DCIT, CIRCLE- 62(1), NEW DELHI vs. L&T SUCG JV CC27, NEW DELHI

In the result, appeal of the Department is dismissed

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

gain is to be treated as capital receipt in the event of such share capital has been collected in foreign exchange irrespective of end use of share capital”. Learned Counsel for the Assessee without prejudice to the above submissions submitted that in case it is held that provisions of Section 43A

ACIT, NEW DELHI vs. M/S. NIIT TECHNOLOGIES LTD., NEW DELHI

In the result, the appeal of the Revenue is dismissed and cross objection of the assessee is allowed for statistical purposes

Bench: : Shri Amit Shukla & Shri L.P. Sahuassessment Year: 2006-07

43A, this includes section 32(2). Therefore, one cannot exclude depreciation allowance while computing profits derived from a newly established undertaking. ITA No. 3076 & C.O. No. 318/Del/2012 3 Grounds of Cross-objection: 1. That the CIT(A) erred on facts and in law in confirming the addition of demerger expenses of Rs. 28,42,073 made by the assessing officer

M/S THE ORIENTAL INSSURANCE CO.LTD.,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri Anil Chaturvedi & Shri Anubhav Sharmam/S. The Oriental Insurance Co. Ltd, Vs. The Dcit, A 25/27, Asaf Ali Road, Ltu, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan: Aaact0627R

Capital gains" or "Income from other sources", do not apply in the case of computation of income from insurance business. The effect of the non-obstante clause so far as the earlier part of section 44 is concerned, therefore, is that the provisions of section 44 will prevail notwithstanding the fact that there are contrary provisions in the Act relating

ACIT, NEW DELHI vs. M/S. K.E.I. INDUSTRIES LTD., NEW DELHI

In the result, Ground No.3

Bench: Shri Bhavnesh Saini, J.M. & Shri Anil Chaturvedi, A.M.

capitalization of exchange control fluctuation arising on foreign currency borrowing from its head office relatable to fixed assets acquired in India without appreciating that section 43A is not applicable in the present case. ” 16. ITAT following the judgments in Woodward Governor India (P.) Ltd. and CIT vs. Maruti Udyog Ltd. upheld the order of CIT(A). Therefore

M/S. KEI INDUSTRIES LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, Ground No.3

Bench: Shri Bhavnesh Saini, J.M. & Shri Anil Chaturvedi, A.M.

capitalization of exchange control fluctuation arising on foreign currency borrowing from its head office relatable to fixed assets acquired in India without appreciating that section 43A is not applicable in the present case. ” 16. ITAT following the judgments in Woodward Governor India (P.) Ltd. and CIT vs. Maruti Udyog Ltd. upheld the order of CIT(A). Therefore

DCIT, NEW DELHI vs. M/S. PARAMOUNT COMMUNICATION PVT. LTD., NEW DELHI

In the result, ITA No.767/Del/2014 is partly allowed,

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 28 (iv) of the IT Act or taxable as a remission of liability under Section 41 (I) of the IT Act. 12. The first issue is the applicability of Section 28 (iv) of the IT Act in the present case. Before moving further, we deem it apposite to reproduce the relevant provision herein below:— ' 28. Profits and gains

PARAMOUNT COMMUNICATIONS LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, ITA No.767/Del/2014 is partly allowed,

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 28 (iv) of the IT Act or taxable as a remission of liability under Section 41 (I) of the IT Act. 12. The first issue is the applicability of Section 28 (iv) of the IT Act in the present case. Before moving further, we deem it apposite to reproduce the relevant provision herein below:— ' 28. Profits and gains

M/S. PARAMOUNT COMMUNICTIONS LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, ITA No.767/Del/2014 is partly allowed,

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 28 (iv) of the IT Act or taxable as a remission of liability under Section 41 (I) of the IT Act. 12. The first issue is the applicability of Section 28 (iv) of the IT Act in the present case. Before moving further, we deem it apposite to reproduce the relevant provision herein below:— ' 28. Profits and gains

THE ORIENTAL INSURANCE CO. LTD.,NEW DELHI vs. DCIT, CIRCLE- 1, LTU, NEW DELHI

Bench: Sh. Anil Chaturvedi & Sh.Anubhav Sharmaita No. 1952/Del/2018, A.Y. 2013-14 M/S. The Oriental Insurance Co. Vs. Dcit, Ltd. Circle-1, Ltu, A-25/27, Asaf Ali Road, New Delhi New Delhi- 110002 Pan :Aaact0627R

Capital gains" or "Income from other sources", do not apply in the case of computation of income from insurance business. The effect of the non-obstante clause so far as the earlier part of section 44 is concerned, therefore, is that the provisions of section 44 will prevail notwithstanding the fact that there are contrary provisions in the Act relating

DCIT, CIRCLE- 1, LTU, NEW DELHI vs. THE ORIENTAL INSURANCE CO. LTD., NEW DELHI

Bench: Sh. Anil Chaturvedi & Sh.Anubhav Sharmaita No. 1952/Del/2018, A.Y. 2013-14 M/S. The Oriental Insurance Co. Vs. Dcit, Ltd. Circle-1, Ltu, A-25/27, Asaf Ali Road, New Delhi New Delhi- 110002 Pan :Aaact0627R

Capital gains" or "Income from other sources", do not apply in the case of computation of income from insurance business. The effect of the non-obstante clause so far as the earlier part of section 44 is concerned, therefore, is that the provisions of section 44 will prevail notwithstanding the fact that there are contrary provisions in the Act relating

DCIT, NEW DELHI vs. M/S. CECIL WEBBER ENGINEERING LTD., NEW DELHI

In the result both the appeals of the Revenue are dismissed

capital gains ignoring the fact that during the year under consideration the assessee was engaged in the business of trading of shares.” 10. Ground No.1:- The Ld.DR submitted that the Ld.CIT(A) has erred on facts and in law in restricting the disallowance of Rs.6,58,674/- as the first appellate authority has failed to take cognizance of sub section

DABUR INDIA LIMITED vs. COMMISSIONER OF INCOME TAX,

The appeals are dismissed

Bench: We Consider The Submissions Made In Support Of The Appeal The Following Facts Require To Be Noted:- 2.1 The Assessee Is In The Business Of Manufacturing Herbal Products & Cosmetics. On 30.11.2000 Assessee Filed Its Return For Assessment Year 2000-01 Wherein, It Declared An Income Of Rs 12,15,25,093/-. On 10.5.2001 The Return Was Processed Under Section 143(1)(A) Of The Act As The Returned Income. However, Notices Were Issued Under Section 143(2) Of The Act. 2.2 In Response To The Aforesaid Notices, Hearing Was Attended By An Authorized Representative Before The Assessing Officer. 2008:Dhc:2521

capital expenditure or a personal expense of the assessee but being otherwise laid out or expended fully and exclusively for the purposes of business or profession is allowed to be deducted in computing income chargeable under the head “Profits and gains of business or profession.” The other provisions mentioned in Chapter IV and provisions of Chapter V not being relevant

MAX NEW YORK LIFE INSURANCE COMPANY LTD.,GURGAON vs. DCIT, CIRCLE- 1, LTU, NEW DELHI

In the result, the appeal of the assessee is partly allowed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishimax New York Life Insurance Vs. Dcit, Company Ltd, Circle-1, Ltu, New Delhi Plot No. 90A, Sector-18, Udyog Vihar, Haryana (Appellant) (Respondent)

capital gains" or "Income from other sources", or in section 199 or in section 28 to 43B, profits and gains of any business of insurance, including any such business carried on by a mutual insurance company or by a co-operative society, shall be computed in accordance with the rules contained in the First Schedule.' The First schedule

HONDA MOTORCYCLE AND SCOOTER INDIA PVT. LTD.,GURGAON vs. DCIT, CIRCLE- 2(1), GURGAON

In the result, the appeal of the assessee is allowed

Bench: Ms. Sushma Chowla, Vp & Shri N.K.Billaiya, Am आयकर अपील सं. / Ita No.7714/Del/2017 "नधा"रण वष" /Assessment Year 2012-13

capital assets, to the extent of Rs.53,05,919, under section 43A of the Act, which was netted against unrealized gain

OCL INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, appeal of the assessee is partly allowed and appeal of the Revenue is allowed for statistical purpose

Bench: Shri Vikas Awasthy & Shri Naveen Chandraआअसं.4068/िद"ी/2015(िन.व. 2007-08) Dalmia Bharat Ltd., (Successor In The Interest Of Ocl India Ltd.) 11Th & 12Th Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi 110001 ...... अपीलाथ"/Appellant Pan: Aabco-8750-F बनाम Vs. Deputy Commissioner Of Income Tax, ..... "ितवादी/Respondent Circle 19(1), C R Building New Delhi 110095 आअसं.3767/िद"ी/2015(िन.व. 2007-08) Assistant Commissioner Of Income Tax, Aayakar Bhawan, Uditnagar, Rourkela, ...... अपीलाथ"/Appellant Dist. Sundargarh, Odisha 769012 बनाम Vs. Dalmia Bharat Ltd., Successor Of Ocl India Ltd., 11Th & 12Th Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi 110001 ..... "ितवादी/Respondent Pan: Aabco-8750-F

capitalization of foreign exchange gain/loss with the cost of asset is also not applicable since the asset was not acquired during the year under consideration. The CIT(A) held gain on cancellation of forward contract amounting to Rs.92,05,509/- as Revenue receipt chargeable to tax. The ld. Counsel for the assessee submitted that the CIT(A) has erred

DCIT, NEW DELHI vs. M/S OCL INDIA PVT. LTD.,, NEW DELHI

In the result, appeal of the assessee is partly allowed and appeal of the Revenue is allowed for statistical purpose

Bench: Shri Vikas Awasthy & Shri Naveen Chandraआअसं.4068/िद"ी/2015(िन.व. 2007-08) Dalmia Bharat Ltd., (Successor In The Interest Of Ocl India Ltd.) 11Th & 12Th Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi 110001 ...... अपीलाथ"/Appellant Pan: Aabco-8750-F बनाम Vs. Deputy Commissioner Of Income Tax, ..... "ितवादी/Respondent Circle 19(1), C R Building New Delhi 110095 आअसं.3767/िद"ी/2015(िन.व. 2007-08) Assistant Commissioner Of Income Tax, Aayakar Bhawan, Uditnagar, Rourkela, ...... अपीलाथ"/Appellant Dist. Sundargarh, Odisha 769012 बनाम Vs. Dalmia Bharat Ltd., Successor Of Ocl India Ltd., 11Th & 12Th Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi 110001 ..... "ितवादी/Respondent Pan: Aabco-8750-F

capitalization of foreign exchange gain/loss with the cost of asset is also not applicable since the asset was not acquired during the year under consideration. The CIT(A) held gain on cancellation of forward contract amounting to Rs.92,05,509/- as Revenue receipt chargeable to tax. The ld. Counsel for the assessee submitted that the CIT(A) has erred

DABUR INDIA LTD. vs. COMMISSIONER OF INCOME TAX

The appeal is dismissed

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MS. JUSTICE REVA KHETRAPAL

capital gains, which according to the Commissioner were not admissible as per Section 43A of the Act. To this extent

DCIT, NEW DELHI vs. M/S CIENA INDIA PVT LTD, NEW DELHI

Bench: Shri R.S. Syal & Shri Kuldip Singh

section 43A of the Act. However, AO came to the conclusion that since no such addition has been made by the assessee, the amount of Rs.7,13,33,358/- cannot be capitalized and made the addition thereof in the capital account of the assessee in his draft order. 6. Ld. AR for the assessee while referring to the detailed calculation