XL INDIA BUSINESS SERVICES PVT. LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI
In the result, appeal of the assessee is allowed for statistical purposes
ITA 2145/DEL/2017[2011-12]Status: DisposedITAT Delhi01 Feb 2019AY 2011-12
Bench: Shri Bhavnesh Saini & Shri O.P. Kantassessment Year: 2011-12 M/S. Xl India Business Vs. Addl. Cit, Services Pvt. Ltd., Special Range-9, New Delhi Ff-101, Building No. G-11, Sarines Sonia Sadan, Community Centre, Vikas Puri, New Delhi Pan :Aaacx0309A (Appellant) (Respondent) & S.A. No.16/Del/2019 [Arising Out Of Ita No.2145/Del/2017] Assessment Year: 2011-12 M/S. Xl India Business Vs. Addl. Cit, Services Pvt. Ltd., Special Range-9, New Delhi Ff-101, Building No. G-11, Sarines Sonia Sadan, Community Centre, Vikas Puri, New Delhi Pan :Aaacx0309A (Appellant) (Respondent)
Section 10ASection 10A(1)Section 10A(4)Section 115JSection 143(3)Section 234BSection 250Section 271(1)(c)
…terest or profits on deposit with Electricity Board could not be said to be flowing directly from industrial undertaking and, therefore, deduction for same could not be allowed S.A. No. 16/Del/2019 3. CIT Vs Jvoti Apparels [2008] 166 Taxman 343 (Delhi)/[2007] 209 CTR 288 (Delhi) (Copy enclosed) where Hon’ble Delhi High Court held that interest earned by an exporter on fixed deposits kept by it with bank as margin money or security for bank guarantee in order to avail of credit facility for its export business has to be treated as 'income from other sources' and not as 'business income', inasmuch as it does not ha…
