Principal Commissioner of Income Tax v. M/s. West Bengal Housing Infrastructure

413 ITR 82High Court#20813 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2022 to 2024.

Sections most often in play

Section 143(3)Section 194A Section 2(28A)Section 57(iii)Section 142(1)Section 143(2)Section 198 Section 199

Issues it is cited on

section 2(28a)interest on securities section 194a section 194 section 19 income from other sources person company section 143(3)interest

Judgments citing Principal Commissioner of Income Tax v. M/s. West Bengal Housing Infrastructure

Atul Sharma, New Delhi vs. ACIT, Circle-61(1), New Delhi

In the result the appeal of the assessee is allowed

ITA 6055/DEL/2018[2014-15]Status: DisposedITAT Delhi13 Nov 2024AY 2014-15

Bench: Sh.Shamim Yahya & Sh. Sudhir Kumarassessment Year: 2014-15 Atul Sharma 207, Lawyers Vs. Acit Chamber, Delhi High Court Circle – 61 (1) New Delhi-110003 New Delhi Pan No.Aarps6964J (Appellant) (Respondent)

Section 142(1)Section 143(2)Section 143(3)Section 234BSection 57

…(supra) would squarely apply to the case of the assessee herein. Further, we find that the Hon'ble Calcutta High Court in the case of Principal Commissioner of Income Tax Vs. M/s. West Bengal Housing Infrastructure development Corporation Limited reported in 413 ITR 82 also had an occasion to look into the similar issue from the context of applicability of TDS provision on compensation paid by builder to the flat allottees for delayed. delivery of the flats in terms of section 194A of the Act. In this case also, the compensation was determined on the basis interest. Hence, the Revenue sought to apply the provisi…

Atul Sharma, New Delhi vs. ITO, New Delhi

In the result, appeal of the assessee is allowed

ITA 5803/DEL/2013[2010-11]Status: DisposedITAT Delhi12 Sept 2024AY 2010-11

Bench: Sh. Challa Nagendra Prasad & Sh. M.Balaganeshmr. Atul Sharma Vs. Ito 207, Lawyers Chamber Circle – 37(1) Delhi High Court, New Delhi New Delhi-110 003 Pan No. Aarps 6964 J (Appellant) (Respondent) Assessee By Dr. Rakesh Gupta, Adv., Mr. Audhisthir Mehtani, Adv., Mr. Somil Aggarwal, Adv. & Shri Shrey Jain, Adv. Revenue By Shri Kanv Bali, Sr. D.R. & Shri Vivek Vardhan, Sr.D.R. Date Of Hearing: 05.07.2024 Date Of Pronouncement: 12.09.2024 Order Per M. Balaganesh:

Section 143(3)Section 57

…(supra) would squarely apply to the case of the assessee herein. Further, we find that the Hon’ble Calcutta High Court in the case of Principal Commissioner of Income Tax Vs. M/s. West Bengal Housing Infrastructure development Corporation Limited reported in 413 ITR 82 also had an occasion to look into the similar issue from the context of applicability of TDS provision on compensation paid by builder to the flat allottees for delayed delivery of the flats in terms of section 194A of the Act. In this case also, the compensation was determined on the basis of Atul Sharma vs. ITO 12 interest. Hence, the Revenue so…

Bhupinder Singh Julka, New Delhi vs. ACIT, Circle-Int. Tax. 2(1)(2), Delhi

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

ITA 1807/DEL/2022[2018-19]Status: DisposedITAT Delhi07 Aug 2023AY 2018-19

Bench: Shri Kul Bharat & Shri M. Balaganesh

For Appellant: Ms. Monika Agarwal, AdvFor Respondent: Shri Vizay B. Vasanta, CIT(DR)

Section 143(2)Section 143(3)Section 144CSection 234BSection 80T

…income from other sources, which is an incorrect proposition of law. 3.6 It is submitted that compensation received from builder on account of delayed possession to be treated as capital receipt. In this regard assessee relies on below mentioned judgments: i) 413 ITR 82 (Calcutta) Pr CIT vs West Bengal Housing Infrastructure Development Corpn. Ltd SLP Dismissed in 263 Taxman 237 (SC) in Pr CIT vs West Bengal Housing Infrastructure Development Corpn. Ltd (Page 81-87 87 of J PB) 16. From the above definition it appears that the term 'interest' has been made entirely relatable to money borrowed or debt incurred and…

Spectrum Power Generation Limited, Hyderabad vs. Dy. Commissioner of Income Tax, Circle-3(2), Hyderabad

In the result, appeal of the assessee is allowed

ITA 2011/HYD/2018[2012-13]Status: DisposedITAT Hyderabad19 Aug 2022AY 2012-13

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

For Appellant: Shri Kranthi, ARFor Respondent: Shri Solge Jost Kottaram, CIT-DR

Section 143(3)Section 194ASection 2Section 2(28)Section 40

…r verification at the end of the learned Assessing Officer. He also placed reliance on the decisions reported in ITO vs. Parag Mahasukhlal Shah (2011) 12 taxmann.com 37 (Ahmedabad Trib), PCIT vs. West Bengal Housing Infrastructure Development Corporation Ltd. 413 ITR 82 (Calcutta) and Cauvery Spg. & Wvg. Mills Ltd. vs. DCIT 340 ITR 550 (Madras). 7. Per contra, Ld. DR while placing reliance on the orders of the authorities below submitted that whatever may be the name with which the payment is called, so long as it relates to the debt originally contracted Page 4 of 13 by the assessee, it remains interest and me…