S.G. Mercantile Corporation P. Ltd. v. CIT, Calcutta

83 ITR 700Supreme Court of India1972#828 most cited

What is S.G. Mercantile Corporation P. Ltd. v. CIT, Calcutta authority for?

Income must be assessed under a specific head if it clearly falls within one. The residuary head 'income from other sources' under Section 56 can only be invoked if the income cannot be classified under any other specific head of charge.

126

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2005 to 2025.

Also referred to as

S.G. Mercantile Corporation v. CIT · 83 ITR 700 · Section 56 · income classification · heads of income · income from other sources · business income · residuary head · priority of heads · specific heads of charge · Section 2(24) · Section 57

Sections most often in play

Section 1961Section 14ASection 143(3)Section 194-ISection 2(13)Section 24Section 37(1)Section 119

Issues it is cited on

section 57profits and gains of business or professionsection 32section 56income from other sourcessection 36(1)section 14aprevious yearsection 143(2)transfercompanybusiness

Judgments citing S.G. Mercantile Corporation P. Ltd. v. CIT, Calcutta

DCIT, CIRCLE -3(1), VISAKHAPATNAM vs. NORD ANGLIA EDUCATION INFRASTRUCTURE PRIVATE LIMITED, VISAKHAPATNAM

In the result, all the appeals filed by the revenue, viz

ITA 314/VIZ/2025[2014-15]Status: DisposedITAT Visakhapatnam26 Nov 2025AY 2014-15

Bench: Shri Ravish Sood & Shri Balakrishnan S.

For Appellant: 1.Shri Karnjot Singh KhuranaFor Respondent: Shri Badicala Yadagiri, CIT-DR
Section 143(3)

…आयकर अपीलीय अिधकरण, िवशाखापटणम पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Visakhapatnam Bench, Visakhapatnam Before Shri Ravish Sood, Judicial Member and Shri Balakrishnan S., Accountant Member आ.अपी.सं /ITA No.314/Viz/2025 (िनधा"रण वष"/Assessment Year:2014-15) Deputy Commissioner of Vs. Nord Anglia Education Income Tax, Infrastructure Private Circle-3(1), Limited, Visakhapatnam. Visakhapatnam. PAN: AABCV2255L (Appellant) (Respondent) िनधा"रती "ारा/Assessee by: 1.Shri Karnjot Singh Khurana, Advocate, 2. Shri Snehal Rajan Shukla, Advocate, 3. Shri Avar Lamba, Advocate. राज" व "ारा/Revenue by: Shri Badicala Yada…

DCIT, CIRCLE - 3(1), VISAKHAPATNAM vs. NORD ANGLIA EDUCATION INFRASTRUCTURE PRIVATE LIMITED, VISAKHAPATNAM

In the result, all the appeals filed by the revenue, viz

ITA 206/VIZ/2025[2018-19]Status: DisposedITAT Visakhapatnam26 Nov 2025AY 2018-19

Bench: Shri Ravish Sood & Shri Balakrishnan S.

For Appellant: 1.Shri Karnjot Singh KhuranaFor Respondent: Shri Badicala Yadagiri, CIT-DR
Section 143(3)

…आयकर अपीलीय अिधकरण, िवशाखापटणम पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Visakhapatnam Bench, Visakhapatnam Before Shri Ravish Sood, Judicial Member and Shri Balakrishnan S., Accountant Member आ.अपी.सं /ITA No.314/Viz/2025 (िनधा"रण वष"/Assessment Year:2014-15) Deputy Commissioner of Vs. Nord Anglia Education Income Tax, Infrastructure Private Circle-3(1), Limited, Visakhapatnam. Visakhapatnam. PAN: AABCV2255L (Appellant) (Respondent) िनधा"रती "ारा/Assessee by: 1.Shri Karnjot Singh Khurana, Advocate, 2. Shri Snehal Rajan Shukla, Advocate, 3. Shri Avar Lamba, Advocate. राज" व "ारा/Revenue by: Shri Badicala Yada…

AVINASH S SADAMATE ACIT CIRCLE 3 3 1, MUMBAI vs. RUCHI RENEWABLE ENERGY PVT LTD, MUMBAI

In the result, the appeal of revenue is dismissed

ITA 620/MUM/2025[2016-17]Status: DisposedITAT Mumbai18 Aug 2025AY 2016-17

Bench: Shri Pawan Singh& Ms. Padmavathy S.(Physical Hearing) Acit Circle – 3(3)(1), Mumbai Ruchi Renewable Energy Pvt. Ltd.706, Room No. 522, Aayakarbhavan, Vs Tulsiani Chambers, Free Press Journal M K Road, Churchgate, Road, Nariman Point, Mumbai-400020. Mumbai – 400021. [Pan: Aaecr1591A] Appellant / Revenue Respondent / Assessee

Section 2Section 2(18)(b)Section 254(1)Section 56(2)(viib)

…fically brought under the definition of income by the Legislature. Therefore, the income which cannot be brought to tax under section 56(2) specific head, AO cannot bring to tax even u/s 56(1). As held in the case of S. G. Mercantile Corporation v. CIT [1972] 83 ITR 700 (SC), "where there is a specific head for the income in question and specific section providing for the head, this residuary section cannot be called in aid". Similarly, when there is specific provision introduced by the Legislature to bring the specific transaction as income in section 56(2)(viib) because the transaction of issue of shares is cap…

COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-1, NEW DELHI vs. FUJITSU LIMITED

ITA/207/2025HC Delhi08 Jul 2025

Bench: HON'BLE MR. JUSTICE VIBHU BAKHRU,HON'BLE MR. JUSTICE TEJAS KARIA

Section 143(3)Section 260A

…age 5 of 6 had voluntarily offered the same to tax in the return of income, the same, in our considered opinion, would not be chargeable to tax at all, in view of the decision of Hon’ble Supreme Court in the case of CIT vs Govinda Choudhary & Sons reported in 203 ITR 881 (SC) wherein it was held that such interest is only an accretion to the asesssee’s receipts from the contracts. It is obviously attributable and incidental to the business carried on by it. The Hon’ble Supreme Court specifically made an observation in Para 6 of its order that interest can be assessed under the head “income from other sources” onl…

ACIT 6(3), MUMBAI vs. GRASIM INDUSTIRES LTD, MUMBAI

In the result Revenue's appeal is dismissed

ITA 6758/MUM/2011[2008-09]Status: DisposedITAT Mumbai21 May 2025AY 2008-09
Section 36(1)(va)

…ssessee had voluntarily offered the same to tax in the return of income, the\nsame, in our considered opinion, would not be chargeable to tax at all, in\nview of the decision of Hon'ble Supreme Court in the case of CIT vs\nGovinda Choudhary & Sons reported in 203 ITR 881 (SC) wherein it was\nheld that such interest is only an accretion to the asesssee's receipts from\nthe contracts. It is obviously attributable and incidental to the business\ncarried on by it. The Hon'ble Supreme Court specifically made an\nobservation in Para 6 of its order that interest can be assessed under the\nhead „income from other sources…

The Commissioner of Income Tax-IV vs. M/s Pokarna Limited

The appeals are dismissed

ITTA/273/2012HC Telangana18 Feb 2025

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

Section 260A

…- - 1 IN THE HIGH COURT OF KARNATAKA AT BANGALORE DATED THIS THE 2nd DAY OF APRIL 2013 PRESENT THE HON’BLE MR. JUSTICE N.KUMAR AND THE HON’BLE MR. JUSTICE B.MANOHAR I.T.A. NO.273/2012 C/W. I.T.A. NOS. 274/2012, 275/2012, 276/2012, 374/2011 & 375/2011 In I.T.A. No.273/2012 BETWEEN : 1. Commissioner of Income Tax-III, Central Revenue Building, Queens Road, Bangalore – 560 001. 2. The Dy. Commissioner Of Income Tax, Central Circle 12(5), Bangalore. ...APPELLANTS (By Sri.E.I.Sanmathi, Adv.) AND : M/s.Velankani Informatio…

FUJITSU LTD,GURGAON vs. ACIT, CIRCLE-1(3)(1), INTERNATIONAL TAXATION, NEW DELHI

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

ITA 2607/DEL/2022[2019-20]Status: DisposedITAT Delhi14 Nov 2024AY 2019-20

Bench: Shri Saktijit Dey, Hon’Ble & Shri M. Balaganeshfujitsu Ltd, Vs. Acit, 3Rd Floor, Building No. 9B, Circle-1(3)(1), Dlf Cyber City, Gurgaon, International Taxation, Haryana New Delhi (Appellant) (Respondent) Pan:Aaacf7231M Assessee By : Shri K. M. Gupta, Adv Ms. Shruti Khimta, Adv Revenue By: Shri Vijay B. Basanta, Cit Dr Shri Shankar Lal Verma, Sr. Dr Date Of Hearing 18/10/2024 Date Of Pronouncement 14/11/2024

For Appellant: Shri K. M. Gupta, AdvFor Respondent: Shri Vijay B. Basanta, CIT DR
Section 139(1)Section 143(3)Section 197

…assessee had voluntarily offered the same to tax in the return of income, the same , in our considered opinion, would not be chargeable to tax at all, in view of the decision of Hon‟ble Supreme Court in the case of CIT vs Govinda Choudhary & Sons reported in 203 ITR 881 (SC) wherein it was held that such interest is only an accretion to the asesssee‟s receipts from the contracts. It is obviously attributable and incidental to the business carried on by it. The Hon‟ble Supreme Court specifically made an observation in Para 6 of its order that interest can be assessed under the head „income from other sources‟ onl…

OM SRI MAA SHAKTI NAMAH,MUMBAI vs. ASSTT. COMMISSIONER OF INCOME TAX, CIR-32(2), MUMBAI

ITA 1989/MUM/2024[2014-2015]Status: DisposedITAT Mumbai27 Sept 2024AY 2014-2015
Section 36(1)(iii)Section 57

…rned without allowing the\ninterest expense claim while taxing the interest under the head\n\"Income from Other Sources\".\n\nx.\nThe Ld. ACIT further erred in interpreting the judgment of H'ble\nSupreme Court in the case of Govinda Choudhary and Sons\n[1995] 203 ITR 881 (SC). The correct interpretation of the\njudgment says that Interest can be assessable under the head\n\"Income from Other Sources\" only if it cannot be brought within\none or the other of the specific heads of income. Your appellant\nhas established the nexus between business activity, Interest\npaid and Interest earned. The Net Interest expens…

UNIVERSAL TRACTOR HOLDING LLC ,USA vs. DCIT,INTERNATIONAL TAXATION CIRCLE 3(1)(1), NEW DELHI

In the result, the appeal of the assessee is dismissed

ITA 2216/DEL/2022[2019-20]Status: HeardITAT Delhi28 Aug 2024AY 2019-20

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

For Appellant: Sh. Durgesh Shankar, AdvFor Respondent: Ms. Banita Devi Neorem, CIT-DR
Section 143(3)Section 49

…the Supreme Court. It is not proper to pick out words or sentences from the judgment divorced from the context. Therefore, I do not agree with the Assessing Officer that the decision of Hon'ble Supreme Court in the case of Govinda Chowdhary & Sons reported in 203 ITR 881 is relevant in the case of the appellant. In my above decision, I get support from the decision of ITAT, ITA Nos.4168/Del/2000 & 3443/Del./2001, Cuttuck Bench, Cuttuck in I.T.A. No.169/90 in the case of J.C. Budhraja Vs. Income-tax Officer. In that case, similar reference to Supreme Court decision (supra) was referred. The relevant portion of the…

DCIT, CIRCLE, PATIALA vs. M/S PUNJAB STATE POWER CORPORATION LTD., PATIALA

In the result, ground no. 1 & 3 of the Revenue’s appeal is allowed and ground no

ITA 737/CHANDI/2022[2017-18]Status: DisposedITAT Chandigarh27 Aug 2024AY 2017-18

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

For Appellant: Shri Rajiv Saldi, CAFor Respondent: Smt. Kusum Bansal, CIT, DR
Section 143(2)

…or some time pending sale, the dispute arose about the head under which such rental income shall fall. The Hon'ble Supreme Court in East India Housing & Land Development Trust Ltd. VS. CIT (1961) 42 ITR 49 (SC) and S.G. Mercantile Corp. P. Ltd. VS. CIT (1972) 83 ITR 700 (SC) held that such income was taxable under the head `Income from house property' and not `business income'. Thus it can be seen that once the conditions of section 22 are satisfied, the income has to be classified under that head and other matters, even if having some bearing, go out of consideration. Similarly an income to come with the ambit o…

SIEMENS AKTIENGESELLSCHAFT,MUMBAI vs. DDIT (IT) 2(1), MUMBAI

In the result, appeal of the assessee is allowed and appeal of the Revenue is dismissed

ITA 2153/MUM/2014[2009-10]Status: DisposedITAT Mumbai07 Jun 2024AY 2009-10

Bench: SHRI B R BASKARAN (Accountant Member), SHRI AMIT SHUKLA (Judicial Member)

Section 144CSection 144C(5)Section 153Section 9(1)(vi)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H‘ BENCH MUMBAI BEFORE: SHRI B R BASKARAN, ACCOUNTANT MEMBER & SHRI AMIT SHUKLA, JUDICIAL MEMBER Siemens Aktiengesellshaft Vs. Dy. Director of Income C/o. B S R & Co. LLP Tax (International Lodha Excelus, 1st Floor Taxation) – 2(1) Apollo Mills Compound Mumbai N.M. Joshi Marg Mahalakshmi Mumbai – 400 011 PAN/GIR No.AABCS8516K (Appellant) (Respondent) .. Dy. Director of Income Vs. Siemens Aktiengesellshaft Tax (International C/o. B S R & Co. LLP Lodha Excelus, 1st Floor Taxation) – 2(1) Mumbai Apollo Mills Compound N.M. Joshi Marg Mahalakshmi Mumbai – 400 011 PAN/GIR No.AABCS…

BALAJI INFRASTRUCTURE & DEVELOPMENT CO.,MUMBAI vs. ITO 2(1)(1), MUMBAI

In the result, ground no. 2 raised by the assessee is dismissed in above terms

ITA 1616/MUM/2020[2013-14]Status: DisposedITAT Mumbai11 Mar 2024AY 2013-14

Bench: Shri Aby T Varkey & Shri Gagan Goyalbalaji Infrastructure & Development Company Limited, 6Th Floor, New Excelsior Building, A. K. Nayak Marg, Fort, Mumbai-400 001 Pan: Aaacb8155C ...... Appellant Vs. Ito-2(1) (1), R. No. 561, 5Th Floor, Aayakar Bhavan, M. K. Road, Mumbai- 400 020 ..... Respondent

For Appellant: Shri Sujay Waikul, Ld. ARFor Respondent: Shri S. Srinivas, Ld. DR
Section 143(2)Section 234BSection 24Section 250Section 271(1)Section 32(1)Section 57

…deducted by the tenant. Any rent payment exceeding Rs. 1.2 lakhs per annum is liable for TDS by the tenant. 4. Assessee, substantiate its claim by relying on the following judicial pronouncements as under:- i) S. G. Mercantile Corpn. (P) Ltd. vs. CIT (1972) 83 ITR 700 (SC) ii) Bihar State Co-Op. Bank Ltd. vs. CIT (1960) 39 ITR 114 (SC) iii) CIT vs. Basant Rai Takhat Singh (1933) ITR 197 (PC) 5. In addition to above, assessee furnished details of the property under consideration as under:- “A building known more as "Sea Green" with RCC Structure of Ground plus one floor (i.e. G + 1L covering a total area of…

NHDC LIMITED,BHOPAL vs. DCIT - 3(1), BHOPAL, BHOPAL

In the result, the appeal of the revenue is dismissed, Cross appeal of the assesse is partly allowed for statistical purposes and CO is dismissed being infructuous

ITA 40/IND/2021[2015-16]Status: DisposedITAT Indore11 Dec 2023AY 2015-16

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaninhdc Limited Dcit, 3(1) F-01, Nhdc Parisar, Shyamla Bhopal Vs. Hills Bhopal -462013 (Appellant / Assessee) (Revenue) Pan: Aabcn 1732G Dcit, 3(1) Nhdc Limited Bhopal F-01, Nhdc Parisar, Vs. Shyamla Hills Bhopal -462013 (Appellant / Revenue) (Assessee) Pan: Aabcn 1732G

Section 143(3)Section 80I

…the question in favour of the assessee, the Gujarat High Court relied upon the judgment of the apex court in the case of CIT v. Govinda Choudhury and Sons [1993] Page 7 of 19 ITA No.316/Ind/2020 & ITANo.20/Ind/2021 & CO NO.03/Ind/20219 NHDC Ltd. Page 8 of 19 203 ITR 881 (SC) in which case the Supreme Court had held that interest was of the same nature as other trading receipts in the following manner: "The assessee is a contractor. His business is to enter into contracts. In the course of the execution of these contracts, he has also to face disputes with the State Government and he has also to reckon with delay…

DCIT 3 (1) , BHOPAL vs. M/S NHDC LTD, BHOPAL

In the result, the appeal of the revenue is dismissed, Cross appeal of the assesse is partly allowed for statistical purposes and CO is dismissed being infructuous

ITA 316/IND/2020[2015-16]Status: DisposedITAT Indore11 Dec 2023AY 2015-16

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaninhdc Limited Dcit, 3(1) F-01, Nhdc Parisar, Shyamla Bhopal Vs. Hills Bhopal -462013 (Appellant / Assessee) (Revenue) Pan: Aabcn 1732G Dcit, 3(1) Nhdc Limited Bhopal F-01, Nhdc Parisar, Vs. Shyamla Hills Bhopal -462013 (Appellant / Revenue) (Assessee) Pan: Aabcn 1732G

Section 143(3)Section 80I

…the question in favour of the assessee, the Gujarat High Court relied upon the judgment of the apex court in the case of CIT v. Govinda Choudhury and Sons [1993] Page 7 of 19 ITA No.316/Ind/2020 & ITANo.20/Ind/2021 & CO NO.03/Ind/20219 NHDC Ltd. Page 8 of 19 203 ITR 881 (SC) in which case the Supreme Court had held that interest was of the same nature as other trading receipts in the following manner: "The assessee is a contractor. His business is to enter into contracts. In the course of the execution of these contracts, he has also to face disputes with the State Government and he has also to reckon with delay…

DCIT- CC - 7(3), MUMBAI vs. ACG ASSOCIATED CAPSULES PVT. LTD., MUMBAI

In the result, no question of law arises

ITA 3283/MUM/2018[2013-14]Status: DisposedITAT Mumbai04 Dec 2023AY 2013-14

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ketan Ved/For Respondent: Shri Akhtar Hussain Ansari
Section 143(2)Section 143(3)Section 250Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS. KAVITHA RAJAGOPAL, JM ITA Nos. 2383 & 2384/Mum/2018 (Assessment Years: 2012-13 & 2013-14) ACG Associated Capsules Pvt. Ltd. DCIT Central Circle – 7(3) 1001, Dalamal House, 10th Floor, Room No. 655, 6th Floor, Nariman Point, Mumbai -400 021 Vs. Aayakar Bhavan, M. K. Road, Mumbai -400 020 PAN/GIR No. AAACA 4769 K (Assessee) (Revenue) : & ITA Nos. 3282 & 3283/Mum/2018 (Assessment Years: 2012-13 & 2013-14) DCIT Central Circle – 7(3) ACG Associated Capsules Pvt. Ltd. Room No. 655, 6th Floor, 1001, Dalamal House, 10th F…

DCIT CC- 7(3), MUMBAI vs. ACG ASSOCIATED CAPSULES PVT. LTD., MUMBAI

In the result, no question of law arises

ITA 3282/MUM/2018[2012-13]Status: DisposedITAT Mumbai04 Dec 2023AY 2012-13

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ketan Ved/For Respondent: Shri Akhtar Hussain Ansari
Section 143(2)Section 143(3)Section 250Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS. KAVITHA RAJAGOPAL, JM ITA Nos. 2383 & 2384/Mum/2018 (Assessment Years: 2012-13 & 2013-14) ACG Associated Capsules Pvt. Ltd. DCIT Central Circle – 7(3) 1001, Dalamal House, 10th Floor, Room No. 655, 6th Floor, Nariman Point, Mumbai -400 021 Vs. Aayakar Bhavan, M. K. Road, Mumbai -400 020 PAN/GIR No. AAACA 4769 K (Assessee) (Revenue) : & ITA Nos. 3282 & 3283/Mum/2018 (Assessment Years: 2012-13 & 2013-14) DCIT Central Circle – 7(3) ACG Associated Capsules Pvt. Ltd. Room No. 655, 6th Floor, 1001, Dalamal House, 10th F…

ACG ASSOCATION CAPSULES P. LTD,MUMBAI vs. DCIT CEN CIR 7(3), MUMBAI

In the result, no question of law arises

ITA 2384/MUM/2018[2013-14]Status: DisposedITAT Mumbai04 Dec 2023AY 2013-14

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ketan Ved/For Respondent: Shri Akhtar Hussain Ansari
Section 143(2)Section 143(3)Section 250Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS. KAVITHA RAJAGOPAL, JM ITA Nos. 2383 & 2384/Mum/2018 (Assessment Years: 2012-13 & 2013-14) ACG Associated Capsules Pvt. Ltd. DCIT Central Circle – 7(3) 1001, Dalamal House, 10th Floor, Room No. 655, 6th Floor, Nariman Point, Mumbai -400 021 Vs. Aayakar Bhavan, M. K. Road, Mumbai -400 020 PAN/GIR No. AAACA 4769 K (Assessee) (Revenue) : & ITA Nos. 3282 & 3283/Mum/2018 (Assessment Years: 2012-13 & 2013-14) DCIT Central Circle – 7(3) ACG Associated Capsules Pvt. Ltd. Room No. 655, 6th Floor, 1001, Dalamal House, 10th F…

ACG ASSOCATION CAPSULES P. LTD,MUMBAI vs. DCIT CEN CIR 7(3), MUMBAI

In the result, no question of law arises

ITA 2383/MUM/2018[2012-13]Status: DisposedITAT Mumbai04 Dec 2023AY 2012-13

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ketan Ved/For Respondent: Shri Akhtar Hussain Ansari
Section 143(2)Section 143(3)Section 250Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS. KAVITHA RAJAGOPAL, JM ITA Nos. 2383 & 2384/Mum/2018 (Assessment Years: 2012-13 & 2013-14) ACG Associated Capsules Pvt. Ltd. DCIT Central Circle – 7(3) 1001, Dalamal House, 10th Floor, Room No. 655, 6th Floor, Nariman Point, Mumbai -400 021 Vs. Aayakar Bhavan, M. K. Road, Mumbai -400 020 PAN/GIR No. AAACA 4769 K (Assessee) (Revenue) : & ITA Nos. 3282 & 3283/Mum/2018 (Assessment Years: 2012-13 & 2013-14) DCIT Central Circle – 7(3) ACG Associated Capsules Pvt. Ltd. Room No. 655, 6th Floor, 1001, Dalamal House, 10th F…

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

…"income from other sources" only if it does not fall under any other head of income as provided in Section 14 of the Act. The head "income from other sources" is a residuary head of income. See S.G. Mercantile Corporation P. Ltd vs CIT, Calcutta; (1972) 83 ITR 700 (SC) and CIT vs Govinda Choudhury & Sons.; (1993) 203 ITR 881 (SC). 5.2 It is clear upon a perusal of the facts as found by the authorities below that the funds in the form of share capital were infused for a specific purpose of acquiring land and the development of infrastructure. Therefore, the interest earned on funds primarily brought fo…

INCOME TAX OFFICER, WARD-1-1, KOTA vs. SHRI CHANDI RAM, KOTA

In the result, appeal of the revenue is dismissed

ITA 662/JPR/2018[2012-13]Status: DisposedITAT Jaipur14 Jun 2023AY 2012-13

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Sh. Siddharth Ranka (Adv.) &For Respondent: Smt Runi Pal (Addl. CIT)
Section 143(3)

…90-91 where in the books were rejected and profit was estimated and the similar ratio should apply related to the receipt received in the year under consideration related those years. Relying on the decision of the apex court in the case of Govinda Choudary [ 203 ITR 881 ] the assessee submitted that the interest payable in connection with the delayed payment of contract amount partakes the same character as the receipt of contract. 6.5 The ld. assessing officer observed in the order that the assessee did not produce any books of account with its supporting bills and vouchers regarding expenditure which may be c…

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