M/S FASTWAY TRANSMISSION (P) LTD.,CHANDIGARH vs. DCIT, CC-II, 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

depreciation rate of 60 % should not be allowed to assessee. 5. Further various submissions made by the assessee during the assessment proceedings are analyzed as under: • However, first of all it is observed that the order of Hon'ble ITAT in the case of CISCO System(India) Pvt. Limited is related to the Audit Video Conferencing devices and depreciation

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)

Section 41 (1) of the IT Act and held that the Respondent had received amortization benefit. Amortization is an accounting term that refers to the process of allocating the cost of an asset over a period of time, hence, it is nothing else than depreciation

M/S IOL CHEMICALS AND PHARMACEUTICALS LTD.,LUDHIANA vs. ADDL. CIT, R-I, LUDHIANA

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

41,705/- is therefore disallowed and capitalized under proviso to section 36(l)(iii) of the I.T. Act The same would form part of the assets and depreciation

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 and Amortization Expenses 4,54,86,758 Other Expenses 3,68,07,307 Total 11,53,61,815 Expenditure (B) Profit from COGEN Division (A-B) 25,88,20,248 (37,41,82,063-11,53,61,815) For clarification of Doubt, we are enclosing Segment-wise copies of statement of Profit & Loss Account

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 and Amortization Expenses 4,54,86,758 Other Expenses 3,68,07,307 Total 11,53,61,815 Expenditure (B) Profit from COGEN Division (A-B) 25,88,20,248 (37,41,82,063-11,53,61,815) For clarification of Doubt, we are enclosing Segment-wise copies of statement of Profit & Loss Account

M/S PAGRO FROZEN FOODS PVT. LTD.,CHANDIGARH vs. ITO, W-2(3), CHANDIGARH

The appeal of the Assessee is dismissed

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

depreciation of the assessee for A.Y. 2014- 15, corresponding to financial year 2013-14. Definitions of certain items relevant to Income from profits and gains of business or profession: 43. In section 28 to 41

M/S HERITAGE EDUCATIONAL SOCIETY,CHANDIGARH vs. DCIT, C-1, (E), CHANDIGARH

depreciation, interest and salary as there is no corresponding income receipt. The income generated through school has been reflected in the books of Delhi Public School. The consolidated result of the society and the School is excess of income over expenditure. This is regular practice of the society, therefore, you are requested reopen the cases of the society

M/S HERITAGE EDUCATIONAL SOCIETY,CHANDIGARH vs. DCIT, C-1, (E), CHANDIGARH

depreciation, interest and salary as there is no corresponding income receipt. The income generated through school has been reflected in the books of Delhi Public School. The consolidated result of the society and the School is excess of income over expenditure. This is regular practice of the society, therefore, you are requested reopen the cases of the society

M/S HERITAGE EDUCATIONAL SOCIETY,CHANDIGARH vs. DCIT, C-1, (E), CHANDIGARH

depreciation, interest and salary as there is no corresponding income receipt. The income generated through school has been reflected in the books of Delhi Public School. The consolidated result of the society and the School is excess of income over expenditure. This is regular practice of the society, therefore, you are requested reopen the cases of the society

KAKA SINGH ALIAS GULJAR SINGH,PATIALA vs. INCOME TAX OFFICER , PATIALA

section 57.\nThe said provision reads thus:\n\"57. Deductions.-The income chargeable under the head 'Income from other\nsources' shall be computed after making the following deductions, namely :.\n(iv) in the case of income of the nature referred to in clause (viii) of sub-\nsection (2) of section 56, a deduction of a sum equal to fifty

PUNJAB BEVERAGES PVT. LTD.,PATIALA vs. DCIT, CIRCLE, PATIALA

Bench: Shri Sanjay Garg & Smt.Annapurna Guptaआयकर अपील सं./ Ita No.438/Chd/2018 "नधा"रण वष" / Assessment Year : 2001-02

section 41 (1) of the Act, as directed by the Hon'ble Tribunal. It was further stated that the appellant had diligently furnished before the AO, in the remand proceedings, a chart of the cumulative unabsorbed depreciation

DCIT, CIRCLE, PATIALA vs. M/S PUNJAB BEVERAGES PVT. LTD., PATIALA

Bench: Shri Sanjay Garg & Smt.Annapurna Guptaआयकर अपील सं./ Ita No.438/Chd/2018 "नधा"रण वष" / Assessment Year : 2001-02

section 41 (1) of the Act, as directed by the Hon'ble Tribunal. It was further stated that the appellant had diligently furnished before the AO, in the remand proceedings, a chart of the cumulative unabsorbed depreciation

DCIT (EXEMPTIONS), CHANDIGARH vs. APEEJAY EDUCATION SOCIETY, LUDHIANA

In the result, the appeal filed by the Revenue and Cross objection

Bench: Shri N.K. Saini & Shrir.L Negi

section 11(5) of the Act, Rs. 2,35,00,000/- on account of bogus purchases and depreciation of Rs. 1,41

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)

Section 147 is attracted. The reasons to believe ought to also paraphrase any investigation report which may form the basis of the reasons and any enquiry conducted by the AO on the same and if so, the conclusions thereof; (iii) where the reasons make a reference to another document, whether as a letter or report, such document and/ or relevant

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

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)

41(1)(a) of the Act; that it is, therefore, eligible for deduction under section 80IB ; and that otherwise also, since the payment of excise duty is directly linked with the manufacturing of goods, refund of excise duty has to be treated as income derived from eligible business as provided under section 80IB. 4.10 We do not find any variance

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)

41(1)(a) of the Act; that it is, therefore, eligible for deduction under section 80IB ; and that otherwise also, since the payment of excise duty is directly linked with the manufacturing of goods, refund of excise duty has to be treated as income derived from eligible business as provided under section 80IB. 4.10 We do not find any variance