ACIT, CIRCLE-26(1), NEW DELHI vs. VALUE FIRST DIGITAL MEDIA PVT. LTD.,, NEW DELHI

In the result, ITA No. 3143/Del/2019 [A

Bench: Shri Narender Kumar Choudhry & Dr. B.R.R. Kumar

carry forward of business losses of Rs. 8,32,95,763/- pertaining to brought forward business losses of the demerged undertaking M/s Gingersoft Media Pvt. Ltd. for the period prior to 01.04.2011. 2. On the facts and in the circumstances of the case, the Ld. CIT(A) has erred in allowing the above without appreciating that the above brought forward

RRPR HOLDING PVT. LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, Grounds No

Bench: Shri Challa Nagendra Prasad & Shri Pradip Kumar Kedia

forward thereof fails on this count too. 15. At this juncture, we may hasten to add that Section 254 of the Act defines the powers of the Tribunal in widest possible terms. Where it is found that a non-taxable item is taxed or a I.T.A. No.4700/Del/2014 14 permissible deduction is denied, there is no reason to prevent assessee from

PETRONET LNG LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

losses/ unabsorbed depreciation carried forward in the year the deduction is claimed. 34. This ratio applies to ground nos. 1 & 2 of the departmental appeal for the assessment years 2009-10, 2010-11 and ground no. 1 for the assessment year 2011-12. Deduction u/s 14A: The appeal of the revenue on Rule 8D(2)(ii) The appeal

DCIT, NEW DELHI vs. M/S. PETRONET LNG LTD., NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

losses/ unabsorbed depreciation carried forward in the year the deduction is claimed. 34. This ratio applies to ground nos. 1 & 2 of the departmental appeal for the assessment years 2009-10, 2010-11 and ground no. 1 for the assessment year 2011-12. Deduction u/s 14A: The appeal of the revenue on Rule 8D(2)(ii) The appeal

DCIT, NEW DELHI vs. M/S. PETRONET LNG LTD., NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

losses/ unabsorbed depreciation carried forward in the year the deduction is claimed. 34. This ratio applies to ground nos. 1 & 2 of the departmental appeal for the assessment years 2009-10, 2010-11 and ground no. 1 for the assessment year 2011-12. Deduction u/s 14A: The appeal of the revenue on Rule 8D(2)(ii) The appeal

DCIT, NEW DELHI vs. M/S. PETRONET LNG LTD., NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

losses/ unabsorbed depreciation carried forward in the year the deduction is claimed. 34. This ratio applies to ground nos. 1 & 2 of the departmental appeal for the assessment years 2009-10, 2010-11 and ground no. 1 for the assessment year 2011-12. Deduction u/s 14A: The appeal of the revenue on Rule 8D(2)(ii) The appeal

PETRONET LNG LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

losses/ unabsorbed depreciation carried forward in the year the deduction is claimed. 34. This ratio applies to ground nos. 1 & 2 of the departmental appeal for the assessment years 2009-10, 2010-11 and ground no. 1 for the assessment year 2011-12. Deduction u/s 14A: The appeal of the revenue on Rule 8D(2)(ii) The appeal

PETRONET LNG LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

losses/ unabsorbed depreciation carried forward in the year the deduction is claimed. 34. This ratio applies to ground nos. 1 & 2 of the departmental appeal for the assessment years 2009-10, 2010-11 and ground no. 1 for the assessment year 2011-12. Deduction u/s 14A: The appeal of the revenue on Rule 8D(2)(ii) The appeal

M/S VALUE FIRST DIGITAL MEDIA PVT. LTD.,,NEW DELHI vs. DCIT, NEW DELHI

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

carry forward of losses and unabsorbed depreciation of demerged business undertakings of Cellnext Solution Limited. 2.1 That on the facts and circumstances of the case and in law, the Ld. CIT(A) erred in dismissing the Appellant’s ground of appeal on setoff of business loss and unabsorbed depreciation amounting

VALUE FIRST DIGITAL MEDIA PVT. LTD.,,NEW DELHI vs. DCIT, CIRCLE-26(1), NEW DELHI

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

carry forward of losses and unabsorbed depreciation of demerged business undertakings of Cellnext Solution Limited. 2.1 That on the facts and circumstances of the case and in law, the Ld. CIT(A) erred in dismissing the Appellant’s ground of appeal on setoff of business loss and unabsorbed depreciation amounting

PUNJAB NATIONAL BANK,DELHI vs. DCIT, CIRCLE-19(1), DELHI

In the result, appeal of assessee in ITA No

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

TDS Credit can not be denied. 17. We do not find any reason to interfere with the decision of the CIT(A). Accordingly, we dismiss Ground No. 2 of the Revenue. 18. Ground No. 3 relates to the deletion of addition of Rs. 53,11,30,453/- in respect of carried forward of long term capital loss

DCIT, CIRCLE - 19(1), DELHI vs. PUNJAB NATIONAL BANK, MAHARASHTRA

In the result, appeal of assessee in ITA No

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

TDS Credit can not be denied. 17. We do not find any reason to interfere with the decision of the CIT(A). Accordingly, we dismiss Ground No. 2 of the Revenue. 18. Ground No. 3 relates to the deletion of addition of Rs. 53,11,30,453/- in respect of carried forward of long term capital loss

NEC HCL SYSTEM TECHNOLOGIES LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result we confirm the finding the of the CIT (A) regarding deletion of disallowance u/s 40a (i) of The Income tax Act of Rs

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishi

forward losses and unabsorbed depreciation. Notice under section 143(2) of the Act was issued. In response to the said notice, the Appellant furnished documentation/ information/ clarifications as requested by the AO during the course of assessment proceedings. The 3 | P a g e NEC HCL System Technologies Ltd. V ACIT ITA No 5497/Del /2012 A.Y. 2008-09 ACIT

SUMITOMO CORPORATION,NEW DELHI vs. DCIT (INTERNATIONAL TAXATION), NEW DELHI

Appeal of the assessee is partly allowed for statistical purpose

Bench: Shri R. K. Panda & Ms Suchitra Kamble(Through Video Conferencing) Sumitomo Corporation Vs Dcit (International Taxation) G-195, Circle-3(1)(2) Sarita Vihar New Delhi New Delhi Aabcs6011P (Appellant) (Respondent)

carrying forward the balance capital loss. 4. That the DRP has erred in passing a non-speaking order while dismissing the grounds relating to capital gain referred in para 3.2 to 3.5. 5. That the learned AO has erroneously stated that the reasons mentioned in the order may be treated as satisfactory for initiating penalty proceedings under section

AVIAXPERT PVT. LTD.,NEW DELHI vs. ITO WARD 3(1), NEW DELHI

In the result, appeal of the assessee is partly allowed as

Bench: Shri Challa Nagendra Prasad & Shri Brajesh Kumar Singhआ.अ.सं/.I.T.A No.87/Del/2024 िनधा"रणवष"/Assessment Year: 2017-18 बनाम Avia Xpert Pvt. Ltd. Ito, E-178, East Of Kailash, Vs. Ward 3(1), New Delhi. C.R. Building, I.P. Estate, New Delhi. Pan No. Aaica7960L अपीलाथ" Appellant ""यथ"/Respondent

TDS credit of Rs.77,52,917/-. However, a disallowance of Rs.1,80,95,758/- was made u/s 36(1)(va) of the Act. Ld. Counsel submits that assessee filed a rectification application u/s 154 against order dated 08/04/2019 passed by CPC to accept the returned income and delete the disallowance made u/s 36(1)(va) of the Act. Ld. Counsel

WEL INTERTRADE PVT. LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeal of the assessee in ITA No

Bench: Before Shri N.K. Billaiya & Ms. Astha Chandraasstt. Year : 2011-12 Wel Intertrade Private Vs. Acit, Circle-27(2), Limited, New Delhi. 5,E Local Shopping Centre Masjid Moth, Greater Kailash Part 2, New Delhi – 110 048 Pan Aaacw10187F (Appellant) (Respondent) Asstt. Year : 2012-13

carry forward and set off of business loss in accordance with law. 8. Ground No. 6,6.1,6.1.1, 6.1.2, 6.2, 6.2.1, 6.2.2 and 6.2.3 relate to addition of Rs. 7,45,81,575/- made by the Ld. AO as income from undisclosed sources which have been confirmed by the Ld. CIT(A)-1. The issue has been discussed

PCL FOODS PVT. LTD.,GURGAON vs. ADDI CIT, NATIONAL E- ASSESMENT CENTRE, NEW DELHI

In the result, this appeal of the assessee is partly allowed

Bench: Ms. Madhumita Roy & Shri Brajesh Kumar Singh[Assessment Year: 2016-17] Pcl Foods Private Limited, Additional / Joint/ Unit No.-219, Plot No. 2, Deputy/Assistant Vardhman Crown Mall, Lsc, Vs Commissioner Of Income Sector 19, Dwarka, New Tax/ Income Tax Officer, Delhi-110075. National E-Assessment Centre, Delhi. Pan- Aahcp3493L Assessee Revenue

carry forward of such speculative foreign exchange losses and set off in the subsequent years against future foreign exchange gains. 18. That the Ld. AO has erred on facts in specifying the incorrect figure of Foreign Exchange Loss- F & O of ₹ 3,69,12,311/- at Pg. No. 13 of Draft Assessment order whereas the same has been shown correctly

MR. MOHIT GUPTA,FARIDABAD vs. CIT, FARIDABAD

Accordingly the appeal filed by the assessee stands partly allowed

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

TDS was deducted and reflected on the computer system of the department as per Form 26AS. However, the said interest income was not shown -in the Return of Income filed on 28.07.2010. Notice u/s 143(2) was issued on 29.08.2011 fixing the case far hearing on 13.09.2011. 3.3 After receipt of the notice u/s 143(2) dated 29.08.2011, you revised