The Supreme Court and High Court dismissed appeals challenging an ITAT order. The Court held that interest income from loans to a contractor constitutes 'business income' based on the decision in Tuticorin Alkali Chemicals, dismissing the Revenue's contention.
None. The appeals were dismissed.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
$~32 & 34
versus
NABINAGAR POWER GENERATING COMPANY PVT. LTD.
..... Respondent Through : Sh. Asheesh Jain, Sr. Standing Counsel, for appellant, in Item Nos. 32 and 34. None for the respondent.
CORAM:
HON'BLE MR. JUSTICE S. RAVINDRA BHAT HON'BLE MR. JUSTICE A. K. CHAWLA
O R D E R
These two appeals challenge an order of the Income Tax Appellate Tribunal (ITAT) for AYs 2010-11 and 2011-12. The Assessing Officer (AO) had brought to tax the amounts under the head “other sources of income” on the ground that the interest earned on sums lent to the contractor constituted a separate stream and were not “business income.” The ITAT followed the two rulings of the Supreme Court. For previous orders, this Court had rejected similar appeals preferred by the Revenue in ITA 541/2016 and ITA 915/2015. The issue is covered by the decision of the Supreme Court in Tuticorin Alkali Chemicals and Fertilizers Ltd. v. CIT 1997 (227) ITR 172 (SC). Consequently, no question of law arises. The appeals are accordingly dismissed.
S. RAVINDRA BHAT, J
A. K. CHAWLA, J
MAY 09, 2018/AJK
1 issue framed by the court
Whether interest earned on sums lent to a contractor constitutes 'business income' or 'income from other sources'.
Colour shows how this judgement treated each authority
Tuticorin Alkali Chemicals and Fertilizers Ltd. v. CITApplied¶12
Tuticorin Alkali Chemicals and Fertilizers Ltd. v. CIT 1997 (227) ITR 172 (SC)
ITA 541/2016Referred¶12
ITA 915/2015Referred¶12
1 provisions across 1 enactments
Pr. Commissioner of Income Tax-6
Nabinagar Power Generating Company Pvt. Ltd.
S. Ravindra Bhat
A. K. Chawla
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
