DCIT, CIRCLE, PATIALA vs. M/S PUNJAB STATE POWER CORPORATION LTD., PATIALA

In the result, ground no. 1 & 3 of the Revenue’s appeal is allowed and ground no

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

disallowed the deduction by holding that the payment of income-tax could not be for the purpose of business. It was claimed

SH. GURINDER MAKKAR,LUDHIANA vs. DCIT, CC-3, LUDHIANA

In the result, the appeal of the assessee is disposed off in light of aforesaid directions

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

business income on the credit side of the P&L Account. The AO observed that the net effect is that the assessee has nullified the effect of the surrender income claimed to be income from other sources by making entry of Rs. 28,53,000/- which cannot be allowed and same was disallowed

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

disallowance should not be made. 26.3 That the Ld. AO was of the view that no actual business activity was carried out during the year under consideration by the assessee corporation. The business of the assessee is closed one hence these expenses cannot be allowed in the absence of any core business activity. There is no income

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

disallowance should not be made. 26.3 That the Ld. AO was of the view that no actual business activity was carried out during the year under consideration by the assessee corporation. The business of the assessee is closed one hence these expenses cannot be allowed in the absence of any core business activity. There is no income

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

disallowance should not be made. 26.3 That the Ld. AO was of the view that no actual business activity was carried out during the year under consideration by the assessee corporation. The business of the assessee is closed one hence these expenses cannot be allowed in the absence of any core business activity. There is no income

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

disallowance should not be made. 26.3 That the Ld. AO was of the view that no actual business activity was carried out during the year under consideration by the assessee corporation. The business of the assessee is closed one hence these expenses cannot be allowed in the absence of any core business activity. There is no income

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, LUDHIANA, LUDHIANA vs. GPG CATTLE FEED PVT. LTD., MOGA

In the result, the Revenue appeal is partly allowed and the Cross Objection of\nthe assessee is dismissed

Income” only. The corresponding grounds stands raised by\nRevenue stand dismissed. In view of the above the Ground No. 1 to 3 of the Revenue\nappeal are dismissed.\nGround No. 4 & 5 of the Revenue appeal\n16.\nIn this regard the Ld. DR had drawn our attention to paragraph 5.4 to 5.4.4 of the\nCIT(A) order and submitted that

VARDHMAN SPECIAL STEELS LTD.,LUDHIANA vs. DCIT, CIRCLE-1, LUDHIANA

business.\nSince that wasn't clearly shown, the AO disallowed Rs.8,16,010/-\ncalculated at 12% for one month and also started penalty proceedings\nunder Section 270A.The AO added this disallowance, along with Rs.\n1,78,314/-under Section 14A, to the revised returned income

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

disallowances of claims, if any, relating to its business income. 9. In view of this, since the aforesaid surrender is not covered

THE JYOTI CO-OPERATIVE NON AGRICULTURAL THRIFT & CREDIT SOCIETY LTD.,SIRMOUR vs. ITO, WARD, NAHAN

In the result, the assessee is not eligible for deduction on interest on deposits placed with scheduled commercial banks under section 80(P)(2)(a)(i) of the Act and the appeal of the assessee is di...

Bench: SHRI. VIKRAM SINGH YADAV, AM आयकर अपील सं . / ITA No.160, 161 & 162/ Chd/2023 निर्धारण वर्ष / Assessment Year : 2017-18, 2012-13 & 2013-14 The Jyoti Co-operative Non Agricultural Thrift & Credit Society Ltd. Sirmour, Solan, HP-173025 स्थायी लेखा सं. / PAN NO: AAABT1453G अपीलार्थी/Appellant बनाम The ITO H.P Ward-Nahan, Sirmour प्रत्यर्थी/Respondent निर्धारिती की ओर से/Assessee by : Shri Vishal Mohan, Sr. Advocate with Shri Parveen Sharma, Advocate राजस्व की ओर से / Revenue by : Dr. Ranjeet K

disallowed the claim on the basis that the interest was not earned on account of providing credit facilities to the assessee's members but was earned on surplus funds kept by the assessee in banks to earn income. The assessee also earned interest income of about Rs. 5.84 crores from call deposits made with various banks. This income was also

THE JYOTI CO-OPERATIVE NON AGRICULTURAL THRIFT & CREDIT SOCIETY LTD.,SIRMOUR vs. ITO, WARD, NAHAN

In the result, the assessee is not eligible for deduction on interest on deposits placed with scheduled commercial banks under section 80(P)(2)(a)(i) of the Act and the appeal of the assessee is di...

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member)

disallowed the claim on the basis that the interest was not earned on account of providing credit facilities to the assessee's members but was earned on surplus funds kept by the assessee in banks to earn income. The assessee also earned interest income of about Rs. 5.84 crores from call deposits made with various banks. This income was also

THE JYOTI CO-OPERATIVE NON AGRICULTURAL THRIFT & CREDIT SOCIETY LTD.,SIRMOUR vs. ITO, WARD, NAHAN

In the result, the assessee is not eligible for deduction on interest on deposits placed with scheduled commercial banks under section 80(P)(2)(a)(i) of the Act and the appeal of the assessee is di...

disallowed the claim on the basis that the interest was not earned on account of providing credit facilities to the assessee's members but was earned on surplus funds kept by the assessee in banks to earn income. The assessee also earned interest income of about Rs. 5.84 crores from call deposits made with various banks. This income was also

NOOR RESORTS PRIVATE LIMITED,KULLU vs. PR.CIT, SHIMLA

In the result, appeal of the Assessee is allowed

business is not a criteria to decide heads of income or any disallowance of expenses. 3. The Appellant craves leave

THE PUNJAB STATE FEDERATION OF COOPERATIVE HOUSE BUILDING SOCIETIES LTD.,CHANDIGARH vs. ACIT, CHANDIGARH

In the result, both the above appeals of the Assessee are dismissed

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

business income amounting to Rs. 41,10,000/- is bad in law and needs to be set aside. 4. That the order of the Assessing Officer as upheld by the Commissioner of Income Tax (Appeals)-2 Chandigarh disallowing

THE PUNJAB STATE FEDERATION OF COOPERATIVE HOUSE BUILDING SOCIETIES LTD.,CHANDIGARH vs. DCIT, CHANDIGARH

In the result, both the above appeals of the Assessee are dismissed

Bench: the appeal is finally heard.

business income amounting to Rs. 41,10,000/- is bad in law and needs to be set aside. 4. That the order of the Assessing Officer as upheld by the Commissioner of Income Tax (Appeals)-2 Chandigarh disallowing

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)

disallowed deduction under section 80IC on miscellaneous income of Rs. 61,52,573/- alongwith some other income, considering that these incomes were not derived from eligible business

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)

disallowed deduction under section 80IC on miscellaneous income of Rs. 61,52,573/- alongwith some other income, considering that these incomes were not derived from eligible business

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)

disallowed deduction under section 80IC on miscellaneous income of Rs. 61,52,573/- alongwith some other income, considering that these incomes were not derived from eligible business

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)

disallowed deduction under section 80IC on miscellaneous income of Rs. 61,52,573/- alongwith some other income, considering that these incomes were not derived from eligible business