ACIT, NEW DELHI vs. M/S. PTC INDIA FINANCIAL SERVICES LTD., NEW DELHI

In the result, the appeals of the assessee for AY 2013-14 and 2014-15

Bench: Shri N.K. Billaiya & Ms. Astha Chandraasstt. Year 2013-14 & Asstt. Year 2014-15

43A of the Act but also other losses outside the purview of section 438 of the Act and are thus are squarely applicable to the instant case. Non-applicability of judgement - Indian Molasses Co. P. Ltd. to the instant case 3.14 It is respectfully submitted that, recently your Honour while adjudicating the matter for AY 2013-14, placed incorrect reliance

ADDL. CIT, SPECIAL RANGE- 7, NEW DELHI vs. PTC INDIA FINANCIAL SERVICES LTD, NEW DELHI

In the result, the appeals of the assessee for AY 2013-14 and 2014-15

Bench: Shri N.K. Billaiya & Ms. Astha Chandraasstt. Year 2013-14 & Asstt. Year 2014-15

43A of the Act but also other losses outside the purview of section 438 of the Act and are thus are squarely applicable to the instant case. Non-applicability of judgement - Indian Molasses Co. P. Ltd. to the instant case 3.14 It is respectfully submitted that, recently your Honour while adjudicating the matter for AY 2013-14, placed incorrect reliance

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

43A of the Act. On perusal of the order of the Ld.CIT(A) it is observed that the claim of the disallowance made by the CPC was sustained observing that there were no cogent reasons and evidences. In any case, the issue is debatable and the same is outside the scope of the provisions of I.T.A.No.1711/Del/2020 section 143(1

ADDL. CIT, SPECIAL RANGE- 7, NEW DELHI vs. PTC INDIA FINANCIAL SERVICES LTD, NEW DELHI

In the result, appeal is dismissed

Bench: Shri Saktijit Dey, Vice- & Shri N.K. Billaiyaassessment Year: 2015-16 With Assessment Year: 2016-17 Ptc India Financial Services Vs. Addl. Cit, Ltd., Special Range-7, Telephone Exchange Building, New Delhi 8, Bikaji Cama Place, Delhi-110066 Pan :Aaecp0501C (Appellant) (Respondent) With Assessment Year: 2015-16 With Assessment Year: 2016-17 Addl. Cit, Vs. Ptc India Financial Services Special Range-7, Ltd., New Delhi 2Nd Floor, Nbcc Tower, 15, Bikaji Cama Place, Delhi-110066 Pan :Aaecp0501C (Appellant) (Respondent)

43A of the Act but also other losses outside the purview of section 438 of the Act and are thus are squarely applicable to the instant case. Non-applicability of judgement - Indian Molasses Co. P. Ltd. to the instant case 3.14 It is respectfully submitted that, recently your Honour while adjudicating the matter for AY 2013-14, placed incorrect reliance

PTC INDIA FINANCIAL SERVICES LTD.,NEW DELHI vs. ADDL.CIT, SPECIAL RANGE-7, NEW DELHI

In the result, appeal is dismissed

Bench: Shri Saktijit Dey, Vice- & Shri N.K. Billaiyaassessment Year: 2015-16 With Assessment Year: 2016-17 Ptc India Financial Services Vs. Addl. Cit, Ltd., Special Range-7, Telephone Exchange Building, New Delhi 8, Bikaji Cama Place, Delhi-110066 Pan :Aaecp0501C (Appellant) (Respondent) With Assessment Year: 2015-16 With Assessment Year: 2016-17 Addl. Cit, Vs. Ptc India Financial Services Special Range-7, Ltd., New Delhi 2Nd Floor, Nbcc Tower, 15, Bikaji Cama Place, Delhi-110066 Pan :Aaecp0501C (Appellant) (Respondent)

43A of the Act but also other losses outside the purview of section 438 of the Act and are thus are squarely applicable to the instant case. Non-applicability of judgement - Indian Molasses Co. P. Ltd. to the instant case 3.14 It is respectfully submitted that, recently your Honour while adjudicating the matter for AY 2013-14, placed incorrect reliance

ADDL.CIT, SPECIAL RANGE-7, NEW DELHI vs. PTC INDIA FINANCIAL SERVICES LTD., NEW DELHI

In the result, appeal is dismissed

Bench: Shri Saktijit Dey, Vice- & Shri N.K. Billaiyaassessment Year: 2015-16 With Assessment Year: 2016-17 Ptc India Financial Services Vs. Addl. Cit, Ltd., Special Range-7, Telephone Exchange Building, New Delhi 8, Bikaji Cama Place, Delhi-110066 Pan :Aaecp0501C (Appellant) (Respondent) With Assessment Year: 2015-16 With Assessment Year: 2016-17 Addl. Cit, Vs. Ptc India Financial Services Special Range-7, Ltd., New Delhi 2Nd Floor, Nbcc Tower, 15, Bikaji Cama Place, Delhi-110066 Pan :Aaecp0501C (Appellant) (Respondent)

43A of the Act but also other losses outside the purview of section 438 of the Act and are thus are squarely applicable to the instant case. Non-applicability of judgement - Indian Molasses Co. P. Ltd. to the instant case 3.14 It is respectfully submitted that, recently your Honour while adjudicating the matter for AY 2013-14, placed incorrect reliance

PTC INDIA FINANCIAL SERVICES LTD,NEW DELHI vs. ADDL. CIT, SPECIAL RANGE- 7, NEW DELHI

In the result, appeal is dismissed

Bench: Shri Saktijit Dey, Vice- & Shri N.K. Billaiyaassessment Year: 2015-16 With Assessment Year: 2016-17 Ptc India Financial Services Vs. Addl. Cit, Ltd., Special Range-7, Telephone Exchange Building, New Delhi 8, Bikaji Cama Place, Delhi-110066 Pan :Aaecp0501C (Appellant) (Respondent) With Assessment Year: 2015-16 With Assessment Year: 2016-17 Addl. Cit, Vs. Ptc India Financial Services Special Range-7, Ltd., New Delhi 2Nd Floor, Nbcc Tower, 15, Bikaji Cama Place, Delhi-110066 Pan :Aaecp0501C (Appellant) (Respondent)

43A of the Act but also other losses outside the purview of section 438 of the Act and are thus are squarely applicable to the instant case. Non-applicability of judgement - Indian Molasses Co. P. Ltd. to the instant case 3.14 It is respectfully submitted that, recently your Honour while adjudicating the matter for AY 2013-14, placed incorrect reliance

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

1,11,88,89,517/- (erroneously mentioned as INR 55,94,44,758) under section 40A read with Clause 16.2.1(b) of the PSC. 47. It was submitted during the assessment proceedings that the recharge is on cost to cost basis and the very question of applying the provisions of section 40A of the Act does not arise. Article

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

1,11,88,89,517/- (erroneously mentioned as INR 55,94,44,758) under section 40A read with Clause 16.2.1(b) of the PSC. 47. It was submitted during the assessment proceedings that the recharge is on cost to cost basis and the very question of applying the provisions of section 40A of the Act does not arise. Article

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

1,11,88,89,517/- (erroneously mentioned as INR 55,94,44,758) under section 40A read with Clause 16.2.1(b) of the PSC. 47. It was submitted during the assessment proceedings that the recharge is on cost to cost basis and the very question of applying the provisions of section 40A of the Act does not arise. Article

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

1,11,88,89,517/- (erroneously mentioned as INR 55,94,44,758) under section 40A read with Clause 16.2.1(b) of the PSC. 47. It was submitted during the assessment proceedings that the recharge is on cost to cost basis and the very question of applying the provisions of section 40A of the Act does not arise. Article

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

1,11,88,89,517/- (erroneously mentioned as INR 55,94,44,758) under section 40A read with Clause 16.2.1(b) of the PSC. 47. It was submitted during the assessment proceedings that the recharge is on cost to cost basis and the very question of applying the provisions of section 40A of the Act does not arise. Article

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

1,11,88,89,517/- (erroneously mentioned as INR 55,94,44,758) under section 40A read with Clause 16.2.1(b) of the PSC. 47. It was submitted during the assessment proceedings that the recharge is on cost to cost basis and the very question of applying the provisions of section 40A of the Act does not arise. Article

PRAGATI POWER CORPORATION LTD,NEW DELHI vs. ACIT, CIRCLE 20(1), NEW DELHI

In the result, the appeal filed by the assessee is partly allowed as indicated above

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

1)(iii) of the Act 3. Disallowance of foreign exchange loss 7 98 24 636/- u/s 43A of the Act 4. Disallowance of proportionate 17 67 88 271/- depreciation u/s 32 of the Act 5. Disallowance of proportionate 2 36 12 51 643/- depreciation u/s 32 of the Act Total 9,59,11,18,274/- 3. Against the order

BANDO INDIA PVT. LTD.,GURGAON vs. DCIT, CIRCLE-1(1), GURUGRAM

In the result, the appeal filed by the assessee is allowed

Bench: SHRI G. S. PANNU (Vice President), SHRI ANUBHAV SHARMA (Judicial Member)

Section 43A. It also comes admittedly that the issue has some sort of consistency. The details provided by the learned Authorized Representative are being reproduced below; Assessment Exchange Exchange As per Income Year Fluctuation Fluctuation Tax Income Expense Department 2013-14 3,31,37,560/- NIL Accepted u/s 143(3) 2014-15 NIL 4,20,67,840/- Disallowed

COMMISSIONER OF INCOME TAX

disallowed in view of the express provisions of Section 14A. It is submitted by the Revenue that the deduction when allowed under Chapter VIA results in exclusion of the said income from the total income, which is taxable. Therefore, in fairness the expenses incurred by the assessee to earn the said income should be excluded and not allowed. The contention

STARKEY LABORATORIES INDIA PVT. LTD.,NOIDA vs. DCIT CIRCLE-24(2), NEW DELHI

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

Bench: Shri Yogesh Kumar U.S. & Shri Manish Agarwalstarkey Laboratories Dy. Cit, India Pvt. Ltd., Circle-24(2), C-2, Sector-7, Vs. New Delhi. Gautam Buddha Nagar-201301, Uttar Pradesh. Pan-Aakcs6072R (Appellant) (Respondent)

section 250(2) of the Act. The assessee also filed a written submission which read as under: GROUND 1: "On the facts and circumstances of the case the Ld. CIT(A) has erred in upholding the disallowance of Rs.1,09,96,986/-of the provision for expenses for Discount, Marketing and Advertisement expenses claimed by the appellant u/s 37(1

THE BANK OF TOKYO MITSUBISHI UFJ,NEW DELHI vs. DCIT, CIRCLE- 3(1)(1), INTERNATIONAL TAXATION, NEW DELHI

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

43A, deduction in respect of head office expenditure shall be\nrestricted to the least of the three deductions mentioned in clauses\n(a), (b) and (c). Therefore, section 44C overrides the provisions of\nsections 29 to 37 of the Income- tax Act. Section 44C is not\nconferring deductions on the assessee. It is restricting the\ndeduction under section 37(1