CIT v. Shri Vardhman Overseas Ltd.

HCL TECHNOLOGIES LTD.,NEW DELHI vs. ACIT, NEW DELHI

The appeal is allowed as indicated above

Bench: Shri Vikas Awasthy & Shri Brajesh Kumar Singh

…s income under section 41(1) of the Act on the ground that the same has become barred by limitation: 174 ITA Nos.- 5624/del/2010 & 5465/Del/2011 HCL Technologies Ltd.  CIT vs Hotline Electronics Ltd: 205 Taxman 245 (Del)  CIT vs Shri Vardhman Overseas Ltd: 343 ITR 408 (Del)  PCIT vs Soorajmul Nagarmull: [2022] 145 taxmann.com 245 (Cal)  PCIT vs Eco Auto Components (P) Ltd: [2018] 409 ITR 202 (P&H) The DRP/ AO have not considered the aforesaid binding judgments of the High Courts, including the jurisdictional Delhi High Court and accordingly, the disallowance made on this account deserves to be deleted. 20.4…

HCL TECHNOLOGIES LTD,NEW DELHI vs. ACIT, NEW DELHI

The appeal is allowed as indicated above

Bench: Shri Vikas Awasthy & Shri Brajesh Kumar Singh

…s income under section 41(1) of the Act on the ground that the same has become barred by limitation: 174 ITA Nos.- 5624/del/2010 & 5465/Del/2011 HCL Technologies Ltd.  CIT vs Hotline Electronics Ltd: 205 Taxman 245 (Del)  CIT vs Shri Vardhman Overseas Ltd: 343 ITR 408 (Del)  PCIT vs Soorajmul Nagarmull: [2022] 145 taxmann.com 245 (Cal)  PCIT vs Eco Auto Components (P) Ltd: [2018] 409 ITR 202 (P&H) The DRP/ AO have not considered the aforesaid binding judgments of the High Courts, including the jurisdictional Delhi High Court and accordingly, the disallowance made on this account deserves to be deleted. 20.4…

TELEPLEX CONSTRUCTION CO.,DELHI vs. DCIT CIR 58.1, DELHI

In the result, the appeal of assessee is allowed

Bench: Shri S. Rifaur Rahman & Shri Vimal Kumarteleplex Construction Co., Dcit, B-842, Mig Flats, East Of Loni Cir 58.1, Road, Delhi-110093. Vs. Delhi. Pan-Aaaft5223G (Appellant) (Respondent) Assessee By Shri V. K. Sabharwal, Adv. Shri Rajiv Kumar, Adv. Shri Sanjeev Saxena, Ca Department By Ms. Monika Singh, Cit-Dr Date Of Hearing 29.01.2026 Date Of Pronouncement 08.04.2026 O R D E R Per Vimal Kumar, Jm: The Appeal Filed By The Assessee Is Against Order Dated 08.07.2024 Of Learned Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi [Hereinafter Referred To As ‘The Ld. Cit(A)’] Passed U/S 250 Of The Income Tax Act, 1961, [Hereinafter Referred To As ‘The Act’] Arising Out Of Assessment Order Dated 28.02.2024 Of Ld. Assessing Officer/ Assessment Unit [Hereinafter Referred As ‘The Ao’] Under Section 143(3) R.W.S 144B Of The Act For Assessment Year 2022-23. 2. Brief Facts Of The Case Are That The Assesse Filed Return Of Income On 02.10.2022 Declaring Total Income Of Rs.74,23,580/-. The Case Of Assessee Was Selected Through Cass. The Assessee Had Shown High Liabilities As Compare To Low Income/Receipts Teleplex Construction Co. Vs. Dcit

…ses Rs. 15,82,66,767/-of CY cannot be added again u/s 68 as 25% of purchases has already added u/s 69C and thus it amounts to double taxation. Creditors cannot be added u/s 68 in view of Hon'ble Delhi HC judgement in CIT v. Shri Vardhman Overseas Ltd., (2012) 343 ITR 408 (Delhi) because the assessee had not written back the amounts to its P&L account, and the balance sheet still showed the liabilities as existing debts and paid off in subsequent Financial Year(s) which has already been accepted as correct by the Ld.AO while framing the assessment. Therefore, the entire addition of creditors included in 25% of tot…

DCIT, ACIT10OSD, NEW DELHI, C R BUILDING vs. GANPATI BUILATECH PVT. LTD., CIVIL LINES

In the result, appeal of the appellant is allowed

Bench: SHRI SATBEER SINGH GODARA (Judicial Member), SHRI S. RIFAUR RAHMAN (Accountant Member)

…urts but there is no corresponding provision under the 1.T. Act, 1961 to bring to tax such liabilities where such liabilities are acknowledged liabilities. Kind reference is invited to the Judgments 2 | P a g e in case of M/s Shri Vardhman Overseas Ltd (Del) 343 ITR 408, which is annexed as Annexure-2. In view of the above, The Hon'ble Commissioner of Income Tax (Appeals) may be pleased to delete the addition made u/s 41(1) of the Act. 5. I have carefully perused the facts highlighted in the assessment order, the written submission filed by the appellant during the appellate proceedings and various judicial pron…

DCIT CIRCLE 27(1), NEW DELHI vs. UNITED DRILLING TOOLS LTD. , NEW DELHI

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

Bench: Before Shri Shamim Yahya & Shri Yogesh Kumar U.S.

…statement of the said creditors, it was therefore, held that such sum is taxable under section 41(1) of the Act. It is noted that the above issue had come up for consideration before the Jurisdictional High Court in the case of CIT vs. Vardhman Overseas Ltd. 343 ITR 408. In the aforesaid case, the factswere that the assessee was engaged in the manufacture of rice from paddy and also selling rice after purchasing the same from the local market. The Assessing Officer noted that the sundry creditfor outstanding on account of purchase of paddy was paddy of Rs 1.31.17.230/. The assessee did not submit the confirmator…

POONAM NARANG,FARIDABAD vs. INCOME TAX OFFICER, WARD 2(1), FARIDABAD, FARIDABAD

In the result the appeal is allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Avdhesh Kumar Mishra

…he appellant/assessee had paid these liabilities in the subsequent years. In support of the 3 Poonam Narang above arguments, the Ld. AR also placed relianceon the following decisions:- (i) Sita Devi Juneja [187 Taxmann 96], (P&H) (ii) Vardhman Overseas Ltd. [343 ITR 408] (Delhi) 5. The Ld. Senior Departmental Representative (hereinafter, the ‘Sr. DR’) submitted that the facts of the case of the appellant/assessee were quite different than the facts of the cases relied upon by the Ld. AR; hence these decisions were of no help to the appellant/assessee. The Ld. Sr. DR contended that the sundry creditors had been…

INDO COPTERS P.LTD,NEW DELHI vs. ACIT, CIRCLE-12(1), NEW DELHI

In the result the appeal is partly allowed as above

Bench: Ms. Madhumita Roy & Shri Avdhesh Kumar Mishra

…ities in subsequent years. Therefore, it was submitted that these creditors were genuine. In support of the above arguments, the Ld. AR also placed reliance on the following decisions:- (i) Sita Devi Juneja [187 Taxmann 96], (P&H) (ii) Vardhman Overseas Ltd. [343 ITR 408] (Delhi) 7. The last issue is in respect of disallowance under section 40a(ia) of the Act. The Ld. AR submitted that the expenditure disallowed and offered for tax in earlier years due to the TDS default were claimed as expenditure after payment of TDS thereon in the relevant year. It was categorically submitted that the law provides allowance o…

PR. COMMISSIONER OF INCOME TAX- 7 vs. OPERA HOUSE EXPORTS LTD

Bench: HON'BLE MR. JUSTICE YASHWANT VARMA,HON'BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV

…$~22 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 69/2020 PR. COMMISSIONER OF INCOME TAX- 7 ..... Appellant Through: Mr. Sanjeev Menon, Jr. Standing Counsel for Mr. Zoheb Hossain, Sr. Standing Counsel. versus OPERA HOUSE EXPORTS LTD ..... Respondent Through: Mr. Ved Jain, Mr. Nischay Kantoor and Ms. Soniya Dodeja, Advs. CORAM: HON'BLE MR. JUSTICE YASHWANT VARMA HON'BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV O R D E R % 18.03.2024 1. The appellant seeks to impugn the order of the Income Tax Appellate Tribunal [„ITAT‟]…