SH. MARTIN EKKA S/O SH. LALSAY EKKA,PANCHKULA vs. ITO, WARD -1, PANCHKULA

In the result, the ground no

Bench: SH. SANJAY GARG (Judicial Member)

disallowed claim of the appellant made u/s 10(10B) of the Act on following findings that (1) sum received by the appellant on account of VRSNSS was not of the nature of compensation on termination of employment or compensation on closure of industry ie HMTL-TD. This amount is receipt on account of voluntary retirement, (ii) appellant was not retrenched

NARESH KUMAR KAMBOJ,ZIRAKPUR vs. INCOME TAX OFFICER , PANCHKULA

In the result, the appeal of the assessee is allowed

Bench: Shri Sanjay Garg

disallowed claim of the appellant made u/s 10(10B) of the Act on following findings that (1) sum received by the appellant on account of VRSNSS was not of the nature of compensation on termination of employment or compensation on closure of industry ie HMTL-TD. This amount is receipt on account of voluntary retirement, (ii) appellant was not retrenched

SATINDER PAUL THROUGH L/H NEELAM SAINI,PINJORE vs. INCOME TAX OFFICER, PANCHKULA

In the result, the ground no

Bench: SH. SANJAY GARG (Judicial Member)

disallowed claim of the appellant made u/s 10(10B) of the Act on following findings that (1) sum received by the appellant on account of VRSNSS was not of the nature of compensation on termination of employment or compensation on closure of industry ie HMTL-TD. This amount is receipt on account of voluntary retirement, (ii) appellant was not retrenched

DCIT, C-V, LUDHIANA vs. M/S HERO CYCLES LTD., LUDHIANA

In the result, appeal of the Department is dismissed and the appeal of the assessee is allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY, AM आयकर अपील सं. / ITA No. 588/Chd/2018 निर्धारण वर्ष / Assessment Years : 2012-13 The DCIT C-V, Ludhiana बनाम M/s Hero Cycles Ltd. Hero Nagar, G.T. Road Ludhiana स्थायी लेखा सं./PAN NO: AAACH4073P अपीलार्थी/Appellant प्रत्यर्थी / Respondent आयकर अपील सं. / ITA No. 473/Chd/2018 निर्धारण वर्ष / Assessment Years : 2012-13 M/s Hero Cycles Ltd. Hero Nagar, G.T. Road Ludhiana बनाम The ACIT C-V, Ludhiana स्थायी लेखा सं./PAN NO: AAACH4073P

25,91,729/-. Less: Disallowance already made by the assessee: Rs. 22,86,36,462/ Disallowance to be made: Rs. 8,39,55,267/- 41. The A.O. made various disallowance of interest under section 14A and Section 36(1) (iii). In para 4 the AO made disallowance of interest u/s 14A at Rs. 141510213/- , in para 6 made disallowance

M/S HERO CYCLES LTD.,LUDHIANA vs. ACIT, C-V, LUDHIANA

In the result, appeal of the Department is dismissed and the\nappeal of the assessee is allowed

25,91,729/-.\nLess: Disallowance already made by the assessee: Rs. 22,86,36,462/-\nDisallowance to be made: Rs. 8,39,55,267/-\n41. The A.O. made various disallowance of interest under section 14A\nand Section 36(1) (iii). In para 4 the AO made disallowance of interest\nu/s 14A at Rs. 141510213/-, in para 6 made disallowance

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)

ii) The amount of subsidy that has been received on the assets were supposed to be disclosed in tax audit report in accounts of the assessee and by not providing such details, the auditor has failed in provision of duties. Therefore, the Assessing Officer disallowed the depreciation by adjusting the two capital subsidy of Rs.35 lakhs and first instalment

DY. COMMISSIONER OF INCOME TAX, AAYAKAR BHAWAN vs. ROCKMAN INDUSTRIES LIMITED, FOCAL POINT

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

II. ITA No. 177/Chd/2024 A.Y. 2013-14 Brief factual Matrix 9. The assessment for the A.Y. 2013-14 in this case was completed u/s 143 (3) of the Income Tax Act, 1961 on 08/03/2016 at income of Rs. 25,27,80,365/-. The assessment was completed giving deduction u/s 80IC of the Income Tax Act, 1961 to the extent

DCIT CIRCLE-4, LUDHIANA, LUDHIANA vs. ROCKMAN INDUSTRIES LTD, LUDHIANA

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

II. ITA No. 177/Chd/2024 A.Y. 2013-14 Brief factual Matrix 9. The assessment for the A.Y. 2013-14 in this case was completed u/s 143 (3) of the Income Tax Act, 1961 on 08/03/2016 at income of Rs. 25,27,80,365/-. The assessment was completed giving deduction u/s 80IC of the Income Tax Act, 1961 to the extent

DY. COMMISSIONER OF INCOME TAX, CIRCLE-4, , AAYAKAR BHAWAN vs. ROCKMAN INDUSTRIES LIMITED, -

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

II. ITA No. 177/Chd/2024 A.Y. 2013-14 Brief factual Matrix 9. The assessment for the A.Y. 2013-14 in this case was completed u/s 143 (3) of the Income Tax Act, 1961 on 08/03/2016 at income of Rs. 25,27,80,365/-. The assessment was completed giving deduction u/s 80IC of the Income Tax Act, 1961 to the extent

DY. COMMISSIONER OF INCOME TAX, CIRCLE-4, LUDHIANA, AAYAKAR BHAWAN vs. ROCKMAN INDUSTRIES LIMITED, -

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

II. ITA No. 177/Chd/2024 A.Y. 2013-14 Brief factual Matrix 9. The assessment for the A.Y. 2013-14 in this case was completed u/s 143 (3) of the Income Tax Act, 1961 on 08/03/2016 at income of Rs. 25,27,80,365/-. The assessment was completed giving deduction u/s 80IC of the Income Tax Act, 1961 to the extent

DY. COMMISSIONER OF INCOME TAX, CIRCLE-4,, AAYAKAR BHAWAN vs. ROCKMAN INDUSTRIES LIMITED, -

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

II. ITA No. 177/Chd/2024 A.Y. 2013-14 Brief factual Matrix 9. The assessment for the A.Y. 2013-14 in this case was completed u/s 143 (3) of the Income Tax Act, 1961 on 08/03/2016 at income of Rs. 25,27,80,365/-. The assessment was completed giving deduction u/s 80IC of the Income Tax Act, 1961 to the extent

ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-4, AAYAKAR BHAWAN vs. ROCKMAN INDUSTRIES LIMITED, -

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

II. ITA No. 177/Chd/2024 A.Y. 2013-14 Brief factual Matrix 9. The assessment for the A.Y. 2013-14 in this case was completed u/s 143 (3) of the Income Tax Act, 1961 on 08/03/2016 at income of Rs. 25,27,80,365/-. The assessment was completed giving deduction u/s 80IC of the Income Tax Act, 1961 to the extent

DY. COMMISSIONER OF INCOME TAX, CIRCLE-4, LUDHIANA, - vs. ROCKMAN INDUSTRIES LTD, -

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

II. ITA No. 177/Chd/2024 A.Y. 2013-14 Brief factual Matrix 9. The assessment for the A.Y. 2013-14 in this case was completed u/s 143 (3) of the Income Tax Act, 1961 on 08/03/2016 at income of Rs. 25,27,80,365/-. The assessment was completed giving deduction u/s 80IC of the Income Tax Act, 1961 to the extent

DY. COMMISSIONER OF INCOME TAX, CIRCLE-4, AAYAKAR BHAWAN vs. ROCKMAN INDUSTRIES LIMITED, -

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

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

II. ITA No. 177/Chd/2024 A.Y. 2013-14 Brief factual Matrix 9. The assessment for the A.Y. 2013-14 in this case was completed u/s 143 (3) of the Income Tax Act, 1961 on 08/03/2016 at income of Rs. 25,27,80,365/-. The assessment was completed giving deduction u/s 80IC of the Income Tax Act, 1961 to the extent

SBS BIOTECH UNIT II,SIRMOUR 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)

25% of the eligible profit of Rs. 15,12,63,064/- being 6th year after substantial expansion which was carried out on 30.03.2012. Thus, 75% of the deduction claimed u/s 801C i.e. Rs. 11,34,47,298/- was required to be disallowed and charged to tax and the assessee was given an opportunity to explain as to why the assessment

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), CHANDIGARH vs. ESSIX BIOSCIENCES LIMITED, MANIMAJRA

In the result, the appeal is dismissed and the

Bench: SHRI A.D.JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

25,000/- despite the fact that assessee has earned the exempt income of Rs. 38,359/- during the year under consideration. 2. On the facts and circumstances of the case, the above action of the learned CIT(A), ITD is contrary to the settled position of law that the disallowance under Section 14A cannot exceed the amount of exempt income

BABA HIRA SINGH BHATTAL INSTITUTE OF ENGINEERING & TECHNOLOGY,LEHRAGAGA vs. DCIT, (E), C-1, CHANDIGARH

In the result, the appeal is allowed

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

disallowance could have been made by applying the provisions of Section 11 and 12 of the Income Tax Act. In this regard, reliance has correctly been placed on behalf of the assessee, on CBDT Circular No.14 of 2015, dated 17.08.2015, which recognizes that Section 10(23C)(vi) of the Act prescribes that income of any University or other educational Institution

AMAN THUKRAL,LUDHIANA vs. INCOME TAX OFFICER WARD 2(1), LUDHIANA , LUDHIANA

Accordingly, Additional Ground No. 1 is allowed for statistical

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

25% the alleged unverified sundry creditors of Rs. 9,86,22,465 on flimsy grounds without properly appreciating the details, documentary evidence and submissions furnished by the appellant. 8.1 Without prejudice to the above, the Ld. CIT(A), NFAC, Delhi has failed to appreciate that the provisions of section 41(1) are not applicable in the case of appellant

ACIT, CIRCLE, PANCHKULA vs. M/S HARYANA VIDYUT PRASARAN NIGAM LTD., PANCHKULA

In the result, we upheld the

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

ii) Whether on the facts and in the circumstances of the case, the Ld. CIT(A) is right in law in holding that re-appreciation of material already available on record amounts to true and full disclosure within the meaning Section 147 of the Income Tax Act, 1961, ignoring the Explanation 1 to Section 147 of the Income