Jay Metal Industries (P) Ltd. v. CIT

M/S Active Securities Limited, New Delhi vs. ITO, New Delhi

The appeals are allowed

Bench: Shri G.S. Pannu, Hon’Ble & Shri Anubhav Sharma

…aim depreciation of Rs. 6,98,81,906 including depreciation of Rs. 2,81,24,572 in relation to assets other than building). Reliance, in this regard was placed on the decision of the Hon'ble Delhi High Court in the case of Jay Metal Industries (P) Ltd. vs. CIT: 396 ITR 194, wherein, the Court, under similar circumstances, held that rental income received from letting out of building alongwith furniture, fixtures, etc., would be taxable under the head 'income from other sources' and accordingly, depreciation would be allowable in terms of provisions of section 57(iii) of the Act. The relevant finding of the Court as…

Microsoft India (R&D) Private Limited, New Delhi vs. Neac, New Delhi

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Shamim Yahya & Shri Saktijit Deyassessment Year: 2016-17

…(Mum ITAT). c. That on the facts and in law, the Ld. AO and Ld. DRP erred in not finally deciding the characterisation of composite rental income considering the judgement of jurisdictional High Court in the case of Jay Metal Industries (P) Ltd. vs CIT (2017) 396 ITR 194 (Del). 16. That on the facts and in law, the Ld. AO was not justified and has erred in not granting tax deducted at source to the extent of Rs.1,69,948. 17. That on the facts and in law, the Ld AO erred in levying interest u/s 234A of the Act without considering the fact, that return of income for relevant assessment year has been furnished withi…

The Pr. Commissioner of Income Tax -6 vs. Deputy Commissioner of Income Tax

The appeals are disposed of in above terms

…earned ITAT has restored the above issues to the AO for a fresh decision following its earlier order dated 28.06.2016 in ITA No. 2058/DEL/2015. The ITAT being a last fact finding authority, is empowered to examine the documents and law placed by the 2 396 ITR 194 (Del.) 2021:DHC:11-DB ITA 247/2019 and connected matters Page 15 of 17 assessee in support of its claim. It is well settled law that remand is not a power to be exercised in a routine manner and should be used sparingly, as an exception only when the facts warranted such course of action. In our opinion, when the requisite materia…

The Pr. Commissioner of Income Tax -6 vs. Deputy Commissioner of Income Tax

The appeals are disposed of in above terms

…earned ITAT has restored the above issues to the AO for a fresh decision following its earlier order dated 28.06.2016 in ITA No. 2058/DEL/2015. The ITAT being a last fact finding authority, is empowered to examine the documents and law placed by the 2 396 ITR 194 (Del.) 2021:DHC:11-DB ITA 247/2019 and connected matters Page 15 of 17 assessee in support of its claim. It is well settled law that remand is not a power to be exercised in a routine manner and should be used sparingly, as an exception only when the facts warranted such course of action. In our opinion, when the requisite materia…

The Pr. Commissioner of Income Tax -6 vs. Deputy Commissioner of Income Tax

The appeals are disposed of in above terms

…earned ITAT has restored the above issues to the AO for a fresh decision following its earlier order dated 28.06.2016 in ITA No. 2058/DEL/2015. The ITAT being a last fact finding authority, is empowered to examine the documents and law placed by the 2 396 ITR 194 (Del.) 2021:DHC:11-DB ITA 247/2019 and connected matters Page 15 of 17 assessee in support of its claim. It is well settled law that remand is not a power to be exercised in a routine manner and should be used sparingly, as an exception only when the facts warranted such course of action. In our opinion, when the requisite materia…

The Pr. Commissioner of Income Tax -6 vs. Deputy Commissioner of Income Tax

The appeals are disposed of in above terms

…earned ITAT has restored the above issues to the AO for a fresh decision following its earlier order dated 28.06.2016 in ITA No. 2058/DEL/2015. The ITAT being a last fact finding authority, is empowered to examine the documents and law placed by the 2 396 ITR 194 (Del.) 2021:DHC:11-DB ITA 247/2019 and connected matters Page 15 of 17 assessee in support of its claim. It is well settled law that remand is not a power to be exercised in a routine manner and should be used sparingly, as an exception only when the facts warranted such course of action. In our opinion, when the requisite materia…

Microsoft India (R&D) Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the Revenue is dismissed and that of the assessee is partly allowed for statistical purposes

Bench: Shri N. K. Billaiya & Ms Suchitra Kamble

…the Income from other sources, whereas the authorities have taxed the same as income from house property. Though this is a recurring issue from earlier years, recent jurisdictional High Court decision in the 13 case of Jay Metal Industries (P.) Ltd. v. CIT (396 ITR 194) is binding on this Hon'ble Tribunal. In view of principles laid down in Asit C Mehta Vs DCIT ( 2006) 10 SOT 36 , Appellant is entitled to seek decision on this issue unlike the remand directions in earlier years and accordingly prays for final and conclusive decision on this issue. It is respectfully submitted that though this case law was broug…