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

D(2) at Rs.\n1,02,82,974/- which the Ld. AO had increased to Rs. 14,94,23,439/-.\nThus he worked out total disallowance of interest at Rs. 46,60,37,233/-\nwhereas the total interest paid by company on borrowings from\nbanks/institutions of \"Main Unit\" is only at Rs.23,89,46,685/- as mentioned\nin above paras

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)

272 Taxman 90 (SC)], the assessee funded its sister concern without charging interest and AO disallowed such interest expenditure. The Hon'ble Bombay High Court held that there was no finding by the AO that the funds were not utilized for business purposes and that ITA 350/CHD/2023 A.Y. 2017-18 71 advancing loans to the sister concern was for purpose

ACIT, CIRCLE 1(1), CHANDIGARH vs. M/S SML ISUZU LTD., CHANDIGARH

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

D B (India) Securities Ltd: 318 ITR 26 (Del) - CIT v. Bonanza Portfolio Ltd: 320 ITR 178 (Del) - CIT v. Shreyas S. Morakhia: 342 ITR 285 (Bom.) - CIT v. Pudumjee Pulp & Paper Mills Ltd.: 235 Taxman 451 (Bom.) - Angel Capital and Debt Market Ltd. v. ACIT: 118 TTJ 351 (Mum ITAT) - Angel Commodities Broking (P.) Ltd. v. DCIT

M/S HARYANA STATE INDUSTRIAL & INFRASTRUCTURE DEVELOPMENT CORPN.,,PANCHKULA vs. ACIT,, PANCHKULA

In the result, all the above appeals of the assessee are

Bench: The Itat. That In The First Round The Itat Had Held The Provisions Of Section 14A Of The Act, For The Purposes Of Disallowing Expenses Relating To Exempt Income, Applicable In The Facts Of The Present Cases On Noting That The Assessee Had Earned Exempt Income In The Form

D of the Rules in a mechanical manner. And lastly he argued that the assessee had not made investments in the shares of the borrowed funds. The investments have been made out of the interest free funds of the assessee. 12.2.1 On careful perusal of facts of the case, I find merit in the arguments of the appellant ARs. First

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)

disallowed entire purchases of Rs.4.17 Crores under Section 69C. The CIT(A) applied GP rate of 3.67% on bogus purchases, whereas the Tribunal enhanced the disallowance to 12.5% of bogus purchases. 5.6.7. The AO has, in the impugned order discussed as to how the assessee has not maintained Stock register, along with other reasons, based upon this finding

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)

disallowed entire purchases of Rs.4.17 Crores under Section 69C. The CIT(A) applied GP rate of 3.67% on bogus purchases, whereas the Tribunal enhanced the disallowance to 12.5% of bogus purchases. 5.6.7. The AO has, in the impugned order discussed as to how the assessee has not maintained Stock register, along with other reasons, based upon this finding

THE HARYANA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT,PANCHKULA vs. DCIT, CIRCLE, PANCHKULA, PANCHKULA

Appeal is allowed

Bench: BEFORE: SHRI. RAJPALYADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of Rs. 156.71 crores during the year. Despite

THE HARYANA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT,PANCHKULA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE, PANCHKULA

Appeal is allowed

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

272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of Rs. 156.71 crores during the year. Despite

ASSISTANT COMMISSIONER OF INCOME TAX, PANCHKULA CIRCLE, PANCHKULA, PANCHKULA vs. THE HARYANA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT, PANCHKULA

Appeal is allowed

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

272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of Rs. 156.71 crores during the year. Despite

THE HARYANA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT,PANCHKULA vs. DCIT,CIRCLE, PANCHKULA, PANCHKULA

Appeal is allowed

Bench: BEFORE: SHRI. RAJPALYADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of Rs. 156.71 crores during the year. Despite

THE HARYANA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT,PANCHKULA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE,, PANCHKULA

Appeal is allowed

Bench: BEFORE: SHRI. RAJPALYADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of Rs. 156.71 crores during the year. Despite

ASSISTANT COMMISSIONER OF INCOME TAX, PANCHKULA CIRCLE, PANCHKULA, PANCHKULA vs. THE HARYANA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT, PANCHKULA

Appeal is allowed

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

272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of Rs. 156.71 crores during the year. Despite

THE HARYANA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT,PANCHKULA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE, PANCHKULA

Appeal is allowed

Bench: BEFORE: SHRI. RAJPALYADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of Rs. 156.71 crores during the year. Despite

ASSISTANT COMMISSIONER OF INCOME TAX, PANCHKULA CIRCLE, PANCHKULA, PANCHKULA vs. THE HARYANA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT, PANCHKULA

Appeal is allowed

Bench: BEFORE: SHRI. RAJPALYADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of Rs. 156.71 crores during the year. Despite

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

272 is not applicable as in that case, the society was engaged in the business of providing credit to its members apart from its marketing activities and under its bye laws, the profit from marketing activities had to be invested / parked in the FDRs and in view of the facts of that case, the Hon’ble Supreme Court held

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)

272 is not applicable as in that case, the society was engaged in the business of providing credit to its members apart from its marketing activities and under its bye laws, the profit from marketing activities had to be invested / parked in the FDRs and in view of the facts of that case, the Hon’ble Supreme Court held

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...

272 is not applicable as in that case, the society was engaged in the business of providing credit to its members apart from its marketing activities and under its bye laws, the profit from marketing activities had to be invested / parked in the FDRs and in view of the facts of that case, the Hon’ble Supreme Court held

THE HARYANA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT,PANCHKULA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLEU��, PANCHKULA

Appeal is allowed

272/ 145 DTR 209 (P&H HC)\n(ii) Agya Ram (2016) 96 CCH 103 (Del HC) dtd. 01.08.2016\n(iii) Orient Craft Ltd. (2013) 354 ITR 536 (Delhi HC)\n(iv) Kelvinator of India Ltd. (320 ITR 561) (2010) (SC)\n(v) Asian Paints Ltd. (308 ITR 195) (2009) (Bom. HC)\n(vi) Asteroids Trading & Investments