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

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 43(4), ‘Scientific Research’ means any activities for the extension of ITA 350/CHD/2023 A.Y. 2017-18 78 knowledge in the fields of natural or applied science including agriculture, animal husbandry or fisheries; that ‘expenditure incurred on scientific research’ includes all expenditure incurred for the prosecution or provision of facilities for the prosecution of scientific research, but do not include

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)

92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses = 2,46,72,893 – 1,13,73,255 = 1,32,99,638/- = 2,52,41,328 Total 2.15 The Ld. AO in para 5.5 of the assessment order dt. 30/12/2018 has finally held as under basis aforesaid:- “Therefore in pursuance of the directions

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)

92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses = 2,46,72,893 – 1,13,73,255 = 1,32,99,638/- = 2,52,41,328 Total 2.15 The Ld. AO in para 5.5 of the assessment order dt. 30/12/2018 has finally held as under basis aforesaid:- “Therefore in pursuance of the directions

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)

92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses = 2,46,72,893 – 1,13,73,255 = 1,32,99,638/- = 2,52,41,328 Total 2.15 The Ld. AO in para 5.5 of the assessment order dt. 30/12/2018 has finally held as under basis aforesaid:- “Therefore in pursuance of the directions

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)

92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses = 2,46,72,893 – 1,13,73,255 = 1,32,99,638/- = 2,52,41,328 Total 2.15 The Ld. AO in para 5.5 of the assessment order dt. 30/12/2018 has finally held as under basis aforesaid:- “Therefore in pursuance of the directions

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)

92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses = 2,46,72,893 – 1,13,73,255 = 1,32,99,638/- = 2,52,41,328 Total 2.15 The Ld. AO in para 5.5 of the assessment order dt. 30/12/2018 has finally held as under basis aforesaid:- “Therefore in pursuance of the directions

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)

92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses = 2,46,72,893 – 1,13,73,255 = 1,32,99,638/- = 2,52,41,328 Total 2.15 The Ld. AO in para 5.5 of the assessment order dt. 30/12/2018 has finally held as under basis aforesaid:- “Therefore in pursuance of the directions

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)

92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses = 2,46,72,893 – 1,13,73,255 = 1,32,99,638/- = 2,52,41,328 Total 2.15 The Ld. AO in para 5.5 of the assessment order dt. 30/12/2018 has finally held as under basis aforesaid:- “Therefore in pursuance of the directions

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)

92,749/- - 1,29,51,059 = 1,19,41,690/- 2. Misc. Expenses = 2,46,72,893 – 1,13,73,255 = 1,32,99,638/- = 2,52,41,328 Total 2.15 The Ld. AO in para 5.5 of the assessment order dt. 30/12/2018 has finally held as under basis aforesaid:- “Therefore in pursuance of the directions

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:

92,41,178/- is hereby disallowed and added back to the income returned by the assessee society." Since the Hon'ble Punjab and Haryana High Court has confirmed the addition on this issue in the appellant's case in earlier year as stated by the A.O. in his order, I confirm the said addition. This ground of appeal is dismissed

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 on miscellaneous income of Rs. 61,52,573/- alongwith some other income, considering that these incomes were not derived from eligible business / industrial undertaking. The Ld CIT(A) disallowed the deduction on certain other incomes and miscellaneous income except commission / brokerage received from shipping company. The miscellaneous receipt of Rs. 61,52,573/- comprises of Rebate & Discount

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 on miscellaneous income of Rs. 61,52,573/- alongwith some other income, considering that these incomes were not derived from eligible business / industrial undertaking. The Ld CIT(A) disallowed the deduction on certain other incomes and miscellaneous income except commission / brokerage received from shipping company. The miscellaneous receipt of Rs. 61,52,573/- comprises of Rebate & Discount

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 on miscellaneous income of Rs. 61,52,573/- alongwith some other income, considering that these incomes were not derived from eligible business / industrial undertaking. The Ld CIT(A) disallowed the deduction on certain other incomes and miscellaneous income except commission / brokerage received from shipping company. The miscellaneous receipt of Rs. 61,52,573/- comprises of Rebate & Discount

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 on miscellaneous income of Rs. 61,52,573/- alongwith some other income, considering that these incomes were not derived from eligible business / industrial undertaking. The Ld CIT(A) disallowed the deduction on certain other incomes and miscellaneous income except commission / brokerage received from shipping company. The miscellaneous receipt of Rs. 61,52,573/- comprises of Rebate & Discount

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 on miscellaneous income of Rs. 61,52,573/- alongwith some other income, considering that these incomes were not derived from eligible business / industrial undertaking. The Ld CIT(A) disallowed the deduction on certain other incomes and miscellaneous income except commission / brokerage received from shipping company. The miscellaneous receipt of Rs. 61,52,573/- comprises of Rebate & Discount

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)

92,578/- Zeal Exim Pvt. Ltd. Rs.9,50,000/- The appellant had sufficient funds of its own, therefore no disallowance is called for. 20.1 Ground No. 1 is general in nature. 21. The solitary grievance of the assessee by way of Ground No. 2 is that the ld. CIT(A) has gone wrong in confirming the disallowance of interest

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)

92,578/- Zeal Exim Pvt. Ltd. Rs.9,50,000/- The appellant had sufficient funds of its own, therefore no disallowance is called for. 20.1 Ground No. 1 is general in nature. 21. The solitary grievance of the assessee by way of Ground No. 2 is that the ld. CIT(A) has gone wrong in confirming the disallowance of interest

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)

92,578/- Zeal Exim Pvt. Ltd. Rs.9,50,000/- The appellant had sufficient funds of its own, therefore no disallowance is called for. 20.1 Ground No. 1 is general in nature. 21. The solitary grievance of the assessee by way of Ground No. 2 is that the ld. CIT(A) has gone wrong in confirming the disallowance of interest