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Documents citing Commissioner Of Income-Tax vs Tirupati Woolen Mills Ltd. on 9 January, 1991

M/S Shyam Bihari vs Commissioner Of Income Tax & O on 7 May, 2012

In view of law laid down in clear terms in the judgment of Karnataka High Court noticed above, we have no hesitation in holding that the Tribunal as well as the subordinate revenue authorities erred in holding that interest accrued on security deposits to the extent used for the purpose of securing the contract work would also be assessable as income from "other sources". This question is thus answered in favour of the appellant.
Patna High Court - Orders Cites 7 - Cited by 22 - S K Singh - Full Document

Smt. T.C. Usha vs Deputy Commissioner Of Income-Tax on 27 March, 1998

In the other case of CIT vs. Tirupati Woollen Mills Ltd.'s case (supra) relied on by the learned representative there was the finding of the Tribunal that interest arose from utilisation of the commercial assets in the form of surplus funds. It was in view of that finding of fact that the High Court held that interest was part of the business income arising from the utilisation of the commercial assets.
Income Tax Appellate Tribunal - Cochin Cites 23 - Cited by 7 - Full Document

Ito vs Smt. Kalavati R. Agarwal on 29 March, 2000

The learned counsel for the assessee also relied upon the decision of the Honble Calcutta High Court in the case of CIT v. Tirupati Woollen Mills Ltd. (supra), wherein the assessee earned income from fixed deposits and other deposits which was sought to be assessed as income from other sources. The Tribunal found that the assessee had utilised its commercial assets which were lying in the form of surplus cash, for earning interest. Such earning, according to the Tribunal, arising from utilisation of commercial assets would be business income. On a reference, the Honble Calcutta High Court held that the funds utilised in making fixed deposits with banks were business funds lying temporarily surplus with the assessee and was, therefore, assessable as business income of the assessee.
Bombay High Court Cites 24 - Cited by 2 - Full Document

M/S Vinod Kumar Vijay Contractor, Baran vs Assistant Commissioner Of Income Tax, ... on 12 February, 2018

In the Calcutta High Court judgment in the case of CIT Vs. Tirupati Woollen Mills Ltd, the facts were slightly different. The assessee earned income from fixed deposits and other deposits which was sought to be assessed as income from other sources. On a finding that the assessee had utilized its commercial assets which were lying in the form of 8 ITA No. 767/JP/2017. M/s Vinod Kumar Vijay Contractor, Rajasthan.
Income Tax Appellate Tribunal - Jaipur Cites 5 - Cited by 0 - Full Document

Assistant Commissioner Of Income Tax vs Brij Bhushan Lal & Sons on 16 December, 1999

7. The CIT(A) also considered the ratio of cases in CIT vs. Motilal Hira Bhai Spg. & Wvg. Co. Ltd. (1978) 113 ITR 175 (Guj), Andhra Pradesh State Financial Corpn. Ltd. vs. CIT (1984) 150 ITR 533 (AP), CIT vs. Paramount Premises (P) Ltd. (1991) 190 ITR 259 (Bom), CIT vs. Tirupati Woollen Mills Ltd. (1992) 193 ITR 252 (Cal), (1970) 77 ITR 139 (sic), CIT vs. Bhavnagar Trust Corpn. (P) Ltd. (1968) 69 ITR 278 (Guj) and after considering the ratio of the decisions reported in these ITRs, then CIT(A) drew an inference that income earned as interest was business income derived in the course of carrying on of the business and, therefore, the appellant is entitled to deduction under s. 32AB of the IT Act. We have also considered other decisions relied upon by learned Departmental Representative and we find that those ratios are helping to the case of the assessee.
Income Tax Appellate Tribunal - Delhi Cites 14 - Cited by 2 - Full Document

Deputy Commissioner Of Income-Tax vs Modi Cement Ltd. on 27 April, 1993

In the case of Tirupati Woollen Mills Ltd. (supra) the assessee earned income from fixed deposits and other deposits which was sought to be assessed as income from other sources. The Tribunal found that the assessee had utilised its commercial assets which were lying in the form of surplus cash, for earning interests which had arisen from utilisation of commercial assets. When the matter came before the Hon'ble Calcutta High Court, it was held that the Tribunal had found that the interest arose from utilisation of commercial assets. The funds utilised in making fixed deposits with banks were business funds lying temporarily surplus with the assessee.
Income Tax Appellate Tribunal - Delhi Cites 20 - Cited by 0 - Full Document
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