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

381 ITR 204High Court2016#1489 most cited

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

If an assessee possesses sufficient own interest-free funds to cover investments or interest-free advances, it is presumed that these were made from own funds. This presumption aids in determining the source of such advances.

76

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2018 to 2026.

Also referred to as

Bright Enterprises Pvt. Ltd. v. CIT · Jalandhar · 381 ITR 204 · section 36(1)(iii) · interest free advances · interest free funds · own funds · presumption · commercial expediency · business expediency

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)

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 315/CHANDI/2020[2016-17]Status: DisposedITAT Chandigarh25 Mar 2021AY 2016-17

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…

Abs Entertainment Private Ltd, Mumbai vs. DCIT, Ward 9(1)(1), Mumbai

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

ITA 3467/MUM/2019[2011-12]Status: DisposedITAT Mumbai11 Nov 2020AY 2011-12

Bench: Shri Amarjit Singh, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं/ I.T.A. No. 3467/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2011-12) बिधम/ Abs Entertainment Pvt. Ltd. Dcit, Ward 9(1) Hariom Chambers, 7Th Floor, 203, Aaykar Bhavan, 2Nd Vs. B-16, Veera Industrial Floor, Maharshi Karve Road, Estate, Off Link Road, New Marine Lines, Mumbai- Andheri (W), Mumbai- 400020. 400053. & आयकर अपील सं/ I.T.A. No. 3468/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2014-15) बिधम/ Abs Entertainment Pvt. Ltd. Ito, Ward 9(1) Hariom Chambers, 7Th Floor, Aaykar Bhavan, 2Nd Floor, Vs. B-16, Veera Industrial Room No. 203, Maharshi Estate, Off Link Road, Karve Road, New Marine Andheri (W), Mumbai- Lines, Mumbai-400020. 400053. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aahca1347E (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Jayesh Desi (Ar) Revenue By: Shri Michael Jerald (Dr) सुनवाई की तारीख / Date Of Hearing: 13/10/2020 घोषणा की तारीख /Date Of Pronouncement: 11/11/2020 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Above Mentioned Appeals Against The Different Order Passed By The Commissioner Of Income Tax (Appeals)- 16, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The

For Appellant: Shri Jayesh Desi (AR)For Respondent: Shri Michael Jerald (DR)
Section 143(1)Section 143(2)Section 271(1)(c)

…Y. 2011-12 & 2014-15 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…

M/S Stovekraft India, Baddi vs. DCIT, Circle, Parwanoo

In the result, the appeal of the assessee stands allowed

ITA 885/CHANDI/2019[2015-16]Status: DisposedITAT Chandigarh20 May 2020AY 2015-16

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकरअपीलसं./Ita No.885/Chd/2019 "नधा"रणवष" / Assessment Year :2015-16

For Appellant: ShriManoj Kumar, CAFor Respondent: ShriAbhishek Pal Garg, Addl CIT
Section 36(1)Section 36(1)(iii)

…ered 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, presump…

M/S Fastway Transmission (P) Ltd., Chandigarh vs. DCIT, CC-II, Chandigarh

In the result the captioned appeals of the assessee are

ITA 140/CHANDI/2019[2015-16]Status: DisposedITAT Chandigarh28 Apr 2020AY 2015-16

Bench: Shri N.K. Saini & Shri Sanjay Gargआयकर अपील सं./ Ita No.547/Chd/2017 "नधा"रण वष" / Assessment Year : 2013-14

For Appellant: Shri Ashwani Kumar, CAFor Respondent: Shri Chandrajit Singh, CIT (DR) on 4.12.2019
Section 250(6)

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ, “ए ” च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, ‘A’, CHANDIGARH "ी एन. के. सैनी, उपा"य" एवं "ी संजय गग", "या"यक सद"य BEFORE SHRI N.K. SAINI, VICE PRESIDENT & SHRI SANJAY GARG, JUDICIAL MEMBER आयकर अपील सं./ ITA No.547/Chd/2017 "नधा"रण वष" / Assessment Year : 2013-14 आयकर अपील सं./ ITA No.139/Chd/2019 "नधा"रण वष" / Assessment Year : 2012-13 आयकर अपील सं./ ITA No.842/Chd/2018 "नधा"रण वष" / Assessment Year : 2014-15 आयकर अपील सं./ ITA No.140/Chd/2019 "नधा"रण वष" / Assessment Year : 2015-16 M/s Fastway Transmission (P) बनाम The A.C.I.T., Ltd., Plot No.17, Ind…

M/S Fastway Transmission (P) Ltd., Chandigarh vs. DCIT, CC-II, Chandigarh

In the result the captioned appeals of the assessee are

ITA 139/CHANDI/2019[2012-13]Status: DisposedITAT Chandigarh28 Apr 2020AY 2012-13

Bench: Shri N.K. Saini & Shri Sanjay Gargआयकर अपील सं./ Ita No.547/Chd/2017 "नधा"रण वष" / Assessment Year : 2013-14

For Appellant: Shri Ashwani Kumar, CAFor Respondent: Shri Chandrajit Singh, CIT (DR) on 4.12.2019
Section 250(6)

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ, “ए ” च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, ‘A’, CHANDIGARH "ी एन. के. सैनी, उपा"य" एवं "ी संजय गग", "या"यक सद"य BEFORE SHRI N.K. SAINI, VICE PRESIDENT & SHRI SANJAY GARG, JUDICIAL MEMBER आयकर अपील सं./ ITA No.547/Chd/2017 "नधा"रण वष" / Assessment Year : 2013-14 आयकर अपील सं./ ITA No.139/Chd/2019 "नधा"रण वष" / Assessment Year : 2012-13 आयकर अपील सं./ ITA No.842/Chd/2018 "नधा"रण वष" / Assessment Year : 2014-15 आयकर अपील सं./ ITA No.140/Chd/2019 "नधा"रण वष" / Assessment Year : 2015-16 M/s Fastway Transmission (P) बनाम The A.C.I.T., Ltd., Plot No.17, Ind…

M/S Fastway Transmission (P) Ltd., Chandigarh vs. ACIT, Chandigarh

In the result the captioned appeals of the assessee are

ITA 547/CHANDI/2017[2013-14]Status: DisposedITAT Chandigarh28 Apr 2020AY 2013-14

Bench: Shri N.K. Saini & Shri Sanjay Gargआयकर अपील सं./ Ita No.547/Chd/2017 "नधा"रण वष" / Assessment Year : 2013-14

For Appellant: Shri Ashwani Kumar, CAFor Respondent: Shri Chandrajit Singh, CIT (DR) on 4.12.2019
Section 250(6)

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ, “ए ” च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, ‘A’, CHANDIGARH "ी एन. के. सैनी, उपा"य" एवं "ी संजय गग", "या"यक सद"य BEFORE SHRI N.K. SAINI, VICE PRESIDENT & SHRI SANJAY GARG, JUDICIAL MEMBER आयकर अपील सं./ ITA No.547/Chd/2017 "नधा"रण वष" / Assessment Year : 2013-14 आयकर अपील सं./ ITA No.139/Chd/2019 "नधा"रण वष" / Assessment Year : 2012-13 आयकर अपील सं./ ITA No.842/Chd/2018 "नधा"रण वष" / Assessment Year : 2014-15 आयकर अपील सं./ ITA No.140/Chd/2019 "नधा"रण वष" / Assessment Year : 2015-16 M/s Fastway Transmission (P) बनाम The A.C.I.T., Ltd., Plot No.17, Ind…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2107/DEL/2017[2013-14]Status: DisposedITAT Delhi29 Jan 2020AY 2013-14

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, 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 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 case of Hero Cycles Pvt. Ltd. 63 Taxman 308 held that no disallowance is called…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2106/DEL/2017[2012-13]Status: DisposedITAT Delhi29 Jan 2020AY 2012-13

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, 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 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 case of Hero Cycles Pvt. Ltd. 63 Taxman 308 held that no disallowance is called…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2105/DEL/2017[2011-12]Status: DisposedITAT Delhi29 Jan 2020AY 2011-12

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, 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 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 case of Hero Cycles Pvt. Ltd. 63 Taxman 308 held that no disallowance is called…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2104/DEL/2017[2010-11]Status: DisposedITAT Delhi29 Jan 2020AY 2010-11

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, 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 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 case of Hero Cycles Pvt. Ltd. 63 Taxman 308 held that no disallowance is called…

DCIT, Karnal vs. M/S Mahesh Industries Pvt. Ltd., Karnal

In the result, ITA.No. ITA

ITA 2559/DEL/2017[2014-15]Status: DisposedITAT Delhi01 Aug 2019AY 2014-15

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

For Appellant: Shri Ashish Goel, C.A. And Ms. Umang Luthra, AdvocateFor Respondent: Ms. Rinku Singh, Sr. D.R
Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “E”: DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI B.R.R. KUMAR, ACCOUNTANT MEMBER ITA.Nos.2556 & 2557/Del./2017 Assessment Years 2013-2014 & 2014-2015 Mahesh Timber Pvt. Ltd., The DCIT, Circle Karnal, Timber Market, Sadar vs., Aayakar Bhawan, Bazar, Karnal. Sector-12, Karnal. PAN AACCM5526G (Appellant) (Respondent) Cross Objection Nos.153 & 154/Del./2017 Arising out of ITA.Nos.2556 & 2557/Del./2017 Assessment Years 2013-2014 & 2014-2015 Mahesh Timber Pvt. Ltd., The DCIT, Circle Karnal, Timber Market, Sadar vs., Aayakar Bhawan, Bazar, Karnal. Secto…

DCIT, Karnal vs. M/S Mahesh Industries Pvt. Ltd., Karnal

In the result, ITA.No. ITA

ITA 2558/DEL/2017[2013-14]Status: DisposedITAT Delhi01 Aug 2019AY 2013-14

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

For Appellant: Shri Ashish Goel, C.A. And Ms. Umang Luthra, AdvocateFor Respondent: Ms. Rinku Singh, Sr. D.R
Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “E”: DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI B.R.R. KUMAR, ACCOUNTANT MEMBER ITA.Nos.2556 & 2557/Del./2017 Assessment Years 2013-2014 & 2014-2015 Mahesh Timber Pvt. Ltd., The DCIT, Circle Karnal, Timber Market, Sadar vs., Aayakar Bhawan, Bazar, Karnal. Sector-12, Karnal. PAN AACCM5526G (Appellant) (Respondent) Cross Objection Nos.153 & 154/Del./2017 Arising out of ITA.Nos.2556 & 2557/Del./2017 Assessment Years 2013-2014 & 2014-2015 Mahesh Timber Pvt. Ltd., The DCIT, Circle Karnal, Timber Market, Sadar vs., Aayakar Bhawan, Bazar, Karnal. Secto…

DCIT, Karnal vs. M/S. Mahesh Timber Pvt. Ltd., Karnal

In the result, ITA.No. ITA

ITA 2557/DEL/2017[2014-15]Status: DisposedITAT Delhi01 Aug 2019AY 2014-15

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

For Appellant: Shri Ashish Goel, C.A. And Ms. Umang Luthra, AdvocateFor Respondent: Ms. Rinku Singh, Sr. D.R
Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “E”: DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI B.R.R. KUMAR, ACCOUNTANT MEMBER ITA.Nos.2556 & 2557/Del./2017 Assessment Years 2013-2014 & 2014-2015 Mahesh Timber Pvt. Ltd., The DCIT, Circle Karnal, Timber Market, Sadar vs., Aayakar Bhawan, Bazar, Karnal. Sector-12, Karnal. PAN AACCM5526G (Appellant) (Respondent) Cross Objection Nos.153 & 154/Del./2017 Arising out of ITA.Nos.2556 & 2557/Del./2017 Assessment Years 2013-2014 & 2014-2015 Mahesh Timber Pvt. Ltd., The DCIT, Circle Karnal, Timber Market, Sadar vs., Aayakar Bhawan, Bazar, Karnal. Secto…

DCIT, Karnal vs. M/S. Mahesh Timber Pvt. Ltd., Karnal

In the result, ITA.No. ITA

ITA 2556/DEL/2017[2013-14]Status: DisposedITAT Delhi01 Aug 2019AY 2013-14

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

For Appellant: Shri Ashish Goel, C.A. And Ms. Umang Luthra, AdvocateFor Respondent: Ms. Rinku Singh, Sr. D.R
Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “E”: DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI B.R.R. KUMAR, ACCOUNTANT MEMBER ITA.Nos.2556 & 2557/Del./2017 Assessment Years 2013-2014 & 2014-2015 Mahesh Timber Pvt. Ltd., The DCIT, Circle Karnal, Timber Market, Sadar vs., Aayakar Bhawan, Bazar, Karnal. Sector-12, Karnal. PAN AACCM5526G (Appellant) (Respondent) Cross Objection Nos.153 & 154/Del./2017 Arising out of ITA.Nos.2556 & 2557/Del./2017 Assessment Years 2013-2014 & 2014-2015 Mahesh Timber Pvt. Ltd., The DCIT, Circle Karnal, Timber Market, Sadar vs., Aayakar Bhawan, Bazar, Karnal. Secto…

Jindal Steel & Power Ltd., New Delhi vs. ACIT, Hisar

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

ITA 893/DEL/2014[2009-10]Status: DisposedITAT Delhi29 Apr 2019AY 2009-10

Bench: Sh. Bhavnesh Saini & Sh. N. S. Sainiita No. 893/Del/2014 : Asstt. Year : 2009-10 Jindal Steel & Power Ltd., Vs Asstt. Commissioner Of Jindal Centre, 12, Bhikaji Cama Income Tax, Hisar Circle, Place, New Delhi-110066 Hisar (Appellant) (Respondent) Pan No. Aaacj7079D Assessee By : Sh. Salil Kapoor, Adv., Sh. Sumit Lal Chandani, Adv., Ms. Ananya Kapoor, Adv. & Ms. Pallavi Saigal, Adv. Revenue By : Sh. Sanjay I. Bara, Cit Dr Date Of Hearing :05.03.2019 Date Of Pronouncement : 29.04.2019 Order Per N. S. Saini: This Is An Appeal Filed By The Assessee Against The Order Of Assessing Officer U/S 143(3)/144C(13) Of The Income Tax Act, 1961 Dated 29.10.2018 For Assessment Years 2013-14

For Appellant: Sh. Salil Kapoor, AdvFor Respondent: Sh. Sanjay I. Bara, CIT DR
Section 143(3)Section 144CSection 80Section 80I

…of Rule 8D. Above view finds support from the decision of the Hon’ble Jurisdictional High Court in the case of COMMISSIONER OF INCOME TAX-I vs. ABHISHEK INDUSTRIES LTD. Reported in 360 ITR 652 and COMMISSIONER OF INCOME-TAX vs. KAPSONS ASSOCIATES reported in 381 ITR 204. In the instant case on perusal of the impugned order of assessment we notice that no such satisfaction was arrived at by the AO. In the circumstances disallowance under section 14A of the Act of Rs.21.54 crores in place of Rs.2,65,715/- claimed by the assessee in the Return Income is bad in law and unsustainable. We therefore delete the same and…

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

…IN THE INCOME TAX APPELLATE TRIBUNAL CHANDIGARH BENCHES, ‘SMC’, CHANDIGARH BEFORE SHRI N.K. SAINI, VICE PRESIDENT Assessment Year: 2012-13 Shri Dharam Pal Aggarwal Vs. The ACIT 59-K, Sarabha Nagar Circle-6 Ludhiana Ludhiana PAN No. AAYPA9723E (Appellant) (Respondent) Assessee By : Sh. Ashwani Kumar, CA Revenue By : Sh. A.P. Garg, Sr. DR Date of hearing : 01/04/2019 Date of Pronouncement : 22/04/2019 ORDER This is an appeal by the Assessee against the order of the Ld. CIT(A)-4 dt. 23/11/2017. 2. In the present appeal Assessee has raised the following grounds: 1. That order passed u/s 250(6) of the Income…

Smt. Jagjit Kaur Chawla, Mohali vs. DCIT, Mohali

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

ITA 189/CHANDI/2017[2011-12]Status: DisposedITAT Chandigarh29 Mar 2019AY 2011-12
For Appellant: Shri Parikshit Aggarwal, CAFor Respondent: Smt.Chanderkanta, Sr.DR
Section 250(6)Section 36

…a l l e d f o r . R e l i a n c e w a s p l a c e d o n t h e f o l l o w i n g c a s e l a w s : 5 A.Y.2011-12 i. Hero Cycles P Ltd. vs. CIT, 379 ITR 347 (SC) ii. Gurdas Garg vs. CIT(A), ITA No.413 of 2014, P&H High Court iii. CIT vs. Kapsons Associates, 381 ITR 204 P&H High Court. iv. Bright Enterprises P Ltd. vs. CIT, 381 ITR 107 P&H High Court. v. CIT vs. Rakesh Gupta, ITA No.37 of 2014 P&H High Court. vi. Aarti Steel Ld. Vs ACIT dtd. 771/2011, Chandigarh Tribunal. vii. Hero Cycles P Ltd. vs CIT, 379 ITR 347 SC ix. SA Builders vs CIT, 288 ITR 1 SC. 8 . T h e L d . D R , o n t h e o t h e r h a n d , r e l…

Resurgere Mines & Minerals India Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, appeal of Assessee partly allowed

ITA 6601/DEL/2014[2009-10]Status: DisposedITAT Delhi19 Mar 2019AY 2009-10

Bench: Shri Bhavnesh Saini, J.M. & Shri O.P. Kant, A.M.

For Appellant: Ms. Umang LuthraFor Respondent: Smt. Sulekha Verma, CIT-DR

…(Del.) held that “No disallowance be made under section 14A in the absence of satisfaction as to why voluntary disclosure made by the assessee was unreasonable and unsatisfactory”. The Honourable Punjab and Haryana high court in the case of Kapson Associates 381 ITR 204 (P&H) noted that “Assessee claimed old investments out of capital and reserves, but, no separate amount borrowed for making investment - No disallowance be made. The Honourable Punjab and Haryana High Court in the case of Abhishek Industries Limited 380 ITR 652 (P&H) held that “onus is upon assessing officer to record satisfaction that interest b…

Vikas Globalone Ltd., New Delhi vs. DCIT, Circle- 26(2), New Delhi

In the result, appeal of Assessee is partly allowed

ITA 2498/DEL/2018[2012-13]Status: DisposedITAT Delhi08 Mar 2019AY 2012-13

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

For Appellant: Shri Piyush KamalFor Respondent: Shri S.S. Rana, CIT-D.R
Section 115JSection 37Section 80I

…voluntary disclosure made by the assessee, was unreasonable and unsatisfactory. The Hon’ble Punjab and Haryana High Court 14 ITA.No.2498/Del./2018 M/s. Vikas Globalone Ltd., (Now known as M/s. Vikas Ecotech Ltd.,) New Delhi. in the case of Kapson Associates 381 ITR 204 (P&H) noted that assessee claimed old investments out of capital and reserves, no separate amount borrowed for making investment, no disallowance be made. Hon’ble Punjab and Haryana High Court in the case of Abhishek Industries Ltd., 380 ITR 652 (P&H) held that onus is upon the A.O. to record satisfaction that interest bearing funds used for inve…

Shri Rakesh Kumar Gupta, Jalandhar vs. Deputy Commissioner of Income Tax, Circle-4, Jalandhar

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

ITA 398/ASR/2018[2013-14]Status: DisposedITAT Amritsar17 Jan 2019AY 2013-14

Bench: Shri. N.K. Saini, Hon'Ble & Shri. Ravish Sood

For Appellant: Shri Sudhir SehgalFor Respondent: Sh Lalit Mohan Jindal, D.R
Section 143(3)Section 14ASection 263

…before us. 6. The Ld. Counsel for the assessee reiterated the submissions made before the authorities below and submitted that this issue is now squarely covered by the following judgements / case laws:- 1. Commissioner of Income Tax vs Kapsons Associates 381 ITR 204 (P&H) 2. M/s Empire Packages (P) Ltd vs DCIT – ITA No. 1186/Chd/2013, ITAT, Chandigarh 3. CIT vs M/s Lakhani Marketing Incl. 272 CTR 265 (P&H) P a g e | 4 ITA Nos. 398 & 225/Asr/2018 Sh Rakesh Kumar Gupta, Jalandhar 4. M/s BCL Industries & Infrastructure Ltd vs DCIT, ITA No. 1002/Chd/2013, ITAT, Chandigarh 5. M/s Cosmas Infrastructure Engine…