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

37. In result the ground no.1 of assessee's appeal is allowed. 38. The next Ground nos. 2 & 3 of assessee's appeal are on the common issue of disallowance of interest u/s 36(1)(iii) on account of advances made to its sister Concern M/s Munjal Hospitality Pvt. Ltd. and M/s Hero Exports Pvt. Ltd. 39. In the ground

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

section 37(1) of the Act, expenditure should be incurred for the purpose of the business which is carried on by the assessee in the previous year and profits of which are to be computed and assessed. However, during the appellate proceedings, assessee has stressed only to justify that the claimed expenditure cannot be disallowed. Though, he failed to explain

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

section 37(1) of the Act, expenditure should be incurred for the purpose of the business which is carried on by the assessee in the previous year and profits of which are to be computed and assessed. However, during the appellate proceedings, assessee has stressed only to justify that the claimed expenditure cannot be disallowed. Though, he failed to explain

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

section 37(1) of the Act, expenditure should be incurred for the purpose of the business which is carried on by the assessee in the previous year and profits of which are to be computed and assessed. However, during the appellate proceedings, assessee has stressed only to justify that the claimed expenditure cannot be disallowed. Though, he failed to explain

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

section 37(1) of the Act, expenditure should be incurred for the purpose of the business which is carried on by the assessee in the previous year and profits of which are to be computed and assessed. However, during the appellate proceedings, assessee has stressed only to justify that the claimed expenditure cannot be disallowed. Though, he failed to explain

M/S SJVN LTD. ( FORMERLY SATLUJ JAL VIDYUT NIGAM LIMITED),SHIMLA vs. DCIT, CIRCLE, SHIMLA

disallowance under Explanation 2 to Section 37(1) comes into play, but, as for latter, there is no such disabling provision as long as the expenses, even in discharge of corporate social responsibility on voluntary basis, can be said to be "wholly and exclusively for the purposes of business". There is no dispute that the expenses in question

ACIT, CIRCLE, SHIMLA vs. M/S SATLUJ JAL VIDYUT NIGAM LIMITED, SHIMLA

disallowance under Explanation 2 to Section 37(1) comes into play, but, as for latter, there is no such disabling provision as long as the expenses, even in discharge of corporate social responsibility on voluntary basis, can be said to be "wholly and exclusively for the purposes of business". There is no dispute that the expenses in question

M/S SJVN LTD. ( FORMERLY SATLUJ JAL VIDYUT NIGAM LIMITED),SHIMLA vs. DCIT, CIRCLE, SHIMLA

disallowance under Explanation 2 to Section 37(1) comes into play, but, as for latter, there is no such disabling provision as long as the expenses, even in discharge of corporate social responsibility on voluntary basis, can be said to be "wholly and exclusively for the purposes of business". There is no dispute that the expenses in question

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

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

4. Issue of Disallowance of Bad Debts: A.Y. 2012-13: Ground No. 3 of Revenue’s appeal A.Y. 2013-14: Ground No. 3 of Revenue’s appeal 4.1 The Assessing Officer has disallowed bad debts of Rs. 4.78 Lacs( for the A.Y. 2012-13) claimed by the assessee on account of transactions with the distributors who in turn supply products

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

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

4. Issue of Disallowance of Bad Debts: A.Y. 2012-13: Ground No. 3 of Revenue’s appeal A.Y. 2013-14: Ground No. 3 of Revenue’s appeal 4.1 The Assessing Officer has disallowed bad debts of Rs. 4.78 Lacs( for the A.Y. 2012-13) claimed by the assessee on account of transactions with the distributors who in turn supply products

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

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

4. Issue of Disallowance of Bad Debts: A.Y. 2012-13: Ground No. 3 of Revenue’s appeal A.Y. 2013-14: Ground No. 3 of Revenue’s appeal 4.1 The Assessing Officer has disallowed bad debts of Rs. 4.78 Lacs( for the A.Y. 2012-13) claimed by the assessee on account of transactions with the distributors who in turn supply products

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

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

4. Issue of Disallowance of Bad Debts: A.Y. 2012-13: Ground No. 3 of Revenue’s appeal A.Y. 2013-14: Ground No. 3 of Revenue’s appeal 4.1 The Assessing Officer has disallowed bad debts of Rs. 4.78 Lacs( for the A.Y. 2012-13) claimed by the assessee on account of transactions with the distributors who in turn supply products

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

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

4. Issue of Disallowance of Bad Debts: A.Y. 2012-13: Ground No. 3 of Revenue’s appeal A.Y. 2013-14: Ground No. 3 of Revenue’s appeal 4.1 The Assessing Officer has disallowed bad debts of Rs. 4.78 Lacs( for the A.Y. 2012-13) claimed by the assessee on account of transactions with the distributors who in turn supply products

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

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

4. Issue of Disallowance of Bad Debts: A.Y. 2012-13: Ground No. 3 of Revenue’s appeal A.Y. 2013-14: Ground No. 3 of Revenue’s appeal 4.1 The Assessing Officer has disallowed bad debts of Rs. 4.78 Lacs( for the A.Y. 2012-13) claimed by the assessee on account of transactions with the distributors who in turn supply products

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

Disallowance of 80IC on subsidy claimed in ITR. Issue 18 : Jewellery found at House no 2273, Sector 21C, Chandigarh & Locker no 64, Bank of India, Sector 35, Chandigarh during the search. 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37

A.B. SUGARS LIMITED,PUNJAB vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, CHANDIGARH

In the result, the appeal of the assessee is allowed

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

37,41,82,063-11,53,61,815) For clarification of Doubt, we are enclosing Segment-wise copies of statement of Profit & Loss Account for FY 2017-18 one of which is before elimination of Inter-unit transactions and other is after elimination of Inter-unit transactions, both shows same profit of assessee company amounting

A.B. SUGARS LIMITED,PUNJAB vs. PRINCIPAL COMMISSIONER OF INCOME TAX -1, CHANDIGARH, CHANDIGARH

In the result, the appeal of the assessee is allowed

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

37,41,82,063-11,53,61,815) For clarification of Doubt, we are enclosing Segment-wise copies of statement of Profit & Loss Account for FY 2017-18 one of which is before elimination of Inter-unit transactions and other is after elimination of Inter-unit transactions, both shows same profit of assessee company amounting

SMT. AARTI SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

37% of the total value of the shares sold. Thus it can be inferred that the remaining 63% of the total value of the shares were sold to other parties in respect of which no doubt was raised by the AO. Furthermore, all the transactions have been carried out through the stock exchange regulated by the SEBI, where the seller