GIRNAR SOFTWARE PRIVATE LIMITED,6TH FLOOR, JAIPUR TEXTILE MARKET, B-2, NEAR MODEL TOWN, MALVIYA NAGAR, JAIPUR vs. PCIT – 2, JAIPUR, NEW CENTRAL REVENUE BUILDING

In the result, the appeal of the assessee is allowed

Bench: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

14A of the Act read with rule 8D of the Rules. Now the assessee is in appeal before us. 3. Before us, the ld. A/R of the assessee submitted his written submissions as under :- “ In the submitted that the case of the Appellant was selected for Complete Scrutiny under the E-assessment Scheme 2019 and a notice 5 Girnar Software

CASTAMET WORKS PRIVATE LIMITED,KHARWA vs. PRINCIPLE COMMISSIONER OF INCOME TAX, UDAIPUR

14A of the Act as these expenditure are incurred purely for business purpose and not for making investments. 81. Accordingly, being satisfied with the basis of computation of disallowance u/s 14A of the Act, the Ld.AO taken a plausible view on allowability of the same which is legally allowed as it is usual that interest free funds would be first

CHAMBAL FERTILISERS AND CHEMICALS LIMITED,KOTA vs. DCIT, KOTA

In the result, appeal of the revenue is dismissed

depreciation disallowed on catalyst. 10. This ground of the Revenue is covered by the decision of the Coordinate Bench of the Tribunal in ITA Nos. 461 & 575/JP/2015 for the A.Y. 2011-12 at page 12 para 21 as under :- “21. We have heard the rival contentions of both the parties, perused the material available on the record and the earlier

CHAMBAL FERTILISERS AND CHEMICALS LIMITED,KOTA vs. ACIT, KOTA

In the result, appeal of the revenue is dismissed

depreciation disallowed on catalyst. 10. This ground of the Revenue is covered by the decision of the Coordinate Bench of the Tribunal in ITA Nos. 461 & 575/JP/2015 for the A.Y. 2011-12 at page 12 para 21 as under :- “21. We have heard the rival contentions of both the parties, perused the material available on the record and the earlier

M/S. CHAMBAL FERTILIZERS AND CHEMICALS LIMITED,KOTA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA

In the result, appeal of the revenue is dismissed

depreciation disallowed on catalyst. 10. This ground of the Revenue is covered by the decision of the Coordinate Bench of the Tribunal in ITA Nos. 461 & 575/JP/2015 for the A.Y. 2011-12 at page 12 para 21 as under :- “21. We have heard the rival contentions of both the parties, perused the material available on the record and the earlier

RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT CORP. LTD.,JAIPUR vs. ACIT, JAIPUR

In the result, both set of cross appeals for the respective assessment years are disposed off with above directions

3, Mr. Jhanwar has taken us to the provisions of section 37 of the Income Tax Act which reads as Under. “37. (1) Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively

COMPUCOM SOFTWARE LIMITED,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-VI, JAIPUR

In the result, the appeal of the assessee is disposed off in light of aforesaid directions

depreciation on CPP was allowed by the AO while framing the assessment under Section 143(3) after conscious consideration of the material on record. It is not even the case of the Revenue that the formation of the belief regarding the escapement of the assessment by the AO is based on any new material coming on record. Apparently, the formation

RAJASTHAN STATE MINES & MINERALS LTD.,JAIPUR vs. ACIT, JAIPUR

In the result, appeal of the Revenue is partly allowed for statistical purpose

depreciate with the extraction of mineral, in our view, is preposterous. In our view, with passage of guidelines for protecting the environment, now it is the duty of the lesser/ assessee to submit and execute the mine closing plan so as to ensure that the land is used subsequent to the closure of the mining operation. Even otherwise, the mining

M/S. MAHARAJA SHREE UMAID MILLS LTD. JAIPUR,JAIPUR vs. DCIT CIRCLE-6, JAIPUR, CIRCLE-6, JAIPUR

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

section 14A read with Rule 8D. 5. It was submitted that on perusal of Rule 8D, it is evident that the AO can apply Rule 8D(2) only when he is not satisfied with the claim made by the assessee that no expenditure has been incurred in relation to the income not includible in the total income. In the present

RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT CORP. LTD.,JAIPUR vs. ACIT, JAIPUR

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

Section 37, the expenses which are made are jof capital nature, therefore, it cannot be taken as revenue expenditures. In that view of the matter, the first issue may not be considered. However, regarding second issue, he contended that assessee is not entitled for depreciation since he has not made any capital investment and this is raw material. 10.1 Regarding

ACIT, JAIPUR vs. RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT CORP., JAIPUR

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

Section 37, the expenses which are made are jof capital nature, therefore, it cannot be taken as revenue expenditures. In that view of the matter, the first issue may not be considered. However, regarding second issue, he contended that assessee is not entitled for depreciation since he has not made any capital investment and this is raw material. 10.1 Regarding

RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT CORP. LTD.,JAIPUR vs. ACIT, JAIPUR

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

Section 37, the expenses which are made are jof capital nature, therefore, it cannot be taken as revenue expenditures. In that view of the matter, the first issue may not be considered. However, regarding second issue, he contended that assessee is not entitled for depreciation since he has not made any capital investment and this is raw material. 10.1 Regarding

RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT CORP. LTD.,JAIPUR vs. DCIT, JAIPUR

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

Section 37, the expenses which are made are jof capital nature, therefore, it cannot be taken as revenue expenditures. In that view of the matter, the first issue may not be considered. However, regarding second issue, he contended that assessee is not entitled for depreciation since he has not made any capital investment and this is raw material. 10.1 Regarding

RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT CORP. LTD.,JAIPUR vs. ACIT, JAIPUR

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

Section 37, the expenses which are made are jof capital nature, therefore, it cannot be taken as revenue expenditures. In that view of the matter, the first issue may not be considered. However, regarding second issue, he contended that assessee is not entitled for depreciation since he has not made any capital investment and this is raw material. 10.1 Regarding

ACIT, JAIPUR vs. RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT CORPORATION LTD., JAIPUR

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

Section 37, the expenses which are made are jof capital nature, therefore, it cannot be taken as revenue expenditures. In that view of the matter, the first issue may not be considered. However, regarding second issue, he contended that assessee is not entitled for depreciation since he has not made any capital investment and this is raw material. 10.1 Regarding

DCIT, JAIPUR vs. RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT CORPORTATION LTD., JAIPUR

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

Section 37, the expenses which are made are jof capital nature, therefore, it cannot be taken as revenue expenditures. In that view of the matter, the first issue may not be considered. However, regarding second issue, he contended that assessee is not entitled for depreciation since he has not made any capital investment and this is raw material. 10.1 Regarding

DCIT, JAIPUR vs. RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT CORPORTATION LTD., JAIPUR

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

Section 37, the expenses which are made are jof capital nature, therefore, it cannot be taken as revenue expenditures. In that view of the matter, the first issue may not be considered. However, regarding second issue, he contended that assessee is not entitled for depreciation since he has not made any capital investment and this is raw material. 10.1 Regarding

ACIT, JAIPUR vs. RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT CORP., JAIPUR

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

Section 37, the expenses which are made are jof capital nature, therefore, it cannot be taken as revenue expenditures. In that view of the matter, the first issue may not be considered. However, regarding second issue, he contended that assessee is not entitled for depreciation since he has not made any capital investment and this is raw material. 10.1 Regarding

INCOME TAX OFFICER, JAIPUR vs. KEDIA BUILDERS AND COLONIZERS PRIVATE LIMITED, JAIPUR

In the result, all appeals of the revenue are stands dismissed

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

3), Kolkata that they are Directors in the various companies which is controlled & managed by Mr. Anjani Banka. Statement of Mr. Anjani Banka was also recorded by the DDIT(Inv.), Unit-2(3), Kolkata on 29.03.2014 wherein he accepted that he is engaged in providing accommodation entries in form of share capital, unsecured loan, LTCG etc and to facilitate