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

M/S. Tata Industries Ltd, Mumbai vs. The ITO 2(3)(3), Mumbai

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

ITA 4894/MUM/2008[2004-2005]Status: DisposedITAT Mumbai20 Jul 2016AY 2004-2005

Bench: Shri G. S. Pannu, Accoutant Member & Shri Sanjay Gargtata Industries Ltd., Vs. The Income Tax Officer, Ward- Bombay House,24,Homi 2 (3) (3), Room No.555, Mody Street, Fort, Mumbai Aayakar Bhavan, Maharshi 400 001 Karve Road, Mumbai 400 020 Pan: Aaact 4058 L Appellant .. Respondent Appellant By Shri Dinesh Vyas, Ar Respondent By Shri Alok Johri, Dr Date Of Hearing 22-06-2016 Date Of Pronouncement 20-07-2016

Section 10ASection 115JSection 14ASection 36

…ning any income under the head ‘Profits or gains from business or profession’ does not arise. Hence, the contention of the assessee is rejected”. d) A larger bench of Hon’ble supreme court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd ( 1997 ) 227 ITR 172 considered the issue of computation of income under various heads. e) Hon’ble HIGH COURT OF MYSORE in the case of United Breweries ([1973] 89 ITR 17) held “It is well-settled that the mere fact that a man holds all the shares in a company does not make the business carried on by that company his business, nor does it make the company his agents…

Andhra Pradesh Expressway Ltd, Mumbai vs. Asst CIT 14(1)(1), Mumbai

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

ITA 663/MUM/2015[2010-11]Status: DisposedITAT Mumbai19 Jul 2016AY 2010-11

Bench: Shri B.R. Baskaran (Am)& Ramlal Negi (Jm)

…e of Rs.7,25,778/- and offered the same under the head Business. The AO assessed the same under the head Income from other sources by following the decision rendered by Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilisers Ltd Vs. CIT (227 ITR 172) and also the decision rendered by the jurisdictional Hon’ble Bombay High Court in the case of Godavari Sugar Mills Ltd Vs. CIT (191 ITR 359). The Ld CIT(A) also confirmed the same. Aggrieved, the assessee has filed this appeal before us. 3. The Ld A.R submitted that the fixed deposits have been made out of funds generated from the business of…

Neelkanth Township & Construction P.Ltd, Mumbai vs. ITO 3(2)(3), Mumbai

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

ITA 4792/MUM/2014[2010-11]Status: DisposedITAT Mumbai22 Jun 2016AY 2010-11

Bench: Shri B.R. Baskaran, Am & Shri Ram Lal Negi, Jm

For Appellant: Shri Durga Dutt

…that the identical addition made in AY 2008-09 has since been accepted by the assessee. He further submitted that the Ld CIT(A) has placed reliance on the decision of Hon’ble Supreme Court rendered in the case of Tuticorin Alkali Chemicals & Fertilisers Ltd (227 ITR 172) to decide this issue against the assessee. 7. We have heard rival contentions and perused the record. A perusal of Balance sheet would show that the assessee is in the process of implementing its project only and during the year under consideration, the net current assets has increased by a sum of Rs.44.00 lakhs only. Further a perusal of Sched…

DCIT 3(2), Mumbai vs. Lml Ltd, Mumbai

In the result, appeal of the revenue stands dismissed

ITA 3666/MUM/2011[2006-07]Status: DisposedITAT Mumbai21 Jun 2016AY 2006-07

Bench: Shri G S Pannu & Shri Amit Shukla

Section 143(3)

…akhs was claimed as revenue expenditure. The AO held that, interest income of Rs.376.81 lakhs is to be taxed as income from other sources based on the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172 (SC) and also the jurisdictional High Court in the case of Ravi Ratna Exports Co. Ltd., 246 ITR 443 and host of other decisions. The Ld. CIT(A) reversed the action of the AO, following the decision of Tata Chemicals Ltd vs DCIT, reported in 72 ITD 1. 42. Before us, the contention of the Ld. Counsel has been that, these pre-operative expenditure w…

The ACIT RG-3(2) vs. M/S. Lml Ltd

In the result, appeal of the revenue stands dismissed

ITA 3668/MUM/2004[2000-2001]Status: DisposedITAT Mumbai21 Jun 2016AY 2000-2001

Bench: Shri G S Pannu & Shri Amit Shukla

Section 143(3)

…akhs was claimed as revenue expenditure. The AO held that, interest income of Rs.376.81 lakhs is to be taxed as income from other sources based on the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172 (SC) and also the jurisdictional High Court in the case of Ravi Ratna Exports Co. Ltd., 246 ITR 443 and host of other decisions. The Ld. CIT(A) reversed the action of the AO, following the decision of Tata Chemicals Ltd vs DCIT, reported in 72 ITD 1. 42. Before us, the contention of the Ld. Counsel has been that, these pre-operative expenditure w…

M/S. Lml Ltd., Mumbai vs. The Addl CIT RG.3(2)

In the result, appeal of the revenue stands dismissed

ITA 3540/MUM/2004[2000-2001]Status: DisposedITAT Mumbai21 Jun 2016AY 2000-2001

Bench: Shri G S Pannu & Shri Amit Shukla

Section 143(3)

…akhs was claimed as revenue expenditure. The AO held that, interest income of Rs.376.81 lakhs is to be taxed as income from other sources based on the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172 (SC) and also the jurisdictional High Court in the case of Ravi Ratna Exports Co. Ltd., 246 ITR 443 and host of other decisions. The Ld. CIT(A) reversed the action of the AO, following the decision of Tata Chemicals Ltd vs DCIT, reported in 72 ITD 1. 42. Before us, the contention of the Ld. Counsel has been that, these pre-operative expenditure w…

ACIT, New Delhi vs. M/S. Timex Group India Ltd., New Delhi

ITA 259/DEL/2013[2006-07]Status: DisposedITAT Delhi21 Jun 2016AY 2006-07

Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm Ita No. 2769/Del/2012 : Asstt. Year : 2004-05 Asstt. Commissioner Of Income Tax Vs M/S Timex Watches Ltd., Circle-16(1), 117, Ground Floor, World Trade New Delhi Centre, Babar Road, New Delhi-110001 (Appellant) (Respondent) Co No. 323/Del/2012 : Asstt. Year : 2004-05 M/S Timex Watches Ltd., Vs Asstt. Commissioner Of Income 117, Ground Floor, World Trade Tax, Circle-16(1), Centre, Babar Road, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaact0773C

For Appellant: Sh. K.M. Gupta, Adv. & Sh. Gautam Jain, CAFor Respondent: Sh. Hemant Gupta, Sr. DR

…t the provision made did not qualify for deduction because it must have actually arisen and incurred not merely anticipated as certain to occur in future. The reliance was placed on the following case laws: " Tuticorin Alkalies Chemical and Fertilizer Vs CIT 227 ITR 172 (SC) " Indian Overseas Bank Vs CIT 151 ITR 446 (Mad) 7. Being aggrieved the assessee carried the matter to the ld. CIT(A) and submitted that the allowability of foreign exchange fluctuation loss was no more res-integra and the issue was covered by the judgment of the Hon’ble Apex Court in the case of CIT Vs Woodward Governor India P. Ltd. reporte…

ACIT, New Delhi vs. M/S. Timex Group India Ltd., New Delhi

ITA 258/DEL/2013[2005-06]Status: DisposedITAT Delhi21 Jun 2016AY 2005-06

Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm Ita No. 2769/Del/2012 : Asstt. Year : 2004-05 Asstt. Commissioner Of Income Tax Vs M/S Timex Watches Ltd., Circle-16(1), 117, Ground Floor, World Trade New Delhi Centre, Babar Road, New Delhi-110001 (Appellant) (Respondent) Co No. 323/Del/2012 : Asstt. Year : 2004-05 M/S Timex Watches Ltd., Vs Asstt. Commissioner Of Income 117, Ground Floor, World Trade Tax, Circle-16(1), Centre, Babar Road, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaact0773C

For Appellant: Sh. K.M. Gupta, Adv. & Sh. Gautam Jain, CAFor Respondent: Sh. Hemant Gupta, Sr. DR

…t the provision made did not qualify for deduction because it must have actually arisen and incurred not merely anticipated as certain to occur in future. The reliance was placed on the following case laws: " Tuticorin Alkalies Chemical and Fertilizer Vs CIT 227 ITR 172 (SC) " Indian Overseas Bank Vs CIT 151 ITR 446 (Mad) 7. Being aggrieved the assessee carried the matter to the ld. CIT(A) and submitted that the allowability of foreign exchange fluctuation loss was no more res-integra and the issue was covered by the judgment of the Hon’ble Apex Court in the case of CIT Vs Woodward Governor India P. Ltd. reporte…

ACIT, New Delhi vs. M/S. Timex Watches Ltd., New Delhi

ITA 2769/DEL/2012[2004-05]Status: DisposedITAT Delhi21 Jun 2016AY 2004-05

Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm Ita No. 2769/Del/2012 : Asstt. Year : 2004-05 Asstt. Commissioner Of Income Tax Vs M/S Timex Watches Ltd., Circle-16(1), 117, Ground Floor, World Trade New Delhi Centre, Babar Road, New Delhi-110001 (Appellant) (Respondent) Co No. 323/Del/2012 : Asstt. Year : 2004-05 M/S Timex Watches Ltd., Vs Asstt. Commissioner Of Income 117, Ground Floor, World Trade Tax, Circle-16(1), Centre, Babar Road, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaact0773C

For Appellant: Sh. K.M. Gupta, Adv. & Sh. Gautam Jain, CAFor Respondent: Sh. Hemant Gupta, Sr. DR

…t the provision made did not qualify for deduction because it must have actually arisen and incurred not merely anticipated as certain to occur in future. The reliance was placed on the following case laws: " Tuticorin Alkalies Chemical and Fertilizer Vs CIT 227 ITR 172 (SC) " Indian Overseas Bank Vs CIT 151 ITR 446 (Mad) 7. Being aggrieved the assessee carried the matter to the ld. CIT(A) and submitted that the allowability of foreign exchange fluctuation loss was no more res-integra and the issue was covered by the judgment of the Hon’ble Apex Court in the case of CIT Vs Woodward Governor India P. Ltd. reporte…

M/S. Sivanandha Mills Ltd., Coimbatore vs. DCIT, Coimbatore

In the result, ITA No.2106/Mds/13 is partly allowed for statistical purposes

ITA 2106/CHNY/2013[2010-11]Status: DisposedITAT Chennai17 Jun 2016AY 2010-11

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Dr. Milind Madhukar Bhusari, CIT
Section 143Section 143(1)

…ssee deposited certain fund out of the amount received from sale of land and interest earned from that deposit as income from other sources and in view of the judgment of the Supreme Court in the case of Tuticorin Alkali Chemicals And Fertilizers Ltd. v. CIT (227 ITR 172), wherein it was held that interest earned by the assessee on short term deposit in bank out of term loan is income under the head ‘other sources’. Hence, this issue is dismissed. 29.1 In the result, the assessee’s appeal in ITA No.1216/Mds/2013 is partly allowed for statistical purposes. ITA N0.2106/Mds/13: 30. The first ground in this appeal i…

Sivanandha Mills Limited, Coimbatore vs. ACIT, Coimbatore

In the result, ITA No.2106/Mds/13 is partly allowed for statistical purposes

ITA 1216/CHNY/2013[2009-10]Status: DisposedITAT Chennai17 Jun 2016AY 2009-10

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Dr. Milind Madhukar Bhusari, CIT
Section 143Section 143(1)

…ssee deposited certain fund out of the amount received from sale of land and interest earned from that deposit as income from other sources and in view of the judgment of the Supreme Court in the case of Tuticorin Alkali Chemicals And Fertilizers Ltd. v. CIT (227 ITR 172), wherein it was held that interest earned by the assessee on short term deposit in bank out of term loan is income under the head ‘other sources’. Hence, this issue is dismissed. 29.1 In the result, the assessee’s appeal in ITA No.1216/Mds/2013 is partly allowed for statistical purposes. ITA N0.2106/Mds/13: 30. The first ground in this appeal i…

Joynest Prremises P.Ltd, Mumbai vs. ITO 5(3)(4), Mumbai

In the result, both the appeals filed by the assessee are partly allowed

ITA 6717/MUM/2014[2009-10]Status: DisposedITAT Mumbai15 Jun 2016AY 2009-10

Bench: Shri G.S. Pannu & Shri Sanjay Gargआयकर अपील सं./ I.T.A. No. 6717/Mum/2014 & आयकर अपील सं./ I.T.A. No. 6718/Mum/2014 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years: 2009-10 & 2010-11) वष" Joynest Premises Pvt. Ltd. Ito, 5(3)(4), R. No.565 बनाम बनाम/ बनाम बनाम Cts No.469-A, Near Jain Temple, Aayakar Bhavan, R.C. Marg, Chembur, M.K. Road, Vs. Mumbai-400 071. Mumbai-400 020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacz 3360M (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri Anuj Kisnadwala ""यथ" क" ओर से/Respondent By : Shri Asghar Zain सुनवाई क" तारीख / : 08/06/2016 Date Of Hearing घोषणा क" तारीख / : 15.06.2016 Date Of Pronouncement आदेश / O R D E R Per Sanjay Garg: The Above Titled Appeals Have Been Preferred By The Assessee Against The Two Separate Orders Of The Commissioner Of Income Tax (Appeals) [Hereinafter Referred To As The Cit(A)] Of Even Date 14.08.2014 Relevant To A.Y. 2009-10 & 2010-11 Respectively.

For Appellant: Shri Anuj KisnadwalaFor Respondent: Shri Asghar Zain
Section 143

…IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER आयकर अपील सं./ I.T.A. No. 6717/Mum/2014 & आयकर अपील सं./ I.T.A. No. 6718/Mum/2014 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years: 2009-10 & 2010-11) वष" Joynest Premises Pvt. Ltd. ITO, 5(3)(4), R. No.565 बनाम बनाम/ बनाम बनाम CTS No.469-A, Near Jain Temple, Aayakar Bhavan, R.C. Marg, Chembur, M.K. Road, Vs. Mumbai-400 071. Mumbai-400 020. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. AAACZ 3360M (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant b…

Commissioner of Income Tax [TDS] vs. Sri VAraha Laxmi Nrusimha Swamy DEvastanam

ITTA/517/2015HC Telangana01 Jun 2016

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

DCIT, Circle - 5, Kolkata vs. M/S. Essel Mining & Industries Ltd., Kolkata

In the result the appeal of the revenue is dismissed

ITA 589/KOL/2011[2007-08]Status: DisposedITAT Kolkata20 May 2016AY 2007-08

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2007-08

For Appellant: Shri D.S.Damle, FCAFor Respondent: Shri Rajat Subhra Biswas, CIT(DR)
Section 143(3)Section 147

…sset in books of accounts, courts have held that accounting treatment by assessee will not determine tax treatment of any receipt or expenditure. For this the ld. A.R. has relied on the decisions in the case of Tuticorin Alkali Chemicals & Fertilizers Limited 227 ITR 172 (SC), DCIT V. Core Healthcare Ltd. (251 ITR 61) (Guj.). Though Sec. 43(1) has 12 Explanations, the section does not specify a case like that of the appellant i.e. case of gain on foreign currency loan acquired for purchase of indigenous assets. Provisions of Sec. 41(1)will not apply as contended by the A.R. as no deduction has been allowed to the…

Essel Mining & Industries Ltd., Kolkata vs. Addl. CIT, Range - 5, Kolkata

In the result the appeal of the revenue is dismissed

ITA 352/KOL/2011[2007-08]Status: DisposedITAT Kolkata20 May 2016AY 2007-08

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2007-08

For Appellant: Shri D.S.Damle, FCAFor Respondent: Shri Rajat Subhra Biswas, CIT(DR)
Section 143(3)Section 147

…sset in books of accounts, courts have held that accounting treatment by assessee will not determine tax treatment of any receipt or expenditure. For this the ld. A.R. has relied on the decisions in the case of Tuticorin Alkali Chemicals & Fertilizers Limited 227 ITR 172 (SC), DCIT V. Core Healthcare Ltd. (251 ITR 61) (Guj.). Though Sec. 43(1) has 12 Explanations, the section does not specify a case like that of the appellant i.e. case of gain on foreign currency loan acquired for purchase of indigenous assets. Provisions of Sec. 41(1)will not apply as contended by the A.R. as no deduction has been allowed to the…

ITO 9(3)(4), Mumbai vs. Whistling Woods Internaitonal P.Ltd, Mumbai

In the result, the appeals of the Revenue are treated as dismissed

ITA 5919/MUM/2012[2003-04]Status: DisposedITAT Mumbai18 May 2016AY 2003-04

Bench: S/Shri B.R.Baskaran & Amarjit Singhआयकर अपील सं/ I.T.A. 5919/Mum/2012 & I.T.A. No.5918/Mum/2012 ("नधा"रण वष" / Assessment Year: 2003-04 & 2004-05) Income Tax Officer 9(3)(4) M/S. Whistling Woods बनाम/ 2Nd Floor, Room No.216B, International Pvt. Ltd. Vs. 6, Bashiron, 28Th Road, Aayakar Bhavan, M.K.Road, Mumbai - 400020 Tps-Iii, Bandra West, Mumbai - 400050 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacw4307R (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Appellant: Shri K.Shivaram &For Respondent: Shri S. Senthil Kumaran
Section 143(3)Section 271(1)(c)

…. It was only the case of difference of opinion wherein the claim made by the appellant is based upon the CIT Vs Bokaro Steel Ltd.[1999] 236 ITR 315 (SC) where the department decided the matter by relying upon the decision of Tuticorin Alkali Chemicals [1997] 227 ITR 172. No doubt in the said circumstances it is clearly the change of opinion with regard to the claim raised by the assessee and it cannot considered to furnish the inaccurate Assessment Year: 2003-04 & 2004-05 particulars of income. In this regard we also support of law settled in CIT Vs. Reliance Petroproducts (P) Ltd. 322 ITR 158 SC. No doubt in t…

ITO 9(3)(4), Mumbai vs. Whistling Woods Internaitonal P.Ltd, Mumbai

In the result, the appeals of the Revenue are treated as dismissed

ITA 5918/MUM/2012[2004-05]Status: DisposedITAT Mumbai18 May 2016AY 2004-05

Bench: S/Shri B.R.Baskaran & Amarjit Singhआयकर अपील सं/ I.T.A. 5919/Mum/2012 & I.T.A. No.5918/Mum/2012 ("नधा"रण वष" / Assessment Year: 2003-04 & 2004-05) Income Tax Officer 9(3)(4) M/S. Whistling Woods बनाम/ 2Nd Floor, Room No.216B, International Pvt. Ltd. Vs. 6, Bashiron, 28Th Road, Aayakar Bhavan, M.K.Road, Mumbai - 400020 Tps-Iii, Bandra West, Mumbai - 400050 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacw4307R (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Appellant: Shri K.Shivaram &For Respondent: Shri S. Senthil Kumaran
Section 143(3)Section 271(1)(c)

…. It was only the case of difference of opinion wherein the claim made by the appellant is based upon the CIT Vs Bokaro Steel Ltd.[1999] 236 ITR 315 (SC) where the department decided the matter by relying upon the decision of Tuticorin Alkali Chemicals [1997] 227 ITR 172. No doubt in the said circumstances it is clearly the change of opinion with regard to the claim raised by the assessee and it cannot considered to furnish the inaccurate Assessment Year: 2003-04 & 2004-05 particulars of income. In this regard we also support of law settled in CIT Vs. Reliance Petroproducts (P) Ltd. 322 ITR 158 SC. No doubt in t…

Ascendas It Park Private Limited, Chennai vs. ACIT, Chennai

ITA 1256/CHNY/2015[2005-06]Status: DisposedITAT Chennai04 May 2016AY 2005-06

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri. Raghunathan Sampath, AdvFor Respondent: Shri. A.V. Sreekanth, IRS, JCIT
Section 143(3)

…has disallowed the claim of Revenue expenditure of "1,49,63,881/- and treated as prior period expenditure and Interest Income is separately taxed. The ld. Assessing Officer relied on the decision of Tuticorin Alkali Chemicals and Fertiliser Limited Vs CIT 227 ITR 172 (SC). Aggrieved by the order, the assessee filed an appeal before Commissioner of Income Tax (Appeals). 4. In the appellate proceedings, the Commissioner of Income Tax (Appeals) considered the grounds and findings of the Assessing Officer on the claim of interest on deposits set off against the expenditure and the assessee contention being se…

D.C.I.T Cir - 1, Kolkata. vs. M/S Britannia Engineering Ltd, Kolkata

In the result the appeal of the Revenue and Cross Objection of the assessee are dismissed

ITA 475/KOL/2013[2009-10]Status: DisposedITAT Kolkata06 Apr 2016AY 2009-10

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] Assessment Year : 2009-10

For Appellant: Shri A.K.Tibrewal, FCAFor Respondent: Shri Sanjit Das,JCIT, Sr.DR

…posits which have been used for bank overdraft facilities for running various business activities. The Ld. A/R· has explained that the present appeal is distinguishable from the facts in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. Vs. VIT [1997] 227 ITR 172 (sq. In that case, the Hon'ble Supreme Court has decided that there could be no income from 3 ITA No.475/Kol/2013 & C.O.No.45/Kol/2013 M/s.Britannia Engineering Ltd. A.Yr.2009-10 business as the business of the assessee-company did not commence. The · Ld. A/R has relied on the decision in the case Chinna Nachimutha Constructions (supra) and vari…

DCIT, Cir-10, Kolkata vs. M/S Vesuvius India Ltd., Kolkata

In the result, the appeal of the Revenue is treated as partly allowed for statistical purposes

ITA 648/KOL/2008[1998-99]Status: DisposedITAT Kolkata06 Apr 2016AY 1998-99

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

Section 115J

…d to tax in that year on the basis of certain judicial pronouncements prevalent at the relevant time. Subsequently, keeping in view the decision of the Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Limited –vs.- CIT reported in 227 ITR 172, the assessee offered the interest on share application to tax under the Voluntary Disclosure of the Income Scheme (VDIS). As per the provisions of section 68 of the Finance Act, 1997 read with CBDT Instruction No. 754 dated 10.06.1997, the amount of such interest offered under VDIS was credited by the assessee-company to its Profit & Loss Accoun…