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>State Corporation's Fixed Deposit Interest Treated as Government Income by ITAT</h1> <h3>DCIT, Cir-1, Ranchi Versus M/s. Jharkhand Tourism Development Corporation</h3> DCIT, Cir-1, Ranchi Versus M/s. Jharkhand Tourism Development Corporation - TMI Issues Involved:1. Whether the interest earned on fixed deposits by the assessee is to be treated as business receipt or income from other sources.Issue-Wise Detailed Analysis:1. Interest Earned on Fixed Deposits:The primary issue in this case is whether the interest earned on fixed deposits by the assessee, a State Government Corporation, should be classified as business receipt or income from other sources. The assessee argued that the funds, including the interest earned, belong to the government and are used strictly according to government guidelines. The funds are kept in short-term bank deposits, and the interest earned is either utilized for government projects or returned to the government.The Assessing Officer (AO) disagreed, citing several judgments, including those from the Hon’ble Uttarakhand High Court, the Supreme Court, and the ITAT Mumbai, to support the position that the interest income should be treated as the assessee’s income.CIT(A)’s Observations:The Commissioner of Income Tax (Appeals) [CIT(A)] analyzed the facts and distinguished them from the cases cited by the AO. The CIT(A) noted that in the cited cases, the funds belonged to the assessee, whereas, in this case, the funds were always the property of the government. The CIT(A) emphasized that the interest earned was directed by the Ministry of Tourism to be used only for project execution or to be returned to the government if not utilized.The CIT(A) also referred to the audit observations from the Comptroller and Auditor General (C&AG) of India, which advised treating the interest income as government income. The CIT(A) concluded that the interest income never reached the assessee and was diverted at the source by an overriding title. This concept was supported by the Supreme Court’s ruling in CIT v. Sitaldas Tirathdas, which distinguished between income that is diverted before reaching the assessee and income that is applied to discharge an obligation after reaching the assessee.Supporting Case Laws:The CIT(A) further supported the decision by citing the case of Poona Electric Supply Co. Ltd v. CIT, where the Supreme Court held that real profits, not statutory profits, are subject to income tax. The CIT(A) concluded that the appellant never became the owner of the funds, and the excess funds had to be returned to the government, thus reinforcing that the interest income could not be treated as the appellant’s income.Tribunal’s Decision:The Income Tax Appellate Tribunal (ITAT) upheld the CIT(A)’s decision, finding no infirmity in the order. The ITAT agreed that the interest income was not the assessee’s income but was to be treated as government income, as per the guidelines and the legal precedents discussed. Consequently, the grounds of appeal raised by the revenue were dismissed.Conclusion:The appeal filed by the revenue was dismissed, and the interest earned on fixed deposits by the assessee was not treated as the assessee’s income but as government income to be utilized or returned according to government directives. The judgment emphasized the importance of the nature of funds and the obligations attached to them in determining the classification of income.

        Topics

        ActsIncome Tax
        No Records Found