MR. SANJIV NARAYAN,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri G.S. Pannu & Shri Amit Shukla(Through Video Conferencing) Assessment Year 2005-06

b)(iii) to section 40A(5) or section 17(2)(iii) by the same yardstick, such loan cannot also be construed as benefit or a perquisite for the purposes of section 2(24)(iv). In that view of the matter, we have no hesitation in holding that section 2(24)(iv) cannot be pressed into service on the facts

MR. RANJEET SINGH,GURGAON vs. DCIT, NEW DELHI

Bench: Shri G.S. Pannu & Shri Amit Shukla(Through Video Conferencing) Assessment Year 2005-06

b)(iii) to section 40A(5) or section 17(2)(iii) by the same yardstick, such loan cannot also be construed as benefit or a perquisite for the purposes of section 2(24)(iv). In that view of the matter, we have no hesitation in holding that section 2(24)(iv) cannot be pressed into service on the facts

MR. J.S. GUJRAL,GURGAON vs. DCIT, NEW DELHI

Bench: Shri G.S. Pannu & Shri Amit Shukla(Through Video Conferencing) Assessment Year 2005-06

b)(iii) to section 40A(5) or section 17(2)(iii) by the same yardstick, such loan cannot also be construed as benefit or a perquisite for the purposes of section 2(24)(iv). In that view of the matter, we have no hesitation in holding that section 2(24)(iv) cannot be pressed into service on the facts

MR. KRISHNA KUMAR PANT,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri G.S. Pannu & Shri Amit Shukla(Through Video Conferencing) Assessment Year 2005-06

b)(iii) to section 40A(5) or section 17(2)(iii) by the same yardstick, such loan cannot also be construed as benefit or a perquisite for the purposes of section 2(24)(iv). In that view of the matter, we have no hesitation in holding that section 2(24)(iv) cannot be pressed into service on the facts

M/S. RELIGARE FINVEST LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal filed by the revenue is dismissed

Bench: Sh. I.C. Sudhir & Sh. O.P. Kantassessment Year: 2008-09 Vs. Acit, Circle-15(1), New Delhi Religare Finvest Ltd., D-3, P3B, District Centre, Saket, New Delhi Pan : Aafcs6801H (Appellant) (Respondent) Appellant By Sh. Rohit Garg, Adv. & Ms. Tejasvi Jain, Ca Respondent By Sh. F.R. Meena, Sr.Dr Date Of Hearing 28.03.2017 Date Of Pronouncement 28.04.2017 Order Per O.P. Kant, A.M.: This Appeal By The Assessee Is Directed Against The Order Of Learned Commissioner Of Income Tax (Appeals)-Xviii, New Delhi, Dated 28.02.2013, Raising The Following Grounds Of Appeal:

40A(2)(a) of the Act 8,185,383 Restriction of depreciation claimed on 5. UPS to 15% 14,625 3. Aggrieved, the assessee filed an appeal before the learned CIT(A), who partly allowed the appeal of the assessee. Against the order of the learned CIT(A), assessee is in appeal before the Tribunal. 4. With regard to grounds

DCIT, NEW DELHI vs. M/S. KUSHAL INFRAPROJECT INDUSTRIES INDIA LTD., NEW DELHI

Bench: : Shri Bhavnesh Saini & Dr. B.R.R. Kumar

40A(2), A.O. should have proved expenditure is excessive or unreasonable.” In the absence of any such finding by the A.O, there was no justification to disallow salary. The A.O. did not doubt the salary paid to the employees which is paid through banking channel and the employees have shown the same salary in their return of income, on which

KAUSHAL INFRAPROJECT INDUSTRIES INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

Bench: : Shri Bhavnesh Saini & Dr. B.R.R. Kumar

40A(2), A.O. should have proved expenditure is excessive or unreasonable.” In the absence of any such finding by the A.O, there was no justification to disallow salary. The A.O. did not doubt the salary paid to the employees which is paid through banking channel and the employees have shown the same salary in their return of income, on which

KAUSHAL INFRAPROJECT INDUSTRIES INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

Bench: : Shri Bhavnesh Saini & Dr. B.R.R. Kumar

40A(2), A.O. should have proved expenditure is excessive or unreasonable.” In the absence of any such finding by the A.O, there was no justification to disallow salary. The A.O. did not doubt the salary paid to the employees which is paid through banking channel and the employees have shown the same salary in their return of income, on which

DCIT, NEW DELHI vs. M/S. KUSHAL INFRAPROJECT INDUSTRIES INDIA LTD., NEW DELHI

Bench: : Shri Bhavnesh Saini & Dr. B.R.R. Kumar

40A(2), A.O. should have proved expenditure is excessive or unreasonable.” In the absence of any such finding by the A.O, there was no justification to disallow salary. The A.O. did not doubt the salary paid to the employees which is paid through banking channel and the employees have shown the same salary in their return of income, on which

ACIT, NEW DELHI vs. SH. ANIL KUMAR SHARMA, NEW DELHI

In the result, the appeals of the Revenue as well as Cross

Bench: Shri Chandra Mohan Garg & Shri L.P. Sahu

capital account of assessee and that the assessee had utilized those over withdrawn funds without paying any interest. The AO applying section 28(iv) made addition on account of interest income @9% by holding it to be benefit or perquisite. The court held that transaction being relating to a cash payment, it cannot be a benefit or perquisite: The precise

COMMISSIONER OF INCOME TAX vs. SHANKAR TRADING CO LTD

The appeals stand disposed of

capital expenditure. 2012:DHC:4107-DB ITAs 53/2000, 251/2007, 253/2007, 257/2007, 223/2002 247/2002, 45/2005, 50/2005, 1207/2005, 361/2008, 482/2008, 731/2008, 1191/2008, 1183/2010, 1198/2010, 842/2011 and 246/2005 Page 43 of 50 Applicability of Section 40A(2) of Income Tax Act 28. Coming to the second issue, Section 40A(2) of Income-tax Act reads as under:- “(2)(a) Where the assessee incurs

THE COMMISSIONER OF INCOME TAX III vs. SHANKAR TRADING CO.P.LTD.

The appeals stand disposed of

capital expenditure. 2012:DHC:4105-DB ITAs 53/2000, 251/2007, 253/2007, 257/2007, 223/2002 247/2002, 45/2005, 50/2005, 1207/2005, 361/2008, 482/2008, 731/2008, 1191/2008, 1183/2010, 1198/2010, 842/2011 and 246/2005 Page 43 of 50 Applicability of Section 40A(2) of Income Tax Act 28. Coming to the second issue, Section 40A(2) of Income-tax Act reads as under:- “(2)(a) Where the assessee incurs

CIT vs. SHANKAR TRADING CO LTD

The appeals stand disposed of

capital expenditure. 2012:DHC:4108-DB ITAs 53/2000, 251/2007, 253/2007, 257/2007, 223/2002 247/2002, 45/2005, 50/2005, 1207/2005, 361/2008, 482/2008, 731/2008, 1191/2008, 1183/2010, 1198/2010, 842/2011 and 246/2005 Page 43 of 50 Applicability of Section 40A(2) of Income Tax Act 28. Coming to the second issue, Section 40A(2) of Income-tax Act reads as under:- “(2)(a) Where the assessee incurs

SHANKER TRADING (P) LTD. vs. THE CIT

The appeals stand disposed of

capital expenditure. 2012:DHC:4126-DB ITAs 53/2000, 251/2007, 253/2007, 257/2007, 223/2002 247/2002, 45/2005, 50/2005, 1207/2005, 361/2008, 482/2008, 731/2008, 1191/2008, 1183/2010, 1198/2010, 842/2011 and 246/2005 Page 43 of 50 Applicability of Section 40A(2) of Income Tax Act 28. Coming to the second issue, Section 40A(2) of Income-tax Act reads as under:- “(2)(a) Where the assessee incurs

THE COMMISSIONER OF INCOME TAX III vs. SHANKAR TRADING CO. P.LTD.

The appeals stand disposed of

capital expenditure. 2012:DHC:4127-DB ITAs 53/2000, 251/2007, 253/2007, 257/2007, 223/2002 247/2002, 45/2005, 50/2005, 1207/2005, 361/2008, 482/2008, 731/2008, 1191/2008, 1183/2010, 1198/2010, 842/2011 and 246/2005 Page 43 of 50 Applicability of Section 40A(2) of Income Tax Act 28. Coming to the second issue, Section 40A(2) of Income-tax Act reads as under:- “(2)(a) Where the assessee incurs

COMMISSIONER OF INCOME TAX vs. SHANKAR TRADING CO LTD

The appeals stand disposed of

capital expenditure. 2012:DHC:4106-DB ITAs 53/2000, 251/2007, 253/2007, 257/2007, 223/2002 247/2002, 45/2005, 50/2005, 1207/2005, 361/2008, 482/2008, 731/2008, 1191/2008, 1183/2010, 1198/2010, 842/2011 and 246/2005 Page 43 of 50 Applicability of Section 40A(2) of Income Tax Act 28. Coming to the second issue, Section 40A(2) of Income-tax Act reads as under:- “(2)(a) Where the assessee incurs

COMMISSIONER OF INCOME TAX III vs. M/S SHANKAR TRADING CO.P.LTD

The appeals stand disposed of

capital expenditure. 2012:DHC:4125-DB ITAs 53/2000, 251/2007, 253/2007, 257/2007, 223/2002 247/2002, 45/2005, 50/2005, 1207/2005, 361/2008, 482/2008, 731/2008, 1191/2008, 1183/2010, 1198/2010, 842/2011 and 246/2005 Page 43 of 50 Applicability of Section 40A(2) of Income Tax Act 28. Coming to the second issue, Section 40A(2) of Income-tax Act reads as under:- “(2)(a) Where the assessee incurs

SHANKER TRADING (P) LTD. vs. THE CIT

The appeals stand disposed of

capital expenditure. 2012:DHC:4113-DB ITAs 53/2000, 251/2007, 253/2007, 257/2007, 223/2002 247/2002, 45/2005, 50/2005, 1207/2005, 361/2008, 482/2008, 731/2008, 1191/2008, 1183/2010, 1198/2010, 842/2011 and 246/2005 Page 43 of 50 Applicability of Section 40A(2) of Income Tax Act 28. Coming to the second issue, Section 40A(2) of Income-tax Act reads as under:- “(2)(a) Where the assessee incurs