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

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

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. 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. 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, 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

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

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

In the result, the appeal of the Assessee is allowed

capital of that concern, the exemption under section\n11 or section 12 shall not be denied in relation to any income other than the income\narising to the trust or the institution from such investment, by reason only that the\nfunds of the trust or the institution have been invested in a concern in which such\nperson 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

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

STANDARD CHARTERED GRINDLAYS LTD.,NEW DELHI vs. ACIT(INTERNATIONAL TAXATION), CIRCLE-3, NEW DELHI

In the result, the appeal of the assessee is allowed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 21/Del/2019 : Asstt. Year : 2003-04 Standard Chartered Grindlays Ltd., Vs Acit(Intl. Taxation), 4, Todar Mal Lane, Bengali Market, Circle-3, New Delhi-110001 New Delhi (Appellant) (Respondent) Pan No. Aahcs3880Q Assessee By : Ms. Shashi M. Kapila, Adv. & Sh. Pravesh Sharma, Adv. Revenue By : Ms. Sapna Bhatia, Cit Dr Date Of Hearing: 29.06.2022 Date Of Pronouncement: 01.08.2022

capital gains of Rs.232,21,57,920/-. Allowability of business expenditure incurred outside India which pertains only to the Indian Business: 4. The Assessing Officer disallowed the expenses which were incurred only for the Indian business outside India on the grounds that these are general head office & administrative expenses which fall under section 44C of the Income