Jasjeet Films (P) Ltd. v. CIT

NATIONAL AGRICULTURAL COOPERATIVE MARKETING FEDERATION OF INDIA LTD vs. COMMISSIONER OF INCOME TAX DELHI,XI & ANR.

The appeal is allowed but, in the circumstances, with no order as to

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE CHANDER SHEKHAR

…2010 that NAFED incurred a legally enforceable liability to pay interest to Alimenta. Reference was made by the ITAT to the decisions in CIT v. Hindustan Housing & Land Development Trust Ltd.(1986) 161 ITR 524 (SC) and Jasjeet Films (P) Ltd. v. CIT (2007) 165 Taxmann 599 (Del). The alternative point of view regarding the ITA No. 161 of 2016 Page 6 of 8 deduction being hit by Section 40(a)(i) of the Act was held to be non- applicable “as the underlining condition for its applicability, being the otherwise eligibility of deduction for expense, becomes wanting.”…

GE CAPITAL SERVICES INDIA vs. ADDL CIT RANGE 2,

In the result, the appeals of the assessee and Revenue are partly allowed for

Bench: Smt Diva Singh & Sh.L.P.Sahu

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘C’ NEW DELHI BEFORE SMT DIVA SINGH, JUDICIAL MEMBER AND SH.L.P.SAHU, ACCOUNTANT MEMBER I.T.A .No.-2808/Del/2007 (ASSESSMENT YEAR-2001-02) DCIT, vs M/s G.E. Capital Services India, Circle-12(1), AIFACS Building, 1, Rafi Marg, New Delhi New Delhi-110001.. (Appellant) (Respondent) I.T.A .No.-2898/Del/2007 (ASSESSMENT YEAR-2001-02) M/s G.E. Capital Services India, vs ACIT, AIFACS Building, 1, Rafi Marg, Range-12, New Delhi-110001. C.R.Building, New Delhi (Appellant) (Respondent) Appellant by Sh.S.Sabharwal, Sr.Adv.& Sh. Rahul Sateeja, Adv. Respondent by Sh. A…

DCIT CIRCLE 12 (1) vs. G.E. CAPITAL SERVICES INDIA,

In the result, the appeals of the assessee and Revenue are partly allowed for

Bench: Smt Diva Singh & Sh.L.P.Sahu

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘C’ NEW DELHI BEFORE SMT DIVA SINGH, JUDICIAL MEMBER AND SH.L.P.SAHU, ACCOUNTANT MEMBER I.T.A .No.-2808/Del/2007 (ASSESSMENT YEAR-2001-02) DCIT, vs M/s G.E. Capital Services India, Circle-12(1), AIFACS Building, 1, Rafi Marg, New Delhi New Delhi-110001.. (Appellant) (Respondent) I.T.A .No.-2898/Del/2007 (ASSESSMENT YEAR-2001-02) M/s G.E. Capital Services India, vs ACIT, AIFACS Building, 1, Rafi Marg, Range-12, New Delhi-110001. C.R.Building, New Delhi (Appellant) (Respondent) Appellant by Sh.S.Sabharwal, Sr.Adv.& Sh. Rahul Sateeja, Adv. Respondent by Sh. A…

NATIONAL AGRICULTURAL COOPERATIVE MARKETING FEDERATION OF INDIA LTD vs. JCIT RANGE-32,

Bench: Justice (Retd.) Dev Darshan Sud, Hon’Ble, Shri G.C. Gupta, Vp & Shri R.S. Syal Am

…timing of deductibility. On the contrary, we are confronted with a situation in which no liability, as such, has been incurred by the assessee, for which a deduction is sought. 17. The next case relied by the ld. AR is Jasjeet Films (P) Ltd. Vs. CIT (2007) 165 Taxmann 599 (Del). The assessee in this case constructed a cinema building on a plot of land allotted to it on lease by Delhi Development Authority (DDA). Construction of the said building was completed in August, 1970. On 9.9.1980, the DDA issued a letter to the assessee, wherein demand was raised for ground rent and also towards interest charges for…

NATIONAL AGRICULTURAL COOPERATIVE MARKETING FEDERATION OF INDIA LTD vs. JCIT RANGE-32,

Bench: Justice (Retd.) Dev Darshan Sud, Hon’Ble, Shri G.C. Gupta, Vp & Shri R.S. Syal Am

…timing of deductibility. On the contrary, we are confronted with a situation in which no liability, as such, has been incurred by the assessee, for which a deduction is sought. 17. The next case relied by the ld. AR is Jasjeet Films (P) Ltd. Vs. CIT (2007) 165 Taxmann 599 (Del). The assessee in this case constructed a cinema building on a plot of land allotted to it on lease by Delhi Development Authority (DDA). Construction of the said building was completed in August, 1970. On 9.9.1980, the DDA issued a letter to the assessee, wherein demand was raised for ground rent and also towards interest charges for…