CIT v. Vasisth Chay Vyapar Ltd.

330 ITR 440High Court2011#830 most cited

What is CIT v. Vasisth Chay Vyapar Ltd. authority for?

Interest income is taxable under the mercantile system of accounting even if it is not actually recovered, provided there is a right to receive it. The decision also touches upon the treatment of bad debts and provisions for doubtful debts under Section 36(1)(viia).

125

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. Vasisth Chay Vyapar Ltd · section 145 · mercantile system of accounting · right to receive · section 36(1)(viia) · bad debts · interest income · real income theory · section 43D

Also reported as

196 Taxmann 169238 CTR 142

Sections most often in play

Section 14ASection 1961Section 115JBSection 43DSection 145Section 36(1)(iii)Section 36(1)(vii)Section 36(1)(viia)

Issues it is cited on

section 43dreal income theorysection 36(1)(viia)right to receivesection 45mercantile system of accountingsection 36(1)(vii)section 36(1)(iii)section 41section 43section 30section 36(1)

Judgments citing CIT v. Vasisth Chay Vyapar Ltd.

DCIT, Trichy vs. The Karur Vysya Bank Ltd., Karur

Accordingly, the claim of the assessee that it had to be allowed on actual payment basis was, in our opinion, rightly allowed by the CIT(Appeals)

ITA 2433/CHNY/2016[2010-11]Status: DisposedITAT Chennai29 Mar 2017AY 2010-11

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

For Appellant: Shri S. Ananthan, CAFor Respondent: Sh. Pathlavath Peerya, CIT
Section 14A

…on loans should not automatically be recognized on accrual basis and this had to be in line with RBI prudential norms for income recognition. Reliance was also placed on the judgment of Delhi High Court in the case of CIT v. Vasisth Chay Vyapar Ltd. (2011) 330 ITR 440. 29 I.T.A. Nos.2325 & 2326/Mds/16 I.T.A. Nos.2433 & 2649/Mds/16 55. We have heard rival contentions and perused the orders. A.O. had refused to consider accounts on which principal and interest were outstanding for a period of more than 90 days but less than 180 days, as sticky. According to him, interest on such advances had to be considered o…

The Karur Vysya Bank Ltd., Karur vs. JCIT, Trichy

Accordingly, the claim of the assessee that it had to be allowed on actual payment basis was, in our opinion, rightly allowed by the CIT(Appeals)

ITA 2326/CHNY/2016[2011-12]Status: DisposedITAT Chennai29 Mar 2017AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

For Appellant: Shri S. Ananthan, CAFor Respondent: Sh. Pathlavath Peerya, CIT
Section 14A

…on loans should not automatically be recognized on accrual basis and this had to be in line with RBI prudential norms for income recognition. Reliance was also placed on the judgment of Delhi High Court in the case of CIT v. Vasisth Chay Vyapar Ltd. (2011) 330 ITR 440. 29 I.T.A. Nos.2325 & 2326/Mds/16 I.T.A. Nos.2433 & 2649/Mds/16 55. We have heard rival contentions and perused the orders. A.O. had refused to consider accounts on which principal and interest were outstanding for a period of more than 90 days but less than 180 days, as sticky. According to him, interest on such advances had to be considered o…

The Karur Vysya Bank Ltd., Karur vs. JCIT, Trichy

Accordingly, the claim of the assessee that it had to be allowed on actual payment basis was, in our opinion, rightly allowed by the CIT(Appeals)

ITA 2325/CHNY/2016[2010-11]Status: DisposedITAT Chennai29 Mar 2017AY 2010-11

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

For Appellant: Shri S. Ananthan, CAFor Respondent: Sh. Pathlavath Peerya, CIT
Section 14A

…on loans should not automatically be recognized on accrual basis and this had to be in line with RBI prudential norms for income recognition. Reliance was also placed on the judgment of Delhi High Court in the case of CIT v. Vasisth Chay Vyapar Ltd. (2011) 330 ITR 440. 29 I.T.A. Nos.2325 & 2326/Mds/16 I.T.A. Nos.2433 & 2649/Mds/16 55. We have heard rival contentions and perused the orders. A.O. had refused to consider accounts on which principal and interest were outstanding for a period of more than 90 days but less than 180 days, as sticky. According to him, interest on such advances had to be considered o…

Tiruchirapalli District Central Co-Operative Bank Ltd., Chennai vs. ACIT, Trichy

ITA 834/CHNY/2013[2009-10]Status: DisposedITAT Chennai03 Mar 2017AY 2009-10

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.832, 833 & 834/Mds/2013 "नधा"रण वष" / Assessment Years : 2007-08, 2008-09 & 2009-10 M/S Tiruchirapalli District Central The Assistant Commissioner Of Co-Operative Bank Ltd., V. Income Tax, C/O Shri S. Sridhar, Advocate, Circle I(1), New No.14, Old No.82, Flat No.5, Tiruchirapalli. 1St Avenue, Indira Nagar, Adyar, Chennai - 600 020. Pan : Aaaat 5036 C (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT
Section 143(3)Section 263Section 36(1)(ii)Section 36(1)(viia)Section 37(1)Section 43DSection 45Q

…by the Commissioner of Income-tax (Appeals). There is no substantial question of law involved in these appeals and, thus, all the appeals are liable to be dismissed. 9. The Income-tax Appellate Tribunal has referred the case of Vasisth Chay Vyapar Ltd. [2011] 330 ITR 440 (Delhi). In this case, the Revenue relied upon the decision of the hon'ble Supreme Court in the case of Southern Technologies Ltd. (supra). The learned Income-tax Appellate Tribunal has reproduced the observations made by the Delhi High Court while referring the said case of Southern Technologies Ltd. (supra). The assessee herein being a co-opera…

Tiruchirapalli District Central Co-Operative Bank Ltd., Chennai vs. ACIT, Trichy

ITA 833/CHNY/2013[2008-09]Status: DisposedITAT Chennai03 Mar 2017AY 2008-09

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.832, 833 & 834/Mds/2013 "नधा"रण वष" / Assessment Years : 2007-08, 2008-09 & 2009-10 M/S Tiruchirapalli District Central The Assistant Commissioner Of Co-Operative Bank Ltd., V. Income Tax, C/O Shri S. Sridhar, Advocate, Circle I(1), New No.14, Old No.82, Flat No.5, Tiruchirapalli. 1St Avenue, Indira Nagar, Adyar, Chennai - 600 020. Pan : Aaaat 5036 C (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT
Section 143(3)Section 263Section 36(1)(ii)Section 36(1)(viia)Section 37(1)Section 43DSection 45Q

…by the Commissioner of Income-tax (Appeals). There is no substantial question of law involved in these appeals and, thus, all the appeals are liable to be dismissed. 9. The Income-tax Appellate Tribunal has referred the case of Vasisth Chay Vyapar Ltd. [2011] 330 ITR 440 (Delhi). In this case, the Revenue relied upon the decision of the hon'ble Supreme Court in the case of Southern Technologies Ltd. (supra). The learned Income-tax Appellate Tribunal has reproduced the observations made by the Delhi High Court while referring the said case of Southern Technologies Ltd. (supra). The assessee herein being a co-opera…

Tiruchirapalli District Central Co-Operative Bank Ltd., Chennai vs. ACIT, Trichy

ITA 832/CHNY/2013[2007-08]Status: DisposedITAT Chennai03 Mar 2017AY 2007-08

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.832, 833 & 834/Mds/2013 "नधा"रण वष" / Assessment Years : 2007-08, 2008-09 & 2009-10 M/S Tiruchirapalli District Central The Assistant Commissioner Of Co-Operative Bank Ltd., V. Income Tax, C/O Shri S. Sridhar, Advocate, Circle I(1), New No.14, Old No.82, Flat No.5, Tiruchirapalli. 1St Avenue, Indira Nagar, Adyar, Chennai - 600 020. Pan : Aaaat 5036 C (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: Sh. Pathlavath Peerya, CIT
Section 143(3)Section 263Section 36(1)(ii)Section 36(1)(viia)Section 37(1)Section 43DSection 45Q

…by the Commissioner of Income-tax (Appeals). There is no substantial question of law involved in these appeals and, thus, all the appeals are liable to be dismissed. 9. The Income-tax Appellate Tribunal has referred the case of Vasisth Chay Vyapar Ltd. [2011] 330 ITR 440 (Delhi). In this case, the Revenue relied upon the decision of the hon'ble Supreme Court in the case of Southern Technologies Ltd. (supra). The learned Income-tax Appellate Tribunal has reproduced the observations made by the Delhi High Court while referring the said case of Southern Technologies Ltd. (supra). The assessee herein being a co-opera…

The Pr. Commissioner of Income Tax-4 vs. Ge Money Financial Services Pvt. Ltd

ITA/73/2017HC Delhi08 Feb 2017

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE NAJMI WAZIRI

Section 209Section 260A

…t had to reflect the interest accrued upon unpaid loans (NPAs). The assessee successfully contended before the ITAT that the treatment it accorded to such transactions was in accord with the decision of this Court in CIT v. Vasisth Chay Vyapar Ltd. (2011) 330 ITR 440. The ITAT applied the rationale and law declared in Vasisth Chay (supra). This Court also notices that the assessee’s method of treatment of such accrued interest was also subject matter of a previous order of this Court in CIT v. GE Countrywide Consumer Financial Service Limited [ITA 50/2016, decided on 29.01.2016]. The Court had affirmed t…

The Pr. Commissioner of Income Tax-4 vs. Ge Money Financial Services Pvt. Ltd

ITA/68/2017HC Delhi08 Feb 2017

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE NAJMI WAZIRI

Section 209Section 260A

…t had to reflect the interest accrued upon unpaid loans (NPAs). The assessee successfully contended before the ITAT that the treatment it accorded to such transactions was in accord with the decision of this Court in CIT v. Vasisth Chay Vyapar Ltd. (2011) 330 ITR 440. The ITAT applied the rationale and law declared in Vasisth Chay (supra). This Court also notices that the assessee’s method of treatment of such accrued interest was also subject matter of a previous order of this Court in CIT v. GE Countrywide Consumer Financial Service Limited [ITA 50/2016, decided on 29.01.2016]. The Court had affirmed t…

DCIT, Chennai vs. M/S. Jain Granites & Projects India Ltd, Chennai

In the result, the appeal of the department is dismissed

ITA 2280/CHNY/2013[1999-2000]Status: DisposedITAT Chennai07 Nov 2016AY 1999-2000

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamony

For Appellant: Shri V.Nandakumar, JCITFor Respondent: Shri N.Devanthan, Advocate
Section 209

…to play only when the income was recognized by the assessee. In this case, admittedly, no income was recognized by the assessee. Therefore, the fact is similar to assessment year 1999-2000. Moreover, balances outstanding were written off in the reported in 330 ITR 440. 4. We have considered the rival submissions on either side and perused the relevant material available on record. The outstanding amount was written off in the books of account is not in dispute. The only contention of the revenue before this Tribunal is that the CIT(A) without referring to closing balance available as on 31.03.1999, allowed…

Odyssey Capital P Ltd, Mumbai vs. DCIT 5(2)

In the result, appeal of the assessee is allowed in part whereas appeal of revenue is dismissed

ITA 4179/MUM/2014[2009-10]Status: DisposedITAT Mumbai21 Oct 2016AY 2009-10

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

…d. In such cases it may be appropriate to recognise revenue only when it is reasonably certain that the ultimate collection will be made 13. Reliance was placed by learned AR on the decision of Hon'ble Delhi High Court in the case of Vasisth Chay Vyapar Ltd. (330 ITR 440), wherein the Court held as under: “The assessee, a non-banking financial company bound by the directions of the Reserve Bank of India, advanced certain intercorporate deposits upon which it did not receive interest for more than six months. Since the Non- Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998 6 M/s. Odysse…

DCIT 5(2), Mumbai vs. Odyseey Capital P.Ltd, Mumbai

In the result, appeal of the assessee is allowed in part whereas appeal of revenue is dismissed

ITA 3845/MUM/2014[2009-10]Status: DisposedITAT Mumbai21 Oct 2016AY 2009-10

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

…d. In such cases it may be appropriate to recognise revenue only when it is reasonably certain that the ultimate collection will be made 13. Reliance was placed by learned AR on the decision of Hon'ble Delhi High Court in the case of Vasisth Chay Vyapar Ltd. (330 ITR 440), wherein the Court held as under: “The assessee, a non-banking financial company bound by the directions of the Reserve Bank of India, advanced certain intercorporate deposits upon which it did not receive interest for more than six months. Since the Non- Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998 6 M/s. Odysse…

DCIT, (It), 2(1), Kolkata vs. M/S the Royal Bank of Scotland N.V., Kolkata

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

ITA 496/KOL/2015[2010-2011]Status: DisposedITAT Kolkata14 Oct 2016AY 2010-2011

Bench: Shri N. V. Vasudevan, Jm & Shri M. Balaganesh, Am]

For Appellant: Shri R.N.Bajoria Sr. Advocate &For Respondent: Shri G. Mallikarjuna, CIT, DR
Section 143(3)Section 43D

…ort of its various contentions in this regard:- (a) CIT vs Excel Industries Ltd (Civil Appeal No. 125 of 2013 dated 8.10.2013) (SC) (b) American Express Bank Ltd vs ACIT reported in 55 SOT 136 (Mumb ITAT) (c) CIT vs Vasisth Chay Vyapar Ltd reported in (2011) 330 ITR 440 (Del) (d) DIT vs Brahamputra Capital Financial Services Ltd reported in(2011) 12 taxmann.com 387 (Del HC) (e) DCIT vs Bhartiya Samruddhi Finance Ltd reported in (2013) 29 taxmann.com 152 (Del Trib) 4 ITA No. 496-477/Kol/2015 The Royal Bank of Scotland NV, AY 2010-11 (f) ACIT vs Osmanabad Janta Sah. Bank Ltd reported in (2012) 32 taxmann.com 229…

M/S the Right Address Ltd., Kolkata vs. The Income Tax Officer, (TDS) Ward-59(4) (TDS), Kolkata Kolkata, Kolkata

In the result, Revenue’s appeal stands dismissed and assessee’s appeals are allowed

ITA 46/KOL/2014[2008-2009]Status: DisposedITAT Kolkata16 Sept 2016AY 2008-2009

Bench: Shri Waseem Ahmed & Shri K.Narasimha Chary

Section 197(1)Section 201Section 201(1)

…ITA Nos.46&47/Kol/2014 –M/d. The Right Address Ltd. A.Y.20008-09&2009-10 1 IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “B” KOLKATA Before Shri Waseem Ahmed, Accountant Member and Shri K.Narasimha Chary, Judicial Member ITA Nos.46&47/Kol/2014 Assessment Years:2008-09 & 2009-10 M/s. The Right बनाम / Income tax Officer (TDS), Address Ltd., Sagar Ward-59(4), Kolkata V/s. Estate, 4th Floor, Unit-1, 2, Clive Ghat Street, Kolkata- 700001. PAN:AAACT9353J .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year:2005-06 DCIT, Circle-4, M/s. The Right Address बनाम / Aayakar Bhawan, 5th Ltd., Sagar Estate, 4th V/s.…

DCIT CC 6(4), Mumbai vs. Diamond R Us, Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 3241/MUM/2016[2008-09]Status: DisposedITAT Mumbai27 Jul 2016AY 2008-09

Bench: Sh. Br Baskaran & Sh Pawan Singh

Section 10Section 10ASection 143Section 260

…the honourable Supreme Court in case of Tax Recovery Officer Versus Custodian appointed under the Special Court, reported in the case of 211 CTR 369 (SC) and the decision of honourable Delhi High Court in case of CIT versus Vasisth Chay Vypar Ltd reported in 238 CTR 142 (Delhi), were also taken into consideration and thereafter it was concluded that in view of the instruction No. 1 of 2006, dated 24thMarch 2006, as modified by instruction No 4 of 2006 dated 24th of May 2006 issued by the Ministry of Commerce and Industry, Government of India and the definition of service given in the SEZ Act, 2005, which overrid…

Ge Money Financial Services Pvt. Ltd., Delhi vs. DCIT, New Delhi

In the result ground, no

ITA 6282/DEL/2012[2008-09]Status: DisposedITAT Delhi02 May 2016AY 2008-09

Bench: Shri A.T.Varkey & Shri Prashant Maharishi

For Appellant: Sh. Sachit Jolly, AdvFor Respondent: Sh. Amendra Kumar, CIT DR
Section 143(3)Section 144Section 144CSection 144C(5)Section 32Section 36(1)(vii)Section 36(2)Section 92C

…espect of assets, which had become NPA. Therefore, section 145 could not be resorted to for accounting income purely on accrual basis. We find that this issue is squarely covered by the decision of Hon'ble Delhi High Court in CIT vs. Vasisth Chay Vyapar Ltd., 330 ITR 440 (supra), wherein Hon'ble Delhi High Court has observed as under: - "We have considered the respective submissions in their proper perspective. Before we embark on the discussion on these arguments, it would be useful to extract the relevant provisions of the RBI Act and the NBFCs Prudential Norms (Reserve Bank) Directions, 1998. Section 45Q of t…

Ge Money Financial Services Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result ground, no

ITA 5882/DEL/2010[2006-07]Status: DisposedITAT Delhi02 May 2016AY 2006-07

Bench: Shri A.T.Varkey & Shri Prashant Maharishi

For Appellant: Sh. Sachit Jolly, AdvFor Respondent: Sh. Amendra Kumar, CIT DR
Section 143(3)Section 144Section 144CSection 144C(5)Section 32Section 36(1)(vii)Section 36(2)Section 92C

…espect of assets, which had become NPA. Therefore, section 145 could not be resorted to for accounting income purely on accrual basis. We find that this issue is squarely covered by the decision of Hon'ble Delhi High Court in CIT vs. Vasisth Chay Vyapar Ltd., 330 ITR 440 (supra), wherein Hon'ble Delhi High Court has observed as under: - "We have considered the respective submissions in their proper perspective. Before we embark on the discussion on these arguments, it would be useful to extract the relevant provisions of the RBI Act and the NBFCs Prudential Norms (Reserve Bank) Directions, 1998. Section 45Q of t…

India Debt Management P.Ltd, Mumbai vs. DCIT Cir 3(2)(1), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 7518/MUM/2014[2010-11]Status: DisposedITAT Mumbai10 Mar 2016AY 2010-11

Bench: Shri J P Boaz & Shri Amit Shuklait(Tp) A No. : 7518/Mum/2014 (Assessment Year: 2004-05) इं"डया डै"ट मैनेजम"ट "ाइवेट "ल"मटेड Vs The Deputy Commissioner Of Income Tax Circle-3(2)(1), India Debt Management Pvt Ltd, Aayakar Bhavan, M K Road, 45, 4The Floor, Maker Cambers Vi, Mumbai -400 020 Nariman Point, Mumbai -400 021 "थयी लेखा सं.:Pan: Aaact 1982 D अपीलाथ" (Appellant) ""यथ" (Respondent) Appellant By "ी जे डी "म""ी : Shri J D Mistry Respondent By : "ी एन के चाँद Shri N K Chand सुनवाई क" तार"ख /Date Of Hearing : 14-12-2015 घोषणा क" तार"ख /Date Of Pronouncement : 10-03-2016 आदेश Order अिमत शु"ला : "या. स.: Per Amit Shukla, Jm: The Aforesaid Appeal Has Been Filed By The Assessee Against Impugned Final Assessment Order Dated 27Th November, 2014 Passed Under Section 143(3) R.W.S. 144C(13) By Deputy Commissioner Of Income-Tax, Circle -3(2)(1), Mumbai In Pursuance Of Direction Given By Dispute Resolution Panel –I, Mumbai (Drp) Under Section 144C(5), Vide Order Dated 16.10.2014. In The Various Grounds Of Appeal, The Assessee Has Mainly Challenged Following Issues:

Section 143(3)Section 144C(5)Section 14ASection 234ASection 234B

…इं"डया डै"ट मैनेजम"ट "ाइवेट "ल"मटेड 1 India Debt Management Pvt Ltd IT(TP)A No.7518/M/2014 आयकर अपीलीय अिधकरण “के” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI "ी जे पी बोस, लेखा सद"य एवं "ी अिमत शु"ला, "याियक सद"य के सम" । BEFORE SHRI J P BOAZ, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER IT(TP) A No. : 7518/Mum/2014 (Assessment year: 2004-05) इं"डया डै"ट मैनेजम"ट "ाइवेट "ल"मटेड Vs The Deputy Commissioner Of Income Tax Circle-3(2)(1), India Debt Management Pvt Ltd, Aayakar Bhavan, M K Road, 45, 4the Floor, Maker Cambers VI, Mumbai -400 020 Nariman Point, Mumbai -400…

The Commissioner of Income tax III vs. Biraj Kavar Galada

ITTA/98/2010HC Telangana29 Feb 2016

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

ACIT, New Delhi vs. M/S. the Delhi State Co-Operative Bank Ltd., New Delhi

In the result, appeal of the revenue is dismissed

ITA 518/DEL/2014[2010-11]Status: DisposedITAT Delhi10 Feb 2016AY 2010-11

Bench: Sri C.M.Garg, Jm & Sri O.P. Kant, Am Ita No. 518/Del./2014 : Asstt. Year : 2010-11

For Appellant: Sh. S.C.GuptaFor Respondent: Sh. Sunil Chander Sharma, CIT, DR
Section 36Section 36(1)(viia)Section 80PSection 80P(2)(a)

…6 The Delhi State Co-operative Bank Ltd. would be set to have accrued on the loans of doubtful recovery and the AR relied on various case laws which are as under:- (1) CIT V Shoorji Vallabhdas & Co, 46 ITR 144 (SC) [1962] (2) CIT Vs Vasisth Chay Vyapar Ltd, 330 ITR 440 (Delhi), 2011 (3) DIT Vs Brahmaputra Capital Financial Services Ltd, 335 ITR 182 (Delhi), 2011 ITA NO. 2537/Del/2012 (4) TRO Vs Custodian, 293 ITR 369 (Del) (5) Barkha Investment & Trading Co P Ltd Vs CIT, 281 ITR 31 (Guj) (6) CIT Vs Nanital Bank Ltd, 309 ITR 335 (Uttarakhand) (7) CIT Vs Elgi Finance Ltd, 293 ITR 357 (Mad) (8) CIT V s Motor Credi…

Commissioner of Income Tax-IV vs. Ge Countrywide Consumer Financial Service Ltd(Now Ge Money Financial Service Ltd)

The appeal is dismissed both on grounds of the delay of 865 days in re-

ITA/50/2016HC Delhi29 Jan 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…rlier decision in the case of a group company of the Assessee in ITA No. 3198/Del/04 for Assessment Year (‘AY’) 1999-2000. That decision of the ITAT in turn follows the decision of this Court in Commissioner of Income Tax v. Vasisth Chay Vyapar Ltd. [2011] 330 ITR 440 (Del). ITA No. 50/2016 Page 3 of 3 7. Consequently even on merits the Court finds no substantial question of law which arises for determination. 8. The appeal is dismissed both on grounds of the delay of 865 days in re- filing the appeal as well as on merits. S. MURALIDH…