INCOME – CHARGEABILITY AND COMPUTATION
HEAD OF INCOME
Under which head, the transaction to be assessed ?
RECEIPT OF INTEREST
Interest earned before commencement of business on short term deposit with banks out of term loan secured from financial institutions - Other Sources
Tuticorin Alkali Chemicals and Fertilizers Limited Vs CIT (SC) 227 ITR 172
CIT Vs Petrofils Co-operative Ltd. (Guj) 241 ITR 139
CIT Vs Cochin Ship Yard Ltd. (Ker) 158 CTR 208
CIT Vs Rassi Cement Ltd (AP) 232 ITR 554
South India Shipping Corporation Vs CIT ( Mad ) 240 ITR 24
CIT Vs Kisan Sahakari Chini Mills ( All ) 280 ITR 617
Chandpur Sugar Co. Ltd. Vs CIT ( All ) 280 ITR 612
Bokaro Steel Ltd. Vs CIT (Patna) 170 ITR 545
CIT Vs Coromandel Cements Ltd, (SC) 234 ITR 412
CIT Vs Autokast Ltd. (SC) 248 ITR 110
Consolidated Fibres & Chemicals Ltd. Vs CIT (Cal) 273 ITR 353
Interest earned on short term deposits of share capital – Other sources income – cannot be set off against interest paid on capital borrowed for setting up industry.
Eskayef Ltd. Vs DCIT (ITAT, Bang) 71 ITD 419
Godavari Fertilizers and Chemicals Ltd,. Vs CIT (AP) 198 ITR 388
CIT Vs Hindustan Electro Graphites Ltd. (MP) 177 ITR 465
CIT Vs Tamil Nadu Industrial Development Corpn. Ltd. (Mad0 189 ITR 670
CIT Vs New Central Jute Mills Co. Ltd. (Cal) 118 ITR 1005
CIT Vs V.P. Gopinathan (SC) 248 ITR 449
CIT Vs Manipur Spinning Mills Corpn. Ltd. (Gau) 226 ITR 551
Money lying idle deposited in Bank – Interest – Other Sources.
Collis Line P. Ltd. Vs CIT (Ker) 135 ITR 390
Traco Cable Co. Ltd. Vs CIT (Ker) 72 ITR 503
Madhya Pradesh State Industries Copn. Ltd. Vs CIT (MP) 69 ITR 824
CIT Vs Cochin Refineries Ltd (Ker) 154 ITR 345
CIT Vs L and T McNeil Ltd. (Bom) 202 ITR 662
IAC Vs S.Khushwant Singh (ITAT, Del) 18 ITD 540
CIT Vs Monarch Tools (Mad) 260 ITR 258
CIT Vs Assam Plantation Crops Dev. Corpn. Ltd. (Gau) 221 ITR 392
Interest on debentures issued by co-operative land mortgage bank – Assessable as income from Other Sources.
CIT Vs Lakshmi Vilas Bank Ltd.(Mad) 234 ITR 796
Unpaid sale consideration – can be treated as loan – interest accruing thereon – Income from other sources.
Mount Stuart Tea Estate & Amar Coffee Plantation Vs CIT (Mad) 239 ITR 489
Taking FDRs and pledging them as securities for taking loans are two separate transactions – FDRs pledged as securities in bank for taking loans for business – Interest on such FDRs is Income from Other Sources
DCIT Vs Allied Construction (ITAT, Del-SB) 105 ITD 1