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)

6. As mentioned above, there is no borrowing for this purpose nor any nexus has been established. The profit of the company as per books before depreciation and taxes is at Rs. 174.93 crores. Thus even the internal accruals is much more than the amount considered by the Ld. AO for calculating this disallowance. 7. The free funds available with

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)

6. As mentioned above, there is no borrowing for this purpose nor any nexus has been established. The profit of the company as per books before depreciation and taxes is at Rs. 174.93 crores. Thus even the internal accruals is much more than the amount considered by the Ld. AO for calculating this disallowance. 7. The free funds available with

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)

6. As mentioned above, there is no borrowing for this purpose nor any nexus has been established. The profit of the company as per books before depreciation and taxes is at Rs. 174.93 crores. Thus even the internal accruals is much more than the amount considered by the Ld. AO for calculating this disallowance. 7. The free funds available with

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)

6. As mentioned above, there is no borrowing for this purpose nor any nexus has been established. The profit of the company as per books before depreciation and taxes is at Rs. 174.93 crores. Thus even the internal accruals is much more than the amount considered by the Ld. AO for calculating this disallowance. 7. The free funds available with

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)

6. As mentioned above, there is no borrowing for this purpose nor any nexus has been established. The profit of the company as per books before depreciation and taxes is at Rs. 174.93 crores. Thus even the internal accruals is much more than the amount considered by the Ld. AO for calculating this disallowance. 7. The free funds available with

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)

6. As mentioned above, there is no borrowing for this purpose nor any nexus has been established. The profit of the company as per books before depreciation and taxes is at Rs. 174.93 crores. Thus even the internal accruals is much more than the amount considered by the Ld. AO for calculating this disallowance. 7. The free funds available with

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)

6. As mentioned above, there is no borrowing for this purpose nor any nexus has been established. The profit of the company as per books before depreciation and taxes is at Rs. 174.93 crores. Thus even the internal accruals is much more than the amount considered by the Ld. AO for calculating this disallowance. 7. The free funds available with

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

Section 69B of the Act. In absence of any other material on\nrecord, addition was correctly deleted. Tax Appeal is, therefore, dismissed.”\n11. A perusal of the above judgments would indicate that mere valuation report is not\nsufficient to conclude that the assessee has made unexplained investment. From perusal\nof the assessment, nowhere it reveals that inspite of search, Revenue

ASTT. COMMISSIONER OF INCOME TAX, CIRCLE-4, LUDHIANA, AAYAKAR BHAWAN vs. WARYAM STEEL CASTING PRIVATE LIMITED, KANGANWAL ROAD

In the result, appeal of the assessee is allowed and the Cross appeal of the Revenue is dismissed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

6) which returned back with remarks 'not known' - Assessing Officer, thus, disallowed assessee's claim on ground that it had failed to file confirmation from concerned person in support of its purchases - It was seen from records that after issuing notice to 'S', Assessing Officer did not take any steps to procure his presence - On other hand, assessee had filed

WARYAM STEEL CASTINGS PRIVATE LIMITED,LUDHIANA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4, LUDHIANA

In the result, appeal of the assessee is allowed and the Cross appeal of the Revenue is dismissed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

6) which returned back with remarks 'not known' - Assessing Officer, thus, disallowed assessee's claim on ground that it had failed to file confirmation from concerned person in support of its purchases - It was seen from records that after issuing notice to 'S', Assessing Officer did not take any steps to procure his presence - On other hand, assessee had filed

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

6: Shortage of stock found during search held as undisclosed sale.\nIssue 7: Commission/profit earned at estimated rate of 1% of total alleged sales and\npurchases, allegedly conducted outside books.\nIssue 8: Addition made by Ld. AO of Rs.58,09,346/- by disallowing deduction u/s\n80IC on account of GP on net sales of transaction made by SERLE

SCOTT EDIL ADVANCE RESEARCH LABORATORIES AND EDUCATION LIMITED,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

6: Shortage of stock found during search held as undisclosed sale.\nIssue 7: Commission/profit earned at estimated rate of 1% of total alleged sales and\npurchases, allegedly conducted outside books.\nIssue 8: Addition made by Ld. AO of Rs.58,09,346/- by disallowing deduction u/s\n80IC on account of GP on net sales of transaction made by SERLE

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-I, CHANDIGARH , CHANDIGARH vs. MS SCOTT EDIL ADVANCE RESEARCH LABORATOTRIES AND EDUCATION LTD., , CHANDIGARH

6: Shortage of stock found during search held as undisclosed sale.\nIssue 7: Commission/profit earned at estimated rate of 1% of total alleged sales and\npurchases, allegedly conducted outside books.\nIssue 8: Addition made by Ld. AO of Rs.58,09,346/- by disallowing deduction u/s\n80IC on account of GP on net sales of transaction made by SERLE

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

6: Shortage of stock found during search held as undisclosed sale.\nIssue 7: Commission/profit earned at estimated rate of 1% of total alleged sales and\npurchases, allegedly conducted outside books.\nIssue 8: Addition made by Ld. AO of Rs.58,09,346/- by disallowing deduction u/s\n80IC on account of GP on net sales of transaction made by SERLE

SCOTT EDIL ADVANCE RESEARCH LABORATORIES AND EDUCATION LIMITED,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

6: Shortage of stock found during search held as undisclosed sale.\nIssue 7: Commission/profit earned at estimated rate of 1% of total alleged sales and\npurchases, allegedly conducted outside books.\nIssue 8: Addition made by Ld. AO of Rs.58,09,346/- by disallowing deduction u/s\n80IC on account of GP on net sales of transaction made by SERLE

SANJEEV AGGARWAL,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

6: Shortage of stock found during search held as undisclosed sale.\nIssue 7: Commission/profit earned at estimated rate of 1% of total alleged sales and\npurchases, allegedly conducted outside books.\nIssue 8: Addition made by Ld. AO of Rs.58,09,346/- by disallowing deduction u/s\n80IC on account of GP on net sales of transaction made by SERLE

SCOTT EDIL PHARMACIA LTD.,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

6: Shortage of stock found during search held as undisclosed sale.\nIssue 7: Commission/profit earned at estimated rate of 1% of total alleged sales and\npurchases, allegedly conducted outside books.\nIssue 8: Addition made by Ld. AO of Rs.58,09,346/- by disallowing deduction u/s\n80IC on account of GP on net sales of transaction made by SERLE

SCOTT EDIL ADVANCE RESEARCH LABORATORIES AND EDUCATION LIMITED,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

6: Shortage of stock found during search held as undisclosed sale.\nIssue 7: Commission/profit earned at estimated rate of 1% of total alleged sales and\npurchases, allegedly conducted outside books.\nIssue 8: Addition made by Ld. AO of Rs.58,09,346/- by disallowing deduction u/s\n80IC on account of GP on net sales of transaction made by SERLE