ACIT, NEW DELHI vs. M/S. HOUSING & URBAN DEVELOPMENT CORP. LTD. (HUDCO), NEW DELHI

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 43D r.w.r. 6EB of the Income Tax Rules, 1962, where interest in respect of a debt or loan was due for more than 6 months, that loan was to treated as non performing asset (NPA) and interest corresponding to such NPA was only to be considered for 20 ITA Nos. 4303/Del/2009; 1166 to1168/Del/2012; 3365 & 3366/Del/2013; 1561 & 1562/Del/2012 Housing & Urban

M/S. HOUSING & URBAN DEVELOPMENT CORPORATION LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 43D r.w.r. 6EB of the Income Tax Rules, 1962, where interest in respect of a debt or loan was due for more than 6 months, that loan was to treated as non performing asset (NPA) and interest corresponding to such NPA was only to be considered for 20 ITA Nos. 4303/Del/2009; 1166 to1168/Del/2012; 3365 & 3366/Del/2013; 1561 & 1562/Del/2012 Housing & Urban

M/S. HOUSING & URBAN DEVELOPMENT CORPORATION LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 43D r.w.r. 6EB of the Income Tax Rules, 1962, where interest in respect of a debt or loan was due for more than 6 months, that loan was to treated as non performing asset (NPA) and interest corresponding to such NPA was only to be considered for 20 ITA Nos. 4303/Del/2009; 1166 to1168/Del/2012; 3365 & 3366/Del/2013; 1561 & 1562/Del/2012 Housing & Urban

M/S HOUSING & URBAN DEVLOPMENT CORPORATION LTD.,,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 43D r.w.r. 6EB of the Income Tax Rules, 1962, where interest in respect of a debt or loan was due for more than 6 months, that loan was to treated as non performing asset (NPA) and interest corresponding to such NPA was only to be considered for 20 ITA Nos. 4303/Del/2009; 1166 to1168/Del/2012; 3365 & 3366/Del/2013; 1561 & 1562/Del/2012 Housing & Urban

M/S. HOUSING AND URBAN DEVELOPMENT CORPORATION LTD (HUDCO),NEW DELHI vs. DCIT, NEW DELHI

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 43D r.w.r. 6EB of the Income Tax Rules, 1962, where interest in respect of a debt or loan was due for more than 6 months, that loan was to treated as non performing asset (NPA) and interest corresponding to such NPA was only to be considered for 20 ITA Nos. 4303/Del/2009; 1166 to1168/Del/2012; 3365 & 3366/Del/2013; 1561 & 1562/Del/2012 Housing & Urban

M/S HOUSING & URBAN DEVLOPMENT CORPORATION LTD.,,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 43D r.w.r. 6EB of the Income Tax Rules, 1962, where interest in respect of a debt or loan was due for more than 6 months, that loan was to treated as non performing asset (NPA) and interest corresponding to such NPA was only to be considered for 20 ITA Nos. 4303/Del/2009; 1166 to1168/Del/2012; 3365 & 3366/Del/2013; 1561 & 1562/Del/2012 Housing & Urban

M/S. HOUSING & URBAN DEVELOPMENT CORPORATION LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 43D r.w.r. 6EB of the Income Tax Rules, 1962, where interest in respect of a debt or loan was due for more than 6 months, that loan was to treated as non performing asset (NPA) and interest corresponding to such NPA was only to be considered for 20 ITA Nos. 4303/Del/2009; 1166 to1168/Del/2012; 3365 & 3366/Del/2013; 1561 & 1562/Del/2012 Housing & Urban

HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED vs. ADDITIONAL COMMISSIONER OF INCOME TAX RANGE 12

Bench: CASES PERTAINING TO SPECIAL BENCHES

43D of the Act read with Section 6EB of the Income Tax Rules, 1962 (‘the Rules’) whereunder only if interest in respect of a debt or loan was due for more ITA Nos.440/2016, 442/2016, 444/2016, 445/2016 &446/2016 Page 3 of 12 than six months could such a loan be treated as NPA. The interest corresponding to such NPA was only

HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED vs. ADDITIONAL COMMISSIONER OF INCOME TAX RANGE 12

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

43D of the Act read with Section 6EB of the Income Tax Rules, 1962 (‘the Rules’) whereunder only if interest in respect of a debt or loan was due for more ITA Nos.440/2016, 442/2016, 444/2016, 445/2016 &446/2016 Page 3 of 12 than six months could such a loan be treated as NPA. The interest corresponding to such NPA was only

HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED vs. ADDITIONAL COMMISSIONER OF INCOME TAX RANGE 12

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

43D of the Act read with Section 6EB of the Income Tax Rules, 1962 (‘the Rules’) whereunder only if interest in respect of a debt or loan was due for more ITA Nos.440/2016, 442/2016, 444/2016, 445/2016 &446/2016 Page 3 of 12 than six months could such a loan be treated as NPA. The interest corresponding to such NPA was only

M/S. RAJ BUILDCON CONSTRUCTION LTD.,,GURGAON vs. JCIT, GURGAON

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

Bench: Shri Bhavnesh Saini & Shri O.P. Kantassessment Year: 2010-11 M/S. Raj Buildcon Vs. Jcit(A), Construction Ltd., Range-Ii, Gurgaon (Haryana) 404, Welldone Tech Park, Sector-48, Sohna Road, Gurgaon (Haryana) Pan :Aadcr6387F (Appellant) (Respondent) Appellant By Shri Rohit Tiwari, Adv. Respondent By Smt. Rinku Singh, Sr.Dr

Sections 30 to 43D, it follows that any possible deduction/disallowance u/s 40(a)(ia) of the Income Tax Act had already been considered by the A.O while estimating income u/s 145 of the Income Tax Act. 5.6.3.The aforesaid judgment of the Hon'ble Andhra Pradesh High Court has been followed in the judgment of the Hon'ble Jurisdictional High Court

KARAN RAGHAV EXPORT P LTD

Appeal is dismissed

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE SURESH KUMAR KAIT

43D. Section 14A stipulates for disallowance of expenditure against the exempt income. However, if the expenditure is incurred in respect

ACIT, MORADABAD vs. M/S. PRATHMA BANK, MORADABAD

In the result, appeal of the department is dismissed

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita No. 4090/Del/2013 : Asstt. Year : 2010-11 Asstt. Commissioner Of Income Vs M/S Prathma Bank, Tax, Circle-1, Ramganga Vihar, Moradabad Moradabad (U.P.) (Appellant) (Respondent) Pan No. Aaajp0988Q Assessee By : Sh. Piyush Kaushik, Adv. Revenue By : Smt. Paramita Tripathy, Cit Dr Date Of Hearing : 20.06.2017 Date Of Pronouncement : 14.07.2017 Order Per N. K. Saini, Am: This Is An Appeal By The Department Against The Order Dated 17.04.2013 Of Ld. Cit(A), Bareilly.

Section 43D of the Act. Therefore, the AO was justified in disallowing the claim of the assessee for 20 Prathma

ALTUS GROUP (INDIA) PVT. LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeal of the assessee is partly allowed, whereas the appeal of the Revenue is dismissed

Bench: Shri Bhavnesh Saini & Shri O.P. Kantassessment Year: 2012-13

disallowed by Explanation to section 36(1)(vii), if claimed, has got to be added back to total income of assessee, because Act seeks to tax ‘real income’ which is income computed according to ordinary commercial principles but subject to provisions of Act - Held, yes Section 36(1)(vii), read with section 43D

DCIT, NEW DELHI vs. M/S. ALTUS GROUP (INDIA) PVT. LTD., NEW DELHI

In the result, the appeal of the assessee is partly allowed, whereas the appeal of the Revenue is dismissed

Bench: Shri Bhavnesh Saini & Shri O.P. Kantassessment Year: 2012-13

disallowed by Explanation to section 36(1)(vii), if claimed, has got to be added back to total income of assessee, because Act seeks to tax ‘real income’ which is income computed according to ordinary commercial principles but subject to provisions of Act - Held, yes Section 36(1)(vii), read with section 43D

THE PANIPAT URBAN CO-OPERATIVE BANK LTD.,NEW DELHI vs. ACIT, CIRCLE, PANIPAT

In the result, appeal of the assessee is partly allowed

Bench: Sh. Anil Chaturvedi & Sh. Sudhanshu Srivastava(Through Video Conferencing) The Panipat Urban Co- Vs. Acit Operative Bank Ltd., Circle G. T. Road, Panipat, Panipat Haryana – 110 025 Pan No. Aaalt 0141 K (Appellant) (Respondent) Assessee By Ms. Sonal, C.A. Revenue By Shri Anil Kumar Sharma, Sr. D.R.

disallowance of Rs.48,637/- u/s 36(1)(viii) of the Act and that too without considering the submissions of assessee. 2. That having regard to the facts and circumstances of the case, Learned CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making addition of Rs.20,59,524/- under the head interest

M/S FCML PROJECTS,NEW DELHI vs. ACIT, NEW DELHI

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

Bench: Shri S.V. Mehrotra & Shri Rajpal Yadavassessment Year : 2009-10 Fcml Projects, Acit, Circle- 28(1), A-217, Vs. New Delhi. Okhla Indl. Area, Phase-1, New Delhi. Pan : Aaaff 1343 H (Appellant) (Respondent) Assessment Year : 2010-11 Fcml Projects, Acit, Circle- 28(1), A-217, Vs. New Delhi. Okhla Indl. Area, Phase-1, New Delhi. Pan : Aaaff 1343 H (Appellant) (Respondent)

43D. Section 30 onwards deals with various deductions allowable to assessee from the business income. 8. Now, coming to section 40, we find that this section starts with non- obstante clause and mandates that even if anything contrary is contained in section 30 to 38 still the items enumerated u/s 40 would not be allowable as deduction. It implies that

M/S. FCML PROJECTS,NEW DELHI vs. ACIT, NEW DELHI

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

Bench: Shri S.V. Mehrotra & Shri Rajpal Yadavassessment Year : 2009-10 Fcml Projects, Acit, Circle- 28(1), A-217, Vs. New Delhi. Okhla Indl. Area, Phase-1, New Delhi. Pan : Aaaff 1343 H (Appellant) (Respondent) Assessment Year : 2010-11 Fcml Projects, Acit, Circle- 28(1), A-217, Vs. New Delhi. Okhla Indl. Area, Phase-1, New Delhi. Pan : Aaaff 1343 H (Appellant) (Respondent)

43D. Section 30 onwards deals with various deductions allowable to assessee from the business income. 8. Now, coming to section 40, we find that this section starts with non- obstante clause and mandates that even if anything contrary is contained in section 30 to 38 still the items enumerated u/s 40 would not be allowable as deduction. It implies that