2017 (3) TMI 1686

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..... spect to this was that it was an outstanding liability vis-a-vis Govt. of NCT of Delhi and the Pension Trust vis-a-vis the assessee - Held that:- We are in agreement with the conclusion as recorded by the first appellate authority that since the Government of Delhi, which is 100% owner of the assessee company, the employees who opted for VRS [Voluntary Retirement Scheme] were to be paid their dues .....

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..... Act, 1961 is whether the deletion of ₹ 75 crores ordered by the CIT(A) and the ITAT in the circumstances was justified. The assessee received grants from the Govt. of NCT of Delhi for meeting revenue expenses, i.e. by way of ex-gratia payment upon voluntary retirement. In the first instance, the Assessing Officer (AO) treated this receipt as income and sought to tax it. That order was s .....

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..... 1/5th of such payment as per terms set out by the Drawing and Disbursing Authority [DDA] and thus first limit of addition of ₹ 39.10 crores has been dismissed. Further, from the order of the CIT(A), we are also in agreement with the conclusion as recorded by the first appellate authority that since the Government of Delhi, which is 100% owner of the assessee company, the employees who opted .....

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