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(1)(vii) of 1961 Act as there was an actual write off by the assessee in its books, as indicated above. ” 47. Therefore, in assessee’s case also, it is an actual write off in view of the decision of the Hon’ble Supreme Court, this issue is fully covered in favor of assessee. The appeal of the assessee

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(1)(vii) of 1961 Act as there was an actual write off by the assessee in its books, as indicated above. ” 47. Therefore, in assessee’s case also, it is an actual write off in view of the decision of the Hon’ble Supreme Court, this issue is fully covered in favor of assessee. The appeal of the assessee

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(1)(vii) of 1961 Act as there was an actual write off by the assessee in its books, as indicated above. ” 47. Therefore, in assessee’s case also, it is an actual write off in view of the decision of the Hon’ble Supreme Court, this issue is fully covered in favor of assessee. The appeal of the assessee

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(1)(vii) of 1961 Act as there was an actual write off by the assessee in its books, as indicated above. ” 47. Therefore, in assessee’s case also, it is an actual write off in view of the decision of the Hon’ble Supreme Court, this issue is fully covered in favor of assessee. The appeal of the assessee

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(1)(vii) of 1961 Act as there was an actual write off by the assessee in its books, as indicated above. ” 47. Therefore, in assessee’s case also, it is an actual write off in view of the decision of the Hon’ble Supreme Court, this issue is fully covered in favor of assessee. The appeal of the assessee

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(1)(vii) of 1961 Act as there was an actual write off by the assessee in its books, as indicated above. ” 47. Therefore, in assessee’s case also, it is an actual write off in view of the decision of the Hon’ble Supreme Court, this issue is fully covered in favor of assessee. The appeal of the assessee

MR. NIKHIL SAWHNEY,NEW DELHI vs. ACIT, NOIDA

In the result, appeal of the assessee is dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishimr. Nikhil Sawhney Acit, 17 – Sunder Nagar, Central Circle, Vs. New Delhi – 110 003. Noida. Pan: Aaups0222Q (Appellant) (Respondent)

section 45 prescribes that any profits/gains on transfer of a capital asset shall be chargeable to tax as capital gains. Income from transfer of shares, be it short-term or long-term, is, per se, liable for taxation. It is only exempt from tax if long term gain on equity shares is liable to STT and not otherwise. Even

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

36,850 2,07,95,93,242 140.00 67,71,59,000 (1.40,24,34,242 0 market ) 9. In that report, it was further noted that Dr Roy & Radhika Roy have opened joint demat account. The first lots of 4835850 shares of NDTV limited were purchased on 26/12/2007 in open offer through/exchange at RS. 430/– per share resulting into

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

36,850 2,07,95,93,242 140.00 67,71,59,000 (1.40,24,34,242 0 market ) 9. In that report, it was further noted that Dr Roy & Radhika Roy have opened joint demat account. The first lots of 4835850 shares of NDTV limited were purchased on 26/12/2007 in open offer through/exchange at RS. 430/– per share resulting into

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

36,850 2,07,95,93,242 140.00 67,71,59,000 (1.40,24,34,242 0 market ) 9. In that report, it was further noted that Dr Roy & Radhika Roy have opened joint demat account. The first lots of 4835850 shares of NDTV limited were purchased on 26/12/2007 in open offer through/exchange at RS. 430/– per share resulting into

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

36,850 2,07,95,93,242 140.00 67,71,59,000 (1.40,24,34,242 0 market ) 9. In that report, it was further noted that Dr Roy & Radhika Roy have opened joint demat account. The first lots of 4835850 shares of NDTV limited were purchased on 26/12/2007 in open offer through/exchange at RS. 430/– per share resulting into

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

36,850 2,07,95,93,242 140.00 67,71,59,000 (1.40,24,34,242 0 market ) 9. In that report, it was further noted that Dr Roy & Radhika Roy have opened joint demat account. The first lots of 4835850 shares of NDTV limited were purchased on 26/12/2007 in open offer through/exchange at RS. 430/– per share resulting into

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

36,850 2,07,95,93,242 140.00 67,71,59,000 (1.40,24,34,242 0 market ) 9. In that report, it was further noted that Dr Roy & Radhika Roy have opened joint demat account. The first lots of 4835850 shares of NDTV limited were purchased on 26/12/2007 in open offer through/exchange at RS. 430/– per share resulting into

ACIT, MORADABAD vs. M/S. PRATHMA BANK, MORADABAD

In the result, appeal of the department is dismissed

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita No. 4090/Del/2013 : Asstt. Year : 2010-11 Asstt. Commissioner Of Income Vs M/S Prathma Bank, Tax, Circle-1, Ramganga Vihar, Moradabad Moradabad (U.P.) (Appellant) (Respondent) Pan No. Aaajp0988Q Assessee By : Sh. Piyush Kaushik, Adv. Revenue By : Smt. Paramita Tripathy, Cit Dr Date Of Hearing : 20.06.2017 Date Of Pronouncement : 14.07.2017 Order Per N. K. Saini, Am: This Is An Appeal By The Department Against The Order Dated 17.04.2013 Of Ld. Cit(A), Bareilly.

capital gain had been disclosed at Rs.24,95,386/- and finally in column No. 14 losses of current year carried forward had been claimed at Rs.28,62,39,159/-. The AO noticed that the assessee vide revised return filed on 11.10.2010 had claimed deduction u/s 36(1)(viia) of the Act at Rs.105,69,80,000/- which

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)

vii) on the ground that it is not engaged in the long-term capital financing for construction or purchase of houses in India for residential purpose. The proposed amendment seeks to provide that corporations engaged in providing long-term finance (including - refinancing) for development of housing in India will be eligible for the benefit under section This amendment will take

M/S. LUCKY EXPORTS,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeal filed by the assessee is allowed

Bench: Shri R.K. Panda & Shri Kuldip Singhassessment Year: 2008-09 Lucky Exports, Vs Dcit, Ug-28, Som Dutt Chambers-Ii, Circle-24(1), 9, Bhikaji Cama Place, New Delhi. New Delhi. Pan: Aaafl1147P (Appellant) (Respondent) Assessee By : Shri Naveen N.D. Gupta, Ca Revenue By : Shri Saras Kumar, Sr. Dr Date Of Hearing : 20.08.2020 Date Of Pronouncement : 28.09.2020 Order Per R.K. Panda, Am: This Appeal Filed By The Assessee Is Directed Against The Order Dated 21.11.2013 Of The Cit(A)-28, New Delhi Relating To Assessment Year 2008-09. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Partnership Firm & Is Engaged In The Business As Merchant Exporter. It Filed Its Return Of Income On 27Th September, 2008 Declaring The Total Income At Rs.2,96,21,168/-. During The Course Of Assessment Proceedings, The Ao Observed From The Profit & Loss Account That The Assessee Has Claimed A Sum Of Rs.1,61,35,879/- Under The Head ‘Write Off/Bad Debt.’ He, Therefore, Asked The Assessee To Explain & Justify The Advances /Bad Debt Written Off In Respect Of 22 Parties. He Asked The Assessee To File Partywise Explanation & Justification Of Bad Debt/Advances Written Off & To Produce The Copy Of Account & Names Of Such Parties For The Last Three Years. He Also Asked The Assessee To File: (A) Copy Of Bank Statement When Payment Of Advances Written Off Were Made; (B) Complete Name, Address, Pan & Contact Details Of The Parties Including Current Address, If Any; & (C) Copy Of Correspondence Made In Connection With Recovery Of Loan/Advances Written Off.

vii)/37(l). It was noted that impugned moneys were advanced by assessee so as to boost his career, thus, moneys were advanced as a measure of commercial expediency. It was held that advances given by assessee was to be allowed as deduction either under section 37(1) or under section 28(i) as business loss and 25 deduction could

MR. SANJEEV GUPTA,NEW DELHI vs. ADDL.CIT, NEW DELHI

In the result, ground No. 3 and 4 With respect to the disallowance of export commission of the appeal of the assessee are allowed

Bench: Shri Amit Shukla & Shri Prashant Maharishisanjeev Gupta, Vs. Addl. Cit, E-31, Kamla Nagar, Range-20, New Delhi New Delhi Pan:Ahcpg7326A (Appellant) (Respondent)

36. Let us sum up our discussions on this part of the scheme of Section 9, so far as tax implications on commission agency business carried out by non-residents for Indian principals is concerned. It does not need much of a cerebral exercise to find out whether the income from the business carried on by a non-resident assessee

BCL SECURITIES PVT LTD,GURGAON vs. ACIT CIRCLE-4(1), NEW DELHI

In the result, the appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Prashant Maharishi

1)(vii) r.w. section 36(2) of the Act. The appellant further submitted before the ld. CIT(A) that the ld. A.O. had not made any discussions in the Assessment Order about the actual nature of claim of the appellant, being write off, of trade advances which is loss incidental to operation of business and which undoubtedly falls