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

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

9. Per Tribunal has rig had purchased a inspite of the fa the same to ea purchased the sa prays that presen 10. We these cases. 11. The whether the sha M/s Vardhman (O&M) and other connected ca at the appellant had purchased th he intention of trading in such s t entitled to deduction on acco cquisition

PR COMMISSIONER OF INCOME TAX-2 CHANDIGARH vs. M/S SMITHKLINE BEECHAM CONSUMER HEALTHCARE LTD

Bench: MR. JUSTICE AMARINDER SINGH GREWAL,MR. JUSTICE JAGMOHAN BANSAL

Section, compensation received on account of non-utilization of trademark, patent, licence, franchise, copyright etc. is revenue receipt. The aforesaid amendment was prospective. As per said amendment, the amount received by assessee was liable to be treated as revenue receipt, however, it was inapplicable to assessee because Assessment Year in question was 1997-98 whereas amendment was applicable w.e.f

M/S MAJESTIC AUTO LTD vs. COMMISSIONER OF IT & ANR

Bench: MR. JUSTICE AMARINDER SINGH GREWAL,MR. JUSTICE JAGMOHAN BANSAL

capital expenditure or personal, laid out or expended wholly or exclusively for the purpose of business shall be allowed in computing the income chargeable under the head “Profit and gains of business”. The Revenue is not claiming that expenses claimed by appellant were not incurred in connection with business of the appellant. The appellant concededly incurred expenses on travelling

M/S ROCKMAN CYCLES INDS. LTD. vs. COMMR. OF INCOME TAX, LDH. AND ANR.

The appeals are allowed and impugned orders are

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

gains of business or profession". Explanation 1.—For the removal of doubts, it is hereby declared that any expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law shall not be deemed to have been incurred for the purpose of business or profession and no deduction or allowance shall be made

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

capital receipts whereas the expenditure on development of plot/sheds was claimed to be Rs.9.54 crores. The assessee had submitted that since it was following project completion method, therefore, excess of receipts qua expenses would be accounted for by it in subsequent years i.e. in the year of MANJU 2023.03.16 11:10 I attest to the accuracy and authenticity of this