T.N.K. Govindaraju Chetty v. CIT

66 ITR 465Supreme Court of India1967#1269 most cited

What is T.N.K. Govindaraju Chetty v. CIT authority for?

Interest received under Sections 28 and 34 of the Land Acquisition Act, 1894, for delayed or enhanced compensation, is a revenue receipt and is taxable under the Income Tax Act.

89

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2026.

Also referred to as

T.N.K. Govindaraju Chetty v. CIT · 66 ITR 465 · interest on delayed compensation · Land Acquisition Act 1894 Section 28 · Land Acquisition Act 1894 Section 34 · revenue receipt taxable · compensation income taxability · Income Tax Act 1961 · Section 45(5) · taxability of interest on enhanced compensation

Sections most often in play

Section 56(2)(viii)Section 10(37)Section 1961Section 57(iv)Section 145ASection 45(5)Section 1894Section 143(2)

Issues it is cited on

section 2(viii)section 56(viii)section 45(5)(c)section 155(16)section 23(1a)section 45(5)(b)section 104section 145b(1)section 194lakeyman insurancesection 23(2)section 160

Judgments citing T.N.K. Govindaraju Chetty v. CIT

Sh. Joginder Singh, Sirsa vs. Pr. CIT, Hisar

ITA 605/CHANDI/2018[2013-14]Status: DisposedITAT Chandigarh31 Oct 2018AY 2013-14
For Appellant: Shri. Gautam Jain, Sh. Lalit MohanFor Respondent: Dr. Gulshan Raj
Section 263(1)

…on payable by the State for keeping back the amount payable to the owner." The principle of Dr. Shamlal Narula's case (supra) had subsequently been applied by three Judges Bench of the Apex Court in a later decision in T.N.K.Govindaraju Chetty v. CIT, (1967) 66 ITR 465. 13. Further Section 2(28A) of the Act defines "interest” and was inserted by Finance Act, 1976 to be effective from 1.6.1976. It reads thus:- "'interest' means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other c…

Sh. Chadat Singh, Sirsa vs. Pr. CIT, Hisar

ITA 604/CHANDI/2018[2013-14]Status: DisposedITAT Chandigarh31 Oct 2018AY 2013-14
For Appellant: Shri. Gautam Jain, Sh. Lalit MohanFor Respondent: Dr. Gulshan Raj
Section 263(1)

…on payable by the State for keeping back the amount payable to the owner." The principle of Dr. Shamlal Narula's case (supra) had subsequently been applied by three Judges Bench of the Apex Court in a later decision in T.N.K.Govindaraju Chetty v. CIT, (1967) 66 ITR 465. 13. Further Section 2(28A) of the Act defines "interest” and was inserted by Finance Act, 1976 to be effective from 1.6.1976. It reads thus:- "'interest' means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other c…

Sh. Baldev Singh, Sirsa vs. Pr. CIT, Hisar

ITA 603/CHANDI/2018[2013-14]Status: DisposedITAT Chandigarh31 Oct 2018AY 2013-14
For Appellant: Shri. Gautam Jain, Sh. Lalit MohanFor Respondent: Dr. Gulshan Raj
Section 263(1)

…on payable by the State for keeping back the amount payable to the owner." The principle of Dr. Shamlal Narula's case (supra) had subsequently been applied by three Judges Bench of the Apex Court in a later decision in T.N.K.Govindaraju Chetty v. CIT, (1967) 66 ITR 465. 13. Further Section 2(28A) of the Act defines "interest” and was inserted by Finance Act, 1976 to be effective from 1.6.1976. It reads thus:- "'interest' means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other c…

Sh. Kuldeep Singh, Sirsa vs. Pr. CIT, Hisar

ITA 653/CHANDI/2018[2013-14]Status: DisposedITAT Chandigarh31 Oct 2018AY 2013-14
For Appellant: Shri. Gautam Jain, Sh. Lalit MohanFor Respondent: Dr. Gulshan Raj
Section 263(1)

…on payable by the State for keeping back the amount payable to the owner." The principle of Dr. Shamlal Narula's case (supra) had subsequently been applied by three Judges Bench of the Apex Court in a later decision in T.N.K.Govindaraju Chetty v. CIT, (1967) 66 ITR 465. 13. Further Section 2(28A) of the Act defines "interest” and was inserted by Finance Act, 1976 to be effective from 1.6.1976. It reads thus:- "'interest' means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or other similar right or obligation) and includes any service fee or other c…

ITO, New Delhi vs. Sh. Rajiv Kholi, New Delhi

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

ITA 4379/DEL/2012[2009-10]Status: DisposedITAT Delhi29 Jun 2018AY 2009-10

Bench: Sh. Amit Shukla & Sh. O.P. Kantassessment Year: 2009-10 Income Tax Officer, Vs. Sh. Rajiv Kholi, Ward-31(4), Room No. 185A, 89, Jor Bagh, New Delhi C.R. Building, I.P. Estate, New Delhi Pan :Aaepk2957L (Appellant) (Respondent) Appellant By Sh. Atiq Ahmed, Sr.Dr Respondent By Sh. Y.K. Kapoor, Adv. Date Of Hearing 21.05.2018/29.06.2018 Date Of Pronouncement 29.06.2018

Section 143(2)Section 3

…rom the anticipation of business activities. 3.5 The Ld. CIT(A) relied on the decision of the Tribunal in the case of Hazari Lal Marwah & Sons (supra). Further, he also relied on the decision of the Hon’ble Supreme Court in the case of TNK Govindaraju Chetty, 66 ITR 465, where the Hon’ble Supreme Court has held that ‘interest received on award is not attributable to either a statute or a contract, but has been awarded as ex- gratia, it would partake the character of compensation’. The Ld. CIT(A) noted that this principle has been followed by the Kerala High Court in the case of CIT Vs. Periyar Pareekanii Rubbers…

Shri Dinesh Yadav, New Delhi vs. ITO, Gurgaon

In the result, the appeal of the assessee is dismissed

ITA 141/DEL/2017[2013-14]Status: DisposedITAT Delhi11 Oct 2017AY 2013-14

Bench: Shri B.P. Jain

For Appellant: Shri Charitra Kumar, CAFor Respondent: Shri T. Vasanthan Sr. DR
Section 28Section 34Section 56Section 56(2)(viii)Section 57

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘SMC’ BENCH, NEW DELHI BEFORE SHRI B.P. JAIN, ACCOUNTANT MEMBER ITA No. 141/DEL/2017 [A.Y. 2013-14] Shri Dinesh Yadav Vs. The I.T.O Primerose Street No. H-4 Ward – 1(4) Plot No. 20, 2nd Floor Gurgaon Sector 82, Vatika INXT Gurgaon PAN : AFOPY 7321 R Assessee by : Shri Charitra Kumar, CA Revenue by : Shri T. Vasanthan Sr. DR ITA No. 1388/DEL/2017 [A.Y. 2010-11] Shri Puneet Singh Vs. The A.C.I.T. House No. 816, Sector - 9 Karnal Karnal PAN : BCLPS 2035 R [Appellant] [Respondent] Assessee by : Shri K.L. Aneja, Adv Revenue by : Shri T. Vasanthan Sr. DR ITA No. 1390/DE…

Sh. Lakha Singh, Karnal vs. ITO, Karnal

In the result, the appeal of the assessee is dismissed

ITA 1390/DEL/2017[2011-12]Status: DisposedITAT Delhi11 Oct 2017AY 2011-12

Bench: Shri B.P. Jain

For Appellant: Shri Charitra Kumar, CAFor Respondent: Shri T. Vasanthan Sr. DR
Section 28Section 34Section 56Section 56(2)(viii)Section 57

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘SMC’ BENCH, NEW DELHI BEFORE SHRI B.P. JAIN, ACCOUNTANT MEMBER ITA No. 141/DEL/2017 [A.Y. 2013-14] Shri Dinesh Yadav Vs. The I.T.O Primerose Street No. H-4 Ward – 1(4) Plot No. 20, 2nd Floor Gurgaon Sector 82, Vatika INXT Gurgaon PAN : AFOPY 7321 R Assessee by : Shri Charitra Kumar, CA Revenue by : Shri T. Vasanthan Sr. DR ITA No. 1388/DEL/2017 [A.Y. 2010-11] Shri Puneet Singh Vs. The A.C.I.T. House No. 816, Sector - 9 Karnal Karnal PAN : BCLPS 2035 R [Appellant] [Respondent] Assessee by : Shri K.L. Aneja, Adv Revenue by : Shri T. Vasanthan Sr. DR ITA No. 1390/DE…

Sh. Puneet Singh, Karnal vs. ACIT, Karnal

In the result, the appeal of the assessee is dismissed

ITA 1388/DEL/2017[2010-11]Status: DisposedITAT Delhi11 Oct 2017AY 2010-11

Bench: Shri B.P. Jain

For Appellant: Shri Charitra Kumar, CAFor Respondent: Shri T. Vasanthan Sr. DR
Section 28Section 34Section 56Section 56(2)(viii)Section 57

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘SMC’ BENCH, NEW DELHI BEFORE SHRI B.P. JAIN, ACCOUNTANT MEMBER ITA No. 141/DEL/2017 [A.Y. 2013-14] Shri Dinesh Yadav Vs. The I.T.O Primerose Street No. H-4 Ward – 1(4) Plot No. 20, 2nd Floor Gurgaon Sector 82, Vatika INXT Gurgaon PAN : AFOPY 7321 R Assessee by : Shri Charitra Kumar, CA Revenue by : Shri T. Vasanthan Sr. DR ITA No. 1388/DEL/2017 [A.Y. 2010-11] Shri Puneet Singh Vs. The A.C.I.T. House No. 816, Sector - 9 Karnal Karnal PAN : BCLPS 2035 R [Appellant] [Respondent] Assessee by : Shri K.L. Aneja, Adv Revenue by : Shri T. Vasanthan Sr. DR ITA No. 1390/DE…

ITO 6(1)(3), Mumbai vs. Ambience Business Services P.Ltd, Mumbai

In the result, the appeal of the Revenue is allowed

ITA 5290/MUM/2012[2008-09]Status: DisposedITAT Mumbai19 Oct 2016AY 2008-09

Bench: Sri Mahavir Singh, Jm & Sri Ramit Kochar, Am The Income Tax Officer, Ward - Vs. M/S.Ambiance Business 6(1)(3), Room No.508, 5Th Floor, Services Pvt. Ltd., 401-E, Aayakar Bhavan, M. K. Road, Neelam Centre, A Wing, S.K. Mumbai 400 020 Ahire,Marg,Worli,Mumbai -30 Appellant .. Respondent Appellant By .. Shri A. K. Dhondial, Sr. Dr Respondent By .. None Date Of Hearing .. 19-10-2016 .. Date Of Pronouncement 19- 10- 2016 O R D E R Per Mahavir Singh, Jm: This Appeal By The Revenue Is Arising Out Of The Order Of The Cit-(A)-14, Mumbai In Appeal No.Cit(A)-14/It.137/Rg.6(1)/10-11 Dated 10-05-2012. Assessment Was Framed By The Ito, Ward -6 (1) (3), Mumbai For The Assessment Year 2008-09 Vide His Order Dated 28-12-2010 U/S 143(3) (Ii) Of The Income Tax Act, 1961 (Hereinafter „The Act‟).

Section 143(3)

…not related to any trading activity, according to the learned counsel, receipt of interest also will not be an income. We have already seen that the Supreme Court in the three decisions in Dr. Shamlal Narula v. C1T , T. N. K. Govindaraju Chetty v. CIT [1967] 66 ITR 465 and Chandroji Rao v. CIT[1970] 77 ITR 743, had clearly held that if interest was payable under a statute or under an agreement, express or implied, on any amount which has been withheld, or liable to be refunded, it would be income and not a capital receipt irrespective of the fact whether the interest paid is on a capital amount or profit. The in…