THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

disallowance of exemption u/s 10B of the Income Tax Act claimed on income arising out of export incentives, he placed reliance on Apex Court Judgement in the case of M/s. Saraf Exports Vs. Commissioner of Income Tax-III, in Civil Appeal No. 4822 of 2022 [@SLP (C) No.17539 of 2016] rendered on the provisions of section 80IB, affirming their view

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

disallowance of exemption u/s 10B of the Income Tax Act claimed on income arising out of export incentives, he placed reliance on Apex Court Judgement in the case of M/s. Saraf Exports Vs. Commissioner of Income Tax-III, in Civil Appeal No. 4822 of 2022 [@SLP (C) No.17539 of 2016] rendered on the provisions of section 80IB, affirming their view

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAYS OVERSEAS LTD, JALANDHAR

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

disallowance of exemption u/s 10B of the Income Tax Act claimed on income arising out of export incentives, he placed reliance on Apex Court Judgement in the case of M/s. Saraf Exports Vs. Commissioner of Income Tax-III, in Civil Appeal No. 4822 of 2022 [@SLP (C) No.17539 of 2016] rendered on the provisions of section 80IB, affirming their view

BRODAWAYS OVERSEAS LIMITED,JALANDHAR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, JALANDHAR

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

disallowance of exemption u/s 10B of the Income Tax Act claimed on income arising out of export incentives, he placed reliance on Apex Court Judgement in the case of M/s. Saraf Exports Vs. Commissioner of Income Tax-III, in Civil Appeal No. 4822 of 2022 [@SLP (C) No.17539 of 2016] rendered on the provisions of section 80IB, affirming their view

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

disallowance of exemption u/s 10B of the Income Tax Act claimed on income arising out of export incentives, he placed reliance on Apex Court Judgement in the case of M/s. Saraf Exports Vs. Commissioner of Income Tax-III, in Civil Appeal No. 4822 of 2022 [@SLP (C) No.17539 of 2016] rendered on the provisions of section 80IB, affirming their view

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

disallowance of exemption u/s 10B of the Income Tax Act claimed on income arising out of export incentives, he placed reliance on Apex Court Judgement in the case of M/s. Saraf Exports Vs. Commissioner of Income Tax-III, in Civil Appeal No. 4822 of 2022 [@SLP (C) No.17539 of 2016] rendered on the provisions of section 80IB, affirming their view

THE ASSISTANT COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAYS OVERSEAS LTD, JALANDHAR

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

disallowance of exemption u/s 10B of the Income Tax Act claimed on income arising out of export incentives, he placed reliance on Apex Court Judgement in the case of M/s. Saraf Exports Vs. Commissioner of Income Tax-III, in Civil Appeal No. 4822 of 2022 [@SLP (C) No.17539 of 2016] rendered on the provisions of section 80IB, affirming their view

POONAM MARWAHA,AMRITSAR vs. ACIT DCIT CEN CIR, AMRITSAR

In the result, the appeal filed by assessee is allowed

Income-tax Act, 1961 and rule 6DD of\nIncome-tax Rules, 1962 - Business disallowance - Cash payment exceeding prescribed limit\n(Rule

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE, AMRITSAR vs. SHRI BHUPINDER SINGH. M/S NOVELTY SWEETS, AMRITSAR

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

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

income cannot be set-off against the losses and unabsorbed depreciation and referred to the Memorandum explaining the provisions of Finance Bill, 2022 and mentioned that the main reason to bring new Section 79A in the statue book was that there was currently no provision in the Act to disallow such business

M/S. SATIA INDUSTRIES LIMITED,MUKTSAR vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA

In the result, the appeal of the assessee bearing ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

business transaction, Accordingly, the tax was deducted, and the certificates were issued. During hearing the assessee placed the details evidence with the written submission. The ld. AR invited our attention in paper book and following evidences are attached in paper book in relation to the transaction which are as follows:- i) APB page nos. 178 to 181 related

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE- 3, SRINAGAR vs. MEASAGE SAIFCO CEEMENTS PRIVATE LIMITED, SRINAGAR

In the result, the appeal of the Department and CO of the Assesse is 23

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

business purpose which call for disallowance of interest u/s 36(1)(iii) of the Income-tax Act, 1961. Hence proportionate

M/S G.G. CONTINENTAL TRADERS PRIVATE LIMITED,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA

In the result, Ground No. 2 of the appeal of the assessee is allowed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

disallowance of interest I.T.A. No. 97 & 99/Asr/2022 Assessment Year: 2015-16 & 2017-18 5 income earned from FDR held for the purpose of Foreign Letter of Credit (FLC) against the oil trading business

M/S G.G CONTINENTAL TRADERS PRIVATE LIMITED,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA

In the result, Ground No. 2 of the appeal of the assessee is allowed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

disallowance of interest I.T.A. No. 97 & 99/Asr/2022 Assessment Year: 2015-16 & 2017-18 5 income earned from FDR held for the purpose of Foreign Letter of Credit (FLC) against the oil trading business

THE NBI EMPLOYEES CO-OP NON-AGRICULTURAL THRIFT & CREDIT SOCIETY LIMITED ,JALANDHAR vs. PRINCIPAL COMMISIONER OF INCOME TAX-2, JALANDHAR

Bench: Sh. Ravish Sood & Dr. M. L. Meena

disallowance w.r.t. deduction claimed u/s 8 OP of the Income Tax Act, 1961 and the same was required to be added to your income. iii. As per provisions of section 80P(2)(d) of the Income Tax Act, 1961, the Co¬ operative Society is provided deduction under said section in respect of income of the Co¬operative Society

SHRI NITIN AIMA,SHRINAGAR vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3, SRINAGAR

The appeal of the assessee is dismissed

disallowance would be called.\nImportantly the duty drawback has not been assessed as income from\nother sources by the assessing officer as would be evident from the\nassessment order itself. The assessing officer having accepted the duty\ndrawback income as business

SH. AMRIT LAL BATRA, PROP.,SRINAGAR vs. THE ADDITIONAL COMMISSIONER OF INCOME-TAX,, JAMMU

Appeals of the appellant are disposed off in the terms indicated as above

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

business income or as income from capital gains and also on the issue of disallowance of legal expenses. 6. First

SHRI AMRIT LAL BATRA,SRINAGAR vs. THE DY. COMMISSIONER OF INCOME-TAX-3, SRINAGAR

Appeals of the appellant are disposed off in the terms indicated as above

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

business income or as income from capital gains and also on the issue of disallowance of legal expenses. 6. First

SHRI GULZAR SINGH. GURBACHAN SINGH,BATHINDA vs. PRINCIPAL COMMISSIONER OF INCOME TAX , BATHINDA

In the result, both the appeals are allowed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

business. The appellant failed to convince the Assessing Officer in respect of admissibility of these expenditures, therefore it amounts to furnishing of inaccurate particulars of income by claiming expenditure which has remained unsubstantiated. The penalty levied by the Assessing Officer in respect of disallowances