WESTERN DRILLING CONTRACTORS PVT. LTD.,NOIDA vs. ITO WARD3(5), NOIDA
In the result, the appeal filed by the assessee is allowed for statistical purposes
ITA 3642/DEL/2019[2012-13]Status: DisposedITAT Delhi25 Sept 2019AY 2012-13
Bench: Shri R.K. Pandaassessment Year: 2012-13 Western Drilling Contractors Pvt. Ltd., Vs Ito, Plot No.1A, Institutional Area, Ward-3(5), Sector-16A, Noida, Noida. Uttar Pradesh. Pan: Aaafw5961A (Appellant) (Respondent) Assessee By : Shri K.M. Gupta, Advocate Revenue By Shri S.L. Anuragi, Sr. Dr Date Of Hearing : 31.07.2019 Date Of Pronouncement : 25.09.2019 Order This Appeal Filed By The Assessee Is Directed Against The Order Dated 29.11.2018 Of The Cit(A)-1, Noida, Relating To Assessment Year 2012-13. 2. Grounds Of Appeal 1, 2 & 3 Which Are Corelated Are As Under:- “1. On The Facts, In Law & In Circumstances Of The Case, The Ld. Commissioner Of Income Tax (Appeals) [Cit(A)] Erred In Confirming The Assessment Of Interest Of Rs.27,82,217/- Earned On Fixed Deposits Placed As Margin Money With Bank For Issuance Of Bank Guarantee For Oil Blocks, A "Income From Other Sources" On The Ground That Margin Money Placed With The Bank For Issuance Of Guarantees Is Not A Pre-Condition For Set Up Of Business Of The Appellant. 2. On The Facts, In Law & In Circumstances Of The Case, The Ld. Cit(A) Erred In Holding That Fixed Deposits Placed As Margin Money With Bank For Issuance Of Bank Guarantee Could Not Be Held To Be Intrinsically Connected With The Business Of The Appellant. 3. Without Prejudice, On The Facts, In Law & In Circumstances Of The Case, The Ld. Cit(A) Erred In Not Allowing Deduction Of Proportionate Interest Expense Of Rs.49,07,818/- Incurred Directly & Exclusively Towards Earning Aforesaid Interest Income.”
For Appellant: Shri K.M. Gupta, Advocate
…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : SMC : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER Assessment Year: 2012-13 Western Drilling Contractors Pvt. Ltd., Vs ITO, Plot No.1A, Institutional Area, Ward-3(5), Sector-16A, Noida, Noida. Uttar Pradesh. PAN: AAAFW5961A (Appellant) (Respondent) Assessee by : Shri K.M. Gupta, Advocate Revenue by Shri S.L. Anuragi, Sr. DR Date of Hearing : 31.07.2019 Date of Pronouncement : 25.09.2019 ORDER This appeal filed by the assessee is directed against the order dated 29.11.2018 of the CIT(A)-1, Noida, relating to assessment year 2012-13. 2. Grounds of appeal…
