DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), CHANDIGARH vs. ESSIX BIOSCIENCES LIMITED, MANIMAJRA

In the result, the appeal is dismissed and the

Bench: SHRI A.D.JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

65,171+95,27,54,300/-/2* 0.5%). The AO made a further disallowance of Rs.2,09,78,997/- u/s 14A of the Act over and above the said disallowance of Rs.48,48,048/- made suo-moto by the assessee. While doing so, the AO observed that disallowance u/s 14A of the Act read with Rule 8D of the Rules

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)

disallowed proportionate interest claimed by the assessee on this amount. The Hon'ble Apex Court decided this issue, holding that “the expression ‘commercial expediency’ is an expression of wide import and includes such expenditure as a prudent businessman incurs for the purpose of business. The expenditure may not have been incurred under any legal obligation, yet it is allowable

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)

section 270A(9) of the IT. Act are being proposed to be initiated separately. 32.5 After discussion, the income of the assessee is recomputed as under: Total income Rs. 153,65,65,490/- Addition as discussed in para-7 above Rs. 12,07,04,500/- Total assessed income Rs.165,72,69,990/- 32.6 The aforesaid assessment order

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)

section 270A(9) of the IT. Act are being proposed to be initiated separately. 32.5 After discussion, the income of the assessee is recomputed as under: Total income Rs. 153,65,65,490/- Addition as discussed in para-7 above Rs. 12,07,04,500/- Total assessed income Rs.165,72,69,990/- 32.6 The aforesaid assessment order

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)

section 270A(9) of the IT. Act are being proposed to be initiated separately. 32.5 After discussion, the income of the assessee is recomputed as under: Total income Rs. 153,65,65,490/- Addition as discussed in para-7 above Rs. 12,07,04,500/- Total assessed income Rs.165,72,69,990/- 32.6 The aforesaid assessment order

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)

section 270A(9) of the IT. Act are being proposed to be initiated separately. 32.5 After discussion, the income of the assessee is recomputed as under: Total income Rs. 153,65,65,490/- Addition as discussed in para-7 above Rs. 12,07,04,500/- Total assessed income Rs.165,72,69,990/- 32.6 The aforesaid assessment order

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)

section 270A(9) of the IT. Act are being proposed to be initiated separately. 32.5 After discussion, the income of the assessee is recomputed as under: Total income Rs. 153,65,65,490/- Addition as discussed in para-7 above Rs. 12,07,04,500/- Total assessed income Rs.165,72,69,990/- 32.6 The aforesaid assessment order

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)

section 270A(9) of the IT. Act are being proposed to be initiated separately. 32.5 After discussion, the income of the assessee is recomputed as under: Total income Rs. 153,65,65,490/- Addition as discussed in para-7 above Rs. 12,07,04,500/- Total assessed income Rs.165,72,69,990/- 32.6 The aforesaid assessment order

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)

section 270A(9) of the IT. Act are being proposed to be initiated separately. 32.5 After discussion, the income of the assessee is recomputed as under: Total income Rs. 153,65,65,490/- Addition as discussed in para-7 above Rs. 12,07,04,500/- Total assessed income Rs.165,72,69,990/- 32.6 The aforesaid assessment order

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)

section 270A(9) of the IT. Act are being proposed to be initiated separately. 32.5 After discussion, the income of the assessee is recomputed as under: Total income Rs. 153,65,65,490/- Addition as discussed in para-7 above Rs. 12,07,04,500/- Total assessed income Rs.165,72,69,990/- 32.6 The aforesaid assessment order

THE SHAHABAD COOP. SUGAR MILLS,SHAHABAD vs. ACIT, CIRCLE, KURUKSHETRA

Bench: Us In Terms Of Section 253 Of The Income Tax Act, 1961. 2. The Assessee Being Aggrieved By The Order Of Ld. Cit(A) Dt. 11/03/2018 Which Is Hereinafter Referred To As The Impugned Order, Before This Tribunal In Form No. 36 Has Interalia Raised The Following Grounds Of Appeal:

65,647/- disallowed and added back in income needs to be deleted.” The corresponding finding of CIT(A) is as follows: 3.2 Findings :- I have examined the facts of the case and the submissions made by the assessee. The A.O. has, in his order, given a detailed finding in this regard and reasoned why the decision in CIT vs. Abhishek

ACIT,CIRCLE-1, LUDHIANA vs. M/S VARDHMAN TEXTILES LTD., LUDHIANA

In the result, appeals of the Assessee are partly allowed whereas the Cross appeals of the Revenue are dismissed

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. SHRI. KRINWANT SAHAY (Accountant Member)

section 80IC and 80 IA on insurance claim, Foreign Exchange Rate, interest from customers / suppliers, and commission from Ocean Freight. Such deduction was, however, disallowed on miscellaneous income and interest from banks. 16.2 The assessee has up against the confirmation of reduction of rent received of Rs. 2,09,73,193/-, miscellaneous income of Rs. 65

M/S VARDHMAN TEXTILES LIMITED,LUDHIANA vs. DCIT, C-1, LUDHIANA

In the result, appeals of the Assessee are partly allowed whereas the Cross appeals of the Revenue are dismissed

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. SHRI. KRINWANT SAHAY (Accountant Member)

section 80IC and 80 IA on insurance claim, Foreign Exchange Rate, interest from customers / suppliers, and commission from Ocean Freight. Such deduction was, however, disallowed on miscellaneous income and interest from banks. 16.2 The assessee has up against the confirmation of reduction of rent received of Rs. 2,09,73,193/-, miscellaneous income of Rs. 65

M/S VARDHMAN TEXTILES LIMITED,LUDHIANA vs. ACIT, C-1, LUDHIANA

In the result, appeals of the Assessee are partly allowed whereas the Cross appeals of the Revenue are dismissed

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. SHRI. KRINWANT SAHAY (Accountant Member)

section 80IC and 80 IA on insurance claim, Foreign Exchange Rate, interest from customers / suppliers, and commission from Ocean Freight. Such deduction was, however, disallowed on miscellaneous income and interest from banks. 16.2 The assessee has up against the confirmation of reduction of rent received of Rs. 2,09,73,193/-, miscellaneous income of Rs. 65

DCIT, C-1, LUDHIANA vs. M/S VARDHMAN TEXTILES LIMITED, LUDHIANA

In the result, appeals of the Assessee are partly allowed whereas the Cross appeals of the Revenue are dismissed

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. SHRI. KRINWANT SAHAY (Accountant Member)

section 80IC and 80 IA on insurance claim, Foreign Exchange Rate, interest from customers / suppliers, and commission from Ocean Freight. Such deduction was, however, disallowed on miscellaneous income and interest from banks. 16.2 The assessee has up against the confirmation of reduction of rent received of Rs. 2,09,73,193/-, miscellaneous income of Rs. 65

VARDHMAN TEXTILES LIMITED,LUDHIANA vs. ACIT-CIRCLE-1, LUDHIANA

In the result, appeals of the Assessee are partly allowed whereas the Cross appeals of the Revenue are dismissed

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. SHRI. KRINWANT SAHAY (Accountant Member)

section 80IC and 80 IA on insurance claim, Foreign Exchange Rate, interest from customers / suppliers, and commission from Ocean Freight. Such deduction was, however, disallowed on miscellaneous income and interest from banks. 16.2 The assessee has up against the confirmation of reduction of rent received of Rs. 2,09,73,193/-, miscellaneous income of Rs. 65

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)

disallowance has to be made even when no exempt income has been earned by the assessee. 16. The ld. Counsel for the assessee, on the other hand has placed strong reliance on the impugned order. We find that the ld. CIT(A) has placed reliance on the decision of the Hon'ble jurisdictional High Court in the case

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)

disallowance has to be made even when no exempt income has been earned by the assessee. 16. The ld. Counsel for the assessee, on the other hand has placed strong reliance on the impugned order. We find that the ld. CIT(A) has placed reliance on the decision of the Hon'ble jurisdictional High Court in the case

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)

disallowance has to be made even when no exempt income has been earned by the assessee. 16. The ld. Counsel for the assessee, on the other hand has placed strong reliance on the impugned order. We find that the ld. CIT(A) has placed reliance on the decision of the Hon'ble jurisdictional High Court in the case