CIT v. IRFC Ltd.

DCIT, NEW DELHI vs. M/S HUDCO LTD.,, NEW DELHI

In the result, the appeal of the revenue in ITA No

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

…e taxable income. The break up of claim of assessee towards financial expenses is enclosed in page 176 of the Paper Book. The issue in dispute is squarely covered by the decision of the Hon’ble Jurisdictional High Court in case of CIT Vs. IRFC Ltd reported in 362 ITR 548 (Del) as under:- ITA No. 3262/Del/2015 (AY: 2011-12) ITA Nos. 3904 &3905/Del/2015 HUDCO “16. The respondent-assessee had incurred expenditure of Rs. 10,09,92,445 towards bond issue expenses of different series during the year in question. The Tribunal referred to their earlier order in the case of the respondent-assessee for the assessment years…

M/S. HOUSING & URBAN DEVELOPMENT CORPORATION LTD. (HUDCO),NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, the appeal of the revenue in ITA No

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

…e taxable income. The break up of claim of assessee towards financial expenses is enclosed in page 176 of the Paper Book. The issue in dispute is squarely covered by the decision of the Hon’ble Jurisdictional High Court in case of CIT Vs. IRFC Ltd reported in 362 ITR 548 (Del) as under:- ITA No. 3262/Del/2015 (AY: 2011-12) ITA Nos. 3904 &3905/Del/2015 HUDCO “16. The respondent-assessee had incurred expenditure of Rs. 10,09,92,445 towards bond issue expenses of different series during the year in question. The Tribunal referred to their earlier order in the case of the respondent-assessee for the assessment years…

ACIT, CIRCLE- 1, LTU, NEW DELHI vs. INDIAN RAIL FINANCE CORP. LTD., NEW DELHI

In the result, the appeal filed by the Revenue in ITA No

Bench: Shri N.K. Billaiya & Shri Kuldip Singh

…the Tribunal. The Tribunal decided the issue in favour of the assessee and against the Revenue. The revenue preferred appeal before the Hon'ble High Court of Delhi for A.Ys 2001-02, 2007-08 to 2009-10 with similar grounds of appeal. The Hon'ble High Court in 362 ITR 548 had the occasion to consider the following issue: “whether the lease equalization charges can be disallowed/deleted from the assessee profit and loss account for computing book profit under Section 115JA of the Act? 6. The Hon'ble Jurisdictional High Court decided the issue in favour of the assessee and against the Revenue. 7. This quarrel…

ACIT, CIRCLE- 1, LTU, NEW DELHI vs. INDIAN RAIL FINANCE CORP. LTD., NEW DELHI

In the result, appeal of the assessee is allowed

Bench: Shri G.S. Pannu, Vice- & Shri K. Narasimha Charyassessment Year: 2014-15

…97-98 and if it is similar, then the transaction should be accepted as finance lease transaction. Ground No. l is therefore allowed for statistical purposes.” 9. The Hon’ble Delhi High Court in the case of the assessee for assessment year 2001-02 reported in 362 ITR 548 (Delhi) considered the lease transaction as finance lease. The relevant findings of the Hon’ble Delhi High Court are reproduced as under: “6. To understand and appreciate the contentions, certain undisputed facts and the legal position may be noticed. As notices in Virtual Soft Systems Ltd. (supra), “lease” transactions may take various hues and…

DCIT (LTU), NEW DELHI vs. M/S. INDIAN RAILWAY FINANCE CORPORATION LTD., NEW DELHI

In the result, appeal of the assessee is partly allowed, appeal of the Assessing Officer and Cross Objection of the assessee are dismissed

Bench: Ms.Suchitra Kamble & Shri Prashant Maharishiassessment Year: 2011-12 Dcit (Ltu) Indian Railway Finance Circle-1 Vs Corporation Ltd. Nbcc Plaza Pushasp Vihar Ug Floor, East Tower, New Delhi-110017 Nbcc Place, Bhisham Pitamah Marg, Lodhi Road, New Delhi – 110 003. Pan : Aaaci0681C (Appellant) (Respondent) A N D Assessment Year: 2011-12 Indian Railway Finance Dcit (Ltu) Corporation Ltd. Vs Pushp Vihar, Ug Floor, East Tower, Nbcc Saket Place, Bhisham Pitamah New Delhi Marg, Lodhi Road, New Delhi – 110 003. Pan : Aaaci0681C (Appellant) (Respondent) A N D Assessment Year: 2012-13 Indian Railway Finance Dcit (Ltu) Corporation Ltd. Vs Pushp Vihar, Ug Floor, East Tower, Nbcc Saket

…ted it as financial lease. 11.2 The learned Authorized Representative submitted that identical issue arose in the case of the assessee for earlier years and the matter reached the Hon’ble Delhi High Court for assessment year 2001-02 and Hon’ble High Court in 362 ITR 548 has decided the issue in favour of the assessee. The learned Departmental Representative relied upon the order of the Assessing Officer. 12. We have carefully considered that in assessee’s own case, the Hon’ble Delhi High Court has considered this issue in 362 ITR 548 and further the co- ordinate bench in assessee’s own case for assessment year…

M/S. INDIAN RAILWAY FINANCE CORPORATION LTD.,NEW DELHI vs. DCIT (LTU), NEW DELHI

In the result, appeal of the assessee is partly allowed, appeal of the Assessing Officer and Cross Objection of the assessee are dismissed

Bench: Ms.Suchitra Kamble & Shri Prashant Maharishiassessment Year: 2011-12 Dcit (Ltu) Indian Railway Finance Circle-1 Vs Corporation Ltd. Nbcc Plaza Pushasp Vihar Ug Floor, East Tower, New Delhi-110017 Nbcc Place, Bhisham Pitamah Marg, Lodhi Road, New Delhi – 110 003. Pan : Aaaci0681C (Appellant) (Respondent) A N D Assessment Year: 2011-12 Indian Railway Finance Dcit (Ltu) Corporation Ltd. Vs Pushp Vihar, Ug Floor, East Tower, Nbcc Saket Place, Bhisham Pitamah New Delhi Marg, Lodhi Road, New Delhi – 110 003. Pan : Aaaci0681C (Appellant) (Respondent) A N D Assessment Year: 2012-13 Indian Railway Finance Dcit (Ltu) Corporation Ltd. Vs Pushp Vihar, Ug Floor, East Tower, Nbcc Saket

…ted it as financial lease. 11.2 The learned Authorized Representative submitted that identical issue arose in the case of the assessee for earlier years and the matter reached the Hon’ble Delhi High Court for assessment year 2001-02 and Hon’ble High Court in 362 ITR 548 has decided the issue in favour of the assessee. The learned Departmental Representative relied upon the order of the Assessing Officer. 12. We have carefully considered that in assessee’s own case, the Hon’ble Delhi High Court has considered this issue in 362 ITR 548 and further the co- ordinate bench in assessee’s own case for assessment year…

DCIT, NEW DELHI vs. M/S INDIAN RAILWAY FINANCE CORPORATION LTD.,, NEW DELHI

In the result, appeal of the assessee is partly allowed, appeal of the Assessing Officer and Cross Objection of the assessee are dismissed

Bench: Ms.Suchitra Kamble & Shri Prashant Maharishiassessment Year: 2011-12 Dcit (Ltu) Indian Railway Finance Circle-1 Vs Corporation Ltd. Nbcc Plaza Pushasp Vihar Ug Floor, East Tower, New Delhi-110017 Nbcc Place, Bhisham Pitamah Marg, Lodhi Road, New Delhi – 110 003. Pan : Aaaci0681C (Appellant) (Respondent) A N D Assessment Year: 2011-12 Indian Railway Finance Dcit (Ltu) Corporation Ltd. Vs Pushp Vihar, Ug Floor, East Tower, Nbcc Saket Place, Bhisham Pitamah New Delhi Marg, Lodhi Road, New Delhi – 110 003. Pan : Aaaci0681C (Appellant) (Respondent) A N D Assessment Year: 2012-13 Indian Railway Finance Dcit (Ltu) Corporation Ltd. Vs Pushp Vihar, Ug Floor, East Tower, Nbcc Saket

…ted it as financial lease. 11.2 The learned Authorized Representative submitted that identical issue arose in the case of the assessee for earlier years and the matter reached the Hon’ble Delhi High Court for assessment year 2001-02 and Hon’ble High Court in 362 ITR 548 has decided the issue in favour of the assessee. The learned Departmental Representative relied upon the order of the Assessing Officer. 12. We have carefully considered that in assessee’s own case, the Hon’ble Delhi High Court has considered this issue in 362 ITR 548 and further the co- ordinate bench in assessee’s own case for assessment year…

M/S INDIAN RAILWAY FINANCE CORPORATION LTD,NEW DELHI vs. DCIT, NEW DELHI

In the result, appeal of the assessee is partly allowed, appeal of the Assessing Officer and Cross Objection of the assessee are dismissed

Bench: Ms.Suchitra Kamble & Shri Prashant Maharishiassessment Year: 2011-12 Dcit (Ltu) Indian Railway Finance Circle-1 Vs Corporation Ltd. Nbcc Plaza Pushasp Vihar Ug Floor, East Tower, New Delhi-110017 Nbcc Place, Bhisham Pitamah Marg, Lodhi Road, New Delhi – 110 003. Pan : Aaaci0681C (Appellant) (Respondent) A N D Assessment Year: 2011-12 Indian Railway Finance Dcit (Ltu) Corporation Ltd. Vs Pushp Vihar, Ug Floor, East Tower, Nbcc Saket Place, Bhisham Pitamah New Delhi Marg, Lodhi Road, New Delhi – 110 003. Pan : Aaaci0681C (Appellant) (Respondent) A N D Assessment Year: 2012-13 Indian Railway Finance Dcit (Ltu) Corporation Ltd. Vs Pushp Vihar, Ug Floor, East Tower, Nbcc Saket

…ted it as financial lease. 11.2 The learned Authorized Representative submitted that identical issue arose in the case of the assessee for earlier years and the matter reached the Hon’ble Delhi High Court for assessment year 2001-02 and Hon’ble High Court in 362 ITR 548 has decided the issue in favour of the assessee. The learned Departmental Representative relied upon the order of the Assessing Officer. 12. We have carefully considered that in assessee’s own case, the Hon’ble Delhi High Court has considered this issue in 362 ITR 548 and further the co- ordinate bench in assessee’s own case for assessment year…

COMMISSIONER OF INCOME TAX DELHI vs. M/S MGF INDIA LTD.

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

…accepted by most High Courts, i.e. Gujarat High Court, Karnataka High Court etc. Reliance was placed on Prakash Leasing Ltd. v. Commissioner of Income Tax (2012) 208 Taxman 464 (Karn); Commissioner of Income Tax v. Indian Railway Finance Corp. Ltd (2014) 362 ITR 548; Commissioner of Income Tax v. ICICI Ventures Funds Management Co. Ltd 2015 234 Taxman 569 (Karn); Commissioner of Income Tax v. Pact Securities and Financial Services Ltd (2015) 374 ITR 681 (AP & T) and Commissioner of Income Tax v. Sun Pharmaceutical Industries Ltd. 2016 (240) Taxman 686 (Guj). Counsel submitted that the amount is nothing…