ACIT, CIRCLE 1(1), CHANDIGARH vs. M/S SML ISUZU LTD., CHANDIGARH

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

depreciation allowance or any other allowance under the Act has been computed. [Para 5] In the instant case, after the service of the notice under section 148, the assessee had filed its objections for reopening the assessment to the effect that in the light of the binding decision of High Court and the decision of the Tribunal there

ASSISTANT COMMISSIONER OF INCOME TAX, PANCHKULA CIRCLE, PANCHKULA, PANCHKULA vs. VENUS REMEDIES LIMITED, CHANDIGARH

In the result, the appeal of the Revenue is dismissed

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

224/- was waived by the lender pursuant to a One Time Settlement (OTS). The Ld. AO treated this waiver as taxable income under Section 28(iv) of the Income Tax Act, 1961, holding it to be a benefit arising from the assessee's business, and added the said amount to the total income. 4. The assessee carried the matter

M/S ASHA TECHNOLOGIES,SIRMOUR vs. ADDL. CIT, SOLAN

In the result, both the above appeals of the Assessee are partly allowed as aforesaid in respect of impugned orders dt

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

224/ electricity expenses, Wages RS.51,032/- etc. It is not possible to enjoy production of more than Rs.Two Crore with such a petty amount of expenditure incurred on manufacturing. The nominal amount of expenditure incurred on consumables is also evidence that there was no manufacturing activity going on. Consumables shown in ledger book are expenditure incurred by the asssessee

M/S ASHA TECHNOLOGIES,KALA AMB vs. ITO, SIRMOUR

In the result, both the above appeals of the Assessee are partly allowed as aforesaid in respect of impugned orders dt

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

224/ electricity expenses, Wages RS.51,032/- etc. It is not possible to enjoy production of more than Rs.Two Crore with such a petty amount of expenditure incurred on manufacturing. The nominal amount of expenditure incurred on consumables is also evidence that there was no manufacturing activity going on. Consumables shown in ledger book are expenditure incurred by the asssessee