Tetron Commercial Ltd. v. CIT

261 ITR 422High Court2003#8373 most cited
13

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2009 to 2022.

Judgments citing Tetron Commercial Ltd. v. CIT

DCIT CIR 6(3)(2), MUMBAI vs. KARJAT GOLF CLUB P.LTD, MUMBAI

In the result, the appeal of the Revenue in ITA

ITA 638/MUM/2016[2010-11]Status: DisposedITAT Pune23 Nov 2022AY 2010-11

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपील सं. / Ita No.638/Mum/2016 िनधा"रण वष" / Assessment Year: 2010-11 Dcit, Circle-6(3)(2), Vs. Karjat Golf Club P. Ltd., Mumbai. Tower, 1502 B One India Bulls Centre, 841 Jupier Mills, Off Senapati Bpat Marg, Lower Parel, Mumbai- 400013 Pan : Aadck0915A Appellant Respondent C.O. No.236/Mum/2017 (Arising Out Of Ita No.638/Mum/2016) िनधा"रण वष" / Assessment Year: 2010-11 Karjat Golf Club P. Ltd., Vs. Dcit, Circle-6(3)(2), Tower, 1502 B One India Mumbai. Bulls Centre, 841 Jupier Mills, Off Senapati Bpat Marg, Lower Parel, Mumbai- 400013 Pan : Aadck0915A Appellant Respondent Revenue By : Shri Keyur Patel Assessee By : Shri Vilesh Dalya Date Of Hearing : 15.11.2022 Date Of Pronouncement : 23.11.2022 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Revenue Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals)- 12, Mumbai

For Appellant: Shri Vilesh DalyaFor Respondent: Shri Keyur Patel
Section 143(3)

…al expenses of Rs.1,56,19,351/- placing reliance on the following decisions :- (i) CIT vs. Saurashtra Cement & Chemical Industries Ltd., 91 ITR 170 (Gujarat). (ii) CIT vs. Arcane Developers (P.) Ltd., 368 ITR 627 (Delhi). (iii) Tetron Commercial Ltd. vs. CIT, 261 ITR 422 (Calcutta). (vi) CIT vs. Dhoomketu Builders & Development (P.) Ltd., 368 ITR 680 (Delhi). 6. Similarly, the ld. CIT(A) allowed the advances written off of Rs.28,21,75,835/- by holding that the loss incurred during the course of carrying on ordinary business placing reliance on the decision of the Hon’ble Supreme Court in the case of Badridas Daga…

MUTHOOT AGRI DEVELOPMENT & HOSPITALITIES PRIVATE LIMITED,MUMBAI vs. DCIT 15(2)(2), MUMBAI

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

ITA 2249/MUM/2018[2012-13]Status: DisposedITAT Mumbai29 Jul 2019AY 2012-13

Bench: Shri Ravish Sood () & Shri N.K. Pradhan () Assessment Year: 2012-13 Muthoot Agri Development The Deputy Commissioner Of & Hospitality Pvt. Ltd., M/S Income Tax-15(2)(2), Mumbai. Vs. Varma & Varma, Chartered Accountants, E-3, Sahasram, Elankom Gardens, Sasthamangalam, Thiruvananthapuram- 695010 Pan No. Aagcm5045A Appellant Respondent

For Appellant: Mr. Sukhsagar Syal, ARFor Respondent: Mr. Rajesh Ojha, DR
Section 143(3)Section 36(1)(iii)

…T(A) confirmed the order of the AO disallowing the interest expenditure u/s 36(1)(iii) of the Act. 4. Before us, the Ld. counsel of the assessee files a copy of the audited accounts of the assessee and also the decision in Tetron Commercial Ltd. v. CIT (2003) 261 ITR 422 (Cal), DCIT v. Core Health Care Ltd. (2008) 298 ITR 194 (SC), CIT v. Dhoomketu Builders & Development (P.) Ltd. (2013) 368 ITR 680 (Del) and submits that the assessee-company is incorporated for the purpose of carrying on real estate activities and this is the second year of operation. It is stated that the company had effected purchase of land i…

DCIT, CIRCLE - 11(1), KOLKATA , KOLKATA vs. M/S. ORBIS POWER VENTURE PVT. LTD., (SINCE MERGED WITH INDIA POWER CORPORATION LTD.,), KOLKATA

In the result, the appeal of the Revenue is dismissed

ITA 1037/KOL/2018[2010-11]Status: DisposedITAT Kolkata10 Jul 2019AY 2010-11
For Appellant: Shri A.K. Nayak, DRFor Respondent: Ms. Ruchira Lakhatia, ACA
Section 143(2)

…a in the case of CIT vs. Rajeeva Lochan Kanoria reported in 208 ITR 616 (Calcutta), (ii) ITO vs. M/s. First American Securities Pvt. Ltd. ITA No.4768/Del/2012 of Delhi ITAT and (iii) Tetron Commercial Ltd. vs. CIT of Hon’ble High Court of Calcutta reported in 261 ITR 422 (Calcutta). Having considered the submissions and the case laws, the CIT(A) is of the opinion that the I.T.A No.1037/Kol/2018 M/s Orbis Power Venture Pvt. Ltd. Memorandum of Association permits the assessee to acquire shares of other companies engaged in the similar line of business. DPSC Ltd. is a listed company engaged in generation, transmissi…

M/S. RACHNA ENTERPRISE,,SURAT vs. THE DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1,, SURAT

In the result, the appeal of the assessee is allowed

ITA 1889/AHD/2016[2014-15]Status: DisposedITAT Surat30 Apr 2019AY 2014-15

Bench: Shri.Ram Lal Negi & Shri O.P.Meenaआ.अ.सं./I.T.A. No.1889/Ahd/2016 िनधा"रणवष"/Assessment Year : 2014-15 M/S. Rachna Enterprise, Vs. Dcit, Central Circle-1, Aaykar T.P No. 31, F.P. No. 31, Adajan Main Road, Bhavan, Majura Gate, Surat Surat-395009. [Pan: Aaofr 0215 L] अपीलाथ" Appellant ""यथ"/Respondent िनधा"रतीक"ओरसे /Assessee By Shri Rasesh Shah, Ca Shri Dilip Kumar, Sr. D.R. राज"वक"ओरसे /Revenue By सुनवाईक"तारीख/ Date Of Hearing : 26.03.2019 30.04.2019 उ"ोषणाक"तारीख/Pronouncement On : आदेश /O R D E R Per O. P. Meena Am: 1. This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)-4, Surat [In Short “The Cit(A)], Dated 28.06.2016 Pertaining To The Assessment Year 2014-15. 2. The Grounds Raised By The Assessee As Under: “1. On The Facts & Circumstances Of The Case As Well As Law On The Subject, The Ld. Cit(As) Has Erred In Enhancing The Assessment By Disallowing The Interest To The Extent Of Rs.46,36,800/- By Erroneously Holding That It Is Required To Be Capitalized To The Work In Progress. 2. It Is Therefore Prayed That Enhancement Made By Ld. Cit(Appeals) May Please Be Deleted.”

Section 133ASection 143(3)

…Rachna Enterprise vs. DCIT, Central Circle-1, Surat/ITA No.1889/Ahd/2016/A.Y: 2014-15 Page 1 of 9 आयकरअपीलीयअिधकरण,सुरत"यायपीठ,सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH, SURAT "ी राम लाल नेगी, "याियक सद"य तथा "ीओ.पी.मीना, लेखासद"य के सम" BEFORE SHRI.RAM LAL NEGI, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUNTANT MEMBER आ.अ.सं./I.T.A. No.1889/AHD/2016 िनधा"रणवष"/Assessment Year : 2014-15 M/s. Rachna Enterprise, Vs. DCIT, Central Circle-1, Aaykar T.P No. 31, F.P. No. 31, Adajan Main Road, Bhavan, Majura Gate, Surat Surat-395009. [PAN: AAOFR 0215 L] अपीलाथ" Appellant ""यथ"/Respondent िनधा"रतीक"ओरसे /Asses…

M/S. OCEANIC BUILDCON PVT.LTD.,,BARODA vs. THE ACIT, CIRCLE-4,, BARODA

In the result, all the four appeals filed by the Assessee are allowed

ITA 3034/AHD/2014[2010-11]Status: DisposedITAT Ahmedabad15 Oct 2018AY 2010-11

Bench: Shri Pramod Kumar & Shri Mahavir Prasad)

For Appellant: Shri Mukund Bakshi, ARFor Respondent: Shri S. K. Dev, Sr. D.R
Section 27l

…into loss. According to him, such loss is to be allowed. Reliance was placed on under noted judgments: • Dhoomketu Builders & Development Pvt. Ltd. Vs. ACIT 17 taxmann.com 36 (Trib.Delhi)-Confirmed in 34 taxmann.com 18 (Delhi) • Tetron Commercial Ltd. Vs. CIT 261 ITR 422 (Cal) • Hotel Alankar Vs. CIT 133 ITR 866 (Guj.) • Hagwood Commercial Developers Pvt. Ltd. Vs. ACIT 82 taxniann.com 475 Mum. Trib.) 11 & ITA Nos. 1865, 1866 & 3487/Ahd/2016 . A.Ys. 2010-11 to 2013-14 17. In Hagwood Commercial Developers Pvt. Ltd. Vs. ACIT 82 taxniann.com 475 Mum. Tribunal held : “Section 37(1) of the Income-tax Act, 1961 - Busi…

SANTOSH BUILDERS,MUMBAI vs. ITO 17(3)(2), MUMBAI

In the result, appeals of assessee are allowed

ITA 2134/MUM/2017[2012-13]Status: DisposedITAT Mumbai19 Mar 2018AY 2012-13

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh Jm

Section 143(3)Section 147

…and circumstances there is no valid reason to disallow such interest expenditure which were even not claimed as expenditure in the P & L account but was added to work in progress. 11. Hon’ble Calcutta High Court in the case of Tetron Commercial Ltd., vs. CIT (261 ITR 422) (Cal.) held as under:- M/s. Santosh Builders “Whether capital is borrowed for the purpose of the business of the assessee, it is immaterial whether the same is in the nature if capital expenditure or revenue expenditure. Where assessee was in real estate business, interest paid on borrowed capital invested in immovable properties was allowable a…

A.C.I.T CIR - 30,KOLKATA, KOLKATA vs. M/S TAPASYA ENTERPRISES, KOLKATA

In the result, Revenue’s appeal is allowed for statistical purpose

ITA 2100/KOL/2013[2009-10]Status: DisposedITAT Kolkata13 Oct 2017AY 2009-10

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

Section 143(3)Section 24

…acquisition of land for its business and Delhi property has been used by the appellant as its administrative office for its real estate business. On these facts, in the light of the judgment of Hon'ble Calcutta High Court in the case of Tetrun Commercial Ltd. 261 ITR 422 (Cal), ITA No.2097-2100/Kol/2013 A.Ys. 04-05 to 06-07 & 09-10 ACIT, Cir-30 Kol Vs. M/s Tapasya Enterprises Page 5 it can be held that the business of real estate of the appellant has commenced in the aforesaid judgment, the Hon'ble Calcutta High Court has held that in the business of real estate, there are three stages. One is the acquisition of…

A.C.I.T CIR - 30,KOLKATA, KOLKATA vs. M/S TAPASYA ENTERPRISES, KOLKATA

In the result, Revenue’s appeal is allowed for statistical purpose

ITA 2099/KOL/2013[2006-07]Status: DisposedITAT Kolkata13 Oct 2017AY 2006-07

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

Section 143(3)Section 24

…acquisition of land for its business and Delhi property has been used by the appellant as its administrative office for its real estate business. On these facts, in the light of the judgment of Hon'ble Calcutta High Court in the case of Tetrun Commercial Ltd. 261 ITR 422 (Cal), ITA No.2097-2100/Kol/2013 A.Ys. 04-05 to 06-07 & 09-10 ACIT, Cir-30 Kol Vs. M/s Tapasya Enterprises Page 5 it can be held that the business of real estate of the appellant has commenced in the aforesaid judgment, the Hon'ble Calcutta High Court has held that in the business of real estate, there are three stages. One is the acquisition of…

A.C.I.T CIR - 30,KOLKATA, KOLKATA vs. M/S TAPASYA ENTERPRISES, KOLKATA

In the result, Revenue’s appeal is allowed for statistical purpose

ITA 2098/KOL/2013[2005-06]Status: DisposedITAT Kolkata13 Oct 2017AY 2005-06

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

Section 143(3)Section 24

…acquisition of land for its business and Delhi property has been used by the appellant as its administrative office for its real estate business. On these facts, in the light of the judgment of Hon'ble Calcutta High Court in the case of Tetrun Commercial Ltd. 261 ITR 422 (Cal), ITA No.2097-2100/Kol/2013 A.Ys. 04-05 to 06-07 & 09-10 ACIT, Cir-30 Kol Vs. M/s Tapasya Enterprises Page 5 it can be held that the business of real estate of the appellant has commenced in the aforesaid judgment, the Hon'ble Calcutta High Court has held that in the business of real estate, there are three stages. One is the acquisition of…

A.C.I.T CIR - 30,KOLKATA, KOLKATA vs. M/S TAPASYA ENTERPRISES, KOLKATA

In the result, Revenue’s appeal is allowed for statistical purpose

ITA 2097/KOL/2013[2004-05]Status: DisposedITAT Kolkata13 Oct 2017AY 2004-05

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

Section 143(3)Section 24

…acquisition of land for its business and Delhi property has been used by the appellant as its administrative office for its real estate business. On these facts, in the light of the judgment of Hon'ble Calcutta High Court in the case of Tetrun Commercial Ltd. 261 ITR 422 (Cal), ITA No.2097-2100/Kol/2013 A.Ys. 04-05 to 06-07 & 09-10 ACIT, Cir-30 Kol Vs. M/s Tapasya Enterprises Page 5 it can be held that the business of real estate of the appellant has commenced in the aforesaid judgment, the Hon'ble Calcutta High Court has held that in the business of real estate, there are three stages. One is the acquisition of…

ITO, NEW DELHI vs. M/S. FIRST AMERICAN SECURITIES PVT. LTD., NEW DELHI

In the result, the appeal of the revenue is dismissed

ITA 4768/DEL/2012[2007-08]Status: DisposedITAT Delhi11 Jan 2016AY 2007-08

Bench: Shri A.T. Varkey & Shri Prashant Maharishi

For Appellant: Shri Sumit Mangal, CA &For Respondent: Shri Hemant Gupta, Senior DR
Section 143Section 143(2)

…e Act. The ld. AR, in order to explain the ambit and scope of the applicability of section 36(1)(iii), relied on the case of CIT vs. Dalmia Cement (P.) Ltd. – 254 ITR 377 (Del.). Further, the ld. AR relied on the decision of Tetron Commercial Ltd. Vs. CIT – 261 ITR 422 (Cal.) wherein the Hon’ble Calcutta High Court has elaborately explained the scope of deductibility of expenses u/s 9 36(1)(iii). Ld. AR submitted that on the basis of the above precedents, it becomes abundantly clear that even if capital borrowed by the taxpayer is utilized on the capital account, the interest paid by the taxpayer on such borro…

AERENS BUILDERS PVT. LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result the appeal of the assessee is allowed

ITA 2308/DEL/2010[2005-06]Status: DisposedITAT Delhi16 Dec 2015AY 2005-06

Bench: Shri J. Sudhakar Reddy & Shri A.T. Varkeya.Y. 2005-2006 Aerens Builders P.Ltd. Vs. Dcit, C.C.8 (Now Known As Aerens Jai Realty P.Ltd.) New Delhi Kailash Colony New Delhi 110 048 Pan: Aacca 6440 P (Appellant) (Respondent)

For Appellant: Shri PC YadavFor Respondent: Shri KK Jaiswal, D.R
Section 115

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘A’ NEW DELHI BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI A.T. VARKEY, JUDICIAL MEMBER A.Y. 2005-2006 Aerens Builders P.Ltd. vs. DCIT, C.C.8 (Now known as Aerens Jai Realty P.Ltd.) New Delhi Kailash Colony New Delhi 110 048 PAN: AACCA 6440 P (Appellant) (Respondent) Appellant by: Shri PC Yadav Respondent by: Shri KK Jaiswal, D.R. ORDER PER J. SUDHAKAR REDDY, ACCOUNTANT MEMBER This is an appeal filed by the Assessee directed against the order dated 12.3.2010 of Ld.CIT(A)-II, New Delhi pertaining to the Assessment Year (A.Y.) 2005-06. 2. Facts i…

COMMISSIONER OF INCOME TAX vs. ASPENTECH INDIA P. LTD.

ITA - 640 / 2009HC Delhi11 Sept 2009
Section 35D

…wed as business expenses, the CIT (A) referred to and relied upon the judgment of the Gujarat High Court in the case of CIT v. Saurashtra Cement & Chemical Industries Ltd. (1973) 91 ITR 170 and that of the Calcutta High Court in Tetron Commercial Ltd. v. CIT, 261 ITR 422. Referring to Saurashtra Cement & Chemical Industries Ltd. (supra), the CIT(A) stated that following tests were laid down by the Gujarat High Court in that case to determine the commencement of business activities. It reads TO as under :- "A business activity consists of three stages: the first stage relates to the activity necessary for the n…

Tetron Commercial Ltd. v. CIT (261 ITR 422) — Cited in 13 Judgments | BharatTax