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

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./Del/2018 Oriental Bank of Commerce clause (vii) of sub¬section (1) of section 36 shall be limited to the amount by which such bad debts exceeds the credit

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

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./Del/2018 Oriental Bank of Commerce clause (vii) of sub¬section (1) of section 36 shall be limited to the amount by which such bad debts exceeds the credit

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

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./Del/2018 Oriental Bank of Commerce clause (vii) of sub¬section (1) of section 36 shall be limited to the amount by which such bad debts exceeds the credit

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

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./Del/2018 Oriental Bank of Commerce clause (vii) of sub¬section (1) of section 36 shall be limited to the amount by which such bad debts exceeds the credit

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

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./Del/2018 Oriental Bank of Commerce clause (vii) of sub¬section (1) of section 36 shall be limited to the amount by which such bad debts exceeds the credit

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

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./Del/2018 Oriental Bank of Commerce clause (vii) of sub¬section (1) of section 36 shall be limited to the amount by which such bad debts exceeds the credit

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

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./Del/2018 Oriental Bank of Commerce clause (vii) of sub¬section (1) of section 36 shall be limited to the amount by which such bad debts exceeds the credit

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)

1) of the Indo Mauritius Treaty read with Section 6(3) of the IT Act India read with Article 4(3) of the Treaty 26 (II) Judicial Dicta on tests for “control and management of affairs 223-239 situated wholly in India” 27 (III) Case of Dual Residence under the Treaty-Applicability of 235-239 Article 4(3) of Indo

ASSISTANT COMMISSIONER OF INCOME TAX, DELHI vs. VIREET INVESTMENTS PRIVATE LIMITED, DELHI

In the result, the appeal filed by the revenue is partly allowed

Bench: Shri S.Rifaur Rahman & Shri Sudhir Kumaracit, Circle 17 (1) Vs. Vireet Investments Pvt. Ltd., Delhi. 21D, Friends Colony West, New Delhi – 110 065. (Pan : Aaacv2033M) (Appellant) (Respondent) Assessee By : Shri Manish Jain, Ca Revenue By : Ms. Sapna Bhatia, Cit Dr Date Of Hearing : 04.09.2024 Date Of Order : 06.11.2024 Order Per S.Rifaur Rahman,Am: 1. The Appeal Has Been Filed By The Assessee Against The Order Of The Learned Commissioner Of Income Tax (Appeals), Delhi/National Faceless Appeal Centre (Nfac) [“Ld. Cit(A)”, For Short] Dated 28.12.2023 For The Assessment Year 2004-05. 2. Brief Facts Of The Case Are, Assessee Filed Its Return Of Income For Assessment Year 2004-05 On 31.10.2004 Declaring Income Of Rs.34,80,69,911/-. The Same Was Processed Under Section 143 (1) Of The 2 Income-Tax Act, 1961 (For Short ‘The Act’) On 28.12.2004. The Case Was Selected For Scrutiny & Notices U/S 143(2) & 142(1) Of The Act Were Issued & Served On The Assessee. In Response, Ld. Ar For The Assessee Attended From Time To Time & Submitted Relevant Information As Called For. 3. The Assessee Was Incorporated On 03.10.1983 With The Main Objects, As Per Memorandum Of Association, To Acquire & Hold Shares, Stocks, Debentures, Debenture Stocks, Bonds, Obligations & Securities Issued Or Guaranteed By Any Company Constituted Or Carried On Business In The Republic Of India. After Considering The Submissions Of The Assessee, The Assessing Officer Proceeded To Make The Following Additions In The Assessment Completed U/S 143 (3) Of The Act :-

36,470.16 while capital Gain is Rs.37,15,20,048.10, this shows that dividend is 25.20% of Capital Gain which clearly confirms that the intention at the time of investments was to reap dividend & not to trade in the shares. Further, the appellant company has relied upon various judgements, details of which are as below: The Hon'ble Jurisdictional ITAT

ORIENTAL BANK OF COMMERCE,GURGAON vs. ACIT, SPL. RANGE-07, NEW DELHI

In the result, the appeal filed by the Assessee stands allowed

Bench: Shri Anil Chaturvedi & Shri N.K. Choudhryassessment Year: 2016-17

via) of sub-section (1) of section 36 applies, the amount of deduction in respect of the bad debts actually written off under clause (vii) of sub¬section (1) of section 36 shall be limited to the amount by which such bad debts exceeds the credit balance in the provisions for bad and doubtful debts account made under clause (viia

RICHMOND EDUCATIONAL SOCIETY,NOIDA vs. DCIT/ACIT CENTRAL CIRCLE, GHAZIABAD, GHAZIABAD

Bench: Shri Challa Nagendra Prasad & Shri M. Balaganesh

capital of that concern, the exemption under section 11 or section 12 shall not be denied in relation to any income other than the income arising to the trust or the institution from such investment, by reason only that the funds of the trust or the institution have been invested in a concern in which such person has a substantial

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)

VIA is admissible on the profits enhanced by the Assessing Officer by making disallowance of certain expenditure and accordingly in this case, it is held that the deduction u/s 10B is allowable on certain disallowances such as pertaining to section 32, 40(a)(ia), 40A(3), 43B etc, made by the Assessing Officer while computing profits and gains of business

CIT vs. TEI TECHNOLOGIES PVT LTD

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

Capital gains” under section 74(1) and no tax holiday deficiency under section 80J(3) in respect of any of the assessment years comprised in the tax holiday period will, in so far as such loss or deficiency relates to the business of industrial undertaking, be carried forward or set off in computing the income of the assessment year immediately

CIT vs. TEI TECHNOLOGIES PVT LTD

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

Capital gains” under section 74(1) and no tax holiday deficiency under section 80J(3) in respect of any of the assessment years comprised in the tax holiday period will, in so far as such loss or deficiency relates to the business of industrial undertaking, be carried forward or set off in computing the income of the assessment year immediately

CAIRN UK HOLDING LTD.,AHMEDABAD vs. DCIT (INTERNATIONAL TAXATION), NEW DELHI

In the result ground No. 5 of the appeal of the assessee is allowed

Bench: Shri H. S. Sidhu & Shri Prashant Maharishi

Section 148, the reassessment had been initiated without any basis and information and as such the same is liable to be quashed. Furthermore, as noted above, no new documents were discovered by the survey proceedings in January 2014 - all of the documents in question had been in the hands of the government in 2006. The reason that

M/S. TOURISM FINANCE CORPORATION OF INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeal filed by the Assessee is partly

Bench: the time of hearing."

VIA. In the given case, we observed that the assessee in fact, created the provision for the current assessment year to the extent of Rs.73 lakh and based on the provisions, the assessee is allowed to claim the deduction as per the calculation given by the Assessing Officer himself at page-11 of the order i.e., 5% of Rs.32

SHIV KUMAR JATIA,NEW DELHI vs. ITO, WARD- 10(2), NEW DELHI

The appeals of the assessee are allowed

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumar(Through Video Conferencing) Ita No. 7256/Del/2019 : Asstt. Year : 2011-12 Ita No. 241/Del/2019 : Asstt. Year : 2013-14 Sh. Shiv Kumar Jatia, Vs Income Tax Officer, B-50, Gulmohar Park, Ward-10(2), New Delhi-110049 New Delhi-110002 (Appellant) (Respondent) Pan No. Aabpj7582K Assessee By : Sh. C. S. Aggarwal, Sr. Adv. Revenue By : Sh. Prakash Dubey, Sr. Dr Date Of Hearing: 10.03.2021 Date Of Pronouncement: 26.04.2021

via) of section 28; ITA Nos. 7256 & 241/Del/2019 14 Shiv Kumar Jatia (xiii) any sum referred to in clause (v) of sub-section (2) of section 56; (xiv) any sum referred to in clause (vi) of sub-section (2) of section 56; (xv) any sum of money or value of property referred to in clause (vii) or clause (viia

SHIV KUMAR JATIA,NEW DELHI vs. ITO, WARD- 10(2), NEW DELHI

The appeals of the assessee are allowed

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumar(Through Video Conferencing) Ita No. 7256/Del/2019 : Asstt. Year : 2011-12 Ita No. 241/Del/2019 : Asstt. Year : 2013-14 Sh. Shiv Kumar Jatia, Vs Income Tax Officer, B-50, Gulmohar Park, Ward-10(2), New Delhi-110049 New Delhi-110002 (Appellant) (Respondent) Pan No. Aabpj7582K Assessee By : Sh. C. S. Aggarwal, Sr. Adv. Revenue By : Sh. Prakash Dubey, Sr. Dr Date Of Hearing: 10.03.2021 Date Of Pronouncement: 26.04.2021

via) of section 28; ITA Nos. 7256 & 241/Del/2019 14 Shiv Kumar Jatia (xiii) any sum referred to in clause (v) of sub-section (2) of section 56; (xiv) any sum referred to in clause (vi) of sub-section (2) of section 56; (xv) any sum of money or value of property referred to in clause (vii) or clause (viia

THE COMMISSIONER OF INCOME TAX - INTERNATIONAL TAXATION -1 vs. AUGUSTUS CAPITAL PTE. LTD.

The appeal is disposed of, in the aforesaid terms

Bench: HON'BLE MR. JUSTICE RAJIV SHAKDHER,HON'BLE MR. JUSTICE GIRISH KATHPALIA

Via the said ROI, the respondent/assessee declared its income as “nil” and claimed a refund of Rs. 17,84,19,800/-. 4.6 The record shows that the respondent/assessee was served with a notice under Section 143(2), followed by a notice under Section 142(1) of the Act on 05.04.2016 and 01.07.2016 respectively, by the Assessing Officer