DCIT v. UAG Builders Pvt. Ltd.

AMPLUS ENERGY SOLUTIONS PTE LTD,SINGAPORE vs. THE OFFICE OF THE ASSISTANT COMMISSIONER OF INCOME TAX, NEW DELHI

Bench: Shri Anubhav Sharma & Shri Manish Agarwalassessment Year: 2020-21 Amplus Energy Solutions Pte Vs Acit, Ltd., Circle International Tax 1(1)(1), #02-00, Robinson Road, New Delhi. Singapore – 688898 Pan: Aadci8182P Assessment Year: 2021-22 Amplus Energy Solutions Pte Vs. Acit, Ltd., Malaysia, Circle International Tax 1(1)(1), Level 56, Tower-1, Petronas New Delhi. Twin Towers, Kuala Lumpur City Centre, 50088, Kuala Lumpur, Malaysia/ 6Th Floor, Emaar Mgf, The Palm Square, Golf Course Ext. Road, Sector-66, Gurgaon – 122 102. Pan: Aadci8182P (Appellant) (Respondent) Assessee By : Shri K.M. Gupta, Advocate & Ms Shruti Khimta, Ar Revenue By : Ms Ekta Jain, Cit-Dr Date Of Hearing : 05.05.2025 Date Of Pronouncement : 25.06.2025

…3370/Del/2023 • Sahara India Real Estate Corporation Limited and Ors v. Securities Exchange Board of India (Civil appeal no 9833 of 2011) • Authority for Advance Ruling (Income Tax) reported in 307 ITR 40 (re: LMN India Ltd) • DCIT vs. UAG Builders (P) Ltd.: 53 SOT 370, 13. Now from these decisions what we can conclude is that debentures has inseverable relation with debt. An acknowledgement of indebtedness is inherent in it. The payment of interest pre-supposes the fact that money has been borrowed or a debt has been incurred. The obligation to repay the amount is embedded in the concept of debt, the repayment…

DCIT, CIRCLE- 21(1), NEW DELHI vs. RELIGARE FINVEST LTD., NEW DELHI

In the result, -Appeal in ITA No

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

…Nos. 741&742 Bang/2010 (Bang) - DCIT v. Modern Syntex (India) Ltd.: 95 TTJ 161/3 SOT 27 (Jaipur). 37 ITA Nos. 4796/Del/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT 33.4. The Co-ordinate Bench of the Tribunal in the case of DCIT Vs. UAG Builders Pvt. Ltd. 53 SOT 370 dealing with the issue of allow-ability of deduction of interest paid on OCDs observed as under:- “We have heard the rival contentions in light of the material produced and precedent relied upon. We find ourselves in agreement with the Ld Commissioner of Income Tax (A)'s finding that there was no contingency involved in the accrual of liability w…

RELIGARE FINVEST LTD.,NEW DELHI vs. DCIT, CIRCLE- 21(1), NEW DELHI

In the result, -Appeal in ITA No

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

…Nos. 741&742 Bang/2010 (Bang) - DCIT v. Modern Syntex (India) Ltd.: 95 TTJ 161/3 SOT 27 (Jaipur). 37 ITA Nos. 4796/Del/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT 33.4. The Co-ordinate Bench of the Tribunal in the case of DCIT Vs. UAG Builders Pvt. Ltd. 53 SOT 370 dealing with the issue of allow-ability of deduction of interest paid on OCDs observed as under:- “We have heard the rival contentions in light of the material produced and precedent relied upon. We find ourselves in agreement with the Ld Commissioner of Income Tax (A)'s finding that there was no contingency involved in the accrual of liability w…

RELIGARE FINVEST LTD.,NEW DELHI vs. DCIT, CIRCLE- 21(1), NEW DELHI

In the result, -Appeal in ITA No

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

…Nos. 741&742 Bang/2010 (Bang) - DCIT v. Modern Syntex (India) Ltd.: 95 TTJ 161/3 SOT 27 (Jaipur). 37 ITA Nos. 4796/Del/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT 33.4. The Co-ordinate Bench of the Tribunal in the case of DCIT Vs. UAG Builders Pvt. Ltd. 53 SOT 370 dealing with the issue of allow-ability of deduction of interest paid on OCDs observed as under:- “We have heard the rival contentions in light of the material produced and precedent relied upon. We find ourselves in agreement with the Ld Commissioner of Income Tax (A)'s finding that there was no contingency involved in the accrual of liability w…

ACIT (OSD), CIRCLE- 21(1), NEW DELHI vs. RELIGARE FINVEST LTD., NEW DELHI

In the result, -Appeal in ITA No

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

…Nos. 741&742 Bang/2010 (Bang) - DCIT v. Modern Syntex (India) Ltd.: 95 TTJ 161/3 SOT 27 (Jaipur). 37 ITA Nos. 4796/Del/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT 33.4. The Co-ordinate Bench of the Tribunal in the case of DCIT Vs. UAG Builders Pvt. Ltd. 53 SOT 370 dealing with the issue of allow-ability of deduction of interest paid on OCDs observed as under:- “We have heard the rival contentions in light of the material produced and precedent relied upon. We find ourselves in agreement with the Ld Commissioner of Income Tax (A)'s finding that there was no contingency involved in the accrual of liability w…

RELIGARE FINVEST LTD.,NEW DELHI vs. ACIT, CIRCLE- 21(1), NEW DELHI

In the result, -Appeal in ITA No

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

…Nos. 741&742 Bang/2010 (Bang) - DCIT v. Modern Syntex (India) Ltd.: 95 TTJ 161/3 SOT 27 (Jaipur). 37 ITA Nos. 4796/Del/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT 33.4. The Co-ordinate Bench of the Tribunal in the case of DCIT Vs. UAG Builders Pvt. Ltd. 53 SOT 370 dealing with the issue of allow-ability of deduction of interest paid on OCDs observed as under:- “We have heard the rival contentions in light of the material produced and precedent relied upon. We find ourselves in agreement with the Ld Commissioner of Income Tax (A)'s finding that there was no contingency involved in the accrual of liability w…

ACIT, CIRCLE- 21(1), NEW DELHI vs. RELIGARE FINVEST LTD.,, NEW DELHI

In the result, -Appeal in ITA No

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

…Nos. 741&742 Bang/2010 (Bang) - DCIT v. Modern Syntex (India) Ltd.: 95 TTJ 161/3 SOT 27 (Jaipur). 37 ITA Nos. 4796/Del/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT 33.4. The Co-ordinate Bench of the Tribunal in the case of DCIT Vs. UAG Builders Pvt. Ltd. 53 SOT 370 dealing with the issue of allow-ability of deduction of interest paid on OCDs observed as under:- “We have heard the rival contentions in light of the material produced and precedent relied upon. We find ourselves in agreement with the Ld Commissioner of Income Tax (A)'s finding that there was no contingency involved in the accrual of liability w…

RELIGARE FINVEST LTD.,NEW DELHI vs. DCIT, CIRCLE- 21(1), NEW DELHI

In the result, -Appeal in ITA No

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

…Nos. 741&742 Bang/2010 (Bang) - DCIT v. Modern Syntex (India) Ltd.: 95 TTJ 161/3 SOT 27 (Jaipur). 37 ITA Nos. 4796/Del/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT 33.4. The Co-ordinate Bench of the Tribunal in the case of DCIT Vs. UAG Builders Pvt. Ltd. 53 SOT 370 dealing with the issue of allow-ability of deduction of interest paid on OCDs observed as under:- “We have heard the rival contentions in light of the material produced and precedent relied upon. We find ourselves in agreement with the Ld Commissioner of Income Tax (A)'s finding that there was no contingency involved in the accrual of liability w…

MOSERBAER INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

Appeal is dismissed

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

…sment year, no as deduction. The Ld. AR also relied upon the following decisions: • CIT vs Shree Rajasthan Syntex Ltd.: 269 ITR 461 (Rajasthan High Court) • CIT vs Torrent Pharmaceuticals Ltd.: 393 ITR 625 (Gujarat High Court) • DCIT vs UAG Builders (P) Ltd.: 53 SOT 370 (Delhi ITAT) • Mahindra & Mahindra Limited Vs DCIT: 54 SOT 146 (Mumbai ITAT) • LMN India Limited: 307 ITR 40 (AAR) In view of the aforesaid judicial precedents, the Ld. AR submitted that the redemption premium amortization claimed as deduction by the assessee in the return of income is allowable. 32. The Ld. DR relied upon the Assessment Order…

M/S. MOSERBAER INDIA LTD.,NEW DELHI vs. ACIT, NEW DELHI

Appeal is dismissed

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

…sment year, no as deduction. The Ld. AR also relied upon the following decisions: • CIT vs Shree Rajasthan Syntex Ltd.: 269 ITR 461 (Rajasthan High Court) • CIT vs Torrent Pharmaceuticals Ltd.: 393 ITR 625 (Gujarat High Court) • DCIT vs UAG Builders (P) Ltd.: 53 SOT 370 (Delhi ITAT) • Mahindra & Mahindra Limited Vs DCIT: 54 SOT 146 (Mumbai ITAT) • LMN India Limited: 307 ITR 40 (AAR) In view of the aforesaid judicial precedents, the Ld. AR submitted that the redemption premium amortization claimed as deduction by the assessee in the return of income is allowable. 32. The Ld. DR relied upon the Assessment Order…

ACIT, NEW DELHI vs. M/S. MOSER BAER INDIA LIMITED, NEW DELHI

Appeal is dismissed

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

…sment year, no as deduction. The Ld. AR also relied upon the following decisions: • CIT vs Shree Rajasthan Syntex Ltd.: 269 ITR 461 (Rajasthan High Court) • CIT vs Torrent Pharmaceuticals Ltd.: 393 ITR 625 (Gujarat High Court) • DCIT vs UAG Builders (P) Ltd.: 53 SOT 370 (Delhi ITAT) • Mahindra & Mahindra Limited Vs DCIT: 54 SOT 146 (Mumbai ITAT) • LMN India Limited: 307 ITR 40 (AAR) In view of the aforesaid judicial precedents, the Ld. AR submitted that the redemption premium amortization claimed as deduction by the assessee in the return of income is allowable. 32. The Ld. DR relied upon the Assessment Order…

MOSERBAER INDIA LTD.,NEW DELHI vs. ACIT, NEW DELHI

Appeal is dismissed

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

…sment year, no as deduction. The Ld. AR also relied upon the following decisions: • CIT vs Shree Rajasthan Syntex Ltd.: 269 ITR 461 (Rajasthan High Court) • CIT vs Torrent Pharmaceuticals Ltd.: 393 ITR 625 (Gujarat High Court) • DCIT vs UAG Builders (P) Ltd.: 53 SOT 370 (Delhi ITAT) • Mahindra & Mahindra Limited Vs DCIT: 54 SOT 146 (Mumbai ITAT) • LMN India Limited: 307 ITR 40 (AAR) In view of the aforesaid judicial precedents, the Ld. AR submitted that the redemption premium amortization claimed as deduction by the assessee in the return of income is allowable. 32. The Ld. DR relied upon the Assessment Order…

DCIT, NEW DELHI vs. M/S ALCOBEX METALS LTD., NEW DELHI

In the result, appeal filed by the revenue is dismissed

Bench: Shri A.T.Varkey & Shri L.P. Sahu

…he debentures are loans raised by the assessee, therefore, any expenditure including stamp duty for such debentures is eligible for deduction for computing income of the appellant. A Coordinate Bench of Tribunal in the case of DCIT vs. UAG Builders (P) Ltd. 53 SOT 370 (Del) while considering the issue of fully convertible debentures has deleted the addition by observing as under :- “7. We have heard the rival contentions in light of the material produced and precedent relied upon. We find ourselves in agreement with the Ld. Commissioner of Income Tax (A)'s finding that there was no contingency involved in the…