National India Construction Co,, ... vs Department Of Income Tax on 15 June, 2016
(c) Decision of hon'ble ITAT, Amritsar in the case of ITO vs Khosla
Construction Co. dated 8 Dec, 2000.
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Income Tax Officer vs Khosla Construction Co. on 8 December, 2000
Dcit, Sriganganagar vs Shri Devki Nandan Golyan, Jaipur on 12 January, 2017
Similar decision
existed in the cases of ITO Vs. Khosla Construction Company (75 TTJ 515); CIT Vs.
Amritlal Khatri (123 Taxmann 475); Chopra Brothers(I) Limited Vs. ITO (202 ITR 40).
The Ld. CIT(A) further held that the claim of interest to third parties have been
allowed to the assessee in past. There are no new facts brought on record to
prompt any diversion from this stand. Furthermore, in the A.Y. 2009-10, the issue
of allowance of deduction of interest to third parties was decided in favour of
the assessee by Predecessor of the Ld. CIT(A) and this order was confirmed by
the Hon'ble ITAT after finding no infirmity in it therefore respectfully following the
above decision the Ld. CIT(A) directed AO to allow deduction of interest
payment to third parties after applying the NP rate of 9.99%. The assessee got
relief on this account.
Armour Chemicals Ltd. vs Joint Cit, Spl. Range-6 on 23 July, 2007
(iv) ITO v. Khosla Construction Co. (2002) 75 TTJ (Asr.) 515.
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