JCIT(OSD), RANGE-10, NEW DELHI , ITO C.R. BUILDING vs. RURAL ELECTRIFICATION CORPORATION LTD. , KASTURBA NAGAR

In the result, appeals filed by the revenue in the AY 2020-21 and AY\n2021-22 are dismissed

gains of business or profession\" (before making any\ndeduction under this clause) carried to such reserve account\"\n2.4 That the Income Tax Department has drawn any adverse inference on\nthe said issue in the preceding years but has drawn favourable\ninference in the subsequent years. The details are as under:\nAY\nAmount of\nupfront fees,\nprocessing etc\n(Rs.)\nAmount

ACIT, CIRCLE- 19(1), NEW DELHI vs. ORIENTAL BANK OF COMMERCE, GURGAON

In the result, the appeals of the assessee are allowed and the appeals of the Revenue are dismissed

Bench: Sh. A. D. Jain, Vice-Dr. B. R. R. Kumarita No. 1581/Del/2017 : Asstt. Year : 2012-13 Ita No. 1582/Del/2017 : Asstt. Year : 2013-14 Ita No. 1583/Del/2017 : Asstt. Year : 2014-15 Ita No. 1199/Del/2018 : Asstt. Year : 2015-16 Oriental Bank Of Commerce, Vs Addl. Cit, Central Accounts Office, Plot No. 5, Range-13 (Present Range-19) Sector-32, Institutional Area, New Delhi Gurgaon-122001 Dcit/Acit, Circle-19(1), New Delhi (Appellant) (Respondent) Pan No. Aaaco0191M

36, New Delhi dated 31.01.2017 and in ITA Nos.1199 & 1812/Del/2018 filed by the assessee and the Revenue against the orders of ld. CIT(A)-20, New Delhi dated 29.12.2017. ITA No. 1581/Del/2017 (G.No.1) (Assessee) ITA No. 1582/Del/2017 (G.No.1) (Assessee) ITA No. 1583/Del/2017 (G.No.1) (Assessee) ITA No. 1199/Del/2018 (G.No.1) (Assessee) ITA No. 2173/Del/2017 (G.No.1) (Department

ORIENTAL BANK OF COMMERCE,GURGAON vs. DCIT, NEW DELHI

In the result, the appeals of the assessee are allowed and the appeals of the Revenue are dismissed

Bench: Sh. A. D. Jain, Vice-Dr. B. R. R. Kumarita No. 1581/Del/2017 : Asstt. Year : 2012-13 Ita No. 1582/Del/2017 : Asstt. Year : 2013-14 Ita No. 1583/Del/2017 : Asstt. Year : 2014-15 Ita No. 1199/Del/2018 : Asstt. Year : 2015-16 Oriental Bank Of Commerce, Vs Addl. Cit, Central Accounts Office, Plot No. 5, Range-13 (Present Range-19) Sector-32, Institutional Area, New Delhi Gurgaon-122001 Dcit/Acit, Circle-19(1), New Delhi (Appellant) (Respondent) Pan No. Aaaco0191M

36, New Delhi dated 31.01.2017 and in ITA Nos.1199 & 1812/Del/2018 filed by the assessee and the Revenue against the orders of ld. CIT(A)-20, New Delhi dated 29.12.2017. ITA No. 1581/Del/2017 (G.No.1) (Assessee) ITA No. 1582/Del/2017 (G.No.1) (Assessee) ITA No. 1583/Del/2017 (G.No.1) (Assessee) ITA No. 1199/Del/2018 (G.No.1) (Assessee) ITA No. 2173/Del/2017 (G.No.1) (Department

ORIENTAL BANK OF COMMERCE,GURGAON vs. ACIT, CIRCLE- 19(1), NEW DELHI

In the result, the appeals of the assessee are allowed and the appeals of the Revenue are dismissed

Bench: Sh. A. D. Jain, Vice-Dr. B. R. R. Kumarita No. 1581/Del/2017 : Asstt. Year : 2012-13 Ita No. 1582/Del/2017 : Asstt. Year : 2013-14 Ita No. 1583/Del/2017 : Asstt. Year : 2014-15 Ita No. 1199/Del/2018 : Asstt. Year : 2015-16 Oriental Bank Of Commerce, Vs Addl. Cit, Central Accounts Office, Plot No. 5, Range-13 (Present Range-19) Sector-32, Institutional Area, New Delhi Gurgaon-122001 Dcit/Acit, Circle-19(1), New Delhi (Appellant) (Respondent) Pan No. Aaaco0191M

36, New Delhi dated 31.01.2017 and in ITA Nos.1199 & 1812/Del/2018 filed by the assessee and the Revenue against the orders of ld. CIT(A)-20, New Delhi dated 29.12.2017. ITA No. 1581/Del/2017 (G.No.1) (Assessee) ITA No. 1582/Del/2017 (G.No.1) (Assessee) ITA No. 1583/Del/2017 (G.No.1) (Assessee) ITA No. 1199/Del/2018 (G.No.1) (Assessee) ITA No. 2173/Del/2017 (G.No.1) (Department

ORIENTAL BANK OF COMMERCE,GURGAON vs. DCIT, NEW DELHI

In the result, the appeals of the assessee are allowed and the appeals of the Revenue are dismissed

Bench: Sh. A. D. Jain, Vice-Dr. B. R. R. Kumarita No. 1581/Del/2017 : Asstt. Year : 2012-13 Ita No. 1582/Del/2017 : Asstt. Year : 2013-14 Ita No. 1583/Del/2017 : Asstt. Year : 2014-15 Ita No. 1199/Del/2018 : Asstt. Year : 2015-16 Oriental Bank Of Commerce, Vs Addl. Cit, Central Accounts Office, Plot No. 5, Range-13 (Present Range-19) Sector-32, Institutional Area, New Delhi Gurgaon-122001 Dcit/Acit, Circle-19(1), New Delhi (Appellant) (Respondent) Pan No. Aaaco0191M

36, New Delhi dated 31.01.2017 and in ITA Nos.1199 & 1812/Del/2018 filed by the assessee and the Revenue against the orders of ld. CIT(A)-20, New Delhi dated 29.12.2017. ITA No. 1581/Del/2017 (G.No.1) (Assessee) ITA No. 1582/Del/2017 (G.No.1) (Assessee) ITA No. 1583/Del/2017 (G.No.1) (Assessee) ITA No. 1199/Del/2018 (G.No.1) (Assessee) ITA No. 2173/Del/2017 (G.No.1) (Department

ACIT, NEW DELHI vs. M/S. ORIENTAL BANK OF COMMERCE, GURGAON

In the result, the appeals of the assessee are allowed and the appeals of the Revenue are dismissed

Bench: Sh. A. D. Jain, Vice-Dr. B. R. R. Kumarita No. 1581/Del/2017 : Asstt. Year : 2012-13 Ita No. 1582/Del/2017 : Asstt. Year : 2013-14 Ita No. 1583/Del/2017 : Asstt. Year : 2014-15 Ita No. 1199/Del/2018 : Asstt. Year : 2015-16 Oriental Bank Of Commerce, Vs Addl. Cit, Central Accounts Office, Plot No. 5, Range-13 (Present Range-19) Sector-32, Institutional Area, New Delhi Gurgaon-122001 Dcit/Acit, Circle-19(1), New Delhi (Appellant) (Respondent) Pan No. Aaaco0191M

36, New Delhi dated 31.01.2017 and in ITA Nos.1199 & 1812/Del/2018 filed by the assessee and the Revenue against the orders of ld. CIT(A)-20, New Delhi dated 29.12.2017. ITA No. 1581/Del/2017 (G.No.1) (Assessee) ITA No. 1582/Del/2017 (G.No.1) (Assessee) ITA No. 1583/Del/2017 (G.No.1) (Assessee) ITA No. 1199/Del/2018 (G.No.1) (Assessee) ITA No. 2173/Del/2017 (G.No.1) (Department

ORIENTAL BANK OF COMMERCE,GURGAON vs. ADDL. CIT, NEW DELHI

In the result, the appeals of the assessee are allowed and the appeals of the Revenue are dismissed

Bench: Sh. A. D. Jain, Vice-Dr. B. R. R. Kumarita No. 1581/Del/2017 : Asstt. Year : 2012-13 Ita No. 1582/Del/2017 : Asstt. Year : 2013-14 Ita No. 1583/Del/2017 : Asstt. Year : 2014-15 Ita No. 1199/Del/2018 : Asstt. Year : 2015-16 Oriental Bank Of Commerce, Vs Addl. Cit, Central Accounts Office, Plot No. 5, Range-13 (Present Range-19) Sector-32, Institutional Area, New Delhi Gurgaon-122001 Dcit/Acit, Circle-19(1), New Delhi (Appellant) (Respondent) Pan No. Aaaco0191M

36, New Delhi dated 31.01.2017 and in ITA Nos.1199 & 1812/Del/2018 filed by the assessee and the Revenue against the orders of ld. CIT(A)-20, New Delhi dated 29.12.2017. ITA No. 1581/Del/2017 (G.No.1) (Assessee) ITA No. 1582/Del/2017 (G.No.1) (Assessee) ITA No. 1583/Del/2017 (G.No.1) (Assessee) ITA No. 1199/Del/2018 (G.No.1) (Assessee) ITA No. 2173/Del/2017 (G.No.1) (Department

ACIT, NEW DELHI vs. M/S. ORIENTAL BANK OF COMMERCE, GURGAON

In the result, the appeals of the assessee are allowed and the appeals of the Revenue are dismissed

Bench: Sh. A. D. Jain, Vice-Dr. B. R. R. Kumarita No. 1581/Del/2017 : Asstt. Year : 2012-13 Ita No. 1582/Del/2017 : Asstt. Year : 2013-14 Ita No. 1583/Del/2017 : Asstt. Year : 2014-15 Ita No. 1199/Del/2018 : Asstt. Year : 2015-16 Oriental Bank Of Commerce, Vs Addl. Cit, Central Accounts Office, Plot No. 5, Range-13 (Present Range-19) Sector-32, Institutional Area, New Delhi Gurgaon-122001 Dcit/Acit, Circle-19(1), New Delhi (Appellant) (Respondent) Pan No. Aaaco0191M

36, New Delhi dated 31.01.2017 and in ITA Nos.1199 & 1812/Del/2018 filed by the assessee and the Revenue against the orders of ld. CIT(A)-20, New Delhi dated 29.12.2017. ITA No. 1581/Del/2017 (G.No.1) (Assessee) ITA No. 1582/Del/2017 (G.No.1) (Assessee) ITA No. 1583/Del/2017 (G.No.1) (Assessee) ITA No. 1199/Del/2018 (G.No.1) (Assessee) ITA No. 2173/Del/2017 (G.No.1) (Department

PRAGATI POWER CORPORATION LTD,NEW DELHI vs. ACIT, CIRCLE 20(1), NEW DELHI

In the result, the appeal filed by the assessee is partly allowed as indicated above

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

36(1 )(iii) of the Act, applying average cost of debts to the amount of capital works-in-progress (CWIP), addition to fixed assets and capital advance, ignoring the material fact that borrowed amounts were not utilised by the assessee for acquiring capital asset and that the interest free owned funds (equity and reserves) were sufficient to meet out such

ESSAR COMMUNICATIONS LIMITED,MAURITIUS vs. ACIT, CIRCLE-1 (2)(2), NEW DELHI

Bench: SHRI SATBEER SINGH GODARA (Judicial Member), SHRI S. RIFAUR RAHMAN (Accountant Member)

iii) of proviso to section 245R(2).” iv. The AAR flagging the issues to the assessing and appellate authorities for examining the transaction to be one for tax avoidance: "189. We have held earlier that applications are not maintainable and liable to be dismissed and that applicants can pursue their cases in other proceeding in forum other than

JCIT(OSD), RANGE-10, NEW DELHI , C.R. BUILDING ITO vs. RURAL ELECTRIFICATION CORPORATION LTD. , KASTURBA NAGAR

In the result, appeals filed by the revenue in the AY 2020-21 and AY\n2021-22 are dismissed

gains of business or profession\" (before making any\ndeduction under this clause) carried to such reserve account\"\n2.4 That the Income Tax Department has drawn any adverse inference on\nthe said issue in the preceding years but has drawn favourable\ninference in the subsequent years. The details are as under:\nAmount of\nAmount of\nAY\nprocessing fee\ndisallowed

REC LIMITED,NEW DELHI vs. ACIT-10 (OSD), DELHI, NEW DELHI

gains of business or profession\" (before making any\ndeduction under this clause) carried to such reserve account\"\n2.4 That the Income Tax Department has drawn any adverse inference on\nthe said issue in the preceding years but has drawn favourable\ninference in the subsequent years. The details are as under:\nAY\n2015-16\n2\n5\n2016-17\nT\nh\n2017

REC LIMITED,NEW DELHI vs. ACIT-10 (OSD), DELHI, NEW DELHI

gains of business or profession\" (before making any\ndeduction under this clause) carried to such reserve account\"\n2.4 That the Income Tax Department has drawn any adverse inference on\nthe said issue in the preceding years but has drawn favourable\ninference in the subsequent years. The details are as under:\nAmount of\nAmount of\nAY\nupfront fees,\nprocessing

JCIT(OSD), RANGE-10, NEW DELHI , CR BUILDING ITO vs. RURAL ELECTRIFICATION CORPORATION LTD. , KASTURBA NAGAR

gains of business or profession\" (before making any\ndeduction under this clause) carried to such reserve account\"\n2.4 That the Income Tax Department has drawn any adverse inference on\nthe said issue in the preceding years but has drawn favourable\ninference in the subsequent years. The details are as under:\nAY\nAmount of\nupfront fees,\nprocessing etc\n(Rs.)\nAmount

JCIT(OSD), RANGE-10, NEW DELHI , C.R. BUILDING ITO vs. RURAL ELECTRIFICATION CORPORATION LTD., KASTURBA NAGAR

gains of business or profession\" (before making any\ndeduction under this clause) carried to such reserve account\"\n2.4 That the Income Tax Department has drawn any adverse inference on\nthe said issue in the preceding years but has drawn favourable\ninference in the subsequent years. The details are as under:\nAY\nAmount of\nupfront fees,\nprocessing etc\n(Rs.)\nAmount

SUPERB MIND HOLDING LTD. ,NEW DELHI vs. ACIT CIRCLE INT TAX 3(1)(2), NEW DELHI

In the result, appeal of the assessee is allowed

Bench: Shri G.S. Pannu, Hon’Ble & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.1568/Del/2022 िनधा"रणवष"/Assessment Year: 2018-19

iii) Relevant Articles of India - Mauritius DTAA, post amendment, wherein, on reading Article 13(3A), it becomes clear that the said amendment is only applicable for investments made after 01.04.2017, whereas, in the case of assessee - appellant investments were made much prior to 01.04.2017. Thus, still provision of Article 13(4) will apply and the capital gain

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL REVENUE BUILDING vs. M/S HINDUSTAN THERMAL PROJECTS LIMITED , DELHI, INDIA

Appeal is dismissed

36(1)(iii) of the\nIncome-tax Act, 1961 (hereinafter referred to as the 'Act') which states\nthat \"the amount of the interest paid in respect of capital borrowed for\nthe purposes of the business or profession\" has to be allowed as a\ndeduction in computing the Income-tax under section 28 of the Act.\n20. In Madhav Prasad Jatia

PTC INDIA FINANCIAL SERVICES LTD.,NEW DELHI vs. DCIT, CIRCLE- 19(2), NEW DELHI

In the result, the appeals of the assessee for AY 2013-14 and 2014-15

Bench: Shri N.K. Billaiya & Ms. Astha Chandraasstt. Year 2013-14 & Asstt. Year 2014-15

36 and not being in the nature of capital expenditure or personal expenses of the Assessee), lad out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head Profits and gains of business or profession, Therefore the following conditions should be satisfied for claiming an expense