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. North Eastern Electric Power Corporation Ltd., Shillong vs. Assistant Commissioner of Income Tax, Circle - Shillong, Shillong

In the result, the appeal of the assessee in ITA

ITA 45/GTY/2019[2014-15]Status: DisposedITAT Guwahati12 Dec 2022AY 2014-15

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Borad

Section 143(3)Section 263

…ITA No. 45/GAU/2019 Assessment Year: 2014-2015 & Assessment Year:2014-2015 M/s. North Eastern Electric Power Corporation Limited IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA-GUWAHATI ‘e-COURT’, KOLKATA [Virtual Court Hearing] Before Shri Rajpal Yadav, Vice-President (KZ) & Dr. Manish Borad, Accountant Member I.T.A. No. 45/GAU/2019 Assessment Year: 2014-2015 M/s. North Eastern Electric Power Corporation Limited,………………………………………………… Appellant Brookland Compound, Lower New Colony, Shillong-793003 [PAN:AAACN9991J] -Vs.- Principal Commissioner of Income Tax,....Respondent Aayakar Bhawan, M.G. Road, Shillong,…

M/S. North Eastern Electric Power Corporation Ltd., Shillong vs. Assistant Commissioner of Income Tax, Circle - Shillong, Shillong

In the result, the appeal of the assessee in ITA

ITA 418/GTY/2019[2014-15]Status: DisposedITAT Guwahati12 Dec 2022AY 2014-15

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Borad

Section 143(3)Section 263

…ITA No. 45/GAU/2019 Assessment Year: 2014-2015 & Assessment Year:2014-2015 M/s. North Eastern Electric Power Corporation Limited IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA-GUWAHATI ‘e-COURT’, KOLKATA [Virtual Court Hearing] Before Shri Rajpal Yadav, Vice-President (KZ) & Dr. Manish Borad, Accountant Member I.T.A. No. 45/GAU/2019 Assessment Year: 2014-2015 M/s. North Eastern Electric Power Corporation Limited,………………………………………………… Appellant Brookland Compound, Lower New Colony, Shillong-793003 [PAN:AAACN9991J] -Vs.- Principal Commissioner of Income Tax,....Respondent Aayakar Bhawan, M.G. Road, Shillong,…

Raj Kumar Jain, Jaipur vs. Assistant Commissioner of Income Tax, Central Circle – 2, Jaipur

In the result, appeal of the assessee is allowed

ITA 323/JPR/2022[2014-15]Status: DisposedITAT Jaipur08 Dec 2022AY 2014-15
For Appellant: Shri S.L. Poddar (Advocate)For Respondent: Shri P.R. Meena (CIT)
Section 132Section 132(4)Section 133ASection 139(1)Section 143(3)Section 153B(1)(b)Section 271Section 271ASection 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 46 Shri Raj Kumar Jain, Jaipur. accordance with accountancy practice. Further, the Hon’ble Apex Court held that the question as to whether a principal receipt is of t…

DCIT Cent. Cir 1(2), Mumbai vs. M/S. Hiranandani Construction Pvt. Ltd, Mumbai

In the result, the appeal filed by the revenue is dismissed

ITA 1849/MUM/2021[2016-17]Status: DisposedITAT Mumbai22 Nov 2022AY 2016-17

Bench: Shri M Balaganesh & Shri Pavan Kumar Gadaledcit, Vs. M/S. Hiranandani Central Circle – 1(2) Constructions Pvt Ltd 906, 9Th Floor, Pratishta 511, Dalmal Towers, Bhavan, Old Cgo Bldg 211, Nariman Point, (Annexe), Mk Road, Mumbai – 400021. Mumbai – 400020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaach0409H Appellant .. Respondent Appellant By : Shri Tejinder Pal Singh Anand, Sr Dr Respondent By : Shri K Gopal Sr. Adv & Shri Om Kandalkar, Adv Date Of Hearing 03.11.2022 Date Of Pronouncement 15.11.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Passed By The Commissioner Of Income Tax (Appeals)(Cit(A)-47, Mumbai Passed U/S 143(3) & 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

For Appellant: Shri Tejinder Pal SinghFor Respondent: Shri K Gopal Sr. Adv and Shri Om Kandalkar, Adv
Section 143(1)Section 143(2)Section 143(3)

…f Rs. 1,22,77,372/-, being interest earned on fixed deposits as 'Business Income' instead of 'Income from Other Sources' without considering the decision of the Hon'ble Supreme Court of India in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. (1997) 227 ITR 172, in which the Apex Court has clearly held that the interest income is always revenue in nature unless it is receivable by way of damages or compensation." 2. The brief facts of the case are that the assessee company is engaged in the business of construction and development activities. The assessee has filed the return of income for the A.Y 2016…

DCIT Corporate Circle 4(2), Chennai vs. Nagarjuna Oil Corporation Ltd., Chennai

In the result, the appeals filed by the assessee in ITA

ITA 2704/CHNY/2017[2011-12]Status: DisposedITAT Chennai21 Nov 2022AY 2011-12

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: NoneFor Respondent: Shri R. Mohan Reddy, CIT
Section 143(3)Section 271(1)(c)

…lant & machinery and as such, the interest income could not be treated as revenue receipt. However, the AO relying on the decisions of Hon’ble Supreme Court in the case of CIT vs. Autokast Ltd., 248 ITR 110 and Tuticorin Alkali Chemicals and Fertilizers Ltd., 227 ITR 172 held that the interest income earned on margin money kept in sale, etc., as revenue receipt by observing as under:- 6. In this connection, it is relevant to refer to subsequent decisions of the Hon. Supreme Court in the case of CIT Vs Autokast Ltd. (248 ITR 110) (SC) and Tuticorin Alkali Chemicals and Fertilizers Ltd. (227 ITR 172)(SC). In the ca…

DCIT Corporate Circle 4(2), Chennai vs. Nagarjuna Oil Corporation Ltd., Chennai

In the result, the appeals filed by the assessee in ITA

ITA 2703/CHNY/2017[2012-13]Status: DisposedITAT Chennai21 Nov 2022AY 2012-13

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: NoneFor Respondent: Shri R. Mohan Reddy, CIT
Section 143(3)Section 271(1)(c)

…lant & machinery and as such, the interest income could not be treated as revenue receipt. However, the AO relying on the decisions of Hon’ble Supreme Court in the case of CIT vs. Autokast Ltd., 248 ITR 110 and Tuticorin Alkali Chemicals and Fertilizers Ltd., 227 ITR 172 held that the interest income earned on margin money kept in sale, etc., as revenue receipt by observing as under:- 6. In this connection, it is relevant to refer to subsequent decisions of the Hon. Supreme Court in the case of CIT Vs Autokast Ltd. (248 ITR 110) (SC) and Tuticorin Alkali Chemicals and Fertilizers Ltd. (227 ITR 172)(SC). In the ca…

Nagarjuna Oil Corporation Ltd., Chennai vs. ACIT Corporate Circle 4(2), Chennai

In the result, the appeals filed by the assessee in ITA

ITA 2605/CHNY/2017[2012-13]Status: DisposedITAT Chennai21 Nov 2022AY 2012-13

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: NoneFor Respondent: Shri R. Mohan Reddy, CIT
Section 143(3)Section 271(1)(c)

…lant & machinery and as such, the interest income could not be treated as revenue receipt. However, the AO relying on the decisions of Hon’ble Supreme Court in the case of CIT vs. Autokast Ltd., 248 ITR 110 and Tuticorin Alkali Chemicals and Fertilizers Ltd., 227 ITR 172 held that the interest income earned on margin money kept in sale, etc., as revenue receipt by observing as under:- 6. In this connection, it is relevant to refer to subsequent decisions of the Hon. Supreme Court in the case of CIT Vs Autokast Ltd. (248 ITR 110) (SC) and Tuticorin Alkali Chemicals and Fertilizers Ltd. (227 ITR 172)(SC). In the ca…

Nagarjuna Oil Corporation Ltd., Chennai vs. ACIT Corporate Circle 4(2), Chennai

In the result, the appeals filed by the assessee in ITA

ITA 2604/CHNY/2017[2011-12]Status: DisposedITAT Chennai21 Nov 2022AY 2011-12

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: NoneFor Respondent: Shri R. Mohan Reddy, CIT
Section 143(3)Section 271(1)(c)

…lant & machinery and as such, the interest income could not be treated as revenue receipt. However, the AO relying on the decisions of Hon’ble Supreme Court in the case of CIT vs. Autokast Ltd., 248 ITR 110 and Tuticorin Alkali Chemicals and Fertilizers Ltd., 227 ITR 172 held that the interest income earned on margin money kept in sale, etc., as revenue receipt by observing as under:- 6. In this connection, it is relevant to refer to subsequent decisions of the Hon. Supreme Court in the case of CIT Vs Autokast Ltd. (248 ITR 110) (SC) and Tuticorin Alkali Chemicals and Fertilizers Ltd. (227 ITR 172)(SC). In the ca…

Assistant Commissioner of Income-Tax, Circle -6, Pune vs. M/S. Sion Panvel Tollways Pvt.Ltd, Pune

In the result, the appeal of the Revenue is partly allowed and

ITA 489/PUN/2018[2013-14]Status: DisposedITAT Pune16 Nov 2022AY 2013-14

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury

Section 57

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI PARTHA SARATHI CHAUDHURY, JUDICIAL MEMBER ITA Nos. 489 and 249/PUN/2018 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 ACIT, Circle-6, Vs. M/s. Sion Panvel Tollways Pvt. Ltd., Pune 35, IVRCL house, 35, Suyojna, C.H.F. Koregaon Park, Pune 411 001 PAN : AANCS4045D Appellant Respondent C.O. Nos. 48 & 49/PUN/2022 (Arising out of ITA Nos.489 & 249/PUN/2018 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 M/s. Sion Panvel Tollways Pvt. Ltd., Vs. ACIT, Circle-6, 35, IVRCL house, 35, Pune Suyojna, C.H.F. Ko…

Assistant Commissioner of Income-Tax, Circle -6, Pune vs. M/S. Sion Panvel Tollways Pvt.Ltd, Pune

In the result, the appeal of the Revenue is partly allowed and

ITA 249/PUN/2018[2014-15]Status: DisposedITAT Pune16 Nov 2022AY 2014-15

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury

Section 57

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI PARTHA SARATHI CHAUDHURY, JUDICIAL MEMBER ITA Nos. 489 and 249/PUN/2018 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 ACIT, Circle-6, Vs. M/s. Sion Panvel Tollways Pvt. Ltd., Pune 35, IVRCL house, 35, Suyojna, C.H.F. Koregaon Park, Pune 411 001 PAN : AANCS4045D Appellant Respondent C.O. Nos. 48 & 49/PUN/2022 (Arising out of ITA Nos.489 & 249/PUN/2018 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 M/s. Sion Panvel Tollways Pvt. Ltd., Vs. ACIT, Circle-6, 35, IVRCL house, 35, Pune Suyojna, C.H.F. Ko…

DCIT-Ltu - 2, Mumbai vs. Ambuja Cements Ltd, Mumbai

In the result, the appeal of the revenue is dismissed

ITA 2958/MUM/2019[2010-11]Status: DisposedITAT Mumbai07 Nov 2022AY 2010-11
Section 143(3)Section 14A

…preme Court in the case of Kadernath Jute Manufacturing Company Ltd. 82 ITR 362; in the case of Tutcorin Alali Chemicals ITA Nos. 1889 and 1241/Mum/2018, 2384, 2958, 3475 and 3843/Mum/2019 Assessment years: 2010-11, 2011-12 and 2012-13 Page 54 of 99 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…

Ibrox Real Estate Development Private Limited, Bangalore vs. The Deputy Commissioner of Income Tax, Central Circle-2(1), Bangalore

In the result, both the appeals filed by the assessee stands allowed

ITA 344/BANG/2022[2012-13]Status: DisposedITAT Bangalore01 Nov 2022AY 2012-13

Bench: Shri Chandra Poojaria & Smt. Beena Pillai

For Appellant: Smt. Suman Lunkar, CA
Section 143(2)Section 234ASection 57

…ery. Hence, any income earned on such deposit is incidental' to the acquisition of assets for the setting up of the plant and machinery. In this view of the matter the ratio laid down by this Court in Tuticorin Alkali Chemicals & Fertilizers Ltd. v CIT [1997] 227 ITR 1721 will not be attracted. The more appropriate decision in the factual situation in the present case is in CIT v Bokgr9 Steel Ltd. [1999] 236 ITR 3152 (SC). The appeal is dismissed. There will be no order as to costs.” 18. In the case of CIT v. Karnataka Power Corporation reported in (2001) 247 ITR 268, the Hon’ble Supreme Court, following its own…

Ibrox Real Estate Development Private Limited, Bangalore vs. The Deputy Commissioner of Income Tax, Central Circle-2(1), Bangalore

In the result, both the appeals filed by the assessee stands allowed

ITA 343/BANG/2022[2011-12]Status: DisposedITAT Bangalore01 Nov 2022AY 2011-12

Bench: Shri Chandra Poojaria & Smt. Beena Pillai

For Appellant: Smt. Suman Lunkar, CA
Section 143(2)Section 234ASection 57

…ery. Hence, any income earned on such deposit is incidental' to the acquisition of assets for the setting up of the plant and machinery. In this view of the matter the ratio laid down by this Court in Tuticorin Alkali Chemicals & Fertilizers Ltd. v CIT [1997] 227 ITR 1721 will not be attracted. The more appropriate decision in the factual situation in the present case is in CIT v Bokgr9 Steel Ltd. [1999] 236 ITR 3152 (SC). The appeal is dismissed. There will be no order as to costs.” 18. In the case of CIT v. Karnataka Power Corporation reported in (2001) 247 ITR 268, the Hon’ble Supreme Court, following its own…

Idea Cellular Ltd, Mumbai vs. DCIT 3(2), Mumbai

In the result, appeal of the Revenue in ITA No

ITA 2285/MUM/2014[2008-09]Status: DisposedITAT Mumbai12 Oct 2022AY 2008-09
Section 143(3)Section 194HSection 40

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘I-2‘ BENCH MUMBAI BEFORE: SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI M.BALAGANESH, ACCOUNTANT MEMBER M/s. Vodafone Idea Ltd., Vs. Dy. Commissioner of (Formerly known as Idea Income Tax-3(2) Cellular Ltd.,) Mumbai 10th Floor, Birla Centurian Room NO.608, 6th Floor Mills Compound Aaykar Bhawan Pandurang Budhkar Marg M.K.Road, Worli, Mumbai – 400 030 Mumbai – 400 020 PAN/GIR No.AAACB2100P (Appellant) .. (Respondent) Dy. Commissioner of Vs. M/s. Vodafone Idea Ltd., Income Tax-3(2) (Formerly known as Idea Mumbai Cellular Ltd.,) Room NO.608, 6th Floor 10th Floor, Birla Centuria…

DCIT 3(2), Mumbai vs. Idea Cellular Ltd, Mumbai

In the result, appeal of the Revenue in ITA No

ITA 2273/MUM/2014[2008-09]Status: DisposedITAT Mumbai12 Oct 2022AY 2008-09
Section 143(3)Section 194HSection 40

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘I-2‘ BENCH MUMBAI BEFORE: SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI M.BALAGANESH, ACCOUNTANT MEMBER M/s. Vodafone Idea Ltd., Vs. Dy. Commissioner of (Formerly known as Idea Income Tax-3(2) Cellular Ltd.,) Mumbai 10th Floor, Birla Centurian Room NO.608, 6th Floor Mills Compound Aaykar Bhawan Pandurang Budhkar Marg M.K.Road, Worli, Mumbai – 400 030 Mumbai – 400 020 PAN/GIR No.AAACB2100P (Appellant) .. (Respondent) Dy. Commissioner of Vs. M/s. Vodafone Idea Ltd., Income Tax-3(2) (Formerly known as Idea Mumbai Cellular Ltd.,) Room NO.608, 6th Floor 10th Floor, Birla Centuria…

Teesta Urja Ltd, New Delhi vs. ITO, Ward-25(2), New Delhi

In the result, for statistical purposes, this appeal is

ITA 7225/DEL/2018[2014-15]Status: DisposedITAT Delhi31 Aug 2022AY 2014-15
Section 143(3)Section 57

…t in CIT vs. Bokaro Steel Ltd. (236 ITR 315) and being such, it was not open to him to uphold the impugned addition on the ground that the same was taxable in terms of the decision of the Supreme Court in Tuticorin Alkali Chemcals and Fertilizers Ltd.’s case (227 ITR 172). 2.2) That the order passed by the Id. CIT(A) is bad in law as he has misinterpreted all the case laws cited by the appellant. 3.) That the order passed by Id. CIT(A) is bad in law due to divergence in findings of the Id. CIT(A) and the A.O. Whereas the A.O. taxed the interest income on the basis of the same being out of surplus funds but the CI…

Mellona Developers Pvt. Ltd., Mumbai vs. ITO, Ward- 3 (2)(2), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 1408/MUM/2020[2015-16]Status: DisposedITAT Mumbai08 Aug 2022AY 2015-16

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Mellona Developers Pvt. Ltd., V. Income Tax Officer – Ward – 3(2)(2) Room No. 673A, Aayakar Bhavan 514, Dalamal Towers, 211 M.K. Road, Mumbai - 400020 F.P.J. Marg, Nariman Point Mumbai - 400021 Pan: Aafcm3780K (Appellant) (Respondent) Assessee By : Shri K. Gopal Department By : Shri Mahita Nair

For Appellant: Shri K. GopalFor Respondent: Shri Mahita Nair
Section 115JSection 142(1)Section 143(2)

…mounts borrowed by it for the construction work which were not immediately required, in short- term Deposits and earned interest. In any case, question is concluded by the decision of the Court in Tuticorin Alkali Chemicals and Fertilizers Ltd. Vs. CIT (1997) 227 ITR 172. Hence the Supreme Court is not called upon to examine that issue. In this case the receipts have been adjusted against the charges payable to the contractors and have gone to reduce the cost of construction. In the instant case the surplus borrowed funds have been utilized for investment in Fixed Deposits which cannot be termed as capital in nat…

Il&Fs Tamilnadu Power Co. Ltd., Chennai vs. DCIT, Company Circle - 2 92), Chennai

ITA 3217/CHNY/2019[2014-15]Status: DisposedITAT Chennai03 Aug 2022AY 2014-15

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./Ita No.:2018/Chny/2019 िनधा"रण वष" /Assessment Year: 2013-14 The Jcit (Osd), Il & Fs Tamilnadu Power Corporate Circle -2(2), Vs. Company Ltd., Chennai – 34. New No.2, (Old No.21), 4Th Floor, Kpr Tower, 1St Street, Subba Rao Avenue, College Road, Chennai – 600 006. Pan: Aabcf 1176A (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita Nos.:1989, 1990 & 3217/Chny/2019 िनधा"रण वष" /Assessment Years: 2012-13, 2013-14 & 2014-15 The Jcit (Osd), Il & Fs Tamilnadu Power Corporate Circle -2(2), Company Ltd., Vs. Chennai – 34. New No.2, (Old No.21), 4Th Floor, Kpr Tower, 1St Street, Subba Rao Avenue, College Road, Chennai – 600 006. Pan: Aabcf 1176A (अपीलाथ"/Appellant) (""यथ"/Respondent) "नधा"रती क" ओर से/Assessee By : Shri Raghunath, Ca राज" की ओर से /Revenue By : Shri Ar.V. Sreenivasan, Addl.Cit सुनवाई क" तार"ख/Date Of Hearing : 03.08.2022 घोषणा क" तार"ख/Date Of Pronouncement : 03.08.2022

For Appellant: Shri Raghunath, CAFor Respondent: Shri AR.V. Sreenivasan, Addl.CIT
Section 143(3)Section 14A

…00] 243 ITR 2. 6. On the other hand, the ld. Senior DR stated that issue is covered by the Hon’ble Supreme Court decision in the case of 7 I.T.A. Nos.2018/Chny/2019 & ITA Nos.1989, 1990 & 3217/Chny/2019 Tuticorin Alkali Chemicals & Fertilizers Ltd., vs. CIT, 227 ITR 172. The ld.Senior DR also filed written submissions consisting of 13 pages but the Revenue in its written submissions could not distinguish the case laws of Hon’ble Supreme Court in the case of Karnal Co-operative Sugar Mills and Bokaro Steel Ltd., supra. 7. After hearing rival contentions and going through the facts, we noted that the facts are un…

JCIT (OSD) Corporate Circle-2(2), Chennai vs. Il & Fs Tamil Nadu Power Company Limited, Chennai

ITA 2018/CHNY/2019[2013-14]Status: DisposedITAT Chennai03 Aug 2022AY 2013-14

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./Ita No.:2018/Chny/2019 िनधा"रण वष" /Assessment Year: 2013-14 The Jcit (Osd), Il & Fs Tamilnadu Power Corporate Circle -2(2), Vs. Company Ltd., Chennai – 34. New No.2, (Old No.21), 4Th Floor, Kpr Tower, 1St Street, Subba Rao Avenue, College Road, Chennai – 600 006. Pan: Aabcf 1176A (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita Nos.:1989, 1990 & 3217/Chny/2019 िनधा"रण वष" /Assessment Years: 2012-13, 2013-14 & 2014-15 The Jcit (Osd), Il & Fs Tamilnadu Power Corporate Circle -2(2), Company Ltd., Vs. Chennai – 34. New No.2, (Old No.21), 4Th Floor, Kpr Tower, 1St Street, Subba Rao Avenue, College Road, Chennai – 600 006. Pan: Aabcf 1176A (अपीलाथ"/Appellant) (""यथ"/Respondent) "नधा"रती क" ओर से/Assessee By : Shri Raghunath, Ca राज" की ओर से /Revenue By : Shri Ar.V. Sreenivasan, Addl.Cit सुनवाई क" तार"ख/Date Of Hearing : 03.08.2022 घोषणा क" तार"ख/Date Of Pronouncement : 03.08.2022

For Appellant: Shri Raghunath, CAFor Respondent: Shri AR.V. Sreenivasan, Addl.CIT
Section 143(3)Section 14A

…00] 243 ITR 2. 6. On the other hand, the ld. Senior DR stated that issue is covered by the Hon’ble Supreme Court decision in the case of 7 I.T.A. Nos.2018/Chny/2019 & ITA Nos.1989, 1990 & 3217/Chny/2019 Tuticorin Alkali Chemicals & Fertilizers Ltd., vs. CIT, 227 ITR 172. The ld.Senior DR also filed written submissions consisting of 13 pages but the Revenue in its written submissions could not distinguish the case laws of Hon’ble Supreme Court in the case of Karnal Co-operative Sugar Mills and Bokaro Steel Ltd., supra. 7. After hearing rival contentions and going through the facts, we noted that the facts are un…

Il & Fs Tamil Nadu Power Company Limited, Chennai vs. JCIT Corporate Circle-2(2), Chennai

ITA 1990/CHNY/2019[2013-14]Status: DisposedITAT Chennai03 Aug 2022AY 2013-14

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./Ita No.:2018/Chny/2019 िनधा"रण वष" /Assessment Year: 2013-14 The Jcit (Osd), Il & Fs Tamilnadu Power Corporate Circle -2(2), Vs. Company Ltd., Chennai – 34. New No.2, (Old No.21), 4Th Floor, Kpr Tower, 1St Street, Subba Rao Avenue, College Road, Chennai – 600 006. Pan: Aabcf 1176A (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita Nos.:1989, 1990 & 3217/Chny/2019 िनधा"रण वष" /Assessment Years: 2012-13, 2013-14 & 2014-15 The Jcit (Osd), Il & Fs Tamilnadu Power Corporate Circle -2(2), Company Ltd., Vs. Chennai – 34. New No.2, (Old No.21), 4Th Floor, Kpr Tower, 1St Street, Subba Rao Avenue, College Road, Chennai – 600 006. Pan: Aabcf 1176A (अपीलाथ"/Appellant) (""यथ"/Respondent) "नधा"रती क" ओर से/Assessee By : Shri Raghunath, Ca राज" की ओर से /Revenue By : Shri Ar.V. Sreenivasan, Addl.Cit सुनवाई क" तार"ख/Date Of Hearing : 03.08.2022 घोषणा क" तार"ख/Date Of Pronouncement : 03.08.2022

For Appellant: Shri Raghunath, CAFor Respondent: Shri AR.V. Sreenivasan, Addl.CIT
Section 143(3)Section 14A

…00] 243 ITR 2. 6. On the other hand, the ld. Senior DR stated that issue is covered by the Hon’ble Supreme Court decision in the case of 7 I.T.A. Nos.2018/Chny/2019 & ITA Nos.1989, 1990 & 3217/Chny/2019 Tuticorin Alkali Chemicals & Fertilizers Ltd., vs. CIT, 227 ITR 172. The ld.Senior DR also filed written submissions consisting of 13 pages but the Revenue in its written submissions could not distinguish the case laws of Hon’ble Supreme Court in the case of Karnal Co-operative Sugar Mills and Bokaro Steel Ltd., supra. 7. After hearing rival contentions and going through the facts, we noted that the facts are un…