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

ACIT, Special Range-6, New Delhi vs. Mb Power (Madhya Pradesh) Ltd, New Delhi

Appeal is allowed for statistical purposes in above terms

ITA 7967/DEL/2019[2016-17]Status: DisposedITAT Delhi05 Dec 2024AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri M. Balaganeshassessment Year: 2016-17 Acit, Vs. Mb Power (Madhya Pradesh) Special Range-6, Ltd., New Delhi 239, Okhla Industrial Estate, Phase-Iii, New Delhi Pan :Aafcm6698A (Appellant) (Respondent) Assessee By Sh. Satyan Sethi, Adv. Sh. A.T. Panda, Adv. Department By Sh. B.S. Anand, Sr. Dr Date Of Hearing 26.11.2024 Date Of Pronouncement 05.12.2024 Order

Section 143(3)Section 56

…fact and circumstance of the case, Ld. CIT(A) is legally justified in allowing appeal of the assessee by ignoring the fact that the ratio decided as laid down by Hon’ble Apex Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. Vs. CIT, (1997) 227 ITR 172 (SC) and CIT Vs. Coromandal Cement Ltd. (1998) 234 ITR 412 is applicable to the facts and circumstances of the present case. 4. Both the learned representative next invited our attention to the CIT(A)’s detailed discussion reversing the assessment findings disallowing/adding the assessee’s interest on fixed deposits amounting to Rs.7,13,12,467/-…

Income Tax Officer, Ward-3(1)(1), Ahmedabad, Vejalpur vs. Nana Layja Power Company Limited, Ahmedabad

In the result, the appeal of the Revenue stands dismissed

ITA 1457/AHD/2024[2014-15]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2014-15

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.1457/Ahd/2024 िनधा"रण वष" /Assessment Year : 2014-15 The Income Tax Officer Nanalayja Power Company Ltd. बनाम/ Ward-3(1)(1) 301-303, Kaivanna Complex V/S. Ahmedabad Panchwati, Ahmedabad - 380 006 (Gujarat) "थायी लेखा सं./Pan: Aadcn 45111 F अपीलाथ&/ (Appellant) '( यथ&/ (Respondent) Assessee By : -None- Revenue By : Shri Surendra Kumar, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 11/11/2024 घोषणा की तारीख /Date Of Pronouncement: 12/11/2024 आदेश/O R D E R Per Makarand V. Mahadeokar, Am: This Appeal By The Revenue Arises From The Order Of The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac) [Hereinafter Referred To As “Cit(A)”], Dated 11/06/2024, For The Assessment Year (Ay) 2014-15, Wherein The Cit(A) Deleted The Addition Of Rs.1,17,75,568/- Made By The Assessing Officer [Hereinafter Referred To As “Ao”] U/S.56 Of The Act In The Assessment Order Passed Under Section 143(3) R.W.S. 147 Of The Income Tax Act, 1961 [Hereinafter Referred To As “The Act”], Dated 27/11/2019. Ito Vs. Nana Layja Power Company Ltd. Asst. Year : 2014-15

For Appellant: -None-For Respondent: Shri Surendra Kumar, Sr.DR
Section 143(3)Section 147Section 56

…ment. During the reassessment proceedings, the AO concluded that this interest income was liable to tax under the head "Income from Other Sources," relying on the principles laid down in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [(1997) 227 ITR 172 (SC)]. 3. In appeal, the CIT(A) held that the interest income was capital in nature, directly related to the funds used for project purposes and, hence, should be adjusted against the capital work-in-progress (CWIP). The CIT(A) relied on precedents, such as, decision of Co-ordinate Bench in the case of Adani Power Ltd. reported at (2015) 155 ITD…

Kalthia Infracon Pvt.Ltd., Ahmedabad vs. The Income Tax Officer, Ward-2(1)(2), Ahmedabad

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

ITA 140/AHD/2024[2016-17]Status: DisposedITAT Ahmedabad23 Oct 2024AY 2016-17

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.140/Ahd/2024 िनधा"रण वष" /Assessment Year : 2016-17 Kalthia Infra-Con Pvt.Ltd. The Ito बनाम/ 193 “Kalthia House” Ward-2(1)(2) V/S. Satya Grah Chavni Ahmedabad Opp. Iscon Mall, S.G.Highway Ahmedabad – 380 015 (Gujarat) "थायी लेखा सं./Pan: Aaeck 3940 N अपीलाथ%/ (Appellant) &' यथ%/ (Respondent) Assessee By : Shri M.J. Shah, Ar & Shri Rushin Patel, Ar Revenue By : Shri V.K. Mangla, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 16/10/2024 घोषणा की तारीख /Date Of Pronouncement: 23/10/2024 आदेश/O R D E R Per Makarand V. Mahadeokar, Am:

For Appellant: Shri M.J. Shah, AR &For Respondent: Shri V.K. Mangla, Sr.DR
Section 143(3)Section 56Section 80Section 801A

…Act, holding that it was not directly related to the assessee's core business activities of developing and maintaining infrastructure. The AO relied on the judgement of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. [1997] 227 ITR 172 (SC), which held that interest earned on deposits placed temporarily cannot be treated as business income but should be classified as income from other sources. Based on this precedent, the AO concluded that the interest income lacked the La;tjoa Omfracpm {vt/:td/ Asst. Year : 2016-17 requisite nexus with the eligible business to qualify for the…

Income Tax Officer, Ward-1, Davangere vs. Managing Director Davangere Smart City Limited, Davangere

In the result, both the appeals of the revenue are partly allowed for statistical purposes

ITA 858/BANG/2023[2018-19]Status: DisposedITAT Bangalore21 Oct 2024AY 2018-19

Bench: Shri Laxmi Prasad Sahu & Shri Keshav Dubey

For Appellant: Shri Sridhar E., CIT(DR)(ITAT), BengaluruFor Respondent: Shri V. Srinivasan, Advocate
Section 142(1)Section 56

…. The grounds of appeal are as follows:- “Whether in the facts and circumstances of the case, the Ld. CIT(A) was right in law in not following the settled law of the Hon'ble Apex court in the case of Tuticorin Alkali Chemicals and Fertilizer Ltd, reported in 227 ITR 172 wherein it has been clearly held that if the capital of the company is fruitfully utilized instead of keeping it idle, the income generated will be of revenue nature and not accretion to capital? 2. Whether on the facts and in the circumstances of the case the Ld. CIT(A) was right in law in holding that the company is a nodal agency for the gover…

Income Tax Officer, Ward - 1, Davangere vs. Managing Director Davanagere Smart City Limited, Davangere

In the result, both the appeals of the revenue are partly allowed for statistical purposes

ITA 857/BANG/2023[2017-18]Status: DisposedITAT Bangalore21 Oct 2024AY 2017-18

Bench: Shri Laxmi Prasad Sahu & Shri Keshav Dubey

For Appellant: Shri Sridhar E., CIT(DR)(ITAT), BengaluruFor Respondent: Shri V. Srinivasan, Advocate
Section 142(1)Section 56

…. The grounds of appeal are as follows:- “Whether in the facts and circumstances of the case, the Ld. CIT(A) was right in law in not following the settled law of the Hon'ble Apex court in the case of Tuticorin Alkali Chemicals and Fertilizer Ltd, reported in 227 ITR 172 wherein it has been clearly held that if the capital of the company is fruitfully utilized instead of keeping it idle, the income generated will be of revenue nature and not accretion to capital? 2. Whether on the facts and in the circumstances of the case the Ld. CIT(A) was right in law in holding that the company is a nodal agency for the gover…

Deputy Commissioner of Income Tax, Circle - 1(1)(1), Bangalore vs. Bangalore Metro Rail Corporation Limited, Bangalore

In the result, appeal of the assessee is allowed

ITA 923/BANG/2024[2010-11]Status: DisposedITAT Bangalore14 Oct 2024AY 2010-11

Bench: Shri Laxmi Prasad Sahu & Shri Keshav Dubeyassessment Year: 2010-11

For Appellant: Shri Shreehari Kutsa, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 142(1)Section 143(2)Section 250

…ITA No.923/Bang/2024 Bangalore Metro Rail Corporation Limited, Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER AND SHRI KESHAV DUBEY, JUDICIAL MEMBER Assessment Year: 2010-11 DCIT Bangalore Metro Rail Corporation Circle-1(1)(1) Limited Bangalore 3rd Floor, BMTC Complex Vs. KH Road, Shanthi Nagar Bangalore 560 027 PAN NO : AAACB4881D APPELLANT RESPONDENT Assessee by : Shri Shreehari Kutsa, A.R. Revenue by : Ms. Neera Malhotra, D.R. Date of Hearing : 30.07.2024 Date of Pronouncement : 14.10.2024 O R D E R PER KESHAV DUBEY, JUDICIAL MEMBER…

DCIT-14(1)(1), Mumbai vs. Music Broadcast Ltd, Mumbai

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

ITA 590/MUM/2024[2012-13]Status: DisposedITAT Mumbai16 Sept 2024AY 2012-13

Bench: Ms. Kavitha Rajagopal, Jm & Shri Girish Agrawal, Am Music Broadcast Limited Asst. Cit-14(2)(2) 5Th Floor, Rna Corporate Park, Room No. 432, 4Th Floor, Kalanagar, Bandra (E), Vs. Aayakar Bhavan, Mumbai-400 020 Bandra, Mumbai-400 051

For Respondent: Smt. Mahita Nair
Section 143(1)Section 143(3)Section 250

…interest arised out of it, is to betreated as ‘business income’ and not ‘income from other sources’. The ld. A.O., on other hand, had relied on the decision of the Hon'ble Apex Court in the case of Tuticorin Alkali Chemical & Fertilizers Ltd. vs. CIT [1997] 227 ITR 172 (SC) and various other decisions. The first appellate authority had deleted the impugned addition by placing reliance on the decision of the coordinate bench in assessee’s case for A.Y. 2008-09 in ITA No. 3532/Mum/2013 which has relied on the order of the ld. CIT(A) in assessee’s case for A.Y. 2009-10 where on identical facts, the interest inc…

Music Broadcast Limited, Mumbai vs. Assistant Commissioner of Income Tax 14(2)(2), Mumbai

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

ITA 525/MUM/2024[2012-13]Status: DisposedITAT Mumbai16 Sept 2024AY 2012-13

Bench: Ms. Kavitha Rajagopal, Jm & Shri Girish Agrawal, Am Music Broadcast Limited Asst. Cit-14(2)(2) 5Th Floor, Rna Corporate Park, Room No. 432, 4Th Floor, Kalanagar, Bandra (E), Vs. Aayakar Bhavan, Mumbai-400 020 Bandra, Mumbai-400 051

For Respondent: Smt. Mahita Nair
Section 143(1)Section 143(3)Section 250

…interest arised out of it, is to betreated as ‘business income’ and not ‘income from other sources’. The ld. A.O., on other hand, had relied on the decision of the Hon'ble Apex Court in the case of Tuticorin Alkali Chemical & Fertilizers Ltd. vs. CIT [1997] 227 ITR 172 (SC) and various other decisions. The first appellate authority had deleted the impugned addition by placing reliance on the decision of the coordinate bench in assessee’s case for A.Y. 2008-09 in ITA No. 3532/Mum/2013 which has relied on the order of the ld. CIT(A) in assessee’s case for A.Y. 2009-10 where on identical facts, the interest inc…

ACIT, Circle-2(1), Hyderabad vs. Hinduja National Power Corporation Limited, Hyderabad

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

ITA 257/HYD/2024[2014-15]Status: DisposedITAT Hyderabad30 Aug 2024AY 2014-15

Bench: Shri Laliet Kumar, Hon’Ble & Shri Manjunatha G, Hon’Bleassessment Year: 2014-15 Assistant Commissioner Of Vs. Hinduja National Power Income Tax, Corporation Limited, Circle – 2 (1), Sanathinagar, Hyderabad. Hyderabad – 500018. Pan : Aabch2426D

For Appellant: Shri K. A Sai PrasadFor Respondent: Ms. TH Vijaya Lakshmi, CIT-DR
Section 139(1)Section 142(1)Section 143(3)Section 56Section 57

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ में IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “A”, HYDERABAD BEFORE SHRI LALIET KUMAR, HON’BLE JUDICIAL MEMBER AND SHRI MANJUNATHA G, HON’BLE ACCOUNTANT MEMBER Assessment Year: 2014-15 Assistant Commissioner of Vs. Hinduja National Power Income Tax, Corporation Limited, Circle – 2 (1), Sanathinagar, Hyderabad. Hyderabad – 500018. PAN : AABCH2426D (Appellant / Assessee) (Respondent) Assessee by: Shri K. A Sai Prasad. Revenue by: Ms. TH Vijaya Lakshmi, CIT-DR Date of hearing: 31.07.2024 Date of pronouncement: 30.08.2024 O R D E R LALIET KUMAR, J.M.: This appeal is fi…

The Punjab State Co-Operative House Building Federation Ltd., Chandigarh vs. DCIT/ACIT, Circle-1(1), Chandigarh

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

ITA 156/CHANDI/2023[2015-16]Status: DisposedITAT Chandigarh26 Aug 2024AY 2015-16

Bench: Shri A.D. Jain & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 136/Chd/2023 "नधा"रण वष" / Assessment Year : 2014-15 The Punjab State Co-Op. Vs. The Dcit / Acit, बनाम Circle 1(1), House Building Federation Chandigarh Ltd. Sco 150-152, Sector 34A Chandigarh "थायी लेखा सं./Pan No: Aaaat0759L अपीलाथ"/ Appellant ""यथ"/ Repsondent

For Appellant: Shri Atul Goyal, CAFor Respondent: Shri Dharam Vir, JCIT, Sr.DR
Section 57

…onceded that this ground is squarely covered by the decision of the Hon'ble jurisdictional High Court in Assessee’s own case which has relied upon the order of the Hon'ble Supreme Court in the case of ‘Tuticorin Alkali Chemicals and Fertilizers Ltd’. vs. CIT’ 227 ITR 172 (SC). 136 & 156-Chd-2023 – The Punjab State Co-op. House Building Federation ltd, Chandigarh 4 5. The ld. CIT(A) in his order, has given his findings on this issue as under:-;- “4. That the appellant during the year under consideration has received Rs. 38,35,797/- as interest on loans advanced to its employees as a condition precedent of the ser…

The Punjab State Co-Operative House Building Federation Ltd., Chandigarh vs. DCIT/ACIT, Circle-1(1), Chandigarh

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

ITA 136/CHANDI/2023[2014-15]Status: DisposedITAT Chandigarh26 Aug 2024AY 2014-15

Bench: Shri A.D. Jain & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 136/Chd/2023 "नधा"रण वष" / Assessment Year : 2014-15 The Punjab State Co-Op. Vs. The Dcit / Acit, बनाम Circle 1(1), House Building Federation Chandigarh Ltd. Sco 150-152, Sector 34A Chandigarh "थायी लेखा सं./Pan No: Aaaat0759L अपीलाथ"/ Appellant ""यथ"/ Repsondent

For Appellant: Shri Atul Goyal, CAFor Respondent: Shri Dharam Vir, JCIT, Sr.DR
Section 57

…onceded that this ground is squarely covered by the decision of the Hon'ble jurisdictional High Court in Assessee’s own case which has relied upon the order of the Hon'ble Supreme Court in the case of ‘Tuticorin Alkali Chemicals and Fertilizers Ltd’. vs. CIT’ 227 ITR 172 (SC). 136 & 156-Chd-2023 – The Punjab State Co-op. House Building Federation ltd, Chandigarh 4 5. The ld. CIT(A) in his order, has given his findings on this issue as under:-;- “4. That the appellant during the year under consideration has received Rs. 38,35,797/- as interest on loans advanced to its employees as a condition precedent of the ser…

M/S. Bandhan Bank Ltd. (Erstwhile Ghosh Finance Ltd), Kolkata vs. DCIT, Cir-5(1), Kol, Kolkata

In the result, the appeal of the assessee is allowed

ITA 465/KOL/2023[2016-17]Status: DisposedITAT Kolkata26 Aug 2024AY 2016-17

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2016-17

For Appellant: Shri Biswanath Paul, FCAFor Respondent: Shri Subhro Das, Addl. CIT, Sr. DR
Section 143(3)Section 17(2)(vi)Section 192Section 250Section 37

…eductions/additions which do not form part of the books of account and still allowable by the Act to be deducted/added. The assessee relied upon the following judicial pronouncements in this regard. (a) Tuticorin Alkali Chemicals and Fertilizers Ltd. Vs. CIT [227 ITR 172 (SC)] (b) CIT Vs. Shoorji Vallabhdas & Co. [46 ITR 144 (SC)] (c) CIT Vs. Mogul Line Ltd. [46 ITR 590 (Bom) 8. The Ld. AO, vide paragraph 7.3 onwards of the assessment order, has discussed the matter. The Ld. AO examined the provisions of section 37 of the Act and relied upon several decisions and rejected the claim of the assessee as according t…

Security Printing and Minting Corporation of India Ltd, New Delhi vs. ACIT, Circle 22(2), New Delhi

The appeal of the assessee is dismissed

ITA 1824/DEL/2023[2006-07]Status: DisposedITAT Delhi28 Jun 2024AY 2006-07

Bench: Shri Vikas Awasthy & Shri Avdhesh Kumar Mishra

Section 115JSection 143(3)Section 147Section 154Section 234ASection 244A

…lassification of expenses as prior period expenses in the Profit & Loss Account resulted the disallowance expenses of Rs.1,69,71,833/-. Placing reliance on the decisions of the Hon’ble Supreme Court in the cases of Tuticorin Alkali Chemicals &Fertilizers Ltd. 227 ITR 172 and Taparia Tools Ltd. 372 ITR 605 and the decisions of the Hon’ble Delhi High Court in the cases of Modipan Ltd. 334 ITR 102 and Sriram Piston 174 Taxman 147, the Ld. AR submitted that Page 3 of 8 such disallowance was devoid of any merit; therefore, the same was requested for deletion. To buttress the arguments, the Ld. AR placed emphasis on th…

Asst. Commissioner of Income Tax, Circle 6(1)(1), Mumbai vs. Essar Power Gujarat Ltd., Mumbai

In the result, the appeal of the revenue is dismissed

ITA 137/MUM/2024[2014-15]Status: DisposedITAT Mumbai29 May 2024AY 2014-15

Bench: Shri Amit Shukla & Shri Ratnesh Nandan Sahayassessment Year: 2014-15 Mr. Arun Bende M/S. Essar Power Asst. Commissioner Of Gujarat Ltd. 11Th Floor, Essar House, Income Tax, Circle-6(1)(1), Mumbai. 11 K.K. Marg, Vs. Room No.504, 5Th Floor, Mahalaxmi, Aayakar Bhavan, Mumbai- 400034. M.K.Road, Pan:Aabce7510K Mumbai- 400020. (Appellant) (Respondent) Present For: Assessee By : Shri Vijay Mehta, A.R. Revenue By : Shri P. D. Chougule (Addl. Cit), D.R. Date Of Hearing : 21 . 05 . 2024 Date Of Pronouncement : 29 . 05 . 2024 O R D E R Per: Ratnesh Nandan Sahay: 1. This Appeal Has Been Filed By The Revenue Against The Order Of The Ld. Cit Appeal Passed U/S 250 Of The Income Tax Act (“Act” In Short) Vide Order No. Itba/Nfac/S/250/2023-24/1058193153(1) Dated 23.11.2023 For Assessment Year 2014-15. 2. Following Grounds Of Appeal Have Been Raised:

For Appellant: Shri Vijay Mehta, A.RFor Respondent: Shri P. D. Chougule (Addl. CIT), D.R
Section 250Section 801ASection 92C

…ng on business, the interest earned by it from loans and bank deposits was assessable under the head 'Income from Other Sources.‟ The High Court had followed the Hon'ble Apex Court's Judgment in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT 227 ITR 172, wherein, it was held that 'in usual course" interest received by the Company on loans and bank deposits would be taxable as income under the head "Income from Other Sources" under section 56 of the Act." In case of Godavari Sugar Mills Ltd. v. CIT 191 ITR 359 (Born), the Jurisdictional High Court has held that no evidences are furnished that amo…

Jyoti Goyal, Bhopal vs. DCIT-1(1), Bhopal

Appeal is partly allowed as mentioned above

ITA 380/IND/2023[2012-13]Status: DisposedITAT Indore20 May 2024AY 2012-13

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaniassessment Year : 2012-13 Jyoti Goyal, Dcit, 18, Shyamla Hills, 1(1), बनाम/ Bhopal Bhopal Vs. (Assessee/Appellant) (Revenue/Respondent) Pan: Abbpg3493P Assessee By Shri S.S. Deshpande, Ca & Ar Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 25.04.2024 Date Of Pronouncement 20.05.2024

Section 143(2)Section 147Section 148Section 2(14)Section 56(2)(vii)Section 69

…Act.” The judgements referred to by the court were its previous decision in case of Kedarnath Jute Mfg. Co. Ltd. V. CIT (1971) 82 ITR 363 (S.C.), Sutlej Cotton Mills v. CIT (1979) 116 ITR 1 (S.C.), Tuticorin Alkali Chemicals and Fertilizers Ltd. V. CIT (1997) 227 ITR 172 (S.C.) and United Commercial Bank v. CIT (1999) 240 ITR 355 (S.C.). Thus, mere existence and audit of books of accounts does not mean the same are to be accepted as they are. 7.3.3 In this case, the veracity of the books is highly questionable when the appellant has no audited books and in fact, is declaring income u/s 44AD. The other argument i…

Dy. Commissioner of Income Tax, Central Circle-2(4), Hyderabad vs. Budha Palita Timber Estates Private Limited, Vijayawada

In the result, appeal of the Revenue is allowed

ITA 212/HYD/2018[2012-13]Status: DisposedITAT Visakhapatnam26 Mar 2024AY 2012-13

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

For Appellant: NoneFor Respondent: Dr. Satyasai Rath, CIT-DR
Section 115JSection 143(2)Section 143(3)

…on the Fixed Deposits by depositing surplus funds in order to earn income out of the surplus funds. We find that the Ld. AO by following the ratio laid down by the Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd reported in 227 ITR 172 (SC) has held that the interest income shall be treated as income from other sources. Since there is no representation from the assessee to substantiate the treatment of interest income as business of the assessee, we are of the considered opinion that the assessee is not having any valid explanation to present the case before us. We therefore up…

Viaton Energy Private Limited, Mumbai vs. ITO, Ward-17(4), Hyd, Hyderabad

In the result, appeal of the assessee is dismissed

ITA 1280/HYD/2016[2012-13]Status: DisposedITAT Hyderabad21 Mar 2024AY 2012-13

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Chary

For Appellant: Shri Dharmesh Shah &For Respondent: Shri Shakeer Ahamed, DR
Section 143(3)

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ में IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “A”, HYDERABAD BEFORE SHRI RAMA KANTA PANDA, VICE PRESIDENT & SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER आ.अपी.सं / ITA No. 1280/Hyd/2016 (धििाारण वर्ा / Assessment Year: 2012-13) Viaton Energy Pvt. Limited, Vs. Income Tax Officer, Hyderabad Ward-17(4), [PAN No. AACCV9264G] Hyderabad अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent धििााररती द्वारा/Assessee by: Shri Dharmesh Shah & Shri Ch. Prasanna, ARs राजस्‍व द्वारा/Revenue by: Shri Shakeer Ahamed, DR सुिवाई की तारीख/Date of hearing: 04/03/2024 घोर्णा की तारीख/Pronounce…

Mukesh Kumar Ranka, Indore, Madhya Pradesh vs. Assistant Commissioner of Income Tax, Central Circle, Ujjain, Madhya Pradesh

Appeals are allowed

ITA 98/IND/2024[2018-19]Status: HeardITAT Indore21 Mar 2024AY 2018-19

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 132Section 132(4)Section 153ASection 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…

Mukesh Kumar Ranka, Indore, Madhya Pradesh vs. Assistant Commissioner of Income Tax, Central Circle, Ujjain, Madhya Pradesh

Appeals are allowed

ITA 97/IND/2024[2017-18]Status: HeardITAT Indore21 Mar 2024AY 2017-18

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 132Section 132(4)Section 153ASection 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…

Anju Jain, Lr Shri Sushil Jain, Indore, Madhya Pradesh vs. Assistant Commissioner of Income Tax, Central Circle, Ujjain, Madhya Pradesh

Appeals are allowed

ITA 104/IND/2024[AY 2017-18]Status: HeardITAT Indore21 Mar 2024

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 132Section 132(4)Section 153ASection 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…