CIT v. Escorts Ltd.

Dabur Invest Corp, New Delhi vs. Prcit-16, New Delhi

In the result, the appeals of the assessee in ITA Nos

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble[A.Y 2013-14] & [A.Y 2014-15]

…of section 263 of the Act, the PCIT has to independently examine and prove that the orders passed by the Assessing Officer for A.Ys 2013-14 and 2014- 15 are erroneous and prejudicial to the interest of the Revenue. 61. In the case of CIT vs. Escorts Ltd. in 338 ITR 435, the Hon’ble Jurisdictional Delhi High Court had the occasion to deal with the validity of order passed by CIT u/s 263 of the Act, wherein the CIT had prompted to take action on account of different view taken by the AO in subsequent year. The Hon’ble High Court noticed that similar transaction made in earlier year was treated genuine. 62. The q…

DCIT, New Delhi vs. M/S. Gujarat Guardian Ltd., New Delhi

In the result, appeal filed by the revenue against the direction of the Ld

Bench: Shri S.K.Yadav & Shri Prashant Maharishim/S. Guajarat Guardian Ltd, Vs. Dcit, 4-7/C, Dda Shopping Centre, Circle-12(1), (Now Circle- New Friends Colony, 10(2), New Delhi Cr Building, Ip Estate, Pan: Aaacg1622K New Delhi (Appellant) (Respondent) Dcit, Vs. M/S. Guajarat Guardian Ltd, Circle-12(1), (Now Circle-10(2), 4-7/C, Dda Shopping Cr Building, Ip Estate, Centre, New Delhi New Friends Colony, New Delhi Pan: Aaacg1622K (Appellant) (Respondent)

…Z unit is not formed by splitting up of the first unit.” To the same effect is the decision of the Hon‟ble Bombay High Court in Direct Information Private Ltd. vs. ITO: 349 ITR 150 and the following decisions of the Delhi High Court: - CIT vs. Escorts Ltd : 338 ITR 435 - CIT vs. Delhi Press Patra Prakashan Ltd. (No.2) : 355 ITR 14 - CIT vs. Tata Communications Internet Services Ltd.: 251 CTR 290 In view of the above, it is submitted that since deduction under sections 80IA of the Act is a deduction admissible for a certain term, the question whether or not the statutory conditions precedent to the admissibility…

ITO, New Delhi vs. M/S. Paam Antibiotics Limited, New Delhi

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri R. K. Panda & Smt. Beena A. Pillaiassessment Year : 2007-08 Ito, Ward- 14(1), Paam Antibiotics Limited, New Delhi. 718, Vishal Mkt., Vs. Bhai Parmanand Colony, Mukherjee Nagar, New Delhi.

…cluded that the debt owed by the assessee to M/s Elephanta Oils & Vanaspati Ltd. stood extinguished.” 7. Similarly, the ld. CIT(A) also has relied on the decision of the Hon’ble Delhi High Court in the case of CIT vs. Auto Kashyap India (P) Ltd. reported in 330 ITR 435 wherein the Hon'ble High Court has observed as under :- “5. Section 41 of Income-Tax Act, to the extent it is relevant, provides that where an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability incurred by the assessee and subsequently during any previous year the assessee has…

Smec International Pty. Ltd., New Delhi vs. ADIT, Intl. Taxation, New Delhi

In the result, appeal is allowed partly for statistical purpose

Bench: Sh. H.S. Sidhu & Sh. O.P. Kantassessment Year: 2008-09 Vs. Adit, Intl. Taxation, Range-2, M/S. Smec International Pvt. Ltd., Bansal’S Flat, P-39 , 1St New Delhi Floor, South Extension, Part-2, New Delhi Pan : Aaics3406K (Appellant) (Respondent) Appellant By Sh. R. M. Mehta, Ca Respondent By Sh. Anuj Arora, Cit(Dr) Date Of Hearing 21.09.2016 Date Of Pronouncement 30.11.2016 Order Per O.P. Kant, A.M.: This Appeal By The Assessee Is Directed Against Order Dated 17/10/2012 Passed By The Assessing Officer Under Section 143(3) Read With Section 144C Of The Income-Tax Act, 1961 (In Short ‘The Act’) For Assessment Year 2008-09. The Impugned Order Has Been Passed Giving Effect To The Direction Of Dispute Resolution Panel (In Short ‘Drp’). The Grounds Raised In Appeal Were Modified Through An Application Dated 24/09/2015, Which Are Reproduced As Under: “ 1. Whether On The Facts & In The Circumstances Of The Case, The Assessing Officer Has Erred In Rejecting Books Of Account As There Are No Descrepancies & The Lower Profit Is No Reason To Reject The Books Of Account & The A O Is Also Wrong In Holding That The Separate Project Wise

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘G’ NEW DELHI BEFORE SH. H.S. SIDHU, JUDICIAL MEMBER AND SH. O.P. KANT, ACCOUNTANT MEMBER Assessment Year: 2008-09 Vs. ADIT, Intl. Taxation, Range-2, M/s. SMEC International Pvt. Ltd., Bansal’s Flat, P-39 , 1st New Delhi Floor, South Extension, Part-2, New Delhi PAN : AAICS3406K (Appellant) (Respondent) Appellant by Sh. R. M. Mehta, CA Respondent by Sh. Anuj Arora, CIT(DR) Date of hearing 21.09.2016 Date of pronouncement 30.11.2016 ORDER PER O.P. KANT, A.M.: This appeal by the assessee is directed against order dated 17/10/2012 passed by the Assessing Officer und…

M/S Indian Farmers Fertiliser Cooperative Ltd., New Delhi vs. Pr CIT, New Delhi

In the result, the Appeal filed by the Assessee stands allowed

Bench: Shri H.S. Sidhu & Shri J.S. Reddy

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C”, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI J.S. REDDY, ACCOUNTANT MEMBER I.T.A. No. 2487/Del/2016 A.Y. : 2010-11 M/s Indian Farmers Fertilizers VS. PR. CIT, DELHI-11 ROOM NO. 2402, 24TH FLOOR, Cooperative Ltd., IFFCO Sadan, C-1, District Centre, E-2, CIVIC CENTRE, Saket Place, NEW DELHI New Delhi – 110 017 (PAN: AAAAI0050M (APPELLANT) (RESPONDENT) Assessee by : Sh. Vijay Ranjan, Adv. Sh. Vartik R. Choksi, CA & Ms. IRA R. Kapoor, CA, Sh. Atul Chabbra, CA Department by : Sh. A.K. Saroha, CIT(DR) Date of Hearing : 31-08-2016 Date of Order : 19…

Ranbaxy Laboratories Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, we direct the AO to reduce the book profit u/s 115JB of the Act by the amount of reversal of the provision of Rs

Bench: Sh. I. C.Sudhir Judicialmember & Sh. Prashant Maharishia.Y.: - 2008-09 Ranbaxy Laboratories Ltd. Vs Acit 12Th Floor, Devika Tower, Range -15 6, Nehru Place New Delhi New Delhi Pan No. Aaacr0127N (Appellant) (Respondent)

…and 2004-05. Besides that, on consideration of the facts involved both the Commissioner of Income Tax (Appeals) and the Tribunal have recorded a finding of fact that the SEEPZ unit is not formed by splitting up of the first unit.‖ (vi) CIT vs. Escorts Ltd : 338 ITR 435 (vii) CIT vs. Delhi Press Patra Prakashan Ltd. (No.2) : 355 ITR 14 (viii) CIT vs. Tata Communications Internet Services Ltd.: 251 CTR 290 ITA 196 Del 2013 Ranbaxy Laboratories limited V ACIT A.Y. 2008-09 Page 70 of 134 In view of the above, it is submitted that since deduction under sections 80IB/IC of the Act are deductions admissible for a c…

M/S. Krishak Bharati Cooperative Ltd., New Delhi vs. ACIT, New Delhi

In the result, both the Appeals filed by the Assessee stand allowed

Bench: Shri H.S. Sidhu & Shri O.P. Kant

…ITA NOS. 6785&6786/DEL/2015 (AYRS. 2010-11 & 2011-12) KRISHAK BHARATI CO-OPERATIVE LIMITED VS. ACIT IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “H”, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER I.T.A. Nos. 6785 & 6786/Del/2015 A.Yrs. : 2010-11 & 2011-12 M/s Krishak Bharati Cooperative VS. ACIT, Circle 30(1), Ltd., New Delhi A-60, Kailash Colony, New Delhi – 110 048 (PAN: AAAAK0203G) (APPELLANT) (APPELLANT) (APPELLANT) (APPELLANT) (RESPONDENT) (RESPONDENT) (RESPONDENT) (RESPONDENT) Assessee by : Sh. Vijay Ranjan, Adv. Sh. Vartik Choksi, CA & Sh. KVR Krishna, CA De…

M/S. Krishak Bharati Cooperative Ltd., New Delhi vs. ACIT, New Delhi

In the result, both the Appeals filed by the Assessee stand allowed

Bench: Shri H.S. Sidhu & Shri O.P. Kant

…ITA NOS. 6785&6786/DEL/2015 (AYRS. 2010-11 & 2011-12) KRISHAK BHARATI CO-OPERATIVE LIMITED VS. ACIT IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “H”, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER I.T.A. Nos. 6785 & 6786/Del/2015 A.Yrs. : 2010-11 & 2011-12 M/s Krishak Bharati Cooperative VS. ACIT, Circle 30(1), Ltd., New Delhi A-60, Kailash Colony, New Delhi – 110 048 (PAN: AAAAK0203G) (APPELLANT) (APPELLANT) (APPELLANT) (APPELLANT) (RESPONDENT) (RESPONDENT) (RESPONDENT) (RESPONDENT) Assessee by : Sh. Vijay Ranjan, Adv. Sh. Vartik Choksi, CA & Sh. KVR Krishna, CA De…

M/S. Zanelini Leather Wear, New Delhi vs. ACIT, New Delhi

In the result this ground of the assessee is allowed

Bench: Shri G.C. Gupta & Shri J.Sudhakar Reddy

…at the liability no longer subsists. Accordingly, the addition made of Rs. 30,93,780/- is confirmed.” 7.2. On the recalled issue, the Ld.Counsel relied on the decision of Hon’ble Delhi High Court in the case of CIT vs. Auto Kashyap India Pvt.Ltd. reported in 330 ITR 435. In the above judgement the Hon’ble High Court dismissing the appeal, held that, Explanation 1 to section 41 had no applicability to the facts of the case, since there was no writing off of liability and only the sub head under which the liability was shown in the accounts books of the assessee was changed. No benefit accrued to the 5 ITA 3720/D…

M/S Thomson Press (India) Ltd vs. Commissioner of Income Tax- II

…ing year 1990-91, the eligible undertaking had debited interest amounting to `7,75,399/-, which had been accepted in an assessment framed under Section 143(3) of the Act. He referred to the decision of this Court in the case of CIT v. Escorts Ltd.: (2011) 338 ITR 435 (Del) in support of his contention that where a view has been accepted in the preceding assessment years, CIT would have no occasion to take recourse to the revisional powers under Section 263 of the Act. 2015:DHC:8531-DB ITA Nos. 83/2003 & 124/2003 Page 9 of 32 16. On merits, Mr Aggarwal contended that the decision in the case of…

M/S Thomson Press (India) Ltd vs. Commissioner of Income Tax -II

…ing year 1990-91, the eligible undertaking had debited interest amounting to `7,75,399/-, which had been accepted in an assessment framed under Section 143(3) of the Act. He referred to the decision of this Court in the case of CIT v. Escorts Ltd.: (2011) 338 ITR 435 (Del) in support of his contention that where a view has been accepted in the preceding assessment years, CIT would have no occasion to take recourse to the revisional powers under Section 263 of the Act. 2015:DHC:8533-DB ITA Nos. 83/2003 & 124/2003 Page 9 of 32 16. On merits, Mr Aggarwal contended that the decision in the case of…

Thomson Press (India) Ltd vs. Commissioner of Income Tax-II

…ing year 1990-91, the eligible undertaking had debited interest amounting to `7,75,399/-, which had been accepted in an assessment framed under Section 143(3) of the Act. He referred to the decision of this Court in the case of CIT v. Escorts Ltd.: (2011) 338 ITR 435 (Del) in support of his contention that where a view has been accepted in the preceding assessment years, CIT would have no occasion to take recourse to the revisional powers under Section 263 of the Act. 2015:DHC:8533-DB ITA Nos. 83/2003 & 124/2003 Page 9 of 32 16. On merits, Mr Aggarwal contended that the decision in the case of…

Thomson Press (India) Ltd vs. Commissioner of Income Tax-II

…ing year 1990-91, the eligible undertaking had debited interest amounting to `7,75,399/-, which had been accepted in an assessment framed under Section 143(3) of the Act. He referred to the decision of this Court in the case of CIT v. Escorts Ltd.: (2011) 338 ITR 435 (Del) in support of his contention that where a view has been accepted in the preceding assessment years, CIT would have no occasion to take recourse to the revisional powers under Section 263 of the Act. 2015:DHC:8531-DB ITA Nos. 83/2003 & 124/2003 Page 9 of 32 16. On merits, Mr Aggarwal contended that the decision in the case of…

Thomson Press (India) Ltd vs. Commissioner of Income Tax-II

…ing year 1990-91, the eligible undertaking had debited interest amounting to `7,75,399/-, which had been accepted in an assessment framed under Section 143(3) of the Act. He referred to the decision of this Court in the case of CIT v. Escorts Ltd.: (2011) 338 ITR 435 (Del) in support of his contention that where a view has been accepted in the preceding assessment years, CIT would have no occasion to take recourse to the revisional powers under Section 263 of the Act. 2015:DHC:8531-DB ITA Nos. 83/2003 & 124/2003 Page 9 of 32 16. On merits, Mr Aggarwal contended that the decision in the case of…

Thomson Press (India) Ltd vs. Commissioner of Income Tax-II

…ing year 1990-91, the eligible undertaking had debited interest amounting to `7,75,399/-, which had been accepted in an assessment framed under Section 143(3) of the Act. He referred to the decision of this Court in the case of CIT v. Escorts Ltd.: (2011) 338 ITR 435 (Del) in support of his contention that where a view has been accepted in the preceding assessment years, CIT would have no occasion to take recourse to the revisional powers under Section 263 of the Act. 2015:DHC:8533-DB ITA Nos. 83/2003 & 124/2003 Page 9 of 32 16. On merits, Mr Aggarwal contended that the decision in the case of…