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

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

Appeals are allowed

ITA 103/IND/2024[AY 2018-19]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…

Muthoot Agri Projects and Hospitalities P. Ltd, Maharastra vs. ACIT, Trivandrum

In the result, the assessee’s appeal is allowed

ITA 153/COCH/2021[2014-15]Status: DisposedITAT Cochin07 Mar 2024AY 2014-15

Bench: Shri Sanjay Arora & Dr. S. Seethalakshmi

For Appellant: Sri.Anil D Nair, AdvocateFor Respondent: Sri.Sanjit Kumar Das, CIT-DR
Section 143(3)Section 56Section 57

…other sources u/s.56. It was accordingly assessed at Rs.231.62 lac, and confirmed in first appeal for the same reason, both the assessing and the first appellate authority relying on the decision in Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172 (SC). 3. Before us, in second appeal, it was explained by Sri. Nair, the learned counsel for the assessee, that granting that interest income on funds surplus for the time being is assessable u/s.56, it is only the income, i.e., net of expenditure there-against, that is liable to be so assessed. The entire investment was out of borrowed funds be…

Alaknanda Hydro Power Company Limited, Secunderabad vs. Dy. Commissioner of Income Tax, Circle-1(1), Hyderabad

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

ITA 745/HYD/2019[2014-15]Status: DisposedITAT Hyderabad31 Jan 2024AY 2014-15

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumarआ.अपी.सं /Ita No.745/Hyd/2019 (िनधा"रण वष"/Assessment Year: 2014-15) Alakananda Hydro Power Vs. Dy. C. I. T. Company, Circle 1(1) Secunderabad Hyderabad Pan:Aafac2081B (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Advocate H. Srinivasulu राज" व "ारा/Revenue By:: Smt. Sheetal Sarin, Dr सुनवाई की तारीख/Date Of Hearing: 18/01/2024 घोषणा की तारीख/Pronouncement: 31/01/2024 Order Per R.K. Panda, Vice-

For Appellant: Advocate H. SrinivasuluFor Respondent: : Smt. Sheetal Sarin, DR
Section 143(2)

…erest received was a sum of Rs 1.67 Cr. No Surplus funds were deposited in the Fixed deposits with the Banks. (5) Ld A.O and Ld CIT(A) failed to appreciate that the ratio laid down by the Hon'ble Supreme Court in Tuticorin Alkali Chemicals and Fertilisers Ltd 227 ITR 172 does not apply to the facts of the assessee. (6) Without prejudice, Ld A.0 failed appreciate that Hon'ble Apex court in Tuticorin Alkali did not rule out the allowability of deduction U/s 57 i.e interest payable.” 7. The learned Counsel for the assessee referring to the above additional grounds submitted that these are purely legal in nature and…

Hindustan Petroleum Corp Ltd, Mumbai vs. DCIT 1(1)(2), Mumbai

ITA 3195/MUM/2019[2014-15]Status: DisposedITAT Mumbai16 Jan 2024AY 2014-15

Bench: us. 2.

For Appellant: Shri P.J. PardiwalaFor Respondent: Shri Biswanath Das
Section 143(3)Section 14ASection 14A(2)Section 154Section 250

…t AO has treated the Administrative Expenses incurred on Engineering Project and the ld. CIT(A) while considering this ground of appeal concurred with the finding of AO. 19. The Hon‟ble Supreme Court in Tuticorin alkali Chemicals and Fertilizers Ltd. vs. CIT (227 ITR 172(SC) held that when the question is whether a receipt of money is taxable or not, or whether certain deduction from receipt are permissible in law or not. The question has to be decided according to the principle of law and not in accordance with the accounting practice. The Hon‟ble Apex Court held that Accounting Practices cannot be override sect…

DCIT-3(4), Mumbai vs. M/S. Ambuja Cements Ltd., Mumbai City

In the result, appeals of the revenue and CO’s of assessee stands dismissed

ITA 2032/MUM/2023[2010-11]Status: DisposedITAT Mumbai11 Dec 2023AY 2010-11

Bench: Shri Aby T. Varkey, Jm & Shri Prashant Maharishi, Am आयकर अपील सं/ I.T.A. No.2031/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2008-09) Dcit-3(4) बिधम/ M/S. Ambuja Cements Ltd 29Th Floor, Center-1, World 3Rd Floor, Elegant Vs. Trade Center, Cuffe Parade, Business Park, Midc Mumbai-400005. Cross, Road B Andheri East, Mumbai-400059. Cross Objection No. 90/Mum/2023 Arising Out Of I.T.A. No.2031/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2008-09) M/S. Ambuja Cements Ltd बिधम/ Dcit-3(4) 3Rd Floor, Elegant Business 29Th Floor, Center-1, Vs. Park, Midc Cross, Road B World Trade Center, Andheri East, Mumbai- Cuffe Parade, Mumbai- 400059. 400005. आयकर अपील सं/ I.T.A. No.2032/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-3(4) बिधम/ M/S. Ambuja Cements Ltd 29Th Floor, Center-1, World 3Rd Floor, Elegant Vs. Trade Center, Cuffe Parade, Business Park, Midc Mumbai-400005. Cross, Road B Andheri . East, Mumbai-400059. Cross Objection No. 91/Mum/2023 Arising Out Of I.T.A. No.2032/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) M/S. Ambuja Cements Ltd बिधम/ Dcit-3(4) 3Rd Floor, Elegant Business 29Th Floor, Center-1, Vs. Park, Midc Cross, Road B World Trade Center, Andheri East, Mumbai- Cuffe Parade, Mumbai- 400059. 400005. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaacg0569P (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: None Revenue By: Shri Ajay Chandra (Dr) C.O. 90 & 91/Mum/2023 A.Ys. 2008-09 & 2010-11 Ambuja Cements Ltd सुनवाई की तारीख / Date Of Hearing: 11/10/2023 घोषणा की तारीख /Date Of Pronouncement: 11/12/2023 आदेश / O R D E R Per Bench: These Are Appeals Preferred By The Revenue & Respective Cross Objections (‘Co’) Filed By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [In Short ‘Ld. Cit(A)’] Dated 31-03-2023 For Ay 2008-09 & Ay 2010-11 Respectively.

For Appellant: NoneFor Respondent: Shri Ajay Chandra (DR)
Section 115Section 115JSection 143(3)Section 80I

…that treatment of a transaction in books of accounts cannot govern the tax statement reliance was placed on the decision of the Supreme Court in the case of Kadernath Jute Manufacturing Company Ltd. 82 ITR 362; in the case of Tutcorin Alali Chemicals Ltd. in 227 ITR 172; in the case of Godhra Electricity Company in 91 Taxman 91; in the case of Bokaro Steel Ltd in 263 ITR 315 and in the C.O. 90 & 91/Mum/2023 A.Ys. 2008-09 & 2010-11 Ambuja Cements Ltd case of Sutlet Cotton Mills Ltd. in 116 ITR 1 and submitted that it would be totally incorrect to say that an assessee who raises internal invoices would be entitle…

DCIT-3(4), Mumbai vs. M/S. Ambuja Cements Ltd., Mumbai

In the result, appeals of the revenue and CO’s of assessee stands dismissed

ITA 2031/MUM/2023[2008-09]Status: DisposedITAT Mumbai11 Dec 2023AY 2008-09

Bench: Shri Aby T. Varkey, Jm & Shri Prashant Maharishi, Am आयकर अपील सं/ I.T.A. No.2031/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2008-09) Dcit-3(4) बिधम/ M/S. Ambuja Cements Ltd 29Th Floor, Center-1, World 3Rd Floor, Elegant Vs. Trade Center, Cuffe Parade, Business Park, Midc Mumbai-400005. Cross, Road B Andheri East, Mumbai-400059. Cross Objection No. 90/Mum/2023 Arising Out Of I.T.A. No.2031/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2008-09) M/S. Ambuja Cements Ltd बिधम/ Dcit-3(4) 3Rd Floor, Elegant Business 29Th Floor, Center-1, Vs. Park, Midc Cross, Road B World Trade Center, Andheri East, Mumbai- Cuffe Parade, Mumbai- 400059. 400005. आयकर अपील सं/ I.T.A. No.2032/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-3(4) बिधम/ M/S. Ambuja Cements Ltd 29Th Floor, Center-1, World 3Rd Floor, Elegant Vs. Trade Center, Cuffe Parade, Business Park, Midc Mumbai-400005. Cross, Road B Andheri . East, Mumbai-400059. Cross Objection No. 91/Mum/2023 Arising Out Of I.T.A. No.2032/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) M/S. Ambuja Cements Ltd बिधम/ Dcit-3(4) 3Rd Floor, Elegant Business 29Th Floor, Center-1, Vs. Park, Midc Cross, Road B World Trade Center, Andheri East, Mumbai- Cuffe Parade, Mumbai- 400059. 400005. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaacg0569P (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: None Revenue By: Shri Ajay Chandra (Dr) C.O. 90 & 91/Mum/2023 A.Ys. 2008-09 & 2010-11 Ambuja Cements Ltd सुनवाई की तारीख / Date Of Hearing: 11/10/2023 घोषणा की तारीख /Date Of Pronouncement: 11/12/2023 आदेश / O R D E R Per Bench: These Are Appeals Preferred By The Revenue & Respective Cross Objections (‘Co’) Filed By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [In Short ‘Ld. Cit(A)’] Dated 31-03-2023 For Ay 2008-09 & Ay 2010-11 Respectively.

For Appellant: NoneFor Respondent: Shri Ajay Chandra (DR)
Section 115Section 115JSection 143(3)Section 80I

…that treatment of a transaction in books of accounts cannot govern the tax statement reliance was placed on the decision of the Supreme Court in the case of Kadernath Jute Manufacturing Company Ltd. 82 ITR 362; in the case of Tutcorin Alali Chemicals Ltd. in 227 ITR 172; in the case of Godhra Electricity Company in 91 Taxman 91; in the case of Bokaro Steel Ltd in 263 ITR 315 and in the C.O. 90 & 91/Mum/2023 A.Ys. 2008-09 & 2010-11 Ambuja Cements Ltd case of Sutlet Cotton Mills Ltd. in 116 ITR 1 and submitted that it would be totally incorrect to say that an assessee who raises internal invoices would be entitle…

DCIT- CC - 7(3), Mumbai vs. Acg Associated Capsules Pvt. Ltd., Mumbai

In the result, no question of law arises

ITA 3283/MUM/2018[2013-14]Status: DisposedITAT Mumbai04 Dec 2023AY 2013-14

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ketan Ved/For Respondent: Shri Akhtar Hussain Ansari
Section 143(2)Section 143(3)Section 250Section 92C

…d as income from other sources, as the same is revenue in nature. The ld. A.O. relied on the decision of the (A.Ys. 2012-13 & 2013-14) ACG Associated Capsules Pvt. Ltd. Hon'ble Apex Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. vs. CIT 141 CTR 387 (SC), which has held that interest out of the short term investment of funds borrowed for setting up of factory has to be assessed as income from other sources until the commencement of the business. The ld. A.O. added the interest income u/s. 56 of the Act and the corresponding adjustment is made as work-in-progress under fixed assets. 35. Th…

DCIT CC- 7(3), Mumbai vs. Acg Associated Capsules Pvt. Ltd., Mumbai

In the result, no question of law arises

ITA 3282/MUM/2018[2012-13]Status: DisposedITAT Mumbai04 Dec 2023AY 2012-13

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ketan Ved/For Respondent: Shri Akhtar Hussain Ansari
Section 143(2)Section 143(3)Section 250Section 92C

…d as income from other sources, as the same is revenue in nature. The ld. A.O. relied on the decision of the (A.Ys. 2012-13 & 2013-14) ACG Associated Capsules Pvt. Ltd. Hon'ble Apex Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. vs. CIT 141 CTR 387 (SC), which has held that interest out of the short term investment of funds borrowed for setting up of factory has to be assessed as income from other sources until the commencement of the business. The ld. A.O. added the interest income u/s. 56 of the Act and the corresponding adjustment is made as work-in-progress under fixed assets. 35. Th…

Acg Assocation Capsules P. Ltd, Mumbai vs. DCIT Cen Cir 7(3), Mumbai

In the result, no question of law arises

ITA 2384/MUM/2018[2013-14]Status: DisposedITAT Mumbai04 Dec 2023AY 2013-14

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ketan Ved/For Respondent: Shri Akhtar Hussain Ansari
Section 143(2)Section 143(3)Section 250Section 92C

…d as income from other sources, as the same is revenue in nature. The ld. A.O. relied on the decision of the (A.Ys. 2012-13 & 2013-14) ACG Associated Capsules Pvt. Ltd. Hon'ble Apex Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. vs. CIT 141 CTR 387 (SC), which has held that interest out of the short term investment of funds borrowed for setting up of factory has to be assessed as income from other sources until the commencement of the business. The ld. A.O. added the interest income u/s. 56 of the Act and the corresponding adjustment is made as work-in-progress under fixed assets. 35. Th…

Acg Assocation Capsules P. Ltd, Mumbai vs. DCIT Cen Cir 7(3), Mumbai

In the result, no question of law arises

ITA 2383/MUM/2018[2012-13]Status: DisposedITAT Mumbai04 Dec 2023AY 2012-13

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ketan Ved/For Respondent: Shri Akhtar Hussain Ansari
Section 143(2)Section 143(3)Section 250Section 92C

…d as income from other sources, as the same is revenue in nature. The ld. A.O. relied on the decision of the (A.Ys. 2012-13 & 2013-14) ACG Associated Capsules Pvt. Ltd. Hon'ble Apex Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. vs. CIT 141 CTR 387 (SC), which has held that interest out of the short term investment of funds borrowed for setting up of factory has to be assessed as income from other sources until the commencement of the business. The ld. A.O. added the interest income u/s. 56 of the Act and the corresponding adjustment is made as work-in-progress under fixed assets. 35. Th…

The Pr. Commissioner of Income Tax -5 vs. Jaypee Powergrid Ltd

ITA-397/2019HC Delhi30 Nov 2023

Bench: The Tribunal Was Whether The Interest Earned By The Respondent/Assessee From The Investment Made In Fixed Deposits, Out Of The Funds Received For Setting Up A Power Transmission System In The State Of Himachal Pradesh, Would Be Amenable To Tax Under The Head “Income From Other Sources”? 4. The Assessing Officer (Ao), Via The Assessment Order Dated Digitally Signed By:Atul Jain Signing Date:14.12.2023 15:33:37 Signature Not Verified

…ed the appeal. Strangely, the CIT(A), while dismissing the appeal, made the following observations: “I discussed the matter him and persuaded him to accept the Supreme Court decision in the case of Tuticorin Alkali chemicals and Fertilizers Ltd. [1997] 227 ITR 172 which is the latest case law of the apex court and this is the rule of law as on today. Therefore, I confirm the addition made by AO of Rs.3,40,52,432/- as interest income from FDRs under the head "income from other sources".” 6. The respondent/assessee had a different understanding of what had been contended on its behalf in the hearing…

DCIT Central Cir5(3), Mumbai vs. M/S. Shakti Enterprises, Gujarat

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

ITA 2247/MUM/2021[2015-16]Status: DisposedITAT Mumbai10 Nov 2023AY 2015-16

Bench: Shri Aby T Varkey & Shri Amarjit Singhita Nos.2246 & 2247/Mum/2021 (A.Ys. 2014-15 & 2015-16)

For Appellant: Ganesh RakhFor Respondent: Dr. P. Daniel
Section 40A(3)Section 5

…unting standards were not applicable on the same 2. On the facts and in the circumstances of the case and in law, the Ld. CI(A) is right in ignoring the decision of Hon'ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd us CIT[1997] 227 ITR 172, wherein the Hon’ble Supreme Court has categorically mentioned that accounting practice cannot override any provisions of the Act, in this case where the income was already received as per the impounded records and is taxable U/s 5 of the Act and otherwise also regular books of account are not maintained. 3. On the facts and circumstances of the…

DCIT Central Cir5(3), Mumbai vs. M/S. Shakti Enterprises, Gujarat

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

ITA 2246/MUM/2021[2014-15]Status: DisposedITAT Mumbai10 Nov 2023AY 2014-15

Bench: Shri Aby T Varkey & Shri Amarjit Singhita Nos.2246 & 2247/Mum/2021 (A.Ys. 2014-15 & 2015-16)

For Appellant: Ganesh RakhFor Respondent: Dr. P. Daniel
Section 40A(3)Section 5

…unting standards were not applicable on the same 2. On the facts and in the circumstances of the case and in law, the Ld. CI(A) is right in ignoring the decision of Hon'ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd us CIT[1997] 227 ITR 172, wherein the Hon’ble Supreme Court has categorically mentioned that accounting practice cannot override any provisions of the Act, in this case where the income was already received as per the impounded records and is taxable U/s 5 of the Act and otherwise also regular books of account are not maintained. 3. On the facts and circumstances of the…

Chandhok Cold Storage Pvt. Ltd., Raipur vs. Income Tax Officer, Ward-3(1), Raipur

In the result, the appeal of the assessee is partly allowed for statistical purposes in terms of the aforesaid observations

ITA 200/RPR/2023[2013-14]Status: DisposedITAT Raipur18 Oct 2023AY 2013-14

Bench: Shri Ravish Soodआयकर अपील सं. / Ita No. 200/Rpr/2023 "नधा"रण वष" / Assessment Year : 2013-14 Chandhok Cold Storage Private Limited Ph No.100/28, Bilaspur Road, Ravigram S.O, Raipur-492 001 Pan : Aadcc8354P .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer, Ward-3(1), Raipur (C.G.) ……""यथ" / Respondent

For Appellant: Shri Hardik Jain, CAFor Respondent: Shri Satya Prakash Sharma, Sr. DR
Section 143(3)Section 224Section 56Section 56(2)(viib)

…income on FDR of Rs. 99,957/- which by nature is a long-term deposit. However, the Ld. AO has added such income under the head Income from other sources by referring to the Hon. Supreme Court judgement of M/s Tuticorin Alkali Chemicals & Fertilizers vs. CIT [227 ITR 172]. The excerpt of the said judgement are as follows: "Whether interest earned on short-term investment of funds borrowed for setting-up of factory during construction of factory before commencement of business has to be assessed as income from other sources and it cannot be said that interest income is not taxable on ground that it would go to red…

Pride Purple Builders Private Ltd., Pune vs. Deputy Commissioner of Income-Tax, Central Circle - 1 (1), Pune

In the result, the appeal of the Assessee is allowed

ITA 699/PUN/2022[2015-16]Status: DisposedITAT Pune04 Oct 2023AY 2015-16

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.699/Pun/2022 िनधा"रण वष" / Assessment Year : 2015-16 Pride Purple Builders Private The Deputy Limited, V Commissioner Income Pride House, 5Th Floor, S Tax, Circle-1(1), Pune. S.No.108/7, Shivajinagar, Near Pune University Circle, Pune – 411016. Pan: Aadcp 4286 H Appellant / Assessee Respondent / Revenue Assessee By Shri Suhas Bora – Ar Revenue By Shri M G Jasnani, Irs - Dr Date Of Hearing 03/10/2023 Date Of Pronouncement 04/10/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Filed By Assessee Is Directed Against The Order Of Ld. Commissioner Of Income Tax(Appeal), Pune-11 Dated 18.08.2022For A.Y.2015-16 Emanating From The Assessment Order Under Section 143(3) Of The Income Tax Act, 1961 Dated 30.11.2017. The Assessee Has Raised The Following Grounds Of Appeal: Pride Purple Builders Private Limited [A]

Section 143(2)Section 143(3)

…th the company in order to protect the interest of the company and therefore, such setting-off should be allowed. 3. The Assessing Officer(AO) following the Hon'ble Supreme Court decision in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. Vs. CIT 227 ITR 172 (SC) held that the interest income earned by the assessee company is taxable as income from other sources and accordingly rejected claim of the assessee of deduction of Rs.1,27,82,145/- and the said amount of Rs.1,27,82,145/- was added to the closing work-in-progress by the AO. The Ld.AO also added Rs. 1,27,82,145/- to the Total Income of the Ass…

DCIT, Circle-24(2), New Delhi vs. Sugam Vanijya Holdings P.Ltd, Bengluru

In the result, the appeal of the Revenue is dismissed

ITA 586/DEL/2020[2014-15]Status: DisposedITAT Delhi13 Sept 2023AY 2014-15

Bench: Shri C. M. Gargdr. B. R. R. Kumarassessment Year: 2014-15 Dcit, Vs M/S Sugam Vanijya Holding Pvt. Ltd., Circle 24(2), Plot No.11B, Survey No.40/9 Vr, New Delhi-110002 Dsyvasandra Industrial Area, Stage-Ii, Kr Puram, Hobli, Bangalore, Karnataka – 560048. Pan: Aaacs1883J (Appellant) (Respondent) Assessee By : Shri Rishabh Malhotra, Ar Revenue By : Shri H. K. Choudhary, Cit-Dr Date Of Hearing : 28.06.2023 Date Of Pronouncement : 13.09.2023

For Appellant: Shri Rishabh Malhotra, ARFor Respondent: Shri H. K. Choudhary, CIT-DR

…ate for the purposes of commercial, industrial and residential use. The AO added interest earned of Rs.57.88 Cr. to the returned income. Relying on the judgment of the Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. Vs. CIT, 227 ITR 172 (SC). The ld. CIT(A) deleted the addition relying on the judgement of Hon’ble Supreme Court in the case of Bokaro Steels Ltd. 236 ITR 315. The ld. CIT(A) deleted the addition relying on the order of the Tribunal in assessee’s own case for the A.Y. 2013-14/2015-16. The relevant part of the order of the ld. CIT(A) is as under: “4.5 I have discusse…

M/S Southern Hills Dev. Pvt. Ltd., Bangalore vs. DCIT, Circle-12(2), Bangalore

In the result, the appeal of the assessee is dismissed

ITA 1829/BANG/2013[2007-08]Status: DisposedITAT Bangalore05 Sept 2023AY 2007-08

Bench: Shri Chandra Poojari & Ms. Madhumita Royassessment Year: 2007-08

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri Parithivel, D.R
Section 234B

…ITA No.1829/Bang/2013 M/s. Southern Hills Developers Pvt. Ltd., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND MS. MADHUMITA ROY, JUDICIAL MEMBER Assessment Year: 2007-08 M/s. Southern Hills Developers Pvt. Ltd. (formerly known as M/s. Nitesh Estates Projects Pvt. Ltd.) Deputy Commissioner of 7th Floor, Nitesh Timesquare Income-tax Vs. 8, M.G. Road Circle-12(2) Bangalore 560 001 Bangalore PAN NO : AACCN3865H APPELLANT RESPONDENT Appellant by : Smt. Sheetal Borkar, A.R. Respondent by : Shri Parithivel, D.R. Date of Hearing : 04.09.2023…

Renault Nissan Automotive India Private Limited, Kancheepuram vs. ACIT, Chennai

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

ITA 2218/CHNY/2015[2009-10]Status: DisposedITAT Chennai30 Aug 2023AY 2009-10

Bench: Shri V. Durga Rao & Shri Manjunatha, G.आयकर अपील सं./I.T.A. No.2218/Chny/2015 िनधा"रण वष"/Assessment Year: 2009-10 M/S. Renault Nissan Automotive Vs. The Assistant Commissioner Of India Private Limited, Income Tax, Plot No. 1, Sipcot Industrial Park, Company Circle V(3), Sriperumbudur, Kanchipuram District, Chennai 600 034. Tamil Nadu 602 105. [Pan:Aadcr7965B] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri N. V. Balaji, Advocate ""थ" की ओर से/Respondent By : Shri P. Dhivahar, Cit सुनवाई की तारीख/ Date Of Hearing : 23.08.2023 घोषणा की तारीख /Date Of Pronouncement : 30.08.2023 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 3, Chennai, Dated 02.09.2015 Relevant To The Assessment Year 2009-10. 2. Brief Facts Of The Case Are That The Assessee Has Filed Its Return Of Income On 23.09.2009 For The Assessment Year 2009-10 Declaring Taxable Income Of Nil. The Case Was Selected For Scrutiny By Issue Of 2

For Appellant: Shri N. V. Balaji, AdvocateFor Respondent: Shri P. Dhivahar, CIT
Section 142(1)Section 143(2)Section 143(3)

…31/-. In the assessment proceedings, the Assessing Officer brought to tax the same as income from other sources relying on the decision of the Hon'ble Supreme Court in the case of Tuticorin Alkali & 4 I.T.A. No.2218/Chny/15 Chemicals Fertilizers Ltd v. CIT, 227 ITR 172. In doing so, the Assessing Officer has rejected the plea of the assessee that the impugned interest was not taxable, being a capital receipt in terms of ratio relied upon by the appellant in CIT V. VGR Foundations (2007) 298 ITR 132 and Indian Oil Panipat Power Consortium Ltd v. ITO 315 ITR 255. 6. Before the ld. CIT(A), by reiterating the submi…

Shaik Shakeer Ahamed. Dy. Commissioner of Income-Tax, Circle-2 (1), Hyderabad vs. Kmc Constructions Limited, Hyderabad

In the result, both the appeals of assessee are partly allowed

ITA 735/HYD/2020[2017-18]Status: DisposedITAT Hyderabad25 Aug 2023AY 2017-18

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

For Appellant: Shri S. Rama Rao, ARFor Respondent: Shri Jeevan Lal Lavidiya, CIT-DR
Section 80

…ns of the assessee on this aspect. The issue as to the head under which the interest earned by the assessee, even in the course of carrying on the business, now stands settled by the decisions of the Apex Court in Tuticorin Alkali Chemicals & Fertilisers Ltd.(227 ITR 172) and Pandian Chemicals V/s. CIT(262 ITR 278). In view of the ratio laid down by the Apex Court in these decisions, which in fact have been followed by the CIT(A) in the impugned orders, the decisions of the Tribunal in assessee's own cases for assessment years 1991-92 and 1992-93 and for assessment year 1995-96, noted (supra), as also the decisio…

Dy. Commissioner of Income Tax, Circle-2(1), Hyderabad vs. Kmc Constructions Limited, Hyderabad

In the result, both the appeals of assessee are partly allowed

ITA 693/HYD/2019[2015-16]Status: DisposedITAT Hyderabad25 Aug 2023AY 2015-16

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

For Appellant: Shri S. Rama Rao, ARFor Respondent: Shri Jeevan Lal Lavidiya, CIT-DR
Section 80

…ns of the assessee on this aspect. The issue as to the head under which the interest earned by the assessee, even in the course of carrying on the business, now stands settled by the decisions of the Apex Court in Tuticorin Alkali Chemicals & Fertilisers Ltd.(227 ITR 172) and Pandian Chemicals V/s. CIT(262 ITR 278). In view of the ratio laid down by the Apex Court in these decisions, which in fact have been followed by the CIT(A) in the impugned orders, the decisions of the Tribunal in assessee's own cases for assessment years 1991-92 and 1992-93 and for assessment year 1995-96, noted (supra), as also the decisio…