CIT v. Morgan Securities & Credits Pvt. Ltd.

DCIT, CIRCLE-27(1), NEW DELHI vs. UK INDIA BUSINESS COUNCIL INDIA P.LTD, GURGAON

In the result, the appeal of the Revenue is partly allowed for statistical purpose

Bench: filing of return replying on the judgment of jurisdiction High Court given in the case of CIT vs. AIMIL. Ltd. without appreciating the judgment given by the Hon'ble High Court in the case of M/s. Unifac Management Services India Pvt. Ltd. vs. The Deputy Commissioner of Income Tax, Cooperation Circle- 3(2), WP No. 5264 of 2018 (Madras), CIT-2, vs. Gujrat State Road Transport Cooperation (2014) 366 ITR 170 (Guj) and CTT vs. Merchem Ltd. (2015) 280 CTR 381 (Kerala) and CBDT's Circular No. 22/2

…unt which meets requirement of provision of Section 36(1)(iii) of the Act. In view of the factual matrix of this grounds and with the support of judicial precedents in the case of Commissioner of Income-tax Vs. Morgan Securities and Credits Pvt. Ltd. [(2007) 292 ITR 339 (Delhi) and T.R.F. Ltd. Vs. Commissioner of Income- tax {(2010) 323 ITR 397(S.C)., we find no error or infirmity in the order of the CIT(A) in deleting the above said disallowance made by the A.O. Accordingly, the Ground No. 3 of the Revenue is dismissed. GROUND NO. 4 15. Ground No. 4 is regarding disallowance of Rs. 26,409/- made by the A.O.…

ACIT, CIRCLE- 30(1), NEW DELHI vs. SYED HABIBR REHMAN, NEW DELHI

In the result, the Revenue’s appeal is dismissed

Bench: Shri G.S. Pannu, Hon’Ble & Ms. Astha Chandraasstt. Year : 2014-15

…n included in the total income of the subject year, the write off fulfils the requirement of section 36(1)(vii) read with section 36(2). Reliance was placed on the decisions of Hon’ble Delhi High Court in CIT vs. Morgan Securities and Credits (P.) Ltd. (2007) 292 ITR 339 (Del) and CIT vs. Autometers Ltd. (2007) 292 ITR 345 (Del) and CBDT Circular No. 12/2016 dated 30th May, 2016. 2 4.1 The assessee also assailed the observations of the Ld. AO. On page 4 of the assessment order, the Ld. AO stated that the fact of having written off the impugned bad debt is not mentioned in Form 3CD report filed by the assessee on…

M/S. RATNA COMMERCIAL ENTERPRISES PVT. LTD.,,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, the appeal filed by the Revenue is dismissed and the appeal filed by the assessee is allowed for statistical purposes as indicated above

Bench: Shri R.K. Panda & Shri Kuldip Singhassessment Year: 2010-11 Ratna Commercial Enterprises Pvt. Ltd., Vs Addl. Cit, 4Th Floor, Punjabi Bhawan, Range-15, 10, House Avenue, New Delhi. New Delhi. Pan: Aaacr0354B Assessment Year: 2010-11 Dcit, Vs. Ratna Commercial Enterprises Circle 21(1), Pvt. Ltd., 4Th Floor, Punjabi Bhawan, New Delhi. 10, House Avenue, New Delhi. Pan: Aaacr0354B (Appellant) (Respondent) Assessee By : Shri M.P. Rastogi, Advocate Revenue By : Shri J.K. Mishra, Cit, Dr Date Of Hearing : 05.09.2019 Date Of Pronouncement : 13.11.2019 Order Per R.K. Panda, Am: These Are Cross Appeals. The First One Is Filed By The Assessee & The Second One By The Revenue & Are Directed Against The Order Dated 22Nd April, 2015 Of The Cit(A)-11, New Delhi, Relating To Assessment Year 2010-11. Ita No.3796/Del/2015 2. The Grounds Raised By The Revenue Read As Under:-

…were required to be satisfied which were only applicable with regard to debt qualifying as bad debt in the first part of sub-section (2). 4.9.7 The Division Bench of jurisdictional High Court in the case of CIT v. Morgan Securities and Credits P. Ltd. [2007] 292 ITR 339 (Delhi), while interpreting section 36(l)(vii) and 36(2)(i), observed as under: "A conjoint reading of section 36(2) and section 36(l)(vii) makes it clear that the assessee would be entitled to a deduction of the amount of any bad debt which has been written off as irrecoverable in its accounts for the previous year. Any lingering doubt would van…

DCIT, NEW DELHI vs. M/S. RATNA COMMERCIAL ENTERPRISES PVT. LTD., NEW DELHI

In the result, the appeal filed by the Revenue is dismissed and the appeal filed by the assessee is allowed for statistical purposes as indicated above

Bench: Shri R.K. Panda & Shri Kuldip Singhassessment Year: 2010-11 Ratna Commercial Enterprises Pvt. Ltd., Vs Addl. Cit, 4Th Floor, Punjabi Bhawan, Range-15, 10, House Avenue, New Delhi. New Delhi. Pan: Aaacr0354B Assessment Year: 2010-11 Dcit, Vs. Ratna Commercial Enterprises Circle 21(1), Pvt. Ltd., 4Th Floor, Punjabi Bhawan, New Delhi. 10, House Avenue, New Delhi. Pan: Aaacr0354B (Appellant) (Respondent) Assessee By : Shri M.P. Rastogi, Advocate Revenue By : Shri J.K. Mishra, Cit, Dr Date Of Hearing : 05.09.2019 Date Of Pronouncement : 13.11.2019 Order Per R.K. Panda, Am: These Are Cross Appeals. The First One Is Filed By The Assessee & The Second One By The Revenue & Are Directed Against The Order Dated 22Nd April, 2015 Of The Cit(A)-11, New Delhi, Relating To Assessment Year 2010-11. Ita No.3796/Del/2015 2. The Grounds Raised By The Revenue Read As Under:-

…were required to be satisfied which were only applicable with regard to debt qualifying as bad debt in the first part of sub-section (2). 4.9.7 The Division Bench of jurisdictional High Court in the case of CIT v. Morgan Securities and Credits P. Ltd. [2007] 292 ITR 339 (Delhi), while interpreting section 36(l)(vii) and 36(2)(i), observed as under: "A conjoint reading of section 36(2) and section 36(l)(vii) makes it clear that the assessee would be entitled to a deduction of the amount of any bad debt which has been written off as irrecoverable in its accounts for the previous year. Any lingering doubt would van…

ACIT, NEW DELHI vs. SH. ASHOK MITTAL, NEW DELHI

In the result, the appeals filed by the assessee are partly allowed, the

Bench: Shri R. K. Panda & Ms. Suchitra Kambleassessment Year : 2001-02 Shri Ashok Mittal, Ito, Ward- 24(3), 42, Sainik Farms, Vs. New Delhi. New Delhi. Pan : Aaspm6882C (Appellant) (Respondent) Assessment Year : 2001-02 Acit, Circle- 24(1), Shri Ashok Mittal, New Delhi. Vs. 42, Sainik Farms, New Delhi. Pan : Aaspm6882C (Appellant) (Respondent)

…,00,000/- which was the closing balance on 31.3.1996 and not been obtained by the ld. AO and therefore any addition on that account could not have been made; (iv) Reliance was placed on the decisions in CIT v. Morgan Securities & Credits Pvt. Ltd. reported in 292 ITR 339 (Delhi) and CIT v. Nai Duniya reported in 295 ITR 346 (MP); In the verbal submission made on 12.3.2009, it was vehemently contested that the accounts of the assessee were audited. Secondly, if the ld. AO deemed that the books were incorrect and did not manifest the true and correct picture, the books should have been rejected. “9. I have careful…

SH. ASHOK MITTAL,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, the appeals filed by the assessee are partly allowed, the

Bench: Shri R. K. Panda & Ms. Suchitra Kambleassessment Year : 2001-02 Shri Ashok Mittal, Ito, Ward- 24(3), 42, Sainik Farms, Vs. New Delhi. New Delhi. Pan : Aaspm6882C (Appellant) (Respondent) Assessment Year : 2001-02 Acit, Circle- 24(1), Shri Ashok Mittal, New Delhi. Vs. 42, Sainik Farms, New Delhi. Pan : Aaspm6882C (Appellant) (Respondent)

…,00,000/- which was the closing balance on 31.3.1996 and not been obtained by the ld. AO and therefore any addition on that account could not have been made; (iv) Reliance was placed on the decisions in CIT v. Morgan Securities & Credits Pvt. Ltd. reported in 292 ITR 339 (Delhi) and CIT v. Nai Duniya reported in 295 ITR 346 (MP); In the verbal submission made on 12.3.2009, it was vehemently contested that the accounts of the assessee were audited. Secondly, if the ld. AO deemed that the books were incorrect and did not manifest the true and correct picture, the books should have been rejected. “9. I have careful…

ACIT, NEW DELHI vs. M/S. ASHOK MITTAL, NEW DELHI

In the result, the appeals filed by the assessee are partly allowed, the

Bench: Shri R. K. Panda & Ms. Suchitra Kambleassessment Year : 2001-02 Shri Ashok Mittal, Ito, Ward- 24(3), 42, Sainik Farms, Vs. New Delhi. New Delhi. Pan : Aaspm6882C (Appellant) (Respondent) Assessment Year : 2001-02 Acit, Circle- 24(1), Shri Ashok Mittal, New Delhi. Vs. 42, Sainik Farms, New Delhi. Pan : Aaspm6882C (Appellant) (Respondent)

…,00,000/- which was the closing balance on 31.3.1996 and not been obtained by the ld. AO and therefore any addition on that account could not have been made; (iv) Reliance was placed on the decisions in CIT v. Morgan Securities & Credits Pvt. Ltd. reported in 292 ITR 339 (Delhi) and CIT v. Nai Duniya reported in 295 ITR 346 (MP); In the verbal submission made on 12.3.2009, it was vehemently contested that the accounts of the assessee were audited. Secondly, if the ld. AO deemed that the books were incorrect and did not manifest the true and correct picture, the books should have been rejected. “9. I have careful…

ASHOK MITTAL vs. ITO, WARD-24(3),,

In the result, the appeals filed by the assessee are partly allowed, the

Bench: Shri R. K. Panda & Ms. Suchitra Kambleassessment Year : 2001-02 Shri Ashok Mittal, Ito, Ward- 24(3), 42, Sainik Farms, Vs. New Delhi. New Delhi. Pan : Aaspm6882C (Appellant) (Respondent) Assessment Year : 2001-02 Acit, Circle- 24(1), Shri Ashok Mittal, New Delhi. Vs. 42, Sainik Farms, New Delhi. Pan : Aaspm6882C (Appellant) (Respondent)

…,00,000/- which was the closing balance on 31.3.1996 and not been obtained by the ld. AO and therefore any addition on that account could not have been made; (iv) Reliance was placed on the decisions in CIT v. Morgan Securities & Credits Pvt. Ltd. reported in 292 ITR 339 (Delhi) and CIT v. Nai Duniya reported in 295 ITR 346 (MP); In the verbal submission made on 12.3.2009, it was vehemently contested that the accounts of the assessee were audited. Secondly, if the ld. AO deemed that the books were incorrect and did not manifest the true and correct picture, the books should have been rejected. “9. I have careful…

ITO, NEW DELHI vs. M/S. ETHIK ENTERPRISES PVT. LTD., NEW DELHI

In the result appeal is dismissed

Bench: In The Income Tax Appellate Tribunal Delhi Bench ‘B’ New Delhi

…ressed upon. 7. In view of the facts of the present case, the CIT(A) deleted the addition made by the AO relying upon the decision of Hon’ble Supreme Court in the case of YRT Ltd. vs. CIT 323 ITR 397 (SC) and CIT vs. Morgan Securities and Credits Pvt. Ltd. 292 ITR 339 (Del) wherein it was held that under the amended provisions of the Act, the assessee is not required to establish that the debts has become bad and if the assessee has written off the debts in the books of accounts and has claimed deduction. Then the same should be allowed to him. This view has been reiterated in the CBDT Circular (supra). Thus…

SANJAY JAIN,NEW DELHI vs. ACIT, NEW DELHI

The appeal is partly allowed

Bench: Shri I.C. Sudhir & Shri O.P. Kant Assessment Year: 2010-11 Sanjay Jain, Vs. Acit, Chamber No. 488, Circle 37(1), Delhi High Court Block-Ii. New Delhi. Sher Shah Road, New Delhi. (Pan: Aagpj8607A) (Appellant) (Respondent) Assessee By: Shri Ra Bansal & Smt. Prem Lata Bansal, Adv. Department By : Smt. Anima Barnwal, Dr Date Of Hearing : 21.03.2016 Date Of Pronouncement: 15 :06.2016 Order Per I.C. Sudhir:The Assessee Has Questioned First Appellate Order On The Following Grounds: 1. That The Ld. Cit(A) Has Erred In Law & On Facts In Confirming The Addition Of Rs.16,70,574/- Made By The Assessing Officer To The Long Term Capital Gain Declared By The Assessee At Rs.1,47,823/-. Since The Addition Made By The Assessing Officer Is Contrary To Law & Therefore, Liable To Be Set Aside. 2. That The Ld. Cit(A) Has Erred In Law & On Facts In Ignoring The Cost Of Improvement While Calculating Long Term Capital Gain Earned By The Assessee On Transfer Of Property.

…the assessee of the previous year in which the amount of such debt is written off or of an earlier previous year. She placed reliance on the following decisions: i) CIT vs. Autometer Ltd. – 292 ITR 345 (Del.); ii) CIT vs. Morgan Securities & Credits (P) Ltd. 292 ITR 339 (Del.); iii) T.R.F. Ltd. vs. CIT – 323 ITR 397 (SC); 13.2 The Learned Senior DR on the other hand placed reliance on the orders of the authorities below. 14. Considering the above submissions, we find that the Assessing Officer observed that the assessee had reversed professional receipts amounting to Rs.88,300 and reduced that from the income.…

DCIT, NEW DELHI vs. M/S. ESCORTS FINANCE LTD., FARIDABAD

In the result, the appeal of the appellant is allowed

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

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “D” NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER I.T.A. No. 6673/Del/2013 A.Y. : 2007-08 Dy. Commissioner of Income vs. M/s Escorts Finance Ltd., Tax, Circle 11(1), 15/5, Mathura Road, Room No. 405, Faridabad – 121 003 CR Bldg., PAN : AAACE0763B) New Delhi (Appellant ) (Respondent ) Department by : Sh. T. Vasanthan, Sr. DR Assessee by : Sh. R.M. Mehta, Adv. Date of hearing : 25/05/2016 Date of Order : 02/06/2016 ORDER PER H.S. SIDHU : JM This appeal by the Revenue is directed against the Order of the Ld. Commissione…

CIT vs. CITICORP MARUTI FINANCE LIMITED

Appeal is dismissed accordingly

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE SURESH KUMAR KAIT

…e irrecoverable, since the repossessed assets were sold and was not a case of mere revaluation of the assets leased and were taken merely possession thereof. In holding so, he relied upon the following decisions:- 1. CIT Vs. Morgan Securities Credit Ltd. 292 ITR 339 (Del). 2. Auto Meter Ltd. 210 CTR 339 3. Poysha Oxygen (P) Ltd. Vs. Asst. CIT (2008) 19 SOT 711 (Del) 5. The CIT (A) noted that, the assessee being a non-banking Financial Company (NBFC) is in the business of money lending giving finance for purchase of vehicle under hire purchase Scheme. He further noted that the owner of the vehicle…

CIT vs. CITICORP MARUTI FINANCE LIMITED

Appeal is dismissed accordingly

…e irrecoverable, since the repossessed assets were sold and was not a case of mere revaluation of the assets leased and were taken merely possession thereof. In holding so, he relied upon the following decisions:- 1. CIT Vs. Morgan Securities Credit Ltd. 292 ITR 339 (Del). 2. Auto Meter Ltd. 210 CTR 339 3. Poysha Oxygen (P) Ltd. Vs. Asst. CIT (2008) 19 SOT 711 (Del) 5. The CIT (A) noted that, the assessee being a non-banking Financial Company (NBFC) is in the business of money lending giving finance for purchase of vehicle under hire purchase Scheme. He further noted that the owner of the vehicle…

COMMISSIONER OF INCOME TAX vs. VISTAR CONSTRUCTION PVT. LTD.

Appeal is dismissed in limine

…write off the debt, and that the AO is precluded from looking into the fact whether the debt is “bad” or not. The issue is squarely covered by the decision of Hon’ble Jurisdictional High Court in the case of CIT Vs. Morgan Securities & Credits Pvt. Ltd. 292 ITR 339 and CIT Vs. Autometers Limited 292 ITR 345. CBDT Circular No.551 dated 23.01.1990 also supports the assessee’s claim………… xxx xxx xxx ……. Later Philip Holzman has filed a winding up petition against Holzman Videocon Engineers Ltd. u/s 433(f) read with 439 of the Company Act, 1956 inter alia alleging that there is a…