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 10 of the Act is directed to be deleted on the basis of same reasoning and logic as adopted by the Honourable IT AT, Chandigarh in the case of the assessee company itself for the Assessment Years 2008-09, 2009-10 and 2010-11 while deleting the identical addition in these years. In the result, the grounds

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

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

47. If the Assessing Officer justifiably is not satisfied with the correctness of the assessee's claim regarding the expenditure, he must resort to Rule 8D entirely for the determination of the expenditure incurred with respect to the exempt income for the purpose of section 14A. For instance, if the assessee claims that he has not incurred any interest expenditure

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

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

47. If the Assessing Officer justifiably is not satisfied with the correctness of the assessee's claim regarding the expenditure, he must resort to Rule 8D entirely for the determination of the expenditure incurred with respect to the exempt income for the purpose of section 14A. For instance, if the assessee claims that he has not incurred any interest expenditure

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

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

47. If the Assessing Officer justifiably is not satisfied with the correctness of the assessee's claim regarding the expenditure, he must resort to Rule 8D entirely for the determination of the expenditure incurred with respect to the exempt income for the purpose of section 14A. For instance, if the assessee claims that he has not incurred any interest expenditure

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

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

47. If the Assessing Officer justifiably is not satisfied with the correctness of the assessee's claim regarding the expenditure, he must resort to Rule 8D entirely for the determination of the expenditure incurred with respect to the exempt income for the purpose of section 14A. For instance, if the assessee claims that he has not incurred any interest expenditure

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

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

47. If the Assessing Officer justifiably is not satisfied with the correctness of the assessee's claim regarding the expenditure, he must resort to Rule 8D entirely for the determination of the expenditure incurred with respect to the exempt income for the purpose of section 14A. For instance, if the assessee claims that he has not incurred any interest expenditure

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

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

47. If the Assessing Officer justifiably is not satisfied with the correctness of the assessee's claim regarding the expenditure, he must resort to Rule 8D entirely for the determination of the expenditure incurred with respect to the exempt income for the purpose of section 14A. For instance, if the assessee claims that he has not incurred any interest expenditure

SH RAMESH KUMAR DUDANI,MOHALI vs. DCIT, CIRCLE -6(1), MOHALI

The appeal of the assessee stands allowed

Bench: Shri N.K. Saini & Shri Sudhanshu Srivastavaआयकरअपीलसं./Ita No. 589/Chd/2019 "नधा"रणवष" / Assessment Year :2015-16 Shri Ramesh Dudani, The Dcit, बनाम C-104, Industrial Area, Circle 6(1), Live Phase Vii, Stock Complex, Mohali -160055 Sector 68, Mohali "थायी लेखा सं./Pan No: Abbpd0633J अपीलाथ"/Appellant ""यथ"/Respondent

47,660/- which was initially processed under section 143(1) of the Income Tax Act, 1961 (hereinafter called ‘the Act’) and, subsequently, the case was selected for scrutiny. 2.1 During the course of assessment proceedings, the Assessing Officer (hereinafter called ‘AO’) noted that the assessee had invested an amount of Rs. 6,99,00,000/- in securities and shares

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)

47 interest would invite disallowance under section 36(1)(iii) of interest to the extent of interest not taken. ० Post

DCIT, C-5, LUDHIANA vs. M/S HERO CYCLES LTD., LUDHIANA

In the result, appeal of the Department is dismissed and the Cross

section 10(38) of the Act is directed to be deleted on the basis of same reasoning and logic as adopted by the Honourable ITAT, Chandigarh in the case of the assessee company itself for the A.Ys. 2008-09, 2009- 10 and 2010-11 while deleting the identical addition in these years. In the result, the grounds

M/S HERO CYCLES LTD.,LUDHIANA vs. ACIT, C-V, LUDHIANA

section 10 of the Act is directed to be deleted on the basis of same reasoning and logic as adopted by the Honourable IT AT, Chandigarh in the case of the assessee company itself for the Assessment Years 2008-09, 2009-10 and 2010-11 while deleting the identical addition in these years. In the result, the grounds

PERIDOT KNITWEARS PRIVATE LIMITED,LUDHIANA vs. ITO WARD -7(5),, LUDHIANA

In the result, both the appeals of the assessees are allowed

47,57,250/- as against returned income of Rs. 43,61,190/- and accordingly denies its liability to pay tax, cess and interest demand there on. 2. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making adjustments

SANDEEP PURI,PATIALA vs. ITO WARD -4,, PATIALA

In the result, both the appeals of the assessees are allowed

47,57,250/- as against returned income of Rs. 43,61,190/- and accordingly denies its liability to pay tax, cess and interest demand there on. 2. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making adjustments

M/S OVER AND ABOVE SOFTWARE AND INFRASTRUCTURE SOLUTION (OASIS),MOHALI vs. ITO, WARD 6(1),, MOHALI

In the result, both the appeals of the assessees are allowed

47,57,250/- as against returned income of Rs. 43,61,190/- and accordingly denies its liability to pay tax, cess and interest demand there on. 2. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making adjustments

DOUBLE KNITWEAR,LUDHIANA vs. ITO WARD 3(1), LUDHIANA

In the result, both the appeals of the assessees are allowed

47,57,250/- as against returned income of Rs. 43,61,190/- and accordingly denies its liability to pay tax, cess and interest demand there on. 2. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making adjustments

CHERRY CHIK HATCHERIES PRIVATE LIMITED,MALERKOTLA vs. ITO WARD - 1,, MALERKOTLA

In the result, both the appeals of the assessees are allowed

47,57,250/- as against returned income of Rs. 43,61,190/- and accordingly denies its liability to pay tax, cess and interest demand there on. 2. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making adjustments

DS MULTIMEDIA PRIVATE LIMITED,PANCHKULA vs. DCIT,CPC/ITO WARD-1, PANCHKULA

In the result, both the appeals of the assessees are allowed

47,57,250/- as against returned income of Rs. 43,61,190/- and accordingly denies its liability to pay tax, cess and interest demand there on. 2. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making adjustments

M/S PACIFIC ENGINEERS,MOHALI vs. ADIT,CPC, BENGALURU/ITO WARD 6(1), CHANDIGARH

In the result, both the appeals of the assessees are allowed

47,57,250/- as against returned income of Rs. 43,61,190/- and accordingly denies its liability to pay tax, cess and interest demand there on. 2. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making adjustments

ATUL GLOBAL PVT.LTD.,LUDHIANA vs. ITO-WARD-1(1), LUDHIANA

In the result, both the appeals of the assessees are allowed

47,57,250/- as against returned income of Rs. 43,61,190/- and accordingly denies its liability to pay tax, cess and interest demand there on. 2. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making adjustments