Vijay Ship Breaking Corpn v. CIT

219 CTR 639Supreme Court of India2008#23676 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2011 to 2015.

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Judgments citing Vijay Ship Breaking Corpn v. CIT

M/S Little Shop, Kolkata vs. I.T.O WD - 33(3), Kolkata

In the result, the appeal of assessee is allowed

ITA 382/KOL/2013[2008-09]Status: DisposedITAT Kolkata15 Oct 2015AY 2008-09

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

For Appellant: S/Shri V. N. Purohit, FCA & H. B. Bhardwaj, CAFor Respondent: Shri D. Lahiri, JCIT
Section 143(3)Section 194HSection 2Section 40

…discount of the sale consideration on sale of goods, it was not “interest” u/s 2(28A) and there was no obligation to deduct TDS thereon. Hon’ble Delhi High court relied on Circular No.65 dated 2.09.1971, Circular No.674 dated 22.03.1993 & Vijay Ship Breaking 219 CTR 639 (SC) for this proposition. Even the revenue has taken this matter to Hon’ble Supreme Court through SLP, which was eventually dismissed. Hence, following this proposition that discounting charges does not come within the purview of TDS and given the facts of the case, we allow this issue of assessee’s appeal. 5. The next issue in this appeal of as…

Commissioner of Income Tax vs. Cargill Global Trading Pvt Ltd

ITA/331/2011HC Delhi17 Feb 2011

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE M.L. MEHTA

Section 195Section 2Section 37(1)Section 40

…no tax need be deducted at source from such payment by the bank. The decision relied by the AO in the case of Vijay Ship Breaking Corpn. (supra) has been reversed by the Hon'ble Supreme Court as reported in the case of Vijay Ship Breaking Corpn. v. CIT (2008) 219 CTR 639 (SC): (2008) 14 DTR (SC) 74. The Hon'ble Supreme Court held that usance interest payable outside India by an undertaking engaged in the business of ship breaking is exempt from payment of income-tax by virtue of Expln. 2 added to Section 10(15)(iv)(c) with retrospective effect from 1st April, 1962 and hence the assessee was not liable to deduct t…

Commissioner of Income Tax vs. Cargill Global Trading Pvt Ltd

ITA - 331 / 2011HC Delhi17 Feb 2011
Section 195Section 2Section 37(1)Section 40

…no tax need be deducted at source from such payment by the bank. The decision relied by the AO in the case of Vijay Ship Breaking Corpn. (supra) has been reversed by the Hon'ble Supreme Court as reported in the case of Vijay Ship Breaking Corpn. v. CIT (2008) 219 CTR 639 (SC): (2008) 14 DTR (SC) 74. The Hon'ble Supreme Court held that usance interest payable outside India by an undertaking engaged in the business of ship breaking is exempt from payment of income-tax by virtue of Expln. 2 added to Section 10(15)(iv)(c) with retrospective effect from 1st April, 1962 and hence the assessee was not liable to deduct t…

Vijay Ship Breaking Corpn v. CIT (219 CTR 639) — Cited in 3 Judgments | BharatTax