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

116 10189726.03 Total 25,11,55,479.45 7.8.2 Disallowance of interest on advance to Hero Exports Date Amount No. of Days Disalowance @ 11.25% 01/04/2011 546100000.00 365 6,14,36,250 Thus, total disallowance works out to Rs. 31,25,91,729/-. Less: Disallowance already made by the assessee: Rs. 22,86,36,462/ Disallowance to be made

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

section 36(1)(iii) of\nthe Act by following the earlier order of the ITAT in ITA Nos.\n758/Chd/2014 forthe A.Y. 2010-11 dt. 03/04/2017. The relevant findings\ngiven by the Ld. CIT (A) in para 7.2 of the impugned order read as\nunder:\n7.2 I have considered the observations of the Assessing Officer as made by him\nin para

M/S HIMACHAL FASHION PVT. LTD.,LUDHIANA vs. ITO, W-6(3), LUDHIANA

In the result, the appeal of the Assessee is allowed

Bench: Shri Krinwant Sahay & Shri Paresh M. Joshiआयकर अपील सं./ Ita No. 8/Chd/2020 िनधा"रण वष" / Assessment Year: 2012-13

section 139(1) of the Income-tax Act, 1961. 3. An opportunity was given to assessee company vide this office letter dated 16.03.2015 to show cause why the deduction u/s. 80-IC of Rs.75,17,116/- should not be disallowed

A.K.MULTIMETALS PRIVATE LIMITED,MANDI GOBINDGARH vs. ACIT,CIRCLE, MANDI GOBIND GARH

In the result, appeal of the Assessee is allowed

section 40A(2)(b) of the Act. Now, the assessee is in appeal. 7. The Ld. Counsel for the assessee reiterated the submissions made before the authorities below and further submitted that all the loans taken by the assessee were old loans on which interest was paid at the rate of 12% in the earlier years also, which had been

ACIT, CC-2, CHANDIGARH vs. SHRI KARAJ SINGH, YAMUNA NAGAR

In the result, the revenue’s appeal ITA No

Bench: Hon’Ble Shri Rajpal Yadav & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकर अपील सं./ Ita No. 726/Chandi/2022 (िनधा"रण वष" / Assessment Year: 2018-19) Acit-Central Circle 2 Shri Karaj Singh बनाम/ Cr Building Sector 17 H. No 1379, Modern Colony, Near Iti Vs. Chandigarh 160017 Yamuna Nagar (Haryana) "ायीलेखासं./जीआइआरसं./Pan/Gir No. Atups-5528-A (अपीलाथ"/Appellant) (""थ" / Respondent) : & 2. Co. No. 16/Chandi/2024 [In Ita No. 726/Chandi/2022 (िनधा"रण वष" / Assessment Year: 2018-19) Shri Karaj Singh Acit-Central Circle 2 बनाम/ H. No 1379, Modern Colony, Near Iti, Cr Building Sector 17 Vs. Yamuna Nagar (Haryana) Chandigarh 160017 "ायीलेखासं./जीआइआरसं./Pan/Gir No. Atups-5528-A (Cross-Objector) : (Respondent) Revenue By : Smt. Kusum Bansal (Cit) – Ld. Dr Assessee By : Shri Dhruv Goel (Ca) - Ld. Ar सुनवाईकीतारीख/Date Of Hearing : 18-09-2025 घोषणाकीतारीख /Date Of Pronouncement : 08/10/2025 आदेश / O R D E R Manoj Kumar Aggarwal () 1.1 Aforesaid Appeal By Revenue For Assessment Year (Ay) 2018-19 Arises Out Of An Order Of Learned Commissioner Of Income Tax (Appeals)- 3, Gurgaon [Cit(A)] Dated 26-09-2022 In The Matter Of An Assessment

Section 143(3) of the Act deserve to be quashed as such. 6. That the authorities below have erred in making/confirming additions without providing adequate opportunity of being heard to the assessee and without adhering to the principles of natural justice. 7. The assessee craves leave to add, amend, alter, substitute or revise any of the above-mentioned grounds before

SH.ASHOK KUMAR GUPTA,LUDHIANA vs. PR.CIT-1, LUDHIANA

In the result, the appeal of the assessee is allowed

disallowing the claim of deduction under Section 54 to the extent of Rs. 5,40,364/-. Thereafter the assessment records were called for and examined by the Ld. PCIT and a show cause dt. 08/03/2021 was issued and after calling for the information / submissions from the assessee, the assessment order was held to be erroneous and prejudicial to the interest

M/S GARG FURNACE LTD.,LUDHIANA vs. DCIT, CC-3, LUDHIANA

In the result, the appeal is allowed

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

Section 36(1)(iii) of the Income Tax Act, as the advances made were out of the assessee's own funds or interest free funds available, which were much more than the total advances given; that as on 31.03.2017, the total share capital and reserves and surplus of the assessee was at Rs.4,37,98,803/-; that in such

MOONLIGHT PROPERTIES PRIVATE LIMITED,MOHALI vs. ACIT, CC-II, CHANDIGARH

In the result, for statistical purposes, the appeal is

Bench: Us.

Section 36(1)(iii) of the Act has rightly been disallowed by the authorities below. We find that in order to resolve this controversy in keeping with the decision of the Hon'ble Supreme Court in the case of “Hero Cycles” (supra), it is to be seen as to whether the assessee had availability of sufficient interest free funds with

SJVN LIMITED,SHIMLA HIMACHAL PRADESH vs. ACIT , SHIMLA

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

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

disallowance of the same was made in the assessment order by the AO NaFAC. However, in the computation-of-income attached with the assessment order the deduction u/s 80IA was remained to be allowed inadvertently. Therefore, the contention of the assessee is accepted and mistake apparent from the records is being rectified as under. 6. On the issue raised

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, LUDHIANA vs. MALBROS INTERNATIONAL PVT LTD, FARIDKOT

In the result, both the appeals and the Cross Objections are dismissed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahayआयकर अपील सं./ Ita Nos. 992 & 993/Chd/2024 "नधा"रण वष" / Assessment Years: 2017-18, 2016-17 The Dcit, Vs Malbros International Pvt. Ltd., Central Circle-2, Village – Mansoorwal, Teh-Zira, Ludhiana. Head Offices Old Cantt. Road, Faridkot. "थायी लेखा सं./Pan No: Aadcm7203R अपीलाथ"/Appellant ""यथ"/Respondent & C.O. Nos. 46 & 45/Chd/2024 In आयकर अपील सं./ Ita Nos. 992 & 993/Chd/2024 "नधा"रण वष" / Assessment Year: 2017-18, 2016-17 Malbros International Pvt. Ltd., The Dcit, Village – Mansoorwal, Teh-Zira, Vs Central Circle-2, Head Offices Old Cantt. Road, Ludhiana. Faridkot. "थायी लेखा सं./Pan No: Aadcm7203R अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Shri Sudhir Sehgal, Advocate Revenue By : Smt. Kusum Bansal, Cit Dr Date Of Hearing : 14.05.2025 Date Of Pronouncement : 25.06.2025

disallowance of expenses and inflated purchases - It was noted that Assessing Officer was provided with requisite bills, vouchers and addresses of transacting parties but he did not make any effort to confirm veracity of alleged bogus or inflated bills - Whether since Assessing Officer made additions to income of assessee on estimate basis without rejecting books of account, said additions were

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, LUDHIANA vs. MALBROS INTERNATIONAL PVT LTD, FARIDKOT

In the result, both the appeals and the Cross Objections\nare dismissed

disallowance of expenses and inflated purchases It was noted that\nAssessing Officer was provided with requisite bills, vouchers and addresses of\ntransacting parties but he did not make any effort to confirm veracity of alleged\nbogus or inflated bills Whether since Assessing Officer made additions to\nincome of assessee on estimate basis without rejecting books of account,\nsaid additions were

MOHAN LAL BHAPTA,SHIMLA vs. INCOME TAX OFFICER- WARD RAMPUR, RAMPUR

In the result, appeal of the Assessee is allowed

Bench: SHRI. LALIET KUMAR (Judicial Member)

116/-. 3.1 During scrutiny, the AO noticed cash deposits aggregating to Rs.11,24,000/- during the demonetization period (09.11.2016 to 30.12.2016) — 2 Rs.2,63,000/- in Canara Bank, Rohru and Rs.8,61,000/- in Punjab National Bank, Rohru. 3.2 The assessee explained that these deposits were out of cash withdrawn from a housing loan jointly sanctioned to him, his wife

ANIL TUTEJA,FATEHABAD vs. PR. COMMISSIONER OF INCOME TAX, ROHTAK, ROHTAK

In the result, all the above appeals filed by the respective assessee’s are dismissed

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

disallowance. 5. On examination of assessment records, the Ld. Pr. CIT noticed that during the relevant year, the assessee had received an interest amounting to Rs. 1,05,10,592/- on enhanced compensation arising from the acquisition of land. The Assessing Officer had treated the said receipt as exempt and did not bring the same to tax. 6. According

KARAN PRATAP SINGH,SIRSA, HARYANA vs. ITO, WARD-1, SIRSA, HARYANA

In the result, all the above appeals filed by the respective assessee’s are dismissed

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

disallowance. 5. On examination of assessment records, the Ld. Pr. CIT noticed that during the relevant year, the assessee had received an interest amounting to Rs. 1,05,10,592/- on enhanced compensation arising from the acquisition of land. The Assessing Officer had treated the said receipt as exempt and did not bring the same to tax. 6. According

SH. DEVENDER KUMAR,YAMUNA NAGAR vs. ITO, WARD -1, YAMUNA NAGAR

In the result, all the above appeals filed by the respective assessee’s are dismissed

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

disallowance. 5. On examination of assessment records, the Ld. Pr. CIT noticed that during the relevant year, the assessee had received an interest amounting to Rs. 1,05,10,592/- on enhanced compensation arising from the acquisition of land. The Assessing Officer had treated the said receipt as exempt and did not bring the same to tax. 6. According

MANINDER JEET SINGH V.P.O. UDHAMGARH,JAGADHRI,HARYANA vs. PRABHJOT KAUR,PCIT, PANCHKULA

In the result, all the above appeals filed by the respective assessee’s are dismissed

disallowance. 5. On examination of assessment records, the Ld. Pr. CIT noticed that during the relevant year, the assessee had received an interest amounting to Rs. 1,05,10,592/- on enhanced compensation arising from the acquisition of land. The Assessing Officer had treated the said receipt as exempt and did not bring the same to tax. 6. According

RAKESH KUMAR,JAGADHRI vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX, PANCHKULA

In the result, all the above appeals filed by the respective assessee’s are dismissed

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

disallowance. 5. On examination of assessment records, the Ld. Pr. CIT noticed that during the relevant year, the assessee had received an interest amounting to Rs. 1,05,10,592/- on enhanced compensation arising from the acquisition of land. The Assessing Officer had treated the said receipt as exempt and did not bring the same to tax. 6. According

MADHU GREWAL,CHANDIGARH vs. PRINCIPAL COMMISSIONER OF INCOME TAX, CHANDIGARH-1, CHANDIGARH

In the result, all the above appeals filed by the respective assessee’s are dismissed

Bench: the Tribunal as pointed out by the Registry. Considering that the issue involved is purely legal in nature, and respectfully following the ratio laid down by the Hon'ble Supreme Court in Collector, Land Acquisition v. Mst. Katiji & Others [(1987) 167 ITR 471 (SC)], which emphasizes that substantial justice should prevail over technical considerations, we condone the delay in filing these appeals.3. We shall take appeal of the assessee in ITA No. 167/Chd/2023 for A.Y 2018-19 as a lead case f

disallowance. 5. On examination of assessment records, the Ld. Pr. CIT noticed that during the relevant year, the assessee had received an interest amounting to Rs. 1,05,10,592/- on enhanced compensation arising from the acquisition of land. The Assessing Officer had treated the said receipt as exempt and did not bring the same to tax. 6. According

MUNISH KUMAR LEGAL HEIR LATE SH GURDEEP SINGH,VILL MANAKPUR, YAMUNANAGAR vs. ITO, WARD 5, YAMUNANAGAR

In the result, all the above appeals filed by the respective assessee’s are dismissed

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

disallowance. 5. On examination of assessment records, the Ld. Pr. CIT noticed that during the relevant year, the assessee had received an interest amounting to Rs. 1,05,10,592/- on enhanced compensation arising from the acquisition of land. The Assessing Officer had treated the said receipt as exempt and did not bring the same to tax. 6. According