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1 - 5 of 5 (0.25 seconds)Cit vs Best Plastics P. Ltd. on 5 April, 2006
We find that the Hon'ble
Jurisdictional High Court in the case of CIT vs Best Plastics Private Limited
reported in 169 Taxman 4 (Del) and the Hon'ble Supreme Court in the case
of Commissioner of Customs vs Indian Oil Corporation Limited reported in
267 ITR 272 (SC) had categorically held that circulars and instructions
issued by CBDT are binding on the officers of the Income Tax Department.
Since the addition made on account of cessation of liability under section
41(1) of the Act and disallowance of transmission charges were admittedly
beyond the scope of limited scrutiny, those additions are liable to be deleted
Page | 5
ITA No. 2237/Del/2019
Sitac Re Pvt. Ltd
as the same has been made in violation of aforesaid CBDT instructions and
the decisions of Hon'ble Jurisdictional High Court and Hon'ble Supreme
Court. Hence, we hold the addition made under section 41(1) of the Act and
disallowance of transmission charges are hereby deleted on this preliminary
legal issue without going into the mer
merits of such addition. Accordingly, the
Ground Nos. 1, 3, 3.1., 4 and 4.1. raised by the assessee are allowed on the
technical issue.
Commissioner Of Customs, Calcutta Etc vs M/S Indian Oil Corporation Ltd. & Anr on 17 February, 2004
We find that the Hon'ble
Jurisdictional High Court in the case of CIT vs Best Plastics Private Limited
reported in 169 Taxman 4 (Del) and the Hon'ble Supreme Court in the case
of Commissioner of Customs vs Indian Oil Corporation Limited reported in
267 ITR 272 (SC) had categorically held that circulars and instructions
issued by CBDT are binding on the officers of the Income Tax Department.
Since the addition made on account of cessation of liability under section
41(1) of the Act and disallowance of transmission charges were admittedly
beyond the scope of limited scrutiny, those additions are liable to be deleted
Page | 5
ITA No. 2237/Del/2019
Sitac Re Pvt. Ltd
as the same has been made in violation of aforesaid CBDT instructions and
the decisions of Hon'ble Jurisdictional High Court and Hon'ble Supreme
Court. Hence, we hold the addition made under section 41(1) of the Act and
disallowance of transmission charges are hereby deleted on this preliminary
legal issue without going into the mer
merits of such addition. Accordingly, the
Ground Nos. 1, 3, 3.1., 4 and 4.1. raised by the assessee are allowed on the
technical issue.
Commissioner Of Income-Tax, Bombay ... vs Shoorji Vallabhdas And Co. on 27 March, 1962
Hon'ble Calcutta High Court following
the decision of Hon'ble Supreme Court in the case of Shoorji Vallabhdas
supra and other decisions held that interest income could not said to have
been accrued for the appellant for the assessment year in the backdrop of
the resolutions taken for waiver of interest.
M/S. Om Shivam Buildcon Pvt. Ltd., ... vs Designated Authority-Principal ... on 7 September, 2022
12. We find that the waiver of interest by the assessee was a bona fide
commercial decision to support the group concerns as mutually agreed,
neither the assessee has provided interest income nor has the borrower DJ
Windfarm / Jasdan, etc., provided any interest expenditure. Entire
investment in CCDs was out of own non-interest bearing funds of the
assessee. With regard to taxation of notional interest income, the Hon'ble
Jurisdictional High Court in the case of Shiv Nandan BuildCon Pvt. Ltd. vs.
CIT reported in 60 Taxmann.com 347 had observed as under:-
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