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 14 of the Act read Rule 8D of the Income Tax Rules is deleted. The aforesaid order has been followed by the ITAT in the Assessment Year's i.e. 2009-10 and 2011-12, we, therefore do not see any valid ground to interfere with the findings of the Ld. CIT (A) who rightly deleted the disallowance made

M/S APEX BUILDERS, LUDHIANA vs. ITO, W-2(1), LUDHIANA

The appeal is partly allowed

Bench: SHRI. LALIET KUMAR (Judicial Member)

Section 40A(3), prior to the amendment brought in by the Finance Act, 2008 w.e.f. 01.04.2009. The amendment made a significant departure by providing that any payment or aggregate of payments made to a person in a day exceeding Rs.20,000 (now Rs.10,000), otherwise than by account payee cheque/draft or electronic clearing system, shall be disallowed

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 14 of the Act read Rule 8D of the Income Tax\nRules is deleted.\nThe aforesaid order has been followed by the ITAT in the\n Assessment Year's i.e. 2009-10 and 2011-12, we, therefore do not see\nany valid ground to interfere with the findings of the Ld. CIT (A) who\nrightly deleted the disallowance made

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

In the result, we upheld the

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

disallowance under section 36(i)(iii) of the Act. 18. In this regard, briefly the facts of the case are that the AO observed that the assessee has shown capital work in progress for an amount of Rs. 5,43

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)

43,765/-“ u/s 14A to the returned income after substracting the suomotto disallowance of Rs. 18,55,326/-. The 1st appeal on ground No. 2(a) was that the Ld. DCIT failed to record proper satisfaction and established the nexus of interest relating to investment whose income is not chargeable to tax. 22.9 The calculation of disallowance under section

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)

43,765/-“ u/s 14A to the returned income after substracting the suomotto disallowance of Rs. 18,55,326/-. The 1st appeal on ground No. 2(a) was that the Ld. DCIT failed to record proper satisfaction and established the nexus of interest relating to investment whose income is not chargeable to tax. 22.9 The calculation of disallowance under section

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)

43,765/-“ u/s 14A to the returned income after substracting the suomotto disallowance of Rs. 18,55,326/-. The 1st appeal on ground No. 2(a) was that the Ld. DCIT failed to record proper satisfaction and established the nexus of interest relating to investment whose income is not chargeable to tax. 22.9 The calculation of disallowance under section

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)

43,765/-“ u/s 14A to the returned income after substracting the suomotto disallowance of Rs. 18,55,326/-. The 1st appeal on ground No. 2(a) was that the Ld. DCIT failed to record proper satisfaction and established the nexus of interest relating to investment whose income is not chargeable to tax. 22.9 The calculation of disallowance under section

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)

43,765/-“ u/s 14A to the returned income after substracting the suomotto disallowance of Rs. 18,55,326/-. The 1st appeal on ground No. 2(a) was that the Ld. DCIT failed to record proper satisfaction and established the nexus of interest relating to investment whose income is not chargeable to tax. 22.9 The calculation of disallowance under section

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)

43,765/-“ u/s 14A to the returned income after substracting the suomotto disallowance of Rs. 18,55,326/-. The 1st appeal on ground No. 2(a) was that the Ld. DCIT failed to record proper satisfaction and established the nexus of interest relating to investment whose income is not chargeable to tax. 22.9 The calculation of disallowance under section

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)

43,765/-“ u/s 14A to the returned income after substracting the suomotto disallowance of Rs. 18,55,326/-. The 1st appeal on ground No. 2(a) was that the Ld. DCIT failed to record proper satisfaction and established the nexus of interest relating to investment whose income is not chargeable to tax. 22.9 The calculation of disallowance under section

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)

43,765/-“ u/s 14A to the returned income after substracting the suomotto disallowance of Rs. 18,55,326/-. The 1st appeal on ground No. 2(a) was that the Ld. DCIT failed to record proper satisfaction and established the nexus of interest relating to investment whose income is not chargeable to tax. 22.9 The calculation of disallowance under section

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)

disallowance under section 36(1)(iii) of interest to the extent of interest not taken. ० Post 'Abhishek Industries' (supra), according to 'Bright Enterprises' (dated 24.7.2015) (supra) [on having considered 'Abhishek Industries' (supra) and having followed 'SA Builders' (supra)], to allow the interest as deduction under section 36(1)(iii), the real test is that it was commercial expediency which

SH. GURINDER MAKKAR,LUDHIANA vs. DCIT, CC-3, LUDHIANA

In the result, the appeal of the assessee is disposed off in light of aforesaid directions

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

disallowed under section 37 of the Act. 3.3 Further, the AO observed that the surrender of Rs. 14,00,000/- on account of construction of building cannot be considered as part of actual cost of the building for the reason that the assessee has failed to show as to how the provision of Section 43

HARYANA URBAN DEVELOPMENT AUTHORITY,PANCHKULA, HARYANA vs. PRINCIPAL COMMISSIONER OF INCOME TAX, PANCHKULA , HARYANA

In the result, the appeal filed by the assessee is dismissed

disallowance relating to the amount of interest on arrears of sales-Tax the said issue was highly debatable and it ceased to be primafacie inadmissible and therefore section 143(1)(a) would not be applicable.\n10. Now, as stated hereinabove, at the time when the assessee submitted the return of income for the assessment year 1992-93 declaring 'Nil' income

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)

43,36,672/- had been made on 31.03.2012. These investments had been shown in the Balance Sheet as long term advances. The assessee was queried as to why the provisions of Section 14A be not applied and disallowance

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)

43,36,672/- had been made on 31.03.2012. These investments had been shown in the Balance Sheet as long term advances. The assessee was queried as to why the provisions of Section 14A be not applied and disallowance

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)

43,36,672/- had been made on 31.03.2012. These investments had been shown in the Balance Sheet as long term advances. The assessee was queried as to why the provisions of Section 14A be not applied and disallowance