Ltd. [1994] 205 ITR 163. In all these cases, the court was concerned with an indirect tax payable by the assessee in the course of its business and admissible as business expenditure. Further liability for interest which had been incurred by…

DCIT, Circle-11(1), New Delhi vs. Holisol Logistics P.Ltd, New Delhi

In the result, the appeal of the Revenue stands

ITA 4361/DEL/2018[2014-15]Status: DisposedITAT Delhi30 Aug 2022AY 2014-15

Bench: Dr. B.R.R. Kumar & Shri N.K. Choudhryassessment Year: 2014-15

For Appellant: Sh. Ravi Kant Choudhary, Ld. Sr. DRFor Respondent: Sh. R.K. Mehra, Ld. CA

Section 250Section 36Section 46ASection 56(2)(vii)Section 56(2)(viib)

…011), wherein it was held that interest on service tax is compensatory in nature and has the same characters as service tax and therefore, it is an allowable deduction. Further, the Hon’ble Apex Court in the case of Prakash Cotton Mills P. Ltd. vs. CIT (1993) 201 ITR 684, held that where the payment of interest is automatic for the delayed payment, the imposition is compensatory in nature. The Hon’ble High Court of Himachal Pradesh in the case of CIT vs. H.P. State Forest Corporation (2010) 320 ITR (HP) while relying upon the 12 DCIT Vs Holisol Logistrics P. Ltd judgments passed by the Hon’ble Apex Court in the…

Expat Engineering India Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle-2(1)(1), Bangalore

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

ITA 503/BANG/2022[2017-18]Status: DisposedITAT Bangalore01 Aug 2022AY 2017-18

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy S

For Appellant: Shri Rajgopal, CAFor Respondent: Smt. Priyadarshini Baseganni

Section 139Section 139(1)Section 143(3)Section 2(24)(x)Section 36Section 43B

…of his submission that the interest paid by the assessee was merely compensatory in character besides relying on the case of Makalakshmi Sugar Mills Co. also relied on the decision of the apex court in the cases of Prakash Cotton Mills Pvt Ltd. v. CIT [1993] 201 ITR 684; Malwa Vanaspati and Chemical Co. v. CIT [1997] 225 ITR 383 and CIT v. Ahmedabad Cotton Manufacturing Co. Ltd. [1994] 205 ITR 163. In all these cases, the court was concerned with an indirect tax payable by the assessee in the course of its business and admissible as business expenditure. Further SP No.31/Bang/2022 & ITA No.503/Bang/2022 Page 8…

Universal Energies Ltd., New Delhi vs. DCIT, Circle- 27(1), New Delhi

In the result, the appeal of the assessee is dismissed

ITA 2761/DEL/2018[2012-13]Status: DisposedITAT Delhi26 Jul 2022AY 2012-13

Bench: Sh. A. D. Jaindr. B. R. R. Kumar

For Appellant: Sh. Sudesh Garg, Adv. &For Respondent: Sh. K. A. Manu, Sr. DR

Section 2Section 201Section 30Section 36(1)Section 36(1)(iii)Section 37Section 37(1)Section 40

…of his submission that the interest paid by the assessee was merely compensatory in character besides relying on the case of Makalakshmi Sugar Mills Co. also relied on the decision of the apex court in the cases of Prakash Cotton Mills Pvt. Ltd. V. CIT [1993] 201 ITR 684; Malwa Vansapati and Chemical Co. v. CIT [1997] 225 ITR 383 and CIT vs. Ahmedabad Cotton Manufacturing Co. Ltd. [1994] 205 ITR 163. In all these cases, the court was concerned with an indirect tax payable by the assessee in the course of its business and admissible as business expenditure. 3. The ratio of those cases is not applicable here. Incom…

DCIT Central Circle-27, New Delhi vs. Brahma City Pvt Ltd, New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 9240/DEL/2019[2014-15]Status: DisposedITAT Delhi14 Jul 2022AY 2014-15

Bench: Shri Challa Nagendra Prasad & Shri Pradip Kumar Kedia

For Appellant: Shri Amaresh Singh, CIT-D.RFor Respondent: Shri Salil Kapoor, Adv

Section 143(3)Section 263

…of the expenditure on interest though was not claimed in profit and loss account and was not for an offence nor prohibited by law as being opposed to public policy. 4) The Honourable Supreme Court in Prakash Cotton Mills P. Ltd. v. Commissioner of Income Tax 201 ITR 684 while analyzing the scope of Section 37(1) of the Act observed as under: "Therefore, whenever any statutory impost paid by an assessee by way of damages or penalty or interest is claimed as an allowable expenditure under Section 37(1) of the Income-tax Act, the assessing authority is required to examine the scheme of the provisions of the relevan…

Akshay Khetterpal, New Delhi vs. ACIT, Circle- 41(1), New Delhi

In the result, the Appeal filed by the Assessee is partly allowed

ITA 129/DEL/2019[2015-16]Status: DisposedITAT Delhi31 May 2022AY 2015-16

Bench: Shri R.K.Panda & Shri N. K. Choudhryakshaykhetterpal, Vs. Acit, C/O. Surindermahajan& Circle-41(1), Associates, A-134, Defence New Delhi Colony, New Delhi Pan: Bhupk0131J (Appellant) (Respondent)

For Appellant: ShriSurinderMahajan, CAFor Respondent: ShriM. K. Jain, Sr. DR

Section 139(1)Section 143(2)Section 143(3)Section 250(6)Section 37(1)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A”: NEW DELHI BEFORE SHRI R.K.PANDA, ACCOUNTANT MEMBER AND SHRI N. K. CHOUDHRY, JUDICIAL MEMBER AkshayKhetterpal, Vs. ACIT, C/o. SurinderMahajan& Circle-41(1), Associates, A-134, Defence New Delhi Colony, New Delhi PAN: BHUPK0131J (Appellant) (Respondent) Assessee by : ShriSurinderMahajan, CA ShriSamitMahajan, CAs Revenue by: ShriM. K. Jain, Sr. DR Date of Hearing 11/04/2022 Date of pronouncement 31/05/2022 O R D E R PER N.K. CHOUDHRY, J. M.: 1. The Assessee has preferred the instant appeal against the order dated 12.11.2018, impugned herein, passed by the Ld. Comm…

Principal Commissioner of Income Tax - Central-1, Kolkata vs. M/S. Feegrade and Company Pvt. Ltd

In the result, the substantial questions of law are answered against

ITAT/25/2018HC Calcutta04 Jan 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

Section 260ASection 37Section 37(1)Section 73

…deduction can be claimed by the assessee in respect of such expenditure. This issue has been decided in favour of the respondent/assessee by following the decision of the Hon’ble Supreme Court in Prakash Cotton Mills Pvt. Ltd. reported in 201 ITR 684 wherein it was held that the payment made to the Railway for overloading of wagons is compensatory in nature and can be allowed under explanation to Section 37(1) of the Act. Furthermore, on facts the Tribunal noted that when the respondent/assessee loads the goods for dispatch through railway wagons actual measurement of weight cannot…

M/S. Tuv Rheinland Nife Academy Private Limited, Bangalore vs. The Assistant Commissioner of Income Tax, Circle- 7(1)(1), Bangalore

In the result, the appeal of the assessee is treated as partly allowed

ITA 2633/BANG/2019[2016-17]Status: DisposedITAT Bangalore01 Nov 2021AY 2016-17

Bench: Shri B. R. Baskaran & Smt. Beena Pillaiassessment Year: 2016-17

For Appellant: Smt. Kavitha Paramesh, A.RFor Respondent: Shri Muzaffar Hussain &

Section 170Section 201Section 32(1)Section 40Section 47

…rt of his submission that the i nterest paid by the assessee was merely compensatory in character besides relying on the case of Makalakshmi Sugar Mills Co. also relied on the decision of the apex court in the cases of Prakash Cotton Mills Pvt Ltd. CIT [1993] 201 ITR 684; Malwa Vanaspati and Chemical Co. v. CIT [1997] 225 ITR 383 and CIT v. Ahmedabad Cotton Manufacturing Co. Ltd. [1994] 205 ITR 163. In all these cases, the court was concerned with an indirect tax payable by the assessee in the course of its business and admissible as business expenditure. Further liability for interest which had been incurred by…

ACIT 3 (1)(1), Mumbai vs. M/S Devkrupa Build Tech Ltd., Mumbai

In the result, appeal of the Revenue is dismissed

ITA 6736/MUM/2019[2013-14]Status: DisposedITAT Mumbai25 Oct 2021AY 2013-14

Bench: Shri Mahavir Singh: A.Y : 2013-14 Asstt. Commissioner Of Income Vs. M/S. Devkrupa Build Tech Ltd., Tax – 3(1)(1), Mumbai. (Appellant) Raheja Chamber, Office No. 317, 3Rd Floor, Free Press Marg, Nariman Point, Mumbai 400 021. Pan : Aaccd5467B (Respondent)

For Appellant: Shri Vivek PerampurnaFor Respondent: Shri Viral Doshi

Section 143(3)Section 40

…er hand, the learned counsel for the assessee relied on the order of the CIT(A). 10. I have considered the arguments of both the sides and noted that the CIT(A) has considered the judgment of Hon'ble Supreme Court in the case of Prakash Cotton Mills P. Ltd., 201 ITR 684 (SC) wherein the context was of allowability of interest on delayed payment of Provident Fund dues. The Hon'ble Supreme Court after examining the relevant statutory provisions affirmed the view that the said interest involved a component of both interest as well as penalty. The Hon'ble Supreme Court considered the issue and laid down certain guid…