ACIT, CIRCLE-26(1), NEW DELHI vs. VALUE FIRST DIGITAL MEDIA PVT. LTD.,, NEW DELHI

In the result, ITA No. 3143/Del/2019 [A

Bench: Shri Narender Kumar Choudhry & Dr. B.R.R. Kumar

set-off of brought forward business losses and unabsorbed depreciation pertaining to the demerged undertaking (M/s Gingersoft Media pvt. Ltd.) for the period

PVR PICTURES LTD.,NEW DELHI vs. DCIT, CIRCLE- 19(2), NEW DELHI

In the result, the appeal of the assessee is allowed

Bench: Shri Pradip Kumar Kedia & Shri Yogesh Kumar Us

set off the Book Profit anywhere against the brought forward loss as on 01.04.2010. Provisions of Section 115JB(2) of Explanation 1 to clause (ii) is reproduced as under: '(2) 12[Every assessee, [(iii) the amount of loss brought forward or unabsorbed depreciation

PETRONET LNG LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

setting off the brought forward losses from the assessment years 2006-07 to 2008-09. The Assessing Officer has computed the losses against the profits of the similar unit year wise. The moot argument of the ld. Counsel for the assessee was that the brought forward losses and depreciation

DCIT, NEW DELHI vs. M/S. PETRONET LNG LTD., NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

setting off the brought forward losses from the assessment years 2006-07 to 2008-09. The Assessing Officer has computed the losses against the profits of the similar unit year wise. The moot argument of the ld. Counsel for the assessee was that the brought forward losses and depreciation

DCIT, NEW DELHI vs. M/S. PETRONET LNG LTD., NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

setting off the brought forward losses from the assessment years 2006-07 to 2008-09. The Assessing Officer has computed the losses against the profits of the similar unit year wise. The moot argument of the ld. Counsel for the assessee was that the brought forward losses and depreciation

PETRONET LNG LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

setting off the brought forward losses from the assessment years 2006-07 to 2008-09. The Assessing Officer has computed the losses against the profits of the similar unit year wise. The moot argument of the ld. Counsel for the assessee was that the brought forward losses and depreciation

PETRONET LNG LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

setting off the brought forward losses from the assessment years 2006-07 to 2008-09. The Assessing Officer has computed the losses against the profits of the similar unit year wise. The moot argument of the ld. Counsel for the assessee was that the brought forward losses and depreciation

DCIT, NEW DELHI vs. M/S. PETRONET LNG LTD., NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

setting off the brought forward losses from the assessment years 2006-07 to 2008-09. The Assessing Officer has computed the losses against the profits of the similar unit year wise. The moot argument of the ld. Counsel for the assessee was that the brought forward losses and depreciation

M/S. HAVELLS INDIA LTD.,NEW DELHI vs. ACIT, NEW DELHI

The appeal of the assessee is partly allowed for statistical purpose

Bench: Shri Anil Chaturvedi & Ms Suchitra Kamble(Through Video Conferencing) Vs Havells India Ltd. Acit 1, Raj Narian Marg, Ltu Civil Lines New Delhi New Delhi Aaach0351E (Respondent) (Appellant)

set off of unabsorbed losses/ deprecation to bring an altogether new concept of notional carrying forward of absorbed losses/ depreciation

ACIT, CIRCLE- 9(2), NEW DELHI vs. FRESENIUS KABI ONCOLOGY LTD., NEW DELHI

In the result, C.O is allowed for statistical purpose

Bench: Shri B. R. R. Kumar

losses and unabsorbed depreciation. Accordingly, the Assessing Officer did not allowed set off brought forward business losses and unabsorbed depreciation

M/s Lavish Apartment (P.) Ltd

set off the brought forward business loss. He also noted that house-owning, however profitable, cannot be a business or trade for the purpose of the Income Tax Act and even on this reasoning rental income could not be adjusted against the brought forward business loss. The Assessing Officer also noted that the assessee had not claimed any depreciation

HEIDELBERG CEMENT INDIA LTD.,GURGAON vs. DCIT, CIRCLE- 2 , GURGAON

In the result, appeal of the assessee is partly allowed

Bench: Shri M. Balaganesh & Shri Anubhav Sharmaheidelberg Cement India Ltd, Vs. Dcit, 9Th Floor, Tower-C, Infinity Circle-2, Towers, Dlf, Cybercity, Gurgaon Gurgaon (Appellant) (Respondent) Pan: Aabcm2359J

set off of loss under the head capital gains overrides section 71 of the Act.” 3. Ground Nos. 1 & 2 raised by the assessee are challenging the action of the ld CIT(A) in confirming the disallowance of depreciation

BSL LTD.,RAJASTHAN vs. DCIT, CENTRAL CIRCLE- 31, NEW DELHI

In the result, appeal of the assessee is allowed

Bench: Sh. Anil Chaturvedi & Sh. Yogesh Kumar Usbsl Ltd., Vs. Dcit 26, Industrial Area, Central Circle-31, Post Box No. 17, New Delhi. Gandhi Nagar, Bhilwara, Rajasthan-311 001 Pan No. Aabcb0639G (Appellant) (Respondent) Assessee By Shri Satyajeet Goel, Adv. Revenue By Shri Kanv Bali, Sr. Dr Date Of Hearing: 03.05.2023 Date Of Pronouncement: 12.05.2023 Order Per Anil Chaturvedi, Am : This Appeal Filed By The Assessee Is Directed Against The Order Dated 29.08.2018 Of The Commissioner Of Income Tax (Appeals)-4, Kolkata Relating To Assessment Year 2011-12. 2. Assessee Is The Company Stated To Be Engaged In The Business Of Manufacturing & Trading Of Synthetic/Wollen/Worsted Yarn Fabrics & Synthetics Fabrics, Manufacturing & Trading Of Ready-Made Garments, Generation Of Power, Processing Of Synthetics Etc. Assessee Electronically Filed Its Return Of Income Bsl Ltd. Vs. Dcit 2

depreciation and business loss in windmill division. He noted that while computing the claim of deduction for the year under consideration, assessee had not set

KOHLER INDIA CORPORATION PRIVATE LIMITED,DELHI vs. DCIT, CIRCLE 13(1), NEW DELHI

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

Bench: Shri Pradip Kumar Kedia & Shri Sudhir Pareeksa No.63/Del/2024 (Arising Out Of Ita No.435/Del/2024 Assessment Year 2021-22

set off of brought forward business losses and unabsorbed depreciation of the earlier years available for set off at the disposal

ACIT, CIRCLE- 2(2), NEW DELHI vs. ANANT RAJ LTD., NEW DELHI

In the result assessee’s appeal is partly allowed and Revenue’s appeal is dismissed

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar

depreciation is denied to the assessee, then such a decision will not bind the assessee in the subsequent year in which he wants to claim the set off against the business income. 16. The principle enunciated by the Hon’ble Supreme Court clearly clinches the issue that, if the assessee in the earlier years has offered the income or loss

ANANT RAJ LTD,NEW DELHI vs. ADDL.CIT, RANGE-2,CIRCLE-2(2), NEW DELHI

In the result assessee’s appeal is partly allowed and Revenue’s appeal is dismissed

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar

depreciation is denied to the assessee, then such a decision will not bind the assessee in the subsequent year in which he wants to claim the set off against the business income. 16. The principle enunciated by the Hon’ble Supreme Court clearly clinches the issue that, if the assessee in the earlier years has offered the income or loss

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]

loss which has not gone out of the assessee's pocket but which is all the same, an amount which the assessee has had to give up. It also covers a liability which the assessee has incurred in praesenti although it is payable in futuro. A contingent liability that may arise in future is, however, not 'expenditure'. It would also

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]

loss which has not gone out of the assessee's pocket but which is all the same, an amount which the assessee has had to give up. It also covers a liability which the assessee has incurred in praesenti although it is payable in futuro. A contingent liability that may arise in future is, however, not 'expenditure'. It would also