M/S FASTWAY TRANSMISSION (P) LTD.,CHANDIGARH vs. ACIT, CHANDIGARH

In the result the captioned appeals of the assessee are

Bench: Shri N.K. Saini & Shri Sanjay Gargआयकर अपील सं./ Ita No.547/Chd/2017 "नधा"रण वष" / Assessment Year : 2013-14

section 131 of the Act, reaffirmed that the transaction was that of a loan. L. That the assessee through letter dated 24.2.2014 addressed to DDIT(Investigation) had stated that it had shown the lease finance as unsecured loan in its books. M. That CISCO is a Non Banking Finance Company (NBFC) and its main activity is of financing

ACIT, CC-2, CHANDIGARH vs. M/S TJR PROPERTIES PVT. LTD., CHANDIGARH

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

depreciation on vehicle to the extent of Rs. 9,11,4884/- without any justification. 15. That the appellant craves leave to add, alter, amend or withdraw any grounds of appeal before the final hearing. 2.1 The following additional Grounds have also been taken by the Assessee: 1. That the approval u/s 153D was granted by the JCIT without application

M/S TJR PROPERTIES PVT. LTD.,CHANDIGARH vs. ACIT, CC-2, CHANDIGARH

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

depreciation on vehicle to the extent of Rs. 9,11,4884/- without any justification. 15. That the appellant craves leave to add, alter, amend or withdraw any grounds of appeal before the final hearing. 2.1 The following additional Grounds have also been taken by the Assessee: 1. That the approval u/s 153D was granted by the JCIT without application

LAKHVIR KAUR,MOHALI vs. DCIT/ACIT(CEN)-2, CHANDIGARH

In the result, both the above appeals of the Assessee are\nallowed

depreciation and interest on car loan.\n7. That on the facts and circumstances of the case, the Ld.\nAdditional Commissioner of Income Tax, Range Central failed to\napply due application of mind in giving approval u/s 153D of the\nAct and as such the order deserves to be quashed on this ground\nalone.\n8. That the appellant craves leave

LAKHVIR KAUR,MOHALI, CHANDIGARH vs. DCIT/ACIT(CEN)-2 CHD, CHANDIGARH

In the result, both the above appeals of the Assessee are\nallowed

depreciation and interest on car loan.\n7. That on the facts and circumstances of the case, the Ld.\nAdditional Commissioner of Income Tax, Range Central failed to\napply due application of mind in giving approval u/s 153D of the\nAct and as such the order deserves to be quashed on this ground\nalone.\n8. That the appellant craves leave

HIMACHAL PRADESH BOARD OF SCHOOL EDUCATION,KANGRA vs. DCIT (E), C-2, CHANDIGARH

In the result, appeals of the assessee are allowed for statistical purposes

Bench: Ms. Diva Singh & Dr.B.R.R.Kumar

131 of the Income Tax Act in answer to question No. 1 has categorically admitted that Board has received Rs. 24.66 Cr for distribution of free textbooks to the students belonging to reserved categories. The total book income on this issue was of Rs. 34.19 Cr which would clearly prove that assessee Board exists for the purpose of profit

M/S TJR PROPERTIES PVT. LTD.,CHANDIGARH vs. ACIT, CC-2, CHANDIGARH

In the result, the Appeal is partly allowed

Bench: Shri A.D. Jain & Shri Vikram Singh Yadav

depreciation on vehicle to the extent of Rs. 9,01,873/- without any justification. ITA 4/CHD/2023 A.Y. 2015-16 3 12. That the appellant craves leave to add, alter, amend or withdraw any grounds of appeal before the final hearing. 3.1 The assessee has also raised the following additional grounds : 1. That the approval u/s 153D was granted

ACIT-CIRCLE-2(1), CHANDIGARH vs. M/S FASTWAY TRANSMISSIONS PVT.LTD.,, CHANDIGARH

In the result, appeals filed by the Revenue and Cross objections filed by

Bench: Shri N.K. Saini & Shri R.L Negiआयकर अपील सं./Ita Nos. 315 & 316/Chd/2020 िनधा"रण वष" / Assessment Years : 2016-17 & 2017-18 The Acit, M/S Fastway Transmissions Pvt. Ltd., बनाम Circle-2(1), Plot No.17, Industrial Area-1, Chandigarh Chandigarh

131 of Shri Sushil Thakur the economic life span is 3 to 4 years. Even otherwise the assessee has charged depreciation of these assets @ 27.82% (page 176 7 ITA No. 315 & 316-c-2020 for AY 2016-17 & 2017-18 & C.O. Nos 1 & 2-C-2021 AY 2016-17 & 2017-18 – M/s Fastway Transmissions Pvt. Ltd, Chandigarh

ACIT,CIRCLE-2(1), CHANDIGARH vs. M/S FASTWAY TRANSMISSIONS PVT.LTD., CHANDIGARH

In the result, appeals filed by the Revenue and Cross objections filed by

Bench: Shri N.K. Saini & Shri R.L Negiआयकर अपील सं./Ita Nos. 315 & 316/Chd/2020 िनधा"रण वष" / Assessment Years : 2016-17 & 2017-18 The Acit, M/S Fastway Transmissions Pvt. Ltd., बनाम Circle-2(1), Plot No.17, Industrial Area-1, Chandigarh Chandigarh

131 of Shri Sushil Thakur the economic life span is 3 to 4 years. Even otherwise the assessee has charged depreciation of these assets @ 27.82% (page 176 7 ITA No. 315 & 316-c-2020 for AY 2016-17 & 2017-18 & C.O. Nos 1 & 2-C-2021 AY 2016-17 & 2017-18 – M/s Fastway Transmissions Pvt. Ltd, Chandigarh

SURINDER KUMAR,LUDHIANA vs. DCIT, LUDHIANA

The appeal of the Assessee is partly allowed for statistical purposes

Bench: Itat Shall Not Be Filed In Cases Where The Tax Effect Does Not Exceed The Monetary Limit Of Rs. 20 Lacs. The Tax Will Not Include Any Interest Thereon. It Is Further Clarified That If In The Case Of An Assessee, Disputed Issues Arise In More Than One Assessment Year, Appeal Can Be Filed In Respect Of Such Assessment Year Or Years In Which The Tax Effect In Respect Of Disputed Issues Exceeds The Monetary Limit So Specified.

section 131 could not be served on Ms. Poonam Jain. Their income tax returns along with computation of income are not available on record according to the A.O. Mere furnishing of PAN and confirmed copy of account does not amount to discharging of onus. Just because a transaction is routed through banking channels, it cannot be held to be genuine

INCOME TAX OFFICER, LUDHIANA vs. SH SURENDER KUMAR PROP, LUDHIANA

The appeal of the Assessee is partly allowed for statistical purposes

Bench: Itat Shall Not Be Filed In Cases Where The Tax Effect Does Not Exceed The Monetary Limit Of Rs. 20 Lacs. The Tax Will Not Include Any Interest Thereon. It Is Further Clarified That If In The Case Of An Assessee, Disputed Issues Arise In More Than One Assessment Year, Appeal Can Be Filed In Respect Of Such Assessment Year Or Years In Which The Tax Effect In Respect Of Disputed Issues Exceeds The Monetary Limit So Specified.

section 131 could not be served on Ms. Poonam Jain. Their income tax returns along with computation of income are not available on record according to the A.O. Mere furnishing of PAN and confirmed copy of account does not amount to discharging of onus. Just because a transaction is routed through banking channels, it cannot be held to be genuine

M/S HEADMASTER SALOON PVT.LTD.,CHANDIGARH vs. DCIT-CIRCLE-1(1), CHANDIGARH

In the result, appeal of the assessee is allowed for statistical purposes

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

131/- only. Thus the surrendered income of Rs. 1,35,00,000/- on the account of “the discrepancies in the books of accounts” was not declared by the assesee in the Income Tax Return independently. Thus it was seen that the assessee had failed to honour the voluntary surrender that was made by him vide surrender letter dt. 05/03/2014

ACIT, CC-2, CHANDIGARH vs. M/S TJR PROPERTIES PVT. LTD., CHANDIGARH

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

depreciation on vehicle to the extent of Rs.5,62,672/- without any justification. 11. That the appellant craves leave to add, alter, amend or withdraw any grounds of appeal before the final hearing. 2.1 The following additional Grounds have also been taken by the Assessee: 1. That the approval u/s 153D was granted by the JCIT without application of mind

M/S TJR PROPERTIES PVT. LTD.,CHANDIGARH vs. ACIT, CC-2, CHANDIGARH

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

depreciation on vehicle to the extent of Rs.5,62,672/- without any justification. 11. That the appellant craves leave to add, alter, amend or withdraw any grounds of appeal before the final hearing. 2.1 The following additional Grounds have also been taken by the Assessee: 1. That the approval u/s 153D was granted by the JCIT without application of mind

M/S TJR PROPERTIES PVT. LTD.,CHANDIGARH vs. ACIT, CC-2, CHANDIGARH

In the result, the Appeal is partly allowed

Bench: Shri A.D. Jain & Shri Vikram Singh Yadav

depreciation of car without any discussion in the Appellate Order. 11. That the Appellant craves leave to add, alter, amend or withdraw any grounds of appeal before the final hearing. ITA 738/CHD/2022 A.Y. 2016-17 3 3. The assessee has also raised the following additional grounds : 1. That the approval u/s 153D was granted by the JCIT without application

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 disallowed and excess of income 2,82,41,720 over expenditure Total Taxable Income 10,47,74,451 5. The assessee has taken eight grounds of appeal in assessment year 2014-15 and ten grounds of appeal in assessment year 2015-16. In brief, its grievance revolves around the additions noticed by us in the above table and rest

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 disallowed and excess of income 2,82,41,720 over expenditure Total Taxable Income 10,47,74,451 5. The assessee has taken eight grounds of appeal in assessment year 2014-15 and ten grounds of appeal in assessment year 2015-16. In brief, its grievance revolves around the additions noticed by us in the above table and rest

SH. GURINDER MAKKAR,LUDHIANA vs. DCIT, CC-3, LUDHIANA

In the result, the appeal of the assessee is disposed off in light of aforesaid directions

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

depreciation of such building would result in double taxation. 6.9 It was submitted that as the assessee has duly paid tax on all such amount of surrender made by the assessee, therefore, making additions of the same amount to the total income of the assessee are wholly invalid as it results 'double taxation and therefore, against the principles of natural