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.

Nirma Chemicals Works Pvt.Ltd., Ahmedabad vs. The Dy.CIT., Circle-5, Ahmedabad

In the result appeal of the revenue is dismissed

ITA 1057/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad24 Feb 2022AY 2008-09

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT, D.R

Section 143(3)Section 14A

…ll.) (iv) CIT v/s.Radico Khaitan Ltd. 274 ITR 354 (All.) ITA Nos.1054/Ahd/2012 and 6 others A.Y. 2006-07 21 It will also be pertinent to note here that the Ld A.O. in this regard had placed reliance on the case of CIT vs Abhishek Industries Ltd., reported at 286 ITR 1 (P & H). In this regard it is observed that the observations made in the case of Abhishek Industries Ltd., stands reversed by the Hon'ble Supreme Court in the case of CIT vs Munjal Sales Corporation reported at 298 ITR 298. Thus, as on today reliance cannot be placed on the case of Abhishek Industries Ltd..(supra). In view of the above decisions,…

Nirma Chemicals Works Pvt.Ltd., Ahmedabad vs. The Dy.CIT., Circle-5, Ahmedabad

In the result appeal of the revenue is dismissed

ITA 1056/AHD/2012[2007-08]Status: DisposedITAT Ahmedabad24 Feb 2022AY 2007-08

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT, D.R

Section 143(3)Section 14A

ACIT, Chennai vs. M/S. Llm Appliances Ltd., Chennai

The appeal of the revenue stand allowed for statistical purposes

ITA 686/CHNY/2012[2008-09]Status: DisposedITAT Chennai21 Feb 2022AY 2008-09

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri Meenakshisundaram (Advocate)-Ld. ARFor Respondent: Ms. R. Helan Ruby Jesintha (Addl. CIT)-Ld. DR

Section 143(3)

…ter concerns and diversion of interest bearing funds for giving interest-free advances is not a ground for disallowing the interest paid by the appellant. He should have found that the decision of Punjab St Haryana High Court in the case of Abishek Industries 286 ITR 1 is not applicable to the facts of the present case and hence, the reliance placed on the said decision by the Commissioner is incorrect. 4. Without prejudice to the above contention, the Commissioner of Income Tax (Appeals) should have found that even assuming without conceding that the view of the Assessing Officer on the necessity of borrowing is…

Llm Appliances Limited, Chennai vs. DCIT, Chennai

The appeal of the revenue stand allowed for statistical purposes

ITA 324/CHNY/2012[2008-2009]Status: DisposedITAT Chennai21 Feb 2022AY 2008-2009

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri Meenakshisundaram (Advocate)-Ld. ARFor Respondent: Ms. R. Helan Ruby Jesintha (Addl. CIT)-Ld. DR

Section 143(3)

The DCIT, Circle-1(1)(1), Ahmedabad vs. Astral Polytechnik Ltd., Ahmedabad

In the result, we do not find any merit in the appeal of Revenue

ITA 1966/AHD/2018[2015-16]Status: DisposedITAT Ahmedabad27 Jan 2022AY 2015-16

For Appellant: Shri Vartik Chokshi, A.R. & Shri BirenFor Respondent: Shri S. S. Shukla,Sr. DR

Section 14ASection 250

…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…

Hdfc Bank Ltd (Successor to Businss of Centurion Bank of Punjab Ltd), Mumbai vs. DCIT 2(3), Mumbai

In the result, appeal is partly allowed

ITA 374/MUM/2012[2008-09]Status: DisposedITAT Mumbai13 Jan 2022AY 2008-09

Bench: Shri G.S.Pannu (Hon’Ble) & Shri Saktijit Dey (Hon’Ble)

Section 14A

…agement (P) Ltd 312 ITR (AT) 1 (Bom) 4. Hatkesh Co-operative Housing Society Ltd vs ACIT ITXA 328 of 2014, ITXA 372 of 2014 and other appeals 5. Godrej and Boyce Mfg Co Ltd vs DCIT and Another (2010) 328 ITR 81 (Bom) 6. CIT vs Abhishek Industries Ltd (2006) 286 ITR 1 (P&H) 7. Indian Metal and Ferro Alloys Ltd vs CIT (1992) 193 ITR 344(Orissa) 17. In rejoinder, learned senior counsel for the assessee submitted, the availability of surplus interest free fund has to be seen on the date of balance- sheet and not on the date of investment. He submitted, the presumption of availability of interest free fund can onl…

Addl.CIT, Special Range-4, New Delhi vs. G S Pharmbutor P.Ltd, New Delhi

In the result, the appeal filed by the Revenue is dismissed and cross objection filed by the assessee is allowed

ITA 6716/DEL/2018[2015-16]Status: DisposedITAT Delhi08 Dec 2021AY 2015-16

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

For Appellant: Shri P.S. Kashyap, CAFor Respondent: Shri Kumar Padmapani Bora, Sr.DR

Section 143(3)Section 147Section 148Section 36(1)(iii)

…hand the assessee has claimed huge interest expenses and on the other hand substantial amount have been placed at the disposal of the sister concern on interest-free basis and therefore, the ratio of the judgment in the case of CIT vs Abhishek Industries Ltd 286 ITR 1 was squarely attracted in terms of which there can be no separate identification of source of funds coming into the common kitty in such cases and the only thing sufficient to warrant the disallowance of interest paid would be that the assessee has some loans and other interest-bearing debts to be repaid. b) Without prejudice to the above, whether…

Ashish Jindal, Delhi vs. ITO Ward- 52(4), New Delhi

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

ITA 4383/DEL/2019[2015-16]Status: DisposedITAT Delhi03 Aug 2021AY 2015-16

Bench: Shri R.K. Pandaassessment Year: 2015-16 Ashish Jindal, Vs Ito, 8, Sundar Nagar, Ward-52(4), Delhi. New Delhi. Pan: Aexpj2013H (Appellant) (Respondent) Assessee By : Shri Ved Jain, Advocate & Shri Ashish Goel, Ca Revenue By : Shri Vijay Kumar Kataria, Sr. Dr Date Of Hearing : 26.07.2021 Date Of Pronouncement : 03.08.2021 Order This Appeal Filed By The Assessee Is Directed Against The Order Dated 11Th April, 2019 Of The Cit(A)-18, New Delhi, Relating To Assessment Year 2015-16. 2. This Appeal Was Earlier Dismissed By The Tribunal For Non-Prosecution. Subsequently, The Tribunal Recalled Its Order Vide Ma No.205/Del/2020, Order Dated 11.06.2021. Hence, This Is A Recalled Matter.

For Appellant: Shri Ved Jain, Advocate &For Respondent: Shri Vijay Kumar Kataria, Sr. DR

Section 36Section 36(1)(ii)Section 36(1)(iii)Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : SMC-1 : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER Assessment Year: 2015-16 Ashish Jindal, Vs ITO, 8, Sundar Nagar, Ward-52(4), Delhi. New Delhi. PAN: AEXPJ2013H (Appellant) (Respondent) Assessee by : Shri Ved Jain, Advocate & Shri Ashish Goel, CA Revenue by : Shri Vijay Kumar Kataria, Sr. DR Date of Hearing : 26.07.2021 Date of Pronouncement : 03.08.2021 ORDER This appeal filed by the assessee is directed against the order dated 11th April, 2019 of the CIT(A)-18, New Delhi, relating to assessment year 2015-16. 2. This appeal was earlier dismissed by…

ACIT, Circle- 7(1), New Delhi vs. Dlf Utilities Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 7800/DEL/2018[2013-14]Status: DisposedITAT Delhi30 Jul 2021AY 2013-14

Bench: Shri Kul Bharat & Shri O.P. Kant[Through Video Conferencing] Assessment Year: 2013-14

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

…deduction under section 36(1)(iii) of the Act. The Learned Assessing Officer relied on various decisions cited in the assessment order including the decision of the Hon’ble Punjab and Haryana High Court in the case of CIT Vs Abhishek 4 Industries reported in 286 ITR 1. The Learned Assessing Officer computed disallowance of ₹ 3,15,81,435/- as under: Sources of funds Particulars Balance as on Balance as on Total of Fin. 31.03.2012 31.03.2013 Years 2011- 12 & 2012-13 Share Capital 1070746410 1070746410 2141492820 Reserve &. Surplus 2908878279 1673400406 4582278685 Secured loans 6429612918 6005281359 12434894277 Uns…

M/S Iol Chemicals and Pharmaceuticals Ltd., Ludhiana vs. Addl. CIT, R-I, Ludhiana

In the result, appeal of the Assessee is allowed for statistical purposes

ITA 1419/CHANDI/2019[2011-12]Status: DisposedITAT Chandigarh10 Jun 2021AY 2011-12

For Appellant: Shri Ashwani Kumar, CAFor Respondent: Smt. C. Chandrakanta, CIT

Section 115JSection 250(6)Section 36Section 36(1)(iii)Section 41(1)

…Tulip Star Hotels (2012) 21 Taxmann 97 (SC) • Crescent Organics (P.) Ltd. Vs. DCIT (2014) 49 taxmann.com 128 (Bom) • Hero Cycles (SC) Civil Appeal No. 514 of 2008 • CIT Vs. Kapsons Associates (2017) 79 taxmann.com 364 (P&H) • CIT Vs. Abhishek Industries Ltd. 286 ITR 1 • CIT Vs. Orissa Cement Ltd. 258 ITR 365 (Del) • CIT Vs. H.P. Sugar Factory Pvt. Ltd. (All) 187 ITR 363 6. Now the Assessee is in appeal. 7. Ld. Counsel for the Assessee reiterated the submissions made before the authorities below and further submitted that the debit balance was on account of payment made to the third parties by the assessee on b…

Bspn Industries Private Limited, Hyderabad vs. Dy. Commissioner of Income Tax, Circle-1(2), Hyderabad

Appeal is allowed

ITA 2008/HYD/2018[2013-14]Status: DisposedITAT Hyderabad19 Apr 2021AY 2013-14

Bench: Shri S.S. Godara & Shri L.P. Sahu

For Appellant: Sri K.C. Devdas, ARFor Respondent: Sh. Rohit Muzumdar, CIT-D.R

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

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD ‘B’ BENCH : Hyderabad (Through Video Conference) Before Shri S.S. GODARA, Judicial Member and Shri L.P. SAHU, Accountant Member ITA No. 2008/Hyd./2018 Assessment Year: 2013-14 BSPN Industries P Ltd. vs. Dy.CIT, Circle 1(2) Hyderabad Hyderabad [PAN: AADCB9535D] (Appellant) (Respondent) For Assessee: Sri K.C. Devdas, AR For Revenue: Sh. Rohit Muzumdar, CIT-D.R. Date of Hearing : 09/02/2021 Date of Pronouncement : 19/04/2021 O R D E R PER S.S. GODARA, J.M. This assessee’s appeal for AY 2013-14 arises against the CIT(A)-1, Hyderabad’s order dated 30.05.2018 in c…

M/S Mahavir Techno Ltd., Chandigarh vs. ACIT, Cricle, Kurukshetra

In the result, appeal of the Assessee is allowed

ITA 332/CHANDI/2019[2014-15]Status: DisposedITAT Chandigarh23 Feb 2021AY 2014-15

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Shri Ashok Khanna, Addl. CIT

Section 143(1)Section 234BSection 36(1)(iii)

…m Prem Chand Vs. A.O. Ward -1, Kurukshetra have held as under- Para 3 "We find that the very foundation of impugned disallowance is reliance of the authorities below the Hon'ble jurisdictional High Court's decision in the case of Abhishek Industries Vs. CIT (286 ITR 1) but the said decision is no longer good law in the light of Hon'ble Supreme Court's judgment in the case of S. A Builders Vs CIT (288 ITR 1). We have also noted that the Assessing Officer has simply brushed aside assessee's explanation about commercial justification for the interest free advances by observing that "the reply filed by the assessee…

Agility Logistics P.Ltd, Mumbai vs. DCIT Range-9(1)(1), Mumbai

The appeal of the assessee is partly allowed in terms of our aforesaid observations

ITA 7199/MUM/2017[2013-14]Status: DisposedITAT Mumbai11 Feb 2021AY 2013-14

Bench: Shri S. Rifaur Rahman & Shri Ravish Soodagility Logistics Private Limited Deputy Commissioner Of Polaris, A-501/502, 5Th Floor, Income Tax Circle 9(1)(1), Off Marol Maroshi Road, Marol, Mumbai, Room No. 210/260A, Vs. Andheri (East), 2Nd Floor, Aayakar Bhavan, M.K. Road, Mumbai 400 059 Mumbai – 400 020 Pan – Aaacl3717A (Appellant) (Respondent) Agility Logistics Private Limited Asstt. Commissioner Of Polaris, A-501/502, 5Th Floor, Income Tax, Range 9(1)(1), Off Marol Maroshi Road, Marol, Room No. 203, 2Nd Floor, Vs. Andheri (East), Mumbai 400 067 Aayakar Bhavan,M.K. Road, Mumbai - 400020

For Appellant: S/sshri Dhanesh Bafna, Ketan Ved, Nishant Shah &For Respondent: S/shri Sunil Deshpande & Sushil Kr. Mishra, D.Rs

Section 143(3)Section 271(1)(c)Section 92C(2)

…e was no nexus between the capital advance and the interest bearing loans. In support of his aforesaid observation reliance was placed by the DRP on the order of the Hon’ble High Court of Punjab & Haryana in the case of CIT Vs. Abhishek Industries Ltd. (2006) 286 ITR 1 (P&H). Backed by its aforesaid deliberations, the DRP in all fairness directed the A.O to afford an opportunity to the assessee to prove that the capital advance/investment were made in the earlier years when there was no interest liability. At the same time, the DRP taking cognizance of the fact that the A.O had only considered the capital advance…

Income Tax Officer 3(1)(3), Mumbai vs. Evita Constructions Private Limited, Mumbai

In the result, the appeal by the revenue stands dismissed

ITA 7200/MUM/2017[2014-15]Status: DisposedITAT Mumbai11 Dec 2020AY 2014-15

…urces? 4. Whether on the facts & circumstances of the of the case and in law, Ld, CIT(A) has erred in not appreciating the fact that the decision of Hon'ble Punjab & Haryana High Court's in the case of CIT Vs Abhishek Industries Ltd. [205 CTR P H 304, (2006) 286 ITR 1 (PH)] is squarely applicable to the assessee's case in respect of diversion of interest bearing funds as a interest free loans to the sister concern? 5. Whether on the facts & circumstances of the of the case and in law, Ld, CIT(A) has erred in applying the ratio of Hon'ble Apex Court's decision in the case of SA Builders (288 ITR 1) as well as th…

M/S. Mittal Clothing Company, Bangalore vs. The Deputy Commissioner of Income Tax, Circle- 6(2)(1), Bengaluru

In the result appeal filed by assessee stands allowed

ITA 2308/BANG/2019[2014-15]Status: DisposedITAT Bangalore27 Nov 2020AY 2014-15

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2014 – 15

For Appellant: Shri V Srinivasan, AdvocateFor Respondent: Shri Priyadarshi Mishra, JCIT (DR)

Section 143(2)Section 250

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH : BANGALORE BEFORE SHRI CHANDRA POOJARI , ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER Assessment Year : 2014 – 15 Mittal Clothing Company, The Asst. Commissioner of 102, 3rd Cross, 3rd Main, Income Tax, 2nd Stage, Industrial Suburb, Circle-6(2)(1), Yeshwanthpur, Vs. Bengaluru. Bengaluru-560 022. PAN – AABFM 6725 H APPELLANT RESPONDENT Appellant by : Shri V Srinivasan, Advocate Respondent by : Shri Priyadarshi Mishra, JCIT (DR) Date of Hearing : 26-11-2020 Date of Pronouncement : 27-11-2020 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal has be…

DCIT, New Delhi vs. M/S. Ebony Retail Holdings Ltd., New Delhi

In the result, appeal of the Revenue dismissed

ITA 2825/DEL/2014[2008-09]Status: DisposedITAT Delhi20 Aug 2020AY 2008-09

Bench: Shri Bhavnesh Saini & Shri B.R.R. Kumar

For Appellant: Shri S. Krishnan, AdvocateFor Respondent: Shri Jagdish Singh, Sr. D.R

Section 37(1)

…l Industries vs., Commissioner of Income Tax [2011] 324 ITR 396 (Delhi) and Judgment of Hon’ble Punjab & Haryana High Court in the 11 ITA.No.2825/Del./2014 M/s. Ebony Retail Holdings Ltd., New Delhi. case of Abhishek Industries vs., Commissioner of Income Tax 286 ITR 1. 5.3. On the other hand, Learned Counsel for the Assessee reiterated the submissions made before the authorities below and referred to the balance-sheet of the assessee to show that sufficient funds are available to the assessee (PB-32) along with bank statement and submitted that Judgment in the case of Abhishek Industries (supra) have been overru…

Mahindra & Mahindra Ltd, Mumbai vs. ACIT Cir 2(2)2, Mumbai

In the result, all the appeals of the assessee are partly allowed for statistical purposes and appeal of the revenue is dismissed

ITA 1449/MUM/2016[2011-12]Status: DisposedITAT Mumbai19 Jun 2020AY 2011-12

Bench: Shri Mahavir Singh, Vp & Shri M.Balaganesh, Am & Sa No.462/Mum/2019 (Arising Out Of Ita No.1449/Mum/2016) (Assessment Year : 2011-12) Mahindra & Mahindra Vs. Dy. Commissioner Of Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai-400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent) & Sa No.461/Mum/2019 (Arising Out Of Ita No.7382/Mum/2017) (Assessment Year : 2013-14) Mahindra & Mahindra Vs. Dy. Commissioner Of Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai-400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent) Dy. Commissioner Of Vs. Mahindra & Mahindra Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai- 400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent) Mahindra & Mahindra Vs. Asst. Commissioner Of Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai-400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent)

Section 143(3)Section 144C(5)

…We find that the ld. AO placed reliance on the decision of Hon’ble Supreme Court in the case of Sahney Steel and Press Ltd., reported in 228 ITR 253 and the decision of Hon’ble Punjab and Haryana High Court in the case of Abhishek Industries Ltd., reported in 286 ITR 1 and rejected the claim of the assessee of treating the industrial promotion subsidy as capital receipt. 10.4. The ld. AO also observed that this subsidy was available to the assessee from the date of commencement of commercial production suggesting that the subsidy was not given for the setting up of business but for carrying on of its business. H…

M/S. United Spirits Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

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

ITA 489/BANG/2017[2012-13]Status: DisposedITAT Bangalore29 May 2020AY 2012-13

Bench: Shri B.R. Baskaran & Shri Pavan Kumar Gadaleit(Tp)A No.489/Bang/2017 (Assessment Year: 2012-13) M/S. United Spirits Limited, Ub Towers, No.24, Vittal Mallya Road, Bangalore-560 001 ….Appellant Vs. Dy. Commissioner Of Income Tax, Circle 7(1)(1), Bangalore. ……Respondent. Assessee By: Shri Perci Pardiwala, Senior Advocate & Shri Ketan Ved, C.A. Revenue By: Shri Bipin C.N, Jcit (D.R) Date Of Hearing : 06.03.2020. Date Of Pronouncement : 29.05.2020. O R D E R Per Shri B.R. Baskaran, A.M. : The Assessee Has Filed This Appeal Challenging The Assessment Order Dated 31-01-2017 Passed By The Assessing Officer For Assessment Year 2012-13 Passed U/S 143(3) R.W.S 144C(13) Of The Act.

For Appellant: Shri Perci Pardiwala, Senior Advocate and Shri Ketan Ved, C.AFor Respondent: Shri Bipin C.N, JCIT (D.R)

Section 143(3)Section 144C(10)Section 144C(13)Section 14ASection 154Section 36(1)(iii)Section 92C

…ess carried on by the assessee, i.e., commercial expediency in giving interest free advances was not shown. The AO also placed his reliance on the decision rendered by Hon’ble Punjab and Haryana High Court in the case of CIT vs. Abhishek Industries Ltd (2006)(286 ITR 1) and C.R Auluck and Sons P Ltd (2014)(360 ITR 193) and accordingly held that proportionate interest expenses should be disallowed. Accordingly he computed the interest disallowance by considering PLR (Prime Lending Rate) and the return on Loans/advances, which worked out to Rs.348.72 crores. The Ld DRP noticed that the interest free loans included…

DCIT, C-1, Ludhiana vs. M/S Vardhman Textiles Limited, Ludhiana

The appeal of the Revenue is partly allowed for

ITA 612/CHANDI/2019[2009-10]Status: DisposedITAT Chandigarh28 May 2020AY 2009-10

Bench: Shri Sanjay Garg & Smt.Annapurna Guptaआयकर अपील सं./ Ita No.484 /Chd/2019 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: S/Shri Subhash Aggarwal, AdvFor Respondent: Smt.C.Chanderkanta, CIT DR

Section 14ASection 250(6)Section 80I

…आयकर अपील"य अ"धकरण, च"डीगढ़ "यायपीठ “बी”, च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH ‘B, CHANDIGARH "ी संजय गग", "याय"क सद"य एवं "ीमती अ"नपूणा" गु"ता, लेखा सद"य BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SMT.ANNAPURNA GUPTA, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No.484 /Chd/2019 "नधा"रण वष" / Assessment Year : 2008-09 Vardhman Textiles Limited, The A.C.I.T., बनाम Chandigarh Road, Ludhiana. Circle-1, Ludhiana. "थायी लेखा सं./PAN NO: AABCM4692E अपीलाथ"/Appellant ""यथ"/Respondent & आयकर अपील सं./ ITA No.611 /Chd/2019 "नधा"रण वष" / Assessment Year : 2008-09 The D.C.I.T., Vardhman Textiles Limi…

DCIT, C-1, Ludhiana vs. M/S Vardhman Textiles Limited, Ludhiana

The appeal of the Revenue is partly allowed for

ITA 611/CHANDI/2019[2008-09]Status: DisposedITAT Chandigarh28 May 2020AY 2008-09

Bench: Shri Sanjay Garg & Smt.Annapurna Guptaआयकर अपील सं./ Ita No.484 /Chd/2019 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: S/Shri Subhash Aggarwal, AdvFor Respondent: Smt.C.Chanderkanta, CIT DR

Section 14ASection 250(6)Section 80I