DCIT, CIRCLE- 21(1), NEW DELHI vs. RELIGARE FINVEST LTD., NEW DELHI

ITA 7553/DEL/2018Status: DisposedITAT Delhi13 July 2023AY 2015-1642 pages
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What did the Tribunal hold?

The Tribunal held that Compulsorily Convertible Debentures (CCDs) are to be treated as debt until conversion, and interest paid on them is allowable as a revenue deduction. Other grounds were decided based on specific facts and legal precedents.

What were the facts?

The assessee, Religare Finvest Ltd., filed appeals against the CIT(A)'s orders concerning disallowances under Section 14A, depreciation on leased vehicles, and ad-hoc disallowances on service fees. The Revenue also filed appeals challenging certain restrictions on disallowances.

What were the issues?

The primary issue was whether interest paid on Compulsorily Convertible Debentures (CCDs) is allowable as a deduction. Other issues involved disallowances under Section 14A, depreciation claims, and ad-hoc disallowances.

Which sections of the Income-tax Act were involved?

Section 14A,Section 36(1)(iii),Section 32,Section 37(1),Section 139(5),Section 234D,Section 244A

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Cases cited in this judgment(14)Show list

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Heard together (4 matters)

ITA Nos. 4796/Del/2017
I.T.A. No. 5202/DEL/2017
I.T.A. No. 547/DEL/2018
I.T.A. No. 1105/DEL/2018

Read from the judgment's own cause title. This page is filed under one of them.

M/s Religare Finvest Ltd. Vs. DCIT

IN THE INCOME TAX APPELLATE TRIBUNAL [DELHI BENCH: ‘F’ NEW DELHI ] Income-Tax, 11, A-3-5, Sector-125, Uttar Circle 21(1), C. R. Building, Pradesh, Noida New Delhi PAN No. AAACM6533D ( RESPONDENT ) ( APPELLANT ) Religare Finvest Ltd. Assistant Commissioner of Vs. Income-Tax, D-3, P3B, district Centre, Income-Tax, 11, A-3,4,5, Sector-125, Uttar Circle 21(1), C. R. Building, Pradesh, Noida New Delhi Uttar Pradesh ( RESPONDENT )

PAN No. AAFCS6801H ( APPELLANT )

M/s Religare Finvest Ltd. Vs. DCIT Religare Finvest Ltd. Deputy Commissione

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