CIT v. Vijay Solvex Ltd.

Agrasen Engineering Industries Private Limited, Jaipur vs. National E-Assessment Centre, Delhi

In the result, the appeal of the assessee is allowed

Bench: Him.

…V/s Dy. Commissioner of 45-57 Income-Tax & Anr. [2017] 394 ITR 449 Hon’ble Rajasthan High Court 7 PCIT-Kota V/s Prakash Gwalera 2018 (11) TMI 877 58-63 8 Vijay Solvex Limited V/s ACIT 2018 (1) TMI 1629 64-67 9 Commissioner of Income Tax Vs. Vijay Solvex Ltd. 274 CTR 384 Rajasthan 68-71 (2015) 59 taxmann 294 Other Non-Jurisdictional High Court 10 Commissioner of Income Tax v. Sociedade De Fomento Industrial (P.) Ltd 72-79 [2020] 429 ITR 358 (Bom) 11 Hon’ble High Court of Gujarat passed in Principal Commissioner of Income 80-84 Tax-4 V/s Sintex Industries Ltd (2017) 82 taxmann.com 171 (Gujarat). 12 CU Vs Hero Cycl…

Ram Ratan Jangir, Amer vs. Income Tax Officer, Ward -7(2), Jaipur

In the result ground no. 1 raised by the

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…the parties have been duly filed, deserve to be fully allowed and the assessee prays acoordingly. The contention of the assessee derives support from the following judicial pronouncements:- 12 Ram Ratan Jangir vs. ITO • CIT v/s M/s. Vijay Solvex Ltd. (2015) 274 CTR 384 (Raj.) "The AO un- wantedly stressed over the alleged absence of the commercial expediency behind giving of the subjected loans & advances in as much as, such a consideration was relevant only in a case where the interest free funds were given out of the interest bearing funds only and there was admittedly no availability of the interest free fun…

Geetanjali Hotels & Promoters Pvt Ltd, Jaipur vs. ACIT, Jaipur

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

…ed by the CIT (Appeal) in his order, the company had reserve/surplus to the tune of almost 15 crores and, therefore, the appellant company could in any case, utilise those funds for giving advance to its Directors.” 6.3.9 CIT v/s M/s. Vijay Solvex Ltd. (2015) 274 CTR 384 (Raj.) Geetanjali Hotels & Promoters Pvt. Ltd. “The AO un-wantedly stressed over the alleged absence of the commercial expediency behind giving of the subjected loans & advances in as much as, such a consideration was relevant only in a case where the interest free funds were given out of the interest bearing funds only and there was admittedly…

Geetanjali Hotels & Promoters Pvt Ltd, Jaipur vs. ACIT, Jaipur

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

…ed by the CIT (Appeal) in his order, the company had reserve/surplus to the tune of almost 15 crores and, therefore, the appellant company could in any case, utilise those funds for giving advance to its Directors.” 6.3.9 CIT v/s M/s. Vijay Solvex Ltd. (2015) 274 CTR 384 (Raj.) Geetanjali Hotels & Promoters Pvt. Ltd. “The AO un-wantedly stressed over the alleged absence of the commercial expediency behind giving of the subjected loans & advances in as much as, such a consideration was relevant only in a case where the interest free funds were given out of the interest bearing funds only and there was admittedly…

Allen Career Institute, Jaipur vs. JCIT, Kota

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

…09 (Bom) (DPB 64-70), Hero Cycle P. Ltd vs. CIT (2015) 128 DTR 1/379 ITR 347 (SC), SEL Manufacturing Co. Ltd. vs. DCIT 206 TTJ 937 (Chd.), Alkali & Chemical Corporation of India Ltd. vs. CIT (1986) 50 CTR 139 (Kol HC) and CIT v/s M/s. Vijay Solvex Ltd. (2015) 274 CTR 384 (Raj.)) 3.5 Further the case of Abhishek Industries has already been impliedly overruled in Munjal sales (supra) and was also so considered in the case of Ram Kishan Verma by ITAT Jaipur. 4. Settlement Commission: The issue involved is otherwise also covered. A search was carried out in the case of assessee group and the matter reached to the Ho…

Assistant Commissioner of Income Tax, Circle-1, Kota vs. M/S Shree Agencies Pvt. Ltd., Kota

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

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHE-B, JAIPUR Jh fot; iky jko] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 949/JP/2018 fu/kZkj.k o"kZ@Assessment Year :2010-11 cuke Asstt. Commissioner of M/s Shree Agencies Pvt. Vs. Income-tax Ltd., Circle-1, B-45, I.P.I.A. Jhalawar Kota Road, Kota LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAFCS3329A vihykFkhZ@Appellant izR;FkhZ@Respondent jktLo dh vksj ls@ Revenue by : Shri Ran Singh (Addl.CIT) fu/kZkfjrh dh vksj ls@ Assessee b…

Model Properties P. Ltd., Jaipur vs. ACIT, Jaipur

In the result, both the appeals of the assessee are allowed

Bench: Lower Authorities: (I) Interest On Term Loan Rs. 11,58,187/- (Ii) Other Interest Rs. 12,99,474/-

…nses. Hence, the ld AR has submitted that whatever expenditure incurred in purchase of stock in trade be allowed as revenue expenditure. The ld AR has relied upon the decision of the Hon’ble Jurisdictional High Court in the case of CIT Vs. Vijay Solvex Ltd. 274 CTR 384. He has relied upon the following decisions: (i) K. Sampath Kumar Vs CIT 158 ITR 0025 (Mad) (ii) Orient Cosmetics Ltd. Vs DCIT 69 TTJ 0490 (ITAT Madras) 5. On the other hand, the ld DR has submitted that there is no business activity carried out by the assessee during all these years and therefore, once the factum of no business activity of p…

Model Prperties Pvt. Ltd., Jaipur vs. The ACIT-1, Jaipur

In the result, both the appeals of the assessee are allowed

Bench: Lower Authorities: (I) Interest On Term Loan Rs. 11,58,187/- (Ii) Other Interest Rs. 12,99,474/-

…nses. Hence, the ld AR has submitted that whatever expenditure incurred in purchase of stock in trade be allowed as revenue expenditure. The ld AR has relied upon the decision of the Hon’ble Jurisdictional High Court in the case of CIT Vs. Vijay Solvex Ltd. 274 CTR 384. He has relied upon the following decisions: (i) K. Sampath Kumar Vs CIT 158 ITR 0025 (Mad) (ii) Orient Cosmetics Ltd. Vs DCIT 69 TTJ 0490 (ITAT Madras) 5. On the other hand, the ld DR has submitted that there is no business activity carried out by the assessee during all these years and therefore, once the factum of no business activity of p…

Udai Kant Mishra, Jaipur vs. DCIT, Jaipur

In the result, the appeal of the assessee is allowed

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh fot; ikWy jko] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No.548/JP/2014 fu/kZkj.k o"kZ@Assessment Year : 2008-09 cuke Shri Uday Kant Mishra, DCIT Central Circle-3, Vs. Jaipur Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN No.: ACSPM8470A vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri Rajeev Sogani & Shri Rohan Sogani (CA) jktLo dh vksj ls@ Revenue by : Shri P.P.Meena (JCIT) lquokbZ dh rkj…

Allen Career Institute, Jaipur vs. JCIT, Kota

In the result, the ground no

…rely apply on the facts of the present case, hence the impugned disallowance kindly be deleted in full. 35. Also kindly refer Alkali & Chemical Corporation Of India Ltd. vs. CIT (1986) 50 CTR 0139(Kol HC) (DPB 71-74) and CIT v/s M/s. Vijay Solvex Ltd. (2015) 274 CTR 384 (Raj.) (DPB 75-80). 36. It was submitted that the AO stressed over the alleged absence of the commercial expediency behind giving of the subjected loans & advances in as much as, such a consideration was relevant only in a case where the interest free funds were given out of the interest bearing funds only and there was admittedly no availabilit…