INCOME TAX OFFICER, FEROZEPUR vs. MS.JATIN AGRO, FORT ROAD

In the result, the appeal of the revenue is dismissed

Bench: Sh. Manoj Kumar Aggarwal & Sh. Udayan Dasgupta(Physical Hearing) I.T.A. No. 103 & 104/Asr/2024 Assessment Years: 2014-15 & 2017-18 Ito, Ward-3(1), Vs. M/S Jatin Agro Fort Road, Ferozepur. 152-P, Ferozepur. [Pan:-Aarpm5393F] (Appellant) (Respondent) Sh. Ashray Sarna, Ca Appellant By Respondent By Sh. Sunil Gautam, Cit. Dr

Business or Profession" to the income under the head "House Property" is bad in law as the Government has voluntarily provided for deduction of investment linked tax incentive. The reliance placed by the learned Assessing Officer on the judgments to disallow

INCOME TAX OFFICER, WARD-3(1),FEROZEPUR, FEROZEPUR vs. MS.JATIN AGRO, FORT ROAD

In the result, the appeal of the revenue is dismissed

Bench: Sh. Manoj Kumar Aggarwal & Sh. Udayan Dasgupta(Physical Hearing) I.T.A. No. 103 & 104/Asr/2024 Assessment Years: 2014-15 & 2017-18 Ito, Ward-3(1), Vs. M/S Jatin Agro Fort Road, Ferozepur. 152-P, Ferozepur. [Pan:-Aarpm5393F] (Appellant) (Respondent) Sh. Ashray Sarna, Ca Appellant By Respondent By Sh. Sunil Gautam, Cit. Dr

Business or Profession" to the income under the head "House Property" is bad in law as the Government has voluntarily provided for deduction of investment linked tax incentive. The reliance placed by the learned Assessing Officer on the judgments to disallow

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

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

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 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

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

MAX FINANCIAL SERVICE LIMITED ,NAWANSHAHR vs. PRINCIPAL COMMISSIONER OF INCOME TAX -1, JALANDHAR

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

income earned by way of interest from investments made in the course of its business and expenses incurred for maintaining its corporate entity and that the assessee had suo moto disallowed

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

Bench: Sh. Vikram Singh Yadav & Sh. Udayan Dasgupta

Income-tax Rules, 1962 - Business disallowance - Cash payment exceeding prescribed limit (Rule 6DD) - Assessment year 2013-14 - Assessee-company was engaged

SH. MANINDER SINGH CHEEMA,HOSHIARPUR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, HOSHIARPUR

In the result, the assessee appeal is dismissed

Bench: Sh. Laliet Kumar & Dr. M. L. Meenai.T.A. No. 702/Asr/2013 Assessment Year: 2009-10

business income 89,95,000/- 2. Under the head income from other sources 30,05,000/- Total: 1,20,00,000/- d) Assessee has declared surrendered amount over & above normal profit which was loss of Rs. 44,70,775/-. 6 e) Assessee has not annulled the surrender of Rs. 83,00,000/- by debiting the same in trading account since

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

LALLY MOTORS INDIA PVT. LTD,JALANDHAR vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX-2, JALANDHAR

In the result, the assessee’s appeal is dismissed

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi.T.A. No. 218(Asr)/2017 Assessment Year: 2012-13

business; (d) The basic principle of taxation is to tax net income. This principle applies even for the purposes of s. 14A and expenses towards non-taxable income must be excluded; (e) Once a proximate cause for disallowance

THE INCOME TAX OFFICER, AMRITSAR. vs. SH. SHIV RAJ SINGH BAWA, AMRITSAR.

In the result, the Revenue’s appeal is allowed and the assessee’s CO, dismissed

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi.T.A. No. 407/Asr/2016 Assessment Year: 2012-13

business or profession and accordingly chargeable to income-tax as income of the subsequent year if the payment or aggregate of payments made to a person in a day, exceeds twenty thousand rupees: Provided that no disallowance

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