ADDL.CIT, SPECIAL RANGE- 9, NEW DELHI vs. VLCC HEALTH CARE LTD., NEW DELHI

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri S.Rifaur Rahman & Shri Sudhir Pareekaddl.Cit, Special Range 9, Vs. Vlcc Health Care Ltd., New Delhi. M – 14, Commercial Complex, Greater Kailash Part Ii, New Delhi - 110 048. (Pan : Aaacc4808P) (Appellant) (Respondent) Assessee By : Shri Vinod Kumar Bindal, Ca Ms. Rinky Sharma, Advocate Revenue By : Shri Vivek K. Upadhyay, Sr. Dr Date Of Hearing : 27.08.2024 Date Of Order : 09.10.2024 Order Per S.Rifaur Rahman,Am: 1. This Appeal Has Been Filed By The Revenue Against The Order Of Ld. Commissioner Of Income Tax (Appeals)-33, New Delhi [“Ld. Cit(A)”, For Short] Dated 08.11.2016 For The Assessment Year 2009-10. 2. Brief Facts Of The Case Are, Assessee Filed Its Return Of Income On 29.09.2009 For The Ay 2009-10 Declaring An Income Of Rs.14,34,56,042. The Case Was Processed Under Section 143(1) Of The Income-Tax Act, 1961 (For Short ‘The Act’). The Case Was Selected For Scrutiny & Notices U/S 2 143(2) & 142 (1) Along With Questionnaire Were Issued & Served On The Assessee. In Response, Ld. Ar Of The Assessee Attended From Time To Time & Filed The Relevant Information As Called For. 3. Assessee Is Engaged In The Business Of Slimming & Beauty Services. The Assessee Has Not Disclosed Any Other Source Of Income During The Year. During Assessment Proceedings, Ao Observed That The Assessee Is Carrying Substantial Credit Balances As Current Liabilities Under The Head ‘Advance From Customers’. The Assessee Was Asked To Explain Along With Supporting Documents. Assessee Vide Its Letter Dated 22.11.2011 Submitted As Under :-

gain any control in the said set up or premises but merely used the experience, skills, services and set up of said third party. AO reproduced the relevant clauses of the franchisee agreement in particular Clauses E & F. He also reproduced the obligations of franchisee at page 8 of the assessment order. The AO observed that based on the above

COMMISSIONER OF INCOME TAX vs. CAREER LAUNCHER INDIA LTD

In the result, the first three substantial questions of law in ITA

capital expenditure. It is part of the price paid for the Noida land; it is an adjunct to the price and hence part of it. It is therefore not allowable as a deduction under Section 37(1). 13. We accordingly answer the substantial questions of law No.2 for the assessment year 2004-05 and No.IV for the assessment year

R N SAHNI,NEW DELHI vs. ITO, WARD - 32(3), NEW DELHI

In the result, the appeal filed by the assessee is allowed as per the above directions

Bench: CIT(A) & again considering the said amount as income from house property resulting into double additions.3. The Id. CIT(A) is wrong in confirming the disallowance of Rs.30985/- out of the total disallowance amounting to Rs.1893103/- u/s 43-B on account of unpaid taxes since the assessee has furnished all the bills/vouchers & copy of Tax Audit Report duly marked.

capital gains (loss) and other sources of income as taxable income. 1.4. Apart from the above the assessee is maintaining his personal assets and prepared statement of affairs separately for such assets/income. The assessee has disclosed income from dividend from shares / mutual fund amounting to R. N. Sahni vs. ITO Rs.83,08,087/- which was claimed as exempt

DCIT, CIRCLE-10(1), DELHI vs. INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED, DELHI

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

gain settlement of such contracts is operating in nature and was rightly offered to tax as business income. 14.1 In fact, as a matter of practice, gain/loss on interest rate swap has always been considered by the assessee for the purpose of determination of P a g e | 24 ITA Nos. 2566 to 2573 & 2910 to 2917/Del/2024 Indian Renewable Energy

INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED,DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 10(1), DELHI, DELHI

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

gain settlement of such contracts is operating in nature and was rightly offered to tax as business income. 14.1 In fact, as a matter of practice, gain/loss on interest rate swap has always been considered by the assessee for the purpose of determination of P a g e | 24 ITA Nos. 2566 to 2573 & 2910 to 2917/Del/2024 Indian Renewable Energy

DCIT, CIRCLE-10(1), DELHI vs. INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED, DELHI

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

gain settlement of such contracts is operating in nature and was rightly offered to tax as business income. 14.1 In fact, as a matter of practice, gain/loss on interest rate swap has always been considered by the assessee for the purpose of determination of P a g e | 24 ITA Nos. 2566 to 2573 & 2910 to 2917/Del/2024 Indian Renewable Energy

INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED,DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-10(1), DELHI, DELHI

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

gain settlement of such contracts is operating in nature and was rightly offered to tax as business income. 14.1 In fact, as a matter of practice, gain/loss on interest rate swap has always been considered by the assessee for the purpose of determination of P a g e | 24 ITA Nos. 2566 to 2573 & 2910 to 2917/Del/2024 Indian Renewable Energy

INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED,DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 10(1), DELHI, DELHI

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

gain settlement of such contracts is operating in nature and was rightly offered to tax as business income. 14.1 In fact, as a matter of practice, gain/loss on interest rate swap has always been considered by the assessee for the purpose of determination of P a g e | 24 ITA Nos. 2566 to 2573 & 2910 to 2917/Del/2024 Indian Renewable Energy

INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED,DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 10(1), DELHI, DELHI

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

gain settlement of such contracts is operating in nature and was rightly offered to tax as business income. 14.1 In fact, as a matter of practice, gain/loss on interest rate swap has always been considered by the assessee for the purpose of determination of P a g e | 24 ITA Nos. 2566 to 2573 & 2910 to 2917/Del/2024 Indian Renewable Energy

DCIT, CIRCLE-10(1), DELHI vs. INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED, DELHI

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

gain settlement of such contracts is operating in nature and was rightly offered to tax as business income. 14.1 In fact, as a matter of practice, gain/loss on interest rate swap has always been considered by the assessee for the purpose of determination of P a g e | 24 ITA Nos. 2566 to 2573 & 2910 to 2917/Del/2024 Indian Renewable Energy

INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED,DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-10(1), DELHI, DELHI

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

gain settlement of such contracts is operating in nature and was rightly offered to tax as business income. 14.1 In fact, as a matter of practice, gain/loss on interest rate swap has always been considered by the assessee for the purpose of determination of P a g e | 24 ITA Nos. 2566 to 2573 & 2910 to 2917/Del/2024 Indian Renewable Energy

INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED,DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 10(1), DELHI, DELHI

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

gain settlement of such contracts is operating in nature and was rightly offered to tax as business income. 14.1 In fact, as a matter of practice, gain/loss on interest rate swap has always been considered by the assessee for the purpose of determination of P a g e | 24 ITA Nos. 2566 to 2573 & 2910 to 2917/Del/2024 Indian Renewable Energy

INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED,DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 10(1), DELHI, DELHI

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

gain settlement of such contracts is operating in nature and was rightly offered to tax as business income. 14.1 In fact, as a matter of practice, gain/loss on interest rate swap has always been considered by the assessee for the purpose of determination of P a g e | 24 ITA Nos. 2566 to 2573 & 2910 to 2917/Del/2024 Indian Renewable Energy

DCIT, CIRCLE-10(1), DELHI vs. INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED, DELHI

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

gain settlement of such contracts is operating in nature and was rightly offered to tax as business income. 14.1 In fact, as a matter of practice, gain/loss on interest rate swap has always been considered by the assessee for the purpose of determination of P a g e | 24 ITA Nos. 2566 to 2573 & 2910 to 2917/Del/2024 Indian Renewable Energy

INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED,DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 10(1), DELHI, DELHI

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

gain settlement of such contracts is operating in nature and was rightly offered to tax as business income. 14.1 In fact, as a matter of practice, gain/loss on interest rate swap has always been considered by the assessee for the purpose of determination of P a g e | 24 ITA Nos. 2566 to 2573 & 2910 to 2917/Del/2024 Indian Renewable Energy

DCIT, CIRCLE-10(1), DELHI vs. INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED, DELHI

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

gain settlement of such contracts is operating in nature and was rightly offered to tax as business income. 14.1 In fact, as a matter of practice, gain/loss on interest rate swap has always been considered by the assessee for the purpose of determination of P a g e | 24 ITA Nos. 2566 to 2573 & 2910 to 2917/Del/2024 Indian Renewable Energy

DCIT, CIRCLE-10(1), DELHI vs. INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED, DELHI

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

gain settlement of such contracts is operating in nature and was rightly offered to tax as business income. 14.1 In fact, as a matter of practice, gain/loss on interest rate swap has always been considered by the assessee for the purpose of determination of P a g e | 24 ITA Nos. 2566 to 2573 & 2910 to 2917/Del/2024 Indian Renewable Energy

DCIT, CIRCLE-10(1), DELHI vs. INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED, DELHI

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla

gain settlement of such contracts is operating in nature and was rightly offered to tax as business income. 14.1 In fact, as a matter of practice, gain/loss on interest rate swap has always been considered by the assessee for the purpose of determination of P a g e | 24 ITA Nos. 2566 to 2573 & 2910 to 2917/Del/2024 Indian Renewable Energy