Tirupati Trading Co. v. CIT

242 ITR 13Reported decision2000#12515 most cited
8

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

Judgments citing Tirupati Trading Co. v. CIT

SHRI. MOOLCHAND KIRAN KUMAR JAIN,CHENNAI vs. DCIT, CENTRAL CIRCLE 1(4), CHENNAI, CHENNAI

In the result, appeal filed by the assessee for assessment years 2020-21 & 2021-22 are partly allowed for statistical purposes

ITA 1418/CHNY/2023[2021-22]Status: DisposedITAT Chennai09 Apr 2024AY 2021-22

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1417 & 1418/Chny/2023 िनधा"रण वष" / Assessment Years: 2020-21 & 2021-22 Shri. Moolchand Kiran Kumar Deputy Commissioner Of Jain, V. Income-Tax, No. 123, Usman Road, Central Circle 1(4), T. Nagar, Chennai – 600 017. Chennai – 600 034. [Pan: Achpm-2247-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. D. Anand, Advocate : Shri. V. Nandakumar, Cit ""यथ" क" ओर से/Respondent By सुनवाई क" तारीख/Date Of Hearing : 26.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.04.2024 आदेश /O R D E R

For Appellant: Shri. D. Anand, Advocate
Section 153ASection 28Section 36Section 36(1)(iii)Section 36(1)(vii)Section 36(2)Section 37Section 37(1)

…ness purposes - High Court held that as facts were dealt with in detail by Tribunal and no cogent evidence could be produced by assessee in support of its claim, in view of judgment of Calcutta High Court rendered in case of Tirupati Trading Co. v. CIT [2000] 242 ITR 13/108 Taxman 75, order of Tribunal deserved to be upheld - Whether SLP filed against order of High Court was to be dismissed - Held, yes [Para 2] [In favour of revenue] 10. Hence, it is prayed that as per the above submission Disallowance of Interest on Borrowed Capital is sustained, CIT(A) Order has to be upheld.” 7.3 We have heard both the partie…

SHRI. MOOLCHAND KIRAN KUMAR JAIN,CHENNAI vs. DCIT, CENTRAL CIRCLE 1(4), CHENNAI

In the result, appeal filed by the assessee for assessment years 2020-21 & 2021-22 are partly allowed for statistical purposes

ITA 1417/CHNY/2023[2020-21]Status: DisposedITAT Chennai09 Apr 2024AY 2020-21

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1417 & 1418/Chny/2023 िनधा"रण वष" / Assessment Years: 2020-21 & 2021-22 Shri. Moolchand Kiran Kumar Deputy Commissioner Of Jain, V. Income-Tax, No. 123, Usman Road, Central Circle 1(4), T. Nagar, Chennai – 600 017. Chennai – 600 034. [Pan: Achpm-2247-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. D. Anand, Advocate : Shri. V. Nandakumar, Cit ""यथ" क" ओर से/Respondent By सुनवाई क" तारीख/Date Of Hearing : 26.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.04.2024 आदेश /O R D E R

For Appellant: Shri. D. Anand, Advocate
Section 153ASection 28Section 36Section 36(1)(iii)Section 36(1)(vii)Section 36(2)Section 37Section 37(1)

…ness purposes - High Court held that as facts were dealt with in detail by Tribunal and no cogent evidence could be produced by assessee in support of its claim, in view of judgment of Calcutta High Court rendered in case of Tirupati Trading Co. v. CIT [2000] 242 ITR 13/108 Taxman 75, order of Tribunal deserved to be upheld - Whether SLP filed against order of High Court was to be dismissed - Held, yes [Para 2] [In favour of revenue] 10. Hence, it is prayed that as per the above submission Disallowance of Interest on Borrowed Capital is sustained, CIT(A) Order has to be upheld.” 7.3 We have heard both the partie…

ACIT 16(1), MUMBAI vs. TIPS INDUSTRIES LTD, MUMBAI

In the result, the appeal filed by revenue in ITA no

ITA 6291/MUM/2017[2012-13]Status: DisposedITAT Mumbai03 May 2019AY 2012-13

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6194 To 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 & 2013-14) बिाम/ M/S. Tips Industries Ltd., Acit 11(1) 601, Durga Chambers, Room No. 439, 6T H Floor, Linking Road, Aayakar Bhawan V. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ Pan : Aaact5284A

For Appellant: Shri. Deepak TralshawalaFor Respondent: Shri. O.P Meena (DR)
Section 143(3)Section 36(1)(iii)

…in the following case laws :- "Highways Construction Co. Pvt Ltd. vs. ClT(Gau) 199ITR 702 CIT vs. India Silk House (Mad.) 152 of the Income-tax Rule, 1962 79 Marolia & Sons Vs. CIT(All) 129 of the Income-tax Rule, 1962 475 Tirupati Trading Co. Vs. CIT(Cal.) 242 ITR 13 CIT Vs. Sujanni Textiles (P) Ltd.(Mad-) 225 ITR 560 CIT Vs. P. Ganu Rao and Sons (Mad.) 185 ITR 324" Thus, in the light of above, factual references and judicial proposals, the disallowance of interest expenditure of Rs. 1,08,00,000/- made u/s.36(1)(iii) is sustained.” 7.2. Similarly, the assessee also contended before learned CIT(A) that an amoun…

TIPS INDUSTRIES LTD,MUMBAI vs. ACIT 16(1), MUMBAI

In the result, the appeal filed by revenue in ITA no

ITA 6196/MUM/2017[2013-14]Status: DisposedITAT Mumbai03 May 2019AY 2013-14

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6194 To 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 & 2013-14) बिाम/ M/S. Tips Industries Ltd., Acit 11(1) 601, Durga Chambers, Room No. 439, 6T H Floor, Linking Road, Aayakar Bhawan V. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ Pan : Aaact5284A

For Appellant: Shri. Deepak TralshawalaFor Respondent: Shri. O.P Meena (DR)
Section 143(3)Section 36(1)(iii)

…in the following case laws :- "Highways Construction Co. Pvt Ltd. vs. ClT(Gau) 199ITR 702 CIT vs. India Silk House (Mad.) 152 of the Income-tax Rule, 1962 79 Marolia & Sons Vs. CIT(All) 129 of the Income-tax Rule, 1962 475 Tirupati Trading Co. Vs. CIT(Cal.) 242 ITR 13 CIT Vs. Sujanni Textiles (P) Ltd.(Mad-) 225 ITR 560 CIT Vs. P. Ganu Rao and Sons (Mad.) 185 ITR 324" Thus, in the light of above, factual references and judicial proposals, the disallowance of interest expenditure of Rs. 1,08,00,000/- made u/s.36(1)(iii) is sustained.” 7.2. Similarly, the assessee also contended before learned CIT(A) that an amoun…

TIPS INDUSTRIES LTD,MUMBAI vs. ACIT 16(1), MUMBAI

In the result, the appeal filed by revenue in ITA no

ITA 6195/MUM/2017[2012-13]Status: DisposedITAT Mumbai03 May 2019AY 2012-13

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6194 To 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 & 2013-14) बिाम/ M/S. Tips Industries Ltd., Acit 11(1) 601, Durga Chambers, Room No. 439, 6T H Floor, Linking Road, Aayakar Bhawan V. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ Pan : Aaact5284A

For Appellant: Shri. Deepak TralshawalaFor Respondent: Shri. O.P Meena (DR)
Section 143(3)Section 36(1)(iii)

…in the following case laws :- "Highways Construction Co. Pvt Ltd. vs. ClT(Gau) 199ITR 702 CIT vs. India Silk House (Mad.) 152 of the Income-tax Rule, 1962 79 Marolia & Sons Vs. CIT(All) 129 of the Income-tax Rule, 1962 475 Tirupati Trading Co. Vs. CIT(Cal.) 242 ITR 13 CIT Vs. Sujanni Textiles (P) Ltd.(Mad-) 225 ITR 560 CIT Vs. P. Ganu Rao and Sons (Mad.) 185 ITR 324" Thus, in the light of above, factual references and judicial proposals, the disallowance of interest expenditure of Rs. 1,08,00,000/- made u/s.36(1)(iii) is sustained.” 7.2. Similarly, the assessee also contended before learned CIT(A) that an amoun…

TIPS INDUSTRIES LTD,MUMBAI vs. ACIT 11(1), MUMBAI

In the result, the appeal filed by revenue in ITA no

ITA 6194/MUM/2017[2011-12]Status: DisposedITAT Mumbai03 May 2019AY 2011-12

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6194 To 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 & 2013-14) बिाम/ M/S. Tips Industries Ltd., Acit 11(1) 601, Durga Chambers, Room No. 439, 6T H Floor, Linking Road, Aayakar Bhawan V. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ Pan : Aaact5284A

For Appellant: Shri. Deepak TralshawalaFor Respondent: Shri. O.P Meena (DR)
Section 143(3)Section 36(1)(iii)

…in the following case laws :- "Highways Construction Co. Pvt Ltd. vs. ClT(Gau) 199ITR 702 CIT vs. India Silk House (Mad.) 152 of the Income-tax Rule, 1962 79 Marolia & Sons Vs. CIT(All) 129 of the Income-tax Rule, 1962 475 Tirupati Trading Co. Vs. CIT(Cal.) 242 ITR 13 CIT Vs. Sujanni Textiles (P) Ltd.(Mad-) 225 ITR 560 CIT Vs. P. Ganu Rao and Sons (Mad.) 185 ITR 324" Thus, in the light of above, factual references and judicial proposals, the disallowance of interest expenditure of Rs. 1,08,00,000/- made u/s.36(1)(iii) is sustained.” 7.2. Similarly, the assessee also contended before learned CIT(A) that an amoun…

ITO,WD-12(3), KOLKATA, KOLKATA vs. M/S S. B. PIGMENTS PVT. LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

ITA 324/KOL/2014[2009-2010]Status: DisposedITAT Kolkata30 Apr 2019AY 2009-2010

Bench: Shri A.T.Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.324/Kol/2014 ("नधा"रणवष" / Assessment Year:2009-10)

For Appellant: Shri Robin Choudhury, Add. CIT Sr. DRFor Respondent: Shri Subash Agarwal, Advocate
Section 133(6)Section 143(3)Section 40a

…Cal) 602, 602-603 where it has been observed that interest paid on the capital borrowed by the assessee-firm and diverted the same as interest-free loans to the relatives of its partners is not deductible. In the decision of Tirupati Trading Co. v. CIT (2000) 242 ITR 13, 18 (Cal) it has been observed that where there was no evidence to prove that the amount had been borrowed for purposes of the business of the assessee, interest on such borrowings was held not deductible. Interest on borrowed capital used for advancing interest-free loans to subsidiary company, Lions Club and EmployeesConsumers Co-operative store…

STREAMLINE SHIPPING CO. P. LTD,MUMBAI vs. DCIT 3(3), MUMBAI

In the result, the appeal is partly allowed

ITA 855/MUM/2012[2007-08]Status: DisposedITAT Mumbai28 Apr 2017AY 2007-08

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2007-08

For Appellant: Shri M. Subramanian, ARFor Respondent: Shri Vishwas Mundhe, DR
Section 10(34)Section 143(3)Section 14ASection 271

…g money to Managing Director without interest. We may refer to the decision in Highways Construction Co. Pvt. Ltd. vs. CIT (Gau) 199 ITR 702, CIT vs. India Silk House (Mad) 152 ITR 79, Marolia & Sons vs. CIT (All) 129 ITR 475, Tirupati Trading Co vs. CIT (CL) 242 ITR 13, CIT vs. Sujanni Textiles (P) Ltd. (Mad) 225 ITR 560, CIT vs. H.R. Sugar Factory (P) Ltd. (All) 187 ITR 363, CIT vs. P. Ganu Rao and Sons (Mad) 185 ITR 324. The contention of the assessee that the total rate of interest including exchange fluctuations comes to 13% is to be verified. In view of the above the order of the learned CIT(A) on the above…

Tirupati Trading Co. v. CIT (242 ITR 13) — Cited in 8 Judgments | BharatTax