Commissioner Of Income Tax Delhi v. India Lease Dev.ltd
High Court
16 Mar 2017 In favour of: Assessee
Forum / Bench
High Court · dhcdb
Parties
Commissioner Of Income Tax Delhi v. India Lease Dev.ltd
Date of order
16 Mar 2017
Assessment year(s)
—
Outcome
Dismissed
The order — as passed by the High Court
Case summary
In Commissioner Of Income Tax Delhi v. India Lease Dev.ltd, the High Court (2017) dismissed the appeal. The decision went in favour of the assessee.
Decision: Following that decision, the question of law framed in this case has to be answered against the Revenue; the appeal is, therefore, dismissed.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
$~47
* IN THE HIGH COURT OF DELHI AT NEW DELHI+ ITA 14/2007
COMMISSIONER OF INCOME TAX DELHI
..... Petitioner
Through: Mr. Ruchir Bhatia, Sr. Standing Counsel.
versus
INDIA LEASE DEV.LTD.
Through: None.
..... Respondent
CORAM:
HON'BLE MR. JUSTICE S. RAVINDRA BHAT HON'BLE MR. JUSTICE NAJMI WAZIRI
%
O R D E R16.03.2017
The following question of law was framed for consideration by the Court on 11.10.2007: -
“Whether provision for non-performing assets (NPAs) as per the RBI guidelines is a provision made for meeting unascertained liabilities within the meaning of Explanation (c) to Section 115JA(2) of the Income Tax Act, 1961?”
The question of law has been answered by ruling of this Court in CIT v. Vashisht Chay Vyapar Ltd., 330 ITR 440 (Del.).
Following that decision, the question of law framed in this case has to be answered against the Revenue; the appeal is, therefore, dismissed.
S. RAVINDRA BHAT, J
MARCH 16, 2017/vikas/
NAJMI WAZIRI, J
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