Shhadiram & Sons. v. DCIT

106 TTJ 460Income Tax Appellate Tribunal#12001 most cited
8

judgments rely on this decision, according to BharatTax’s citation analysis of 350,364 Indian tax judgments — from 2016 to 2022.

Also reported as

92 ITD 22

Judgments citing Shhadiram & Sons. v. DCIT

The ACIT, Circle-5, Ahmedabad vs. Nirma Chemicals Works Pvt.Ltd., Ahmedabad

In the result appeal of the revenue is dismissed

ITA 1600/AHD/2013[2009-10]Status: DisposedITAT Ahmedabad24 Feb 2022AY 2009-10

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT, D.R
Section 143(3)Section 14A

…the revenue to prove that any part of borrowed funds was diverted to non business use. Reliance in this regard, is placed on the following case laws; \ i) Shhadiram & Sons v/s. DCIT 92 ITD 22 ii) Modipon Ltd. v/s.lTO 22 TTJ 108 iii) JCIT v/s. Sterisheets Ltd. 106 TTJ 460 It is noticed that the A.O. had miserably failed to discharge his onus and failed to prove that part of interest bearing fund was diverted as non interest bearing funds. 9.7 It is further seen that appellant was having capital and reserves of Rs.571 crores as on 31-3-2006. The A.O. has mentioned that appellant has made interest free loans and adv…

Nirma Chemical Works Pvt.Ltd., Ahmedabad vs. The ACIT., Circle-5, Ahmedabad

In the result appeal of the revenue is dismissed

ITA 1190/AHD/2013[2009-10]Status: DisposedITAT Ahmedabad24 Feb 2022AY 2009-10

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT, D.R
Section 143(3)Section 14A

…the revenue to prove that any part of borrowed funds was diverted to non business use. Reliance in this regard, is placed on the following case laws; \ i) Shhadiram & Sons v/s. DCIT 92 ITD 22 ii) Modipon Ltd. v/s.lTO 22 TTJ 108 iii) JCIT v/s. Sterisheets Ltd. 106 TTJ 460 It is noticed that the A.O. had miserably failed to discharge his onus and failed to prove that part of interest bearing fund was diverted as non interest bearing funds. 9.7 It is further seen that appellant was having capital and reserves of Rs.571 crores as on 31-3-2006. The A.O. has mentioned that appellant has made interest free loans and adv…

The ACIT, Circle-5, Ahmedabad vs. Nirma Chemicals Works Pvt.Ltd., Ahmedabad

In the result appeal of the revenue is dismissed

ITA 1209/AHD/2012[2007-08]Status: DisposedITAT Ahmedabad24 Feb 2022AY 2007-08

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT, D.R
Section 143(3)Section 14A

…the revenue to prove that any part of borrowed funds was diverted to non business use. Reliance in this regard, is placed on the following case laws; \ i) Shhadiram & Sons v/s. DCIT 92 ITD 22 ii) Modipon Ltd. v/s.lTO 22 TTJ 108 iii) JCIT v/s. Sterisheets Ltd. 106 TTJ 460 It is noticed that the A.O. had miserably failed to discharge his onus and failed to prove that part of interest bearing fund was diverted as non interest bearing funds. 9.7 It is further seen that appellant was having capital and reserves of Rs.571 crores as on 31-3-2006. The A.O. has mentioned that appellant has made interest free loans and adv…

The ACIT, Circle-5, Ahmedabad vs. Nirma Chemicals Works Pvt.Ltd., Ahmedabad

In the result appeal of the revenue is dismissed

ITA 1208/AHD/2012[2006-07]Status: DisposedITAT Ahmedabad24 Feb 2022AY 2006-07

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT, D.R
Section 143(3)Section 14A

…the revenue to prove that any part of borrowed funds was diverted to non business use. Reliance in this regard, is placed on the following case laws; \ i) Shhadiram & Sons v/s. DCIT 92 ITD 22 ii) Modipon Ltd. v/s.lTO 22 TTJ 108 iii) JCIT v/s. Sterisheets Ltd. 106 TTJ 460 It is noticed that the A.O. had miserably failed to discharge his onus and failed to prove that part of interest bearing fund was diverted as non interest bearing funds. 9.7 It is further seen that appellant was having capital and reserves of Rs.571 crores as on 31-3-2006. The A.O. has mentioned that appellant has made interest free loans and adv…

Nirma Chemicals Works Pvt.Ltd., Ahmedabad vs. The Dy.CIT., Circle-5, Ahmedabad

In the result appeal of the revenue is dismissed

ITA 1057/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad24 Feb 2022AY 2008-09

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT, D.R
Section 143(3)Section 14A

…the revenue to prove that any part of borrowed funds was diverted to non business use. Reliance in this regard, is placed on the following case laws; \ i) Shhadiram & Sons v/s. DCIT 92 ITD 22 ii) Modipon Ltd. v/s.lTO 22 TTJ 108 iii) JCIT v/s. Sterisheets Ltd. 106 TTJ 460 It is noticed that the A.O. had miserably failed to discharge his onus and failed to prove that part of interest bearing fund was diverted as non interest bearing funds. 9.7 It is further seen that appellant was having capital and reserves of Rs.571 crores as on 31-3-2006. The A.O. has mentioned that appellant has made interest free loans and adv…

Nirma Chemicals Works Pvt.Ltd., Ahmedabad vs. The Dy.CIT., Circle-5, Ahmedabad

In the result appeal of the revenue is dismissed

ITA 1056/AHD/2012[2007-08]Status: DisposedITAT Ahmedabad24 Feb 2022AY 2007-08

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT, D.R
Section 143(3)Section 14A

…the revenue to prove that any part of borrowed funds was diverted to non business use. Reliance in this regard, is placed on the following case laws; \ i) Shhadiram & Sons v/s. DCIT 92 ITD 22 ii) Modipon Ltd. v/s.lTO 22 TTJ 108 iii) JCIT v/s. Sterisheets Ltd. 106 TTJ 460 It is noticed that the A.O. had miserably failed to discharge his onus and failed to prove that part of interest bearing fund was diverted as non interest bearing funds. 9.7 It is further seen that appellant was having capital and reserves of Rs.571 crores as on 31-3-2006. The A.O. has mentioned that appellant has made interest free loans and adv…

Oricon Enterprises Ltd, Mumbai vs. ACIT Cen Cir 3(3), Mumbai

ITA 2913/MUM/2015[2007-08]Status: DisposedITAT Mumbai16 May 2018AY 2007-08

Bench: S/Sh. Rajendra & Pawan Singh

For Appellant: Shri Arvind SondeFor Respondent: Shri Manjunath Swamy-CIT-DR
Section 14Section 148Section 254(1)Section 36(1)(v)Section 40A(7)Section 43Section 43B

…he above discussion, the main ground of the assessee pertaining to confirmation of an addition of Rs. 18,00,000 is hereby allowed and rest of the grounds are decided pro tanto. 16. In the result, the appeal is allowed.” 5.5.g..In the case of Steri Sheets Ltd.(106 TTJ 460),the Tribunal has deliberated upon the doctrine of estopple.In the appeals and cross objections one of the commom issues was the computation of capital gain on sale of manufacturing division of the assessee.Now we would reproduce the relevant portion of the order of the Tribunal and it reads as under: 7.Before us,the Departmental Representative h…

M/S. Hotz Industries Ltd., New Delhi vs. DCIT (OSD), New Delhi

The appeal is allowed

ITA 876/DEL/2012[2008-09]Status: DisposedITAT Delhi29 Apr 2016AY 2008-09
For Appellant: Shri Salil Aggarwal, Adv. & ShriFor Respondent: Shri Rajeev Ramka, Sr. DR
Section 115JSection 143(3)Section 14ASection 36(1)(iii)

…prior to the year under appeal. He placed reliance on the following decision: i) CIT vs. Dalmia Cement Bharat Ltd. (2009) – 183 Taxman 422 (Del.); ii) CIT vs. South India Corporation (Agencies) Ltd. 209 CTR (Mad.) 233; iii) CIT vs. Stery Sheets Ltd. (2007) – 106 TTJ 460 (Del.). 11. The Learned Senior DR on the other hand tried to justify the orders of the authorities below. 12. Having gone through the above cited decisions, we fully concur with the contention of the Learned AR that in case of availability of interest free funds with an assessee, the nature of user of funds is the absolute option of the assessee…

Shhadiram & Sons. v. DCIT (106 TTJ 460) — Cited in 8 Judgments | BharatTax