Just a moment...

Top
FeedbackReport
×

By creating an account you can:

Logo TaxTMI
>
Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 Case Laws - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
  • Title Only
  • Head Notes
  • Citation
Party Name: ?
Party name / Appeal No.
Law:
---- All Laws----
  • ---- All Laws----
  • GST
  • Income Tax
  • Benami Property
  • Customs
  • Corporate Laws
  • Securities / SEBI
  • Insolvency & Bankruptcy
  • FEMA
  • Law of Competition
  • PMLA
  • Service Tax
  • Central Excise
  • CST, VAT & Sales Tax
  • Wealth tax
  • Indian Laws
Courts: ?
Select Court or Tribunal
---- All Courts ----
  • ---- All Courts ----
  • Supreme Court - All
  • Supreme Court
  • SC Orders / Highlights
  • High Court
  • Appellate Tribunal
  • Tribunal
  • Appellate authority for Advance Ruling
  • Advance Ruling Authority
  • National Financial Reporting Authority
  • Competition Commission of India
  • ANTI-PROFITEERING AUTHORITY
  • Commission
  • Central Government
  • Board
  • DISTRICT/ SESSIONS Court
  • Commissioner / Appellate Authority
  • Other
Situ: ?
State Name or City name of the Court
Landmark: ?
Where case is referred in other cases
---- All Cases ----
  • ---- All Cases ----
  • Referred in >= 3 Cases
  • Referred in >= 4 Cases
  • Referred in >= 5 Cases
  • Referred in >= 10 Cases
  • Referred in >= 15 Cases
  • Referred in >= 25 Cases
  • Referred in >= 50 Cases
  • Referred in >= 100 Cases
From Date: ?
Date of order
To Date:
TMI Citation:
Year
  • Year
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002
  • 2001
  • 2000
  • 1999
  • 1998
  • 1997
  • 1996
  • 1995
  • 1994
  • 1993
  • 1992
  • 1991
  • 1990
  • 1989
  • 1988
  • 1987
  • 1986
  • 1985
  • 1984
  • 1983
  • 1982
  • 1981
  • 1980
  • 1979
  • 1978
  • 1977
  • 1976
  • 1975
  • 1974
  • 1973
  • 1972
  • 1971
  • 1970
  • 1969
  • 1968
  • 1967
  • 1966
  • 1965
  • 1964
  • 1963
  • 1962
  • 1961
  • 1960
  • 1959
  • 1958
  • 1957
  • 1956
  • 1955
  • 1954
  • 1953
  • 1952
  • 1951
  • 1950
  • 1949
  • 1948
  • 1947
  • 1946
  • 1945
  • 1944
  • 1943
  • 1942
  • 1941
  • 1940
  • 1939
  • 1938
  • 1937
  • 1936
  • 1935
  • 1934
  • 1933
  • 1932
  • 1931
  • 1930
Volume
  • Volume
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
TMI
Example : 2024 (6) TMI 204
By Case ID:

When case Id is present, search is done only for this

Sort By: ?
Even if Sort by Date is selected, exact match will be shown on the top.
RelevanceDate
    No Records Found
    ❯❯
    MaximizeMaximizeMaximize
    0 / 200
    Expand Note
    Add to Folder

    No Folders have been created

      +

      Are you sure you want to delete "My most important" ?

      NOTE:

      Case Laws
      Showing Results for :
      Reset Filters
      Results Found:
      AI TextQuick Glance by AIHeadnote
      No Records Found

      Case Laws

      Back

      All Case Laws

      Showing Results for :
      Reset Filters
      Showing
      Records
      ExpandCollapse
        No Records Found

        Case Laws

        Back

        All Case Laws

        Showing Results for : Reset Filters
        Case ID :

        📋
        Contents
        Note

        Note

        Note

        Bookmark

        print

        Print

        Login to TaxTMI
        Verification Pending

        The Email Id has not been verified. Click on the link we have sent on

        Didn't receive the mail? Resend Mail

        Don't have an account? Register Here

        <h1>Appeal dismissed, remand for interest income assessment, setting off bank interest, and deduction under Section 10B</h1> <h3>Jagan Lamps Ltd. Versus Income-tax Officer, Ward 4(1), New Delhi</h3> Jagan Lamps Ltd. Versus Income-tax Officer, Ward 4(1), New Delhi - [2010] 5 ITR 617, [2008] 26 SOT 111 (DELHI) Issues Involved:1. Reopening of assessment under section 147.2. Assessment of interest income under the head 'Income from other sources.'3. Setting off bank interest paid against the interest earned.4. Deduction under section 10B for interest income earned on FDRs.Issue-wise Detailed Analysis:1. Reopening of Assessment under Section 147:The first issue pertains to the reopening of assessment under section 147 of the Income-tax Act, 1961. The assessee, a 100% export-oriented unit, filed a return for the assessment year 2000-01 declaring NIL income after claiming a deduction under section 10B. The Assessing Officer (AO) issued a notice under section 148, citing that income from bank FDRs, taxable as 'Income from other sources,' had escaped taxation.The Tribunal admitted the additional ground raised by the assessee, challenging the validity of the reopening under section 147, citing the lack of fresh material. The assessee argued that the reopening was merely to circumvent the issuance of notice under section 143(2). The Tribunal, however, upheld the reopening, stating that the AO had relevant material to form a belief of income escapement and that the sufficiency of reasons is not a matter for judicial scrutiny. The Tribunal concluded that the reopening was justified as the AO had not formed any opinion under section 143(1), and thus, the question of change of opinion did not arise.2. Assessment of Interest Income under the Head 'Income from Other Sources':The second issue involved the assessment of interest income earned on FDRs. The AO assessed the interest income under 'Income from other sources' and not as business income, which was upheld by the CIT (Appeals). The Tribunal referred to various judicial pronouncements, including the decision in the case of Shri Ram Honda Power Equip., which provided guidelines on when interest income should be assessed under 'Other sources.'The Tribunal noted that the nature of interest income was not examined by the AO and remanded the matter back to the AO to re-examine the nature of interest income in light of judicial guidelines.3. Setting Off Bank Interest Paid Against the Interest Earned:The third issue was whether the bank interest paid could be set off against the interest earned while computing 'Income from other sources.' The AO did not allow the set-off, and the CIT (Appeals) upheld this decision. The Tribunal referred to the decision in Shri Ram Honda Power Equip., which allowed netting of interest if there was a direct nexus between the interest paid and interest earned.The Tribunal remanded the matter back to the AO to examine the nexus between the interest paid and interest earned and to allow netting if a direct nexus was established under section 57(3).4. Deduction under Section 10B for Interest Income Earned on FDRs:The fourth issue involved the deduction under section 10B for interest income earned on FDRs for the assessment years 2001-02 and 2002-03. The Tribunal noted that the language of section 10B was amended with effect from 1-4-2001, changing the scope of eligible income for deduction.Prior to the amendment, any profits and gains derived from a 100% export-oriented undertaking were eligible for exemption, requiring a direct nexus between the income and the industrial undertaking. Post-amendment, the profits should be derived from the export of articles or things or computer software.The Tribunal remanded the matter back to the AO to re-examine the claim of the assessee for exemption under section 10B in light of the amended provisions applicable from 1-4-2001.Conclusion:- The appeal regarding the reopening of assessment under section 147 was dismissed, upholding the AO's jurisdiction.- The issue of assessing interest income under 'Income from other sources' was remanded for re-examination.- The matter of setting off bank interest paid against interest earned was remanded to examine the direct nexus.- The deduction under section 10B for interest income earned on FDRs was remanded for assessment under the amended provisions effective from 1-4-2001.The appeals were partly allowed for statistical purposes, with specific directions for re-examination by the AO.

        Topics

        ActsIncome Tax
        No Records Found