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 43BSection 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 lawinterest under section 201(1a)section 244asection 201(1a)business expediencyemployees contribution to pfinterest on securitiessection 41(1)section 37(1)section 41computer softwareeligible business

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

Subsea Pro Engineering Private Limited, Mumbai vs. ACIT Circle-16 (3), Mumbai

In the result, appeal is dismissed

ITA 5884/MUM/2019[2015-16]Status: DisposedITAT Mumbai31 Aug 2021AY 2015-16

Bench: Shri Saktijit Dey, Judcial Member & Shri S. Rifaur Rahmanassessment Year: 2015-16 Subsea Pro Engineering Private Assistant Commissioner Of Limited, Income Tax, 509 & 510, Techniplex Ii, Opp Circle 16 (3), Techniplex Complex, Jn. Veer Vs. Room No. 449, Aaykar Bhavan, Savarkar Flyover, Maharashi Karve Road, Goregaon (West), Churchgate- 400020 Mumbai - 400062 Pan: Aapcs6354R (Appellant) (Respondent) Assessee By : Shri Viswas Mehandale (Ar) Revenue By : Shri Vijay Kumar Menon (Dr) Date Of Hearing : 16/07/2021 Date Of Pronouncement: 31/08/2021

For Appellant: Shri Viswas Mehandale (AR)For Respondent: Shri Vijay Kumar Menon (DR)
Section 139Section 201Section 37Section 37(1)

…ubmission that the interest paid by the assessee was merely compensatory in character besides relying on the case of Mahalakshmi Sugar Mills Co. (supra) also relied on the decisions of the Apex Court in the cases of Prakash Cotton Mills (P.) Ltd. v. CIT[1993] 201 ITR 684/67 Taxman 546 ; Assessment Year: 2015-16 Malwa Vanaspati & Chemical Co. v. CI 1997 225 ITR 383 and CIT vs Ahmedabad Cotton Mfg. Co. Ltd. v.CI 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 inter…

Hari Machines Ltd., New Delhi vs. DCIT, New Delhi

The appeal is dismissed

ITA 213/DEL/2017[2012-13]Status: DisposedITAT Delhi03 Aug 2021AY 2012-13

Bench: Shri Kul Bharat & Shri Prashant Maharishi(Through Video Conferencing) Hari Machines Ltd, Vs. Dcit, 4, Scindia House, Connaught Circle-11(1), Place, New Delhi New Delhi Pan: Aaach0868C (Appellant) (Respondent)

For Appellant: NoneFor Respondent: Ms. Anima Barnwal, Sr. DR
Section 143(3)Section 234BSection 37(1)

…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 [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…

M/S Gogga Gurusanthaiah and Brothers, Hospet vs. The Assistant Commissioner of Income Tax Circle-1, Bellary

In the result, the appeals filed by the assessee are partly allowed as indicated above

ITA 3319/BANG/2018[2015-16]Status: DisposedITAT Bangalore28 Jul 2021AY 2015-16

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.Sivaprasad Reddy, AdvocateFor Respondent: Sri.Pradeep Kumar, CIT-DR
Section 37

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “C”, BANGALORE Before Shri Chandra Poojari, AM & Shri George George K, JM ITA No.3317/Bang/2018: Asst.Year 2013-2014 ITA No.3318/Bang/2018: Asst.Year 2014-2015 ITA No.3319/Bang/2018: Asst.Year 2015-2016 M/s.Gogga Gurusanthaiah and The Asst.Commissioner of Brothers, Mine Owners, P.B.No.4, Income-tax, Circle – 1 v. Nehru Co-operative Colony Bellary – 583 103. Hosapete – 583 201. PAN : AACFG6895M. (Appellant) (Respondent) Appellant by : Sri.Sivaprasad Reddy, Advocate Respondent by :Sri.Pradeep Kumar, CIT-DR Date of Pronouncement : 28.07.2021 Date of Hearing :…

M/S Gogga Gurusanthaiah and Brothers, Hospet vs. The Assistant Commissioner of Income Tax Circle-1, Bellary

In the result, the appeals filed by the assessee are partly allowed as indicated above

ITA 3318/BANG/2018[2014-15]Status: DisposedITAT Bangalore28 Jul 2021AY 2014-15

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.Sivaprasad Reddy, AdvocateFor Respondent: Sri.Pradeep Kumar, CIT-DR
Section 37

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “C”, BANGALORE Before Shri Chandra Poojari, AM & Shri George George K, JM ITA No.3317/Bang/2018: Asst.Year 2013-2014 ITA No.3318/Bang/2018: Asst.Year 2014-2015 ITA No.3319/Bang/2018: Asst.Year 2015-2016 M/s.Gogga Gurusanthaiah and The Asst.Commissioner of Brothers, Mine Owners, P.B.No.4, Income-tax, Circle – 1 v. Nehru Co-operative Colony Bellary – 583 103. Hosapete – 583 201. PAN : AACFG6895M. (Appellant) (Respondent) Appellant by : Sri.Sivaprasad Reddy, Advocate Respondent by :Sri.Pradeep Kumar, CIT-DR Date of Pronouncement : 28.07.2021 Date of Hearing :…

M/S Gogga Gurusanthaiah and Brothers, Hospet vs. The Assistant Commissioner of Income Tax Circle-1, Bellary

In the result, the appeals filed by the assessee are partly allowed as indicated above

ITA 3317/BANG/2018[2013-14]Status: DisposedITAT Bangalore28 Jul 2021AY 2013-14

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.Sivaprasad Reddy, AdvocateFor Respondent: Sri.Pradeep Kumar, CIT-DR
Section 37

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “C”, BANGALORE Before Shri Chandra Poojari, AM & Shri George George K, JM ITA No.3317/Bang/2018: Asst.Year 2013-2014 ITA No.3318/Bang/2018: Asst.Year 2014-2015 ITA No.3319/Bang/2018: Asst.Year 2015-2016 M/s.Gogga Gurusanthaiah and The Asst.Commissioner of Brothers, Mine Owners, P.B.No.4, Income-tax, Circle – 1 v. Nehru Co-operative Colony Bellary – 583 103. Hosapete – 583 201. PAN : AACFG6895M. (Appellant) (Respondent) Appellant by : Sri.Sivaprasad Reddy, Advocate Respondent by :Sri.Pradeep Kumar, CIT-DR Date of Pronouncement : 28.07.2021 Date of Hearing :…

M/S.Ptl Enterprises Ltd. (Formerly Premier Tyres Ltd) vs. The Assistnat Commissioner of Income Tax, Circle-2(1), Range-2, Ernakulam

ITA/207/2013HC Kerala22 Jul 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

For Appellant: THE DEPUTY COMMISSIONER OF INCOME TAXFor Respondent: M/S.PTL ENTERPRISES LTD

…rom being deducted as an expenditure. 20. It is not in dispute, as held in the decision in Commissioner of Income Tax v. Chemical Constructions [(2000) 243 ITR 858 (Mad.)] and in Malwa Vanaspati & Chemical Co. v. Commissioner of Income Tax [(1997) 225 ITR 383 (SC)] that when penalty is paid, comprising of elements of compensation and penalty, only that part of the penalty which is compensatory, is allowable as an expenditure under section 37(1) of the Act. I.T.A. No.193/12 & Conn. Cases -:20:- 21. There is nothing on record to indicate that there is any element of compensation involved. Even after…

M/S.Ptl Enterprises Ltd vs. The Deputy Commissioner of Income-Tax

ITA/185/2013HC Kerala22 Jul 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

For Appellant: THE DEPUTY COMMISSIONER OF INCOME TAXFor Respondent: M/S.PTL ENTERPRISES LTD

…rom being deducted as an expenditure. 20. It is not in dispute, as held in the decision in Commissioner of Income Tax v. Chemical Constructions [(2000) 243 ITR 858 (Mad.)] and in Malwa Vanaspati & Chemical Co. v. Commissioner of Income Tax [(1997) 225 ITR 383 (SC)] that when penalty is paid, comprising of elements of compensation and penalty, only that part of the penalty which is compensatory, is allowable as an expenditure under section 37(1) of the Act. I.T.A. No.193/12 & Conn. Cases -:20:- 21. There is nothing on record to indicate that there is any element of compensation involved. Even after…

Ptl Enterprises Ltd vs. The Deputy Commissoner of Income Tx

ITA/206/2013HC Kerala22 Jul 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

For Appellant: THE DEPUTY COMMISSIONER OF INCOME TAXFor Respondent: M/S.PTL ENTERPRISES LTD

…rom being deducted as an expenditure. 20. It is not in dispute, as held in the decision in Commissioner of Income Tax v. Chemical Constructions [(2000) 243 ITR 858 (Mad.)] and in Malwa Vanaspati & Chemical Co. v. Commissioner of Income Tax [(1997) 225 ITR 383 (SC)] that when penalty is paid, comprising of elements of compensation and penalty, only that part of the penalty which is compensatory, is allowable as an expenditure under section 37(1) of the Act. I.T.A. No.193/12 & Conn. Cases -:20:- 21. There is nothing on record to indicate that there is any element of compensation involved. Even after…

Ptl Enterprises Ltd vs. The Deputy Commissioner of Income Tax

ITA/227/2013HC Kerala22 Jul 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

For Appellant: THE DEPUTY COMMISSIONER OF INCOME TAXFor Respondent: M/S.PTL ENTERPRISES LTD

…rom being deducted as an expenditure. 20. It is not in dispute, as held in the decision in Commissioner of Income Tax v. Chemical Constructions [(2000) 243 ITR 858 (Mad.)] and in Malwa Vanaspati & Chemical Co. v. Commissioner of Income Tax [(1997) 225 ITR 383 (SC)] that when penalty is paid, comprising of elements of compensation and penalty, only that part of the penalty which is compensatory, is allowable as an expenditure under section 37(1) of the Act. I.T.A. No.193/12 & Conn. Cases -:20:- 21. There is nothing on record to indicate that there is any element of compensation involved. Even after…

Ptl Enterprises Ltd vs. The Deputy Commissioner of Income-Tax

ITA/200/2013HC Kerala22 Jul 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

For Appellant: THE DEPUTY COMMISSIONER OF INCOME TAXFor Respondent: M/S.PTL ENTERPRISES LTD

…rom being deducted as an expenditure. 20. It is not in dispute, as held in the decision in Commissioner of Income Tax v. Chemical Constructions [(2000) 243 ITR 858 (Mad.)] and in Malwa Vanaspati & Chemical Co. v. Commissioner of Income Tax [(1997) 225 ITR 383 (SC)] that when penalty is paid, comprising of elements of compensation and penalty, only that part of the penalty which is compensatory, is allowable as an expenditure under section 37(1) of the Act. I.T.A. No.193/12 & Conn. Cases -:20:- 21. There is nothing on record to indicate that there is any element of compensation involved. Even after…

M/S Ptl Enterprises Ltd vs. The Deputy Commissioner of Income-Tax

ITA/92/2014HC Kerala22 Jul 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

For Appellant: THE DEPUTY COMMISSIONER OF INCOME TAXFor Respondent: M/S.PTL ENTERPRISES LTD

…rom being deducted as an expenditure. 20. It is not in dispute, as held in the decision in Commissioner of Income Tax v. Chemical Constructions [(2000) 243 ITR 858 (Mad.)] and in Malwa Vanaspati & Chemical Co. v. Commissioner of Income Tax [(1997) 225 ITR 383 (SC)] that when penalty is paid, comprising of elements of compensation and penalty, only that part of the penalty which is compensatory, is allowable as an expenditure under section 37(1) of the Act. I.T.A. No.193/12 & Conn. Cases -:20:- 21. There is nothing on record to indicate that there is any element of compensation involved. Even after…

Mach Aero Components Private Limited, Bengaluru vs. Principal Commissioner of Income Tax, Range-4, Bengaluru

In the result, the appeal by the assessee is dismissed as withdrawn

ITA 2022/BANG/2019[2015-16]Status: DisposedITAT Bangalore25 Jun 2021AY 2015-16

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2015-16

For Appellant: Shri K.P. Srinivas, CAFor Respondent: Shri Muzaffar Hussain, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 195Section 195ASection 201Section 263Section 36(1)(iii)Section 37Section 40A(2)(b)

…on delayed payment of TDS and indirect taxes is only compensatory in nature and is therefore eligible for deduction u/s 37 as a business expenditure. The assessee relied on the Hon'ble Supreme Court in the case of Prakash Cotton Mills Pvt. Ltd. Vs CIT 11993] 201 ITR 684 (SC.). 7. Regarding interest on delayed payment of Entry tax Rs.11,69,036/-, it was submitted that penalty on entry tax amounting to Rs.1,15,0241-, was inadvertently omitted to be disallowed u/s 37 and was erroneously claimed as an allowable expenditure. Thus the same may be considered for disallowance. All interest costs incurred on assets afte…

ACIT, Circle - 1(3), Kolkata vs. M/S. Rungta Sons (P) Ltd., Kolkata

In the result, appeal of the revenue is dismissed

ITA 2200/KOL/2019[2015-16]Status: DisposedITAT Kolkata23 Jun 2021AY 2015-16

Bench: Shri J. Sudhakar Reddy, Hon’Ble & Shri Sanjay Garg, Hon’Ble] I.T.A. No. 2200/Kol/2019 Assessment Year: 2015-16 Asstt. Commissioner Of Income Tax, Cc-1(3), Kolkata............................................……....…..Appellant Vs. M/S. Rungta Sons Pvt. Ltd......……………...................…..…………………………………………....…..Respondent 8A, Express Tower 42A, Shakespeare Sarani Kolkata – 700 017 [Pan : Aabcr 2356 N]

Section 250Section 37Section 4Section 72

…reme Court in the case of Prakash Cotton Mills P.Ltd. after considering the decision of the Hon'ble Supreme Court in the case of Prakash Cotton Mills P.Ltd. after considering the decision of the Hon'ble Supreme Court in the case of Prakash Cotton Mills P.Ltd. 201 ITR 684 (SC) and also the nature of railway punitive charges held that the payments made to the 201 ITR 684 (SC) and also the nature of railway punitive charges held that the payments made to the 201 ITR 684 (SC) and also the nature of railway punitive charges held that the payments made to the railways for overloading of the wagons is railways for overl…

Ogene Systems India Limited, Hyderabad vs. Income Tax Officer, Ward-16(4), Hyderabad

Appeal is allowed in above terms

ITA 271/HYD/2018[2014-15]Status: DisposedITAT Hyderabad06 May 2021AY 2014-15

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

For Appellant: Shri P.Murali Mohana Rao, ARFor Respondent: Shri Sunil Kumar Pandey, DR
Section 143(3)Section 37

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “A” : HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER I.T.A. No. 271/HYD/2018 Assessment Year: 2014-15 Ogene Systems India Income Tax Officer, Limited, Vs Ward-16(4), HYDERABAD HYDERABAD [PAN: AAACO7056R] (Appellant) (Respondent) For Assessee : Shri P.Murali Mohana Rao, AR For Revenue : Shri Sunil Kumar Pandey, DR Date of Hearing : 24-03-2021 Date of Pronouncement : 06-05-2021 O R D E R PER S.S.GODARA, J.M. : This assessee’s appeal for AY.2014-15 arises from the CIT(A)-4, Hyderab…

New Modern Bazaar Departmental Store Pvt. Ltd., New Delhi vs. ITO, Ward- 31(1), New Delhi

In the result, appeal of the assessee is dismissed

ITA 590/DEL/2018[2014-15]Status: DisposedITAT Delhi08 Apr 2021AY 2014-15

Bench: Shri Amit Shuklaa N D Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: N O N EFor Respondent: Shri S. S. Negi, Sr. DR
Section 143(3)Section 201Section 37Section 37(1)

…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. Veerabhadrappa Sangappa & Company, Sandur vs. The Assistant Commissioner of Income Tax, Circle- 1, Bellary

In the result appeal filed by assessee stands partly allowed

ITA 1054/BANG/2019[2013-14]Status: DisposedITAT Bangalore08 Dec 2020AY 2013-14

Bench: Shri. B. R. Baskaran & Smt. Beena Pillaiassessment Year : 2013–14

For Appellant: Shri Chythanya K.K, AdvocateFor Respondent: Shri Muzaffar Hussain, CIT
Section 145Section 28Section 5

…y such payments which is an offence or which is prohibited by law. He placed reliance on following decision in support: Page 82 of 138 A.Y:2013-14 (a) Jai Surgicals Ltd vs. ACIT (2014)(33 ITR (Trib) 86)(Del) (b) Prakash Cotton Mills (P) Ltd vs. CIT (1993)(201 ITR 684)(SC) (c) M P Gupta vs. ITO (2014-TIOL-957-ITAT-Mum) 7.8.1. Ld.Counsel submitted that Hon’ble Supreme Court directed MC to deduct such amount in order to resume the mining activity. Hence it was incurred wholly and exclusively for the purpose of business and hence the same is allowable u/s.37 of the Act. Ld.Counsel, inter alia, placed reliance on…

DCIT, CC-1(3), Kolkata vs. M/S Rungta Mines Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 2199/KOL/2019[2015-16]Status: DisposedITAT Kolkata20 Nov 2020AY 2015-16

Bench: Shri J. Sudhakar Reddy, Am & Ms. Madhumita Roy, Jm आयकरअपीलसं./I.T.A No.2199/Kol/2019 ("नधा"रणवष" / Assessment Year: 2015-16) Acit, Cc-1(3), Kolkata Vs. M/S Rungta Mines Pvt. Ltd. 8A, Express Tower, 42A, Shakespeare Sarani, Kolkata. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcr6463N (Appellant) .. (Respondent)

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Supriyo Paul, Addl. CIT
Section 143(3)Section 14ASection 37

…to allow deduction u/s. 37(1) of the Income Tax Act whenever such examination reveals the concerned impost to be purely compensatory in nature. “ The Hon’ble Supreme Court reiterated the same legal position in the case of Prakash Cotton Mills Pvt. Ltd (1993) 201 ITR 684. In the case of Hero Cycles Ltd 178 Taxman 484, the Hon’ble Punjab & Haryana High Court allowed the deduction of the amount paid to the Electricity Board as penalty for violation of power regulations, ie. Extra charges paid for drawing extra load in peak hours. In the case of Western Coalfields Ltd (2009) 124 TTJ (Nag) 659, the Hon’ble ITAT, Nagp…

ACIT, CC-1(3), Kolkata vs. M/S Rungta Mines Pvt. Ltd., Kolkata

In the result, appeal of the revenue is dismissed

ITA 2344/KOL/2019[2016-17]Status: DisposedITAT Kolkata28 Oct 2020AY 2016-17

Bench: Shri P.M. Jagtap(Kz) &Shri A. T. Varkey, Jm] Assessment Year: 2016-17

Section 143(3)Section 37(1)Section 73

…l not be applicable. In the decision relied upon by CIT(A) there is also a discussion about the notification issued by the railway ministry of overloading charges and also the decision of the Hon’ble Supreme Court in the case of Prakash Cotton Mills Pvt. Ltd. 201 ITR 684 (SC) and the decision of the Hon’ble Punjab and Haryana High Court in the case of Hero Cycles Ltd. 178 Taxmann 484 (P&H). Reference was also made to the decision of ITAT Nagpur bench in the case of Western Coalfields Ltd (2009) 124 TTJ (Nag) 659. In the decision last cited on the same nature of expenses namely compensatory charges to the railways…

Sach Electro Mech Pvt. Ltd., Surat vs. The Income Tax Officer, Ward-2(1)(2), Surat

In the result ground No. 4 of the appeal is allowed

ITA 262/AHD/2017[2013-14]Status: DisposedITAT Surat09 Oct 2020AY 2013-14

Bench: Shri Pawan Singh, Hon'Ble & Dr Arjun Lal Saini, Hon'Ble(Virtual Court - Virtual Hearing) आ.अ.सं./I.T.A No.262/Ahd/2017 "नधा"रण वष"/Assessment Year: 2013-14 Sach Electro Mech Pvt. Ltd., V The Income Tax Officer, C/2, Maheshwari Apartment, S Ward-2(1)(2), Surat. Timaliyawad, Nanpura, . Surat – 395 001. [Pan: Aaics 8963 M] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Manish J.Shah – Ar राज"वक"ओरसे /Revenue By Mrs. Anupam Singla – Sr.Dr

Section 143(3)Section 14ASection 2(24)(x)Section 36(1)(v)Section 36(1)(va)Section 37Section 40Section 43B

…est paid by the assessee is not a penalty and compensatory in nature and is allowable deduction under section 37 of the Act. In support of his submissions the Ld. AR for the assessee relied on the decision of Hon'ble Apex Court in Prakash Cotton Mills [(1993) 201 ITR 684 SC]. 12. On the other hand the Ld. DR for the revenue supported the order of lower authorities. 13. We have considered the rival submissions of the parties and have gone through the orders of the lower authorities. The A.O. disallowed Rs. 127,621/- being interest debited to profit and loss account as interest on TDS by taking view that this amoun…

M/S Mersen India Pvt Ltd, Bangalore vs. Joint Commissioner of Income Tax Circle-11(2), Bangalore

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

ITA 2184/BANG/2017[2008-09]Status: DisposedITAT Bangalore11 Sept 2020AY 2008-09

Bench: Shri Chandra Poojari & Smt. Beena Pillaim/S. Mersen India Pvt. Ltd., No.5, Bommasandra Indl. Area, Anekal Taluk, Hosur Road, Bangalore-560 099 Pan Aaace 3191K ….Appellant Vs. Jt. Commissioner Of Income Tax, Circle 11(2), Bangalore. ……Respondent. Assessee By: Shri Tata Krishna, Advocate. Revenue By: Smt. R. Premi, Jcit (D.R)

For Appellant: Shri Tata Krishna, AdvocateFor Respondent: Smt. R. Premi, JCIT (D.R)
Section 139(5)Section 143(3)Section 14ASection 234B

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “ C ” BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER M/s. Mersen India Pvt. Ltd., No.5, Bommasandra Indl. Area, Anekal Taluk, Hosur Road, Bangalore-560 099 PAN AAACE 3191K ….Appellant Vs. Jt. Commissioner of Income Tax, Circle 11(2), Bangalore. ……Respondent. Assessee By: Shri Tata Krishna, Advocate. Revenue By: Smt. R. Premi, JCIT (D.R) Date of Hearing : 03.09.2020. Date of Pronouncement : 11.09.2020. O R D E R PER SHRI CHANDRA POOJARI, A.M. : This appeal by the assessee is directed against the orde…