Saturday, December 10, 2011

Compilations of case law : HEAD OF INCOME

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

No comments:

Post a Comment