SANJEEV KUMAR GOYAL,FATEHABAD vs. DCIT, CC-2, LUDHIANA

In the result, the appeal of the assesse is allowed

Bench: This Hon’Ble Tribunal Under Section 253 Of The Income Tax Act, 1961 As Amended From Time To Time. 2. The Assessee Is Aggrieved By The Order Of The Ld. Cit(A) Dt. 20/01/2023 In Appeal No. 10853/2018-19/It/Cit(A)-5/Ldh/2021-22 For The A.Y. 2019-20 Under Section 250(6) Of The Income Tax Act, 1961 Which Was Dismissed. Therefore The Present Second Appeal Under Section 253 Of The Income Tax Act, 1961 Before Us Against The Aforesaid Order Dt. 20/01/2023 Which Is Hereinafter Referred To As The Impugned Order.

Income-tax are applicable in this case. 5.6 Further, after availing ample opportunities the assessee failed to prove the source of investment made in the construction of building is from the business income/disclosed sources. The assessee has only stated that the building has been shown in the balance sheet as capital Work in Progress and not claimed depreciation

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, LUDHIANA, LUDHIANA vs. GPG CATTLE FEED PVT. LTD., MOGA

In the result, the Revenue appeal is partly allowed and the Cross Objection of\nthe assessee is dismissed

income under the heads pertaining to the profits\nof the business and profession are allowed to be set off against the business\nloss / depreciation

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

business income during the relevant period, such deductions cannot be declined. The depreciation is not in respect of the assets

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

business income during the relevant period, such deductions cannot be declined. The depreciation is not in respect of the assets

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

business income during the relevant period, such deductions cannot be declined. The depreciation is not in respect of the assets

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

business income during the relevant period, such deductions cannot be declined. The depreciation is not in respect of the assets

NOOR RESORTS PRIVATE LIMITED,KULLU vs. PR.CIT, SHIMLA

In the result, appeal of the Assessee is allowed

depreciation as well as the expenses to work out the income / loss of the assessee. 8.10 In view of the aforesaid discussion, in the present case, it can be said that by considering the rental income received by the assessee as “business

SH. MOHIT MITTAL PROP. MITTAL ENTERPRISES,LUDHIANA, PUNJAB vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE - 1 LUDHIANA, LUDHIANA, PUNJAB

In the result, appeal is allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

business is to be .allowed deduction either as expenditure or to be capitalized on which depreciation will be allowed. The assessee might have earned income

A.B. SUGARS LIMITED,PUNJAB vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, CHANDIGARH

In the result, the appeal of the assessee is allowed

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

Business & Profession, Companies Act Depreciation has been added back at Rs. 14,66,75,246 (Power Division (Eligible Unit)-5,20,25,050 & Other Divisions (Non-Eligible Units)- 9,46,50,196) and Depreciation as Income

A.B. SUGARS LIMITED,PUNJAB vs. PRINCIPAL COMMISSIONER OF INCOME TAX -1, CHANDIGARH, CHANDIGARH

In the result, the appeal of the assessee is allowed

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

Business & Profession, Companies Act Depreciation has been added back at Rs. 14,66,75,246 (Power Division (Eligible Unit)-5,20,25,050 & Other Divisions (Non-Eligible Units)- 9,46,50,196) and Depreciation as Income

SAS INFONET PRIVATE LIMITED,CHANDIGARH vs. DCIT ACIT(CEN)-2, CHANDIGARH

In the result, the present appeal of the Assessee is allowed

Bench: the AO.

income is not determinative of the genuineness of business or the allowability of business expenditure. The assessee has consistently engaged in the business of IT and networking, as accepted in A.Y. 2016–17, and has placed audited accounts and tax audit reports on record. Though it was vaguely argued that the assessment order for the 2016-17 was passed prior

SAS INFONET PRIVATE LIMITED ,CHANDIGARH vs. DCIT ACIT(CEN)-2, CHANDIGARH

In the result, the present appeal of the Assessee is allowed

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. MANOJ KUMAR AGGARWAL (Accountant Member)

income is not determinative of the genuineness of business or the allowability of business expenditure. The assessee has consistently engaged in the business of IT and networking, as accepted in A.Y. 2016–17, and has placed audited accounts and tax audit reports on record. Though it was vaguely argued that the assessment order for the 2016-17 was passed prior

M/S VARDHMAN TEXTILES LIMITED,LUDHIANA vs. ACIT, C-1, LUDHIANA

In the result, appeals of the Assessee are partly allowed whereas the Cross appeals of the Revenue are dismissed

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. SHRI. KRINWANT SAHAY (Accountant Member)

income of Rs. 65,47,626/-. Its breakup is rebate and discount of Rs. 55,97,132/-, recovery from contractor of Rs. 7,24,136/- and other miscellaneous receipts of Rs. 2,26,358/-. 16.5 Regarding the rebate and discount, this comprises of Turnover discount received from suppliers. It is undisputedly relates to material purchases, which is, obviously the business

VARDHMAN TEXTILES LIMITED,LUDHIANA vs. ACIT-CIRCLE-1, LUDHIANA

In the result, appeals of the Assessee are partly allowed whereas the Cross appeals of the Revenue are dismissed

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. SHRI. KRINWANT SAHAY (Accountant Member)

income of Rs. 65,47,626/-. Its breakup is rebate and discount of Rs. 55,97,132/-, recovery from contractor of Rs. 7,24,136/- and other miscellaneous receipts of Rs. 2,26,358/-. 16.5 Regarding the rebate and discount, this comprises of Turnover discount received from suppliers. It is undisputedly relates to material purchases, which is, obviously the business

ACIT,CIRCLE-1, LUDHIANA vs. M/S VARDHMAN TEXTILES LTD., LUDHIANA

In the result, appeals of the Assessee are partly allowed whereas the Cross appeals of the Revenue are dismissed

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. SHRI. KRINWANT SAHAY (Accountant Member)

income of Rs. 65,47,626/-. Its breakup is rebate and discount of Rs. 55,97,132/-, recovery from contractor of Rs. 7,24,136/- and other miscellaneous receipts of Rs. 2,26,358/-. 16.5 Regarding the rebate and discount, this comprises of Turnover discount received from suppliers. It is undisputedly relates to material purchases, which is, obviously the business

M/S VARDHMAN TEXTILES LIMITED,LUDHIANA vs. DCIT, C-1, LUDHIANA

In the result, appeals of the Assessee are partly allowed whereas the Cross appeals of the Revenue are dismissed

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. SHRI. KRINWANT SAHAY (Accountant Member)

income of Rs. 65,47,626/-. Its breakup is rebate and discount of Rs. 55,97,132/-, recovery from contractor of Rs. 7,24,136/- and other miscellaneous receipts of Rs. 2,26,358/-. 16.5 Regarding the rebate and discount, this comprises of Turnover discount received from suppliers. It is undisputedly relates to material purchases, which is, obviously the business

DCIT, C-1, LUDHIANA vs. M/S VARDHMAN TEXTILES LIMITED, LUDHIANA

In the result, appeals of the Assessee are partly allowed whereas the Cross appeals of the Revenue are dismissed

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. SHRI. KRINWANT SAHAY (Accountant Member)

income of Rs. 65,47,626/-. Its breakup is rebate and discount of Rs. 55,97,132/-, recovery from contractor of Rs. 7,24,136/- and other miscellaneous receipts of Rs. 2,26,358/-. 16.5 Regarding the rebate and discount, this comprises of Turnover discount received from suppliers. It is undisputedly relates to material purchases, which is, obviously the business

ROPAR DISTRICT CO-OPERATIVE UNION LIMITED,MOHALI vs. PCIT, CHANDIGAR-1, CHANDIGARH

In the result, the appeal is allowed

Bench: SHRI AAKASH DEEPJAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

business income and income from other sources. It had also shown agriculture income. The assessee had taken three booths on lease from the Municipal Corporation, Chandigarh, since 01.07.1987. These booths had been sub-let to three different milk vendors from whom rent was received. The assessee had claimed deduction u/s 24(a) of the Income Tax Act @ 30% from

ITO, WARD-6(1), MOHALI vs. QUARKCITY INDIA PVT. LTD., MOHALI

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

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

business income, the assessee was entitled to depreciation under section 32 of the Income Tax Act. The depreciation claimed against