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 calculated as Income Tax Act from Book Profit calculated in the Profit and Loss of Power Division. " Moreover, as per section 80

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 calculated as Income Tax Act from Book Profit calculated in the Profit and Loss of Power Division. " Moreover, as per section 80

SHIVA SPECIALITY YARNS LTD.,LUDHIANA vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-I, LUDHIANA

Appeal of the assessee is allowed for

Bench: Shri Rajpal Yadav & Shri Vikram Singh Yadav

depreciation. The AO was of the view that business loss of Rs.19,26,39,748/- is not allowable to the assessee because the return under Section 139(1) was not filed within the time limit provided in Section 139(3) of the Income Tax Act. The AO further observed that as per Section 80

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 and late submission of Form 3AA, and therefore, does not apply to the facts of the case of the assessee, in view of the specific provisions of section 80

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), CHANDIGARH, CHANDIGARH vs. UNIPRO TECHNO INFRASTRUCTURE PVT LTD, CHANDIGARH

In the result, the order of the ld CIT(A) is confirmed and the grounds of appeal taken by the Revenue are dismissed

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

section 80 IA placed at paper book page No. 29 to 35. The relevant queries raised in the questionnaire are as follows:” “5. As per information filed by you, it has seen that you had undertaken contract for providing lift water supply scheme from Executive Engineer, IPH and claimed this income as exempt u/s 80IA and got sub-contract from

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

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

In the result, appeal of the assessee is allowed

80-IA for transfer of steam. 4. That the Ld. AO/TPO erred on facts and in law in initiating penalty proceedings u/s 271(l)(c) of the Income Tax Act 1961 despite the fact that complete information was disclosed and nothing was concealed. 5. The assessee craves leave to alter, amend or withdraw all or any of the objections herein

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)

80 IC. Counsel of the assessee has also referred to a case reported in 225 ITR 814 (SC). In the reported case assessee is carrying out business of sale and purchase of chillies. The chillies purchased by the assessee are sorted, graded as per Agmark specifications. Better quality chillies are picked up and sorted out for export and before export

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)

80 IC. Counsel of the assessee has also referred to a case reported in 225 ITR 814 (SC). In the reported case assessee is carrying out business of sale and purchase of chillies. The chillies purchased by the assessee are sorted, graded as per Agmark specifications. Better quality chillies are picked up and sorted out for export and before export

ASPEE SONS,SOLAN vs. INCOME TAX OFFICER, PARWANOO, PARWANOO

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

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

80-IC of the Income Tax Act, 1961. The case was selected for scrutiny and assessment was completed under Section 143(3) on 18.11.2016, wherein the Ld. AO made two disallowances: (i) Rs. 18,33,710/- towards ineligible profits from insurance claims and foreign exchange fluctuation not derived from manufacturing activity, and (ii) Rs. 9,86,497/- for excess deduction

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

M/S VARDHMAN TEXTILES LIMITED,LUDHIANA vs. DCIT, 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)

80 IA on insurance claim, Foreign Exchange Rate, interest from customers / suppliers, and commission from Ocean Freight. Such deduction was, however, disallowed on miscellaneous income and interest from banks. 16.2 The assessee has up against the confirmation of reduction of rent received of Rs. 2,09,73,193/-, miscellaneous income of Rs. 65,47,626/- and interest from banks

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)

80 IA on insurance claim, Foreign Exchange Rate, interest from customers / suppliers, and commission from Ocean Freight. Such deduction was, however, disallowed on miscellaneous income and interest from banks. 16.2 The assessee has up against the confirmation of reduction of rent received of Rs. 2,09,73,193/-, miscellaneous income of Rs. 65,47,626/- and interest from banks

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)

80 IA on insurance claim, Foreign Exchange Rate, interest from customers / suppliers, and commission from Ocean Freight. Such deduction was, however, disallowed on miscellaneous income and interest from banks. 16.2 The assessee has up against the confirmation of reduction of rent received of Rs. 2,09,73,193/-, miscellaneous income of Rs. 65,47,626/- and interest from banks

ACIT,CIRCLE-1, LUDHIANA vs. M/S VARDHMAN TEXTILES LTD., 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)

80 IA on insurance claim, Foreign Exchange Rate, interest from customers / suppliers, and commission from Ocean Freight. Such deduction was, however, disallowed on miscellaneous income and interest from banks. 16.2 The assessee has up against the confirmation of reduction of rent received of Rs. 2,09,73,193/-, miscellaneous income of Rs. 65,47,626/- and interest from banks

DCIT, C-1, LUDHIANA vs. M/S VARDHMAN TEXTILES LIMITED, 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)

80 IA on insurance claim, Foreign Exchange Rate, interest from customers / suppliers, and commission from Ocean Freight. Such deduction was, however, disallowed on miscellaneous income and interest from banks. 16.2 The assessee has up against the confirmation of reduction of rent received of Rs. 2,09,73,193/-, miscellaneous income of Rs. 65,47,626/- and interest from banks

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

CEIGALL INDIA LIMITED, LUDHIANA,LUDHIANA vs. PRINCIPAL COMMISSIONER OF INCOME TAX, LUDHIANA, LUDHIANA

In the result, the appeal of the assessee stands allowed

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

depreciation as per provisions of Income Tax Act. 5.6 From the summary of the findings of the Ld. PCIT reproduced hereinabove we can safely conclude that The AO did conduct enquiries on all scrutiny issues, considered assessee’s  submissions, and recorded findings. The PCIT has not demonstrated what specific further enquiry was  necessary or how AO’s view was unsustainable

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

80,000 Disallowance of Travelling Expenses 3,11,689 Disallowance of Interest on Advances related to 12,09,345 AME Course Disallowance of Revenue Expenditure on AME 14,23,348 Course Non-utilisation of accumulated Funds (FY 2013- 2,90,55,422 14) Excess income over expenditure 1,65,94,302 Total Taxable income