ITO, WARD-6(1), MOHALI vs. QUARKCITY INDIA PVT. LTD., MPHALI

In the result, the appeal filed by the Revenue is dismissed

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

section 32 of the Income Tax Act. The depreciation claimed against work in progress is not claimed by the appellant. As the items on which depreciation was claimed are part of finished building, being used or are ready to be used by the appellant, there is no basis for a summary disallowance of 50% by the assessing officer

ITO, WARD-6(1), MOHALI vs. QUARKCITY INDIA PVT. LTD., MPHALI

In the result, the appeal filed by the Revenue is dismissed

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

section 32 of the Income Tax Act. The depreciation claimed against work in progress is not claimed by the appellant. As the items on which depreciation was claimed are part of finished building, being used or are ready to be used by the appellant, there is no basis for a summary disallowance of 50% by the assessing officer

ITO, WARD-6(1), MOHALI vs. QUARKCITY INDIA PVT. LTD., MOHALI

In the result, the appeal filed by the Revenue is dismissed

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

section 32 of the Income Tax Act. The depreciation claimed against work in progress is not claimed by the appellant. As the items on which depreciation was claimed are part of finished building, being used or are ready to be used by the appellant, there is no basis for a summary disallowance of 50% by the assessing officer

ITO, WARD-6(1), MOHALI vs. QUARKCITY INDIA PVT. LTD., MOHALI

In the result, the appeal filed by the Revenue is dismissed

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

section 32 of the Income Tax Act. The depreciation claimed against work in progress is not claimed by the appellant. As the items on which depreciation was claimed are part of finished building, being used or are ready to be used by the appellant, there is no basis for a summary disallowance of 50% by the assessing officer

ITO, WARD-6(1), MOHALI vs. QUARKCITY INDIA PVT. LTD., MPHALI

In the result, the appeal filed by the Revenue is dismissed

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

section 32 of the Income Tax Act. The depreciation claimed against work in progress is not claimed by the appellant. As the items on which depreciation was claimed are part of finished building, being used or are ready to be used by the appellant, there is no basis for a summary disallowance of 50% by the assessing officer

ITO, WARD-6(1), MOHALI vs. QUARKCITY INDIA PVT. LTD., MOHALI

In the result, the appeal filed by the Revenue is dismissed

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

section 32 of the Income Tax Act. The depreciation claimed against work in progress is not claimed by the appellant. As the items on which depreciation was claimed are part of finished building, being used or are ready to be used by the appellant, there is no basis for a summary disallowance of 50% by the assessing officer

ITO, WARD-6(1), MOHALI vs. QUARKCITY INDIA PVT. LTD., MOHALI

In the result, the appeal filed by the Revenue is dismissed

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

section 32 of the Income Tax Act. The depreciation claimed against work in progress is not claimed by the appellant. As the items on which depreciation was claimed are part of finished building, being used or are ready to be used by the appellant, there is no basis for a summary disallowance of 50% by the assessing officer

ITO, WARD-6(1), MOHALI vs. QUARKCITY INDIA PVT. LTD., MOHALI

In the result, the appeal filed by the Revenue is dismissed

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

section 32 of the Income Tax Act. The depreciation claimed against work in progress is not claimed by the appellant. As the items on which depreciation was claimed are part of finished building, being used or are ready to be used by the appellant, there is no basis for a summary disallowance of 50% by the assessing officer

ITO, WARD-6(1), MOHALI vs. QUARKCITY INDIA PVT. LTD., MPHALI

In the result, the appeal filed by the Revenue is dismissed

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

section 32 of the Income Tax Act. The depreciation claimed against work in progress is not claimed by the appellant. As the items on which depreciation was claimed are part of finished building, being used or are ready to be used by the appellant, there is no basis for a summary disallowance of 50% by the assessing officer

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

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, as the case may be, for the A.Y. concerned". A bare perusal of the above provisions the AO has power to extend his enquiry beyond reasons recorded on the issue which came to his knowledge during the course of pending proceedings. During the course of pending proceedings it came to the notice

DCIT, C-1 (EXEMPTIONS), CHANDIGARH vs. THE INSTITUTION OF CIVIL ENGINEERS SOCIETY, LUDHIANA

In the result, appeal of the Revenue is dismissed

depreciation)\nRs.6,35,92,364/-\nNet surplus as per Income & Expenditure account\nRs.2,64,44,805/-\nDisallowance of payment made to Global Educational\nConsultants\nRs.1,37,80,000/-\nDisallowance of payment made to Shubhdeep Consultants\nowance of personal vehicle expenses\nRs.2,57,67,8001-\nTaxable Income\nRs.11,21,084/-\nRs.6,71,13,689/-\nITA No.52/CHD/2023

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

M/S JAIN AMAR CLOTHING PRIVATE LIMITED,LUDHIANA vs. DCIT-CC-3, LUDHIANA

In the result, appeal of the assessee is allowed

Bench: Or At The Time Of Hearing.

92,130/- which was processed under section 143(1) of the Income Tax Act, 1961 (hereinafter referred to as ‘Act’). Later on the case was selected for scrutiny. 3.1 During the course of assessment proceedings, the AO noticed that the replies dt. 28/11/2019 and 04/12/2019 furnished revealed that a loss amounting to Rs. 28,66,569/- had been claimed

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

SH. AJIT SINGH,PINJORE vs. ITO, WARD-1, PANCHKULA

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

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, LUDHIANA , LUDHIANA vs. ROSHA ALLOYS PVT. LTD., MANDI GOBINDGARH

In the result, the appeals filed by the Revenue are dismissed,\nwhereas the appeals of the assessee are allowed

depreciation\nallowance or any other\nallowance or deduction\nfor such assessment year\n(hereafter in this section\nand in sections 148 to 153\nreferred relevant\nyear).\nto\nas the\nassessment\nUp to Finance Act 2020\n147. If the 5 [Assessing] Officer [has\nreason to believe”] that any income\nchargeable to tax has escaped\nassessment for any assessment year