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 36(1\n)(ii) of interest paid by the assessee on amounts borrowed by it for\nadvancing to a sister concern, the authorities and the courts should\nexamine the purpose for which the assessee advanced the money\nand what the sister concern did with the money. That the borrowed\namount is not utilized by the assessee

PUKHRAJ SINGH GUJRAL,CHANDIGARH vs. CPC, BENGALURU

In the result, the appeal of the assessee is allowed

Bench: Final Hearing

90 of the Income Tax Act, 1961, by filing Form No. 67 on 27.08.2022, after the due date for filing the return under Section 139(1), which was 31.07.2022. The CPC, Bengaluru, processed the return under Section 143(1) on 26.10.2022 and 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)

Section 37 that the expression " for the purpose of business" includes expenditure voluntarily incurred for ITA 350/CHD/2023 A.Y. 2017-18 70 commercial expediency, and it is immaterial if a third party also benefits thereby." (iv). The supreme Court further held at placitum 26 at page 8 of the report as under: "The expression "commercial expediency" is an expression of wide

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)

90,430 2,46,72,893 3,91,63,323 2.14 The Ld. AO in assessment order at para 5.4 has held that Therefore the expenses in the Haridwar unit stand enhanced by the “ 5.4 following amounts: 1. Administrative expenses = 2,48,92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses

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)

90,430 2,46,72,893 3,91,63,323 2.14 The Ld. AO in assessment order at para 5.4 has held that Therefore the expenses in the Haridwar unit stand enhanced by the “ 5.4 following amounts: 1. Administrative expenses = 2,48,92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses

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)

90,430 2,46,72,893 3,91,63,323 2.14 The Ld. AO in assessment order at para 5.4 has held that Therefore the expenses in the Haridwar unit stand enhanced by the “ 5.4 following amounts: 1. Administrative expenses = 2,48,92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses

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)

90,430 2,46,72,893 3,91,63,323 2.14 The Ld. AO in assessment order at para 5.4 has held that Therefore the expenses in the Haridwar unit stand enhanced by the “ 5.4 following amounts: 1. Administrative expenses = 2,48,92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses

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)

90,430 2,46,72,893 3,91,63,323 2.14 The Ld. AO in assessment order at para 5.4 has held that Therefore the expenses in the Haridwar unit stand enhanced by the “ 5.4 following amounts: 1. Administrative expenses = 2,48,92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses

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)

90,430 2,46,72,893 3,91,63,323 2.14 The Ld. AO in assessment order at para 5.4 has held that Therefore the expenses in the Haridwar unit stand enhanced by the “ 5.4 following amounts: 1. Administrative expenses = 2,48,92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses

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)

90,430 2,46,72,893 3,91,63,323 2.14 The Ld. AO in assessment order at para 5.4 has held that Therefore the expenses in the Haridwar unit stand enhanced by the “ 5.4 following amounts: 1. Administrative expenses = 2,48,92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses

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)

90,430 2,46,72,893 3,91,63,323 2.14 The Ld. AO in assessment order at para 5.4 has held that Therefore the expenses in the Haridwar unit stand enhanced by the “ 5.4 following amounts: 1. Administrative expenses = 2,48,92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses

SH. PAWAN KUMAR,CHANDIGARH vs. DCIT, CIRCLE 1(1), CHANDIGARH

In the result, the appeal of the assessee is allowed

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

Section 90 nor India-USA DTAA provides that Foreign Tax Credit (FTC) shall be disallowed for non compliance with any procedural

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 14A of the Act r.w. Rule 8D of the Income Tax Rules and making disallowance ignoring the stand taken by the assessee. As per ground no. 3 the amended provisions of Rule 8D, effective from 02/06/2016 have been misapplied. 14.1 The AO disallowed a net amount of Rs. 17,98,15,974/- after deducting suo- moto disallowance

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 14A of the Act r.w. Rule 8D of the Income Tax Rules and making disallowance ignoring the stand taken by the assessee. As per ground no. 3 the amended provisions of Rule 8D, effective from 02/06/2016 have been misapplied. 14.1 The AO disallowed a net amount of Rs. 17,98,15,974/- after deducting suo- moto disallowance

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 14A of the Act r.w. Rule 8D of the Income Tax Rules and making disallowance ignoring the stand taken by the assessee. As per ground no. 3 the amended provisions of Rule 8D, effective from 02/06/2016 have been misapplied. 14.1 The AO disallowed a net amount of Rs. 17,98,15,974/- after deducting suo- moto disallowance

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 14A of the Act r.w. Rule 8D of the Income Tax Rules and making disallowance ignoring the stand taken by the assessee. As per ground no. 3 the amended provisions of Rule 8D, effective from 02/06/2016 have been misapplied. 14.1 The AO disallowed a net amount of Rs. 17,98,15,974/- after deducting suo- moto disallowance

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 14A of the Act r.w. Rule 8D of the Income Tax Rules and making disallowance ignoring the stand taken by the assessee. As per ground no. 3 the amended provisions of Rule 8D, effective from 02/06/2016 have been misapplied. 14.1 The AO disallowed a net amount of Rs. 17,98,15,974/- after deducting suo- moto disallowance

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

90,153 Non-utilisation of accumulated Funds (AY 6,27,75,303 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

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

90,153 Non-utilisation of accumulated Funds (AY 6,27,75,303 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