RICO AUTO INDUSTRIES LIMITED,LUDHIANA vs. PR. COMMISSIONER OF INCOME TAX-1, LUDHIANA
The appeals stand allowed in terms of our above order
ITA 702/CHANDI/2025[2020-21]Status: DisposedITAT Chandigarh10 Nov 2025AY 2020-21
Bench: Hon’Ble Shri Rajpal Yadav & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकर अपील सं. / Ita No.702/Chandi/2025 (िनधा"रण वष" / Assessment Year: 2020-21) & 2. आयकर अपील सं. / Ita No.703/Chandi/2025 (िनधा"रण वष" / Assessment Year: 2021-22) M/S Rico Auto Industries Ltd. Pr. Cit-1 बनाम/ B-26, Focal Point Aaykar Bhawan, Rishi Nagar Vs. Ludhiana (Punjab)-141010 Ludhiana (Punjab) - 141001 "ायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacr-8724-R (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Sudhir Sehgal (Advocate) – Ld. Ar ""थ"कीओरसे/Respondent By : Smt. Kusum Bansal (Cit) (Virtual) – Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 07-10-2025 घोषणाकीतारीख /Date Of Pronouncement : 10/11/2025 आदेश / O R D E R Manoj Kumar Aggarwal () 1. In These Twin Appeals, The Assessee Assails Proposed Revision Of The Assessment Order By Revisionary Authority U/S 263 For Assessment Years (Ay) 2020-21 & 2021-22. Facts Are Stated To Be Identical In Both The Years. First, We Take Up Appeal For Ay 2020-21 Wherein The Assessee Challenges Invocation Of Revisionary Jurisdiction U/S 263 By Ld. Pr.
For Appellant: Shri Sudhir Sehgal (Advocate) – Ld. ARFor Respondent: Smt. Kusum Bansal (CIT) (Virtual) – Ld. DR
Section 142(1)Section 143(3)Section 263Section 35
TDS for Rs.6.14 Lacs and alleging difference in expenses claimed under the head ‘fees for technical services’ (FTS) for Rs.12.90 Crores. Subsequently, another show-cause notice was issued on 17-03-2025 identifying more issues viz. (i) Expenses capitalized for intangible assets; (ii) non-verification of income from house property; (iii)
Interest on loan to subsidiaries for Rs.285.96 Lacs reduced
