How many judgments cite CIT v. Abhishek Industries Ltd.?

359 judgments on BharatTax cite CIT v. Abhishek Industries Ltd. (286 ITR 1), spanning 2008 to 2026.

Which sections of the Income Tax Act does CIT v. Abhishek Industries Ltd. come up under?

It is most often cited in judgments turning on Section 143(3), Section 36(1)(iii), Section 14A, Section 37(1), Section 133(6), Section 147.

CIT v. Abhishek Industries Ltd.

286 ITR 1High Court2006#212 most cited

What is CIT v. Abhishek Industries Ltd. authority for?

For interest on borrowed capital to be deductible under Section 36(1)(iii), there must be a nexus between the use of the borrowed funds and the purpose of the business. This decision has been overruled by the Supreme Court in Munjal Sales Corporation v. CIT (2008).

359

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2008 to 2026.

Also referred to as

CIT v. Abhishek Industries Ltd. · 286 ITR 1 · Section 36(1)(iii) · interest on borrowed capital · disallowance · commercial expediency · use of borrowed funds for business · nexus of funds · interest-free advances · overruled by Munjal Sales Corporation

Also reported as

156 Taxmann 25756 Taxmann.com 391

Sections most often in play

Section 143(3)Section 36(1)(iii)Section 14A Section 37(1)Section 133(6)Section 147 Section 132(4)Section 69A

Issues it is cited on

interest free advances section 36(1)(iii)put to use commercial expediency section 36(1)book profits section 36 disallowance u/s 14a disallowance under section 14a revenue expenditure section 14a capital expenditure

Judgments citing CIT v. Abhishek Industries Ltd.

The Dy. CIT., Circle-1(1)(1), Ahmedabad vs. M/S. Astral Polytechnik Ltd., Ahmedabad

In the result, assessee’s CO is dismissed

ITA 2235/AHD/2016[2013-14]Status: DisposedITAT Ahmedabad06 May 2019AY 2013-14

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri Vinod Tanwani, Sr. D.RFor Respondent: Ms. Ira Kapoor, A.R

Section 143Section 143(2)Section 143(3)Section 14ASection 80I

…of Punjab and Haryana High Court in case of CIT v Winsome Textile Industries Ltd. [2009] 319 ITR 204 in which also the Court had observed as under: "7. We do not find any merit in this submission. The judgement of this court in Abhishek Industries Ltd (2006) 286 ITR 1 was on the issue of allowability of interest paid on loans given to sister concerns, without interest. It was held that deduction for interest was permissible when loan was taken for business purpose and not for diverting the same to sister concern without having nexus with the business. The observations made therein have to be read in that context…

The DCIT., Circle-1(1)(1), Ahmedabad vs. Amjay Medi-Max India Pvt.Ltd., Ahmedabad

In the result, revenue’s appeal is dismissed

ITA 2695/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad30 Apr 2019AY 2014-15

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

For Appellant: Shri Mudit Nagpal, Sr. D.RFor Respondent: Shri A. L. Thakkar, A.R

Section 143(1)Section 143(2)Section 143(3)Section 14ASection 36(1)(iii)

ACIT, New Delhi vs. M/S Ferrous Infrastructure Pvt. Ltd., Gurgaon

In the result, the appeal filed by the Revenue is allowed for statistical purposes

ITA 171/DEL/2016[2012-13]Status: DisposedITAT Delhi16 Apr 2019AY 2012-13

Bench: Shri R.K. Panda & Shri Kuldip Singhassessment Year: 2012-13 Acit, Vs Ferrous Infrastructure Pvt. Ltd., 1St Floor, Block-B, Golf Course Road, Circle-9(1), New Delhi. Sector-54, Vatika Towers, Gurgaon. Pan: Aaacf9776H (Appellant) (Respondent) Assessee By : None Revenue By : Ms Rinku Singh, Sr. Dr Date Of Hearing : 12.03.2019 Date Of Pronouncement : 16.04.2019 Order Per R.K. Panda, Am: This Appeal Filed By The Revenue Is Directed Against The Order Dated 9Th October, 2015 Of The Cit(A)-3, New Delhi, Relating To Assessment Year 2012-13. 2. Despite Service Of Notice, None Appeared On Behalf Of The Assessee. It Was Further Seen That On The Previous Occasions Also Nobody Was Appearing On Behalf Of The Assessee. Therefore, This Appeal Is Being Decided On The Basis Of The Material Available On Record & After Hearing The Ld. Dr. 3. Ground Of Appeal No.1 By The Revenue Reads As Under:-

For Appellant: NoneFor Respondent: Ms Rinku Singh, Sr. DR

Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : E : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI KULDIP SINGH, JUDICIAL MEMBER Assessment Year: 2012-13 ACIT, Vs Ferrous Infrastructure Pvt. Ltd., 1st Floor, Block-B, Golf Course Road, Circle-9(1), New Delhi. Sector-54, Vatika Towers, Gurgaon. PAN: AAACF9776H (Appellant) (Respondent) Assessee by : None Revenue by : Ms Rinku Singh, Sr. DR Date of Hearing : 12.03.2019 Date of Pronouncement : 16.04.2019 ORDER PER R.K. PANDA, AM: This appeal filed by the Revenue is directed against the order dated 9th October, 2015 of the CIT(A)-3, New Delhi, relati…

Sh. Dharam Pal Aggarwal, Ludhiana vs. ACIT, Ludhiana

In the result appeal of the Assessee is partly allowed

ITA 315/CHANDI/2017[2012-13]Status: DisposedITAT Chandigarh15 Apr 2019AY 2012-13

Bench: Shri N.K. Sainiassessment Year: 2012-13

For Appellant: Sh. Ashwani Kumar, CAFor Respondent: Sh. A.P. Garg, Sr. DR

Section 143(1)Section 250(6)Section 36(1)(iii)Section 57

…h they have been granted, and, the chances of diversion of funds are miniscule taking into account the stringent standards of monitoring and documentation prescribed. 6.1 The reliance was placed on the following case laws: • CIT Vs. Abhishek Industries Ltd. 286 ITR 1(P&H) • Judgment of Hon’ble Punjab & Haryana High Court in case of CIT Vs. Rakesh Gupta in ITA No. 37/2014 order dt. 02/07/2015 6.2 It was further submitted as under : From the perusal o f the Balance Sheet o f M/s Shakti International [a proprietary concern of the appellant], drawings/withdrawals were made amounting to Rs. 5,93,52,025.44 from th…

ACIT, New Delhi vs. M/S Veekay General Industries, Delhi

ITA 170/DEL/2016[2011-12]Status: DisposedITAT Delhi27 Mar 2019AY 2011-12

Bench: Shri R.K.Panda & Shri Kuldip Singh

For Appellant: Sh. V.P.Bansal, CAFor Respondent: Smt. Rinku Singh, Sr.DR

Section 68

…ment of income accrued on interest. 5. The Ld. CIT(A) has erred in law in deleting the addition made at Rs. 7,30,084/- on account of interest expenses on borrowed funds used for investment in margin money reliance is placed on the case of Abhishek Industries, 286 ITR 1 (P&H), High Court. 6. The appellant craves leave to add, allow or amend any/all the grounds of appeal before or during the course of hearing of the appeal.” 2. Briefly stated that facts necessary for adjudication of the controversy at hand are : assessee is engaged in the business of 3 manufacturing of copper and aluminium alloys wires and conduct…

Ardor in-Fin Pvt. Ltd., Ahmedabad vs. The Deputy Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad

In the result, the appeal is allowed in the terms indicated above

ITA 276/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad14 Mar 2019AY 2013-14

Bench: Shri Pramod Kumar] Assessment Year : 2013-14 Ardor In-Fin Private Limited ......…………......Appellant Ardor House, Mondeal Business Park, B/S. Gurudwara, Thaltej, Ahmedabad – 380 059 [Pan – Aagca 2925 B] Vs. Dy. Commissioner Of Income-Tax .......................Respondent Circle 1(1)(1), Ahmedabad Appearances By: Ankit Talsania For The Appellant Apoorva Bhardwaj For The Respondent Date Of Concluding The Hearing : 13.02.2019 Date Of Pronouncing The Order : 14.03.2019 O R D E R

Section 115JSection 143(3)Section 14A

…f Punjab and Haryana High Court in case of CIT v Winsome Textile Industries Ltd. [2009] 319 ITR 204 in which also the Court had observed as under : "7. We do not find any merit in this submission. The judgement of this court in Abhishek Industries Ltd (2006) 286 ITR 1 was on the issue of allowability of interest paid on loans given to sister concerns, without interest. It was held that deduction for interest was permissible when loan was taken for business purpose and not for diverting the same to sister concern without having nexus with the business. The observations made therein have to be read in that context…

Ardor in-Fin Pvt. Ltd., Ahmedabad vs. The Deputy Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad

In the result, the appeal is allowed in the terms indicated above

ITA 275/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad14 Mar 2019AY 2012-13

Bench: Shri Pramod Kumar] Assessment Year : 2012-13 Ardor In-Fin Private Limited ......…………......Appellant Ardor House, Mondeal Business Park, B/S. Gurudwara, Thaltej, Ahmedabad – 380 059 [Pan – Aagca 2925 B] Vs. Dy. Commissioner Of Income-Tax .......................Respondent Circle 1(1)(1), Ahmedabad Appearances By: Ankit Talsania For The Appellant Apoorva Bhardwaj For The Respondent Date Of Concluding The Hearing : 13.02.2019 Date Of Pronouncing The Order : 14.03.2019

Section 143(3)Section 14A

Gold Finch Jewellery Ltd., Ahmedabad vs. The DCIT, Circle-2(1)(1), Ahmedabad

In the result the appeal of the assessee is allowed

ITA 1075/AHD/2016[2009-10]Status: DisposedITAT Ahmedabad01 Mar 2019AY 2009-10

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita Nos.1075-1076/Ahd/2016 "नधा"रण वष"/Asstt. Years: 2009-2010 & 2012-2013 D.C.I.T. Gold Finch Jewellery Ltd., Circle-2(1)(1), G-5,Pariseema Complex, Vs. Ahmedabad-380015 Nr. Swagat Cross Roads, C.G. Road, Ahmedabad-380006. Pan: Aaacg6992L

For Respondent: Shri VinodTanwani, Sr.DR

Section 143(3)

…of Punjab and Haryana High Court in case of CIT v Winsome Textile Industries Ltd. [2009] 319 ITR 204 in which also the Court had observed as under : "7. We do not find any merit in this submission. The judgement of this court in Abhishek Industries Ltd (2006) 286 ITR 1 was on the issue of allowability of interest paid on loans given to sister concerns, without interest. It was held that deduction for interest was permissible when loan was taken for business purpose and not for diverting the same to sister concern without having nexus with the business. The observations made therein have to be read in that context…

M/S Haryana State Electronics Development Corporation Ltd., Chandigarh vs. DCIT, Circle, Panchkula

In the result, the appeal of the department is dismissed

ITA 863/CHANDI/2018[2014-15]Status: DisposedITAT Chandigarh28 Feb 2019AY 2014-15

Bench: Shri N.K.Saini & Shri Sanjay Garg

For Appellant: Shri B.K. Nohria, CAFor Respondent: Smt. Meenakshi Vohra, Sr.DR

Section 14A

…interest expenses on various loans and on other side the capital assets has not been put to use during the year, the AO applied the provisions of section 36(1) and relied on the decision of Hon'ble Punjab & Haryana High Court in M/s Abhishek Industries Ltd., 286 ITR 1. Thus, the proportionate interest of Rs.75,07,711/- @ 12% on Rs.6,25,64,264/- was disallowed and added to the returned income. 24. During the proceeding before the Ld.CIT(A) it was submitted that from the perusal of the balance sheet it will be observed there is no secured or unsecured borrowing during the year and in the previous year. As per bala…

ACIT, Circle, Panchkula vs. M/S Haryana State Electronics Development Corporation Ltd., Chandigarh

In the result, the appeal of the department is dismissed

ITA 740/CHANDI/2018[2014-15]Status: DisposedITAT Chandigarh28 Feb 2019AY 2014-15

Bench: Shri N.K.Saini & Shri Sanjay Garg

For Appellant: Shri B.K. Nohria, CAFor Respondent: Smt. Meenakshi Vohra, Sr.DR

Section 14A

Dlf Hotel Holdings Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed

ITA 1425/DEL/2016[2011-12]Status: DisposedITAT Delhi28 Feb 2019AY 2011-12

Bench: Sh. Bhavnesh Saini & Sh. N. S. Sainiita No. 1425/Del/2016 : Asstt. Year : 2011-12 Dlf Hotel Holdings Ltd., Vs Dy. Commissioner Of Income 9Th Floor, Dlf Centre, Sansad Tax, Circle-7(1), Marg, New Delhi-110001 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaccd5033D Assessee By : Sh. R. S. Singhvi, Ca & Sh. Satyajeet Goel, Ca Revenue By : Sh. Sanjay I. Bara, Cit Dr Date Of Hearing : 27.02.2019 Date Of Pronouncement : 28.02.2019 Order Per N. S. Saini:

For Appellant: Sh. R. S. Singhvi, CA &For Respondent: Sh. Sanjay I. Bara, CIT DR

Section 143(3)Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHE ‘I-1’, NEW DELHI Before Sh. Bhavnesh Saini, Judicial Member And Sh. N. S. Saini, Accountant Member ITA No. 1425/Del/2016 : Asstt. Year : 2011-12 DLF Hotel Holdings Ltd., Vs Dy. Commissioner of Income 9th Floor, DLF Centre, Sansad Tax, Circle-7(1), Marg, New Delhi-110001 New Delhi-110002 (APPELLANT) (RESPONDENT) PAN No. AACCD5033D Assessee by : Sh. R. S. Singhvi, CA & Sh. Satyajeet Goel, CA Revenue by : Sh. Sanjay I. Bara, CIT DR Date of Hearing : 27.02.2019 Date of Pronouncement : 28.02.2019 ORDER Per N. S. Saini, Accountant Member: This is an appeal filed…

The Asst. Commissioner of Income Tax, Circle-2(1)(1), Ahmedabad vs. M/S. Harsha Engineers Ltd., Ahmedabad

In the result, appeal of the Revenue is dismissed

ITA 2112/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad21 Feb 2019AY 2014-15

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.2112/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2014-15 Acit, Cir.2(1)(1) Vs. M/S.Harsha Engineerings Ltd. Ahmedabad. Sakhej Bavla Road Po Changodar Ahmedabad. Pan : Aaach 4828 C

For Appellant: Shri Tushar Hemani, ARFor Respondent: Shri S.K. Dev, Sr.DR

Section 115JSection 143(2)Section 14A

Suresh Kumar Garg, New Delhi vs. ITO, Ward- 47(1), New Delhi

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

ITA 845/DEL/2018[2014-15]Status: DisposedITAT Delhi20 Feb 2019AY 2014-15

Bench: Shri R.K. Pandaassessment Year: 2014-15 Suresh Kumar Garg, Vs. Ito, 2629A, Naya Bazar, Ward-47(1), New Delhi. New Delhi. Pan: Aafpg4752Q (Appellant) (Respondent) Assessee By : Shri K. Sampath & Shri V. Raj Kumar, Advocates Revenue By : Shri S.L. Anuragi, Sr. Dr Date Of Hearing : 18.02.2019 Date Of Pronouncement : 20.02.2019

For Appellant: Shri K. Sampath &For Respondent: Shri S.L. Anuragi, Sr. DR

…est free loans but the appellant must prove before the AO that whether this fund is from own capital or borrowed interest free loan. On this account the appellant grossly failed. In the case of Ahhishek Industries Ltd vs CIT (2006) 156 Taxman 257 (P&H) (2006) 286 ITR 1 (P&H) (2006) CTR 304 (P&H) where Hon. P&H High Court held that once it is borne out from record that assessee had borrowed certain funds on which liability to pay tax is being incurred and on other hand, certain amounts had been advanced to sister concerns or others without carrying 3 any interest and without any business purposes, interest to exte…

The Assistant Commissioner of Income Tax, Pathankot vs. M/S Walia Construction Co., Pathankot

In the result, the appeal filed by the Revenue Department stands dismissed

ITA 499/ASR/2015[2010-11]Status: DisposedITAT Amritsar14 Feb 2019AY 2010-11

Bench: Sh. N.S.Saini & Sh. N.K.Choudhryita No.499(Asr)/2015 Assessment Year:2010-11

For Appellant: Sh. Ashwani Kalia (Ld. CA)For Respondent: Sh. Bhawani Shankar (Ld. DR)

Section 133ASection 143(1)Section 250(6)

…rate @ 5% as against 9% applied by the Assessing Officer and further deleted the disallowance of Rs.11,25,110/- which was made by the Assessing Officer while relying upon the judgment of the jurisdictional High Court in the case of CIT vs. Abhishek Industry, 286 ITR 1 (P&H) and the addition of Rs.7,17,640/- which was added in the income of the assessee by the Assessing Officer qua salary paid to the lady partners. 5. In the instant case, appeal effect of the impugned order, has already been given vide order dated 12.08.2015 by the Assessing Officer, relevant part of the same is reproduced herein below. “Appeal…

Vedanta Ltd (Successor to Cairn India Ltd), Gurgaon vs. ACIT, Circle-26(1), New Delhi

ITA 6937/DEL/2017[2013-14]Status: DisposedITAT Delhi12 Feb 2019AY 2013-14

Bench: Hon’Ble, Shri N.K. Saini & Shri Kuldip Singh

For Appellant: Shri Ajay Vohra, Senior AdvocateFor Respondent: Shri Sandeep Mishra, Senior DR

Section 115JSection 143Section 144CSection 14ASection 14A(2)Section 32(1)Section 32(1)(iia)Section 928(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘I-1’ : NEW DELHI) BEFORE HON’BLE VICE PRESIDENT, SHRI N.K. SAINI and SHRI KULDIP SINGH, JUDICIAL MEMBER ITA No.6937/Del./2017 (ASSESSMENT YEAR : 2013--14) M/s. Vedanta Limited, vs. ACIT, Circle 26 (1), (successor to Cairn India Ltd.), New Delhi. DLF Atria Building, Jacaranda Marg, N Block, DLF City Phase – II, Gurgaon - 122 002 (Haryana). (PAN : AACCC8799D) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Ajay Vohra, Senior Advocate Shri Piyush Chawla, CA Ms. Poonam Ahuja, CA REVENUE BY : Shri Sandeep Mishra, Senior DR Date of Hearing : 31.01.2019 Date of Order :…

DCIT, New Delhi vs. M/S. Metso Minerals (India) Pvt. Ltd., New Delhi

In the result, the appeal is dismissed

ITA 6681/DEL/2014[2010-11]Status: DisposedITAT Delhi18 Jan 2019AY 2010-11

Bench: : Shri Amit Shukla & Shri L.P. Sahu

Section 143(2)Section 14ASection 36(1)(iii)

…In the Income-Tax Appellate Tribunal, Delhi Bench ‘E’, New Delhi Before : Shri Amit Shukla, Judicial Member And Shri L.P. Sahu, Accountant Member ITA No. 6681/Del./2014 Assessment Year: 2010-11 DCIT, Circle 6(1), vs. Metso Minerals (India) Pvt. Ltd., C-227, New Delhi. Ground Floor, Western Marg, Near Garden of Five Senses, Paryavaran Complex, New Delhi PAN – AAACS 3407L (Appellant) (Respondent) Appellant by Sh. Sridhar Dora, Sr. DR Respondent by Smt. Premlata Bansal, Sr. Adv. Sh. Vijay Sawhney, CA and Rachna Sawhney, Advocate Date of Hearing 29.11.2018 Date of Pronouncement 18.01.2019 ORDER Per L.P. Sahu, A…

M/S. Maa Kamakhya Herbals Ltd., Haridwar vs. Addl. CIT, Haridwar

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

ITA 1415/DEL/2016[2011-12]Status: DisposedITAT Delhi17 Jan 2019AY 2011-12

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble[A.Y 2011-12] M/S Kamakhya Herbals Ltd Vs. The Addl. Cit D-28, Industrial Area Range Haridwar Haridwar Pan : Aaacy 0582 A [Appellant] [Respondent] Date Of Hearing : 15.01.2019 Date Of Pronouncement : 17.01.2019

For Appellant: Shri Rakesh K. Sehgal, CAFor Respondent: Ms. Ashima Neb, Sr. DR

…1 IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘B’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER [A.Y 2011-12] M/s Kamakhya Herbals Ltd Vs. The Addl. CIT D-28, Industrial Area Range Haridwar Haridwar PAN : AAACY 0582 A [Appellant] [Respondent] Date of Hearing : 15.01.2019 Date of Pronouncement : 17.01.2019 Assessee by : Shri Rakesh K. Sehgal, CA Revenue by : Ms. Ashima Neb, Sr. DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER, This appeal by the assessee is preferred against the order of the CIT(A), Dehradun dated 03.12.2015 pertaining to A.Y 2011-1…

M/S Chadha Super Cars Pvt. Limited, Ludhiana vs. ACIT, Ludhiana

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

ITA 100/CHANDI/2017[2012-13]Status: DisposedITAT Chandigarh04 Jan 2019AY 2012-13

For Appellant: Shri Amandeep Vats, CAFor Respondent: Smt.Chanderkanta, Sr.DR

Section 250(6)Section 36Section 36(1)(iii)

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ “ए ”, च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH ‘A’, CHANDIGARH "ी संजय गग", "याय"क सद"य एवं "ीमती अ"नपणा" ग"ता , लेखा सद"य BEFORE: SHRI SANJAY GARG, JM & SMT.ANNAPURNA GUPTA, AM आयकर अपील सं./ ITA No.100/Chd/2017 "नधा"रण वष" / Assessment Year : 2012-13 M/s Chadha Super Cars Pvt. The A.C.I.T., बनाम Limited, Village Bhanohar, Circle-V, Opp. Hawell Restaurant Ludhiana Mullanpur, Ferozepur Road, Ludhiana. "थायी लेखा सं./PAN NO.AABCC6944R अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri Amandeep Vats, CA राज"व क" ओर से/ Revenue by : Smt.…

Sh. Sourabh Jain, Ludhiana vs. ITO, W-2(3), Ludhiana

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

ITA 699/CHANDI/2018[2012-13]Status: DisposedITAT Chandigarh29 Nov 2018AY 2012-13

For Appellant: S/Shri Ashwani KumarFor Respondent: Shri Manjit Singh, Sr.DR

Section 250(6)Section 36Section 36(1)(iii)

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ “बी” , च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH ‘B’, CHANDIGARH "ीमती "दवा "संह, "या"यक सद"य एवं, एवं "ीमती अ"नपणा" ग"ता , लेखा सद"य BEFORE: SMT.DIVA SINGH, JM & SMT.ANNAPURNA GUPTA, AM आयकर अपील सं./ ITA No.699/Chd/2018 "नधा"रण वष" / Assessment Year : 2012-13 Sh.Saurabh Jain, बनाम The Income Tax Officer, 617, Mandi Kesar Ganj, Ward-2(3), Ludhiana. Ludhiana. "थायी लेखा सं./PAN NO: ABDPJ6781B अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : S/Shri Ashwani Kumar Aditya Kumar, CAs राज"व क" ओर से/ Revenue by : Shri Manjit Singh, Sr.DR सनवाई…

ACIT, C-6, Ludhiana vs. Majestic Hotels Ltd., Ludhiana

The appeal of the Revenue is dismissed

ITA 171/CHANDI/2018[2012-13]Status: DisposedITAT Chandigarh26 Nov 2018AY 2012-13

For Appellant: Shri Jagdeep Goel, CIT DRFor Respondent: Shri R.S. Khera, CA

Section 14ASection 250

…tified in deleting the disallowance of Rs.1,33,11,998/- made by the Assessing Officer under section 36(l)(iii) of the Income-tax Act particularly when she has followed the decision of Hon'ble Punjab & Haryana High Court in the case of Abhishek Industries Ltd. 286 ITR 1 in many cases while confirming the disallowance of interest ? 2.1 Whether on the facts & circumstances of the case and in law, the Commissioner of Income Tax (Appeals) was justified in deleting the disallowance of Rs.1,33,11,998/- made by the Assessing Officer under section 36(l)(iii) of the Income-tax Act particularly when the said advances given…