Enterprises Pvt. Ltd. v. CIT, Jalandhar’ (supra)

381 ITR 204High Court2016#1490 most cited

What is Enterprises Pvt. Ltd. v. CIT, Jalandhar’ (supra) authority for?

If an assessee possesses sufficient interest-free funds, it is presumed that interest-free advances or investments are made from these funds, thus precluding the disallowance of interest paid on borrowed capital under Section 36(1)(iii).

76

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2018 to 2026.

Also referred to as

Enterprises Pvt. Ltd. v. CIT · CIT v. Kapsons Associates Investment Pvt. Ltd. · 381 ITR 204 · Section 36(1)(iii) · interest disallowance · interest-free funds · presumption of own funds · interest-free advances · business expediency · common pool theory · Punjab & Haryana High Court

Sections most often in play

Section 14ASection 36(1)(iii)Section 143(3)Section 147Section 148Section 250Section 10(34)Section 143(2)

Issues it is cited on

section 36(l)(iii)interest free advancespaper companysection 36(1)(iii)put to usebusiness expediencycommercial expediencysection 36(1)section 14aregular assessmentdisallowance u/s 14asection 36

Judgments citing Enterprises Pvt. Ltd. v. CIT, Jalandhar’ (supra)

NIPUN MALHOTRA,MANDI vs. ITO, WARD, MANDI

In the result, appeal of the assessee is allowed

ITA 81/CHANDI/2022[2013-14]Status: DisposedITAT Chandigarh20 Feb 2026AY 2013-14

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwalआयकर अपील सं./ Ita No. 81/Chd/2022 "नधा"रण वष" / Assessment Year: 2013-14 Nipun Malhotra, The Ito, 135/A, Jawahar Nagar, Vs Ward, Mandi, Himachal Pradesh. Mandi (Hp). "थायी लेखा सं./Pan No: Ablpm6589N अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Shri Ajay Jain, Ca Revenue By : Dr. Ranjit Kaur, Addl. Cit Sr.Dr Date Of Hearing : 12.02.2026 Date Of Pronouncement : 20.02.2026 Physical Hearing O R D E R

For Appellant: Shri Ajay Jain, CAFor Respondent: Dr. Ranjit Kaur, Addl. CIT Sr.DR
Section 143(3)Section 263

…e funds available with the assessee. For buttressing this proposition, we take note of the following judgements : a) ACIT Vs Janak Global Resources Pvt. Ltd. 175 ITD 365 (Chd) b) Bright Enterprises (P) Ltd Vs CIT 381 ITR 107 (P&H.) c) CIT Vs Kapson Associates 381 ITR 204 (P&H.) d) CIT Vs Max India Ltd. 398 ITR 209 (Pb.) A.Y.2013-14 5 e) CIT Vs Max India Ltd (2016) 388 ITR 81 (P&H) f) Gordrej & Boyce Manufacturing Co. Ltd Vs DCIT (2017) 394 ITR 449 (SC) g) CIT Vs Reliance Ind Ltd. 410 ITR 466 (SC) h) CIT v/s Reliance Utilities & Power Ltd 313 ITR 340-344 (Bom) i) CIT V/s Shapoorji Pallongi & Co 423 ITR 220 (Bom)…

M/S KNITWELL INDIA PVT. LTD.,CHANDIGARH vs. DCIT, C-1(1), CHANDIGARH

In the result, appeal of the assessee is partly allowed

ITA 1609/CHANDI/2018[2014-15]Status: DisposedITAT Chandigarh27 Jan 2026AY 2014-15

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwalआयकर अपील सं./ Ita No. 1609/Chd/2018 "नधा"रण वष" / Assessment Year. : 2014-15 M/S Knitwell India Pvt. Ltd., The Dcit, Plot No. 278, Industrial Area, Vs Circle 1(1), Phase-Ii, Chandigarh. Chandigarh. "थायी लेखा सं./Pan No: Aacck4673L अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Ms. Shruti Khandelwal, Advocate Revenue By : Shri Vivek Vardhan, Addl. Cit Sr.Dr Date Of Hearing : 24.11.2025 Date Of Pronouncement : 27.01.2026 O R D E R Physical Hearing Per Raj Pal Yadav, Vp

For Appellant: Ms. Shruti Khandelwal, AdvocateFor Respondent: Shri Vivek Vardhan, Addl. CIT Sr.DR
Section 143(2)Section 14ASection 36(1)(iii)

…Utilities & Power Ltd. reported in 313 ITR 340. Apart from the above, we are fortified with following decisions : a) ACIT Vs Janak Global Resources Pvt. Ltd. 175 ITD 365 (Chd) b) Bright Enterprises (P) Ltd Vs CIT 381 ITR 107 (P&H.) c) CIT Vs Kapson Associates 381 ITR 204 (P&H.) d) CIT Vs Max India Ltd. 398 ITR 209 (Pb.) e) CIT Vs Max India Ltd (2016) 388 ITR 81 (P&H) f) Gordrej & Boyce Manufacturing Co. Ltd Vs DCIT (2017) 394 ITR 449 (SC) g) CIT Vs Reliance Ind Ltd. 410 ITR 466 (SC) h) CIT V/s Shapoorji Pallongi & Co 423 ITR 220 (Bom) i) Decision of ITAT Chandigarh in ITA No. 184/Chd/2015 These decisions are on…

ASSISTANT COMMISSIONER OF INCOME TAX, DELHI vs. VIC ENTERPRISES PRIVATE LIMITED, DELHI

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

ITA 3086/DEL/2024[2015-16]Status: DisposedITAT Delhi15 Oct 2025AY 2015-16

Bench: Ms. Madhumita Roy & Shri Naveen Chandra

For Appellant: Shri M.P. Rastogi, AdvFor Respondent: Shri Rajesh Kumar Dhanesta, Sr.DR
Section 14A

…224/2013, dated 24.07.2015, it was held that if there are interest free funds available then it will be presumed that these have been made out of interest free funds. Similar view was held in the case of CIT Vs. Kapsons Associates Investment Pvt. Ltd. (2015) 381 ITR 204 (P&H) wherein, the Hon'ble Court has held that interest on investment in other properties not Page 4 of 8 ITA No. 3086/DEL/2024 [A.Y. 2015-16] ACIT Vs. VIC Enterprises for business purpose cannot be disallowed if the assessee is having sufficient interest free funds at its disposal. Similar view was taken by the Hon'ble Supreme Court in the cas…

DCIT, C-1(1), CHANDIGARH vs. M/S RANA POLYCOT LTD., CHANDIGARH

In the result, all the appeals are dismissed

ITA 1050/CHANDI/2018[2009-10]Status: DisposedITAT Chandigarh23 Jul 2025AY 2009-10

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwalआयकर अपील सं./ Ita No. 1050/Chd/2018 &

For Appellant: Shri Parikshit Aggarwal, CA and Ms. Shruti Khandelwal, AdvocateFor Respondent: Shri Sarabjeet Singh, CIT, DR
Section 36(1)(iii)

…e advances in each year, therefore, no disallowance ought to have been made. He relied upon following judgements: a) ACIT Vs Janak Global Resources Pvt. Ltd. 175 ITD 365 (Chd) b) Bright Enterprises (P) Ltd Vs CIT 381 ITR 107 (P&H.) c) CIT Vs Kapson Associates 381 ITR 204 (P&H.) d) CIT Vs Max India Ltd. 398 ITR 209 (Pb.) e) CIT Vs Max India Ltd (2016) 388 ITR 81 (P&H) f) Gordrej & Boyce Manufacturing Co. Ltd Vs DCIT (2017) 394 ITR 449 (SC) g) CIT Vs Reliance Ind Ltd. 410 ITR 466 (SC) h) CIT v/s Reliance Utilities & Power Ltd 313 ITR 340-344 (Bom) i) CIT V/s Shapoorji Pallongi & Co 423 ITR 220 (Bom) j) Decision of…

DCIT, C-1(1), CHANDIGARH vs. M/S RANA POLYCOT LTD., CHANDIGARH

In the result, all the appeals are dismissed

ITA 1015/CHANDI/2018[2012-13]Status: DisposedITAT Chandigarh23 Jul 2025AY 2012-13

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwalआयकर अपील सं./ Ita No. 1050/Chd/2018 &

For Appellant: Shri Parikshit Aggarwal, CA and Ms. Shruti Khandelwal, AdvocateFor Respondent: Shri Sarabjeet Singh, CIT, DR
Section 36(1)(iii)

…e advances in each year, therefore, no disallowance ought to have been made. He relied upon following judgements: a) ACIT Vs Janak Global Resources Pvt. Ltd. 175 ITD 365 (Chd) b) Bright Enterprises (P) Ltd Vs CIT 381 ITR 107 (P&H.) c) CIT Vs Kapson Associates 381 ITR 204 (P&H.) d) CIT Vs Max India Ltd. 398 ITR 209 (Pb.) e) CIT Vs Max India Ltd (2016) 388 ITR 81 (P&H) f) Gordrej & Boyce Manufacturing Co. Ltd Vs DCIT (2017) 394 ITR 449 (SC) g) CIT Vs Reliance Ind Ltd. 410 ITR 466 (SC) h) CIT v/s Reliance Utilities & Power Ltd 313 ITR 340-344 (Bom) i) CIT V/s Shapoorji Pallongi & Co 423 ITR 220 (Bom) j) Decision of…

DCIT, C-1(1), CHANDIGARH vs. M/S RANA POLYCOT LTD., CHANDIGARH

In the result, all the appeals are dismissed

ITA 1014/CHANDI/2018[2011-12]Status: DisposedITAT Chandigarh23 Jul 2025AY 2011-12

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwalआयकर अपील सं./ Ita No. 1050/Chd/2018 &

For Appellant: Shri Parikshit Aggarwal, CA and Ms. Shruti Khandelwal, AdvocateFor Respondent: Shri Sarabjeet Singh, CIT, DR
Section 36(1)(iii)

…e advances in each year, therefore, no disallowance ought to have been made. He relied upon following judgements: a) ACIT Vs Janak Global Resources Pvt. Ltd. 175 ITD 365 (Chd) b) Bright Enterprises (P) Ltd Vs CIT 381 ITR 107 (P&H.) c) CIT Vs Kapson Associates 381 ITR 204 (P&H.) d) CIT Vs Max India Ltd. 398 ITR 209 (Pb.) e) CIT Vs Max India Ltd (2016) 388 ITR 81 (P&H) f) Gordrej & Boyce Manufacturing Co. Ltd Vs DCIT (2017) 394 ITR 449 (SC) g) CIT Vs Reliance Ind Ltd. 410 ITR 466 (SC) h) CIT v/s Reliance Utilities & Power Ltd 313 ITR 340-344 (Bom) i) CIT V/s Shapoorji Pallongi & Co 423 ITR 220 (Bom) j) Decision of…

DCIT, C-1(1), CHANDIGARH vs. M/S RANA POLYCOT LTD., CHANDIGARH

In the result, all the appeals are dismissed

ITA 1013/CHANDI/2018[2010-11]Status: DisposedITAT Chandigarh23 Jul 2025AY 2010-11

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwalआयकर अपील सं./ Ita No. 1050/Chd/2018 &

For Appellant: Shri Parikshit Aggarwal, CA and Ms. Shruti Khandelwal, AdvocateFor Respondent: Shri Sarabjeet Singh, CIT, DR
Section 36(1)(iii)

…e advances in each year, therefore, no disallowance ought to have been made. He relied upon following judgements: a) ACIT Vs Janak Global Resources Pvt. Ltd. 175 ITD 365 (Chd) b) Bright Enterprises (P) Ltd Vs CIT 381 ITR 107 (P&H.) c) CIT Vs Kapson Associates 381 ITR 204 (P&H.) d) CIT Vs Max India Ltd. 398 ITR 209 (Pb.) e) CIT Vs Max India Ltd (2016) 388 ITR 81 (P&H) f) Gordrej & Boyce Manufacturing Co. Ltd Vs DCIT (2017) 394 ITR 449 (SC) g) CIT Vs Reliance Ind Ltd. 410 ITR 466 (SC) h) CIT v/s Reliance Utilities & Power Ltd 313 ITR 340-344 (Bom) i) CIT V/s Shapoorji Pallongi & Co 423 ITR 220 (Bom) j) Decision of…

M/S ORBIT RESORTS (P) LTD.,CHANDIGARH vs. DCIT, C-1(1), CHANDIGARH

In the result, both appeals are allowed

ITA 342/CHANDI/2019[2012-13]Status: DisposedITAT Chandigarh08 Apr 2025AY 2012-13

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwal

For Appellant: Shri Ashwani Kumar, CA, Shri Aditya Kumar,CA &For Respondent: Dr. Ranjit Kaur, Addl. CIT Sr.DR

…expenditure is required to be allocated. For buttressing our above view, we rely upon the following judgements : a) ACIT Vs Janak Global Resources Pvt. Ltd. 175 ITD 365 (Chd) b) Bright Enterprises (P) Ltd Vs CIT 381 ITR 107 (P&H.) c) CIT Vs Kapson Associates 381 ITR 204 (P&H.) d) CIT Vs Max India Ltd. 398 ITR 209 (Pb.) e) CIT Vs Max India Ltd (2016) 388 ITR 81 (P&H) ITA No.341 & 342/CHD/2019 A.Y.2007-08 & 2012-13 4 f) Gordrej & Boyce Manufacturing Co. Ltd Vs DCIT (2017) 394 ITR 449 (SC) g) CIT Vs Reliance Ind Ltd. 410 ITR 466 (SC) h) CIT v/s Reliance Utilities & Power Ltd 313 ITR 340-344 (Bom) i) CIT V/s Sha…

M/S ORBIT RESORTS (P) LTD.,CHANDIGARH vs. ADDL. CIT, R-1, CHANDIGARH

In the result, both appeals are allowed

ITA 341/CHANDI/2019[2007-08]Status: DisposedITAT Chandigarh08 Apr 2025AY 2007-08

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwal

For Appellant: Shri Ashwani Kumar, CA, Shri Aditya Kumar,CA &For Respondent: Dr. Ranjit Kaur, Addl. CIT Sr.DR

…expenditure is required to be allocated. For buttressing our above view, we rely upon the following judgements : a) ACIT Vs Janak Global Resources Pvt. Ltd. 175 ITD 365 (Chd) b) Bright Enterprises (P) Ltd Vs CIT 381 ITR 107 (P&H.) c) CIT Vs Kapson Associates 381 ITR 204 (P&H.) d) CIT Vs Max India Ltd. 398 ITR 209 (Pb.) e) CIT Vs Max India Ltd (2016) 388 ITR 81 (P&H) ITA No.341 & 342/CHD/2019 A.Y.2007-08 & 2012-13 4 f) Gordrej & Boyce Manufacturing Co. Ltd Vs DCIT (2017) 394 ITR 449 (SC) g) CIT Vs Reliance Ind Ltd. 410 ITR 466 (SC) h) CIT v/s Reliance Utilities & Power Ltd 313 ITR 340-344 (Bom) i) CIT V/s Sha…

DCIT-CC-III, LUDHIANA vs. M/S LAXMI ENERGY & FOODS LTD.,, CHANDIGARH

In the result, the appeal of the Revenue is dismissed

ITA 33/CHANDI/2021[2011-12]Status: DisposedITAT Chandigarh10 Jul 2024AY 2011-12

Bench: Shri A.D. Jain & Dr Krinwant Sahayआयकर अपील सं./ Ita No. 33/Chd/2021 "नधा"रण वष" / Assessment Year: 2011-12 The Dcit, Vs. M/S Laxmi Energy & Foods बनाम Ltd., Central Circle-Iii, Sco 18-19, Sector 9-D, Ludhiana Ludhiana "थायी लेखा सं./Pan No: Aaacl3147J अपीलाथ"/ Appellant ""यथ"/ Repsondent ( Hybrid Mode ) "नधा"रती क" ओर से/Assessee By : Sh. Sudhir Sehgal, Advocate राज"व क" ओर से/ Revenue By : Shri Rohit Sharma, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 06.06.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 10.07.2024 आदेश/Order Per Dr. Krinwant Sahay, A.M.:

For Appellant: Sh. Sudhir Sehgal, AdvocateFor Respondent: Shri Rohit Sharma, CIT DR
Section 14A

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ, च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL CHANDIGARH BENCH, ‘A’, CHANDIGARH BEFORE SHRI A.D. JAIN, VICE PRESIDENT & DR KRINWANT SAHAY, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No. 33/CHD/2021 "नधा"रण वष" / Assessment Year: 2011-12 The DCIT, Vs. M/s Laxmi Energy & Foods बनाम Ltd., Central Circle-III, SCO 18-19, Sector 9-D, Ludhiana Ludhiana "थायी लेखा सं./PAN No: AAACL3147J अपीलाथ"/ APPELLANT ""यथ"/ REPSONDENT ( HYBRID MODE ) "नधा"रती क" ओर से/Assessee by : Sh. Sudhir Sehgal, Advocate राज"व क" ओर से/ Revenue by : Shri Rohit Sharma, CIT DR सुनवाई क" तार"ख/Date of Hearing :…

DCIT, CC-III, LUDHIANA vs. M/S GANESHAY OVERSEAS INDUSTRIES LTD, CHANDIGARH

In the result the appeal of the Revenue is dismissed

ITA 253/CHANDI/2023[2018-19]Status: DisposedITAT Chandigarh22 Apr 2024AY 2018-19

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Smt. Amanpreet Kaur, Sr.DR
Section 14ASection 36(1)(iii)

…satisfaction regarding nexus in respect of expenditure incurred vis-à-vis the exempt income made by the assessee. ITA 200 & 253/CHD/2023 A.Y.2012-13 & 2018-19 6 10.2 Again, the Hon'ble jurisdictional High Court, in the case of “CIT Vs Kapsons Associates”, 381 ITR 204 (P&H), it has been held that, "The entire record of the Assessee was available. The Assessee cannot establish the negative. If the Assessing Officer disbelieved the Assessee, it was for him to have established the same from the records,, or otherwise. The Assessing Officer has not even considered this assertion expressly made by the Assessee. Th…

M/S GANESHAY OVERSEAS INDUSTRIES LTD.,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

In the result the appeal of the Revenue is dismissed

ITA 200/CHANDI/2023[2012-13]Status: DisposedITAT Chandigarh22 Apr 2024AY 2012-13

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Smt. Amanpreet Kaur, Sr.DR
Section 14ASection 36(1)(iii)

…satisfaction regarding nexus in respect of expenditure incurred vis-à-vis the exempt income made by the assessee. ITA 200 & 253/CHD/2023 A.Y.2012-13 & 2018-19 6 10.2 Again, the Hon'ble jurisdictional High Court, in the case of “CIT Vs Kapsons Associates”, 381 ITR 204 (P&H), it has been held that, "The entire record of the Assessee was available. The Assessee cannot establish the negative. If the Assessing Officer disbelieved the Assessee, it was for him to have established the same from the records,, or otherwise. The Assessing Officer has not even considered this assertion expressly made by the Assessee. Th…

M/S OSWAL WOOLLEN MILLS LTD.,LUDHIANA vs. ACIT, C-7, LUDHIANA

The appeals stand allowed for

ITA 1162/CHANDI/2019[2013-14]Status: DisposedITAT Chandigarh22 Aug 2022AY 2013-14

Bench: Shri N.K. Saini & Shri Sudhanshu Srivastava

For Appellant: Sh. Navdeep Sharma, AdvocateFor Respondent: Dr. Ranjit Kaur, Sr. DR
Section 143(3)Section 36(1)(iii)

…as bad in law and was covered in favour of the assessee by the following judicial precedents :- a. Bright Enterprises (P) Ltd Vs. CIT 381 ITR 107(PB) b. DCIT Vs. Rice Auto Industries.ita No. 800/Chandi/2018 A.Y. 2013-14 c. CIT Vs. Kapsons Associates (2016) 381 ITR 204 (Pb) d. CIT Vs. Max India (2016) 388 ITR 81 (Pb) e. CIT Vs. Max India LTD. 398 ITR 209 (Pb) f. CIT Vs. Reliance Ind. Ltd 410 ITR 466 (SC) 4.2 With respect to ground No.3 in assessment year 2012-13, it was submitted that this ground challenges the disallowance of interest of Rs. 41,96,383/- pertaining to Cash Credit account for purchase of fi…

M/S OSWAL WOOLLEN MILLS LTD.,LUDHIANA vs. ACIT, C-7, LUDHIANA

The appeals stand allowed for

ITA 1161/CHANDI/2019[2012-13]Status: DisposedITAT Chandigarh22 Aug 2022AY 2012-13

Bench: Shri N.K. Saini & Shri Sudhanshu Srivastava

For Appellant: Sh. Navdeep Sharma, AdvocateFor Respondent: Dr. Ranjit Kaur, Sr. DR
Section 143(3)Section 36(1)(iii)

…as bad in law and was covered in favour of the assessee by the following judicial precedents :- a. Bright Enterprises (P) Ltd Vs. CIT 381 ITR 107(PB) b. DCIT Vs. Rice Auto Industries.ita No. 800/Chandi/2018 A.Y. 2013-14 c. CIT Vs. Kapsons Associates (2016) 381 ITR 204 (Pb) d. CIT Vs. Max India (2016) 388 ITR 81 (Pb) e. CIT Vs. Max India LTD. 398 ITR 209 (Pb) f. CIT Vs. Reliance Ind. Ltd 410 ITR 466 (SC) 4.2 With respect to ground No.3 in assessment year 2012-13, it was submitted that this ground challenges the disallowance of interest of Rs. 41,96,383/- pertaining to Cash Credit account for purchase of fi…

NAHAR POLY FILMS LTD.,LUDHIANA vs. ACIT, C-7, LUDHIANA

In the result, both the appeals of the assessee are partly allowed for statistical purposes

ITA 1415/CHANDI/2019[2012-13]Status: DisposedITAT Chandigarh21 Oct 2021AY 2012-13

Bench: Shri N.K. Saini & Shri R.L Negiआयकर अपील सं./Ita Nos. 1414 & 1415/Chd/2019 "नधा"रणवष" / Assessment Years : 2011-12 & 2012-13 Nahar Poly Films Limited, The Acit, बनाम 376, Industrial Area, Circle 7, Aaykar Bhawan, Ludhiana Rishi Nagar, Ludhiana "थायी लेखा सं./Pan No: Aaacn5708K अपीलाथ"/Appellant ""यथ"/Respondent

For Appellant: Sh. Navdeep Sharma, AdvocateFor Respondent: Sh. Ashok Khanna, Addl. CIT
Section 115JSection 143(1)Section 143(3)Section 14ASection 155JSection 36(1)(iii)

…ITA No 1341/Chd/2016. The Ld. counsel further relied on the following cases to substantiate his contention: - 1. ACIT vs. Janak Global Resources Pvt. Ltd 175 ITD 365 (Chd) 2. Bright Enterprises (P) Ltd. vs. CIT 381 ITR 107 (Pb.) 3. CIT vs. Kapson Associates 381 ITR 204 (Pb) 4. CIT vs. Max India 398 ITR 209 (Pb) 5. CIT vs. Reliance India Ltd 410 ITR 466 (SC) 6. Godrej & Boyce Manufacturing Co Ltd. vs. DCIT 394 ITR 449 (SC) 9. On the other hand, the Ld. DR vehemently supported the order passed by the Ld. CIT(A) and submitted that there is no legal or factual infirmity in the findings of the Ld. CIT(A) to interfer…

NAHAR POLY FILMS LTD.,LUDHIANA vs. ACIT, C-7, LUDHIANA

In the result, both the appeals of the assessee are partly allowed for statistical purposes

ITA 1414/CHANDI/2019[2011-12]Status: DisposedITAT Chandigarh21 Oct 2021AY 2011-12

Bench: Shri N.K. Saini & Shri R.L Negiआयकर अपील सं./Ita Nos. 1414 & 1415/Chd/2019 "नधा"रणवष" / Assessment Years : 2011-12 & 2012-13 Nahar Poly Films Limited, The Acit, बनाम 376, Industrial Area, Circle 7, Aaykar Bhawan, Ludhiana Rishi Nagar, Ludhiana "थायी लेखा सं./Pan No: Aaacn5708K अपीलाथ"/Appellant ""यथ"/Respondent

For Appellant: Sh. Navdeep Sharma, AdvocateFor Respondent: Sh. Ashok Khanna, Addl. CIT
Section 115JSection 143(1)Section 143(3)Section 14ASection 155JSection 36(1)(iii)

…ITA No 1341/Chd/2016. The Ld. counsel further relied on the following cases to substantiate his contention: - 1. ACIT vs. Janak Global Resources Pvt. Ltd 175 ITD 365 (Chd) 2. Bright Enterprises (P) Ltd. vs. CIT 381 ITR 107 (Pb.) 3. CIT vs. Kapson Associates 381 ITR 204 (Pb) 4. CIT vs. Max India 398 ITR 209 (Pb) 5. CIT vs. Reliance India Ltd 410 ITR 466 (SC) 6. Godrej & Boyce Manufacturing Co Ltd. vs. DCIT 394 ITR 449 (SC) 9. On the other hand, the Ld. DR vehemently supported the order passed by the Ld. CIT(A) and submitted that there is no legal or factual infirmity in the findings of the Ld. CIT(A) to interfer…

NAHAR SPINNING MILLS LTD.,LUDHIANA vs. ACIT, C-7, LUDHIANA

In the result, the appeal filed by the assessee for the assessment year 2014-

ITA 1160/CHANDI/2019[2014-15]Status: DisposedITAT Chandigarh06 May 2021AY 2014-15

Bench: Shri N.K. Saini & Shri R.L. Negiआयकर अपील सं./Ita Nos. 1160/Chd/2019 "नधा"रण वष" / Assessment Year : 2014-15

For Appellant: Shri Navdeep Sharma, Advocate
Section 10(34)Section 143(3)Section 14ASection 36(1)(iii)

…IT vs. Reliance Ind. Ltd. 410 ITR 466 (SC) and Godrej & Boyce Manufacturing Co. Ltd vs. DCIT 394 ITR 449, Judgments of the Hon’ble Punjab and Haryana High Court in the case of Bright Enterprise (P) Ltd. vs. CIT 381 ITR 107 (Pb.), CIT vs. Kapson Associates 381 ITR 204 (Pb.),CIT vs. Max India Ltd. 398 ITR 209 (Pb.), CIT vs. Max India Ltd 388 ITR 81 (P&H) and the decisions of the Chandigarh Bench of the Tribunal in the case of Group Company M/s Monte Carlo Fashion Ltd. ITANo.1341/Chd/2016 AY 2012-13. to substantiate his contention. 12. On the other hand, the Ld. DR supporting the action of the Ld. CIT(A) sub…

SRI. B. RUDRAGOUDA,BELLARY vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 1, BELLARY

In the result, the appeal is allowed

ITA 315/BANG/2020[2016-17]Status: DisposedITAT Bangalore15 Apr 2021AY 2016-17

Bench: Shri Chandra Poojari & Shri George George K.

For Appellant: Shri Chythanya K.K., AdvocateFor Respondent: Shri Muzaffar Hussain, CIT(DR)(ITAT), Bengaluru
Section 37Section 37(1)

…ssessee cannot be expected to prove the negative:- CIT v. T. Ahobala Rao, 221 Taxman 39 (Kar) K.P. Varghese v. ITO, 7 Taxman 13 (SC) ITA Nos.314 & 315/Bang/2020 Page 57 of 70 CIT v. Divine Leasing & Finance Ltd. 299 ITR 268 (Del) CIT v. Kapsons Associates, 381 ITR 204 (P&H) CIT v. Bhartesh Jain, 310 ITR 82 (Del) 58. It was further submitted that the decisions on which the CIT(A) relied in the impugned order to reject the assessee’s contentions do not have any relevance to the facts of the instant case. Therefore, the CIT(A) was not justified in rejecting the contentions of the assessee. 59. The ld. AR submit…

SRI. B. RUDRAGOUDA,BELLARY vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 1, BELLARY

In the result, the appeal is allowed

ITA 314/BANG/2020[2015-16]Status: DisposedITAT Bangalore15 Apr 2021AY 2015-16

Bench: Shri Chandra Poojari & Shri George George K.

For Appellant: Shri Chythanya K.K., AdvocateFor Respondent: Shri Muzaffar Hussain, CIT(DR)(ITAT), Bengaluru
Section 37Section 37(1)

…ssessee cannot be expected to prove the negative:- CIT v. T. Ahobala Rao, 221 Taxman 39 (Kar) K.P. Varghese v. ITO, 7 Taxman 13 (SC) ITA Nos.314 & 315/Bang/2020 Page 57 of 70 CIT v. Divine Leasing & Finance Ltd. 299 ITR 268 (Del) CIT v. Kapsons Associates, 381 ITR 204 (P&H) CIT v. Bhartesh Jain, 310 ITR 82 (Del) 58. It was further submitted that the decisions on which the CIT(A) relied in the impugned order to reject the assessee’s contentions do not have any relevance to the facts of the instant case. Therefore, the CIT(A) was not justified in rejecting the contentions of the assessee. 59. The ld. AR submit…

ACIT-CIRCLE-2(1), CHANDIGARH vs. M/S FASTWAY TRANSMISSIONS PVT.LTD.,, CHANDIGARH

In the result, appeals filed by the Revenue and Cross objections filed by

ITA 316/CHANDI/2020[2017-18]Status: DisposedITAT Chandigarh25 Mar 2021AY 2017-18

Bench: Shri N.K. Saini & Shri R.L Negiआयकर अपील सं./Ita Nos. 315 & 316/Chd/2020 िनधा"रण वष" / Assessment Years : 2016-17 & 2017-18 The Acit, M/S Fastway Transmissions Pvt. Ltd., बनाम Circle-2(1), Plot No.17, Industrial Area-1, Chandigarh Chandigarh

For Appellant: Shri Ashwani Kumar, CA &For Respondent: Smt. C.Chandrakanta, CIT
Section 143(3)Section 14A

…overed by the various decisions of the High Courts as well as of the apex court of the country including that of the Hon'ble Jurisdictional High Court in the case of ‘Bright Enterprises Pvt. Ltd Vs. CIT, Jalandhar’ (supra), ‘CIT Vs. Kapsons Associates’ (2016) 381 ITR 204 (P&H) and the latest decision of the Coordinate Bench of the Tribunal in the case of ‘ACIT Vs. Janak Global Resources Pvt Ltd’ ITA No. 470/Chd/2018 order dated 16.10.2018, holding that that if the assessee is possessed of sufficient own interest free funds to meet the investments / interest free advances, then, under the circumstances, presumptio…

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