MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

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

Bench: Shri N.K. Saini & Shri K.N. Charry

Capital Gain 6,88,30,877 xix. Income from Other Sources 64,54,03,021 xx. Total Income 28,41,95,69,142 2.2. Challenging the same, assessee is before us on as many as 19 grounds of appeal. Ground nos. 1, 2, 3.9 and 16 are general in nature, which do not require any specific adjudication

MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the three appeals of the assessee are allowed as indicated above and the appeal of Revenue is partly allowed

Bench: Shris.Rifaur Rahman & Shri Vimal Kumar

gain of Rs.6,90,68,982/- as business income. 9.3 That the assessing officer erred on facts and in law in holding that investment in units of mutual funds and shares were made as a systematic business activity, without appreciating that such investments were made on capital account and not as “stock-in-trade”. 9.4 That the assessing officer erred

DCIT, NEW DELHI vs. M/S. MARUTI SUZUKI INDIA LTD., NEW DELHI

In the result, all the three appeals of the assessee are allowed as indicated above and the appeal of Revenue is partly allowed

Bench: Shris.Rifaur Rahman & Shri Vimal Kumar

gain of Rs.6,90,68,982/- as business income. 9.3 That the assessing officer erred on facts and in law in holding that investment in units of mutual funds and shares were made as a systematic business activity, without appreciating that such investments were made on capital account and not as “stock-in-trade”. 9.4 That the assessing officer erred

SAIF PARTNERS INDIA IV LIMITED ,DELHI vs. ACIT INT. TAXATION-3(1)(2), DELHI

In the result, the appeal of the assessee in ITA No

Bench: Shri N.K. Billaiya & Shri Anubhav Sharma

capital gain taxation as provided in the Act. Please find enclosed the notes to computation (also furnished earlier) as Annexure 3 for detailed description in relation to transactions undertaken during the year under consideration. Further, the Company is a non-resident as per the provisions of the Act and does not create a permanent establishment in India for the relevant

MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

Appeal is allowed

Bench: Shri I.C. Sudhir & Shri L.P. Sahu Assessment Year: 2007-08 Assessment Year: 2007-08 Maruti Suzuki India Ltd., Vs. Additional Cit, Plot No.1, Nelson Mandela Road, Range-6, Vasant Road, New Delhi. New Delhi. (Pan: Aaacm0829Q) (Appellant) (Respondent) Assessee By: S/Shri Ajay Vohra, Sr. Adv. Neeraj Jain, Rohit Jain, Adv. Romit Katyal & Ms. Tejasvi Jain, Cas Department By:Shri Amrendra Kumar, Cit(Dr)

section 233B of the Companies Act, 1956 and also the Statutory 61 Auditor as well as the Tax Auditor pursuant to tax audit under section 44AB of the Act. (d) The difference between the stock as per the stock register and physical inventory may be on account of several reasons, such as posting errors, estimation of consumption based on standard

M/S MARUTI SUZUKI INDIA LTD.,,NEW DELHI vs. DCIT, NEW DELHI

capital gain of Rs.6,90,68,982/- as business income.\n9.3 That the assessing officer erred on facts and in law in holding that\ninvestment in units of mutual funds and shares were made as a systematic\nbusiness activity, without appreciating that such investments were made on\ncapital account and not as “stock-in-trade”.\n9.4 That the assessing officer

DCIT, NEW DELHI vs. M/S. DEWAN SUGAR LTD., NEW DELHI

In the result, the appeal of the Revenue is dismissed

Bench: Sh. H.S. Sidhu & Sh. O.P. Kantassessment Year: 2008-09 Dcit, Vs. M/S. Dewan Sugar Ltd., Circle-10(1), New Delhi Surya Plaza, 1St Floor, K- 185, Sarai Jullena, New Friends Colony, New Delhi Pan :Aaacd3465H (Appellant) (Respondent)

capital expenditure of personal expenses of the taxpayers, laid out or expended wholly and exclusively for the purposes of his business, is to be allowed as deduction in computing the income chargeable under the head "Profits and gains of business or profession". Hence, any expenditure incurred by a sugar factory on cane development programmes would be eligible for deduction

ACIT CIRCLE-3 (1), NEW DELHI vs. BULLS & BEARS PORTFOLIO LTD, NEW DELHI

In the result, the appeals of the Revenue in ITA

Bench: Shri B.P. Jain & Shri Sudhanshu Srivastava

capital gain instead of treating it as business income. 2. The ld. CIT(A) erred in law and facts in directing the Assessing Officer to allow the payment of registration fees of Rs. 27.30 lakhs to SEBI even when such ‘fee’ is not covered by the provisions of section 43B

MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, the appeal of the assessee in ITA No

Bench: Shri Saktijit Dey & Shri N.K. Billaiya

43B of the Act. 69. Similar issue was considered by this Tribunal in A.Y 2001-02 in ITA No. 300/DEL/2006, 204/DEL/2006 at para 22 of its order. The relevant findings read as under: “22. In regard to Ground No.9 which is against the action of the CIT (A) in deleting the disallowance of the Excise Duty paid by the assessee

CONTINENTAL CONSTRUCTION LTD.,NEW DELHI vs. ACIT, NEW DELHI

Appeal is dismissed

Bench: Ms Suchitra Kamble & Shri P. Maharishi & Vs Continental Construction Acit, Ltd, 28, Nehru Place, Circle – 3(1), New Delhi – 110019. Room No.390, C.R. Building, (Pan: Aaacc 2309 R) Indraprastha Estate, New Delhi (Appellant) (Respondent) & Vs Acit, Continental Construction Ltd, Circle – 3(1), 28, Nehru Place, New Delhi – 110019. Room No.390, C.R. (Pan: Aaacc 2309 R) Building, Indraprastha Estate, New Delhi (Appellant) (Respondent) Appellant By Shri Subodh Gupta, Fca Respondent By Ms. Nidhi Srivastava, Cit-D.R. Date Of Hearing 14.08.2020 Date Of Pronouncement 23.09.2020

Capital Gains’. Relief 220(7): 4. The lower authorities have erred and were not justified in refusing the benefit of section 220(7) of the Act on the interest of Rs 8,21,49,466/- included in the total income, but which is prohibited for remittance by virtue of UN embargo, which was made along with the return as well

DCIT, NEW DELHI vs. M/S. MARUTI SUZUKI INDIA LTD., NEW DELHI

In the result, the appeal of the Revenue in ITA No

Bench: Shri Shamim Yahya & Shri Kul Bharat[Assessment Year : 2010-11] Maruti Suzuki India Ltd., Vs Dcit, Plot No.1, Nelson Mandela Road, Circle-16(1), Vasant Kunj, New Delhi-110070. New Delhi. Pan-Aaacm0829Q Appellant Respondent [Assessment Year : 2010-11] Dcit, Vs Maruti Suzuki India Ltd., Circle-16(1), Plot No.1, Nelson Mandela Road, New Delhi. Vasant Kunj, New Delhi-110070. Pan-Aaacm0829Q Appellant Respondent Appellant By Shri Ajay Vohra, Sr.Adv., Shri Neeraj Jain, Adv. & Ms. Tejasvi Jain & Ms. Somya Jain, Ca Respondent By Shri G.C.Srivastava, Adv., Shri Kalrav Mehrotra, Adv. & Shri Mayank Patawari, Ca Date Of Hearing 11.11.2022 Date Of Pronouncement 09.02.2023

gain of Rs.3,32,97,441 as business income. 13.3. That the assessing officer erred on facts and in law in holding that investment in units of mutual funds and shares were made as a systematic business activity, without appreciating that such investments were made on capital account and not as “stock-in- trade”. 13.4. That the assessing officer erred

MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeal of the Revenue in ITA No

Bench: Shri Shamim Yahya & Shri Kul Bharat[Assessment Year : 2010-11] Maruti Suzuki India Ltd., Vs Dcit, Plot No.1, Nelson Mandela Road, Circle-16(1), Vasant Kunj, New Delhi-110070. New Delhi. Pan-Aaacm0829Q Appellant Respondent [Assessment Year : 2010-11] Dcit, Vs Maruti Suzuki India Ltd., Circle-16(1), Plot No.1, Nelson Mandela Road, New Delhi. Vasant Kunj, New Delhi-110070. Pan-Aaacm0829Q Appellant Respondent Appellant By Shri Ajay Vohra, Sr.Adv., Shri Neeraj Jain, Adv. & Ms. Tejasvi Jain & Ms. Somya Jain, Ca Respondent By Shri G.C.Srivastava, Adv., Shri Kalrav Mehrotra, Adv. & Shri Mayank Patawari, Ca Date Of Hearing 11.11.2022 Date Of Pronouncement 09.02.2023

gain of Rs.3,32,97,441 as business income. 13.3. That the assessing officer erred on facts and in law in holding that investment in units of mutual funds and shares were made as a systematic business activity, without appreciating that such investments were made on capital account and not as “stock-in- trade”. 13.4. That the assessing officer erred

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", or in section 199 or in sections 28 to (43B), the profits and gains

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 account transactions. Section 43A applies when following conditions are fulfilled: - i) The asset must be acquired from outside India (Same is applied here). ii) The asset must be acquired for the purpose of Business and Profession. It is submitted that in such cases, the amount of exchange gain/loss arisen on such assets shall be added/deducted to the actual cost

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", or in section 199 or in sections 28 to (43B), the profits and gains

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", or in section 199 or in sections 28 to (43B), the profits and gains

MANOJ MITTAL,DELHI vs. ACIT, NEW DELHI

Appeal is dismissed

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

capital gains (section 50C), business profits (section 43CA) and other sources (section 56) arising out of transactions in immovable property, the sale consideration or stamp duty value, whichever is higher is adopted. The difference is taxed as income both in the hands of the (Manoj Mittal) purchaser and the seller. It has been pointed out that this variation can occur

ACIT, CIRCLE-18(2), NOIDA vs. NOIDA TOLL BRIDGE CO. LTD., NOIDA

In the result, appeal of the assessee is allowed

Bench: Shri N.K. Billaiya & Ms. Astha Chandra

43B by not actually paying interest but converting interest into a fresh loan, bona fide transactions of actual payments are not meant to be affected. In similar circumstances, in K.P. Varghese v. ITO, (1981) 4 SCC 173, this Court construed Section 52 of the Income Tax Act as applying only to cases where ‘understatement’ is be found – an ‘understatement