SH. KRISHAN KUMAR,KHANNA vs. DCIT, CC-1, LUDHIANA

In the result, the appeal of the Assessee is allowed

Bench: Shri A.D. Jain & Shri Vikram Singh Yadav

68 of the Act and computed the Tax liability under the provisions of the section 115BBE of the Act." 7.7 As regards, the charging of income tax @ 60% invoking the provisions of section 115BBE on the income declared by 175-Chd-2023– Shri Krishan Kumar, Khanna 18 the Assessee in its return of income. The Assessee has already made

BANUR BROTHER ,PATIALA vs. ITO-WARD-1, AMBALA

In the result appeal of the assessee is allowed as and by way of remand to Ld

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

68,63,786/-. It is notably absent how this precise figure was derived upon scrutinizing the bank statements. Instead, Ld. AO only mentioned the total amount of money credited to the bank account, which was Rs. 3,44,32,009/-, during the demonetization period. 2.3.4 The finding about credits received of Rs. 3,44,32,009/- during the demonetization

DEPUTY COMMISSIONER OF INCOME TAX, CC-1, LUDHIANA, LUDHIANA vs. SHREE GANESH EDIBLES PVT. LTD., KHANNA

The appeal stand dismissed

Bench: SHRI RAJPAL YADAV (Vice President), SHRI MANOJ KUMAR AGGARWAL (Accountant Member)

Section 68 of the act of the lender companies as well as without considering the facts of the case? 2. Whether upon the facts and circumstances of the case and in law, the Ld. CIT(A) was justified to delete the addition made by the A.O. on account of interest payments made to Highrise Securities & Trading

DEPUTY COMMISSIONER OF INCOME TAX, CC-1, LUDHIANA, LUDHIANA vs. SHREE GANESH EDIBLES PVT. LTD., KHANNA

The appeal stand dismissed

Bench: SHRI RAJPAL YADAV (Vice President), SHRI MANOJ KUMAR AGGARWAL (Accountant Member)

Section 68 of the act of the lender companies as well as without considering the facts of the case? 2. Whether upon the facts and circumstances of the case and in law, the Ld. CIT(A) was justified to delete the addition made by the A.O. on account of interest payments made to Highrise Securities & Trading

DCIT, C-1, LUDHIANA vs. M/S GOLD STAR AMCO STEELS PVT. LTD., LUDHIANA

In the results, the book results as duly audited need to be accepted and the addition so made is hereby directed to be deleted

Bench: 30Th Of September 2013 And, As Such, Framing Of Assessment By The Assessing Officer Without Observing Mandatory

Section 68 on account of advances from customers, disallowance of depreciation amounting to Rs. 10,34,306/- and an addition

M/S GOLD STAR AMCO STEELS PVT. LTD.,LUDHIANA vs. DCIT, C-1, LUDHIANA

In the results, the book results as duly audited need to be accepted and the addition so made is hereby directed to be deleted

Bench: 30Th Of September 2013 And, As Such, Framing Of Assessment By The Assessing Officer Without Observing Mandatory

Section 68 on account of advances from customers, disallowance of depreciation amounting to Rs. 10,34,306/- and an addition

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

INCOME TAX OFFICER, NEW LIBRA KOTHI, RAILWAY ROAD, SIRHIND vs. BHAGWAN DASS, AMLOH ROAD, MANDI GOBINDGARH

In the result, appeal of the Revenue is dismissed

68 read with section 115BBE of\nthe I.T. Act, 1961 on account of Unexplained Sundry Creditors.\n2. Whether on the facts and in the circumstances of the case the Ld. CIT(A) is correct\nin allowing the assessee's claim of GST paid of Rs.12,38,488/- under section 36(1)(vii) of\nthe Act, 1961 which was disallowed

M/S ARYANS EDUCATIONAL AND CHARITABLE TRUST,MOHALI vs. DCIT, C-1, (E), CHANDIGARH

In the result, appeal of the assessee is partly allowed

Bench: Shri A.D. Jain & Dr Krinwant Sahayआयकर अपील सं./ Ita No. 821/Chd/2019 "नधा"रण वष" / Assessment Years : 2013-14 M/S Aryans Educational & Vs. The Dcit, Circle-1 Charitable Trust, बनाम (Exemptions), # 2129, Phase-10, Chandigarh Mohali "थायी लेखा सं./Pan No: Aabta7550L

disallowance of the entire amount of Rs. 1,73,73,648/- by applying the provisions of section 115BBC and section 68

EASTMAN INTERNATIONAL,LUDHIANA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, LUDHIANA

In the result, appeal of the Assessee is allowed

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

disallow the deduction but increased the taxable income by the additions under Sections 68 and 41(1). The Ld. CIT(A) dismissed

SAHIL SINGLA,CHANDIGARH vs. ASSTT. COMMISSIONER OF INCOME TAX, CC-2, CHANDIGARH

In the result, appeal of the Assessee is allowed

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

Section 68 of the Act. 19.1 The assessee maintains that the Learned Assessing Officer has considered the Bank Passbook/Statements as books of account, then, no addition can be made u/s 69 of the Act, as all the investments were accounted for and made through the regular Bank a/c of the appellant and if the Assessing Officer assents to/abides

M/S PUNJAB SMALL INDUSTRIES AND EXPORTS CORPORATION LTD.,CHANDIGARH vs. DCIT, CIRCLE 1(1), CHANDIGARH

In the result, the appeal of the Assessee is allowed for statistical purposes

Bench: Shri A.D. Jain & Dr Krinwant Sahayआयकर अपील सं./ Ita No. 556/Chd/2022 "नधा"रण वष" / Assessment Years : 2019-20 M/S Punjab Small Industries & Vs. The Dcit / Acit, Export Corporation Ltd., बनाम Circle 2(1), Udyog Bhawan, 3Rd To 6Th Floor, Chandigarh Sector 17-A, Chandigarh "थायी लेखा सं./Pan No: Aabcp1602M अपीलाथ"/ Appellant ""यथ"/ Repsondent ( Hybrid Hearing )

disallowance of Rs. 33,811/- [Rs.68,84,636/- minus Rs. 68,50,825/-] under section 43(B) with respect to the payment

INCOME TAX OFICER, BC BAZAR vs. THE KESRI UNION FARMERS SERVICE CO-OP SOCIETY LTD, AMBALA

In the result appeal of Department / Revenue is dismissed

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

68 r.w.s. 115BBE. The Reserve bank of India vide its gazette Notification No. 2652 dated 08.11.2016 has held that the specified bank notes held by a person other than a banking company referred to in subparagraph 1) of Paragraph 1 or Government Treasury may be exchanged at any issue office of the Reserve Bank or any branch of public section

SH. NARESH CHAUHAN,SHIMLA vs. ACIT, CC-II, CHANDIGARH

In the result, the addition so made is hereby directed to be deleted and the ground of appeal is allowed

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

disallowance even in the subsequent assessment year given the business expediency requiring the assessee to make such cash payment. As no payment was made, no question of treating the same as unexplained expenditure within the meaning of Section 69C of the Income Tax Act, 1961 arises for consideration and it was submitted that the addition so made may be ordered

SH. NARESH CHAUHAN,SHIMLA vs. DCIT, CC-II, CHANDIGARH

In the result, the addition so made is hereby directed to be deleted and the ground of appeal is allowed

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

disallowance even in the subsequent assessment year given the business expediency requiring the assessee to make such cash payment. As no payment was made, no question of treating the same as unexplained expenditure within the meaning of Section 69C of the Income Tax Act, 1961 arises for consideration and it was submitted that the addition so made may be ordered

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)

section 36(l)(iii) of the Act can be made in this case. The ground No.l raised by the assessee is allowed.” 50.6 In ‘Commissioner of Income Tax vs Dalmia Cement (Bharat) Ltd’, 330 ITR 595 (High Court of Delhi), the assessee company advanced interest free Loan of Rs. 40 lakhs to its subsidiary and paid interest to the banks

WINSOME TEXTILE INDUSTRIES LIMITED,CHANDIGARH vs. ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-4(1), CHANDIGARH, CHANDIGARH

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

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

68 of Income-tax Act, 1961? We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the assessee company from alleged bogus shareholders, whose names are given to the Assessing Officer, then the department is free to proceed to reopen their individual assessments in accordance with law. Hence

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 14A which deals with the expenditure incurred in relation to income not includible in total income. The Ld. AR in respect of Ground No. 2(supra) have submitted in writing by way written submission as under: 1. The calculation of disallowance made by the Ld. AO is as under: Particulars Amount Under Rule 8D(2)(ii) 1455246 Under Rule

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 14A which deals with the expenditure incurred in relation to income not includible in total income. The Ld. AR in respect of Ground No. 2(supra) have submitted in writing by way written submission as under: 1. The calculation of disallowance made by the Ld. AO is as under: Particulars Amount Under Rule 8D(2)(ii) 1455246 Under Rule