Section 56 of the Income Tax Act

Income-tax Act, 2025: s.92

Section 56 of the Income-tax Act, 1961 corresponds to section 92 (Income from other sources) of the Income-tax Act, 2025.

Read section 92 of the 2025 Act

Correspondence checked against the ICAI tabular mapping of the two Acts and the BharatTax.co section commentary.

The decision most relied on for Section 56 is Totgars Co-operative Sale Society Ltd. v. ITO (322 ITR 283), cited in 1,283 of the 1,790 judgments on BharatTax that turn on this section.

Leading authorities on Section 56

Totgars Co-operative Sale Society Ltd. v. ITO
322 ITR 283 · 2010 · Supreme Court
1,283
citing judgments

The interest income earned by a cooperative society from investing its surplus funds in fixed deposits with banks is not "derived from" its eligible business activities and is taxable as "income from other sources" under Section 56, thus not qualifying for deduction under Section 80P.

Pr. CIT v. Totagars
395 ITR 611 · 2017 · High Court
1,074
citing judgments

Interest income earned by a cooperative society from surplus deposits or investments held with a cooperative bank is not eligible for deduction under Section 80P(2)(d) of the Act.

Mavilayi Service Co-operative Bank Ltd. v. CIT
431 ITR 1 · 2021 · Supreme Court
999
citing judgments

Section 80P(4) serves as a proviso to Section 80P(1) and (2), excluding only cooperative banks that are cooperative societies and possess an RBI license for banking business. Its purpose is to exclude cooperative banks operating like commercial banks that lend money to the public.

Tumkur Merchants Souharda Credit Cooperative Ltd. v. ITO
230 Taxmann 309 · 2015 · High Court
527
citing judgments

A cooperative society is eligible for deduction under Section 80P(2)(a)(i) if it is engaged in cooperative activities. It also clarifies the allowability of deduction under Section 80P(2)(d) for interest income received from investments made in cooperative banks, after duly considering the Supreme Court's decision in Totgars Co-operative Sale Society Ltd.

Citizen Co-operative Society Ltd. v. ACIT
397 ITR 1 · 2017 · Supreme Court
499
citing judgments

A co-operative credit society engaged in banking business with the general public, accepting deposits from non-members and advancing loans to non-members, is treated as a co-operative bank. Such a society falls under the exclusionary clause of Section 80P(4) and is not eligible for deduction under Section 80P(2)(a)(i).

Totgar's Co-operative Sale Society Ltd. v. ITO
188 Taxmann 282 · 2010 · Supreme Court
486
citing judgments

Interest income earned by a co-operative society from investments, particularly with co-operative banks, is not eligible for deduction under Section 80P as it is not attributable to the core business activities of the society and constitutes "other income", not "profits and gains of business".

CIT v. Andhra Pradesh State
200 Taxmann 220 · 2011 · High Court
348
citing judgments

Interest earned by a Co-operative Society from investing fixed deposits in banks is entitled to a deduction under Section 80P(2)(a)(i) of the Income-tax Act.

Pr. CIT v. Totagars Co-operative Sales Society
83 Taxmann.com 140 · 2017 · High Court
306
citing judgments

Interest income earned by a co-operative society from deposits or investments made in a co-operative bank is not eligible for deduction under Section 80P(2)(d) of the Income Tax Act, 1961, in view of Section 80P(4).

Tumkur Merchants Souharda Credit Co-op. Ltd. v. ITO
55 Taxmann.com 447 · 2015 · High Court
267
citing judgments

Interest income earned by a co-operative society from temporary deposits with other banks, when such deposits are made from its business funds, qualifies as business income eligible for deduction under Section 80P(2)(a)(i) and not as income from other sources.

Bangalore Club v. CIT
350 ITR 509 · 2013 · Supreme Court
247
citing judgments

The Supreme Court affirmed the doctrine of mutuality, holding that contributions received from and returned to members for a common purpose do not constitute taxable profits. However, income from transactions with non-members or interest earned from investments in external entities (like cooperative banks) may break the mutuality chain and be taxable under Section 56, falling outside the scope of Section 80P deductions.

Judgments on Section 56

Sundaram Finance Limited, Chennai vs. Addl. CIT, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 78/CHNY/2015[2010-11]Status: DisposedITAT Chennai09 Mar 2022AY 2010-11

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

Sundaram Finance Limited, Chennai vs. Addl. CIT, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 77/CHNY/2015[2009-10]Status: DisposedITAT Chennai09 Mar 2022AY 2009-10

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

Sundaram Finance Limited, Chennai vs. Addl. CIT, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 76/CHNY/2015[2008-09]Status: DisposedITAT Chennai09 Mar 2022AY 2008-09

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

Sundaram Finance Limited, Chennai vs. Addl. CIT, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 75/CHNY/2015[2007-08]Status: DisposedITAT Chennai09 Mar 2022AY 2007-08

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

Sundaram Finance Limited, Chennai vs. Addl. CIT, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 74/CHNY/2015[2006-07]Status: DisposedITAT Chennai09 Mar 2022AY 2006-07

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 293/CHNY/2015[2010-2011]Status: DisposedITAT Chennai09 Mar 2022AY 2010-2011

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 292/CHNY/2015[2009-10]Status: DisposedITAT Chennai09 Mar 2022AY 2009-10

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 291/CHNY/2015[2008-09]Status: DisposedITAT Chennai09 Mar 2022AY 2008-09

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 290/CHNY/2015[2007-08]Status: DisposedITAT Chennai09 Mar 2022AY 2007-08

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 289/CHNY/2015[2007-08]Status: DisposedITAT Chennai09 Mar 2022AY 2007-08

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 288/CHNY/2015[2006-07]Status: DisposedITAT Chennai09 Mar 2022AY 2006-07

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

ITA 287/CHNY/2015[2006-07]Status: DisposedITAT Chennai09 Mar 2022AY 2006-07

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri Kumar Ajeet- Ld. CIT-DR
Section 143(3)Section 41(4)

Pravin Laxmichand Chheda, Mumbai vs. ACIT 24(3), Mumbai

In the result the appeal filed by the assessee is allowed

ITA 509/MUM/2020[2014-15]Status: DisposedITAT Mumbai09 Mar 2022AY 2014-15

Bench: Shri S Rifaur Rahman & Shri Pavan Kumar Gadaleshri Pravin Laxmichand Vs. Acit – 24(3) Chheda Room No. 413, 4Th 302, Aavishkar Society, Floor, Piramal Sv Road, Irla Bridge Chambers, Parel Andheri (W), Mumbai – 400012 Mumbai – 400058 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabpc1278P Appellant .. Respondent Appellant By : Mr.Yogesh Thar. Ar Respondent By : Mr.Naveen Kumar. Sr.Dr Date Of Hearing 16.02.2022 Date Of Pronouncement 04.03.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of The Commissioner Of Income Tax (Appeals)- 36, Mumbai Passed U/S 143(3) & 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal: 1. (A) The Learned Cit (Appeals) Erred In Law & Facts In Confirming The Action Of The Learned Assessing Officer Of Assessing The Loan Taken From Sadguru Krupa Constructions Pvt. Ltd. (Herein Referred As "Company") On 05.05.2013 Of Pravin Laxmichand Chheda., Mumbai. Rs.25,00,000/- As Deemed Dividend U/S 2(22)(E) Of The Income Tax Act, 1961. (B) The Learned Cit (Appeals) Failed To Appreciate The Fact That The Company Did Not Have Accumulated Profits As On The Date On Which The Loan Was Advanced. (C) The Learned Cit (Appeals) Erred In Law By Confirming The Manner Of Computation Of Accumulated Profits Adopted By The Learned Assessing Officer. (D) The Learned Cit (Appeals) Erred In Law By Not Appreciating The Fact That The Company Had Followed The Principles Of Revenue Recognition Laid Down In Accounting Standard 9 Issued By Icai. (E) The Learned Cit (Appeals) Erred In Law In Relying On The Statement Of Mr. Dllip Porwal Without Giving Your Appellant The Opportunity To Cross-Examine Him. (F) Your Appellant Prays That The Additions Made U/S 2(22)(E) Of The Income-Tax Act, 1961 Is Against The Provisions Of Law & Against The Principals Of Natural Justice & May Please Be Deleted.

For Appellant: Mr.Yogesh Thar. ARFor Respondent: Mr.Naveen Kumar. Sr.DR
Section 143(2)Section 143(3)Section 2(22)(e)