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 made by the AO under section 14A amounting to Rs. 77,57,69,043/-. 11. From the perusal of the records, it is noted that it was also one of the grounds for which the case of the assessee was reopened by the AO. In the reasons so recorded, the AO has stated that the assessee company had made

SAHIBZADA TIMBER AND PLY PRIVATE LIMITED ,MOHALI vs. DCIT, ACIT CENTRAL CIRCLE-2, CHANDIGARH, CHANDIGARH

In the result, the appeal of the assessee is dismissed

Bench: SHRI. VIKRAM SINGH YADAV, AM आयकर अपील सं./ ITA No. 699/Chd/2024 निर्धारण वर्ष / Assessment Year : 2019-20 M/s Sahibzada Timber & Ply Private Limited B41-42, Phase-3, Indl. Aera, SAS Nagar Mohali, Punjab बनाम The DCIT Central Circle-2 Chandigarh स्थायी लेखा सं./PAN NO: AAQCS2239G अपीलार्थी/Appellant प्रत्यर्थी/Respondent निर्धारिती की ओर से/Assessee by : Shri Mohit Dhiman, C.A राजस्व की ओर से/ Revenue by : Dr. Ranjeet Kaur, Sr. DR Shri Dharam Vir, Addl. CIT, Sr.DR सुनवाई की तारीख/Date of He

disallowed by the AO. 16. The question that arises for consideration is whether the AO can substitute the stated sale consideration with another amount and held the latter figure, being a comparative sale figure as full value of consideration for the purposes of computation of capital gains. In this regard, it has been contended by the ld AR that

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)

45,900, and a revised return on 28/03/2018, declaring Rs. 72,36,31,460. The return was scrutinized, and the assessment was completed on 24/12/2018, under Section 143(3) by the Deputy Commissioner of Income Tax, Chandigarh. The Assessing Officer (AO) made two additions: (i) Rs. 82,78,750 under Section 43B: Disallowed

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

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)

45, 13,879/- wrongly. While calculating the eligible profit, deduction was claimed on Misc. Income of Rs. 65,59,819/- which was not to be included for calculating deduction u/s 80IC. 9.3 Thereafter, the case was selected under scrutiny on the following reason. 9.4 Failure on the part of the assessee to correctly compute deduction u/s 80IC. 10. That several

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)

45, 13,879/- wrongly. While calculating the eligible profit, deduction was claimed on Misc. Income of Rs. 65,59,819/- which was not to be included for calculating deduction u/s 80IC. 9.3 Thereafter, the case was selected under scrutiny on the following reason. 9.4 Failure on the part of the assessee to correctly compute deduction u/s 80IC. 10. That several

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)

45, 13,879/- wrongly. While calculating the eligible profit, deduction was claimed on Misc. Income of Rs. 65,59,819/- which was not to be included for calculating deduction u/s 80IC. 9.3 Thereafter, the case was selected under scrutiny on the following reason. 9.4 Failure on the part of the assessee to correctly compute deduction u/s 80IC. 10. That several

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)

45, 13,879/- wrongly. While calculating the eligible profit, deduction was claimed on Misc. Income of Rs. 65,59,819/- which was not to be included for calculating deduction u/s 80IC. 9.3 Thereafter, the case was selected under scrutiny on the following reason. 9.4 Failure on the part of the assessee to correctly compute deduction u/s 80IC. 10. That several

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)

45, 13,879/- wrongly. While calculating the eligible profit, deduction was claimed on Misc. Income of Rs. 65,59,819/- which was not to be included for calculating deduction u/s 80IC. 9.3 Thereafter, the case was selected under scrutiny on the following reason. 9.4 Failure on the part of the assessee to correctly compute deduction u/s 80IC. 10. That several

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)

45, 13,879/- wrongly. While calculating the eligible profit, deduction was claimed on Misc. Income of Rs. 65,59,819/- which was not to be included for calculating deduction u/s 80IC. 9.3 Thereafter, the case was selected under scrutiny on the following reason. 9.4 Failure on the part of the assessee to correctly compute deduction u/s 80IC. 10. That several

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)

45, 13,879/- wrongly. While calculating the eligible profit, deduction was claimed on Misc. Income of Rs. 65,59,819/- which was not to be included for calculating deduction u/s 80IC. 9.3 Thereafter, the case was selected under scrutiny on the following reason. 9.4 Failure on the part of the assessee to correctly compute deduction u/s 80IC. 10. That several

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)

45, 13,879/- wrongly. While calculating the eligible profit, deduction was claimed on Misc. Income of Rs. 65,59,819/- which was not to be included for calculating deduction u/s 80IC. 9.3 Thereafter, the case was selected under scrutiny on the following reason. 9.4 Failure on the part of the assessee to correctly compute deduction u/s 80IC. 10. That several

SANJEEV KUMAR KATHURIA,YAMUNA NAGAR vs. INCOME TAX OFFICER WARD 1 , YAMUNANAGAR

In the result, the appeal of the assessee is allowed

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

disallowance under section 40A(3) of the Act amounting to Rs. 12,09,560/-. 4. Subsequently, the assessment records were called for and examined by the Ld. PCIT, Panchkula and a show cause under section 263 dt. 12/12/2023 was issued by the Ld. PCIT and the contents thereof read as under: “Perusal of assessment record reveals that you had sold

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)

45,49,077/- in M/s Amravati Infrastructure Development Fund Ltd. He also found that an investment of Rs.2,43,36,672/- 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)

45,49,077/- in M/s Amravati Infrastructure Development Fund Ltd. He also found that an investment of Rs.2,43,36,672/- 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)

45,49,077/- in M/s Amravati Infrastructure Development Fund Ltd. He also found that an investment of Rs.2,43,36,672/- 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)

45,49,077/- in M/s Amravati Infrastructure Development Fund Ltd. He also found that an investment of Rs.2,43,36,672/- 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

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

disallowed, and is included as income on adjustment, necessary consequences of payment of an additional income-Tax calculated at the rate of 20 per cent, of the Tax payable on such excess amount must follow as required under section 143(1 A) (a) (i) of the Act and the assessing officer shall further increase the amount of Tax payable under

STAR BIOTECH,PANCHKULA vs. INCOME TAX OFFICER, WARD- PARWANOO, HIMACHAL PRADESH

In the result, the appeal is allowed for statistical purposes with directions as above

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

45,521/- under Section 80IC of the Act. The case was reopened under Section 147 and assessment was completed ex parte under Section 144 on 28.03.2016, making three additions: (i) disallowance