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

Section 36(1) (iii). In para 4 the AO made disallowance of interest u/s 14A at Rs. 141510213/- , in para 6 made disallowance of interest u/s 36(1)(iii) at Rs. 40,22,065/- on account of outstanding debit balances from M/s Hero Exports Pvt. Ltd. and M/s Hero Motors Ltd. and further in para 7 made disallowance

M/S CHANDIGARH LAWN TENNIS ASSOCIATION,CHANDIGARH vs. ITO (EXEMPTIONS), CHANDIGARH

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaassessment Year : 2013-14 Chandigarh Lawn Tennis Vs. The Ito (Exemptions), Association, Ward, Chandigarh Sector 10, Chandigarh Pan No. Aaatc4943J (Appellant) (Respondent) Appellant By : Sh. Y.K. Sud, Ca Respondent By : Smt. Chanderkanta, Addl. Cit (On 22.3.2018) & Sh.Yoginder Mittal, Sr. Dr (On 13.7.2018) Date Of Hearing : 22.03.2018 & 13.7.2018 Date Of Pronouncement : 26.07.2018

disallowance of exemption u/s 11 claimed by the assessee. 3. Brief facts relating to the issue as culled out from the order of CIT(A) are that the assessee, M/s Chandigarh Lawn Tennis Association (hereinafter referred to as ‘CLTA’) is a society registered under the Societies Registration Act. The assessee is also registered as a charitable entity vide order dated

THE MULLANPUR GARIBDAS CO-OP MULTIPURPOSE SOCIETY,MOHALI vs. DCIT, C-6(1), MOHALI

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

14. The assessee society, on the other hand, has sought to place reliance on 'PCIT Versus Totagars Cooperative Sale Society', 392 ITR 74 (Karnataka) and 'Doaba Co-operative Sugar Mills Limited', 322 ITR 283 (P&H). 15. In the Assessment Order, the AO has observed as follows: " The assessee filed its return of income on 30.03.2013 declaring a gross taxable

THE MULLANPUR GARIBDAS CO-OP MULTIPURPOSE SOCIETY,MULLANPUR vs. PR. CIT-II, CHANDIGARH

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

14. The assessee society, on the other hand, has sought to place reliance on 'PCIT Versus Totagars Cooperative Sale Society', 392 ITR 74 (Karnataka) and 'Doaba Co-operative Sugar Mills Limited', 322 ITR 283 (P&H). 15. In the Assessment Order, the AO has observed as follows: " The assessee filed its return of income on 30.03.2013 declaring a gross taxable

THE MULLANPUR GARIBDAS CO-OP MULTIPURPOSE SOCIETY,MOHALI vs. PR. CIT-II, CHANDIGARH

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

14. The assessee society, on the other hand, has sought to place reliance on 'PCIT Versus Totagars Cooperative Sale Society', 392 ITR 74 (Karnataka) and 'Doaba Co-operative Sugar Mills Limited', 322 ITR 283 (P&H). 15. In the Assessment Order, the AO has observed as follows: " The assessee filed its return of income on 30.03.2013 declaring a gross taxable

ASSTT.COMMISSIONER OF INCOME TAX, LUDHIANA vs. M/S MRS.BECTORS FOOD SPECILTIES LTD, LUDHIANA

Bench: Smt. Diva Singh & Dr. B.R.R. Kumar

section 14A of the Income-tax Act, 1961, by simply relying on the submissions of the assessee and not by giving any independent findings? 2. Whether upon facts and circumstances of the case, the Ld. CIT(A) was justified in deleting the disallowance of Rs. 29,43,718/- u/s 80IC of Income Tax Act, 1961 on job work charges

ASSTT.COMMISSIONER OF INCOME TAX, LUDHIANA vs. M/S MRS.BECTORS FOOD SPECILTIES LTD, LUDHIANA

Bench: Smt. Diva Singh & Dr. B.R.R. Kumar

section 14A of the Income-tax Act, 1961, by simply relying on the submissions of the assessee and not by giving any independent findings? 2. Whether upon facts and circumstances of the case, the Ld. CIT(A) was justified in deleting the disallowance of Rs. 29,43,718/- u/s 80IC of Income Tax Act, 1961 on job work charges

ACIT, LUDHIANA vs. M/S MRS. BECTORS FOOD SPECIALTIES PVT. LTD., LUDHIANA

Bench: Smt. Diva Singh & Dr. B.R.R. Kumar

section 14A of the Income-tax Act, 1961, by simply relying on the submissions of the assessee and not by giving any independent findings? 2. Whether upon facts and circumstances of the case, the Ld. CIT(A) was justified in deleting the disallowance of Rs. 29,43,718/- u/s 80IC of Income Tax Act, 1961 on job work charges

ASSTT.COMMISSIONER OF INCOME TAX, LUDHIANA vs. M/S MRS.BECTORS FOOD SPECILTIES LTD, LUDHIANA

Bench: Smt. Diva Singh & Dr. B.R.R. Kumar

section 14A of the Income-tax Act, 1961, by simply relying on the submissions of the assessee and not by giving any independent findings? 2. Whether upon facts and circumstances of the case, the Ld. CIT(A) was justified in deleting the disallowance of Rs. 29,43,718/- u/s 80IC of Income Tax Act, 1961 on job work charges

ASSTT.COMMISSIONER OF INCOME TAX, LUDHIANA vs. M/S MRS.BECTORS FOOD SPECILTIES LTD, LUDHIANA

Bench: Smt. Diva Singh & Dr. B.R.R. Kumar

section 14A of the Income-tax Act, 1961, by simply relying on the submissions of the assessee and not by giving any independent findings? 2. Whether upon facts and circumstances of the case, the Ld. CIT(A) was justified in deleting the disallowance of Rs. 29,43,718/- u/s 80IC of Income Tax Act, 1961 on job work charges

ASSTT.COMMISSIONER OF INCOME TAX, LUDHIANA vs. M/S MRS.BECTORS FOOD SPECILTIES LTD, LUDHIANA

Bench: Smt. Diva Singh & Dr. B.R.R. Kumar

section 14A of the Income-tax Act, 1961, by simply relying on the submissions of the assessee and not by giving any independent findings? 2. Whether upon facts and circumstances of the case, the Ld. CIT(A) was justified in deleting the disallowance of Rs. 29,43,718/- u/s 80IC of Income Tax Act, 1961 on job work charges

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 CIT(A) allowed the claim on the ground that interest invested out of 11 reserve funds is to be treated

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 CIT(A) allowed the claim on the ground that interest invested out of 11 reserve funds is to be treated

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 CIT(A) allowed the claim on the ground that interest invested out of 11 reserve funds is to be treated

THE JAGADHRI CO-OPERATIVE MARKETING CUM PROCESSING SOCIETY LTD.,JAGADHRI vs. THE PR.CIT, PANCHKULA

In the result, the appeal of the assessee is allowed

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

14. Per contra, the Ld. CIT/DR has relied on the findings of the Ld. Pr. CIT and we deem it appropriate to reproduce the said findings which read as under: “(ii) I have considered the facts of the case. It is true that as per Section 80P(2)(d), interest income derived by a co-operative society from its investments

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)

iii) 15. The assessee has not disallowed any expenses in the computation of taxable income. 16. The Ld. A.O. had not recorded any satisfaction but disallowed a sum of Rs. 1453845/-. 17. There is no investment on which dividend or any exempt income has been earned. 18. Following the orders of Hon'ble ITAT Chandigarh, as mentioned above

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)

iii) 15. The assessee has not disallowed any expenses in the computation of taxable income. 16. The Ld. A.O. had not recorded any satisfaction but disallowed a sum of Rs. 1453845/-. 17. There is no investment on which dividend or any exempt income has been earned. 18. Following the orders of Hon'ble ITAT Chandigarh, as mentioned above

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)

iii) 15. The assessee has not disallowed any expenses in the computation of taxable income. 16. The Ld. A.O. had not recorded any satisfaction but disallowed a sum of Rs. 1453845/-. 17. There is no investment on which dividend or any exempt income has been earned. 18. Following the orders of Hon'ble ITAT Chandigarh, as mentioned above

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)

iii) 15. The assessee has not disallowed any expenses in the computation of taxable income. 16. The Ld. A.O. had not recorded any satisfaction but disallowed a sum of Rs. 1453845/-. 17. There is no investment on which dividend or any exempt income has been earned. 18. Following the orders of Hon'ble ITAT Chandigarh, as mentioned above