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

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. 7. That the detail, bifurcation and evidence of all expenses attributable to the exempted and non-exempted units were provided/submitted to the Transfer Pricing Officer and Assessing Officer during

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. 7. That the detail, bifurcation and evidence of all expenses attributable to the exempted and non-exempted units were provided/submitted to the Transfer Pricing Officer and Assessing Officer during

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)

64-65, Sector 17-A, Chandigarh Ward 2(3), Chandigarh "ायी लेखा सं./PAN NO: AAFCP2906A अपीलाथ"/Appellant ""थ"/Respondent िनधा"रती की ओर से/Assessee by : Shri Vineet Krishan, Advocate राज" की ओर से/ Revenue by : Shri Dharam Vir, JCIT, Sr. DR सुनवाई की तारीख/Date of Hearing : 21/05/2024 उदघोषणा की तारीख/Date of Pronouncement : 31/07/2024 आदेश/Order

ITO, WARD (E), CHANDIGARH vs. SANT BABA SUNDER SINGH, BARNALA

In the result the appeal of the revenue is dismissed said order was pronounced in the open court at the time of hearing itself

Bench: Ms. Diva Singhassessment Year: 2008-09

Section 12A in true spirit as he didn't allowed the benefit of capital expenditure during the year. DETAILED CHART OF UTILISATION Gross Receipts 1,13,17,682/- Gross Expenses 92,59,436/- As per receipt and Payment Account SURPLUS (As per Receipt & Payment A/c) 20,58,246/- ADD: Depreciation as per books 31,64

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

SH. MOHIT MITTAL PROP. MITTAL ENTERPRISES,LUDHIANA, PUNJAB vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE - 1 LUDHIANA, LUDHIANA, PUNJAB

In the result, appeal is allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

64,470/-. A survey action under Section 133A of the Income Tax Act was conducted upon the business premises of the assessee on 05.03.2020. During the course of survey operation, assessee had made surrender of Rs.1,50,00,000/- which included Rs.48,48,280/- incurred on account of renovation of office building and Rs.52,01,761/- on account of alleged

SHRI BALBIR SINGH VERMA,SHIMLA vs. PR.CIT, SHIMLA

In the result, appeal of the Assessee is allowed

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

depreciation, maintenance costs, and insurance for vehicles, one of which was a Toyota Fortuner. The AO suspected that the vehicles might have been used partly for personal purposes and not entirely for business. As a result, and in line with decisions made in previous years, the AO disallowed an amount of Rs.60,000 on an ad-hoc basis from

KHANNA INFRABUILD PRIVATE LIMITED 2000-1A, SUKHDEV NAGAR FEROZEPUR ROAD, LUDHIANA,LUDHIANA vs. THE DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2 LUDHIANA, LUDHIANA

In the result, the ground of appeal is allowed

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

section 35AD, it is very much clear that the deduction is allowable of the expenditure, which is capitalized in the books of accounts and the same is allowable in the previous year, in which the commencement of business takes place and ‘hotel’ is one of the ‘specified category'. Further, if the assessee claims such deduction," then no depreciation is allowed

KHANNA INFRABUILD PRIVATE LIMITED ,LUDHIANA vs. THE DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL CIRCLE)-2 LUDHIANA, LUDHIANA

In the result, the ground of appeal is allowed

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

section 35AD, it is very much clear that the deduction is allowable of the expenditure, which is capitalized in the books of accounts and the same is allowable in the previous year, in which the commencement of business takes place and ‘hotel’ is one of the ‘specified category'. Further, if the assessee claims such deduction," then no depreciation is allowed

KHANNA INFRABUILD PRIVATE LIMITED ,LUDHIANA vs. THE DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL CIRCLE)-2, LUDHIANA, LUDHIANA

In the result, the ground of appeal is allowed

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

section 35AD, it is very much clear that the deduction is allowable of the expenditure, which is capitalized in the books of accounts and the same is allowable in the previous year, in which the commencement of business takes place and ‘hotel’ is one of the ‘specified category'. Further, if the assessee claims such deduction," then no depreciation is allowed

NAHAR INDUSTRIAL ENTERPRISES LTD.,LUDHIANA vs. ACIT, C-7, LUDHIANA

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

Bench: Shri N.K. Saini & Shri R.L Negiआयकर अपील सं./Ita No. 1554/Chd/2019 "नधा"रणवष" / Assessment Years : 2009-10 Nahar Industrial Enterprises The Acit, Circle-7, बनाम Limited, Focal Point, Aayakar Bhawan, Ludhiana Rishi Nagar, Ludhiana Tan No: Aaccn3563A अपीलाथ"/Appellant ""यथ"/Respondent

section 115JB of the Act inter alia making addition of Rs. 60,86,81,068/- on account of repurchase of Foreign Currency Convertible Bonds (FCCB). The assessee challenged the assessment order before the Ld. CIT(A). The Ld. CIT(A) after hearing the assessee partly allowed the appeal and held that out of Rs. 60.83 crore an amount

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

Section 11 which prohibits claim of 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

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

Section 11 which prohibits claim of 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

SH. DHARAM PAL AGGARWAL,LUDHIANA vs. ACIT, LUDHIANA

In the result appeal of the Assessee is partly allowed

Bench: Shri N.K. Sainiassessment Year: 2012-13

depreciation, telephone and travelling expenses on account of estimated personal use thereof. 3. Vide ground no. 1 the grievance of the assessee relates to the sustenance of disallowance of Rs. 13,77,730/- made by the Assessing Officer by invoking the provisions of Section 36(1)(iii) of the Income Tax Act, 1961 (hereinafter referred to as ‘Act’). 4. Facts

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

M/S NECTAR LIFESCIENCE LTD.,CHANDIGARH vs. DCIT, C-1(1), CHANDIGARH

In the result, appeal of the assessee is allowed

section 92C of the Act to the TPO for determining the arms length price in respect of specific domestic transaction undertaken by the assessee. The TPO after examining the transfer pricing adjustment and analyzing the specific domestic transaction with associated enterprises, proceeded to bench mark the power from eligible unit to non eligible unit specifically supply of electricity and steam

NARENDER KAUR,KURUKSHETRA, HARYANA vs. INCOME TAX OFFICER WARD-1 , KURUKSHETRA

section 56, a deduction of a sum equal to fifty per cent. of such\nincome and no deduction shall be allowed under any other clause of this\nsection.\"\n21. The Assessing Officer in I. T. A. No. 132 of 2018 where the assessee had\nreceived Rs.11,30,561 as interest income, held that the interest payment\nreceived on compensation/enhanced compensation