RICHMOND EDUCATIONAL SOCIETY,NOIDA vs. DCIT/ACIT CENTRAL CIRCLE, GHAZIABAD, GHAZIABAD

Bench: Shri Challa Nagendra Prasad & Shri M. Balaganesh

249 ITR 533 (Bom) ; Hon'ble Allahabad High Court in the case of CIT vs Red Rose School reported in 163 Taxman 19 (All). Even as per the provisions of section 164(2) of the Act read with its proviso, only such part of the income so diverted within the meaning of section

ACIT, MEERUT vs. M/S. SPACE AGE RESEARCH & TECHNOLOGY FOUNDATION CHARITABLE TRUST, MEERUT

In the result Ground No. 1 and 3 of the appeal of the revenue is allowed and ground No

Bench: Shri H.S.Sidhu & Shri Prashant Maharishiacit, Space Age Research & Vs. Circle-2, Meerut Technology Foundation, Charitable Trust, Railway Road, Meerut Pan: Aabts7321M (Appellant) (Respondent)

disallowance of Rs 20,50,491/- being exorbitantly high rate of interest paid to the persons specified in section 13(3) of the I.T. Act which was diversion of the trust funds to specified persons u/s 13(3) of the I.T Act 1961. (4) Whether in the facts and circumstances of the case the Ld. CIT (A) has erred

SHIV SHAKTI TRADERS,GHAZIABAD vs. ACIT, CIRCLE-2, GHAZIABAD

In the result, the appeal is partly allowed

Bench: Dr. B.R.R. Kumar & Ms. Astha Chandraasstt. Year: 2013-14

disallowance subsequently in order under section 154 is in excess of jurisdiction. The assessee brought to the notice of the Ld. CIT(A) the judgment of the Hon’ble Supreme Court in CIT vs. Lucas T.V.S. Ltd. 249 ITR 306 (SC) wherein the Hon’ble Supreme Court held that opinion of audit party cannot confer jurisdiction for reimbursement under section

HERO MOTOCORP LIMITED,NEW DELHI vs. JCIT, NEW DELHI

In the result appeal of the assessee in ITA No

Bench: Sh. I. C. Sudhir & Shri Prashant Maharishihero Motocorp Limited, Jcit, 34, Basant Lok, Vasant Range-1, New Delhi Vs. Vihar, New Delhi Pan: Aaach0812J (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community Vs. New Delhi Centre, Basant Lok, Vasant Vihar, New Delhi-110057 (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community

disallowed on the ground of the same being contingent in nature. He further submitted that similar provision for increase in prices as at the end of the year was accepted and allowed in Hero MotoCorp Limited Vs. JCIT & DCIT Vs. Hero MotoCorp Ltd. ITA Nos. 1545/Del/2015 and 2424/Del/2015 (AY 2010-11) ITA No. 1609/Del/2016 and 914/Del/2016 (AY 2011-12) Page

IFCI LTD. vs. ADDL. CIT, CIRCLE-11(1),,

In the result ITA number 2205/Del/2005 filed by the learned assessing officer is dismissed

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

249/-. According to the assessing officer only a return filed u/s 139 (1) of the income tax act can be revised and return filed u/s 139 (3) of the act cannot be revised. The learned CIT – A relying on the decision of Honourable madras High Court in case of Commissioner of income tax versus Periyar District cooperative Milk producers union

DCIT, CIRCLE-II(I) vs. I.F.C.I. LTD.,,

In the result ITA number 2205/Del/2005 filed by the learned assessing officer is dismissed

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

249/-. According to the assessing officer only a return filed u/s 139 (1) of the income tax act can be revised and return filed u/s 139 (3) of the act cannot be revised. The learned CIT – A relying on the decision of Honourable madras High Court in case of Commissioner of income tax versus Periyar District cooperative Milk producers union

PERNOD RICARD INDIA PVT. LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, the recalled matter of the appeal in ITA No

Bench: Shri Amit Shukla & Shri O.P. Kant

3 ITA Nos. 910 to 914/Del./2015 disbursement were reimbursement and directed that if found so, same be allowed as deduction. The learned counsel before us submitted that all factual information in respect of the ‘trade scheme’ to ‘Sales Promoters’ are already available on record and in additional ground, the assessee is seeking remedy by way of a legal ground

PERNOD RICARD INDIA PVT. LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, the recalled matter of the appeal in ITA No

Bench: Shri Amit Shukla & Shri O.P. Kant

3 ITA Nos. 910 to 914/Del./2015 disbursement were reimbursement and directed that if found so, same be allowed as deduction. The learned counsel before us submitted that all factual information in respect of the ‘trade scheme’ to ‘Sales Promoters’ are already available on record and in additional ground, the assessee is seeking remedy by way of a legal ground

PERNOD RICARD INDIA PVT. LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, the recalled matter of the appeal in ITA No

Bench: Shri Amit Shukla & Shri O.P. Kant

3 ITA Nos. 910 to 914/Del./2015 disbursement were reimbursement and directed that if found so, same be allowed as deduction. The learned counsel before us submitted that all factual information in respect of the ‘trade scheme’ to ‘Sales Promoters’ are already available on record and in additional ground, the assessee is seeking remedy by way of a legal ground

PME POWER SOLUTIONS INDIA LTD,NEW DELHI vs. DY. COMMISSIONER OF INCOME TAX, NEW DELHI

In the result, both the appeal of the assessee are allowed

Bench: Shri M. Balaganesh & Shri Vimal Kumar

disallowances aggregating to Rs. 2,85,77,271/-. 03.04.2017 The Id. C1T(A) dismissed the appeal of the assessee company as non- maintainable u/s 249(4)(a) of the Act on the ground that the assessee has not paid the tax due on the income returned till date, therefore, the appeal is not maintainable. 21.08.2017 The AO passed an order

PME POWER SOLUTIONS INDIA LTD,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, NEW DELHI

In the result, both the appeal of the assessee are allowed

Bench: Shri M. Balaganesh & Shri Vimal Kumar

disallowances aggregating to Rs. 2,85,77,271/-. 03.04.2017 The Id. C1T(A) dismissed the appeal of the assessee company as non- maintainable u/s 249(4)(a) of the Act on the ground that the assessee has not paid the tax due on the income returned till date, therefore, the appeal is not maintainable. 21.08.2017 The AO passed an order

JINDAL STAINLESS LTD.,HISAR vs. DCIT, NEW DELHI

Accordingly, ground number 2 of the appeal of the learned AO for 2007 – 08 is dismissed

Bench: Smt Diva Singh & Shri Prashant Maharishi

Disallowance of interest decapitalisation [ Ground no 3 of appeal of AO for Ay 2007-08] 30. In appeals of the assessee, Ground number 1 for assessment year 2007 – 08 and ground number 1 and 2 for assessment year 2008 – 09 are challenging the various additions/adjustment made by the learned assessing officer/Transfer Pricing Officer which are also independently challenged

DCIT, NEW DELHI vs. M/S JSL LTD.,, HISAR

Accordingly, ground number 2 of the appeal of the learned AO for 2007 – 08 is dismissed

Bench: Smt Diva Singh & Shri Prashant Maharishi

Disallowance of interest decapitalisation [ Ground no 3 of appeal of AO for Ay 2007-08] 30. In appeals of the assessee, Ground number 1 for assessment year 2007 – 08 and ground number 1 and 2 for assessment year 2008 – 09 are challenging the various additions/adjustment made by the learned assessing officer/Transfer Pricing Officer which are also independently challenged

DCIT, NEW DELHI vs. M/S. GUJARAT GUARDIAN LTD., NEW DELHI

In the result, appeal filed by the revenue against the direction of the Ld

Bench: Shri S.K.Yadav & Shri Prashant Maharishim/S. Guajarat Guardian Ltd, Vs. Dcit, 4-7/C, Dda Shopping Centre, Circle-12(1), (Now Circle- New Friends Colony, 10(2), New Delhi Cr Building, Ip Estate, Pan: Aaacg1622K New Delhi (Appellant) (Respondent) Dcit, Vs. M/S. Guajarat Guardian Ltd, Circle-12(1), (Now Circle-10(2), 4-7/C, Dda Shopping Cr Building, Ip Estate, Centre, New Delhi New Friends Colony, New Delhi Pan: Aaacg1622K (Appellant) (Respondent)

3 of the appeal of the assessee is against the disallowance of Rs. 81,94,914/– out of the total expenditure of Rs. 5,85, 35,098/– made by the assessee on old tank repair claimed as revenue expenditure by the appellant but held to be capital expenditure by the Ld. assessing officer. The brief facts of the issue

ACIT, CIRCLE-8(1), NEW DELHI vs. EFS FACILITIES SERVICES (INDIA) PVT. LTD., NEW DELHI

In the result, both the appeals of the Revenue for assessment year

Bench: Dr. B.R.R. Kumar & Ms. Astha Chandra

section 40A(2) for determining reasonableness of price paid by the assessee. 6.7 The decision of Bangalore Bench of Tribunal in Herbalife International India (P) Ltd. (supra) applies with full force to the case at hand before us. The crux of the matter is that once the transaction is undisputedly subject matter of chapter X ‘Special Provisions relating to Avoidance

ACIT, CIRCLE-8(1), NEW DELHI vs. EFS FACILITIES SERVICES (INDIA) PVT. LTD., NEW DELHI

In the result, both the appeals of the Revenue for assessment year

Bench: Dr. B.R.R. Kumar & Ms. Astha Chandra

section 40A(2) for determining reasonableness of price paid by the assessee. 6.7 The decision of Bangalore Bench of Tribunal in Herbalife International India (P) Ltd. (supra) applies with full force to the case at hand before us. The crux of the matter is that once the transaction is undisputedly subject matter of chapter X ‘Special Provisions relating to Avoidance

ACIT, NEW DELHI vs. M/S. PUNJAB NATIONAL BANK, NEW DELHI

In the result, assessee’s appeals, namely, ITA Nos

Bench: Shri Prashant Maharishi & Shri K.Narasimha Chary

3. He submitted that though the Hon’ble Apex Court rejected the theory of dominant intention, did not laid down the proposition that irrespective of the fact whether or not the shares held by the bank are stock in trade, every investment made by the bank would trigger the applicability tea of section 14 A of the Act basing

PUNJAB NATIONAL BANK,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, assessee’s appeals, namely, ITA Nos

Bench: Shri Prashant Maharishi & Shri K.Narasimha Chary

3. He submitted that though the Hon’ble Apex Court rejected the theory of dominant intention, did not laid down the proposition that irrespective of the fact whether or not the shares held by the bank are stock in trade, every investment made by the bank would trigger the applicability tea of section 14 A of the Act basing

PUNJAB NATIONAL BANK,NEW DELHI vs. ACIT, NEW DELHI

In the result, assessee’s appeals, namely, ITA Nos

Bench: Shri Prashant Maharishi & Shri K.Narasimha Chary

3. He submitted that though the Hon’ble Apex Court rejected the theory of dominant intention, did not laid down the proposition that irrespective of the fact whether or not the shares held by the bank are stock in trade, every investment made by the bank would trigger the applicability tea of section 14 A of the Act basing

DCIT, NEW DELHI vs. M/S. PUNJAB NATIONAL BANK, NEW DELHI

In the result, assessee’s appeals, namely, ITA Nos

Bench: Shri Prashant Maharishi & Shri K.Narasimha Chary

3. He submitted that though the Hon’ble Apex Court rejected the theory of dominant intention, did not laid down the proposition that irrespective of the fact whether or not the shares held by the bank are stock in trade, every investment made by the bank would trigger the applicability tea of section 14 A of the Act basing