CIT v. Vikram Aditya & Associates (P) Ltd.

M/S. Sri Balaji Forgings (P) Ltd., New Delhi vs. Pr. CIT- 8, New Delhi

In the result, appeal of Assessee is allowed

Bench: Shri Bhavnesh Saini, J.M. & Shri Prashant Maharishi, A.M.

…//Fit for Publication// A.M. J.M. IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “G” : DELHI BEFORE SHRI BHAVNESH SAINI, J.M. AND SHRI PRASHANT MAHARISHI, A.M. ITA.No.3216/Del./2017 Assessment Year 2009-2010 M/s. Sri Balaji Forgings (P) Ltd., H.No.5001, Ahata The PCIT Delhi-8, Kidara, Pahari Dheeraj, New Delhi. vs. New Delhi – 110 006. PAN AAACS1255L (Appellant) (Respondent) Shri Gautam Jain, Shri Piyush Kamal, For Assessee : Advocates & Shri Lalit Mohan, C.A. For Revenue : Shri S.S.Rana, CIT-D.R. Date of Hearing : 03.01.2019 Date of Pronouncement : 09.01.2019 ORDER PER BHAVNESH SAINI, J.M. This appeal by…

Commissioner of Income Tax Delhi II vs. Leo Financial Services Ltd

Appeal is dismissed

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE R.V.EASWAR

…(7) of the Act dealing with dividend stripping were brought into statute book and are applicable from the assessment year 2002-03 onwards. There are two decisions of this Court in Commissioner of Income Tax Vs. Vikram Aditya and Associates P. Ltd. (2006) 287 ITR 268 and Commissioner of Income Tax Vs. Vimgi Investment P. Ltd. (2007) 290 ITR 505 directly on the issue. In these two cases, it has been held that order of the Assessing Officer cannot be treated as erroneous and therefore revisable under Section 263 of the Act, as Section 94(7) relating to dividend stripping became a part of the statute and i…

Commissioner of Income Tax Delhi IV vs. Dlf Power Ltd

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE SIDDHARTH MRIDUL

…ITA No. 176/2009 nsk Page 1 of 16 Reportable * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA No. 176 of 2009 % Reserved on : September 04, 2009 Pronounced on : October 09, 2009 Commissioner of Income Tax, Delhi-IV . . . Appellant through : Mr. N.P. Sahni with Mr. P.C. Yadav, Advocates VERSUS DLF Power Ltd. . . . Respondent through : Mr. Ajay Vohra with Ms. Kavita Jha and Ms. Aakansha Aggarwal, Advocates CORAM :- THE HON‟BLE MR. JUSTICE A.K. SIKRI THE HON‟BLE MR. JUSTICE VALMIKI J. MEHTA 1. Whether R…

Commissioner of Income Tax vs. Hindustan Tin Works Ltd

In the result, the appeal is dismissed

…which had arisen ought to be treated as a genuine loss. The Tribunal relying upon the judgments of the Delhi High Court in the case of CIT vs Vimgi Investment (Pvt.) Ltd: (2007) 290 ITR 505 and CIT vs Vikram Aditya and Associates (Pvt.) Ltd: (2006) 287 ITR 268 rejected the argument based on Section 94(7) of the Act. 9. The Tribunal on the second issue rejected the plea of the Revenue that they should be allowed to raise an issue pertaining to Section 14A of the Act on the ground that this could only be done if there were facts on record on the basis of which the provisions of Section 14A…

The Commissioner of Income Tax III vs. Shambhu Mercantile Ltd

The appeal is dismissed

…ntion at this stage that Section 94(7) of the Act was inserted in the statute by virtue of the Finance Act, 2001 w.e.f. 01.04.2002. In respect of transactions prior to the insertion of this Section this court in the case of CIT Vs.Vikramaditya [2006] 287 ITR 268 has sustained such like transactions. In the instant case we are concerned with the provisions of Section 94(7) of the Act as it stood prior to the amendment carried out by the Finance Act No.2, 2004 w.e.f. 01.04.2005. The relevant provision reads as follows:- ?where (a) any person buys or acquires any securities or unit within a p…