Income Tax International Taxation-II v. Rolls Royce Industrial Power Ltd.

ITO Ward - 8(3), New Delhi vs. Escorts Finance Limited, Faridabad

Bench: Sh. R.K.Panda & Sh. Anubhav Sharmam/S. Escorts Finance Limited Vs. Dy. Commissioner Of Income 15/5, Mathura Road Tax Faridabad-121 003 Circle 11(1), Pan –Aaace0763B New Delhi Ito Vs. M/S. Escorts Finance Limited Ward-8(3), 15/5, Mathura Road New Delhi Faridabad-121 003 Pan –Aaace0763B (Appellant) (Respondent)

…lhi) ii) Principal Commissioner of Income Tax-2 v. L & T Ltd. [2020] 113 taxmann.com 47 (Bombay) 4 ITA No. 7977 & 9122/Del./2019 M/s. Escorts Finance Limited iii) director of Income Tax International Taxation-II vs. Rolls Royce Industrial Power Ltd. [2017] 394 ITR 547 (Delhi) 5.1. Ld. Representative of the assessee submitted that the assessment order itself shows lack of application of mind as the income allegedly escaped is shown to be 4,07,99,236/- , on account of loss on sale of repossessed assets 2,95,61,000/- and excess reduction 1,12,38,236/-, but addition was made on loss of repossessed assets 2,95,61,…

Escorts Finance Limited, Faridabad vs. DCIT, Circle-11(1), New Delhi

Bench: Sh. R.K.Panda & Sh. Anubhav Sharmam/S. Escorts Finance Limited Vs. Dy. Commissioner Of Income 15/5, Mathura Road Tax Faridabad-121 003 Circle 11(1), Pan –Aaace0763B New Delhi Ito Vs. M/S. Escorts Finance Limited Ward-8(3), 15/5, Mathura Road New Delhi Faridabad-121 003 Pan –Aaace0763B (Appellant) (Respondent)

…lhi) ii) Principal Commissioner of Income Tax-2 v. L & T Ltd. [2020] 113 taxmann.com 47 (Bombay) 4 ITA No. 7977 & 9122/Del./2019 M/s. Escorts Finance Limited iii) director of Income Tax International Taxation-II vs. Rolls Royce Industrial Power Ltd. [2017] 394 ITR 547 (Delhi) 5.1. Ld. Representative of the assessee submitted that the assessment order itself shows lack of application of mind as the income allegedly escaped is shown to be 4,07,99,236/- , on account of loss on sale of repossessed assets 2,95,61,000/- and excess reduction 1,12,38,236/-, but addition was made on loss of repossessed assets 2,95,61,…

M/S. Bose Corporation India Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal filed by the assessee is allowed

Bench: Shri N.K. Billaiya & Shri Kuldip Singh[Assessment Year: 2008-09] Bose Corporation India Pvt. Ltd., Vs. Dcit 3Rd Floor, Plot No.4, Circle – 5(1), Salcon Aurum, Jasola District New Delhi Centre, New Delhi – 110 025 Pan No. Aaacb 3260 A [Appellant] [Respondent]

…1 IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘A’ BENCH, NEW DELHI [THROUGH VIDEO CONFERENCE] BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI KULDIP SINGH, JUDICIAL MEMBER [Assessment Year: 2008-09] Bose Corporation India Pvt. Ltd., Vs. DCIT 3rd Floor, Plot No.4, Circle – 5(1), Salcon Aurum, Jasola District New Delhi Centre, New Delhi – 110 025 PAN No. AAACB 3260 A [Appellant] [Respondent] Date of Hearing : 01.09.2020 Date of Pronouncement : 03.09.2020 Assessee by : Shri K. M. Gupta, Adv Revenue by : Ms Rakhi Vimal, Sr. DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER, This appeal by the assessee…

M/S. Network Programme (India) Ltd., New Delhi vs. ITO, New Delhi

In the result, the appeal of the assessee is allowed

Bench: : Shri Bhavnesh Saini & Shri L.P. Sahuassessment Year: 2002-03

…had no tangible material to reopen the completed assessment. Reliance is placed on the decision of Hon’ble Supreme Court in the case of Kelvinator of India, 320 ITR 561 (SC) and of Hon’ble Delhi High Court in DIT vs. Rolls Royce Industries Power India Ltd., 394 ITR 547 (Del.) and Delhi High ITA No. 4147/Del./2014 6 Court in Indu Lata Rangwala vs. DCIT, 384 ITR 337 Del.). Several other decisions have also been relied upon by the assessee (copies placed on record). 4. On the other hand, the ld. DR relied on the order of the ld. Authorities below and submitted that the lapse on the part of Assessing Officer t…