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 , 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

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

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

ADDL. CIT, SPECIAL RANGE- 7, NEW DELHI vs. PTC INDIA FINANCIAL SERVICES LTD, 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

viii); upheld the disallowance of Rs. 7,92,643/- under section 14A in AY 2014-15 and restored the matter to the Ld. AO in respect of the deduction of Rs. 9,69,602/- claimed by the assessee on account of advertisement expenses in AY 2013-14. The assessee is in appeal before the Tribunal challenging the order

ACIT, NEW DELHI vs. M/S. PTC INDIA FINANCIAL SERVICES LTD., 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

viii); upheld the disallowance of Rs. 7,92,643/- under section 14A in AY 2014-15 and restored the matter to the Ld. AO in respect of the deduction of Rs. 9,69,602/- claimed by the assessee on account of advertisement expenses in AY 2013-14. The assessee is in appeal before the Tribunal challenging the order

M/S. PTC INDIA FINANCIAL SERVICES LTD.,NEW DELHI vs. DCIT, 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

viii); upheld the disallowance of Rs. 7,92,643/- under section 14A in AY 2014-15 and restored the matter to the Ld. AO in respect of the deduction of Rs. 9,69,602/- claimed by the assessee on account of advertisement expenses in AY 2013-14. The assessee is in appeal before the Tribunal challenging the order

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

viii); upheld the disallowance of Rs. 7,92,643/- under section 14A in AY 2014-15 and restored the matter to the Ld. AO in respect of the deduction of Rs. 9,69,602/- claimed by the assessee on account of advertisement expenses in AY 2013-14. The assessee is in appeal before the Tribunal challenging the order

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)

viii. The Mumbai Bench of the Tribunal in the case of Raptakos Brett & Co (supra), elaborately considered and applied the decisions of the apex Court and the Calcutta High Court to conclude that long-term capital loss on transfer of shares is allowable. Decision in Kishorebhai [earlier decisions not considered – per-incuriam/ sub-silentio] . It may also be pertinent

DCIT, NEW DELHI vs. M/S. PUNJAB NATIONAL BANK, NEW DELHI

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

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumarita No. 2954/Del/2012 : Asstt. Year : 2013-14 Dcit, Vs M/S Punjab National Bank, Circle-20(1), Ho: Finance Division, 5, Sansad New Delhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp0165G

36(1): the deduction provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28. (viii) In respect of any special reserve created and maintained by a specified entity an amount not exceeding 20% of the profit derived from eligible business computed under the head

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

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

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumarita No. 2954/Del/2012 : Asstt. Year : 2013-14 Dcit, Vs M/S Punjab National Bank, Circle-20(1), Ho: Finance Division, 5, Sansad New Delhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp0165G

36(1): the deduction provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28. (viii) In respect of any special reserve created and maintained by a specified entity an amount not exceeding 20% of the profit derived from eligible business computed under the head

PR. COMMISSIONER OF INCOME TAX-6 vs. NATIONAL HOUSING BANK

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE CHANDER SHEKHAR

36. (1) The deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28— (viii) in respect of any special reserve created and maintained by a financial corporation which is engaged in providing long-term finance for industrial or agricultural development or development

PR.COMMISSIONER OF INCOME TAX-6 vs. NATIONAL HOUSING BANK

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE CHANDER SHEKHAR

36. (1) The deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28— (viii) in respect of any special reserve created and maintained by a financial corporation which is engaged in providing long-term finance for industrial or agricultural development or development

PR.COMMISSIONER OF INCOME TAX-6 vs. NATIONAL HOUSING BANK

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE CHANDER SHEKHAR

36. (1) The deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28— (viii) in respect of any special reserve created and maintained by a financial corporation which is engaged in providing long-term finance for industrial or agricultural development or development

PR.COMMISSIONER OF INCOME TAX -6 vs. NATIONAL HOUSING BANK

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE CHANDER SHEKHAR

36. (1) The deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28— (viii) in respect of any special reserve created and maintained by a financial corporation which is engaged in providing long-term finance for industrial or agricultural development or development

PR. COMMISSIONER OF INCOME TAX -6 vs. NATIONAL HOUSING BANK

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE CHANDER SHEKHAR

36. (1) The deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28— (viii) in respect of any special reserve created and maintained by a financial corporation which is engaged in providing long-term finance for industrial or agricultural development or development

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)

36(1)(viii) for AY 2007-08 provides as under:- “(1) The deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28-- (viii) in respect of any special reserve and maintained created by a financial corporation which is engaged in providing long-term

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

capital gain tax can be levied. ” 53. Concluded at page 12 para 21 as under: “27. In the result, we hold that sub-section 115JB as it stood prior to its amendment by virtue of Finance Act, 2012, would not be applicable to a banking company. We answer the question No. 2 in favour of the assessee and against