JET LITE (INDIA) LTD vs. COMMISSIONER OF INCOME TAX-XVI

The appeals are disposed of in the above terms with no order as to

1,42,76,534 made by the AO was deleted. The ITAT accepted the factual finding that the Assessee had allowed its sister concerns to retain the amount as a result of the trading transactions. Further the entire amount was taken by the Assessee for the business purpose. Therefore, there could be no disallowance of interest

JET LITE (INDIA) LTD vs. COMMISSIONER OF INCOME TAX-XVI

The appeals are disposed of in the above terms with no order as to

1,42,76,534 made by the AO was deleted. The ITAT accepted the factual finding that the Assessee had allowed its sister concerns to retain the amount as a result of the trading transactions. Further the entire amount was taken by the Assessee for the business purpose. Therefore, there could be no disallowance of interest

JET LITE (INDIA) LTD vs. COMMISSIONER OF INCOME TAX-XVI

The appeals are disposed of in the above terms with no order as to

1,42,76,534 made by the AO was deleted. The ITAT accepted the factual finding that the Assessee had allowed its sister concerns to retain the amount as a result of the trading transactions. Further the entire amount was taken by the Assessee for the business purpose. Therefore, there could be no disallowance of interest

JET LITE (INDIA) LTD vs. COMMISSIONER OF INCOME TAX-XVI

The appeals are disposed of in the above terms with no order as to

1,42,76,534 made by the AO was deleted. The ITAT accepted the factual finding that the Assessee had allowed its sister concerns to retain the amount as a result of the trading transactions. Further the entire amount was taken by the Assessee for the business purpose. Therefore, there could be no disallowance of interest

JET LITE (INDIA) LTD vs. COMMISSIONER OF INCOME TAX-XVI

The appeals are disposed of in the above terms with no order as to

1,42,76,534 made by the AO was deleted. The ITAT accepted the factual finding that the Assessee had allowed its sister concerns to retain the amount as a result of the trading transactions. Further the entire amount was taken by the Assessee for the business purpose. Therefore, there could be no disallowance of interest

M/S. RELIGARE ENTERPRISE LTD.,NOIDA vs. DCIT, NEW DELHI

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

disallowance under section 14A of the Act [refer NTPC: 229 ITR 383 (SC), CIT vs. Bharat General Reinsurance Co. Ltd.: 81 ITR 303 (Del.), SAIL DSP VR Employees Association 1998 V. UOI : 262 ITR 638 (Cal.), Pt. Sheo Nath Prasad Sharma vs. CIT: 66 ITR 647 (All), Indo Java & Co. vs. ITO: 30 ITD 161 (Del SB)]. It is pertinent

CIT-7

disallowing the claim since the plant and machinery in question was ready to use and was actually run on trial basis at the three stations. The ITAT referred to the decisions in CIT v. Reetu Finleys Pvt. Ltd. 286 ITR 652 (Del) and CIT v. Refrigeration & Allied Ind. Ltd. 247 ITR 12 (Del). Submissions of counsel 13. This Court

RISHI GOYAL,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeal filed by the assessee is partly allowed

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

35B, 1st Floor Lajpat Nagar-2 New Delhi-110024 PAN:AALPG 5610P (Appellant) (Respondent) Assessee by Shri Sandeep Khandelwal, CA Respondent by Shri Vivek Vardhan, Sr. DR Date of Hearing 21/05/2024 Date of Pronouncement 26/06/2024 O R D E R PER S.RIFAUR RAHMAN, AM: 1. This appeal has been filed by the Assessee against the order of Learned Commissioner