Commissioner of Income Tax v. India Discount Co. Ltd.

Nhpc Ltd., Faridabad vs. ACIT, Faridabad

In the result, appeals of the assessee in ITA Nos

Bench: Sh. H.S. Sidhu, Judicialmember & Sh. Prashant Maharishi

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: „E‟: NEW DELHI BEFORE SH. H.S. SIDHU, JUDICIALMEMBER AND SH. PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA Nos. 433, 434 & 435/Del/2013 Assessment Years: 2004-05, 2005-06 &2006-07 M/s. NHPC Ltd., Vs. Asstt. Commissioner of Income Tax, NHPC Complex, Circle-II, Faridabad Sector-33, Faridabad (PAN: AAACN0149C) (Appellant) (Respondent) And ITA Nos. 422 & 423/Del/2013 Assessment Years: 2004-05 & 2005-06 Asstt. Commissioner of Income Tax, Vs. M/s. NHPC Ltd., Circle-II, Block –B, New CGO Complex, NHPC Complex, Faridabad Sector-33, Faridabad (PAN: AAACN0149C) (Appellant) (Re…

ACIT, New Delhi vs. Sh. Ashok Kumar Garg, New Delhi

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

Bench: Shri Inturi Rama Rao & Smt. Beena A. Pillaiassessment Year: 2009-10 Assistant Commissioner Of Vs. Sh. Ashok Kumar Garg, Income Tax, Circle-1(1), N-3, Kailash Colony, New Delhi New Delhi (Pan: Aagpg8032N) (Appellant) (Respondent) Appellant By : Sh. K.K. Jaiswal, Dr Respondent By : Sh. Ved Jain, Adv. Date Of Hearing: 09.09.2015 Date Of Pronouncement: 23.09.2015 Order Per Inturi Rama Rao, A.M.: This Is An Appeal Filed By The Revenue Directed Against The Order Of Cit(A)-Iv, New Delhi, Dated 27.02.2013, Passed For The Assessment Year 2009- 10. The Assessee Has Raised The Following Grounds Of Appeal: I. Whether The Learned Cit(A) Has Erred On Facts & In Law In Deleting The Addition Of Rs. 53,29,843/- On Account Of Deemed Dividend U/S 2(22)(E) Ignoring The Fact That The Advances Had Not Been Made In The Ordinary Course Of Business Expediency & The Assessee Had Been Regularly Repaying The Amount Received From The Company. Ii. The Appellant Craves Leave For Reserving The Right To Amend, Modify, Alter, Add Or Forego Any Ground(S) Of Appeal At Any Time Before Or During The Hearing Of This Appeal. 2. Brief Facts Of The Case Are That The Respondent Assessee Is An Individual Deriving Income From Salary From The Company, Namely, M/S A.K.G. Industries

…oan” and, therefore, the order of the Assessing Officer was correct. 7. It is trite law that mere nomenclature of entry in the books of accounts is not determinative of the true nature of transaction. See Commissioner of Income Tax vs. India Discount Co. Ltd. 75 ITR 191 (SC), Commissioner of Income Tax vs. Provincial Farmers (P) Ltd. 108 ITR 219 (Cal) and KCP Ltd. vs. CIT 245 ITR 421. In the present case after going through the relevant evidence as well as current account maintained between the parties, it has been established that the payment made were the result of trading transaction between the parties and th…

Commissioner of Income Tax XI vs. Arvind Kumar Jain

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

…therefore, the order of the Assessing Officer was correct. 7. It is trite law that mere nomenclature of entry in the books of accounts is not determinative of the true nature of transaction. See Commissioner of Income Tax Vs. India Discount Co. Ltd. 75 ITR 191 (SC), Commissioner of Income Tax Vs. Provincial Farmers (P) Ltd. 108 ITR 219 (Cal) and KCP Ltd. Vs. CIT, 245 ITR 421. In the present case after going through the relevant evidence as well as current account maintained ITA 589/2011 Page 7 of 7 between the parties, it has been established that the payment made w…

Commissioner of Income Tax vs. Arvind Kumar Jain

…therefore, the order of the Assessing Officer was correct. 7. It is trite law that mere nomenclature of entry in the books of accounts is not determinative of the true nature of transaction. See Commissioner of Income Tax Vs. India Discount Co. Ltd. 75 ITR 191 (SC), Commissioner of Income Tax Vs. Provincial Farmers (P) Ltd. 108 ITR 219 (Cal) and KCP Ltd. Vs. CIT, 245 ITR 421. In the present case after going through the relevant evidence as well as current account maintained 2011:DHC:5136-DB ITA 589/2011 Page 7 of 7 between the parties, it has been established that th…

Commissioner of Income Tax Del vs. Usha Iron & Ferro Metal Corpn

The appeal is dismissed

…rred by the Assessee were in connection with an expansion of its business and not for the setting up of a new business and no fault can be found with the view taken by the Tribunal. 6. In Commissioner of Income Tax v. India Discount Co. Ltd., (1970) 75 ITR 191, the Supreme Court expressed the view, though in a different context, that it is well established that a receipt, which in law cannot be regarded as income, cannot become so merely because the Assessee credited it to the profit and loss account. It follows from this that merely because the assessee showed the amount as capital expenditure in…