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

In the result, appeal of the revenue is dismissed

35,634/- being the interest debited in the bank accounts from which the investment is made. The CIT(A) deleted this addition however, he wrongly upheld the disallowance, by invoking section 14A r.w.r 8D, of Rs. 24,90,000/-. It is submitted that the provisions of section 36(1)(iii

SANJIV PRAKASHAN,JAIPUR vs. ACIT, CIRCLE-1, JAIPUR

In the result, the appeal of the assessee is dismissed

iii) disallowance of loss claimed, if return of the previous year\nforwhich set off of loss is claimed was furnished beyond the due\ndate specified under sub-section (1) of section 139;\n(iv) disallowance of expenditure [or increase in income]\nindicated in the audit report but not taken into account in\ncomputing the total income in the return

OCEAN EXIM INDIA PRIVATE LTD,JAIPUR vs. ITO WARD 1(2), JAIPUR

In the result, the appeal of the assessee is dismissed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

35. It is instructive in this context to note that the Finance Act, 1987, introduced to Section 2(24), the definition clause (x), with effect from 1 April 1988; it also brought in Section 36(1)(va). The memorandum explaining these provisions, in the Finance Bill, 1987, presented to the Parliament, is extracted below: 20 Ocean Exim India

MAGENDRA SINGH RATHORE,ALWAR vs. ACIT CENTRAL CIRCLE-2, JAIPUR

disallowed the interest in\naccordance with the provision of section 36(1)(iii) of the Act and not\nas per provision of section 57(iii) of the Act as the assessee has\nalready offered the income under the head income from business\nor profession. The provision of section both these sections are\nextracted for the sake of convenience;\nDeductions

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD., KOTA

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

section 36(1)(iii) of the Act, we are constrained to remand the matter back to his file to examine the matter afresh after providing reasonable opportunity to the assessee. The Revenue has challenged the action of the Id CIT(A) in curtailing disallowance out of interest paid to Rs.70,23,000/- (originally confirmed at Rs.79.76 lakhs) as against that

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD, KOTA

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

section 36(1)(iii) of the Act, we are constrained to remand the matter back to his file to examine the matter afresh after providing reasonable opportunity to the assessee. The Revenue has challenged the action of the Id CIT(A) in curtailing disallowance out of interest paid to Rs.70,23,000/- (originally confirmed at Rs.79.76 lakhs) as against that

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD, KOTA

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

section 36(1)(iii) of the Act, we are constrained to remand the matter back to his file to examine the matter afresh after providing reasonable opportunity to the assessee. The Revenue has challenged the action of the Id CIT(A) in curtailing disallowance out of interest paid to Rs.70,23,000/- (originally confirmed at Rs.79.76 lakhs) as against that

MAGENDRA SINGH RATHORE,ALWAR vs. DCIT CENTRAL CIRCLE-2, JAIPUR

In the result the appeal of the assessee is partly allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

disallowed the interest in accordance with the provision of section 36(1)(iii) of the Act and not as per provision of section 57(iii) of the Act as the assessee has already offered the income under the head income from business Sh. Magendra Singh Rathore or profession. The provision of section both these sections are extracted for the sake

TELECRATS INDIA PRIVATE LIMITED,JAIPUR vs. ITO WARD 1(1), JAIPUR, JAIPUR

In the result, all the three appeals of the assessee in ITA No

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

35. This rule is in line with the general principle that taxing statutes are to be construed strictly, and that there is no room for equitable considerations. 14 TELECRATS INDIA PVT LTD. VS ITO, WARD 1(1), JAIPUR 49. That deductions are to be granted only when the conditions which govern them are strictly complied with. This has been laid

TELECRATS INDIA PRIVATE LIMITED,JAIPUR vs. ITO WARD 1(1), JAIPUR , JAIPUR

In the result, all the three appeals of the assessee in ITA No

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

35. This rule is in line with the general principle that taxing statutes are to be construed strictly, and that there is no room for equitable considerations. 14 TELECRATS INDIA PVT LTD. VS ITO, WARD 1(1), JAIPUR 49. That deductions are to be granted only when the conditions which govern them are strictly complied with. This has been laid

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD, KOTA

35,43,107/-, made by the Assessing Officer on\naccount of disallowance of interest u/s 36(1)(iii) of the Act.\n07\nITA No. 1090, 1097 ΤΟ 1099 & 1091/JPR/2024\nChambal Fertilizers and Chemicals Ltd., Kota\nClub Expenses\nDepartment has also challenged the impugned order whereby\nLearned CIT(A) has deleted addition of Rs.3,73,206/-, made by the\nAssessing Officer

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD., KOTA

35,43,107/-, made by the Assessing Officer on\naccount of disallowance of interest u/s 36(1)(iii) of the Act.\n07\nITA No. 1090, 1097 TO 1099 & 1091/JPR/2024\nChambal Fertilizers and Chemicals Ltd., Kota\nClub Expenses\nDepartment has also challenged the impugned order whereby\nLearned CIT(A) has deleted addition of Rs.3,73,206/-, made by the\nAssessing Officer

AMBA TECH ENGINEERING,JAIPUR vs. ITO, BHIWADI

In the result, the appeal of the assessees is allowed

iii) CIT vs. South India Corporation Ltd. (2000) 242 ITR 114 (Ker) (iv) CIT vs. GTN Textiles Ltd. (2004) 269 ITR 282 (Ker) (v) CIT vs. Jairam & Sons [2004] 269 ITR 285 (Ker) The impugned ESI/PF disallowance is directed to be deleted therefore.” 10. On an identical issue, this Bench of the Tribunal vide order dated 12.8.2021 in the case

PARIS ELYSEES INDIA PRIVATE LIMITED,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX , CIRCLE-7, JAIPUR

In the result, the appeal of the assessee is partly allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

iii) disallowance of loss claimed, if return of the previous year for which set off of loss is claimed was furnished beyond the due date specified under sub-section (1) of section 139; (iv) disallowance of expenditure 68[or increase in income] indicated in the audit report but not taken into account in computing the total income in the return

SM WORKFORCE PRIVATE LIMITED,BHIWADI vs. ITO, WARD, BHIWADI

In the result, all the three appeals of the assessee in ITA No

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

disallowance. The assesseemust succeed for this reason as well.” 9. With our utmost respect to the findings of the co-ordinate bench [supra], we are of the considered view that the co-ordinate bench has ignored the binding ratio decidendi of the Hon'ble Supreme Court in the case of Checkmate Services Pvt Ltd [supra]. It would be pertinent

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. TRILOK DEWAN, SIKAR

In the result, the appeals of the revenue in ITA No

disallowing the\nexemption of Long-Term Capital Gains on account of unexplained credits\nu/s 68 of the Act based on these observations ground no. 1 raised by the\nrevenue is dismissed.\nSince we have confirmed the action of the Id. CIT(A) in directing the\ndeletion of addition vide ground no. 1 the ground no. 2 being consequential\nto ground

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. USHA BANKA, SIKAR

In the result, the appeals of the revenue in ITA No

disallowing the\nexemption of Long-Term Capital Gains on account of unexplained credits\nu/s 68 of the Act based on these observations ground no. 1 raised by the\nrevenue is dismissed.\nSince we have confirmed the action of the Id. CIT(A) in directing the\ndeletion of addition vide ground no. 1 the ground no. 2 being consequential\nto ground

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. SARITA DEWAN, SIKAR

In the result, the appeals of the revenue in ITA No

disallowing the\nexemption of Long-Term Capital Gains on account of unexplained credits\nu/s 68 of the Act based on these observations ground no. 1 raised by the\nrevenue is dismissed.\nSince we have confirmed the action of the Id. CIT(A) in directing the\ndeletion of addition vide ground no. 1 the ground no. 2 being consequential\nto ground