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

SH. VIBHAV JAIN,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

Bench: SHRI. SANJAY GARG (Judicial Member), SHRI. VIKRAM SINGH YADAV (Accountant Member)

36) amounting to Rs. 99,16,874/-. The return of income was thereafter processed under section 143(1) and thereafter, no notice under section 143(2) was issued within the statutory time period. 3.1 Subsequently, search and seizure operation under section 132(1) were carried out at the residential and business premises of M/s Jain Amar Clothing

M/S CHANDIGARH LAWN TENNIS ASSOCIATION,CHANDIGARH vs. ITO (EXEMPTIONS), CHANDIGARH

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaassessment Year : 2013-14 Chandigarh Lawn Tennis Vs. The Ito (Exemptions), Association, Ward, Chandigarh Sector 10, Chandigarh Pan No. Aaatc4943J (Appellant) (Respondent) Appellant By : Sh. Y.K. Sud, Ca Respondent By : Smt. Chanderkanta, Addl. Cit (On 22.3.2018) & Sh.Yoginder Mittal, Sr. Dr (On 13.7.2018) Date Of Hearing : 22.03.2018 & 13.7.2018 Date Of Pronouncement : 26.07.2018

36. There are two limbs of the above proviso to section 2(15) of the Act, introduced w.e.f. 1.4.2009, i.e. the advancement of any other object of general public utility" shall not be a charitable purpose if it involves the carrying on of: (a) any activity in the nature of trade, commerce or business, or any activity of rendering

M/S SATWANT AGRO ENGINEERS,BHAWANIGARH vs. DCIT, CENTRAL CIRCLE, PATIALA

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

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

section 68 can be made in the hand of the firm in respect of credits to the partner's capital account in firm. Further it is submitted that credit entry in capital account of partners was surrendered in firm which was duly accepted by department so in case of firm the addition/surrendered amount should be assessed as business income

M/S JAIN AMAR CLOTHING PVT. LTD.,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

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

68 of the Act. As against the returned income of Rs. 8,85,15,010/-, the assessed income was determined at Rs. 37,11,61,260/- by bringing to tax the whole of the share premium amounting to Rs. 28,26,46,250/-. 4. Being aggrieved, the assessee carried the matter in appeal before

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

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

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 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

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

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

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

SH. ASHISH JAIN,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

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

68 arbitrarily. These are actual long term capital gains earned by the assessee. h) All the documents in the shape of share certificates issued by Maple Goods Pvt. Ltd. which are part of annexure A containing 1 to 182 pages have been doubted under the words Character of Certificates, inspite of the fact that the AO has not doubted

SH. ASHISH JAIN,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

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

68 arbitrarily. These are actual long term capital gains earned by the assessee. h) All the documents in the shape of share certificates issued by Maple Goods Pvt. Ltd. which are part of annexure A containing 1 to 182 pages have been doubted under the words Character of Certificates, inspite of the fact that the AO has not doubted

SH. AKHIL JAIN,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

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

68 arbitrarily. These are actual long term capital gains earned by the assessee. h) All the documents in the shape of share certificates issued by Maple Goods Pvt. Ltd. which are part of annexure A containing 1 to 182 pages have been doubted under the words Character of Certificates, inspite of the fact that the AO has not doubted