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ITAT deletes ₹5.68 Crore Addition as Encashed Bank Guarantees Were Govt Funds
Case Law Details
- Case Name
- DCIT Vs NTPC Vidyut Vyapar Nigam Limited (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Delhi
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DCIT Vs NTPC Vidyut Vyapar Nigam Limited (ITAT Delhi)
Bank Guarantee Encashment Not Taxable as Income Due to Government Directions, Rules ITAT; ITAT Rejects Revenue Appeal Because Encashed Guarantee Amount Was Treated as Liability; Amount Received from Encashed Bank Guarantees Cannot Be Taxed When Assessee Is Mere Custodian: ITAT.
The Income Tax Appellate Tribunal (ITAT) Delhi dismissed the Revenue’s appeal for assessment year 2016-17 and upheld the deletion of an addition of Rs. 5,68,60,563 relating to retention of amounts received from encashment of bank guarantees. Th...
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