DY. COMMISSIONER OF INCOME TAX, CIRCLE-4, AAYAKAR BHAWAN vs. ROCKMAN INDUSTRIES LIMITED, -

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

exempt income. The Hon'ble Supreme Court in the case of CIT v/s Reliance Industries Ltd, 410 ITR 466 (SC), has held that - "where interest free funds available with the assessee are sufficient to meet investments, then the presumption can be made that the investment was out of interest free funds and no disallowance of interest can be made

DY. COMMISSIONER OF INCOME TAX, CIRCLE-4, , AAYAKAR BHAWAN vs. ROCKMAN INDUSTRIES LIMITED, -

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

exempt income. The Hon'ble Supreme Court in the case of CIT v/s Reliance Industries Ltd, 410 ITR 466 (SC), has held that - "where interest free funds available with the assessee are sufficient to meet investments, then the presumption can be made that the investment was out of interest free funds and no disallowance of interest can be made

DY. COMMISSIONER OF INCOME TAX, CIRCLE-4, LUDHIANA, - vs. ROCKMAN INDUSTRIES LTD, -

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

exempt income. The Hon'ble Supreme Court in the case of CIT v/s Reliance Industries Ltd, 410 ITR 466 (SC), has held that - "where interest free funds available with the assessee are sufficient to meet investments, then the presumption can be made that the investment was out of interest free funds and no disallowance of interest can be made

DY. COMMISSIONER OF INCOME TAX, AAYAKAR BHAWAN vs. ROCKMAN INDUSTRIES LIMITED, FOCAL POINT

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

exempt income. The Hon'ble Supreme Court in the case of CIT v/s Reliance Industries Ltd, 410 ITR 466 (SC), has held that - "where interest free funds available with the assessee are sufficient to meet investments, then the presumption can be made that the investment was out of interest free funds and no disallowance of interest can be made

DY. COMMISSIONER OF INCOME TAX, CIRCLE-4,, AAYAKAR BHAWAN vs. ROCKMAN INDUSTRIES LIMITED, -

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

exempt income. The Hon'ble Supreme Court in the case of CIT v/s Reliance Industries Ltd, 410 ITR 466 (SC), has held that - "where interest free funds available with the assessee are sufficient to meet investments, then the presumption can be made that the investment was out of interest free funds and no disallowance of interest can be made

DCIT CIRCLE-4, LUDHIANA, LUDHIANA vs. ROCKMAN INDUSTRIES LTD, LUDHIANA

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

exempt income. The Hon'ble Supreme Court in the case of CIT v/s Reliance Industries Ltd, 410 ITR 466 (SC), has held that - "where interest free funds available with the assessee are sufficient to meet investments, then the presumption can be made that the investment was out of interest free funds and no disallowance of interest can be made

ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-4, AAYAKAR BHAWAN vs. ROCKMAN INDUSTRIES LIMITED, -

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

exempt income. The Hon'ble Supreme Court in the case of CIT v/s Reliance Industries Ltd, 410 ITR 466 (SC), has held that - "where interest free funds available with the assessee are sufficient to meet investments, then the presumption can be made that the investment was out of interest free funds and no disallowance of interest can be made

DY. COMMISSIONER OF INCOME TAX, CIRCLE-4, LUDHIANA, AAYAKAR BHAWAN vs. ROCKMAN INDUSTRIES LIMITED, -

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

exempt income. The Hon'ble Supreme Court in the case of CIT v/s Reliance Industries Ltd, 410 ITR 466 (SC), has held that - "where interest free funds available with the assessee are sufficient to meet investments, then the presumption can be made that the investment was out of interest free funds and no disallowance of interest can be made

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)

depreciation as per Income Tax Act, 1964 were provided in the Balance Sheet, Tax Audit Report, ITR and also before the Assessing Officer and Transfer Pricing Officer during the assessment proceedings. 6. That the detail, bifurcation and evidence of all expenses attributable to the exempted

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)

depreciation as per Income Tax Act, 1964 were provided in the Balance Sheet, Tax Audit Report, ITR and also before the Assessing Officer and Transfer Pricing Officer during the assessment proceedings. 6. That the detail, bifurcation and evidence of all expenses attributable to the exempted

CT EDUCATIONAL SOCIETY,JALANDHAR vs. DCIT, CHANDIGARH

In the result, the appeal filed by the Assessee is Partly Allowed for\nStatistical Purposes as per the directions above

Exemption): Rs.10,20,01,948/-\nDisallowance of Interest (on advances to specified persons): Rs.\n10,61,466/-\nΟ\nDisallowance of Salary to Specified Persons: Rs.21,02,000/- (Deletion\nupheld by CIT(A))\nΟ\nRestriction of Depreciation

KANDI FRIENDS EDUCATIONAL TRUST,ROPAR vs. DEPUTY COMMISSIONER OF INCOME TAX, CHANDIGARH

In the result, both the appeals are allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

depreciation on such capital asset whose cost was claimed towards application of income. In other words, if 85% of ITA Nos. 797 & 798/CHD/2024 A.Y.2014-15 & 2015-16 27 the income of the Trust is applied on its objective, then it will not be taxable. Hence, if a capital asset is being purchased from that money, which was claimed as exemption

KANDI FRIENDS EDUCATIONAL TRUST,ROPAR vs. DEPUTY COMMISSION OF INCOME TAX, CL. 1, EXEMPTION, CHANDIGARH

In the result, both the appeals are allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

depreciation on such capital asset whose cost was claimed towards application of income. In other words, if 85% of ITA Nos. 797 & 798/CHD/2024 A.Y.2014-15 & 2015-16 27 the income of the Trust is applied on its objective, then it will not be taxable. Hence, if a capital asset is being purchased from that money, which was claimed as exemption

NAHAR POLY FILMS LIMITED,LUDHIANA vs. DCIT, CIRCLE-1, LUDHIANA

In the result, the appeal is allowed

Bench: Shri A.D. Jain & Dr Krinwant Sahayआयकर अपील सं./ Ita No. 458/Chd/2023 "नधा"रण वष" / Assessment Year: 2015-2016 Nahar Poly Films Limited, Vs. The Dcit, बनाम 375, Industrial Area-A, Circle-1, Ludhiana 141003 Aayakar Bhawan, Rishi Nagar, Ludhiana "थायी लेखा सं./Pan No: Aaacn5708K अपीलाथ"/ Appellant ""यथ"/ Repsondent ( Physical Hearing ) "नधा"रती क" ओर से/Assessee By : Sh. Navdeep Sharma, Advocate राज"व क" ओर से/ Revenue By : Smt. Kusum Bansal, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 29.05.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 19.08.2024 आदेश/Order Per Dr. Krinwant Sahay, A.M.:

exempted dividend income was received. 5. That the Worthy CIT(A) / National Faceless Appeal Centre (NFAC), Delhi, erred in law and on facts in not directing the Ld Assessing Officer to allow the additional depreciation

DCIT-CC-III, LUDHIANA vs. M/S LAXMI ENERGY & FOODS LTD.,, CHANDIGARH

In the result, the appeal of the Revenue is dismissed

Bench: Shri A.D. Jain & Dr Krinwant Sahayआयकर अपील सं./ Ita No. 33/Chd/2021 "नधा"रण वष" / Assessment Year: 2011-12 The Dcit, Vs. M/S Laxmi Energy & Foods बनाम Ltd., Central Circle-Iii, Sco 18-19, Sector 9-D, Ludhiana Ludhiana "थायी लेखा सं./Pan No: Aaacl3147J अपीलाथ"/ Appellant ""यथ"/ Repsondent ( Hybrid Mode ) "नधा"रती क" ओर से/Assessee By : Sh. Sudhir Sehgal, Advocate राज"व क" ओर से/ Revenue By : Shri Rohit Sharma, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 06.06.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 10.07.2024 आदेश/Order Per Dr. Krinwant Sahay, A.M.:

depreciation when the assessee has not discharged its initial burden in view of the facts that there was enough evidence on record showing the possibility of non-user of the asset? 3. Whether on the facts and in the circumstances of the user and in law, the Ld. CIT(A) is justified in holding total tax exempt

BABA HIRA SINGH BHATTAL INSTITUTE OF ENGINEERING & TECHNOLOGY,LEHRAGAGA vs. DCIT, (E), C-1, CHANDIGARH

In the result, the appeal is allowed

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

exempt from tax. ITA 870/CHD/2019 A.Y. 2015-16 30 28. Accordingly, finding the grievance of the assessee by way of Ground No.3 to be justified, the same is accepted. 29. Ground No.4 pertains to and challenges the action of the ld. CIT(A) in upholding the disallowance of depreciation

JCIT(OSD), C-1, (E), CHANDIGARH vs. THE SIKH EDUCATIONAL SOCIETY, PATIALA

Bench: The Ld. Cit(A) Against Assessment Order Dt. 30/03/2013 Which Was Passed By Additional Commissioner Of Income Tax, Patiala Range, Patiala, Punjab Which Order Is Hereinafter Referred To As “Ao’S Order”.

exemption is denied for more than one reason i.e; less than 85% application for the objects of the Trusts, Non filing of Form No. 10 etc. The income has consequently been worked out under the provisions of Sections 28 to 44 of the Income Tax Act-1961 at Rs. 6,99,19,150/-. The depreciation

THE SIKH EDUCATIONAL SOCIETY,PATIALA vs. ADDL. CIT, RANGE, PATIALA

Bench: The Ld. Cit(A) Against Assessment Order Dt. 30/03/2013 Which Was Passed By Additional Commissioner Of Income Tax, Patiala Range, Patiala, Punjab Which Order Is Hereinafter Referred To As “Ao’S Order”.

exemption is denied for more than one reason i.e; less than 85% application for the objects of the Trusts, Non filing of Form No. 10 etc. The income has consequently been worked out under the provisions of Sections 28 to 44 of the Income Tax Act-1961 at Rs. 6,99,19,150/-. The depreciation