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

Addl.CIT, Special Range-4, New Delhi vs. Idemitsu Lube India P.Ltd, New Delhi

In the result, Cross objection of assessee is allowed for statistical purposes

ITA 7256/DEL/2018[2013-14]Status: DisposedITAT Delhi27 Apr 2023AY 2013-14

Bench: Sh. Anil Chaturvedi & Sh. Anubhav Sharmaita Nos. 7255 & 7256/Del/2018 (Assessment Years : 2012-13 & 2013-14) Acit Vs. Idemitsu Lube India P. Ltd. Special Range -4, 603, 6Th Floor, Erose New Delhi Corporate Tower, Nehru Place, New Delhi-110 019 Pan No. Aabci 5684 A (Appellant) (Respondent) & Co Nos. 36 & 35/Del/2019 (Arising Out Of Ita Nos.7255 & 7256/Del/2018) (Assessment Years : 2012-13 & 2013-14) Idemitsu Lube India P. Ltd. Vs. Acit 603, 6Th Floor, Erose Special Range -4, Corporate Tower, Nehru New Delhi Place, New Delhi-110 019 Pan No. Aabci 5684 A (Appellant) (Respondent)

Section 115JSection 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘C’, NEW DELHI BEFORE SH. ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SH. ANUBHAV SHARMA, JUDICIAL MEMBER ITA Nos. 7255 & 7256/Del/2018 (Assessment Years : 2012-13 & 2013-14) ACIT Vs. Idemitsu Lube India P. Ltd. Special Range -4, 603, 6th Floor, Erose New Delhi Corporate Tower, Nehru Place, New Delhi-110 019 PAN No. AABCI 5684 A (APPELLANT) (RESPONDENT) And CO Nos. 36 & 35/Del/2019 (Arising out of ITA Nos.7255 & 7256/Del/2018) (Assessment Years : 2012-13 & 2013-14) Idemitsu Lube India P. Ltd. Vs. ACIT 603, 6th Floor, Erose Special Range -4, Corporate Tower, Nehru N…

Addl.CIT, Special Range-4, New Delhi vs. Idemitsu Lube India P.Ltd, New Delhi

In the result, Cross objection of assessee is allowed for statistical purposes

ITA 7255/DEL/2018[2012-13]Status: DisposedITAT Delhi27 Apr 2023AY 2012-13

Bench: Sh. Anil Chaturvedi & Sh. Anubhav Sharmaita Nos. 7255 & 7256/Del/2018 (Assessment Years : 2012-13 & 2013-14) Acit Vs. Idemitsu Lube India P. Ltd. Special Range -4, 603, 6Th Floor, Erose New Delhi Corporate Tower, Nehru Place, New Delhi-110 019 Pan No. Aabci 5684 A (Appellant) (Respondent) & Co Nos. 36 & 35/Del/2019 (Arising Out Of Ita Nos.7255 & 7256/Del/2018) (Assessment Years : 2012-13 & 2013-14) Idemitsu Lube India P. Ltd. Vs. Acit 603, 6Th Floor, Erose Special Range -4, Corporate Tower, Nehru New Delhi Place, New Delhi-110 019 Pan No. Aabci 5684 A (Appellant) (Respondent)

Section 115JSection 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘C’, NEW DELHI BEFORE SH. ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SH. ANUBHAV SHARMA, JUDICIAL MEMBER ITA Nos. 7255 & 7256/Del/2018 (Assessment Years : 2012-13 & 2013-14) ACIT Vs. Idemitsu Lube India P. Ltd. Special Range -4, 603, 6th Floor, Erose New Delhi Corporate Tower, Nehru Place, New Delhi-110 019 PAN No. AABCI 5684 A (APPELLANT) (RESPONDENT) And CO Nos. 36 & 35/Del/2019 (Arising out of ITA Nos.7255 & 7256/Del/2018) (Assessment Years : 2012-13 & 2013-14) Idemitsu Lube India P. Ltd. Vs. ACIT 603, 6th Floor, Erose Special Range -4, Corporate Tower, Nehru N…

Ashok Kaushik, New Delhi vs. ACIT Circle-31(1), New Delhi

In the result, all the appeals of the assessee are allowed

ITA 9478/DEL/2019[2015-16]Status: DisposedITAT Delhi19 Apr 2023AY 2015-16
Section 143(3)Section 57

…ould be taxable under the head Page 4 of 10 ITA No.9476 to 9478/Del/2019 Ashok Kaushik vs. ACIT ‘income from other sources’ in view of the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. CIT, reported in 227 ITR 172 (SC) . 5. It is not in dispute that in the assessment proceedings, the assessee had furnished the loan certificate from bank along with explanation for claiming deduction of interest paid u/s 57 of the act. It is not in dispute that the loan taken from ICICI Home Finance Ltd was utilized by the assessee for construction of additional floor in t…

Ashok Kaushik, New Delhi vs. ACIT Circle-31(1), New Delhi

In the result, all the appeals of the assessee are allowed

ITA 9477/DEL/2019[2014-15]Status: DisposedITAT Delhi19 Apr 2023AY 2014-15
Section 143(3)Section 57

…ould be taxable under the head Page 4 of 10 ITA No.9476 to 9478/Del/2019 Ashok Kaushik vs. ACIT ‘income from other sources’ in view of the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. CIT, reported in 227 ITR 172 (SC) . 5. It is not in dispute that in the assessment proceedings, the assessee had furnished the loan certificate from bank along with explanation for claiming deduction of interest paid u/s 57 of the act. It is not in dispute that the loan taken from ICICI Home Finance Ltd was utilized by the assessee for construction of additional floor in t…

Ashok Kaushik, New Delhi vs. ACIT Circle-31(1), New Delhi

In the result, all the appeals of the assessee are allowed

ITA 9476/DEL/2019[2013-14]Status: DisposedITAT Delhi19 Apr 2023AY 2013-14
Section 143(3)Section 57

…ould be taxable under the head Page 4 of 10 ITA No.9476 to 9478/Del/2019 Ashok Kaushik vs. ACIT ‘income from other sources’ in view of the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. CIT, reported in 227 ITR 172 (SC) . 5. It is not in dispute that in the assessment proceedings, the assessee had furnished the loan certificate from bank along with explanation for claiming deduction of interest paid u/s 57 of the act. It is not in dispute that the loan taken from ICICI Home Finance Ltd was utilized by the assessee for construction of additional floor in t…

Assistant Commissioner of Income Tax, Central Circle-1, Guwahati vs. Abci Infrastructures Private Limited, Kolkata

In the result, the appeal of the assessee for Assessment Year

ITA 2/GTY/2023[2014-15]Status: HeardITAT Guwahati05 Apr 2023AY 2014-15

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 143(3)Section 250Section 44A

…Mfg. Co. Ltd vs Commissioner of Income Tax [On 17 August, 1971; 1971 AIR 2145; 1972 SCR (1) 277] – Supreme Court of India (v) Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. Commissioner of Income-Tax [1997 (7) TMI 4 - Supreme Court; Other Citation: [1997] 227 ITR 172 (SC) – Supreme Court of India (vi) United Commercial Bank vs. Commissioner of Income-Tax [1999 (9) TMI 4 Supreme Court; Other Citation: [1999] 240 ITR 355 (SC) – Supreme Court of India (vii) Taparia Tools Limited vs. Joint Commissioner of Income Tax [2015 (3) TMI 853 - [2015] 372 ITR 605 (SC) - Supreme Court of India (viii) Pt. Sheonath Prasad Sh…

Abci Infrastructures Private Limited, Kolkata vs. Assistant Commissioner of Income Tax, Central Circle-1, Guwahati

In the result, the appeal of the assessee for Assessment Year

ITA 43/GTY/2022[2014-15]Status: HeardITAT Guwahati05 Apr 2023AY 2014-15

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 143(3)Section 250Section 44A

…Mfg. Co. Ltd vs Commissioner of Income Tax [On 17 August, 1971; 1971 AIR 2145; 1972 SCR (1) 277] – Supreme Court of India (v) Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. Commissioner of Income-Tax [1997 (7) TMI 4 - Supreme Court; Other Citation: [1997] 227 ITR 172 (SC) – Supreme Court of India (vi) United Commercial Bank vs. Commissioner of Income-Tax [1999 (9) TMI 4 Supreme Court; Other Citation: [1999] 240 ITR 355 (SC) – Supreme Court of India (vii) Taparia Tools Limited vs. Joint Commissioner of Income Tax [2015 (3) TMI 853 - [2015] 372 ITR 605 (SC) - Supreme Court of India (viii) Pt. Sheonath Prasad Sh…

Deputy Commissioner of Income Tax, Central Circle-1, Guwahati vs. Abci Infrastructures Private Limited, Kolkata

In the result, the appeal of the assessee for Assessment Year

ITA 39/GTY/2022[2019-20]Status: HeardITAT Guwahati05 Apr 2023AY 2019-20

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 143(3)Section 250Section 44A

…Mfg. Co. Ltd vs Commissioner of Income Tax [On 17 August, 1971; 1971 AIR 2145; 1972 SCR (1) 277] – Supreme Court of India (v) Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. Commissioner of Income-Tax [1997 (7) TMI 4 - Supreme Court; Other Citation: [1997] 227 ITR 172 (SC) – Supreme Court of India (vi) United Commercial Bank vs. Commissioner of Income-Tax [1999 (9) TMI 4 Supreme Court; Other Citation: [1999] 240 ITR 355 (SC) – Supreme Court of India (vii) Taparia Tools Limited vs. Joint Commissioner of Income Tax [2015 (3) TMI 853 - [2015] 372 ITR 605 (SC) - Supreme Court of India (viii) Pt. Sheonath Prasad Sh…

Deputy Commissioner of Income Tax, Central Circle-1, Guwahati vs. Abci Infrastructures Private Limited, Kolkata

In the result, the appeal of the assessee for Assessment Year

ITA 38/GTY/2022[2018-19]Status: HeardITAT Guwahati05 Apr 2023AY 2018-19

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 143(3)Section 250Section 44A

…Mfg. Co. Ltd vs Commissioner of Income Tax [On 17 August, 1971; 1971 AIR 2145; 1972 SCR (1) 277] – Supreme Court of India (v) Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. Commissioner of Income-Tax [1997 (7) TMI 4 - Supreme Court; Other Citation: [1997] 227 ITR 172 (SC) – Supreme Court of India (vi) United Commercial Bank vs. Commissioner of Income-Tax [1999 (9) TMI 4 Supreme Court; Other Citation: [1999] 240 ITR 355 (SC) – Supreme Court of India (vii) Taparia Tools Limited vs. Joint Commissioner of Income Tax [2015 (3) TMI 853 - [2015] 372 ITR 605 (SC) - Supreme Court of India (viii) Pt. Sheonath Prasad Sh…

Deputy Commissioner of Income Tax, Central Circle-1, Guwahati vs. Abci Infrastructures Private Limited, Kolkata

In the result, the appeal of the assessee for Assessment Year

ITA 37/GTY/2022[2017-18]Status: HeardITAT Guwahati05 Apr 2023AY 2017-18

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 143(3)Section 250Section 44A

…Mfg. Co. Ltd vs Commissioner of Income Tax [On 17 August, 1971; 1971 AIR 2145; 1972 SCR (1) 277] – Supreme Court of India (v) Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. Commissioner of Income-Tax [1997 (7) TMI 4 - Supreme Court; Other Citation: [1997] 227 ITR 172 (SC) – Supreme Court of India (vi) United Commercial Bank vs. Commissioner of Income-Tax [1999 (9) TMI 4 Supreme Court; Other Citation: [1999] 240 ITR 355 (SC) – Supreme Court of India (vii) Taparia Tools Limited vs. Joint Commissioner of Income Tax [2015 (3) TMI 853 - [2015] 372 ITR 605 (SC) - Supreme Court of India (viii) Pt. Sheonath Prasad Sh…

M/S Euro Homes, Coimbatore vs. DCIT, CPC, Bangalore

In the result, appeal filed by the assessee is partly allowed in terms of our observation given herein above

ITA 668/CHNY/2022[2017-2018]Status: DisposedITAT Chennai31 Mar 2023AY 2017-2018

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 668/Chny/2022 िनधा"रण वष" / Assessment Year: 2017-18 M/S. Euro Homes, Deputy Commissioner Of Lakshmi Plaza, Ground Floor, V. Income Tax, 1087 Avinashi Road, Cpc, Bengaluru. Near Lakshmi Mills Junction, Coimbatore. [Pan: Aadfe-9073-G] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. N.V Lakshmi, Advocate अपीलाथ" क" ओर से/Appellant By ""यथ" क" ओर से/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 28.03.2023 घोषणा क" तारीख/Date Of Pronouncement : 31.03.2023

For Respondent: Shri. P. Sajit Kumar, JCIT
Section 143(1)Section 194HSection 254(2)Section 44A

…st on fixed deposits is in the nature of income which is assessable under the head income from other source and this legal position is supported by the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemical and Fertilizers Ltd vs CIT[1997] 227 ITR 172(SC). Therefore, we are of the considered view that interest on fixed deposits is rightly assessed under the head income from other source and thus, we reject the argument of the assessee. :-8-: ITA. No: 668/Chny/2022 8. In the result, appeal filed by the assessee is partly allowed in terms of our observation given herein above. Order pronounce…

DCIT(Ltu) - 1, Mumbai vs. Acc Ltd., Mumbai

In the result, appeal filed by assessee is partly allowed and appeal filed by the revenue is dismissed

ITA 3178/MUM/2019[2011-12]Status: DisposedITAT Mumbai28 Feb 2023AY 2011-12

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 14Section 143(3)Section 14A

…n 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 TutcorinAlali 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 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 entitled to benefit of Sec 80IA and an assessee who does not raise intern…

DCIT(Ltu) - 1, Mumbai vs. Acc Ltd., Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 3177/MUM/2019[2010-11]Status: DisposedITAT Mumbai28 Feb 2023AY 2010-11

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 147Section 148Section 151

…n 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 TutcorinAlali 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 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 entitled to benefit of Sec 80IA and an assessee who does not raise intern…

DCIT(Ltu) - 1, Mumbai vs. Acc Ltd., Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 3176/MUM/2019[2009-10]Status: DisposedITAT Mumbai28 Feb 2023AY 2009-10

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 147Section 148Section 151Section 55A

…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 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 entitled to benefit of Sec 80IA and an assessee who does not raise intern…

Acc Ltd., Mumbai vs. Addl CIT(Ltu), Mumbai

In the result, appeal filed by assessee is partly allowed and appeal filed by the revenue is dismissed

ITA 3139/MUM/2019[2011-12]Status: DisposedITAT Mumbai28 Feb 2023AY 2011-12

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 14Section 143(3)Section 14A

…n 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 TutcorinAlali 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 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 entitled to benefit of Sec 80IA and an assessee who does not raise intern…

Acc Ltd., Mumbai vs. Addl CIT(Ltu), Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 3137/MUM/2019[2010-11]Status: DisposedITAT Mumbai28 Feb 2023AY 2010-11

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 147Section 148Section 151

…n 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 TutcorinAlali 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 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 entitled to benefit of Sec 80IA and an assessee who does not raise intern…

Acc Ltd., Mumbai vs. DCIT(Ltu) - 1, Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 3136/MUM/2019[2009-10]Status: DisposedITAT Mumbai28 Feb 2023AY 2009-10

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 147Section 148Section 151Section 55A

…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 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 entitled to benefit of Sec 80IA and an assessee who does not raise intern…

Acc Ltd., Mumbai vs. DCIT(Ltu) - 1, Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 3135/MUM/2019[2009-10]Status: DisposedITAT Mumbai28 Feb 2023AY 2009-10

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 147Section 148Section 151Section 55A

…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 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 entitled to benefit of Sec 80IA and an assessee who does not raise intern…

DCIT(Ltu) - 1, Mumbai vs. Acc Ltd., Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 268/MUM/2019[2008-09]Status: DisposedITAT Mumbai28 Feb 2023AY 2008-09

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Ltu (Formerly Known As The Associated Cement 29Th Floor, Center-1 Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - Ltu-1 V. M/S. Acc Limited 29Th Floor, Center-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 143(3)Section 14A

…nnot 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; 63 ITA NO.268/MUM/2019 (A.Y: 2008-09) M/s. ACC Limited 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 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 entitled to benefit of Sec 80IA and an assessee who does not raise intern…

Acc Ltd ( Formelry Known As the Associated Cement Companies Ltd), Mumbai vs. Addll CIT, (Ltu), Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 6638/MUM/2018[2008-09]Status: DisposedITAT Mumbai28 Feb 2023AY 2008-09

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Ltu (Formerly Known As The Associated Cement 29Th Floor, Center-1 Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - Ltu-1 V. M/S. Acc Limited 29Th Floor, Center-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 143(3)Section 14A

…nnot 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; 63 ITA NO.268/MUM/2019 (A.Y: 2008-09) M/s. ACC Limited 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 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 entitled to benefit of Sec 80IA and an assessee who does not raise intern…