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

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

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

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

COMMISSIONER OF INCOME TAX VI vs. CLIMATE SYSTEM PVT.LTD

gains is as per nationally accepted accounting standards; (vi) whether the system adopted by the assessee is fair and reasonable or is adopted only with a view to reducing the incidence of taxation’‘.  . Thereafter, reference was made to Section 43A of the Act, both as stood prior to 01.04.2003 and thereafter. However, we need not to go further into

UMW SHER (L) LIMITED,NEW DELHI vs. ASSESISING OFFICER , INTERNATIONAL TAXATION CIRCLE-3(1)(1), NEW DELHI

In the result, appeals are allowed, as indicated above

Bench: Shri Saktijit Dey & Dr. B.R.R. Kumar

43A. It further reveals that the provision is application to a non-existent entity engaged in the following activities: i. Prospecting for or extraction or production of mineral oils. ii. Services for in relation to prospecting for or extraction or production of minerals oils. iii. Providing facilities in connection with prospecting for or extraction or production of minerals oils

UMW SHER (L) LIMITED,NEW DELHI vs. ASSESISING OFFICER , INTERNATIONAL TAXATION CIRCLE-3(1)(1), NEW DELHI

In the result, appeals are allowed, as indicated above

Bench: Shri Saktijit Dey & Dr. B.R.R. Kumar

43A. It further reveals that the provision is application to a non-existent entity engaged in the following activities: i. Prospecting for or extraction or production of mineral oils. ii. Services for in relation to prospecting for or extraction or production of minerals oils. iii. Providing facilities in connection with prospecting for or extraction or production of minerals oils

OC SWEATERS LLP,NEW DELHI vs. DCIT CPC, BANGALORE

In the result, the appeal of the assessee is allowed

Bench: Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.1711/Del/2020 िनधा"रणवष"/Assessment Year: 2017-18 बनाम Oc Sweaters Llp, Dcit Cpc F-8, Okhla South East Delhi, Vs. Bangalore. New Delhi. Pan No. Aaefo8261B अपीलाथ" Appellant ""यथ"/Respondent

capital assets. The gain is reflected under the Head-Other Income. I.T.A.No.1711/Del/2020 Section 43A of Income Tax Act, 1961 deals

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

In the result, the both appeals of the Assessee in ITA\nNo

Capital gains\" or \"Income from other sources\",\nor in section 199 or in sections 28 to 43B, the profits and gains of\nany business of insurance, including any such business carried on\nby a mutual insurance company or by a co-operative society, shall\nbe computed in accordance with the rules contained in the First\nSchedule.\"\n11.1 First Schedule

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

Capital gains" or "Income from other sources",\nor in section 199 or in sections 28 to 43B, the profits and gains of\nany business of insurance, including any such business carried on\nby a mutual insurance company or by a co-operative society, shall\nbe computed in accordance with the rules contained in the First\nSchedule.\"\n11.1 First Schedule

M/S. THE ORIENTAL INSURANCE CO. LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Vikas Awasthy & Shri M. Balaganeshm/S. The Oriental Insurance Co. Ltd, Vs. The Acit, A 25/27, Asaf Ali Road, New Delhi- Circle-16(1), 110003 New Delhi (Appellant) (Respondent) Pan: Aaact0627R Assessee By : Shri Tarandeep Singh, Adv Revenue By: Shri Mahesh Kumar, Cit (Dr) Date Of Hearing 19/05/2025 Date Of Pronouncement 14/08/2025

capital gains or income from other sources, or in sections 28 to 43A, the profits and gains of any business

ADDL.CIT, SPECIAL RANGE-4, NEW DELHI vs. IDEMITSU LUBE INDIA P.LTD, NEW DELHI

In the result, Cross objection of assessee is allowed for statistical purposes

Bench: Sh. Anil Chaturvedi & Sh. Anubhav Sharmaita Nos. 7255 & 7256/Del/2018 (Assessment Years : 2012-13 & 2013-14) Acit Vs. Idemitsu Lube India P. Ltd. Special Range -4, 603, 6Th Floor, Erose New Delhi Corporate Tower, Nehru Place, New Delhi-110 019 Pan No. Aabci 5684 A (Appellant) (Respondent) & Co Nos. 36 & 35/Del/2019 (Arising Out Of Ita Nos.7255 & 7256/Del/2018) (Assessment Years : 2012-13 & 2013-14) Idemitsu Lube India P. Ltd. Vs. Acit 603, 6Th Floor, Erose Special Range -4, Corporate Tower, Nehru New Delhi Place, New Delhi-110 019 Pan No. Aabci 5684 A (Appellant) (Respondent)

section 43A are attracted only when capital assets are acquired from outside India and some liability is incurred on capital account for acquiring such assets from outside India. CIT(A) also noted that in A.Ys. 2012-13 & 2013-14, AO had treated the amount as taxable whereas in A.Y. 2014-15 when it was a loss on 9 account

ADDL.CIT, SPECIAL RANGE-4, NEW DELHI vs. IDEMITSU LUBE INDIA P.LTD, NEW DELHI

In the result, Cross objection of assessee is allowed for statistical purposes

Bench: Sh. Anil Chaturvedi & Sh. Anubhav Sharmaita Nos. 7255 & 7256/Del/2018 (Assessment Years : 2012-13 & 2013-14) Acit Vs. Idemitsu Lube India P. Ltd. Special Range -4, 603, 6Th Floor, Erose New Delhi Corporate Tower, Nehru Place, New Delhi-110 019 Pan No. Aabci 5684 A (Appellant) (Respondent) & Co Nos. 36 & 35/Del/2019 (Arising Out Of Ita Nos.7255 & 7256/Del/2018) (Assessment Years : 2012-13 & 2013-14) Idemitsu Lube India P. Ltd. Vs. Acit 603, 6Th Floor, Erose Special Range -4, Corporate Tower, Nehru New Delhi Place, New Delhi-110 019 Pan No. Aabci 5684 A (Appellant) (Respondent)

section 43A are attracted only when capital assets are acquired from outside India and some liability is incurred on capital account for acquiring such assets from outside India. CIT(A) also noted that in A.Ys. 2012-13 & 2013-14, AO had treated the amount as taxable whereas in A.Y. 2014-15 when it was a loss on 9 account

DCIT, INTL. TAXATION, CIRCLE, GURGAON vs. CAIRN ENERGY HYDROCARBON LTD. , GURGAON

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

Capital gains. F.- Income from other sources. A.- Salaries.” 22. Further, Section 56 of the Income Tax Act reads as under: “Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable to income- tax under

CAIRN ENERGY HYDROCARBONS LTD.,GURGAON vs. DDIT, NEW DELHI

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

Capital gains. F.- Income from other sources. A.- Salaries.” 22. Further, Section 56 of the Income Tax Act reads as under: “Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable to income- tax under

DDIT, NEW DELHI vs. M/S. CAIRN ENERGY HYDROCARBONS LTD., GURGAON

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

Capital gains. F.- Income from other sources. A.- Salaries.” 22. Further, Section 56 of the Income Tax Act reads as under: “Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable to income- tax under

CAIRN ENERGY HYDROCARBON LTD. ,GURGAON vs. DCIT, INTL. TAXATION, CIRCLE, GURGAON

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

Capital gains. F.- Income from other sources. A.- Salaries.” 22. Further, Section 56 of the Income Tax Act reads as under: “Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable to income- tax under

DCIT, INTL. TAXATION, CIRCLE, GURGAON vs. CAIRN ENERGY HYDROCARBON LTD. , GURGAON

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

Capital gains. F.- Income from other sources. A.- Salaries.” 22. Further, Section 56 of the Income Tax Act reads as under: “Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable to income- tax under