DCIT, CHANDIGARH vs. SH. PARAMJIT SINGH, MOHALI

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

68, 69A, 69B, 69C and 69D can be misused by the assessees to circumvent the ‘Voluntary ITA Nos.41 to 44, 387, 45 to 54/Chd/17 & CO 16-to 30-Chd-2018- Shri Kulwant Singh & Others, Mohali 32 Disclosure Scheme’ and to get their income into rotation / accounted for by paying 30% tax and declaring the same under the aforesaid sections

DCIT, CHANDIGARH vs. SH. PARAMJIT SINGH, MOHALI

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

68, 69A, 69B, 69C and 69D can be misused by the assessees to circumvent the ‘Voluntary ITA Nos.41 to 44, 387, 45 to 54/Chd/17 & CO 16-to 30-Chd-2018- Shri Kulwant Singh & Others, Mohali 32 Disclosure Scheme’ and to get their income into rotation / accounted for by paying 30% tax and declaring the same under the aforesaid sections

DCIT, CHANDIGARH vs. SH. KULWANT SINGH, MOHALI

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

68, 69A, 69B, 69C and 69D can be misused by the assessees to circumvent the ‘Voluntary ITA Nos.41 to 44, 387, 45 to 54/Chd/17 & CO 16-to 30-Chd-2018- Shri Kulwant Singh & Others, Mohali 32 Disclosure Scheme’ and to get their income into rotation / accounted for by paying 30% tax and declaring the same under the aforesaid sections

DCIT, CHANDIGARH vs. SMT. JASWANT KAUR, MOHALI

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

68, 69A, 69B, 69C and 69D can be misused by the assessees to circumvent the ‘Voluntary ITA Nos.41 to 44, 387, 45 to 54/Chd/17 & CO 16-to 30-Chd-2018- Shri Kulwant Singh & Others, Mohali 32 Disclosure Scheme’ and to get their income into rotation / accounted for by paying 30% tax and declaring the same under the aforesaid sections

DCIT, CHANDIGARH vs. SMT. MANJIT KAUR, CHANDIGARH

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

68, 69A, 69B, 69C and 69D can be misused by the assessees to circumvent the ‘Voluntary ITA Nos.41 to 44, 387, 45 to 54/Chd/17 & CO 16-to 30-Chd-2018- Shri Kulwant Singh & Others, Mohali 32 Disclosure Scheme’ and to get their income into rotation / accounted for by paying 30% tax and declaring the same under the aforesaid sections

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

In the result, appeal of the Department is dismissed and the appeal of the assessee is allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY, AM आयकर अपील सं. / ITA No. 588/Chd/2018 निर्धारण वर्ष / Assessment Years : 2012-13 The DCIT C-V, Ludhiana बनाम M/s Hero Cycles Ltd. Hero Nagar, G.T. Road Ludhiana स्थायी लेखा सं./PAN NO: AAACH4073P अपीलार्थी/Appellant प्रत्यर्थी / Respondent आयकर अपील सं. / ITA No. 473/Chd/2018 निर्धारण वर्ष / Assessment Years : 2012-13 M/s Hero Cycles Ltd. Hero Nagar, G.T. Road Ludhiana बनाम The ACIT C-V, Ludhiana स्थायी लेखा सं./PAN NO: AAACH4073P

36(1)(iii) of the Act on account of advances made to /debit balances of M/s Hero Exports and M/s Hero Motors Ltd. on the ground of sufficient own funds while ignoring that the assessee has huge borrowings on which interest expenses were claimed? 4. Vide ground no. 1 the grievance of the Department relates to the deletion of disallowance

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

36(1)(iii) of\nthe Act on account of advances made to /debit balances of M/s\nHero Exports and M/s Hero Motors Ltd. on the ground of sufficient own\nfunds while ignoring that the assessee has huge borrowings on which\ninterest expenses were claimed?\n4. Vide ground no. 1 the grievance of the Department relates to the\ndeletion of disallowance

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)

1)(iii) of the Act provides that “the amount of the interest paid in respect of capital borrowed for the purposes of the business or profession” has to be allowed as a deduction in computing the income under Section 280 of the Act. It was further noted by the Apex Court that the expression “for the purpose of business

MR. RAM PAL SINGH,CHANDIGARH vs. ITO WARD 5(4), CHANDIGARH

In the result, both the appeals of the assessees are allowed

Bench: Shri N.K. Saini & Shri Sudhanshu Srivastavaआयकर अपील सं./ Ita No. 387/Chd/2021 "नधा"रण वष" / Assessment Year : 2018-19 Mr. Ram Pal Singh, The Ito, Ward-5(4), बनाम Sco 68, Chandigarh Ist Floor, Sec. 40-C, Chandigarh "थायी लेखा सं./Pan No: Bawps7303F अपीलाथ"/Appellant ""यथ"/Respondent

68, Chandigarh Ist Floor, Sec. 40-C, Chandigarh "थायी लेखा सं./PAN NO: BAWPS7303F अपीलाथ"/Appellant ""यथ"/Respondent Hearing though video Conferencing "नधा"रती क ओर से/Assessee by : Sh. Anil Batra, Advocate राज"व क ओर से/ Revenue by : Dr. Ranjeet Kaur, CIT DR सुनवाई क तार%ख/Date of Hearing : 14.02.2022 उदघोषणा क तार%ख/Date of Pronouncement

ATUL GLOBAL PVT.LTD.,LUDHIANA vs. ITO-WARD-1(1), LUDHIANA

In the result, both the appeals of the assessees are allowed

68, SAS Nagar, Mohali C/o Parikshit Aggarwal, Chartered 160062, Punjab Accountant, H.No. 1238, Sector 22B, Chandigarh "थायी लेखा सं./PAN NO: AABFO7316A अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri Parikshit Aggarwal, CA राज"व क" ओर से/ Revenue by : Dr. Ranjeet Kaur, Sr. DR आयकर अपील सं./ ITA No. 404/Chd/ 2021 "नधा"रण वष" / Assessment

PERIDOT KNITWEARS PRIVATE LIMITED,LUDHIANA vs. ITO WARD -7(5),, LUDHIANA

In the result, both the appeals of the assessees are allowed

68, SAS Nagar, Mohali C/o Parikshit Aggarwal, Chartered 160062, Punjab Accountant, H.No. 1238, Sector 22B, Chandigarh "थायी लेखा सं./PAN NO: AABFO7316A अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri Parikshit Aggarwal, CA राज"व क" ओर से/ Revenue by : Dr. Ranjeet Kaur, Sr. DR आयकर अपील सं./ ITA No. 404/Chd/ 2021 "नधा"रण वष" / Assessment

M/S OVER AND ABOVE SOFTWARE AND INFRASTRUCTURE SOLUTION (OASIS),MOHALI vs. ITO, WARD 6(1),, MOHALI

In the result, both the appeals of the assessees are allowed

68, SAS Nagar, Mohali C/o Parikshit Aggarwal, Chartered 160062, Punjab Accountant, H.No. 1238, Sector 22B, Chandigarh "थायी लेखा सं./PAN NO: AABFO7316A अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri Parikshit Aggarwal, CA राज"व क" ओर से/ Revenue by : Dr. Ranjeet Kaur, Sr. DR आयकर अपील सं./ ITA No. 404/Chd/ 2021 "नधा"रण वष" / Assessment

DOUBLE KNITWEAR,LUDHIANA vs. ITO WARD 3(1), LUDHIANA

In the result, both the appeals of the assessees are allowed

68, SAS Nagar, Mohali C/o Parikshit Aggarwal, Chartered 160062, Punjab Accountant, H.No. 1238, Sector 22B, Chandigarh "थायी लेखा सं./PAN NO: AABFO7316A अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri Parikshit Aggarwal, CA राज"व क" ओर से/ Revenue by : Dr. Ranjeet Kaur, Sr. DR आयकर अपील सं./ ITA No. 404/Chd/ 2021 "नधा"रण वष" / Assessment

M/S PACIFIC ENGINEERS,MOHALI vs. ADIT,CPC, BENGALURU/ITO WARD 6(1), CHANDIGARH

In the result, both the appeals of the assessees are allowed

68, SAS Nagar, Mohali C/o Parikshit Aggarwal, Chartered 160062, Punjab Accountant, H.No. 1238, Sector 22B, Chandigarh "थायी लेखा सं./PAN NO: AABFO7316A अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri Parikshit Aggarwal, CA राज"व क" ओर से/ Revenue by : Dr. Ranjeet Kaur, Sr. DR आयकर अपील सं./ ITA No. 404/Chd/ 2021 "नधा"रण वष" / Assessment

DS MULTIMEDIA PRIVATE LIMITED,PANCHKULA vs. DCIT,CPC/ITO WARD-1, PANCHKULA

In the result, both the appeals of the assessees are allowed

68, SAS Nagar, Mohali C/o Parikshit Aggarwal, Chartered 160062, Punjab Accountant, H.No. 1238, Sector 22B, Chandigarh "थायी लेखा सं./PAN NO: AABFO7316A अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri Parikshit Aggarwal, CA राज"व क" ओर से/ Revenue by : Dr. Ranjeet Kaur, Sr. DR आयकर अपील सं./ ITA No. 404/Chd/ 2021 "नधा"रण वष" / Assessment

CHERRY CHIK HATCHERIES PRIVATE LIMITED,MALERKOTLA vs. ITO WARD - 1,, MALERKOTLA

In the result, both the appeals of the assessees are allowed

68, SAS Nagar, Mohali C/o Parikshit Aggarwal, Chartered 160062, Punjab Accountant, H.No. 1238, Sector 22B, Chandigarh "थायी लेखा सं./PAN NO: AABFO7316A अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri Parikshit Aggarwal, CA राज"व क" ओर से/ Revenue by : Dr. Ranjeet Kaur, Sr. DR आयकर अपील सं./ ITA No. 404/Chd/ 2021 "नधा"रण वष" / Assessment

M/S PACIFIC ENGINEERS,MOHALI vs. ADIT,CPC, BENGALURU/ITO WARD 6(1), CHANDIGARH

In the result, both the appeals of the assessees are allowed

68, SAS Nagar, Mohali C/o Parikshit Aggarwal, Chartered 160062, Punjab Accountant, H.No. 1238, Sector 22B, Chandigarh "थायी लेखा सं./PAN NO: AABFO7316A अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri Parikshit Aggarwal, CA राज"व क" ओर से/ Revenue by : Dr. Ranjeet Kaur, Sr. DR आयकर अपील सं./ ITA No. 404/Chd/ 2021 "नधा"रण वष" / Assessment

SANDEEP PURI,PATIALA vs. ITO WARD -4,, PATIALA

In the result, both the appeals of the assessees are allowed

68, SAS Nagar, Mohali C/o Parikshit Aggarwal, Chartered 160062, Punjab Accountant, H.No. 1238, Sector 22B, Chandigarh "थायी लेखा सं./PAN NO: AABFO7316A अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri Parikshit Aggarwal, CA राज"व क" ओर से/ Revenue by : Dr. Ranjeet Kaur, Sr. DR आयकर अपील सं./ ITA No. 404/Chd/ 2021 "नधा"रण वष" / Assessment