DCIT, C-1(1), CHANDIGARH vs. M/S STYLAM INDUSTRIES LTD., CHANDIGARH

In the result, the Department’s appeal in for assessment year

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

Section 36(1)(iii) of the Act. Holding so, the ld. CIT(A) confirmed the disallowance. ITA Nos. 1033 & 960/2017 & ITA Nos. 389 & 394/CHD/2019 22 24.2 Regarding the advance of Rs.9,50,000/- made to “Zeal Exim P.Ltd.” (supra), the ld. CIT(A) observed that again the money had been paid out of interest appearing in SBOP, CC Account

DCIT, C-1(1), CHANDIGARH vs. M/S STYLAM INDUSTRIES LTD., CHANDIGARH

In the result, the Department’s appeal in for assessment year

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

Section 36(1)(iii) of the Act. Holding so, the ld. CIT(A) confirmed the disallowance. ITA Nos. 1033 & 960/2017 & ITA Nos. 389 & 394/CHD/2019 22 24.2 Regarding the advance of Rs.9,50,000/- made to “Zeal Exim P.Ltd.” (supra), the ld. CIT(A) observed that again the money had been paid out of interest appearing in SBOP, CC Account

M/S STYLAM INDUSTRIES LTD.,CHANDIGARH vs. DCIT, C-1(1), CHANDIGARH

In the result, the Department’s appeal in for assessment year

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

Section 36(1)(iii) of the Act. Holding so, the ld. CIT(A) confirmed the disallowance. ITA Nos. 1033 & 960/2017 & ITA Nos. 389 & 394/CHD/2019 22 24.2 Regarding the advance of Rs.9,50,000/- made to “Zeal Exim P.Ltd.” (supra), the ld. CIT(A) observed that again the money had been paid out of interest appearing in SBOP, CC Account

M/S STYLAM INDUSTRIES LTD.,CHANDIGARH vs. DCIT, C-1(1), CHANDIGARH

In the result, the Department’s appeal in for assessment year

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

Section 36(1)(iii) of the Act. Holding so, the ld. CIT(A) confirmed the disallowance. ITA Nos. 1033 & 960/2017 & ITA Nos. 389 & 394/CHD/2019 22 24.2 Regarding the advance of Rs.9,50,000/- made to “Zeal Exim P.Ltd.” (supra), the ld. CIT(A) observed that again the money had been paid out of interest appearing in SBOP, CC Account

DCIT, C-1, (E), CHANDIGARH vs. M/S MANAV MANGAL SOCIETY, CHANDIGARH

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

disallowance of gratuity payment has not been provided; (v) The computation of tax demand arrived at Rs.91,49,290/- as per notice of demand under section 156

DCIT, C-1, (E), CHANDIGARH vs. M/S MANAV MANGAL SOCIETY, CHANDIGARH

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

disallowance of gratuity payment has not been provided; (v) The computation of tax demand arrived at Rs.91,49,290/- as per notice of demand under section 156

M/S MANAV MANGAL SOCIETY,CHANDIGARH vs. DCIT, C-1, (E), CHANDIGARH

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

disallowance of gratuity payment has not been provided; (v) The computation of tax demand arrived at Rs.91,49,290/- as per notice of demand under section 156

DCIT, C-1, (E), CHANDIGARH vs. M/S MANAV MANGAL SOCIETY, CHANDIGARH

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

disallowance of gratuity payment has not been provided; (v) The computation of tax demand arrived at Rs.91,49,290/- as per notice of demand under section 156

M/S MANAV MANGAL SOCIETY,CHANDIGARH vs. DCIT, C-1, (E), CHANDIGARH

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

disallowance of gratuity payment has not been provided; (v) The computation of tax demand arrived at Rs.91,49,290/- as per notice of demand under section 156

DCIT, C-1, (E), CHANDIGARH vs. M/S MANAV MANGAL SOCIETY, CHANDIGARH

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

disallowance of gratuity payment has not been provided; (v) The computation of tax demand arrived at Rs.91,49,290/- as per notice of demand under section 156

DCIT,CIRCLE-1(EXEMPTION), CHANDIGARH vs. M/S MANAV MANGAL SCHOOL( MANAV MANGAL SOCIETY), CHANDIGARH

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

disallowance of gratuity payment has not been provided; (v) The computation of tax demand arrived at Rs.91,49,290/- as per notice of demand under section 156

DCIT, C-1, (E), CHANDIGARH vs. M/S MANAV MANGAL SOCIETY, CHANDIGARH

In the result, all the appeals of the assessee are allowed and all the appeals of the department are dismissed

disallowance of gratuity payment has not been provided; (v) The computation of tax demand arrived at Rs.91,49,290/- as per notice of demand under section 156

GEETA SHARMA,SUNAM vs. PRINCIPAL COMMISSIONER OF INCOME TAX , PATIALA

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

156 of the Act for assessment year 2019-20 bears the amount of Rs.1731/- vide Notice No. ITBA/AST/S/156/2021-22/1035457567(1) dated 10.09.2021. 13. That Computation Sheet bearing No. ITBA/AST/S/183/2021- 22/1035457570(1) for assessment year 2019-20 in respect of order under Section 143(3) dated 10.09.2021 show in column No. 59 demand of Rs.1731/- as Payable. 14. That the impugned order

M/S CHADHA SUPER CARS (P) LTD vs. ADDL. CIT, LUDHIANA

In the result appeal of the Assessee is allowed

156 ITD 566 (Chd. Trib.), DCIT Vs. Sindhu Realtors Pvt. Ltd. (2016) 45 ITR 448 (Delhi Trib) no disallowance is warranted wherein the assessee had sufficient own funds in the form of share capital, reserve and surplus, non interest bearing funds, the presumption would be that the interest free funds are utilized for non interest bearing investments or expenses

SH. AMAN SETH,LUDHIANA vs. ITO, W-1(1), LUDHIANA

In the result, appeal filed by the assessee is allowed for statistical purposes

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

156 ITD 566 (Chd. Trib.) Interest on borrowed capital - sufficient interest free funds - presumption is advances were from interest free funds- no disallowance can be made. DCIT vs. Sindhu Realtors Pvt. Ltd. (2016) 45 ITR 448 (Delhi Trib.) Interest on borrowed capital - no disallowance in case there are sufficient shareholder's without interest burden and borrowing had been used

ACIT, CIRCLE, SHIMLA vs. SHRI VINOD SHARMA, NEW DELHI

In the result, the appeal of the Revenue is dismissed

Bench: Shri A.D. Jain & Dr Krinwant Sahayआयकर अपील सं./ Ita No. 1449/Chd/2019 "नधा"रण वष" / Assessment Year: 2015-16 The Acit, Vs. Shri Vinod Sharma, बनाम B-1/3, Circle, Safdarjang Enclave, Shimla New Delhi 110029 "थायी लेखा सं./Pan No: Abkps1560N अपीलाथ"/ Appellant ""यथ"/ Repsondent (Hybrid Mode ) "नधा"रती क" ओर से/Assessee By : Sh. Vishal Mohan, Sr. Advocate With Shri Ahninav Bazwaria, Advocate राज"व क" ओर से/ Revenue By : Smt. Kusum Bansal, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 10.06.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 09.07.2024

disallowed the claim of the assessee. According to Assessing officer, the assessee could have purchased a house property between 28.12.2010 to 28.10.2011 in order to claim deduction under section 54. Since the assessee invested in the residential House property namely DLF Magnolia way back in F.Y. 2005-06 which is clearly outside the time period mentioned in section

TYNOR ORTHOTICS PRIVATE LIMITED,MOHALI vs. ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE 6(1), MOHALI, MOHALI

In the result, appeal of the Assessee is partly allowed

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. MANOJ KUMAR AGGARWAL (Accountant Member)

disallowances of Rs.85,00,000 excess salary and Rs.3,88,300/- software expenses. Penalty proceedings under Section 270A were initiated for under-reporting and misreporting of income, and interest was charged under Sections 234A, 234B, and 234C. A demand notice under Section 156

DCIT, C-1(1) , CHANDIGARH vs. M/S FIDELITY INFORMATION SERVICES INDIA PVT. LTD., CHANDIGARH

In the result, the cross-objection filed by the assessee is dismissed

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

disallowed the foreign travel expenses which clearly form part of the operating expenses and the cost base and on which the assessee has reported the revenues after considering the mark up of 16.60%. Such an action on part of the AO is clearly in breach of letter and spirit of the APA which has been entered into by CBDT