Shree Krishna Polyster Ltd. v. Dy. CIT

274 ITR 21High Court2005#10475 most cited
10

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2024.

Sections most often in play

Section 250Section 56Section 92CA

Judgments citing Shree Krishna Polyster Ltd. v. Dy. CIT

ASST. COMMISSIONER OF INCOME TAX, CIRCLE 6(1)(1),MUMBAI, MUMBAI vs. ESSAR POWER GUJARAT LTD., MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 137/MUM/2024[2014-15]Status: DisposedITAT Mumbai29 May 2024AY 2014-15

Bench: Shri Amit Shukla & Shri Ratnesh Nandan Sahayassessment Year: 2014-15 Mr. Arun Bende M/S. Essar Power Asst. Commissioner Of Gujarat Ltd. 11Th Floor, Essar House, Income Tax, Circle-6(1)(1), Mumbai. 11 K.K. Marg, Vs. Room No.504, 5Th Floor, Mahalaxmi, Aayakar Bhavan, Mumbai- 400034. M.K.Road, Pan:Aabce7510K Mumbai- 400020. (Appellant) (Respondent) Present For: Assessee By : Shri Vijay Mehta, A.R. Revenue By : Shri P. D. Chougule (Addl. Cit), D.R. Date Of Hearing : 21 . 05 . 2024 Date Of Pronouncement : 29 . 05 . 2024 O R D E R Per: Ratnesh Nandan Sahay: 1. This Appeal Has Been Filed By The Revenue Against The Order Of The Ld. Cit Appeal Passed U/S 250 Of The Income Tax Act (“Act” In Short) Vide Order No. Itba/Nfac/S/250/2023-24/1058193153(1) Dated 23.11.2023 For Assessment Year 2014-15. 2. Following Grounds Of Appeal Have Been Raised:

For Appellant: Shri Vijay Mehta, A.RFor Respondent: Shri P. D. Chougule (Addl. CIT), D.R
Section 250Section 801ASection 92C

…he interest earned by the assessee was assessable as „Income from Other Sources.‟ Reliance in this regard was also placed by the AO on the following judgments: i. Godavari Sugar Mills Ltd. v. CIT 191 ITR 359 (Born) ii. Shree Krishna Pollyester Ltd. v. Dy. CIT 274 ITR 21 (Bam) iii. CIT Vs. Radko Khaitan Ltd. 274 ITR 354 (All) iv. CIT Vs. Rajasthan Land Development Corporation 211 ITR 597 (Raj.) v. CIT Vs. Ravi Ratna Exports Pvt. Ltd., 246 ITR 443 (Born)” 7. Aggrieved by the order of the Assessing office, the assessee filed appeal before the Ld. CIT Appeal who allowed the claim of the assessee that this is a „busin…

DCIT, CORPORATE CIRCLE -1(2), BHUBANESWAR vs. M/S. POSCO INDIA PRIVATE LIMITED, BHUBANESWAR

In the result, appeal filed by the revenue and cross objection filed by the assessee is dismissed

ITA 423/CTK/2019[2015-16]Status: HeardITAT Cuttack21 Jun 2022AY 2015-16

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2015-16 Dcit, Corporate Circle Dcit, Corporate Circle-1(2), Vs. M/S. Posco India Pvt Ltd., M/S. Posco India Pvt Ltd., Bhubaneswar. Bhubaneswar. Ground Floor, Fortune Towers, Ground Floor, Fortune Towers, Zone-6, 6, Chandrasekharpur, Chandrasekharpur, Bhubaneswar. Bhubaneswar. Pan/Gir No. No.Aadcp 6735 B (Appellant (Appellant) .. ( Respondent Respondent) C.O.No.09/Ctk/2020 (In Ita No.423/Ctk/2019) (In Ita No.423/Ctk/2019) Assessment Year : 2015-16 M/S. Posco India Pvt Ltd., M/S. Posco India Pvt Ltd., Vs. Dcit, Corporate Circle Dcit, Corporate Circle-1(2), Ground Floor, Fortune Towers, Ground Floor, Fortune Towers, Bhubaneswar Bhubaneswar Zone-6, 6, Chandrasekharpur, Chandrasekharpur, Bhubaneswar. Bhubaneswar. Pan/Gir No.Aadcp 6735 B Pan/Gir No.Aadcp 6735 B (Appellant (Appellant) .. ( Respondent Respondent)

For Appellant: Shri B.K.Mahapatra/Shri A.K.SabatFor Respondent: Shri M.K.Gautam, CIT (
Section 250

…to the commencement of business, was held to be distinguishable on facts since it was not known if the interest receipts were earned prior to 'set up' too. v.) The judgment of the Fon'bie Mumbai High Court in the case of Shree Krishna Polyster Ltd. Vs.. CIT (274 ITR 21) is relied upon wherein it was held the income earned by the assessee by investing surplus money in bank deposits for a short period was assessable under the head 'Income from other sources'. vi.) In the case of Whistling Woods International Ltd. Vs. ITO (16 taxmann.com 242), the assessee-company was incorporated to establish research and training…

ACIT- 14 (1) (2), MUMBAI vs. URJANKUR SHREE TATYASAHEB KORE WARNA POWER CO, LTD, MUMBAI

In the result, ground nos

ITA 1420/MUM/2021[2012-13]Status: DisposedITAT Mumbai08 Apr 2022AY 2012-13

Bench: Shri Vijay Pal Rao & Shri Gagan Goyal

For Appellant: Sh. S.N. Kabra, Sr. DRFor Respondent: None
Section 14Section 56(1)

…(MP) (viii) CIT vs. Assam Plantation Crops Dev. Corpn Ltd. (Gau) 221 ITR 392 (ix) South India Shipping Corporation Ltd. Vs. DY.CIT-240 ITR 24 (Mad) (x) CIT vs. Kisan Sahakari Chini Mills Ltd. – 280 ITR 617 (AH.) (xi) Shree Krishna Polyesters Ltd. vs. DY. CIT-274 ITR 21 (Bom.) 8. We have pursued the order of ld. AO, ld. CIT (A) and the submissions made by the assessee. The assessee has taken loan for the development, construction and operation of a power generation project and had entered into an agreement with a contortion of financial institutions for the financing of this project and availed a loan of Rs. 198…

M/S. ANGUL SUKINDA RAILWAY LTD.,BHUBANESWAR vs. ITO, WARD- 1(1), BHUBANESWAR

In the result, both appeals of the assessee are allowed for statistical purposes

ITA 385/CTK/2019[2014-15]Status: DisposedITAT Cuttack02 Nov 2020AY 2014-15

Bench: Shri C.M. Garg, Jm & Shri L.P. Sahu, Am आयकर अपीऱ सं./Ita No.384&385/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) M/S Angul Sukinda Railway Ltd., Vs. Ito Ward-1(3), Bhubaneswar Plot No.7622/4706, Press Chhaka Gajapati Nagar, Bhubaneswar-751005 Pan No. : Aahca 6638 E (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri Ved Jain, Ar िाजस्व की ओर से /Revenue By : Shri M.K.Gautam, Cit Dr सुनवाई की तािीख / Date Of Hearing : 21/10/2020 घोषणा की तािीख/Date Of Pronouncement : 03/11/2020 आदेश / O R D E R Per L.P.Sahu, Am: These Two Appeals Filed By The Assessee Against The Order Dated 16.09.2019, Passed By The Cit(A)-1, Bhubaneswar For The Assessment Year 2013-2014 & 2014-2015. 2. Grounds Taken By The Assessee For A.Y.2013-2014 Are As Under :- 1. That The Order Of The Ld. Ao Is Illegal, Arbitrary Contrary To Evidence On Record & Without Application Of Mind & For That Matter The Said Order Is Liable To Be Quashed And/Or Annulled. 2. That On The Facts Of Circumstances Of The Case, The Ld. Ao Has Erred In Treating Interest On Fdr & Flexi Deposit Amounting To Rs. 1,08,02,969/- As Revenue Receipt & Made Addition Although The Said Interest Is Inextricably Linked To The Project & Is Purely A Capital Receipt & Hence The Aforesaid Addition Is Liable To Be Deleted. 3. That The Ld. Ao Has Erred Both In Law & Facts By Treating Capital Receipt As Revenue 5. That The Appellant Craves Leave To Add Or To Amend The Above Grounds Of Appeal Before Or At The Time Of Hearing Of The Appeal. 6. For These & Among Other Grounds To Be Urged At The Time Of Hearing, Adequate Relief As May Be Deemed Fit Be Granted In The Matter.

For Appellant: Shri Ved Jain, ARFor Respondent: Shri M.K.Gautam, CIT DR
Section 115J

…of Indian Oil Panipat Power Consortium Ltd. Vs. ITO (315 ITR 255) (Delhi) which dealt with the interest receipts earned prior to prior to 'set up' too. vi.) The judgment of the Hon'ble Mumbai High Court in the case of Shree Krishna Polyster Ltd. Vs. Dy. CIT (274 ITR 21) is relied upon wherein it was held the income earned by the assessee by investing surplus money in bank deposits for a short period was assessable under the head 'Income from other sources'. vii.) In the case of Whistling Woods International Ltd. Vs. ITO (16 taxmann.com 242), the assessee-company was incorporated to establish research and trainin…

M/S. ANGUL SUKINDA RAILWAY LTD.,BHUBANESWAR vs. ITO, WARD- 1(1), BHUBANESWAR

In the result, both appeals of the assessee are allowed for statistical purposes

ITA 384/CTK/2019[2013-14]Status: DisposedITAT Cuttack02 Nov 2020AY 2013-14

Bench: Shri C.M. Garg, Jm & Shri L.P. Sahu, Am आयकर अपीऱ सं./Ita No.384&385/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) M/S Angul Sukinda Railway Ltd., Vs. Ito Ward-1(3), Bhubaneswar Plot No.7622/4706, Press Chhaka Gajapati Nagar, Bhubaneswar-751005 Pan No. : Aahca 6638 E (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri Ved Jain, Ar िाजस्व की ओर से /Revenue By : Shri M.K.Gautam, Cit Dr सुनवाई की तािीख / Date Of Hearing : 21/10/2020 घोषणा की तािीख/Date Of Pronouncement : 03/11/2020 आदेश / O R D E R Per L.P.Sahu, Am: These Two Appeals Filed By The Assessee Against The Order Dated 16.09.2019, Passed By The Cit(A)-1, Bhubaneswar For The Assessment Year 2013-2014 & 2014-2015. 2. Grounds Taken By The Assessee For A.Y.2013-2014 Are As Under :- 1. That The Order Of The Ld. Ao Is Illegal, Arbitrary Contrary To Evidence On Record & Without Application Of Mind & For That Matter The Said Order Is Liable To Be Quashed And/Or Annulled. 2. That On The Facts Of Circumstances Of The Case, The Ld. Ao Has Erred In Treating Interest On Fdr & Flexi Deposit Amounting To Rs. 1,08,02,969/- As Revenue Receipt & Made Addition Although The Said Interest Is Inextricably Linked To The Project & Is Purely A Capital Receipt & Hence The Aforesaid Addition Is Liable To Be Deleted. 3. That The Ld. Ao Has Erred Both In Law & Facts By Treating Capital Receipt As Revenue 5. That The Appellant Craves Leave To Add Or To Amend The Above Grounds Of Appeal Before Or At The Time Of Hearing Of The Appeal. 6. For These & Among Other Grounds To Be Urged At The Time Of Hearing, Adequate Relief As May Be Deemed Fit Be Granted In The Matter.

For Appellant: Shri Ved Jain, ARFor Respondent: Shri M.K.Gautam, CIT DR
Section 115J

…of Indian Oil Panipat Power Consortium Ltd. Vs. ITO (315 ITR 255) (Delhi) which dealt with the interest receipts earned prior to prior to 'set up' too. vi.) The judgment of the Hon'ble Mumbai High Court in the case of Shree Krishna Polyster Ltd. Vs. Dy. CIT (274 ITR 21) is relied upon wherein it was held the income earned by the assessee by investing surplus money in bank deposits for a short period was assessable under the head 'Income from other sources'. vii.) In the case of Whistling Woods International Ltd. Vs. ITO (16 taxmann.com 242), the assessee-company was incorporated to establish research and trainin…

HAZARIBAG RANCHI EXPRESSWAY LTD,MUMBAI vs. ITO 14(2)(1), MUMBAI

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

ITA 6696/MUM/2017[2012-13]Status: DisposedITAT Mumbai22 Jan 2020AY 2012-13

Bench: Shri G. Manjunatha & Shri Ram Lal Negihazaribagh Ranchi Vs. Ito-14(2)(1) 4Th Floor, Expressway Ltd. The Il&Fs Financial Center Aaykar Bhawan Plot No.C-22, G Block M.K.Road Bkc, Bandra(E) Mumbai-400 020 Mumbai-400 051 Pan/Gir No.Aacch2490J Appellant) .. Respondent)

Section 234BSection 56(1)

…ruling has been given in the following cases. 7 Hazaribagh Ranchi Expressway Ltd. i. South India Shipping Corporation Ltd. Vs. CIT-240 ITR 24 (Mad.) ii. CIT vs. Kisan Sahakari Chini Mills Ltd. -280 ITR 617 (All.) iii. Shree Krishna Ploysters Ltd. Vs. Dy.CIT -274 ITR 21(Bom.) 5.16 In the back drop of the discussion in foregoing paras, the only and only natural and judicial inference that crops up is that the interest earned by the assesee of Rs. 75,96,711/- is taxable under the head ‘Income from Other Source’ and assessee is not entitled for any deduction u/s 57(iii) of the Income Tax Act. Since the funds were bo…

PUNE SHOLAPUR ROAD DEV. CO. LTD.,MUMBAI vs. I.T.O. - 10(1)(3), MUMBAI

In the result, appeal filed by the assessee is allowed

ITA 6674/MUM/2017[2011-12]Status: DisposedITAT Mumbai09 Aug 2019AY 2011-12

Bench: Shri G. Manjunatha & Shri Ram Lal Negipune Sholapur Road Dev.Co.Ltd. Vs. Ito-10(1)(3) Room No.461, 4Th Floor The Il &Fs Financial Center Plot No.C-22, G Block Aaykar Bhawan, M.K.Road Bandra Kurla Complex , Mumbai-400 020 Bandra(E) Mumbai-400 051 Pan/Gir No.Aafcp1669Q Appellant) .. Respondent)

Section 143(3)Section 234B

…d, therefore, the interest earned by the assessee was assessable as Income From Other Sources. Reliance in this regard is also placed on the following judgments: i. Godavari Sugar Mills Pvt.Ltd. V CIT 191 ITR 359 (Bom) ii. Shree Krishna Pollyster Ltd. Vs DCIT 274 ITR 21 (Bom) iii. CIT Vs Ravi Ratna Exports Pvt.Ltd. 246 ITR 443 (Bom 5.2 Further I have gone through the decision relied by the assesee. In respect of decision in the case the Bokaro Steel Ltd. 236 ITR 315, the assessee had received interest from the contractor to whom advance was given to facilitate the construction work. Therefore, the fact of the cas…

ITO 2(1)(4), MUMBAI vs. CANARA BANK SECURITIES LTD, MUMBAI

The appeal of the Revenue is dismissed

ITA 821/MUM/2016[2008-09]Status: DisposedITAT Mumbai07 Dec 2017AY 2008-09

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2008-09 Income Tax Officer-2(1)(4), M/S Canara Bank Securities Room No.553, 5Th Floor, Ltd. बनाम/ Aayakar Bhavan, 7Th Floor, Maker Chamber-Iii, Vs. M.K. Road, Nariman Point, Mumbai-400020 Mumbai-400021 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No. Aaacg2218H

Section 115JSection 143(2)Section 143(3)Section 263Section 263oSection 56

…rities Ltd. 6. The CIT held that interest on short term deposit with bank received from investment of surplus funds is to be assessed under the head ‘Income from other sources’ . The CIT relied upon the following decisions: (i) Krishna Polyester Ltd. v. DCIT, 274 ITR 21 (Bom.) (ii) Ferro Concrete Construction (India) Pvt. Ltd. v. CIT, 290 ITR 713(MP) (iii)South India Shipping Corporation Ltd. v. CIT, 240 ITR 24 (Mad.) (iv) CIT v. Monarch Tools Pvt. Ltd. , 260 ITR 258(Mad.) The CIT held that in view of these above stated decisions, the issue is not free from doubt that the income earned by the assessee company fro…

SHUBH ENTERPRISES,MUMBAI vs. ACIT CIR 15(2), MUMBAI

In the result, the appeals are allowed for statistical purposes

ITA 252/MUM/2013[2009-10]Status: DisposedITAT Mumbai21 Feb 2017AY 2009-10

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2008-09 & Assessment Year: 2009-10 M/S. Shubh Enterprises Vs. Acit Cir 15(2) 102 Wing, J Nisarg Bldg. Opp. Mumbai Uti Bank, Mahavir Nagar, Kandivali(W) Mumbai - 400067 Pan No. Aayfs3688J (Appellant) (Respondent)

For Appellant: Mr. N.M. Porwal, ARFor Respondent: Mr. Vishwas Mundhe, DR
Section 143(3)

…and Rs. 64,05,656/- (A.Y. 2009-10) under the head ‘Income from other sources’ 5. Before us, the learned counsel of the assessee relies on the decision in the case of CIT vs. Lok Holdings (2009) 308 ITR 356 (Bom.), Shree Krishna Polyster Ltd. vs. DCIT (2005) 274 ITR 21(Bom.), CIT vs. Paramount Premises (P) Ltd. (1991) 190 ITR 259 (Bom.) and Chhaganlal Khimji & Co. Pvt. Ltd. vs. ACIT (2015) 45 CCH 0082 Mum Trib. 6. Per contra, the learned DR relies on the order of the Hon'ble Supreme Court in the case of M/s. The Totgar’s Co-op Sale vs. ITO (Civil Appeal No. 1622 of 2010) dated 08.02.2010. 7. We have heard the r…

SHUBH ENTERPRISES,MUMBAI vs. ACIT CIR 15(2), MUMBAI

In the result, the appeals are allowed for statistical purposes

ITA 801/MUM/2012[2008-09]Status: DisposedITAT Mumbai21 Feb 2017AY 2008-09

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2008-09 & Assessment Year: 2009-10 M/S. Shubh Enterprises Vs. Acit Cir 15(2) 102 Wing, J Nisarg Bldg. Opp. Mumbai Uti Bank, Mahavir Nagar, Kandivali(W) Mumbai - 400067 Pan No. Aayfs3688J (Appellant) (Respondent)

For Appellant: Mr. N.M. Porwal, ARFor Respondent: Mr. Vishwas Mundhe, DR
Section 143(3)

…and Rs. 64,05,656/- (A.Y. 2009-10) under the head ‘Income from other sources’ 5. Before us, the learned counsel of the assessee relies on the decision in the case of CIT vs. Lok Holdings (2009) 308 ITR 356 (Bom.), Shree Krishna Polyster Ltd. vs. DCIT (2005) 274 ITR 21(Bom.), CIT vs. Paramount Premises (P) Ltd. (1991) 190 ITR 259 (Bom.) and Chhaganlal Khimji & Co. Pvt. Ltd. vs. ACIT (2015) 45 CCH 0082 Mum Trib. 6. Per contra, the learned DR relies on the order of the Hon'ble Supreme Court in the case of M/s. The Totgar’s Co-op Sale vs. ITO (Civil Appeal No. 1622 of 2010) dated 08.02.2010. 7. We have heard the r…

Shree Krishna Polyster Ltd. v. Dy. CIT (274 ITR 21) — Cited in 10 Judgments | BharatTax