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)

27,54,3000/- in quoted and unquoted shares was made by the AO and dividend income of Rs.7,12,442/- was claimed as exempt u/s 10(34) of the Act. It has been contended that the AO has made the disallowance by applying the provisions of ITA 347/CHD/2024 & C.O. 17/CHD/2024 A.Y.2018-19 8 Rule 8D(ii) and (iii). It has also

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 14A and\nrule 8D(i) which is to be reckoned for purpose of calculation of average of\nhalf per cent. [Para 14]\nConsequently, only those investments are to be considered for computing\naverage value of investments which yielded exempt income during the\nrelevant assessment year. [Para 21]\nKeeping in view the mandate of law, the question

PUNJAB SMALL INDUSTRIES AND EXPORT CORPORATION LTD.,CHANDIGARH vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 2(1), CHANDIGARH, CHANDIGARH

In the result, appeal of the Assessee is partly allowed

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

disallowance, confirming Section 40(a)(ia) applicability. Interest under Sections 234A, 234B, and 234C was levied and upheld as consequential. General grounds were not adjudicated. The appeal was dismissed on March 27

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

In the result, appeal is dismissed

Bench: Shri Krinwant Sahay & Shri Paresh M. Joshi

disallowance made under section 14A r/w rule 8D of the Income tax Rules. 1.1 The appellant corporation held following investments as on 31.03.2017; SR. NO. PARTICULARS AMOUNT (RS.) 1 Investment in UHBVNL 5,46,98,55,000 2 Investment in DHBVNL 4,37,27

IND SWIFT LABORATORIES LTD.,CHANDIGARH vs. DCIT, CIRCLE 1(1), CHANDIGARH

In the result, the appeal is allowed, as indicated

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

disallowed under section 36(1)(iii) of the Act. 26. The ld. CIT(DR), on the other hand, has sought to place strong reliance on the impugned order in this regard. It has been contended that as rightly observed by the authorities below, the assessee has not offered commensurate interest income on the loans and advances made to various parties

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)

27,10,09,614 Since, it could be clearly decipherable from the table that the assessee has got sufficient own funds, we hereby hold that no disallowance under Rule 8D(2)(ii) is required and decline to interfere in the order of the Ld. CIT(A). In respect of the disallowance of interest u/s14A, for the purpose of disallowance

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)

27,10,09,614 Since, it could be clearly decipherable from the table that the assessee has got sufficient own funds, we hereby hold that no disallowance under Rule 8D(2)(ii) is required and decline to interfere in the order of the Ld. CIT(A). In respect of the disallowance of interest u/s14A, for the purpose of disallowance

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)

27,10,09,614 Since, it could be clearly decipherable from the table that the assessee has got sufficient own funds, we hereby hold that no disallowance under Rule 8D(2)(ii) is required and decline to interfere in the order of the Ld. CIT(A). In respect of the disallowance of interest u/s14A, for the purpose of disallowance

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)

27,10,09,614 Since, it could be clearly decipherable from the table that the assessee has got sufficient own funds, we hereby hold that no disallowance under Rule 8D(2)(ii) is required and decline to interfere in the order of the Ld. CIT(A). In respect of the disallowance of interest u/s14A, for the purpose of disallowance

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)

27,10,09,614 Since, it could be clearly decipherable from the table that the assessee has got sufficient own funds, we hereby hold that no disallowance under Rule 8D(2)(ii) is required and decline to interfere in the order of the Ld. CIT(A). In respect of the disallowance of interest u/s14A, for the purpose of disallowance

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)

27,10,09,614 Since, it could be clearly decipherable from the table that the assessee has got sufficient own funds, we hereby hold that no disallowance under Rule 8D(2)(ii) is required and decline to interfere in the order of the Ld. CIT(A). In respect of the disallowance of interest u/s14A, for the purpose of disallowance

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)

27,10,09,614 Since, it could be clearly decipherable from the table that the assessee has got sufficient own funds, we hereby hold that no disallowance under Rule 8D(2)(ii) is required and decline to interfere in the order of the Ld. CIT(A). In respect of the disallowance of interest u/s14A, for the purpose of disallowance

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)

27,10,09,614 Since, it could be clearly decipherable from the table that the assessee has got sufficient own funds, we hereby hold that no disallowance under Rule 8D(2)(ii) is required and decline to interfere in the order of the Ld. CIT(A). In respect of the disallowance of interest u/s14A, for the purpose of disallowance

KANDI FRIENDS EDUCATIONAL TRUST,ROPAR vs. DEPUTY COMMISSION OF INCOME TAX, CL. 1, EXEMPTION, CHANDIGARH

In the result, both the appeals are allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

27,75,303 2010-11) Disallowance of Revenue Expenditure on AME 15,17,461 Course Disallowance of Donation 1,10,000 Depreciation disallowed and excess of income 2,82,41,720 over expenditure Total Taxable Income 10,47,74,451 5. The assessee has taken eight grounds of appeal in assessment year 2014-15 and ten grounds of appeal

KANDI FRIENDS EDUCATIONAL TRUST,ROPAR vs. DEPUTY COMMISSIONER OF INCOME TAX, CHANDIGARH

In the result, both the appeals are allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

27,75,303 2010-11) Disallowance of Revenue Expenditure on AME 15,17,461 Course Disallowance of Donation 1,10,000 Depreciation disallowed and excess of income 2,82,41,720 over expenditure Total Taxable Income 10,47,74,451 5. The assessee has taken eight grounds of appeal in assessment year 2014-15 and ten grounds of appeal

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. It has been contended that apropos the advance made to “M/s Zeal Exim P.Ltd.” (supra), no business expediency for making the advance has been proved. 26. Having considered the rival submissions made on the basis of the material available on record, where the facts are not disputed, we find that the availability

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. It has been contended that apropos the advance made to “M/s Zeal Exim P.Ltd.” (supra), no business expediency for making the advance has been proved. 26. Having considered the rival submissions made on the basis of the material available on record, where the facts are not disputed, we find that the availability

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. It has been contended that apropos the advance made to “M/s Zeal Exim P.Ltd.” (supra), no business expediency for making the advance has been proved. 26. Having considered the rival submissions made on the basis of the material available on record, where the facts are not disputed, we find that the availability

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. It has been contended that apropos the advance made to “M/s Zeal Exim P.Ltd.” (supra), no business expediency for making the advance has been proved. 26. Having considered the rival submissions made on the basis of the material available on record, where the facts are not disputed, we find that the availability