CIT vs. TEI TECHNOLOGIES PVT LTD

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

Gains of Business As per computation of income filed with return : `1,02,22,214/- Add: Technical Support Fees : `1,32,05,273/- Gross Total Income : `2,34,26,941/- Less: Exemption u/s 10 [3213829-607911 as discussed above + 924369 (technical fee as computed by assessee though it was not computed correctly as per agreement] : `35,30,287/- Income Assessed

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

The appeal is allowed as indicated above

Bench: Shri Vikas Awasthy & Shri Brajesh Kumar Singh

gains derived from the export of articles or things or computer software”. 7.11 Further, it was submitted that the aforesaid Circular, too, clearly provides that tax benefit under section 10B of the Act is in the nature of "deduction" and the Circular further clarified that income/loss from various sources, i.e. eligible and ineligible units, under the same head have

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

The appeal is allowed as indicated above

Bench: Shri Vikas Awasthy & Shri Brajesh Kumar Singh

gains derived from the export of articles or things or computer software”. 7.11 Further, it was submitted that the aforesaid Circular, too, clearly provides that tax benefit under section 10B of the Act is in the nature of "deduction" and the Circular further clarified that income/loss from various sources, i.e. eligible and ineligible units, under the same head have

SYSTEMS AMERICA (INDIA) LTD. vs. ADDL. COMMISSIONER OF INCOME TAX,,

In the result, appeal of the assessee is partly allowed and that of the Department is dismissed

Bench: Shri N.K. Saini & Shri Kuldip Singh

7. That the transferor has agreed to obtain whatever permission/clearances which may be required from RBI and other government departments/agencies in connection with the transfer of aforesaid shares to the transferee.’’ 10. However, the AO did not agree with the submission of the assessee and denied the claim of deduction under section 10A of the Act by holding that

ACIT, CIRCLE-7(1) vs. SYSTEM AMERICA INDIA LTD.,,

In the result, appeal of the assessee is partly allowed and that of the Department is dismissed

Bench: Shri N.K. Saini & Shri Kuldip Singh

7. That the transferor has agreed to obtain whatever permission/clearances which may be required from RBI and other government departments/agencies in connection with the transfer of aforesaid shares to the transferee.’’ 10. However, the AO did not agree with the submission of the assessee and denied the claim of deduction under section 10A of the Act by holding that

ACIT, NEW DELHI vs. M/S. NIIT TECHNOLOGIES LTD., NEW DELHI

In the result, the appeal of the Revenue is dismissed and cross objection of the assessee is allowed for statistical purposes

Bench: : Shri Amit Shukla & Shri L.P. Sahuassessment Year: 2006-07

Capital Gain 64,46,187 Income from Other Sources 1,68,98,037 50,90,742 Less : Brought forward unabsorbed depreciation 14,22,71,036 Gross Total Loss (13,71,80,294) From the above table, the Assessing Officer observed that the assessee has claimed deduction u/s. 10B without considering the brought forward unabsorbed depreciation and that the assessee

ANANT RAJ LTD.,NEW DELHI vs. DCIT, CIRCLE-2(2), NEW DELHI

The appeal is allowed partly as indicated above

Bench: Shri Amit Shukla & Shri Prashant Maharishi

10A, 11,15&16 of the section 155 in this regard. In support of this contention, reliance was placed on the judgment of Shah VrajlalMadhavji [1974] 95 ITR 614 (KER.) holding that the quantum of capital gain can be altered by way of rectification on subsequent change in sale consideration by High Court. Thus, he submitted that, this revised return

DCIT, CIRCLE-2(2), NEW DELHI vs. ANANT RAJ LTD., NEW DELHI

The appeal is allowed partly as indicated above

Bench: Shri Amit Shukla & Shri Prashant Maharishi

10A, 11,15&16 of the section 155 in this regard. In support of this contention, reliance was placed on the judgment of Shah VrajlalMadhavji [1974] 95 ITR 614 (KER.) holding that the quantum of capital gain can be altered by way of rectification on subsequent change in sale consideration by High Court. Thus, he submitted that, this revised return

DCIT, CIRCLE-2(2), NEW DELHI vs. ANANT RAJ LTD., NEW DELHI

The appeal is allowed partly as indicated above

Bench: Shri Amit Shukla & Shri Prashant Maharishi

10A, 11,15&16 of the section 155 in this regard. In support of this contention, reliance was placed on the judgment of Shah VrajlalMadhavji [1974] 95 ITR 614 (KER.) holding that the quantum of capital gain can be altered by way of rectification on subsequent change in sale consideration by High Court. Thus, he submitted that, this revised return

MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the three appeals of the assessee are allowed as indicated above and the appeal of Revenue is partly allowed

Bench: Shris.Rifaur Rahman & Shri Vimal Kumar

Capital Gain/Short Term Capital Loss or any other sham transactions. " Similarly, the clarification for unlisted shares states: "It is, however, clarified that the above would not be necessarily applied in the situation where: (i) the genuineness of the transaction in unlisted shares itself is questionable; or (ii) the transfer of unlisted shares is related to an issue pertaining to lifting

DCIT, NEW DELHI vs. M/S. MARUTI SUZUKI INDIA LTD., NEW DELHI

In the result, all the three appeals of the assessee are allowed as indicated above and the appeal of Revenue is partly allowed

Bench: Shris.Rifaur Rahman & Shri Vimal Kumar

Capital Gain/Short Term Capital Loss or any other sham transactions. " Similarly, the clarification for unlisted shares states: "It is, however, clarified that the above would not be necessarily applied in the situation where: (i) the genuineness of the transaction in unlisted shares itself is questionable; or (ii) the transfer of unlisted shares is related to an issue pertaining to lifting

M/S R SYSTEMS INTERNATIONAL LTD.,,NEW DELHI vs. ACIT, NEW DELHI

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

Bench: Shri N.K. Billaiya & Shri Sudhanshu Srivastava[A.Y 2011-12]

7. It is the say of the ld. counsel for the assessee that the terminology used in sub-section (4) is “Profits of the business” of the undertaking in contradiction to the words “Profits and gains” derived by the assessee from a 100% EOU. According to the ld. counsel for the assessee, the term “from the business of” is much

ACIT, NEW DELHI vs. M/S NIIT TECHNOLOGIES LTD.,, NEW DELHI

In the result, both the appeals of the assessee are partly allowed and the appeal of Revenue for assessment year 2007-08

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

10A unit has to be excluded before arriving at the gross total income of the assessee. The income of 10A unit has to be deducted at source itself and not after computing the gross total income. The total income, used in"'the provisions of section IDA in this context means the global income off the assessee and not the total

NIIT TECHNOLOGIES LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, both the appeals of the assessee are partly allowed and the appeal of Revenue for assessment year 2007-08

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

10A unit has to be excluded before arriving at the gross total income of the assessee. The income of 10A unit has to be deducted at source itself and not after computing the gross total income. The total income, used in"'the provisions of section IDA in this context means the global income off the assessee and not the total

ACIT, NEW DELHI vs. M/S NIIT TECHNOLOGIES LTD.,, NEW DELHI

In the result, both the appeals of the assessee are partly allowed and the appeal of Revenue for assessment year 2007-08

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

10A unit has to be excluded before arriving at the gross total income of the assessee. The income of 10A unit has to be deducted at source itself and not after computing the gross total income. The total income, used in"'the provisions of section IDA in this context means the global income off the assessee and not the total

NIIT TECHNOLOGIES LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, both the appeals of the assessee are partly allowed and the appeal of Revenue for assessment year 2007-08

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

10A unit has to be excluded before arriving at the gross total income of the assessee. The income of 10A unit has to be deducted at source itself and not after computing the gross total income. The total income, used in"'the provisions of section IDA in this context means the global income off the assessee and not the total

COMMISSIONER OF INCOME TAX DELHI -II vs. KEI INDUSTRIES LIMITED

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.K.GAUBA

capital gains). Under section 72, a provision has been made for carry forward and setting off of a loss sustained against the head of profits and gains of business or profession. Under section 72, where a loss which has been sustained under the head of profits and gains of business or profession cannot be set-off against income under

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

7 | P a g e NEC HCL System Technologies Ltd. V ACIT ITA No 5497/Del /2012 A.Y. 2008-09 ACIT V NEC HCL System Technologies Ltd. ITA No 5804/Del/2012 A.Y. 2008-09 an industrial undertaking to which this section applies shall not be included in the total income of the assessee." 2.1 Similarly section 10B as inserted by Finance