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.

Which sections of the Income Tax Act does Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT come up under?

It is most often cited in judgments turning on Section 250, Section 143(3), Section 41(1), Section 14A, Section 40(a)(ia), Section 37(1).

Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT (227 ITR 172)

Q: How many judgments cite Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT?

621 judgments on BharatTax cite Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT (227 ITR 172), spanning 2007 to 2026.

Toshiba Jsw Power Systems Private Limited, Chennai vs. DCIT, Chennai

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 1286/CHNY/2017[2010-11]Status: DisposedITAT Chennai08 May 2018AY 2010-11

Bench: Shri A. Mohan Alankamony & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.1286/Mds/2017 "नधा"रण वष"/Assessment Year:2010-11 M/S. Toshiba Jsw Power Systems The Deputy Commissioner Of Pvt. Ltd., S.No. 74-95, Vaikkadu Vs. Income Tax, Company Circle Iii(2), Village, Andarkuppam Check Post, Aayakar Bhawan, Mahatma Gandhi Manali New Town, Chennai 600 103. Road, Chennai 600 034. [Pan: Aadct0151D] (अपीलाथ" /Appellant) (""यथ"/Respondent) Shri R. Venkatesan, C.A. अपीलाथ" क" ओर से / Appellant By : ""यथ" क" ओर से/Respondent By : Shri K. Ravi, Jcit सुनवाई क" तार"ख/ Date Of Hearing : 08.03.2018 घोषणा क" तार"ख /Date Of Pronouncement : 08.05.2018 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) 11, Chennai Dated 21.03.2017 Relevant To The Assessment Year 2010-11. The Only Effective Ground Raised In The Appeal Of The Assessee Is That The Ld. Cit(A) Erred In Confirming The Disallowance Of Interest Income As Capital Abatement Amounting To ₹.1,80,23,464/- Considering The Same As ‘Income From Other Sources’.

For Respondent: Shri K. Ravi, JCIT

…filed by the assessee was selected for scrutiny and the assessee filed all details against statutory notices. After scrutiny of the details filed by the assessee and by following the decision in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT 227 ITR 172, the Assessing Officer disallowed the entire interest income earned on deposits and taxed under the head “income from other sources”. 3. The assessee carried the matter in appeal before the ld. CIT(A). After considering the submissions of the assessee, the ld. CIT(A) confirmed the addition in view of the decision of the Hon’ble Apex Court cited…

ACIT, Ludhiana vs. M/S Vardhman Textiles Ltd., Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 575/CHANDI/2009[2005-06]Status: DisposedITAT Chandigarh04 May 2018AY 2005-06

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol

Section 10BSection 14ASection 80H

…The Assessing Officer observed that the assessee has netted of interest income received during the year against the interest paid. Placing reliance on the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. Vs. CIT 227 ITR 172 and held that the entire interest is to be taxed under the head “ Income From Other Sources”. 24.2 Ld.CIT(A) relying on the decisions of the ITAT Chandigarh Bench directed the Assessing Officer to consider the interest income earned by the assessee from FDRs as “Income from other sources” and income received on account of interest income on dela…

M/S Vardhman Textiles Ltd., Ludhiana vs. Addl. CIT, Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 528/CHANDI/2009[2005-06]Status: DisposedITAT Chandigarh04 May 2018AY 2005-06

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol

Section 10BSection 14ASection 80H

…The Assessing Officer observed that the assessee has netted of interest income received during the year against the interest paid. Placing reliance on the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. Vs. CIT 227 ITR 172 and held that the entire interest is to be taxed under the head “ Income From Other Sources”. 24.2 Ld.CIT(A) relying on the decisions of the ITAT Chandigarh Bench directed the Assessing Officer to consider the interest income earned by the assessee from FDRs as “Income from other sources” and income received on account of interest income on dela…

ACIT, Ludhiana vs. M/S Vardhman Textiles Ltd., Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 981/CHANDI/2008[2004-05]Status: DisposedITAT Chandigarh04 May 2018AY 2004-05

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol

Section 10BSection 14ASection 80H

…The Assessing Officer observed that the assessee has netted of interest income received during the year against the interest paid. Placing reliance on the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. Vs. CIT 227 ITR 172 and held that the entire interest is to be taxed under the head “ Income From Other Sources”. 24.2 Ld.CIT(A) relying on the decisions of the ITAT Chandigarh Bench directed the Assessing Officer to consider the interest income earned by the assessee from FDRs as “Income from other sources” and income received on account of interest income on dela…

Vardhman Textiles Ltd., Ludhiana vs. JCIT, Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 938/CHANDI/2008[2004-05]Status: DisposedITAT Chandigarh04 May 2018AY 2004-05

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol

Section 10BSection 14ASection 80H

…The Assessing Officer observed that the assessee has netted of interest income received during the year against the interest paid. Placing reliance on the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. Vs. CIT 227 ITR 172 and held that the entire interest is to be taxed under the head “ Income From Other Sources”. 24.2 Ld.CIT(A) relying on the decisions of the ITAT Chandigarh Bench directed the Assessing Officer to consider the interest income earned by the assessee from FDRs as “Income from other sources” and income received on account of interest income on dela…

ACIT, Ludhiana vs. M/S Vardhman Textiles Ltd., Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 530/CHANDI/2008[2003-04]Status: DisposedITAT Chandigarh04 May 2018AY 2003-04

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol

Section 10BSection 14ASection 80H

…The Assessing Officer observed that the assessee has netted of interest income received during the year against the interest paid. Placing reliance on the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. Vs. CIT 227 ITR 172 and held that the entire interest is to be taxed under the head “ Income From Other Sources”. 24.2 Ld.CIT(A) relying on the decisions of the ITAT Chandigarh Bench directed the Assessing Officer to consider the interest income earned by the assessee from FDRs as “Income from other sources” and income received on account of interest income on dela…

Vardhman Textile Ltd., Ludhiana vs. ACIT, Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 475/CHANDI/2008[2003-04]Status: DisposedITAT Chandigarh04 May 2018AY 2003-04

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol

Section 10BSection 14ASection 80H

…The Assessing Officer observed that the assessee has netted of interest income received during the year against the interest paid. Placing reliance on the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. Vs. CIT 227 ITR 172 and held that the entire interest is to be taxed under the head “ Income From Other Sources”. 24.2 Ld.CIT(A) relying on the decisions of the ITAT Chandigarh Bench directed the Assessing Officer to consider the interest income earned by the assessee from FDRs as “Income from other sources” and income received on account of interest income on dela…

ACIT, Ludhiana vs. Vardhman Textiles Ltd., Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 691/CHANDI/2007[2002-03]Status: DisposedITAT Chandigarh04 May 2018AY 2002-03

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol

Section 10BSection 14ASection 80H

…The Assessing Officer observed that the assessee has netted of interest income received during the year against the interest paid. Placing reliance on the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. Vs. CIT 227 ITR 172 and held that the entire interest is to be taxed under the head “ Income From Other Sources”. 24.2 Ld.CIT(A) relying on the decisions of the ITAT Chandigarh Bench directed the Assessing Officer to consider the interest income earned by the assessee from FDRs as “Income from other sources” and income received on account of interest income on dela…

M/S Vardhman Textiles Ltd., Ludhiana vs. ACIT, Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 681/CHANDI/2007[2002-03]Status: DisposedITAT Chandigarh04 May 2018AY 2002-03

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol

Section 10BSection 14ASection 80H

…The Assessing Officer observed that the assessee has netted of interest income received during the year against the interest paid. Placing reliance on the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. Vs. CIT 227 ITR 172 and held that the entire interest is to be taxed under the head “ Income From Other Sources”. 24.2 Ld.CIT(A) relying on the decisions of the ITAT Chandigarh Bench directed the Assessing Officer to consider the interest income earned by the assessee from FDRs as “Income from other sources” and income received on account of interest income on dela…

ITO, Ward - 1(1), Kolkata vs. M/S. Amba High-Rise Pvt. Ltd., Kolkata

In the result, Revenue’s appeal stands dismissed

ITA 2291/KOL/2010[2007-08]Status: DisposedITAT Kolkata27 Apr 2018AY 2007-08

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2007-08 Income Tax Officer, V/S. M/S Amba High-Rise Pvt. Ward-1(1), P-7, Ltd., 68/2, Harish Chowringhee Square, Mukherjee Road, 7Th Floor, Kolkata-69 Kolkata-25 [Pan No.Aafca 7094 L] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri S. Dasgupta, Addl. Cit-Dr अपीलाथ" क" ओर से/By Appellant Shri S.S. Gupta, Fca ""यथ" क" ओर से/By Respondent 14-02-2018 सुनवाई क" तार"ख/Date Of Hearing 27-04-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Revenue Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-I, Kolkata Dated 15.09.2010. Assessment Was Framed By Ito Ward-1(1), Kolkata U/S 144 Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 31.12.2009 For Assessment Year 2007-08 By Taking The Following Effective Grounds Of Appeal:- “1. On The Fact & In The Circumstances Of The Case As Well As In Law, The Ld. Cit(A) Erred In Deleting The Addition Of Interest Received On Bank Deposits To The Extent Of Rs.62,57,436/- As Income From Other Sources. 2. On The Facts & In The Circumstances Of The Case As Well As In Law, The Ld. Cit(A) Erred In Deleting The Addition Of Capital Expenditure Claimed Under The Head Loan Syndication Charges Of Rs.1,26,27,000/- 3. On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Erred In Deleting The Disallowance Interest Expenses Of Rs.86,90,220/- On Account Of Term Loan From Central Bank Of India Which Was Not

Section 144Section 194L

…make any reply therefore, AO after having reliance in the judgment of Hon'ble Supreme Court in the case of Tuticorin Alkah Chemicals & Fertilizers Ltd. vs. CIT (1997) ITA No.2291/Kol/2010 A.Y. 2007-08 ITO Wd-1(1), Kol. Vs. M/s Amba High Rise Pvt. Ltd. Page 3 227 ITR 172 (SC) held that interest will be taxed under the head “income from other sources”. However, the AO while computing the income from other sources has treated 10% of interest expense pertaining to the impugned interest income. Thus, AO disallowed the sum of ₹62,57,636/- (71,47,436 – 8,90,000) treated the same as income from other sources. 4. Aggriev…

DCIT, CC-2(2), Kolkata vs. Agam Saran Khemka, Kolkata

In the result, both the appeals of revenue are dismissed

ITA 1477/KOL/2015[2013-14]Status: DisposedITAT Kolkata26 Apr 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 132(4)Section 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…

DCIT, CC-2(2), Kolkata vs. Sanwar Mal Agarwala, Guwahati

In the result, both the appeals of revenue are dismissed

ITA 1472/KOL/2015[2013-14]Status: DisposedITAT Kolkata26 Apr 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 132(4)Section 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…

Synthes Medical P.Ltd, Mumbai vs. ACIT Ltu-1, Mumbai

The appeal of the Revenue is dismissed

ITA 1784/MUM/2016[2011-12]Status: DisposedITAT Mumbai13 Apr 2018AY 2011-12

For Appellant: S/Shri M.P. Lohia/Pranay GandhiFor Respondent: S/Shri V. Jenardhanan /V.Jayant Kumar-CIT-DR

Section 143(3)Section 254(1)

…of account are not determinative or conclusive and the matter is to be examined on the touchstone of provisions contained in the Act [See - Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC); Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172/93 Taxman 502 ITA Nos. 6005 & 6006/Del/2013 & ITA No. 5807/Del/2013 (SC); Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC) and United Commercial Bank v. CIT [1999] 240 ITR 355/106 Taxman 601 (SC). 20. At the most, an inference can be drawn that by showing this expenditure in a spread over manner in the books of account, the assessee had init…

DCIT Cir 3(3), Mumbai vs. Small Industries Development Bank of India Ltd, Mumbai

In the result, appeal of the assessee is partly allowed

ITA 4220/MUM/2011[2007-08]Status: DisposedITAT Mumbai23 Mar 2018AY 2007-08

Bench: Shri G.S. Pannu & Shri Pawan Singh

For Respondent: Shri Jayant Kumar

Section 143(3)Section 147Section 234DSection 36(1)(viia)Section 36(1)(viii)

…avlal & Co. [1960] 38 ITR 601 (SC) and (iii) the principle laid down in Kedarnath Jute Mfg. Co. Ltd., 82 ITR 363 (S.C.), Sutlej Cotton Mills Ltd., 116 ITR 1 (S.C.), Fort Properties P. Ltd., 208 ITR 232 (Bom.) and Tuticorin Alkali Chemicals & Fertilizers Ltd., 227 ITR 172 (S.C.) wherein it has been held that deductions/allowances are to be made as per provisions of law and not as per entries in the books of account of the assessee. 5. On the facts and in the circumstances of the case, the learned Commissioner of Income Tax (Appeals) ought to have held that interest cannot be levied u/s. 234C as there was no short…

DCIT Cir 3(3), Mumbai vs. Small Industries Development Bank of India Ltd, Mumbai

In the result, appeal of the assessee is partly allowed

ITA 4219/MUM/2011[2006-07]Status: DisposedITAT Mumbai23 Mar 2018AY 2006-07

Bench: Shri G.S. Pannu & Shri Pawan Singh

For Respondent: Shri Jayant Kumar

Section 143(3)Section 147Section 234DSection 36(1)(viia)Section 36(1)(viii)

…avlal & Co. [1960] 38 ITR 601 (SC) and (iii) the principle laid down in Kedarnath Jute Mfg. Co. Ltd., 82 ITR 363 (S.C.), Sutlej Cotton Mills Ltd., 116 ITR 1 (S.C.), Fort Properties P. Ltd., 208 ITR 232 (Bom.) and Tuticorin Alkali Chemicals & Fertilizers Ltd., 227 ITR 172 (S.C.) wherein it has been held that deductions/allowances are to be made as per provisions of law and not as per entries in the books of account of the assessee. 5. On the facts and in the circumstances of the case, the learned Commissioner of Income Tax (Appeals) ought to have held that interest cannot be levied u/s. 234C as there was no short…

Small Industries Development Bank of India, Mumbai vs. DCIT RG 3(3), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 4048/MUM/2011[2007-08]Status: DisposedITAT Mumbai23 Mar 2018AY 2007-08

Bench: Shri G.S. Pannu & Shri Pawan Singh

For Respondent: Shri Jayant Kumar

Section 143(3)Section 147Section 234DSection 36(1)(viia)Section 36(1)(viii)

…avlal & Co. [1960] 38 ITR 601 (SC) and (iii) the principle laid down in Kedarnath Jute Mfg. Co. Ltd., 82 ITR 363 (S.C.), Sutlej Cotton Mills Ltd., 116 ITR 1 (S.C.), Fort Properties P. Ltd., 208 ITR 232 (Bom.) and Tuticorin Alkali Chemicals & Fertilizers Ltd., 227 ITR 172 (S.C.) wherein it has been held that deductions/allowances are to be made as per provisions of law and not as per entries in the books of account of the assessee. 5. On the facts and in the circumstances of the case, the learned Commissioner of Income Tax (Appeals) ought to have held that interest cannot be levied u/s. 234C as there was no short…

Small Industries Development Bank of India, Mumbai vs. DCIT RG 3(3), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 4047/MUM/2011[2006-07]Status: DisposedITAT Mumbai23 Mar 2018AY 2006-07

Bench: Shri G.S. Pannu & Shri Pawan Singh

For Respondent: Shri Jayant Kumar

Section 143(3)Section 147Section 234DSection 36(1)(viia)Section 36(1)(viii)

…avlal & Co. [1960] 38 ITR 601 (SC) and (iii) the principle laid down in Kedarnath Jute Mfg. Co. Ltd., 82 ITR 363 (S.C.), Sutlej Cotton Mills Ltd., 116 ITR 1 (S.C.), Fort Properties P. Ltd., 208 ITR 232 (Bom.) and Tuticorin Alkali Chemicals & Fertilizers Ltd., 227 ITR 172 (S.C.) wherein it has been held that deductions/allowances are to be made as per provisions of law and not as per entries in the books of account of the assessee. 5. On the facts and in the circumstances of the case, the learned Commissioner of Income Tax (Appeals) ought to have held that interest cannot be levied u/s. 234C as there was no short…

Small Industries Development Bank of India, Mumbai vs. DCIT Cir 3(3), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 4045/MUM/2011[2004-05]Status: DisposedITAT Mumbai23 Mar 2018AY 2004-05

Bench: Shri G.S. Pannu & Shri Pawan Singh

For Respondent: Shri Jayant Kumar

Section 143(3)Section 147Section 234DSection 36(1)(viia)Section 36(1)(viii)

…avlal & Co. [1960] 38 ITR 601 (SC) and (iii) the principle laid down in Kedarnath Jute Mfg. Co. Ltd., 82 ITR 363 (S.C.), Sutlej Cotton Mills Ltd., 116 ITR 1 (S.C.), Fort Properties P. Ltd., 208 ITR 232 (Bom.) and Tuticorin Alkali Chemicals & Fertilizers Ltd., 227 ITR 172 (S.C.) wherein it has been held that deductions/allowances are to be made as per provisions of law and not as per entries in the books of account of the assessee. 5. On the facts and in the circumstances of the case, the learned Commissioner of Income Tax (Appeals) ought to have held that interest cannot be levied u/s. 234C as there was no short…

DCIT, CC-2(2), Kolkata vs. Manoj Beswal, Kolkata

In the result, the appeal of the revenue is dismissed

ITA 1476/KOL/2015[2013-14]Status: DisposedITAT Kolkata14 Mar 2018AY 2013-14

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1471/Kol/2015 Assessment Year : 2013-14 Dcit,Cc-2(2), Kolkata -Vs- Amit Agarwal [Pan: Abwpa 7376 C] (Appellant) (Respondent) I.T.A No. 1475/Kol/2015 Assessment Year : 2013-14 Dcit,Cc-2(2), Kolkata -Vs- Madan Lal Beswal [Pan: Adbpb 8910 G] (Appellant) (Respondent) I.T.A No. 1476/Kol/2015 Assessment Year : 2013-14 Dcit,Cc-2(2), Kolkata -Vs- Manoj Beswal [Pan: Adbpb 8909 P] (Appellant) (Respondent)

For Appellant: Shri A.K.Tiwari, CITFor Respondent: Shri M.D.Shah, AR

Section 132Section 143(3)Section 2Section 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. Madan Lal Beswal, Kolkata

In the result, the appeal of the revenue is dismissed

ITA 1475/KOL/2015[2013-14]Status: DisposedITAT Kolkata14 Mar 2018AY 2013-14

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1471/Kol/2015 Assessment Year : 2013-14 Dcit,Cc-2(2), Kolkata -Vs- Amit Agarwal [Pan: Abwpa 7376 C] (Appellant) (Respondent) I.T.A No. 1475/Kol/2015 Assessment Year : 2013-14 Dcit,Cc-2(2), Kolkata -Vs- Madan Lal Beswal [Pan: Adbpb 8910 G] (Appellant) (Respondent) I.T.A No. 1476/Kol/2015 Assessment Year : 2013-14 Dcit,Cc-2(2), Kolkata -Vs- Manoj Beswal [Pan: Adbpb 8909 P] (Appellant) (Respondent)

For Appellant: Shri A.K.Tiwari, CITFor Respondent: Shri M.D.Shah, AR

Section 132Section 143(3)Section 2Section 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…

Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT

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

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Toshiba Jsw Power Systems Private Limited, Chennai vs. DCIT, Chennai

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ITO, Ward - 1(1), Kolkata vs. M/S. Amba High-Rise Pvt. Ltd., Kolkata

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DCIT, CC-2(2), Kolkata vs. Sanwar Mal Agarwala, Guwahati

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DCIT Cir 3(3), Mumbai vs. Small Industries Development Bank of India Ltd, Mumbai

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Small Industries Development Bank of India, Mumbai vs. DCIT RG 3(3), Mumbai

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