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Commissioner of Income Tax vs. Escorts Ltd.: Disallowance of Overdraft Interest on Advances to Sister Concerns Under Section 36(1)(iii) of the Income Tax Act
Facts of the Case
The
case encompasses a batch of Income Tax Appeals (ITA Nos. 1062/2009,
1772/2010, 1826/2010, 1827/2010, 90/2010, 1165/2010, 1166/2010, 1167/2010,
1169/2010 & 1172/2010) preferre...
Commissioner of Income Tax vs. M/s Tinbox Company: High Court Judgement on Section 36(1)(iii) of the Income Tax Act, 1961 Regarding the Disallowance of Interest on Overdraft and Borrowed Funds Diverted as Interest-Free Advances to Sister Concerns
Facts of the Case
The
Revenue preferred multiple appeals (ITA Nos. 1062/2009, 1772/2010,
1826/2010, 1827/2010, 90/2010, 1165/2010, 1166/2010, 1167/2010, 1169/2010
& 1172/2010) against the same Ass...
Commissioner of Income Tax vs. M/s Bright Star Investment Pvt. Ltd. | Disallowance of Interest on Overdraft Facility for Interest-Free Advances to Sister Concerns Under Section 36(1)(iii) of the Income Tax Act, 1961
Facts of the Case
The
revenue preferred a series of appeals (ITA Nos. 1062/2009 and others)
spanning multiple assessment years against a common order concerning the
same assessee.
The
assessee...
Commissioner of Income Tax vs. M/s Housing & Urban Development Corporation Ltd. - Deductibility of Reversed NPA Interest Income as Bad Debt Under Section 36(1)(vii) of the Income Tax Act, 1961
Facts of the CaseIn the assessment year 1998-99, the Assessing Officer (AO)
disallowed a sum of ₹87,23,257/- claimed by the assessee. This amount
represented interest income from Non-Performing Assets (NPA) which had...
Commissioner of Income Tax vs. M/s. Tinbox Pvt. Ltd. - Disallowance of Interest on Overdraft Under Section 36(1)(iii): Jurisdictional Precedent Rules over Contrary Views on Interest-Free Advances to Sister Concerns
Facts of the CaseThe revenue preferred multiple appeals pertaining to
different assessment years relating to the same assessee, wherein a common
issue was raised. The assessee, which was not a manufacturing company but...
Commissioner of Income Tax vs. M/s. Escorts Finance Ltd. (ITA No. 1062/2009 & Others) – Deferment of Interest Disallowance on Advances to Sister Concerns under Section 36(1)(iii) of the Income Tax Act
Facts of the Case
The
Revenue preferred a series of appeals (ITA Nos. 1062/2009, 1772/2010,
1826/2010, 1827/2010, 90/2010, 1165/2010, 1166/2010, 1167/2010, 1169/2010
& 1172/2010) against the asses...
Commissioner of Income Tax vs. M/s. Escorts Finance Ltd. | Commercial Expediency and Deletion of Interest Disallowance on Overdraft Facilities Under Section 36(1)(iii) for Interest-Free Advances to Sister Concerns
Facts of the Case
The
assessee (respondent), engaged in the business of finance, maintained an
overdraft account from which it extended certain interest-free advances to
its sister concern.
The
...
Director of Income Tax v. M/s Mitsubishi | Section 234B Interest on Non-Resident Assessee and Maintainability of Appeal under Section 260A of the Income Tax Act, 1961 – Delhi High Court
Facts of the CaseThe
Revenue preferred an appeal before the Delhi High Court concerning the issue of
interest leviable under Section 234B of the Income-tax Act. The issue arising
in the present matter had already been...
Sunil Dua v. Commissioner of Income Tax [2010] 2010:DHC:4880-DB (Delhi High Court) – Penalty under Section 158BFA(2) Cannot Be Challenged After Quantum Proceedings Attain Finality
Facts of the
CaseA search-related block assessment was conducted for
the block period from 1 April 1987 to 16 January 1998. During the assessment
proceedings, additions were made to the assessee’s income on account ...
Advance Ispat India Ltd. v. Commissioner of Income Tax (Delhi High Court) – Deduction under Section 80HHC: Exclusion of Indirect Costs Attributable to Export Incentives and Interest Income While Computing Export Profits
Facts of the
CaseThe assessee, Advance Ispat India Ltd., was a
public limited company engaged as a 100% trader-exporter and was eligible for
deduction under Section 80HHC of the Income-tax Act, 1961.For Assessment Yea...