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Documents citing Tuticorin Alkali Chemicals And ... vs Commissioner Of Income Tax, Madras on 8 July, 1997

Mellona Developers Pvt. Ltd., Mumbai vs Ito, Ward- 3 (2)(2), Mumbai on 8 August, 2022

11. Ld. AR further submitted that Assessing Officer has relied on judgment in case of Tuticorin Alkali Chemicals and Fertilizers Ltd v. CIT (1997) 227 ITR 172 (Refer Paper Book II Page 01-05). The facts of the present case are completely different than the facts in the case of Tuticorin [1997] 227 ITR 172 (SC). In that case, the business of the assessee-company had not commenced and, therefore, the apex court held that there could be no income from business.
Income Tax Appellate Tribunal - Mumbai Cites 12 - Cited by 0 - Full Document

M/S Z. Square Shopping Mall Pvt. Ltd., ... vs Department Of Income Tax on 9 September, 2015

4. The ld. CIT(A), being convinced with the explanations of the assessee, has deleted the addition having observed that in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. vs. CIT (supra), the facts were entirely different and in that case the assessee-company was an industrial company and had idle and surplus funds which were not being used for construction activities. But in the instant case, there is no surplus or idle funds lying with the assessee-company. He, however, defined that the surplus fund would mean availability of funds over and above required funds and in the present case, had the funds available to the assessee were over and above total cost of project of Rs.115 crores, then there might have been a case of surplus funds available with the assessee.
Income Tax Appellate Tribunal - Lucknow Cites 24 - Cited by 0 - Full Document

Himalayan Expressway Limited , Kalka vs Assessee on 23 July, 2015

11. Considering the facts of the case in the light of the above decision, it is clear that the issue is squarely covered against the assessee by the judgment of the Hon'ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. Vs. CIT (supra) as well as by the order of the I.T.A.T. Chandigarh Bench in the case of M/s HP Corporation Ltd. (supra). We, therefore, do not find any error in the order of the learned CIT (Appeals) 25 in holding that the interest income earned by the assessee company is taxable as "income from other sources". The appeal of the assessee has no merit and the same is accordingly, dismissed.
Income Tax Appellate Tribunal - Chandigarh Cites 16 - Cited by 0 - Full Document

M/S. Ganpati Global Private Ltd., ... vs Ito, Ward1(4), Jaipur on 30 June, 2021

Therefore, in the case of assessee, the project finance so disbursed in installments depending upon the stage of completion of project, if invested in STDR during the gap between receipt of funds and actual incurrence thereof in the on- going project cannot be termed as being 'surplus and idle' funds and thus the ratio applied in the case of Tuticorin Alkali Chemicals' (supra) is not applicable in the case of the appellant. And the interest earned on such STDR being inextricably related to the setting-up of business are eligible to be netted-off against expenditure incurred during the pre- commencement stage and hence deserve to be capitalized.
Income Tax Appellate Tribunal - Jaipur Cites 26 - Cited by 0 - Full Document

The Income Tax Officer vs Adani Port Limtied on 4 May, 2007

11. The Assessing Officer has, therefore, income was concerned, taxed the same by applying the decision in Tuticorin Alkali Chemicals & Fertilizers Ltd. (supra). The receipts on account of supply of technical know-how to Gujarat Maritime Board were taxed as income from other sources on the ground that the Act of supply of know-how was not assessee's business. The Relevant part of the Assessing Officer reads as under:
Income Tax Appellate Tribunal - Ahmedabad Cites 14 - Cited by 0 - Full Document

Hll Biotech Ltd, Trivandrum vs The Ito, Wd-1(1), Trivandrum on 15 March, 2019

7.9 The Ld. relied on the letter issued by the Ministry of Health & Family Welfare cited supra to show that the interest income earned from equity funds is inextricably linked to the setting up of the plant and it is required to be capitalized and set off against the expenditure incurred during the construction 18 I.T.A. Nos. 576 to 578/Coch/2018 & S.P. Nos. 47-49/Coch/2018 of the Project. In our opinion, because the shareholder of the company was in a position to pass resolution or issue any letter, it cannot change the character of the source of the income. As discussed earlier, the business was not set up during the relevant previous year and the interest earned from the Bank deposits is to be assessed as income from other sources and it cannot be set off against the capital expenditure. Since we have relied on the judgment of the Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilisers Ltd. vs. CIT (1997) 227 ITR 172, we are not going to consider the other judgments relied upon by the Ld. AR. Accordingly, this ground of appeal of the assessee is dismissed.
Income Tax Appellate Tribunal - Cochin Cites 13 - Cited by 0 - Full Document

I.T.O. Ward -1(1), Raipur (Cg) vs M/S Cmdc Icpl Coal Ltd,, Raipur (Cg) on 12 October, 2018

The test which permeates through the judgment of Supreme Court in Tuticorin Alkali Chemicals & Fertilizers Ltd. vs C.I.T. (supra) is that if funds have been borrowed for setting up of a plant and if the funds are 'surplus' and then by virtue of that circumstance they are invested in fixed deposits the income earned in the form of interest will be taxable 19 ITA No.271/RPR/2014 under the head 'income form other sources'.
Income Tax Appellate Tribunal - Raipur Cites 21 - Cited by 2 - Full Document

M/S. Neelachal Ispat Nigam vs Assistant Commissioner Of Income on 17 November, 2021

12. The Court is of the view that the observations in Tuticorin Alkali Chemicals & Fertilizers Ltd., Madras v. Commissioner of Income Tax, Madras, (supra) have not been understood in their true perspective. The relevant observations, understood in the context of the facts of the said case, in para 22 of the judgment, Page 4 of 8 "the Company had surplus funds in its hands. In order to earn income out of the surplus funds, it invested the amount for the purpose of earning interest. The interest thus earned is clearly of revenue nature and will have to be taxed accordingly. The accountants may have taken some other view but accountancy practice is not necessarily good law."
Orissa High Court Cites 7 - Cited by 0 - A K Mohapatra - Full Document
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