CIT v. Walfort Share and Stock Brokers P. Ltd.

Solaris Chemtech Ltd., New Delhi vs. ACIT, New Delhi

Bench: Shri I.C. Sudhir & Shri O.P. Kant Assessment Year: 2006-07 Solaris Chemtech Ltd., Vs. Acit, (Now Amalgated With Solaris Circle-9(1), Chemtech Industries Ltd.), New Delhi. Thapar House, 124-Janpath, New Delhi. (Pan: Aaacb8394B) (Appellant) (Respondent) Assessment Year: 2006-07 Acit, Vs. Solaris Chemtech Ltd., Circle 9(1), (Now Amalgated With Solaris New Delhi. Chemtech Industries Ltd.), Thapar House, 124-Janpath, New Delhi. (Pan: Aaacb8394B) (Appellant) (Respondent) Assessee By: Shri P.C. Yadav,Adv. Department By: Smt. Rishpal Bedi, Sr. Dr Date Of Hearing : 21.04.2016 Date Of Pronouncement: 18:07.2016 Order Per I.C. Sudhir:

…evenue to establish that there is direct nexus between the expenses incurred & tax free income and if such burden is not discharged then no disallowances of 14A can be made. a) Sea Saw Goa –ITA No-72 PNJ-2012- Available on net b) Walfort shares Supreme Court- 310 ITR 421(SC)”. 13. The Learned Senior DR on the other hand tried to justify the assessment order and the disallowance sustained by the Learned CIT(Appeals). She submitted further that the disallowance was made by the Assessing Officer on reasonable basis and there was no error in the figures taken by the Assessing Officer. She submitted that no suo moto…

Mukul Rohatgi, New Delhi vs. JCIT, New Delhi

The appeal is allowed

Bench: Shri I.C. Sudhir & Shri Laxmi Prashad Sahu Assessment Year: 2008-09 Mukul Rohatgi, Vs. Jcit, 59- Sunder Nagar, Range-37, New Delhi. New Delhi. (Pan: Aacpr4789B) (Appellant) (Respondent) Appellant By: Shri P.C. Yadav, Adv. Respondent By: Shri P.Damkanunjna, Sr. Dr Date Of Hearing : 19 .08.2015 Date Of Pronouncement: 14:10.2015 Order Per I.C. Sudhir:The Assessee Has Questioned First Appellate Order Mainly On The Following Grounds (Revised) : 1. That The Order Of The Learned Cit(Appeals) Is Bad In Law & On Facts: 2. That The Learned Cit(Appeals) Has Erred In Confirming The Assessment Of The Income Of The Assessee At Rs.18.63,90,250 As Against The Returned Income Of Rs.18,54,95,430/-/ 3. That Under The Facts & Circumstances Of The Case & In Law, The Learned Cit(Appeals) Has Erred In Confirming The Disallowance Of Rs.1,18,675 Out Of The Interest Expenses Incurred On Borrowed Funds Pertaining To Higher Purchase Of Car.

…ing his satisfaction by the Assessing Officer vis-à-vis the correctness of the account of the assessee. He submitted that books of account of the assessee are admittedly audited. The Learned AR placed reliance on the following decision: i) Wallfort Shares – 310 ITR 421 (S.C); ii) Sesa Goa Ltd. vs. JCIT – 60 SOT 121 (Panaji); iii) Joint Investment (P) Ltd. vs. CIT (2015) – 92 CCH 088 (Delhi); 17. The Learned AR submitted that the assessee had produced his books of account before the Assessing Officer during the course of assessment proceedings and the same were examined, however, the Assessing Officer did…

ACIT, Panipat vs. Shri Anil Dutt, Panipat

In the result the appeal of the assessee partly allowed for statistical purposes

Bench: Sh. G. C. Gupta, Hon’Ble & Sh. O.P.Kant

…under reference beyond three months from the record date of dividend, and therefore the ld.CIT(A) has rightly allowed the loss as per finding given at page 6 of his order . The ld.AR also relied on the judicial pronouncement reported in 325 ITR 550 (Bombay), 310 ITR 421 (Bombay) and 325 ITR 535 (Del). . 9. We have heard the rival submissions and perused the material on record including the orders of the lower authorities. The issue which arises for our consideration in ground No.1 of the Revenue, is whether the provisions of section 94(7) are applicable in respect of loss claimed by the assessee. For the sake of…