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)

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 225/ASR/2018[2012-13]Status: DisposedITAT Amritsar17 Jan 2019AY 2012-13

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…

DCIT, C-I, Ludhiana vs. M/S Rico Auto Industries Limited, Ludhiana

Appeal of the Revenue is dismissed

ITA 801/CHANDI/2018[2016-17]Status: DisposedITAT Chandigarh18 Dec 2018AY 2016-17
For Appellant: Shri. Vipin GuptaFor Respondent: Smt. Renu Amitabh
Section 14Section 14ASection 36(1)(iii)

…ainst the availability of Rs. 470 Crores of interest free own funds. Keeping in view the judgments of jurisdictional High Court in the case of Bright Enterprises Pvt. Ltd. in ITA No. 224/2013 dt. 24/07/2015, CIT Vs. Kapsons Associates Investments Pvt. Ltd. 381 ITR 204 (P&H) and the order passed by this Tribunal in the assessees own case for the A.Y. 2010-11 in ITA No. 1093/CHD/2014, it is hereby held that no disallowance of interest under section 36(1)(iii) is called for in the case of the assessee. The order of the Ld. CIT(A) is hereby confirmed. 7. As a result, appeal of the Revenue is dismissed. Order pro…

DCIT, C-1, Ludhiana vs. M/S Majestic Auto Limited, Ludhiana

ITA 804/CHANDI/2018[2014-15]Status: DisposedITAT Chandigarh13 Dec 2018AY 2014-15

Bench: Shri Sanjay Garg & Dr. B.R.R.Kumarआयकर अपील सं./ Ita No. 406/Chd/2018 "नधा"रण वष" / Assessment Year : 2012-13 The Dcit, Circle-1 Vs. M/S Majestic Auto Limited, C-48, Focal Point, Ludhiana बनाम Ludhiana "थायी लेखा सं./Pan No: Aabcm2162M अपीलाथ"/Appellant ""यथ"/Respondent Appeal Against The Order Of Cit(A)-1,Ludhiana Dated 24.01.2018

For Appellant: Sh Subhash Aggarwal, AdvocateFor Respondent: Sh. Manjit Singh, Sr.DR
Section 36(1)(iii)

…he issue is now squarely covered by the various decisions of the High Courts including that of the decision 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 (incidentally consisted of both of us) in the case of ‘ACIT Vs. Janak Global Resources Pvt Ltd’ ITA No. 470/Chd/2018 order dated 16.10.2018, wherein, the issue ITA Nos. 406, 799 & 809-Chd-2014- M/s Majestic Auto Limited, Ludhiana 3 has been decided in favour of the assessee…

DCIT, C-1, Ludhiana vs. M/S Majestic Auto Limited, Ludhiana

ITA 799/CHANDI/2018[2013-14]Status: DisposedITAT Chandigarh13 Dec 2018AY 2013-14

Bench: Shri Sanjay Garg & Dr. B.R.R.Kumarआयकर अपील सं./ Ita No. 406/Chd/2018 "नधा"रण वष" / Assessment Year : 2012-13 The Dcit, Circle-1 Vs. M/S Majestic Auto Limited, C-48, Focal Point, Ludhiana बनाम Ludhiana "थायी लेखा सं./Pan No: Aabcm2162M अपीलाथ"/Appellant ""यथ"/Respondent Appeal Against The Order Of Cit(A)-1,Ludhiana Dated 24.01.2018

For Appellant: Sh Subhash Aggarwal, AdvocateFor Respondent: Sh. Manjit Singh, Sr.DR
Section 36(1)(iii)

…he issue is now squarely covered by the various decisions of the High Courts including that of the decision 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 (incidentally consisted of both of us) in the case of ‘ACIT Vs. Janak Global Resources Pvt Ltd’ ITA No. 470/Chd/2018 order dated 16.10.2018, wherein, the issue ITA Nos. 406, 799 & 809-Chd-2014- M/s Majestic Auto Limited, Ludhiana 3 has been decided in favour of the assessee…

DCIT, C-1, Ludhiana vs. M/S Majestic Auto Limited, Ludhiana

ITA 406/CHANDI/2018[2012-13]Status: DisposedITAT Chandigarh13 Dec 2018AY 2012-13

Bench: Shri Sanjay Garg & Dr. B.R.R.Kumarआयकर अपील सं./ Ita No. 406/Chd/2018 "नधा"रण वष" / Assessment Year : 2012-13 The Dcit, Circle-1 Vs. M/S Majestic Auto Limited, C-48, Focal Point, Ludhiana बनाम Ludhiana "थायी लेखा सं./Pan No: Aabcm2162M अपीलाथ"/Appellant ""यथ"/Respondent Appeal Against The Order Of Cit(A)-1,Ludhiana Dated 24.01.2018

For Appellant: Sh Subhash Aggarwal, AdvocateFor Respondent: Sh. Manjit Singh, Sr.DR
Section 36(1)(iii)

…he issue is now squarely covered by the various decisions of the High Courts including that of the decision 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 (incidentally consisted of both of us) in the case of ‘ACIT Vs. Janak Global Resources Pvt Ltd’ ITA No. 470/Chd/2018 order dated 16.10.2018, wherein, the issue ITA Nos. 406, 799 & 809-Chd-2014- M/s Majestic Auto Limited, Ludhiana 3 has been decided in favour of the assessee…

DCIT, C-I, Ludhiana vs. M/S R. N. Gupta & Co. Ltd., Ludhiana

ITA 403/CHANDI/2018[2014-15]Status: DisposedITAT Chandigarh13 Dec 2018AY 2014-15

Bench: Shri Sanjay Garg & Dr. B.R.Kumarआयकर अपील सं./ Ita No. 403/Chd/2018 "नधा"रण वष" / Assessment Year : 2014-15 The Dcit, Circles-1 Vs. M/S R.N. Gupta &Company Limited, Ludhiana बनाम C-55, Focal Point, Ludhiana "थायी लेखा सं./Pan No: Aabcr9636F अपीलाथ"/Appellant ""यथ"/Respondent

For Appellant: Sh Subhash Aggarwal, AdvocateFor Respondent: Sh. Manjit Singh, Sr.DR
Section 36(1)(iii)Section 37(1)

…he issue is now squarely covered by the various decisions of the High Courts including that of the decision 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 (incidentally consisted of both of us) in the case of ‘ACIT Vs. Janak Global Resources Pvt Ltd’ ITA No. 470/Chd/2018 order dated 16.10.2018, wherein, the issue ITA No. 403-Chd-2018- M/s R.N. Gupta & Company Ltd., Ludhiana 3 has been decided in favour of the assessee by also…

M/S Hype Realtors Pvt. Ltd., Mohali vs. DCIT, C-6(1), Mohali

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

ITA 616/CHANDI/2018[2014-15]Status: DisposedITAT Chandigarh29 Nov 2018AY 2014-15

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

For Appellant: Sh. Jaspal Sharma, AdvocateFor Respondent: Sh. Manjit Singh, Sr DR
Section 36Section 36(1)(iii)

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ, “बी” च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, ‘B’, CHANDIGARH "ी संजय गग", "या"यक सद"य एवं डा. बी.आर.आर, कुमार, लेखा सद"य BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND DR. B.R.R. KUMAR, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No. 616/CHD/2018 "नधा"रण वष" / Assessment Year : 2014-15 M/s Hype Realtors Pvt. Ltd., DCIT, Circle 6(1), बनाम Plot no. 619, I.A. Phase 9, Mohali Mohali (Now H.N. 1026, Phase 10, Mohali) "थायी लेखा सं./PAN NO: AABCH9090M अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Sh. Jaspal Sharma, Advocate राज"व क" ओर से/ Revenue…

Sh. Vinay Singal, Ludhiana vs. ACIT, Ludhiana

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

ITA 97/CHANDI/2013[2008-09]Status: DisposedITAT Chandigarh28 Nov 2018AY 2008-09

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं./ Ita No. 97/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09 Sh. Vinay Singal, The Acit, Circle-V, बनाम C/O Eastman Impex, Kurukshetra Indl Area-C Sua Road, Dhandari Kalan, Ludhiana "थायी लेखा सं./Pan No: Advps8356H अपीलाथ"/Appellant ""यथ"/Respondent

For Appellant: Sh. Ashawni Kumar,CAFor Respondent: Sh. Manjit Singh, Sr.DR
Section 14ASection 2(22)(e)Section 250(6)Section 36

…e. A perusal of the orders of the lower authorities reveals that his fact has not been disputed by them. In view of this, the issue is squarely covered by the decision of the Hon'ble Jurisdictional High Court in the case of CIT Vs. Kapson Associates (2016) 381 ITR 204 (P&H), and further by the recent 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. Accordingly, the disallowance made by the lower authorities is ordered to be deleted. 7. Ground No.3: The issue taken by the assessee in ground No.3 is regardi…

DCIT, C-I, Ludhiana vs. M/S Kapsons Associates Investments (P) Ltd., Ludhiana

In the result, appeal of the Revenue stands dismissed

ITA 1434/CHANDI/2017[2013-14]Status: DisposedITAT Chandigarh15 Nov 2018AY 2013-14

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

For Appellant: Smt. Chanderkanta, Sr.DRFor Respondent: Sh. Vipin Gupta, CA
Section 14Section 14A

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ, “बी” च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, ‘B’, CHANDIGARH "ी संजय गग", "या"यक सद"य एवं डा. बी.आर.आर, कुमार, लेखा सद"य BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND DR. B.R.R. KUMAR, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No. 1434/CHD/2017 "नधा"रण वष" / Assessment Year : 2013-14 The DCIT, M/s Kapsons Associates बनाम Circle-1, Investments (P) Limited, Ludhiana B-26, Focal Point, Ludhiana "थायी लेखा सं./PAN NO: AAACK7243A अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Smt. Chanderkanta, Sr.DR राज"व क" ओर से/ Revenue by : Sh. Vipin Gupta,…

DCIT, CC-III, Ludhiana vs. M/S Sel Textiles Limited, Ludhiana

ITA 300/CHANDI/2018[2014-15]Status: DisposedITAT Chandigarh14 Nov 2018AY 2014-15

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

For Appellant: Sh. G.S. Phani Kishore, CIT DRFor Respondent: Sh. Ashwani Kumar, CA
Section 36Section 36(1)(iii)Section 36(1)(iv)

…cores, as per the balance sheet, the assessee company had share capital and reserves as on 31.3.2014 at Rs. 530.77 crores. He, in this respect has relied upon the decision of the Hon'ble Jurisdictional High Court in the case of ‘CIT Vs. Kaspsons Associates’, 381 ITR 204 (P&H) and further of the Hon'ble Supreme Court in the case of ‘Hero Cycles Ltd., 379 ITR 347 (SC) and deleted the disallowance. The relevant part of the order of the Ld. CIT(A) on this issue is reproduced as under:- “7. The ground No.4 of the appeal is against the order passed by the AO who erred in disallowing a sum of Rs. 2,25,54,011/- out o…

DCIT, Ludhiana vs. M/S Rico Auto Industries Limited, Ludhiana

ITA 203/CHANDI/2017[2012-13]Status: DisposedITAT Chandigarh05 Nov 2018AY 2012-13

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

For Appellant: Shri G.S. Phani Kishore, CITFor Respondent: Sh. V.K.Gupta
Section 14ASection 36(1)(iii)

…income. Even the Ld. Counsel has also demonstrated that assessee was possessed of own sufficient funds to meet the investments. The issue is, thus, squarely covered by the decisions of the Hon'ble Jurisdictional High Court in ‘CIT Vs. Kaspsons Associates’, 381 ITR 204 (P&H), Lakhani Marketing Inc.’ 226 Taxman 45 (P&H) and further of the ITA No. -203/Chd/2017 & C.O. 23/Chd/2017 M/s Rico Auto Industries , Ludhiana 3 Hon'ble Supreme Court in the case of ‘Hero Cycles Ltd., 379 ITR 347 (SC). Further, the Ld. Counsel for the assessee has brought our attention to the decisions of the ITAT in the own case of the as…

ACIT, Sangrur vs. M/S H.M.Steels Ltd, Dirba

In the result, this appeal of the Revenue is partly allowed

ITA 1101/CHANDI/2016[2011-12]Status: DisposedITAT Chandigarh05 Nov 2018AY 2011-12

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…own by the Hon'ble ITA Nos..366/Chd/2013, 583 to 584 & 589 to 590/Chd/2014,585/Chd/2013 587/Chd/2014 & 1101/Chd/2016- H.M. Steels & Padmawati Steel Ltd., Sangrur 30 Jurisdictional High Court of Punjab & Haryana in the case of ‘CIT Vs. Kaspsons Associates’, 381 ITR 204 (P&H) and further of the Hon'ble Supreme Court in the case of ‘Hero Cycles Ltd., 379 ITR 347 (SC), since the assessee’s own funds were sufficient to meet the aforesaid interest free advances and also taking into consideration the claim of the assessee that the funds were given out of business expediency, we do not find any justification on th…

H.M. Steels Ltd., Sangrur vs. ACIT, Sangrur

In the result, this appeal of the Revenue is partly allowed

ITA 590/CHANDI/2014[2010-11]Status: DisposedITAT Chandigarh05 Nov 2018AY 2010-11

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…own by the Hon'ble ITA Nos..366/Chd/2013, 583 to 584 & 589 to 590/Chd/2014,585/Chd/2013 587/Chd/2014 & 1101/Chd/2016- H.M. Steels & Padmawati Steel Ltd., Sangrur 30 Jurisdictional High Court of Punjab & Haryana in the case of ‘CIT Vs. Kaspsons Associates’, 381 ITR 204 (P&H) and further of the Hon'ble Supreme Court in the case of ‘Hero Cycles Ltd., 379 ITR 347 (SC), since the assessee’s own funds were sufficient to meet the aforesaid interest free advances and also taking into consideration the claim of the assessee that the funds were given out of business expediency, we do not find any justification on th…

H.M. Steels Ltd., Sangrur vs. ACIT, Sangrur

In the result, this appeal of the Revenue is partly allowed

ITA 589/CHANDI/2014[2009-10]Status: DisposedITAT Chandigarh05 Nov 2018AY 2009-10

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…own by the Hon'ble ITA Nos..366/Chd/2013, 583 to 584 & 589 to 590/Chd/2014,585/Chd/2013 587/Chd/2014 & 1101/Chd/2016- H.M. Steels & Padmawati Steel Ltd., Sangrur 30 Jurisdictional High Court of Punjab & Haryana in the case of ‘CIT Vs. Kaspsons Associates’, 381 ITR 204 (P&H) and further of the Hon'ble Supreme Court in the case of ‘Hero Cycles Ltd., 379 ITR 347 (SC), since the assessee’s own funds were sufficient to meet the aforesaid interest free advances and also taking into consideration the claim of the assessee that the funds were given out of business expediency, we do not find any justification on th…

DCIT, Sangrur vs. M/S H.M. Steel Ltd., Sangrur

In the result, this appeal of the Revenue is partly allowed

ITA 584/CHANDI/2014[2010-11]Status: DisposedITAT Chandigarh05 Nov 2018AY 2010-11

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…own by the Hon'ble ITA Nos..366/Chd/2013, 583 to 584 & 589 to 590/Chd/2014,585/Chd/2013 587/Chd/2014 & 1101/Chd/2016- H.M. Steels & Padmawati Steel Ltd., Sangrur 30 Jurisdictional High Court of Punjab & Haryana in the case of ‘CIT Vs. Kaspsons Associates’, 381 ITR 204 (P&H) and further of the Hon'ble Supreme Court in the case of ‘Hero Cycles Ltd., 379 ITR 347 (SC), since the assessee’s own funds were sufficient to meet the aforesaid interest free advances and also taking into consideration the claim of the assessee that the funds were given out of business expediency, we do not find any justification on th…

DCIT, Sangrur vs. M/S H.M. Steel Ltd., Sangrur

In the result, this appeal of the Revenue is partly allowed

ITA 583/CHANDI/2014[2009-10]Status: DisposedITAT Chandigarh05 Nov 2018AY 2009-10

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…own by the Hon'ble ITA Nos..366/Chd/2013, 583 to 584 & 589 to 590/Chd/2014,585/Chd/2013 587/Chd/2014 & 1101/Chd/2016- H.M. Steels & Padmawati Steel Ltd., Sangrur 30 Jurisdictional High Court of Punjab & Haryana in the case of ‘CIT Vs. Kaspsons Associates’, 381 ITR 204 (P&H) and further of the Hon'ble Supreme Court in the case of ‘Hero Cycles Ltd., 379 ITR 347 (SC), since the assessee’s own funds were sufficient to meet the aforesaid interest free advances and also taking into consideration the claim of the assessee that the funds were given out of business expediency, we do not find any justification on th…

DCIT, Sangrur vs. M/S H.M. Steel Ltd., Sangrur

In the result, this appeal of the Revenue is partly allowed

ITA 585/CHANDI/2013[2008-09]Status: DisposedITAT Chandigarh05 Nov 2018AY 2008-09

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…own by the Hon'ble ITA Nos..366/Chd/2013, 583 to 584 & 589 to 590/Chd/2014,585/Chd/2013 587/Chd/2014 & 1101/Chd/2016- H.M. Steels & Padmawati Steel Ltd., Sangrur 30 Jurisdictional High Court of Punjab & Haryana in the case of ‘CIT Vs. Kaspsons Associates’, 381 ITR 204 (P&H) and further of the Hon'ble Supreme Court in the case of ‘Hero Cycles Ltd., 379 ITR 347 (SC), since the assessee’s own funds were sufficient to meet the aforesaid interest free advances and also taking into consideration the claim of the assessee that the funds were given out of business expediency, we do not find any justification on th…

M/S H.M. Steel Ltd., Sangrur vs. Addl. CIT, Sangrur

In the result, this appeal of the Revenue is partly allowed

ITA 366/CHANDI/2013[2008-09]Status: DisposedITAT Chandigarh05 Nov 2018AY 2008-09

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarआयकर अपील सं Ita No. 366/Chd/2013 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: Sh. N.K.Garg, AdvocateFor Respondent: Smt. Chanderkanta, Sr.DR
Section 234BSection 80Section 80ISection 8O

…own by the Hon'ble ITA Nos..366/Chd/2013, 583 to 584 & 589 to 590/Chd/2014,585/Chd/2013 587/Chd/2014 & 1101/Chd/2016- H.M. Steels & Padmawati Steel Ltd., Sangrur 30 Jurisdictional High Court of Punjab & Haryana in the case of ‘CIT Vs. Kaspsons Associates’, 381 ITR 204 (P&H) and further of the Hon'ble Supreme Court in the case of ‘Hero Cycles Ltd., 379 ITR 347 (SC), since the assessee’s own funds were sufficient to meet the aforesaid interest free advances and also taking into consideration the claim of the assessee that the funds were given out of business expediency, we do not find any justification on th…

DCIT, CC-I, Ludhiana vs. M/S Genex Industries Ltd., Ludhiana

Appeal of the Revenue is dismissed

ITA 594/CHANDI/2018[2014-15]Status: DisposedITAT Chandigarh31 Oct 2018AY 2014-15
For Appellant: Shri Sanjay SoodFor Respondent: Shri. Ashish Gupta
Section 36

…e . business and advances have been given to Genex Polyfab Private Limited out of these funds. The appellant has also placed reliance on the judgement of Honourable Punjab and Haryana High Court in the case of Max India Ltd 398 ITR 209, in the case of Kapsons 381 ITR 204 and also in the case of Bright Enterprises 381 ITR 107. 4.7 I have carefully considered the material available on record including the judicial citations given Therein and find that disallowance of interest has been made by the AO by looking at the financial statements of the appellant. I find that no opportunity was given to the appellant in th…

DCIT, CC-I, Ludhiana vs. M/S Genex Industries Ltd., Ludhiana

Appeal of the Revenue is dismissed

ITA 593/CHANDI/2018[2014-15]Status: DisposedITAT Chandigarh31 Oct 2018AY 2014-15
For Appellant: Shri Sanjay SoodFor Respondent: Shri. Ashish Gupta
Section 36

…e . business and advances have been given to Genex Polyfab Private Limited out of these funds. The appellant has also placed reliance on the judgement of Honourable Punjab and Haryana High Court in the case of Max India Ltd 398 ITR 209, in the case of Kapsons 381 ITR 204 and also in the case of Bright Enterprises 381 ITR 107. 4.7 I have carefully considered the material available on record including the judicial citations given Therein and find that disallowance of interest has been made by the AO by looking at the financial statements of the appellant. I find that no opportunity was given to the appellant in th…