SHRI DEVKRIPA TEXTILE MILLS (P) LTD. ,BHILWARA vs. ACIT, BHILWARA CIRCLE, BHILWARA

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

Bench: Shri B. R. Baskaran & Dr. S. Seethalakshmi

gainfully refer to decision rendered by Delhi bench of Tribunal in the case of Ishwar Builders P Ltd vs. DCIT (ITA 3387/Del/2019 dated 4.12.2019, which is a direct decision on this issue. In this case, the Tribunal followed the decision rendered by Hon’ble Delhi High Court in the case of Capital Bus Service 123 ITR 404 and held

DCIT, CENTRAL CIRCLE-1, UDIPUR vs. M/S. WAGAD CONSTRUTION COMPANY, UDAIPUR

In the result, appeals of the Revenue are dismissed

capital expenditure or personal expenses is allowable in computing the income chargeable under the head "profits and gains" of business or profession. The onus lies on the assessee to substantiate by documentary evidences when called upon to the effect that all expenditures claimed in the P&L accounts are laid out or expended wholly and exclusively for the purpose

ACIT, PAOTA C ROAD vs. VARAHA INFRA LIMITED, PAOTA B ROAD

In the result, the appeal of the revenue is dismissed

Bench: Dr. S. Seethalakshmi & Shri Rathod Kamlesh Jayantbhaithe Acit Vs M/S. Vardha Infra Ltd. Room No. 215, Aayakar Bhawan 6 Jalam Vilas Scheme Paota C Road, Jodhpur Paota B Road, Jodhpur (Appellant) (Respondent) Pan No. Aaccv 7972 K

gains of business or profession" The judicial pronouncements relied upon by the appellant also approve this view. Ld ITAT in its order for AY 2016-17 in the case of appellant has also computed income of the appellant without making separate addition on account of section 40(a)(ia) of the Act though the appellant had disallowed amount

M/S TARUN CONSTRUCTION COMPANY,WARD NO.24, NEAR BHAGAT SINGH CHOWK, SURATGARH vs. CPC, BANGALORE/ ITO, WARD-1, SRIGANGANAGAR , SRIGANGANAGAR

In the result, appeals are dismissed

Bench: Shri Saktijit Dey, Vice- & Dr. Brr Kumar

gains of business or profession". It is submitted that after treating the employees’ contribution as income of the assessee, once it is paid or a liability is accrued for payment being an ascertained liability, the same is allowable as an expenditure under section 37 of the Act. 12. While section 37 provides that the expenditure should not be an expenditure

M/S TARUN CONSTRUCTION COMPANY,WARD NO.24, NEAR BHAGAT SINGH CHOWK, SURATGARH vs. CPC, BANGALORE/ ITO, WARD-1, SRIGANGANAGAR, SRIGANGANAGAR

In the result, appeals are dismissed

Bench: Shri Saktijit Dey, Vice- & Dr. Brr Kumar

gains of business or profession". It is submitted that after treating the employees’ contribution as income of the assessee, once it is paid or a liability is accrued for payment being an ascertained liability, the same is allowable as an expenditure under section 37 of the Act. 12. While section 37 provides that the expenditure should not be an expenditure

M/S. SUNIL & COMPANY,JODHPUR vs. ACIT, CIRCLE-1, JODHPUR

In the result, appeal of the assessee is allowed

Bench: Its Hearing Before Your Honour.”

depreciation at Rs. 51,69,579/- calculated on that the assessee entitled to a relief of Rs. 3,10,175/- [ Amount relief= 51,69,579 *12 %= Rs. 6,20,350/- (Rs. 6,20,350/- was averaged out considering that the profit is earned over a period of time and arrived half of that as relief