Hero Cycles Pvt. Ltd. v. CIT

379 ITR 347Supreme Court of India2015#208 most cited

What is Hero Cycles Pvt. Ltd. v. CIT authority for?

The Revenue cannot substitute its judgment for that of a businessman regarding the necessity or reasonableness of an expenditure. If an expense is incurred wholly and exclusively for business purposes, it is deductible, and the Revenue cannot question its commercial expediency.

361

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2011 to 2026.

Also referred to as

Hero Cycles Pvt. Ltd. v. CIT · 379 ITR 347 · 16 SCC 359 · Section 36(1)(iii) · commercial expediency · business expediency · disallowance of expenditure · interest-free advances · corporate guarantee · wholly and exclusively for business · Revenue's armchair approach · sales promotion expenditure

Also reported as

16 SCC 359

Sections most often in play

Section 143(3)Section 36(1)(iii)Section 147Section 1961Section 143(2)Section 14ASection 132Section 142(1)
Read the full judgment

Issues it is cited on

interest free advancescommercial expediencysection 36(1)(iii)corporate guaranteebusiness expediencysection 36book profitssection 36(1)arm's length pricetransfer pricing adjustmentassociated enterprisessection 92c

Judgments citing Hero Cycles Pvt. Ltd. v. CIT

ACIT, New Delhi vs. M/S. Ksc Engineers Pvt. Ltd., New Delhi

In the result appeal filed by assessee stands dismissed

ITA 3209/DEL/2016[2011-12]Status: DisposedITAT Delhi06 Sept 2018AY 2011-12

Bench: Shri R.K.Panda & Smt. Beena A Pillaiassessment Year : 2011-12 M/S Ksc Engineers Vs. Acit, Circle 14(2) Pvt.Ltd. Room No.311A 4-H, Gopala Tower 3Rd Floor, C.R.Building Rajendra Place I.P.Estate New Delhi 110 008 New Delhi 110 002 Pan: Aaack6112C Assessment Year : 2011-12 Acit, Circle 14(2) Vs. M/S Ksc Engineers Pvt.Ltd. Room No.311A 4-H, Gopala Tower 3Rd Floor, C.R.Building Rajendra Place I.P.Estate New Delhi 110 008 New Delhi 110 002 Pan: Aaack6112C Assessment Year : 2012-13 M/S Ksc Engineers Vs. Acit, Circle 14(2) Pvt.Ltd. Room No.311A 4-H, Gopala Tower 3Rd Floor, C.R.Building Rajendra Place I.P.Estate New Delhi 110 008 New Delhi 110 002 Pan: Aaack6112C (Appellant) (Respondent)

Section 143(2)Section 143(3)Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’: NEW DELHI BEFORE SHRI R.K.PANDA, ACCOUNTANT MEMBER AND SMT. BEENA A PILLAI, JUDICIAL MEMBER Assessment Year : 2011-12 M/s KSC Engineers vs. ACIT, Circle 14(2) Pvt.Ltd. Room No.311A 4-H, Gopala Tower 3rd Floor, C.R.Building Rajendra Place I.P.Estate New Delhi 110 008 New Delhi 110 002 PAN: AAACK6112C Assessment Year : 2011-12 ACIT, Circle 14(2) vs. M/s KSC Engineers Pvt.Ltd. Room No.311A 4-H, Gopala Tower 3rd Floor, C.R.Building Rajendra Place I.P.Estate New Delhi 110 008 New Delhi 110 002 PAN: AAACK6112C Assessment Year : 2012-13 M/s KSC Engineers vs. ACIT, C…

M/S. Ksc Engineers Private Limited, New Delhi vs. DCIT, New Delhi

In the result appeal filed by assessee stands dismissed

ITA 2417/DEL/2016[2011-12]Status: DisposedITAT Delhi06 Sept 2018AY 2011-12

Bench: Shri R.K.Panda & Smt. Beena A Pillaiassessment Year : 2011-12 M/S Ksc Engineers Vs. Acit, Circle 14(2) Pvt.Ltd. Room No.311A 4-H, Gopala Tower 3Rd Floor, C.R.Building Rajendra Place I.P.Estate New Delhi 110 008 New Delhi 110 002 Pan: Aaack6112C Assessment Year : 2011-12 Acit, Circle 14(2) Vs. M/S Ksc Engineers Pvt.Ltd. Room No.311A 4-H, Gopala Tower 3Rd Floor, C.R.Building Rajendra Place I.P.Estate New Delhi 110 008 New Delhi 110 002 Pan: Aaack6112C Assessment Year : 2012-13 M/S Ksc Engineers Vs. Acit, Circle 14(2) Pvt.Ltd. Room No.311A 4-H, Gopala Tower 3Rd Floor, C.R.Building Rajendra Place I.P.Estate New Delhi 110 008 New Delhi 110 002 Pan: Aaack6112C (Appellant) (Respondent)

Section 143(2)Section 143(3)Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’: NEW DELHI BEFORE SHRI R.K.PANDA, ACCOUNTANT MEMBER AND SMT. BEENA A PILLAI, JUDICIAL MEMBER Assessment Year : 2011-12 M/s KSC Engineers vs. ACIT, Circle 14(2) Pvt.Ltd. Room No.311A 4-H, Gopala Tower 3rd Floor, C.R.Building Rajendra Place I.P.Estate New Delhi 110 008 New Delhi 110 002 PAN: AAACK6112C Assessment Year : 2011-12 ACIT, Circle 14(2) vs. M/s KSC Engineers Pvt.Ltd. Room No.311A 4-H, Gopala Tower 3rd Floor, C.R.Building Rajendra Place I.P.Estate New Delhi 110 008 New Delhi 110 002 PAN: AAACK6112C Assessment Year : 2012-13 M/s KSC Engineers vs. ACIT, C…

ACIT, C-5(1), Chandigarh vs. M/S Ids Infotech Ltd., Chandigarh

In the result, the appeal of the Revenue is dismissed

ITA 399/CHANDI/2018[2007-08]Status: DisposedITAT Chandigarh31 Aug 2018AY 2007-08

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarthe Acit Vs. M/S Ids Infotech Ltd. C-5(1) I-8, Rajiv Gandhi, I T Park Chandigarh Chandigarh Pan: Aaaci4364E

For Appellant: Shri. Tej Mohan SinghFor Respondent: Shri. Chandrakanta
Section 195Section 36Section 36(1)(iii)Section 40Section 9

…ovisions of Section 36(i)(iii) of the Act in view of judgment of Abhishek Industries Ltd. (2006) 286 ITR 1(P&H) without appreciating the fact that commercial expendiency as envisaged by the Hon'ble Supreme Court in the case of M/s Hero Cycles Pvt. Ltd. Vs CIT 379 ITR 347 (SC) has not been proved by the assessee? (ii) Whether on the facts and circumstances of the case, the Ld.CIT(A) has not erred in law as well as on the facts in deleting the addition of Rs.97,65,000/- which was made by invoking the provisions of Section 40(a)(ia) as the assessee has failed to deduct tax at sources u/s 195 of the Act on the payme…

Penna Cement Industries Limited, Hyderabad vs. Dy. Commissioner of Income Tax, Circle-16(2), Hyderabad

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

ITA 39/HYD/2018[2014-15]Status: DisposedITAT Hyderabad31 Aug 2018AY 2014-15

Bench: Smt. P. Madhavi Devi & Shri Inturi Rama Rao

For Appellant: Sri A.V. RaghuramFor Respondent: Sri P. Soma Sekhar Reddy, CIT-DR
Section 143(3)Section 14ASection 37(1)

…lders, it is contended that the investments are made out of the surplus generated by the appellant and out of the business expediency. In this regard, reliance was placed on the decision of the Hon’ble Supreme Court in the case of Hero Cycles (P) Ltd vs. CIT (379 ITR 347) and a decision of the coordinate Bench in the case of Mylan Laboratories Ltd vs. ACIT (ITA Nos. 362 & 452/Hyd/2017, dated 09.05.2018). 7. On the other hand, Learned Departmental Representative placed reliance on the orders of the lower authorities. 8. We have heard the rival submissions and perused the material on record. Grounds No.1 and 4 are…

Penna Cement Industries Limited, Hyderabad vs. Income Tax Officer, Ward-16(3), Hyderabad

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

ITA 38/HYD/2018[2013-14]Status: DisposedITAT Hyderabad31 Aug 2018AY 2013-14

Bench: Smt. P. Madhavi Devi & Shri Inturi Rama Rao

For Appellant: Sri A.V. RaghuramFor Respondent: Sri P. Soma Sekhar Reddy, CIT-DR
Section 143(3)Section 14ASection 37(1)

…lders, it is contended that the investments are made out of the surplus generated by the appellant and out of the business expediency. In this regard, reliance was placed on the decision of the Hon’ble Supreme Court in the case of Hero Cycles (P) Ltd vs. CIT (379 ITR 347) and a decision of the coordinate Bench in the case of Mylan Laboratories Ltd vs. ACIT (ITA Nos. 362 & 452/Hyd/2017, dated 09.05.2018). 7. On the other hand, Learned Departmental Representative placed reliance on the orders of the lower authorities. 8. We have heard the rival submissions and perused the material on record. Grounds No.1 and 4 are…

Gic Housing Finance Ltd, Mumbai vs. Addl CIT RG 2(1), Mumbai

In the result appeal of the assessee is allowed as indicated above

ITA 22/MUM/2016[2011-12]Status: DisposedITAT Mumbai21 Aug 2018AY 2011-12

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.22/Mum/2016 (नििाारण वर्ा / Assessment Year : 2011-12) बिाम/ Gic Housing Finance Ltd. Addl. Cit Rg 2(1) Royal Insurance Building, R.No. 561, 5 Th Floor, 6Th Floor, J. Tata Road, Aayakar Bhavan, V. Churchgate, New Marine Lines, Mumbai-400020 Mumbai-400020 स्थायी ऱेखा सं./ Pan : Aaacg2755R (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri. Nitesh Joshi & Amit Kirve Revenue By : Shri A.M. Mittal, Dr सुनवाई की तारीख /Date Of Hearing : 23.07.2018 घोषणा की तारीख /Date Of Pronouncement : 21.08.2018 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 22/Mum/2016, Is Directed Against Appellate Order Dated 21.10.2015 Passed By Learned Commissioner Of Income Tax (Appeals)-4, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2011-12, The Appellate Proceedings Had Arisen Before Learned Cit(A) From Assessment Order Dated 22.10.2013 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2011-12. I.T.A. No.22/Mum/2016

For Appellant: Shri. Nitesh Joshi & Amit KirveFor Respondent: Shri A.M. Mittal, DR
Section 143(3)Section 48

…ness and question the prudence of the tax-payer decision in hiring outside independent professionals instead of utilising the services of in-house legal team . Hon‟ble Supreme Court decision in the case of Hero Cycles Private Limited v. CIT reported in (2015) 379 ITR 347(SC) is relevant to that effect . It is also to be understood that assessee being a listed company these divestments decisions are price sensitive information and any breach of confidentiality of this price sensitive information can have huge repercussion, volatility and fluctuations in share prices of the assessee‟s shares on Bourses and such bre…

ACIT, Circle-1 vs. Oil & Natural Gas Corporation Ltd

In the result, appeal filed by the Revenue is dismissed

ITA 374/DEL/2005[2000-2001]Status: DisposedITAT Delhi17 Aug 2018AY 2000-2001

Bench: Shri N.K. Billaiya & Smt Beena A. Pillai

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Shefali Swaroop, CIT- DR

…of the case. For this proposition, we draw support from the judgments of the Hon'ble Supreme Court in the following cases : 1. CIT vs. Walchand & Co.: 65 ITR 381 (SC) 2. J.K. Woollen Manufacturers vs. CIT: 72 ITR 612 (SC) 3. Hero Cycles Ltd. vs. CIT (2015) 379 ITR 347 (SC) 46. As mentioned elsewhere, similar additions were deleted by the first appellate authority in earlier A.Y and also in subsequent A.Y. Considering the facts in totality, we do not find any error or infirmity in the findings of the CIT(A). Ground No. 3 stands dismissed. 47. In the result, the appeal of the Revenue is dismissed. ITA No. 358…

Oil & Natural Gas Corporation Ltd vs. Addl. CIT, Range-I

In the result, appeal filed by the Revenue is dismissed

ITA 357/DEL/2005[2000-2001]Status: DisposedITAT Delhi17 Aug 2018AY 2000-2001

Bench: Shri N.K. Billaiya & Smt Beena A. Pillai

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Shefali Swaroop, CIT- DR

…of the case. For this proposition, we draw support from the judgments of the Hon'ble Supreme Court in the following cases : 1. CIT vs. Walchand & Co.: 65 ITR 381 (SC) 2. J.K. Woollen Manufacturers vs. CIT: 72 ITR 612 (SC) 3. Hero Cycles Ltd. vs. CIT (2015) 379 ITR 347 (SC) 46. As mentioned elsewhere, similar additions were deleted by the first appellate authority in earlier A.Y and also in subsequent A.Y. Considering the facts in totality, we do not find any error or infirmity in the findings of the CIT(A). Ground No. 3 stands dismissed. 47. In the result, the appeal of the Revenue is dismissed. ITA No. 358…

Amba Metals, New Delhi vs. ITO, Ward- 50(1), New Delhi

In the result, the appeal of the assessee is allowed

ITA 6884/DEL/2017[2013-14]Status: DisposedITAT Delhi31 Jul 2018AY 2013-14

Bench: Smt Diva Singhamba Metals, Vs I.T. O Ward-50(1), 21/6, West Patel Nagar, New Delhi New Delhi.

Section 36

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘SMC’ NEW DELHI BEFORE SMT DIVA SINGH, JUDICIAL MEMBER Amba Metals, vs I.T. O Ward-50(1), 21/6, West Patel Nagar, New Delhi New Delhi. Assessee by Shri Ved Jain, Advocate Revenue by Sh. S.L. Anuragi, Sr. DR Date of Hearing 02.07.2018 Date of Pronouncement 31.07.2018 ORDER The present appeal has been filed by the assessee assailing the correctness of the order dated 29.9.2017 of CIT(A) 17, New Delhi pertaining to 2013-14 assessment year on the following grounds :- 1. “On the facts and circumstances of the case, the order passed by the learned Commissioner o…

Graphisads Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result appeal of the assessee is allowed

ITA 4770/DEL/2015[2010-11]Status: DisposedITAT Delhi26 Jul 2018AY 2010-11

Bench: Shri G.D. Agrawal & Shri K.Narasimha Charyassessment Year: 2010-11

Section 14Section 143(3)Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘E’ NEW DELHI BEFORE SHRI G.D. AGRAWAL, PRESIDENT & SHRI K.NARASIMHA CHARY, JUDICIAL MEMBER Assessment Year: 2010-11 Graphisads Pvt. Ltd. vs DCIT, Circle 12(1), C/o M/s Kumar Piyush & Co CAs New Delhi. C-5, LGF, Lajpat Nagar – III, New Delhi. AAACG2365F (Appellant) (Respondent) Assessee by Shri Arvind Kumar, Advocate Revenue by Sh. S.R. Senapati, Sr. DR Date of Hearing 26.07.2018 Date of Pronouncement 26.07.2018 ORDER PER K. NARASIMHA CHARY, J.M. Aggrieved by the order dated 25/05/2015 in appeal No. 36/13-14/CITA-4 on the file of the Learned Commissioner o…

ITO, Karauli vs. Manneta Garg, Karauli

In the result, appeal of the revenue is dismissed while cross objection of the assessee is allowed

ITA 875/JPR/2016[2012-13]Status: DisposedITAT Jaipur20 Jul 2018AY 2012-13
For Appellant: Shri Manish Agarwal (CA)For Respondent: Shri A.S. Nehra (JCIT) fu/kZkfjrh dh vksj ls@
Section 68

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh fot; iky jkWo] U;kf;d lnL; ,oa Jh HkkxpUn] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI BHAGCHAND, AM vk;dj vihy la-@ITA No. 875/JP/2016 fu/kZkj.k o"kZ@Assessment Year : 2012-13. cuke The Income Tax Officer, Smt. Maneeta Garg, Vs. Ward Karauli. Prop. MN/s. Shreeji Telelink, E-54,Mohan Nagar, Hindaun City, Karauli. LFkk;h ys[kk la-@thvkbZvkj la-@PAN No. AOYPG 7819 K vihykFkhZ@Appellant izR;FkhZ@Respondent Cross Objection No. 41/JP/2016 (Arising out of vk;dj vihy la-@ITA No. 875/JP/2016) fu/kZkj.k…

M/S Titagarh Wagons Ltd., Kolkata vs. ACIT, RG-1, Kolkata

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

ITA 750/KOL/2015[2009-2010]Status: DisposedITAT Kolkata11 Jul 2018AY 2009-2010

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 750/Kol/2015 Assessment Years : 2009-10 M/S Titagarh Wagons Ltd. -Vs- Acit, Range-1, Kolkata [Pan: Aabct 1377 P ] (Appellant) (Respondent)

For Appellant: Shri S.Jhajharia, FCAFor Respondent: Shri P. K. Srihari, CIT(DR)
Section 143(3)Section 28Section 36(1)(vii)Section 36(2)

…atements which are enclosed in pages 97 & 98 of the paper book. Hence the test of commercial expediency is proved beyond doubt. We find that the Hon’ble Apex 6 7 M/s Titagarh Wagons Ltd. A.Yr.2009-10 Court in the case of Hero Cycles P Ltd vs CIT reported in 379 ITR 347 (SC) had upheld our view and hence respectfully following the said decision and the decision of Hon’ble Bombay High Court in the case of Reliance Utilities and Power Ltd reported in 313 ITR 340 (SC), we direct the ld AO to delete the proportionate disallowance of interest on amounts advanced to subsidiary company. Accordingly, the Ground No. 6 ra…

ACIT 13(3)(1), Mumbai vs. Chetan R Shah, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 5664/MUM/2016[2013-14]Status: DisposedITAT Mumbai15 Jun 2018AY 2013-14

Bench: Shri B.R. Baskaran (Am)& Shri Pawan Singh (Jm)

…ing on record any business expediency in advancing interest free loans to its sister concern. The Learned DR further submitted that the learned CIT(A) has also relied upon decision rendered by Hon'ble Supreme Court in the case of Hero Cycles (P) Ltd. Vs. CIT (379 ITR 347). However, in the above said case, the assessee therein proved existence of business expediency in advancing loan to its subsidiary company. The Learned DR further submitted that an identical issue was considered by Hon'ble High Court of Bombay in the case of Phaltan Sugar Works Pvt. Ltd. Vs. CIT (1994) (72 Taxamn 325), wherein Hon'ble Bombay Hig…

Lalamal Sangamlal Seth Construction Pvt. Ltd., New Delhi vs. ITO, Ward- 15(1), New Delhi

In the result, ITA.No.6663/Del

ITA 6663/DEL/2017[2014-15]Status: DisposedITAT Delhi07 Jun 2018AY 2014-15

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

For Appellant: Ms. Nisha Rachh, C.A. &For Respondent: Shri Ravi Kant Gupta, Sr. D.R

…, Delhi. Haryana High Court in the case of Abhishek Industries Ltd., (supra) in which the entire money in business entity comes in a common witty. However, this judgment have been overruled by the Hon’ble Supreme Court in the case of Hero Cycles Pvt. Ltd., 379 ITR 347 (SC). The explanation of assessee have not been rejected by the authorities below. Therefore, considering the totality of the facts and circumstances of the case and that similar issue have been considered in A.Y. 2012-2013 above, the facts in this assessment year are on better footing, therefore, authorities below were not justified in disallo…

Lalamal Sangamlal Seth Construction Pvt. Ltd., New Delhi vs. ITO, Ward- 15(1), C R Building, New Delhi

In the result, ITA.No.6663/Del

ITA 4540/DEL/2017[2012-13]Status: DisposedITAT Delhi07 Jun 2018AY 2012-13

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

For Appellant: Ms. Nisha Rachh, C.A. &For Respondent: Shri Ravi Kant Gupta, Sr. D.R

…, Delhi. Haryana High Court in the case of Abhishek Industries Ltd., (supra) in which the entire money in business entity comes in a common witty. However, this judgment have been overruled by the Hon’ble Supreme Court in the case of Hero Cycles Pvt. Ltd., 379 ITR 347 (SC). The explanation of assessee have not been rejected by the authorities below. Therefore, considering the totality of the facts and circumstances of the case and that similar issue have been considered in A.Y. 2012-2013 above, the facts in this assessment year are on better footing, therefore, authorities below were not justified in disallo…

ACIT, Circle-2(1), Kolkata vs. M/S Infinity Infotech Parks Ltd., Kolkata

In the result, the appeal filed by the Revenue is dismissed

ITA 1629/KOL/2016[2010-11]Status: DisposedITAT Kolkata30 May 2018AY 2010-11

Bench: Shri A. T. Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1629/Kol/2016 ("नधा"रणवष" / Assessment Year: 2010-11) Acit, Cir-2(1), Kolkata Vs. M/S. Infinity Infotech Parks Ltd.

For Appellant: Shri A. Bhattacharjee, Addl. CIT(DR)For Respondent: Shri D. S. Damle, FCA
Section 143(3)

…interest on its borrowed loans.” M/s. Infinity Infotech Parks Ltd. Assessment Year: 2010-11 We note that this view,in the case of S.A. Builders Ltd (supra) has been recently reiterated by the Hon’ble Supreme Court in the case of Hero Cycles (P) Ltd. vs. CIT (379 ITR 347). Considering the facts of the assessee`s case and law position explained above, it seems to us that we can not disturb the findings of the ld Commissioner of Income Tax (Appeals), hence the Revenue`s appeal on this issue must be dismissed. 8. The next Ground No.2 of Revenue, relates to disallowance of Rs.1,00,000/- to be capital in nature bein…

ACIT, Circle-2(2), Kolkata vs. M/S Tcg Urban Infrastructure Holding Pvt. Ltd., Kolkata

In the result, the appeal filed by the Revenue

ITA 1649/KOL/2016[2011-12]Status: DisposedITAT Kolkata25 May 2018AY 2011-12

Bench: Shri A. T. Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1649/Kol/2016 ("नधा"रणवष" / Assessment Year: 2011-12) Acit, Cir-2(2), Kolkata Vs. M/S. Tcg Urban Infrastructure

For Appellant: Shri A.K. Tibrewal, FCAFor Respondent: Shri G. Hanshing, CIT (DR)
Section 143(3)Section 14ASection 2(22)(e)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A”, BENCH KOLKATA BEFORE SHRI A. T. VARKEY, JM &DR. A.L.SAINI, AM आयकरअपीलसं./ITA No.1649/Kol/2016 ("नधा"रणवष" / Assessment Year: 2011-12) ACIT, Cir-2(2), Kolkata Vs. M/s. TCG Urban Infrastructure Aayakar Bhawan, P-7, Chowringhee Sector-V, Salt Lake City, Kolkata – 700 Square, Kol-69. 091. "थायीलेखासं./जीआइआरसं./PAN/GIR No. :AADCS 8821 M (Revenue/Department) .. (Assessee) & आयकरअपीलसं./ITA No.1622/Kol/2016 ("नधा"रणवष" / Assessment Year: 2011-12) M/s. TCG Urban Infrastructure Vs. ACIT, Cir-2(2), Kolkata Sector-V, Salt Lake City, Kolkata – 700 Aayakar Bhawan, P-7, Chowringh…

Tcg Urban Infrastructure Holdings Pvt Ltd, Kolkata vs. ACIT, Circle-2(2), Kolkata

In the result, the appeal filed by the Revenue

ITA 1622/KOL/2016[2011-12]Status: DisposedITAT Kolkata25 May 2018AY 2011-12

Bench: Shri A. T. Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1649/Kol/2016 ("नधा"रणवष" / Assessment Year: 2011-12) Acit, Cir-2(2), Kolkata Vs. M/S. Tcg Urban Infrastructure

For Appellant: Shri A.K. Tibrewal, FCAFor Respondent: Shri G. Hanshing, CIT (DR)
Section 143(3)Section 14ASection 2(22)(e)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A”, BENCH KOLKATA BEFORE SHRI A. T. VARKEY, JM &DR. A.L.SAINI, AM आयकरअपीलसं./ITA No.1649/Kol/2016 ("नधा"रणवष" / Assessment Year: 2011-12) ACIT, Cir-2(2), Kolkata Vs. M/s. TCG Urban Infrastructure Aayakar Bhawan, P-7, Chowringhee Sector-V, Salt Lake City, Kolkata – 700 Square, Kol-69. 091. "थायीलेखासं./जीआइआरसं./PAN/GIR No. :AADCS 8821 M (Revenue/Department) .. (Assessee) & आयकरअपीलसं./ITA No.1622/Kol/2016 ("नधा"रणवष" / Assessment Year: 2011-12) M/s. TCG Urban Infrastructure Vs. ACIT, Cir-2(2), Kolkata Sector-V, Salt Lake City, Kolkata – 700 Aayakar Bhawan, P-7, Chowringh…

Ganesh Bhaskarrao Manedeshmukh, Pune vs. Income-Tax Officer

In the result, the appeal of assessee is partly allowed in the terms aforesaid

ITA 928/PUN/2016[2010-11]Status: DisposedITAT Pune23 May 2018AY 2010-11

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri Pawan V. AutiFor Respondent: Shri Achal Sharma
Section 143(2)Section 14A

…ance of interest is to be made. In support of his submissions the ld. AR placed reliance on the following decisions : i. Munjal Sales Corporation Vs. Commissioner of Income Tax & Anr., 215 CTR 105 (SC); ii. Hero Cycles (P) Ltd. Vs. Commissioner of Income Tax, 379 ITR 347 (SC); iii. Commissioner of Income Tax Vs. Reliance Utility and Power Ltd., 178 Taxman 135 (Bombay). 4. On the other hand Shri Achal Sharma representing the Department vehemently defended the findings of Commissioner of Income Tax (Appeals) in confirming the addition. The ld. DR submitted that a perusal of assessment order clearly reveal that the…

Nahar Poly Films Ltd., Ludhiana vs. ACIT, Ludhiana

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

ITA 1340/CHANDI/2016[2010-11]Status: DisposedITAT Chandigarh15 May 2018AY 2010-11

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarassessment Year : 2010-11

For Appellant: Sh. Navdeep Sharma, AdvocateFor Respondent: Smt. Laganpreet Sandhu, Sr.DR
Section 36

…uses much more than the aforesaid advance and has relied upon the decision of the Hon’ble Punjab & Haryana High Court in the case of ‘Bright Enterprises Pvt Ltd Vs. CIT’, 381 ITR 107 and of Hon'ble Supreme Court in the case of ‘Hero Cycles P. Ltd Vs. CIT’, 379 ITR 347 (SC) and of the Hon'ble Bombay High Court on in the case of ‘CIT Vs. Reliance Utilities & Power Ltd.’ 313 ITR 340. 7. We have gone through the balance sheet produced by the assessee which shows a reserve and surplus of Rs. 142.47 crores. The advanced amount against the said reserves and surpluses was Rs. 3 cores only, that too, was advanced b…