Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT

227 ITR 172Supreme Court of India1997#96 most cited

What is Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT authority for?

Interest income earned on deposits, particularly before the commencement of business operations or as a requirement for business licensing, is taxable as "income from other sources" under Section 56, and cannot be treated as business income or set off against interest on borrowed funds.

621

judgments rely on this decision, according to BharatTax’s citation analysis of 371,887 Indian tax judgments — from 2007 to 2026.

Also referred to as

Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT · 227 ITR 172 · Section 28 · Section 56 · Section 57 · income from other sources · business income · interest income · commencement of business · capitalization of interest · year of expenditure claim

Also reported as

141 CTR 387

Sections most often in play

Section 250Section 143(3)Section 41(1)Section 14ASection 40(a)(ia)Section 37(1)Section 147Section 28(iv)

Issues it is cited on

section 57profits and gains of business or professionsection 56section 32revenue expenditureincome from other sourcessection 28section 37(1)capital expendituresection 43section 37previous year

Judgments citing Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT

Mahindra World City Developers Ltd., Chennai vs. ACIT, Chennai

In the result, the corresponding grounds of the assessee are

ITA 2084/CHNY/2016[2010-11]Status: DisposedITAT Chennai27 Jun 2018AY 2010-11

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकरअपीलसं/.I.T.A. Nos. 2084, 2085 & 2086/Chny/2016 "नधा"रणवष"/Assessment Years : 2010-11 To 2012-13

For Respondent: Mrs. Ruby George, CIT
Section 14A

…st of the assets in the absence of any statutory definition or other indication to the contrary." 16.9 The learned counsel for the revenue relied upon the judgment of the Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172 to buttress her submission that accountancy principles cannot override the provisions of the Act. This proposition is unassailable. One cannot take resort to a principle or rule of accountancy when the Act provides specifically for the situation at hand. But when the situation is one where there is no definitive provision, a Court can take resort…

Madhya Pradesh Jaypee Minerals Ltd., New Delhi vs. ITO, Ward- 16(1), New Delhi

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 6284/DEL/2017[2013-14]Status: DisposedITAT Delhi27 Jun 2018AY 2013-14

Bench: Smt. Diva Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘SMC’ NEW DELHI BEFORE SMT. DIVA SINGH, JUDICIAL MEMBER ITA No.-6284/Del/2017 (Assessment Year: 2013-14) M/s Madhya Pradesh Jaypee Minerals Ltd. vs ITO 63, Basant Lok, JA House, Ward 16(1) Vasant Vihar, New Delhi. New Delhi. AAECM6805G Assessee by Sh. V.K. Garg, Adv. Revenue by Ms. Ashima Neb, Sr. DR Date of Hearing 26.04.2018 Date of Pronouncement 27.06.2018 ORDER The present appeal has been filed by the assessee assailing the correctness of the order dt. 22.8.2017 of CIT(A)-37, New Delhi pertaining to 2013-14 AY on various grounds on merits. However, the…

The Pr Commissioner of Income Tax vs. M/S Bank Note Paper Mill India Pvt Ltd

ITA/690/2017HC Karnataka21 Jun 2018

Bench: S.SUJATHA,VINEET KOTHARI

Section 260

…me Tax CIT(A) & another Vs. M/s Bank Note Paper Mill India Pvt. Ltd. 3/11 315], which distinguished the earlier view of the Hon’ble Supreme Court in the case of ‘Tuticorin Alkali Chemicals & Fertilizers Vs. Commissioner of Income Tax’ [(1997) 227 ITR 172] and held that the interest income earned by the Assessee-Company on bank deposits made out of share capital received by it from the Reserve Bank of India could not be taxed as “Income from Other Sources” as the said interest income was earned prior to commencement of operations of the company during the construction period. 3. The le…

DCIT 14(1)(2), Mumbai vs. Commtel Networks P.Ltd, Mumbai

In the result appeal of the Revenue is dismissed

ITA 4872/MUM/2015[2012-13]Status: DisposedITAT Mumbai19 Jun 2018AY 2012-13

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm

…ns of the law, and it is not necessary that law should follow the footsteps of accountancy. Income-tax law does not march step by step in the divergent footprint of the accountancy profession. [See - Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT (1997) 227 ITR 172 (SC)]. He further contended that the facts of the assessee’s case are distinguishable from the facts of the decision in case of Emerson Network Power India Pvt. Ltd., (supra) as relied on by learned DR, and are more closure to the facts of M/s. Associated Cables Pvt. Ltd., (supra) and Commtel Networks Pvt. Ltd., (supra). The distinguishing featur…

Express Infrastructure Pvt. Ltd., Chennai vs. DCIT, Chennai

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

ITA 930/CHNY/2017[2009-10]Status: DisposedITAT Chennai18 Jun 2018AY 2009-10

Bench: Shri A. Mohan Alankamony & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.930/Chny/2017 "नधा"रण वष"/Assessment Year:2009-10 M/S. Express Infrastructures Pvt. Ltd., The Deputy Commissioner Of Express Estates, No. 2, Club House Vs. Income Tax, Road, Mount Road, Chennai 600 002. Company Circle Ii(1), [Pan: Aabce5521G] Chennai. (अपीलाथ" /Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से / Appellant By : Shri G. Baskar, Advocate ""यथ" क" ओर से/Respondent By : Ms. Sandhya Rani, Jcit सुनवाई क" तार"ख/ Date Of Hearing : 03.05.2018 घोषणा क" तार"ख /Date Of Pronouncement : 13.06.2018 आदेश /O R D E R Per Duvvuru Rl Reddy: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 9, Chennai Dated 30.12.2016 Relevant To The Assessment Year 2009-10. The Only Effective Ground Raised In The Appeal Of The Assessee Is That The Ld. Cit(A) Has Erred In Holding That The Interest Receipt Of ₹.62,77,671/- Is Income & Is To Be Assessed As Income From Other Sources.

For Appellant: Shri G. Baskar, AdvocateFor Respondent: Ms. Sandhya Rani, JCIT
Section 143(3)

…interest income against the project development expenditure pending for allocation. The assessee contended that the interest income was not taxable under the Act. By relying on the decisions in the cases of Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT 227 ITR 172 (1997) (SC) and the Madras High Court decision in the case of CIT v. Nizar Ahmed & Co.259 ITR 244, the Assessing Officer assessed the interest income earned by the assessee of 3 I.T.A. No.930/Chny/17 ₹.62,77,671/- under 'income from other sources' and did not allow the same to be netted off against capital work in progress. 3. The assessee carr…

Anuj Mathur, Jaipur vs. Deputy Commissioner of Income Tax, Jaipur

In the result, appeal of the assessee is allowed

ITA 971/JPR/2017[2015-16]Status: DisposedITAT Jaipur13 Jun 2018AY 2015-16

Bench: Or At The Time Of Hearing.”

For Appellant: Shri S.L. Poddar and Ms. Isha Kanungo (Advocates)For Respondent: Smt. Seema Meena (JCIT)
Section 132Section 143(3)Section 153B(1)Section 271ASection 274

…rofits and gains of business. That does not mean that until and unless the assessee commences its business, its income from any other source will not be taxed as held by the Hon’ble Supreme Court in the case of Tuticorin Alkali & Chemicals Ltd. Vs. CIT (1997) 227 ITR 172 (SC). It has been further held that when the question is whether a receipt of money is taxable or not or whether certain deduction from that receipt is principles of law and not in accordance with accountancy practice. Further, the Hon’ble Apex Court held that the question as to whether a principal receipt is of the nature of income and falls wit…

Shri Ravi Mathur, Jaipur vs. Deputy Commissioner of Income Tax, Jaipur

In the result, the appeal of the revenue is dismissed

ITA 969/JPR/2017[2015-16]Status: DisposedITAT Jaipur13 Jun 2018AY 2015-16

Bench: Or At The Time Of Hearing.”

For Appellant: Shri S.L. Poddar and Ms. Isha Kanungo (Advocates)For Respondent: Smt. Seema Meena (JCIT)
Section 132Section 132(4)Section 143(3)Section 153BSection 271A

…rofits and gains of business. That does not mean that until and unless the assessee commences its business, its income from any other source will not be taxed as held by the Hon’ble Supreme Court in the case of Tuticorin Alkali & Chemicals Ltd. Vs. CIT (1997) 227 ITR 172 (SC). It has been further held that when the question is whether a receipt of money is taxable or not or whether certain deduction from that receipt is principles of law and not in accordance with accountancy practice. Further, the Hon’ble Apex Court held that the question as to whether a principal receipt is of the nature of income and falls wit…

Express Newspapers Pvt Ltd., Chennai vs. ACIT, Chennai

In the result, the appeal of the assessee is partly allowed for

ITA 1417/CHNY/2017[2005-06]Status: DisposedITAT Chennai12 Jun 2018AY 2005-06

Bench: Shri George Mathan & Shri S.Jayaraman

For Appellant: Mr.G.Baskar,AdvocateFor Respondent: Mr.R.Clement Ramesh Kumar
Section 24Section 57

…आयकर अपील"य अ"धकरण, ’सी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘ C’ BENCH : CHENNAI "ी जॉज" माथन, "या"यक सद"य के सम" एवं एस जयरामन, लेखा सद"य BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER & SHRI S.JAYARAMAN, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A.No.1417/CHNY/2017 "नधा"रण वष" /Assessment year :2005-06 M/s.Express Newspapers pvt. Vs. Assistant Commissioner of Ltd., Income Tax, Express Estates, Anna Salai, Company Circle-II(1), Chennai 600 002. Presently Corporate Circle 2(1), Chennai -34. [PAN AAACE 1702 G ] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant by : Mr.G.Baskar,Advoc…

M/S. Marathwada Auto Cluster, Aurangabad vs. Income-Tax Officer

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 2455/PUN/2016[2012-13]Status: DisposedITAT Pune06 Jun 2018AY 2012-13

Bench: Shri D. Karunakara Rao, Am

For Appellant: Shri S. N. PuranikFor Respondent: Shri Pankaj Garg
Section 11Section 12ASection 12A(2)Section 234Section 234ASection 25

…- Rs.44,07,862/-). 5. During assessment proceedings, the Assessing Officer proposed to tax on balance income of Rs.62,10,752/- invoking the ratio laid down by the Hon'ble Supreme Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. Vs. CIT, 227 ITR 172. In reply, the assessee submitted that grant in aid is the source of FDR and this grant in aid was kept in escrow account under monitoring of the Central Government. The amount lying to the credit of the escrow account which includes the interest income can be utilized only for capital expenditure and therefore, interest income accrued constitu…

Asst CIT 6(2)(2), Mumbai vs. Essar Power Gujarat Ltd, Mumbai

ITA 4020/MUM/2016[2011-12]Status: DisposedITAT Mumbai01 Jun 2018AY 2011-12

Bench: S/Sh.Rajendra & Amarjit Singhआयकर अपील सं./I.T.A./4020/Mum/2016,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2011-12 िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./4019/Mum/2016,िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2012-13 वष" Acit-6(2)(2) M/S. Essar Power Gujarat Ltd. Room No.563, Aayakar Bhavan, Essar House, 11 Kk Marg, Mahalaxmi Vs. M.K. Road, Mumbai-400 020. Mumbai-400 034. Pan:Aabce 7510 K (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri Virendra Singh अपीलाथ" क" ओर से /Assessee By: Shri Anuj Kishnadwala सुनवाई क" तारीख / Date Of Hearing: 21/05/2018 घोषणा क" तारीख / Date Of Pronouncement: 01/06/2018 आयकर आयकर आयकर अिधिनयम आयकर अिधिनयम अिधिनयम,1961 क" अिधिनयम क" क" धारा क" धारा धारा 254(1)के अ"तग"त आदेश धारा के अ"तग"त आदेश के अ"तग"त आदेश के अ"तग"त आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद"य लेखा सद"य ,राजे"" राजे"" केकेकेके अनुसार अनुसार - Per Rajendra, Am- लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Orders Dated 23/03/2016 Of The Cit(A)-12,Mumbai,The Assessing Officer (Ao)Has Filed Above Appeals.Assessee-Company Is Engaged In The Business Setting Up Of Coal Based Power Plant.As The Issues Raised In Both The Appeals Are Similar,So,We Are Adjudicating Them Together.Details Of Filings Of Returns,Retunred Incomes,Assessed Incomes Can Be Summar -Ised As Under: Ay. Roi Filed On Returned Income Asst.Date Assessed Income 2011-12 05/09/2011 Rs.3.65 Crores 18/03/2014 Rs.6.99 Crores 2012-13 27/09/2012 Rs.5.44 Crores 29/12/2014 Rs.11.14 Crores

For Appellant: Shri Anuj KishnadwalaFor Respondent: Shri Virendra Singh
Section 254(1)

…आयकर आयकर आयकर अपीलीय आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई “जेजेजेजे” खंडपीठ मुंबई खंडपीठ खंडपीठ मेमेमेमे खंडपीठ Income-tax Appellate Tribunal -“J”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं अमरजीत "सह, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and Amarjit Singh,Judicial Member आयकर अपील सं./I.T.A./4020/Mum/2016,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2011-12 िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./4019/Mum/2016,िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2012-13 वष" ACIT-6(2)(2) M/s. Essar Power Gujarat Ltd. Room No.563, Aayakar Bhavan, Essar Hou…

De Beers India P.Ltd, Mumbai vs. DCIT 3(1), Mumbai

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

ITA 3907/MUM/2013[2007-08]Status: DisposedITAT Mumbai30 May 2018AY 2007-08

Bench: S/Shri B.R. Baskaran (Am) & Sandeep Gosain (Jm)

Section 35E

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” Bench, Mumbai Before S/Shri B.R. Baskaran (AM) & Sandeep Gosain (JM) I.T.A. No. 3907/Mum/2013 (Assessment Year 2007-08) M/s. De Beers India Pvt. Ltd. DCIT 3(1) 83, Maker Chambers VI Vs. Mumbai Nariman Point Mumbai-400 021. PAN : AAACD1900D (Appellant) (Respondent) Assessee by Shri Nitesh Joshi Department by Shri Ram Tiwari Date of Hearing 3.4.2018 Date of Pronouncement 30.5.2018 O R D E R Per B.R. Baskaran (AM) :- The appeal filed by the assessee is directed against the order dated 19- 03-2013 passed by Ld CIT(A)-6, Mumbai and it relates to the assessment year 2007…

M/S. Shrm Food & Allied Services Pvt. Ltd, Mumbai vs. The ITO WD 8(3)(1)

ITA 596/MUM/2008[2004-2005]Status: DisposedITAT Mumbai30 May 2018AY 2004-2005
For Appellant: Shri J.D. MistryFor Respondent: Shri V. Justin- DR
Section 115JSection 143(1)Section 143(3)Section 148Section 254(1)

…आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई “ ई” खंडपीठ मुंबई खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“E”Bench Mumbai सव"ी सव"ी सव"ी राजे"" सव"ी राजे"" राजे"",लेखा राजे"" लेखा लेखा सद"य लेखा सद"य सद"य एवं सद"य एवं एवं, संदीप एवं संदीप संदीप गोसांई संदीप गोसांई गोसांई, "याियक गोसांई "याियक "याियक सद"य "याियक सद"य सद"य सद"य Before S/Shri Rajendra,Accountant Member and Sandeep Gosain,Judicial Member आयकर अपील अपील संसंसंसं./I.T.A./596/Mum/2008,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2004-05 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" SHRM Food…

Mawana Sugars Ltd., New Delhi vs. DCIT, New Delhi

ITA 5614/DEL/2010[2007-08]Status: DisposedITAT Delhi28 May 2018AY 2007-08

Bench: Hon’Ble, Shri G.D. Agrawal & Shri Kuldip Singh

…units; and has further received misc. income of Rs.32,20,000/- (total comes to Rs.4,84,01,000/-) on which no tax has been offered. AO by relying upon the decision rendered by Hon’ble Supreme Court in Tuticorin Alkali Chemicals and Fertilizers Ltd. vs. CIT – 227 ITR 172 proceeded to conclude that income from short term deposit with the banks in operation period is chargeable to tax under the head ‘income from other sources’ and consequently the interest income of Rs.76.10 lakhs is brought to tax under the head ‘income from other sources’. AO also brought to tax misc. income of sale of sugar on trial run under…

DCIT, New Delhi vs. M/S. Mawana Sugars Ltd., New Delhi

ITA 1479/DEL/2010[2006-07]Status: DisposedITAT Delhi28 May 2018AY 2006-07

Bench: Hon’Ble, Shri G.D. Agrawal & Shri Kuldip Singh

…units; and has further received misc. income of Rs.32,20,000/- (total comes to Rs.4,84,01,000/-) on which no tax has been offered. AO by relying upon the decision rendered by Hon’ble Supreme Court in Tuticorin Alkali Chemicals and Fertilizers Ltd. vs. CIT – 227 ITR 172 proceeded to conclude that income from short term deposit with the banks in operation period is chargeable to tax under the head ‘income from other sources’ and consequently the interest income of Rs.76.10 lakhs is brought to tax under the head ‘income from other sources’. AO also brought to tax misc. income of sale of sugar on trial run under…

DCIT, New Delhi vs. M/S. Mawana Sugars Ltd., New Delhi

ITA 1463/DEL/2010[2005-06]Status: DisposedITAT Delhi28 May 2018AY 2005-06

Bench: Hon’Ble, Shri G.D. Agrawal & Shri Kuldip Singh

…units; and has further received misc. income of Rs.32,20,000/- (total comes to Rs.4,84,01,000/-) on which no tax has been offered. AO by relying upon the decision rendered by Hon’ble Supreme Court in Tuticorin Alkali Chemicals and Fertilizers Ltd. vs. CIT – 227 ITR 172 proceeded to conclude that income from short term deposit with the banks in operation period is chargeable to tax under the head ‘income from other sources’ and consequently the interest income of Rs.76.10 lakhs is brought to tax under the head ‘income from other sources’. AO also brought to tax misc. income of sale of sugar on trial run under…

DCIT, CC-2(2), Kolkata vs. Pradip Kumar Agarwala, Kolkata

In the result, both the appeals of the revenue are dismissed

ITA 1478/KOL/2015[2013-14]Status: DisposedITAT Kolkata25 May 2018AY 2013-14

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी एम .बालागणेश, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri M. Balaganesh, Am]

Section 132Section 143(3)Section 271ASection 274

…rofits and gains of business. That does not mean that until and unless the assessee commences its business, its income from any other source will not be taxed as held by the Hon’ble Supreme Court in the case of Tuticorin Alkali & Chemicals Ltd. Vs. CIT (1997) 227 ITR 172 (SC). It has been further held that when the question is whether a receipt of money is taxable or not or whether certain deduction from that receipt is principles of law and not in accordance with accountancy practice. Further, the Hon’ble Apex Court held that the question as to whether a principal receipt is of the nature of income and falls wit…

DCIT, CC-2(2), Kolkata vs. Subhas Candra Agarwala, Guwahati

In the result, both the appeals of the revenue are dismissed

ITA 1474/KOL/2015[2013-14]Status: DisposedITAT Kolkata25 May 2018AY 2013-14

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी एम .बालागणेश, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri M. Balaganesh, Am]

Section 132Section 143(3)Section 271ASection 274

…rofits and gains of business. That does not mean that until and unless the assessee commences its business, its income from any other source will not be taxed as held by the Hon’ble Supreme Court in the case of Tuticorin Alkali & Chemicals Ltd. Vs. CIT (1997) 227 ITR 172 (SC). It has been further held that when the question is whether a receipt of money is taxable or not or whether certain deduction from that receipt is principles of law and not in accordance with accountancy practice. Further, the Hon’ble Apex Court held that the question as to whether a principal receipt is of the nature of income and falls wit…

Ideal Toll & Infrastructure P.Ltd, Mumbai vs. DCIT 6(1), Mumbai

In the result, the appeal of the assessee is treated as allowed

ITA 7758/MUM/2014[2010-11]Status: DisposedITAT Mumbai25 May 2018AY 2010-11

Bench: Shri B.R. Baskaran (Am)& Shri Pawan Singh (Jm)

Section 14ASection 36(1)(iii)

…gh Court etc., to hold that the interest income earned by the assessee is assessable as income from other sources. Some of the decisions relied upon by Ld CIT(A) are:- (a) Swani Spice Mills P Ltd (322 ITR 288)(Bom) (b) Tuticorin Alkali Chemical & Fertilisers (227 ITR 172)(SC) (c) Pandian Chemicals (262 ITR 278)(SC) (d) Liberty India (317 ITR 218)(SC) (e) Totgars Co-operative Sale society (322 ITR 283)(SC) (f) Gopinathan (248 ITR 449)(SC) 27. We heard the parties on this issue and perused the record. We notice that the various decisions relied upon by the Ld CIT(A) relate to the interest income earned on investme…

M/S.Rich Prints Private Limited, Mumbai vs. Income Tax Officer -13(3)(2), Mumbai

In the result, assessee’s appeal is allowed for statistical purposes

ITA 5810/MUM/2017[2013-14]Status: DisposedITAT Mumbai23 May 2018AY 2013-14

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwalm/S. Rich Prints Pvt. Ltd. 416, Diamond Industrial Estate ……………. Appellant Dahisar (East), Mumbai 400 001 Pan – Aaecr7205D V/S Income Tax Officer ……………. Respondent Ward–13(3)(2), Mumbai

For Appellant: NoneFor Respondent: Ms. N. Hemalatha
Section 115J

…reduced from the expenditure incurred and capitalized. Learned Commissioner (Appeals), however, did not accept the claim of the assessee. Relying upon the decision of the Hon'ble Supreme Court in Tuticorin Alkali Chemical and Fertilizers Ltd. v/s CIT, [1997] 227 ITR 172 (SC) he upheld the addition made by the Assessing Officer. While doing so, he also observed that the assessee did not furnish any evidence in support of its claim that the fixed deposits were in respect of margin money against the borrowings. 6. We have heard the learned Departmental Representative and perused materials on record. As could be se…

M/S Bank Note Paper Mill India Private Limited, Mysore vs. The Income Tax Officer Circle-1(1)(3), Bangalore

In the result, the appeals of assessee are allowed

ITA 165/BANG/2018[2013-14]Status: DisposedITAT Bangalore23 May 2018AY 2013-14

Bench: Shri N.V. Vasudevan & Shri Inturi Rama Rao

For Appellant: Shri G.S. Prashant, AdvocateFor Respondent: Shri G. Guruswamy, CIT (D.R)

…e plant. Therefore the interest income was not offered to tax. 3.2 The Assessing Officer not accepted the stand of the assessee and placing reliance on the decision of Hon'ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilisers Ltd. Vs. CIT 227 ITR 1721 and brought to tax, the interest income under head ‘income from other sources’. Being aggrieved, the assessee filed appeal before the CIT (Appeals), who vide impugned order had confirmed the action of the Assessing Officer. Being aggrieved, the assessee is in appeal before us. 4. The issue in appeal is squarely covered by the order of co-ordin…