SMT. RADHIKA ROY,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

v. Assessee has not declared any short-term capital gain in return of income and long-term capital gain of RS. 132,65,14,725/– is claimed as exempt. Therefore AO noted that the assessee has manipulated the ‘cost of acquisition’ and ‘period of holding’ of these shares to claim the capital gain as exempt and assessee has adopted dubious

DR. PRANNOY ROY,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

v. Assessee has not declared any short-term capital gain in return of income and long-term capital gain of RS. 132,65,14,725/– is claimed as exempt. Therefore AO noted that the assessee has manipulated the ‘cost of acquisition’ and ‘period of holding’ of these shares to claim the capital gain as exempt and assessee has adopted dubious

SMT. RADHIKA ROY,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

v. Assessee has not declared any short-term capital gain in return of income and long-term capital gain of RS. 132,65,14,725/– is claimed as exempt. Therefore AO noted that the assessee has manipulated the ‘cost of acquisition’ and ‘period of holding’ of these shares to claim the capital gain as exempt and assessee has adopted dubious

DR. PRANNOY ROY,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

v. Assessee has not declared any short-term capital gain in return of income and long-term capital gain of RS. 132,65,14,725/– is claimed as exempt. Therefore AO noted that the assessee has manipulated the ‘cost of acquisition’ and ‘period of holding’ of these shares to claim the capital gain as exempt and assessee has adopted dubious

DCIT, NEW DELHI vs. DR. PRANNOY ROY, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

v. Assessee has not declared any short-term capital gain in return of income and long-term capital gain of RS. 132,65,14,725/– is claimed as exempt. Therefore AO noted that the assessee has manipulated the ‘cost of acquisition’ and ‘period of holding’ of these shares to claim the capital gain as exempt and assessee has adopted dubious

DCIT, NEW DELHI vs. MRS. RADHIKA ROY, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

v. Assessee has not declared any short-term capital gain in return of income and long-term capital gain of RS. 132,65,14,725/– is claimed as exempt. Therefore AO noted that the assessee has manipulated the ‘cost of acquisition’ and ‘period of holding’ of these shares to claim the capital gain as exempt and assessee has adopted dubious

NATIONAL HOUSING BANK,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result ground No. 8 of the appeal of the assessee is allowed with above direction

Bench: Shri Kuldip Singh & Shri Prashant Maharishinational Housing Bank, Addl Cit, Core-5A, India Habitat Centre, Range-31(1), Vs. Lodhi Road, New Delhi New Delhi (Appellant) (Respondent) National Housing Bank, Addl Cit, Core-5A, India Habitat Centre, Range-31(1), Lodhi Road, New Delhi Vs. New Delhi (Appellant) (Respondent) National Housing Bank, Addl Cit, Core-5A, India Habitat Centre, Range-31(1), Vs. Lodhi Road, New Delhi New Delhi (Appellant) (Respondent) National Housing Bank, Addl Cit, Core-5A, India Habitat Centre, Range-31(1), Vs. Lodhi Road, New Delhi New Delhi (Appellant) (Respondent) Page 2 Of 50 National Housing Bank, Addl Cit, Core-5A, India Habitat Centre, Range-31(1), Vs. Lodhi Road, New Delhi New Delhi (Appellant) (Respondent) National Housing Bank, Addl Cit, Core-5A, India Habitat Centre, Range-31(1), Vs. Lodhi Road, New Delhi New Delhi (Appellant) (Respondent)

v) The section 36(1)(viii) clearly stipulates that the deduction under this section is available only for public companies formed and registered in India with the main object of carrying on the business of providing long term finances for construction or purchase of houses in India for residential purposes. When the details of interest received filed by the assessee

M/S. AT & T GLOBAL NETWORK SERVICES (INDIA) PVT. LTD.,GURGAON vs. DCIT, NEW DELHI

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

Bench: Shri I.C.Sudhir & Shri Prashant Maharishiat & T Global Network Services Dcit, (India) Pvt Ltd., Circle-2(1), Vs. Vatika Lok-1, Block-A, Gurgaon New Delhi Pan:Aafca8810L (Appellant) (Respondent) Dcit, At & T Global Network Services Circle-2(1), (India) Pvt Ltd., Vs. New Delhi Vatika Lok-1, Block-A, Gurgaon Pan:Aafca8810L (Appellant) (Respondent)

gainfully refer the provision of section 36(1) (iii) in this regard. The said section read as under:- ―(iii) the amount of the interest paid in respect of capital borrowed for the purposes of the business or profession: Provided that any amount of the interest paid, in respect of capital borrowed for acquisition of an asset for extension of existing

SUDHAKAR ARORA,DELHI vs. ADIT, CPC, BENGALURU

In the result, the appeal of the assessee is dismissed

Bench: Shri Sunil Kumar Singh & Shri Brajesh Kumar Singh[Assessment Year: 2018-19]

gains of business or profession". It is submitted that after treating the employees' contribution as income of the assessee, once it is paid or a liability is accrued for payment being an ascertained liability, the same is allowable as an expenditure under section 37 of the Act. 12. While section 37 provides that the expenditure should not be an expenditure

DCIT, NEW DELHI vs. M/S. DEWAN SUGAR LTD., NEW DELHI

In the result, the appeal of the Revenue is dismissed

Bench: Sh. H.S. Sidhu & Sh. O.P. Kantassessment Year: 2008-09 Dcit, Vs. M/S. Dewan Sugar Ltd., Circle-10(1), New Delhi Surya Plaza, 1St Floor, K- 185, Sarai Jullena, New Friends Colony, New Delhi Pan :Aaacd3465H (Appellant) (Respondent)

36(l)(va) of the Income Tax Act, 1961? 5. The appellant craves leave, to add, alter or amend any ground of appeal raised above at the time of the hearing. 2. Briefly stated facts of the case are that the assessee company filed return of income for the year under consideration on 29.09.2008, declaring loss of Rs.11

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

v) of sub-section (2) of section 36, only one account as referred to therein is made in respect of provision for bad and doubtful debts under clause (via) of sub-section (1) of section 36 applies, the amount of deduction in respect of the bad debts actually written off under ITA No.1581 & Ors./Del/2017 16 ITA No. 1199 & Ors

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

v) of sub-section (2) of section 36, only one account as referred to therein is made in respect of provision for bad and doubtful debts under clause (via) of sub-section (1) of section 36 applies, the amount of deduction in respect of the bad debts actually written off under ITA No.1581 & Ors./Del/2017 16 ITA No. 1199 & Ors

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

v) of sub-section (2) of section 36, only one account as referred to therein is made in respect of provision for bad and doubtful debts under clause (via) of sub-section (1) of section 36 applies, the amount of deduction in respect of the bad debts actually written off under ITA No.1581 & Ors./Del/2017 16 ITA No. 1199 & Ors

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

v) of sub-section (2) of section 36, only one account as referred to therein is made in respect of provision for bad and doubtful debts under clause (via) of sub-section (1) of section 36 applies, the amount of deduction in respect of the bad debts actually written off under ITA No.1581 & Ors./Del/2017 16 ITA No. 1199 & Ors

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

v) of sub-section (2) of section 36, only one account as referred to therein is made in respect of provision for bad and doubtful debts under clause (via) of sub-section (1) of section 36 applies, the amount of deduction in respect of the bad debts actually written off under ITA No.1581 & Ors./Del/2017 16 ITA No. 1199 & Ors

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

v) of sub-section (2) of section 36, only one account as referred to therein is made in respect of provision for bad and doubtful debts under clause (via) of sub-section (1) of section 36 applies, the amount of deduction in respect of the bad debts actually written off under ITA No.1581 & Ors./Del/2017 16 ITA No. 1199 & Ors

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

v) of sub-section (2) of section 36, only one account as referred to therein is made in respect of provision for bad and doubtful debts under clause (via) of sub-section (1) of section 36 applies, the amount of deduction in respect of the bad debts actually written off under ITA No.1581 & Ors./Del/2017 16 ITA No. 1199 & Ors

COMMISSIONER OF INCOME TAX vs. ECE INDUSTRIES LTD.

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE SURESH KUMAR KAIT

36 months immediately preceding the date of transfer and hence, profits arising therefrom is long-term capital gain or loss and not short-term capital gain. (xiii) Section 48 of IT Act provides mode and method of computation of capital gain. Second proviso to Section 48 is as under: Provided further that where long-term capital gain arises from