CIT (vi) v. Bhagvandas Rameshwar Dayal

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

In the result, the appeal filed by the department is dismissed

Bench: Shri N.K. Billaiya & Shri Kuldip Singh[A.Y 2008-09]] M/S Vatika Limited Vs. The D.C.I.T 621, Devika Tower Central Circle - 20 6, Nehru Place, New Delhi New Delhi Pan : Aabcv 5647 G [A.Y 2008-09] The D.C.I.T. Vs. M/S Vatika Limitd Central Circle - 20 621, Devika Tower New Delhi 6, Nehru Place, New Delhi Pan : Aabcv 5647 G [Appellant] [Respondent]

…ess, when a compensation is paid in respect of (v) stock in trade for non-performance of a contract, the compensation paid is always considered as revenue expenditure. In a decision of Delhi High Court in the matter of CIT (vi) vs. Bhagvandas Rameshwar Dayal 149 ITR 387 it was held that "if a contract is broken for any reason and one party is unable to give delivery or other party is unable to'take delivery, it is a case of breach of contract and the damage paid on account of such breach of contract was a normal loss incidental to business." In a similar case of M/s Gopal Dass Estate and Housing Ltd. ITA No.3096…

VATIKA LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeal filed by the department is dismissed

Bench: Shri N.K. Billaiya & Shri Kuldip Singh[A.Y 2008-09]] M/S Vatika Limited Vs. The D.C.I.T 621, Devika Tower Central Circle - 20 6, Nehru Place, New Delhi New Delhi Pan : Aabcv 5647 G [A.Y 2008-09] The D.C.I.T. Vs. M/S Vatika Limitd Central Circle - 20 621, Devika Tower New Delhi 6, Nehru Place, New Delhi Pan : Aabcv 5647 G [Appellant] [Respondent]

…ess, when a compensation is paid in respect of (v) stock in trade for non-performance of a contract, the compensation paid is always considered as revenue expenditure. In a decision of Delhi High Court in the matter of CIT (vi) vs. Bhagvandas Rameshwar Dayal 149 ITR 387 it was held that "if a contract is broken for any reason and one party is unable to give delivery or other party is unable to'take delivery, it is a case of breach of contract and the damage paid on account of such breach of contract was a normal loss incidental to business." In a similar case of M/s Gopal Dass Estate and Housing Ltd. ITA No.3096…

DCIT, NEW DELHI vs. M/S SINGHAL AGRO INDUSTRIES PVT. LTD., NEW DELHI

In the result appeal filed by department stands dismissed

Bench: Sh. R. K. Panda & Smt. Beena A. Pillaidcit Singhal Agro Industries P. Ltd. A Circle8(1), Plot No. 9, 3Rd Floor, Room No. 163, Vs. Sagar Centre, C.R. Building Gujrawalan Town, New Delhi New Delhi Gir/Pan: Aaacs4062M (Appellant) (Respondent) A Appellant By : Smt. Bedobani Chaudhary, Sr. Dr Respondent By : Sh. Rakesh Gupta Sh. Sonal Aggarwal, Advs. Date Of Hearing : 12.04.2017 Date Of Pronouncement : 11.05.2017

…said case and this Tribunal had observed as under: “Ld. CIT (appeals) has taken a stand, which is supported by several decisions cited before it, including the decisions of Hon’ble Delhi High Court in the case of CIT versus Bhagavan Das Rameswaram the (1984) 149 ITR 387 (Del.) and CIT vs. Hans Machoo & company (2001) to 47 ITR 79 (Delhi.) Stop in the case of Bhagavan Das Rameswaram Dyalpur (supra), Hon’ble Delhi High Court has been pleased to hold that if the contract is settled otherwise than by actual delivery or transfer of the commodity, it is a speculative transaction but if there is a settlement after the…

DCIT, NEW DELHI vs. M/S ORIENT OVERSEAS PVT.LTD.,, DELHI

In the result, the appeal is dismissed

Bench: Shri H.S. Sidhu & Shri Anadi N. Mishraa.Y. : 2008-09 Dcit, Circle 8(1), M/S Orient Overseas Pvt. Ltd. Plot No. 9, 1St Floor, Sagar New Delhi Vs. Room No. 163, Cr Building, Centre, Gujrawalan Town, Ip Estate, New Delhi Delhi – 110 009 (Pan:Aaaco00036B) (Appellant) (Respondent)

…lly allowable under sec. 37(1) of the Act. The Learned CIT(Appeals) has taken a stand, which is supported by several decisions cited before it, including the decisions of Hon'ble Delhi High Court in the cases of err vs. Bhagwan Dass Rameshwar Dayal (1984) 149 ITR 387 (DeL) and CIT vs, Hans Machoo & Co. (20CH) - 2471TR 79 (Del.). In the case of Bhagwan Dass Rameshwar Dayal (supra), the Hon'ble Delhi High Court has been pleased to hold that if the contract is settled otherwise than by actual delivery or transfer of the commodity, it is a speculative transaction but if 19 there is a settlement after the breac…

ORIENT OVERSEAS PVT LTD vs. DY COMMISSIONER OF INCOME TAX

Appeal is dismissed as withdrawn and how-ever in case the appellant

…ribunal called upon the assessee to clarify the position at the time of arguments the assessee would have replied to the same to the satisfaction of the Tribunal. He has also referred to the judgment of this Court in CIT Vs. BIIiJgwan Dass Rameshwar Dayal 149 ITR 387 and submits that though this judgment is taken note of by Tribunal but not dealt with in the impugned order. In the aforesaid circumstances, we are of the opinion that the assessee may move an appropriate al~plication before the Tribunal under Section 254(2) of the Act bringing to its notice the aforesaid aspects and to create on its basis a…