M/S HARYANA STATE INDUSTRIAL & INFRASTRUCTURE DEVELOPMENT CORPN.,,PANCHKULA vs. ACIT,, PANCHKULA

In the result, all the above appeals of the assessee are

Bench: The Itat. That In The First Round The Itat Had Held The Provisions Of Section 14A Of The Act, For The Purposes Of Disallowing Expenses Relating To Exempt Income, Applicable In The Facts Of The Present Cases On Noting That The Assessee Had Earned Exempt Income In The Form

section 14A of the Act and as per law. That subsequently the AO, after giving due opportunity of hearing to the assessee, had worked out the disallowance by applying the mathematical formula provided in Rule 8D of the Income Tax Rule, 1962 for the said purpose, making disallowance of expenses for the impugned assessment years as under: Asstt. Year Disallowance

THE JABO MAJRO CO-OPERATIVE LABOUR AND CONSTRUCTION SOCIETY LTD.,MALERKOTLA vs. ITO, MALERKOTLA

In the result, appeal of the assessee is partly allowed for statistical purposes

75,867/- made by the A.O. by making disallowance under section 36(1)(va) of the Income Tax Act, 1961 (hereinafter

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 14A, instead of taking into account total\ninvestment, investment attributable to dividend was required to be\nadopted an thereafter disallowance was to be arrived.\n33. The Ld. Counsel of assessee also argued that suo-moto\ndisallowance can also be challenged. Hon'ble SC and many other\ncourts held that the object of the income tax proceedings is to\ndetermine

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)

75 (P&H), it had been held that section 36(1)(iii) of the Act provides that the amount of interest paid in respect of capital borrowed for the purposes of business or profession has to be allowed as a deduction in computing the income under section 28 of the Act; that the expression " for the purpose of business

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

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

disallowance of interest under section 36(1)(iii) of the Act by observing in para 5 of the assessment order dt. 31/01/2014 which read as under: During the course of the Assessment Proceedings the details regarding the Debtors as standing in the Balance Sheet of the Assessee as on 31.3.2011 were called for. Copy of accounts of the main Debtors

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)

75,535/- by reallocating the expenses claimed by the assessee company. The reasons for restricting the claim under section 80IC of the Act have been given in detail in the assessment order. The main reason for making the impugned addition was that the 'R&D expenses' as well as expenses under the heads directors meeting fee, Audit fee and miscellaneous

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)

75,535/- by reallocating the expenses claimed by the assessee company. The reasons for restricting the claim under section 80IC of the Act have been given in detail in the assessment order. The main reason for making the impugned addition was that the 'R&D expenses' as well as expenses under the heads directors meeting fee, Audit fee and miscellaneous

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)

75,535/- by reallocating the expenses claimed by the assessee company. The reasons for restricting the claim under section 80IC of the Act have been given in detail in the assessment order. The main reason for making the impugned addition was that the 'R&D expenses' as well as expenses under the heads directors meeting fee, Audit fee and miscellaneous

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)

75,535/- by reallocating the expenses claimed by the assessee company. The reasons for restricting the claim under section 80IC of the Act have been given in detail in the assessment order. The main reason for making the impugned addition was that the 'R&D expenses' as well as expenses under the heads directors meeting fee, Audit fee and miscellaneous

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)

75,535/- by reallocating the expenses claimed by the assessee company. The reasons for restricting the claim under section 80IC of the Act have been given in detail in the assessment order. The main reason for making the impugned addition was that the 'R&D expenses' as well as expenses under the heads directors meeting fee, Audit fee and miscellaneous

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)

75,535/- by reallocating the expenses claimed by the assessee company. The reasons for restricting the claim under section 80IC of the Act have been given in detail in the assessment order. The main reason for making the impugned addition was that the 'R&D expenses' as well as expenses under the heads directors meeting fee, Audit fee and miscellaneous

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)

75,535/- by reallocating the expenses claimed by the assessee company. The reasons for restricting the claim under section 80IC of the Act have been given in detail in the assessment order. The main reason for making the impugned addition was that the 'R&D expenses' as well as expenses under the heads directors meeting fee, Audit fee and miscellaneous

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)

75,535/- by reallocating the expenses claimed by the assessee company. The reasons for restricting the claim under section 80IC of the Act have been given in detail in the assessment order. The main reason for making the impugned addition was that the 'R&D expenses' as well as expenses under the heads directors meeting fee, Audit fee and miscellaneous

M/S GLAXOSMITHKLINE ASIA PVT. LTD.,GURGAON vs. DCIT, CHANDIGARH

In the result, the appeal of the assessee is partly allowed

section. The First Schedule to the Finance Act of 1970 was modified and the Schedule so modified contains provisions for surcharge on income-tax. It is significant that s. 2 of the Finance Act of 1971 speaks only of income-tax and not of any surcharge. It is only in the modifications made in the Schedule to the Finance

KANDI FRIENDS EDUCATIONAL TRUST,ROPAR vs. DEPUTY COMMISSION OF INCOME TAX, CL. 1, EXEMPTION, CHANDIGARH

In the result, both the appeals are allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

75,303 2010-11) Disallowance of Revenue Expenditure on AME 15,17,461 Course Disallowance of Donation 1,10,000 Depreciation disallowed and excess of income 2,82,41,720 over expenditure Total Taxable Income 10,47,74,451 5. The assessee has taken eight grounds of appeal in assessment year 2014-15 and ten grounds of appeal in assessment

KANDI FRIENDS EDUCATIONAL TRUST,ROPAR vs. DEPUTY COMMISSIONER OF INCOME TAX, CHANDIGARH

In the result, both the appeals are allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

75,303 2010-11) Disallowance of Revenue Expenditure on AME 15,17,461 Course Disallowance of Donation 1,10,000 Depreciation disallowed and excess of income 2,82,41,720 over expenditure Total Taxable Income 10,47,74,451 5. The assessee has taken eight grounds of appeal in assessment year 2014-15 and ten grounds of appeal in assessment

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)

disallowance made is deleted. 15. Ground No. 4 states that the AO action for treating the amount of Rs. 25,32,75,393/-, i.e; interest received by the assessee, as income from other sources, in place of income from business and profession, as claimed by the assessee, has wrongly been confirmed by the Ld. CIT(A). 15.1 The AO treated

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)

disallowance made is deleted. 15. Ground No. 4 states that the AO action for treating the amount of Rs. 25,32,75,393/-, i.e; interest received by the assessee, as income from other sources, in place of income from business and profession, as claimed by the assessee, has wrongly been confirmed by the Ld. CIT(A). 15.1 The AO treated

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)

disallowance made is deleted. 15. Ground No. 4 states that the AO action for treating the amount of Rs. 25,32,75,393/-, i.e; interest received by the assessee, as income from other sources, in place of income from business and profession, as claimed by the assessee, has wrongly been confirmed by the Ld. CIT(A). 15.1 The AO treated