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3 results for “disallowance”+ Section 56(2)(iii)clear

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Key Topics

Section 271(1)(c)5Section 260A2Penalty2Addition to Income2

BHARTI BHUSHAN JINDAL vs. COMMISSIONER OF INCOME TAX LUDHIANA

ITA/385/2014HC Punjab & Haryana03 Jul 2025

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

Section 142(2)Section 143(2)Section 260ASection 271Section 36(1)(vii)Section 36(2)Section 41(1)Section 56Section 57

56 of the Act, deductions as prescribed under Section 57(iii) of the Act are allowable thus any expenditure incurred by the assessee for earning the income is allowable as a deduction under Section 57(iii) of the Act. Any expenditure in the nature of capital expenditure is not to be allowed as a deduction as prescribed under Section

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

ITA/109/2007HC Punjab & Haryana13 May 2025

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

56. Consequently, missible. We are, therefore, of ustified in making the disallowa for the purchase of shares of M as been expressed in regard le to the borrowing for the purp y the AO, the issue is remitted to alculation of actual interest paid The interest utilized for purchase urpose of trading is allowable a u/s 36(1)(iii

THE PRINCIPAL COMMISSIONER OF INCOME TAX FARIDABAD vs. M/S PIYUSH COLONIZERS LTD.

The appeal is dismissed

ITA/300/2019HC Punjab & Haryana10 Feb 2020

Bench: MR. JUSTICE AJAY TEWARI,MR. JUSTICE AVNEESH JHINGAN

Section 260ASection 271(1)(c)

Section 260A of the Income Tax Act, 1961 (for short, 'the Act') against the order dated 28.12.2018 passed by the Income Tax Appellate Tribunal, New Delhi (for short, 'the Tribunal') claiming following substantial questions of law: “(i) On the facts and in the circumstances of the case the Ld. CIT (A) and the Ld. ITAT have erred on facts