M/S PANCHSHEEL TEXTILE MANFAC. & TRAD. vs. C I T AND ANR.

Bench: MRS. JUSTICE LISA GILL,MRS. JUSTICE SUDEEPTI SHARMA

capital borrowe Ltd by the Asse be set aside bein ANALYSIS OF 28. A p that the learned appellant was no the previous yea (O&M) and other connected ca e fact that even the shares of M any pledge were not sold duri of it. asoning given by the Assessin r Section

CIT-I CHANDIGARH vs. M/S PB.INFO&COMM. TECH. CORP. LTD. CHD.

The appeals are dismissed

Bench: MS. JUSTICE RITU BAHRI,MRS. JUSTICE MANISHA BATRA

30,000/- as contribution to Udyog Sahayak which was a body constituted to facilitate the promotion of industries and the contributions made to the fund which were utilized for purchase of capital items, renovation, furnishing etc. of office bearers of the Committee. Those expenses not being revenue expenses were disallowed. The income of the respondent-assessee was re-computed