IND SWIFT LABORATORIES LTD.,CHANDIGARH vs. DCIT, CIRCLE 1(1), CHANDIGARH

In the result, the appeal is allowed, as indicated

Bench: SHRI A.D.JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

36(l)(iii) as: • The loans and advances were given for commercial expediency. • The company has surplus funds during all the previous years since AY 2005-06 to AY 2017-18 and first time Loans & advances to related parties were given in AY 2006-07. • Part of these loans and advances were received back during the year. • The borrowings

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, as the case may be, for the assessment year concerned (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year): Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall

VIRGO ALUMINUM LTD.,SIRMOUR vs. PR. C.I.T., CIRCLE, PATIALA

In the result, appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Shri Vikram Singh Yadavआयकर अपील सं./ Ita No. 438/Chd/2022 "नधा"रण वष" / Assessment Year : 2017-18

depreciation if form 3AA was not filed along with the return of income but same was filed during the assessment proceedings before final order of assessment was made. 1. Allowability of deduction u/s 80-IB if the Form 10CCB has not been field along with the return of income but before the final order of assessment was made. Since both

ASSTT.COMMISSIONER OF INCOME TAX, LUDHIANA vs. M/S MRS.BECTORS FOOD SPECILTIES LTD, LUDHIANA

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

depreciation chart prepared by the assessee for Noida Unit shows the following plant and machinery under the head "fixed assets": - Sr. No. Particulars of assets Balance as on 31st March 2006 1 Crates and Moulds 39,38,644/- 2 Generator 1,86,916/- 3 Misc. Fixed Assets 18,65,078/- 4 Plant & Machinery 55,96,008/- 5 Transformer 1

ASSTT.COMMISSIONER OF INCOME TAX, LUDHIANA vs. M/S MRS.BECTORS FOOD SPECILTIES LTD, LUDHIANA

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

depreciation chart prepared by the assessee for Noida Unit shows the following plant and machinery under the head "fixed assets": - Sr. No. Particulars of assets Balance as on 31st March 2006 1 Crates and Moulds 39,38,644/- 2 Generator 1,86,916/- 3 Misc. Fixed Assets 18,65,078/- 4 Plant & Machinery 55,96,008/- 5 Transformer 1

ASSTT.COMMISSIONER OF INCOME TAX, LUDHIANA vs. M/S MRS.BECTORS FOOD SPECILTIES LTD, LUDHIANA

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

depreciation chart prepared by the assessee for Noida Unit shows the following plant and machinery under the head "fixed assets": - Sr. No. Particulars of assets Balance as on 31st March 2006 1 Crates and Moulds 39,38,644/- 2 Generator 1,86,916/- 3 Misc. Fixed Assets 18,65,078/- 4 Plant & Machinery 55,96,008/- 5 Transformer 1

ASSTT.COMMISSIONER OF INCOME TAX, LUDHIANA vs. M/S MRS.BECTORS FOOD SPECILTIES LTD, LUDHIANA

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

depreciation chart prepared by the assessee for Noida Unit shows the following plant and machinery under the head "fixed assets": - Sr. No. Particulars of assets Balance as on 31st March 2006 1 Crates and Moulds 39,38,644/- 2 Generator 1,86,916/- 3 Misc. Fixed Assets 18,65,078/- 4 Plant & Machinery 55,96,008/- 5 Transformer 1

ACIT, LUDHIANA vs. M/S MRS. BECTORS FOOD SPECIALTIES PVT. LTD., LUDHIANA

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

depreciation chart prepared by the assessee for Noida Unit shows the following plant and machinery under the head "fixed assets": - Sr. No. Particulars of assets Balance as on 31st March 2006 1 Crates and Moulds 39,38,644/- 2 Generator 1,86,916/- 3 Misc. Fixed Assets 18,65,078/- 4 Plant & Machinery 55,96,008/- 5 Transformer 1

ASSTT.COMMISSIONER OF INCOME TAX, LUDHIANA vs. M/S MRS.BECTORS FOOD SPECILTIES LTD, LUDHIANA

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

depreciation chart prepared by the assessee for Noida Unit shows the following plant and machinery under the head "fixed assets": - Sr. No. Particulars of assets Balance as on 31st March 2006 1 Crates and Moulds 39,38,644/- 2 Generator 1,86,916/- 3 Misc. Fixed Assets 18,65,078/- 4 Plant & Machinery 55,96,008/- 5 Transformer 1

WINSOME TEXTILE INDUSTRIES LIMITED,CHANDIGARH vs. ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-4(1), CHANDIGARH, CHANDIGARH

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

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

depreciation allowance or any other allowance under this Act has been computed." 30. A perusal of the above provision shows that the power to assess or re- assess the escaped income for any assessment year has been conferred upon the Assessing Officer where he has reason to believe that the income chargeable to tax has escaped assessment. However, in cases

PAWAN KUMAR,FATEHABAD vs. INCOME TAX OFFICER WARD-1, FATEHABAD

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

Section 16 or Section 17 of the Act. We, therefore, hold that the statutory interest paid under Section 34 of the Act is interest paid for the delayed payment of the compensation amount and, therefore, is a revenue receipt liable to tax under the Income Tax Act." 9. This position of law has been consistently reiterated by this Court

SH. AMARDEEP SINGH ATHWAL,YAMUNANAGAR vs. ITO, WARD-1, YAMUNANAGAR

Bench: BEFORE: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

Section 16 or Section 17 of the Act. We, therefore, hold that the statutory interest paid under Section 34 of the Act is interest paid for the delayed payment of the compensation amount and, therefore, is a revenue receipt liable to tax under the Income Tax Act." 9. This position of law has been consistently reiterated by this Court

RANJIT SINGH,PANCHKULA vs. DEPUTY DIRECTOR, CPC DEPARTMENT

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

Section 16 or Section 17 of the Act. We, therefore, hold that the statutory interest paid under Section 34 of the Act is interest paid for the delayed payment of the compensation amount and, therefore, is a revenue receipt liable to tax under the Income Tax Act." 9. This position of law has been consistently reiterated by this Court

SAROJ CHAUDHARY BALA,PANCHKULA vs. ITO, WARD-4, PANCHKULA

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

Section 16 or Section 17 of the Act. We, therefore, hold that the statutory interest paid under Section 34 of the Act is interest paid for the delayed payment of the compensation amount and, therefore, is a revenue receipt liable to tax under the Income Tax Act." 9. This position of law has been consistently reiterated by this Court

BALBIR KUMAR HUF,CHANDIGARH vs. ITO , CHANDIGARH

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

Section 16 or Section 17 of the Act. We, therefore, hold that the statutory interest paid under Section 34 of the Act is interest paid for the delayed payment of the compensation amount and, therefore, is a revenue receipt liable to tax under the Income Tax Act." 9. This position of law has been consistently reiterated by this Court

INCOME TAX OFFICER, FATEHABAD vs. MAHESH NAGPAL, FATEHABAD

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

Section 16 or Section 17 of the Act. We, therefore, hold that the statutory interest paid under Section 34 of the Act is interest paid for the delayed payment of the compensation amount and, therefore, is a revenue receipt liable to tax under the Income Tax Act." 9. This position of law has been consistently reiterated by this Court

SMT. SHANKRI DEVI,PANCHKULA vs. ACIT, PANCKULA CIRCLE, PANCHKULA

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

Section 16 or Section 17 of the Act. We, therefore, hold that the statutory interest paid under Section 34 of the Act is interest paid for the delayed payment of the compensation amount and, therefore, is a revenue receipt liable to tax under the Income Tax Act." 9. This position of law has been consistently reiterated by this Court

SH. AMARDEEP SINGH ATHWAL,YAMUNANAGAR vs. ITO, WARD-1, YAMUNANAGAR

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

Section 16 or Section 17 of the Act. We, therefore, hold that the statutory interest paid under Section 34 of the Act is interest paid for the delayed payment of the compensation amount and, therefore, is a revenue receipt liable to tax under the Income Tax Act." 9. This position of law has been consistently reiterated by this Court