Revenue. In CIT v. Escorts Finance Ltd.

Triune Energy Pvt. Ltd., New Delhi vs. ACIT Circle-7(1), New Delhi

The appeal stands allowed

Bench: Shri Anil Chaturvedi & Shri Anubhav Sharmaassessment Year: 2008-09

…e that the expenses were incurred on the day to day maintenance of the building which was in possession as lessee. Learned counsel relied on the judgments of Hon’ble Delhi High Court in CIT vs. Hi Line Pens Pvt. Ltd. 306 ITR 182; CIT vs. Escorts Finance Ltd. 205 CTR 574 (Del); CIT Vs. Delhi Press Samachar Patra (P) Ltd. 322 ITR 590 (Del); and Instalment Supply Pvt. 7 Ltd. Vs. CIT 149 ITR 52 (Del). It was also pointed out that the expenditure on repair & maintenance of building incurred in A.Y. 2009-10 was not disallowed in order of assessment framed u/s 143(3) of the Act. 6.2. Learned DR has supported the fin…

ACIT, New Delhi vs. M/S Opus Projects Ltd., Delhi

Appeal is dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi(Through Video Conferencing)

…ess of such expenditure and it is revenue in nature. With respect to expenditure of renovation, he held that assessee submitted details of such expenditure and no new asset has come into place. He therefore, considering decision of Hon’ble Delhi High Court in 205 CTR 574 in CIT Vs. Escorts Finance Ltd held that expenditure incurred by assessee was only required to make premises operational and functional. He further held that it did not bring in to existence any new asset of an enduring nature. He also noted that assessee has also incurred capital expenditure separately and assessee capitalized it. Thus, he delet…

DCIT, New Delhi vs. M/S. Opus Projects Ltd., New Delhi

Appeal is dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi(Through Video Conferencing)

…ess of such expenditure and it is revenue in nature. With respect to expenditure of renovation, he held that assessee submitted details of such expenditure and no new asset has come into place. He therefore, considering decision of Hon’ble Delhi High Court in 205 CTR 574 in CIT Vs. Escorts Finance Ltd held that expenditure incurred by assessee was only required to make premises operational and functional. He further held that it did not bring in to existence any new asset of an enduring nature. He also noted that assessee has also incurred capital expenditure separately and assessee capitalized it. Thus, he delet…

DCIT, New Delhi vs. M/S. Opus Projects Ltd., New Delhi

Appeal is dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi(Through Video Conferencing)

…ess of such expenditure and it is revenue in nature. With respect to expenditure of renovation, he held that assessee submitted details of such expenditure and no new asset has come into place. He therefore, considering decision of Hon’ble Delhi High Court in 205 CTR 574 in CIT Vs. Escorts Finance Ltd held that expenditure incurred by assessee was only required to make premises operational and functional. He further held that it did not bring in to existence any new asset of an enduring nature. He also noted that assessee has also incurred capital expenditure separately and assessee capitalized it. Thus, he delet…

ACIT, Circle-1 vs. Oil & Natural Gas Corporation Ltd

In the result, appeal filed by the Revenue is dismissed

Bench: Shri N.K. Billaiya & Smt Beena A. Pillai

…1 IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘E’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND SMT BEENA A. PILLAI, JUDICIAL MEMBER ITA No. 358/DEL/2005 (A.Y. 2001-02) Oil and Natural Gas Corporation Ltd Vs. Addl. CIT Corporate Tax Division Range - I Room No. 442, Institute of Drilling Dehradun Technology, Kaulagarh Road Dehradun PAN : AAACO 1598 A ITA No. 375/DEL/2005 (A.Y. 2001-02) Addl. CIT Vs. Oil and Natural Gas Corporation Ltd Range – 1 Room No. 442, Institute of Drilling Dehradun Technology, Kaulagarh Road Dehradun PAN : AAACO 1598 A [Appellant] [Respondent] Date of Hearing : 08.…

Oil & Natural Gas Corporation Ltd vs. Addl. CIT, Range-I

In the result, appeal filed by the Revenue is dismissed

Bench: Shri N.K. Billaiya & Smt Beena A. Pillai

…1 IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘E’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND SMT BEENA A. PILLAI, JUDICIAL MEMBER ITA No. 358/DEL/2005 (A.Y. 2001-02) Oil and Natural Gas Corporation Ltd Vs. Addl. CIT Corporate Tax Division Range - I Room No. 442, Institute of Drilling Dehradun Technology, Kaulagarh Road Dehradun PAN : AAACO 1598 A ITA No. 375/DEL/2005 (A.Y. 2001-02) Addl. CIT Vs. Oil and Natural Gas Corporation Ltd Range – 1 Room No. 442, Institute of Drilling Dehradun Technology, Kaulagarh Road Dehradun PAN : AAACO 1598 A [Appellant] [Respondent] Date of Hearing : 08.…

Shervani Hospitalities Ltd vs. Commissioner of Income Tax

The appeal is disposed of

…nt repairs‟ should be allowed as revenue deduction as by very nature tenancy right is for a limited period and does not create any asset. The question was answered in favour of the assessee and against the Revenue. In CIT vs. Escorts Finance Ltd. (2006) 205 CTR 574 (Del.), yet again expenditure incurred on carrying out repairs to make the premises workable, to replace glasses etc. was treated as a revenue expense. The expenditure included polishing of floor, wooden paneling etc. Reference in this regard may also be made to decisions of the Madras High Court and the Punjab and Haryana High Court in…