DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), RAIPUR, RAIPUR vs. S.P. BUILDCON PVT. LTD., RAIPUR

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am (Ita No. 35 & 38/Rpr/2023) (Assessment Year: 2014-15 & 2016-17) Deputy Commissioner Of Income Tax, V S.P. Buildcon Private Limited Circle-1(1), S Ff-06, Shyam Plaza, Pandri Bus Stand, Aayakar Bhawan, Civil Lines, Raipur Raipur Pan: Aajcs0653H (अपीलाथ" /Applicant) . (""यथ" / Respondent) . िनधा"रती क" ओर से /Assessee By : Shri Amit M. Jain, Adv. राज"व क" ओर से /Revenue By : Shri Satya Prakash Sharma, Sr. Dr सुनवाई क" तार"ख / Date Of Hearing : 05-09-2023 घोषणा क" तार"ख/Date Of Pronouncement : 28-11-2023

gains arising before the 1st day of April, 1946, or after the 31st day of March, 1948, and before the 1st day of April, 1956. Explanation 2.—The expression "accumulated profits" in sub- clauses (a), (b), (d) and (e), shall include all profits of the company up to the date of distribution or payment referred to in those sub-clauses

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), RAIPUR, RAIPUR vs. S.P. BUILDCON PVT. LTD., RAIPUR, RAIPUR

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am (Ita No. 35 & 38/Rpr/2023) (Assessment Year: 2014-15 & 2016-17) Deputy Commissioner Of Income Tax, V S.P. Buildcon Private Limited Circle-1(1), S Ff-06, Shyam Plaza, Pandri Bus Stand, Aayakar Bhawan, Civil Lines, Raipur Raipur Pan: Aajcs0653H (अपीलाथ" /Applicant) . (""यथ" / Respondent) . िनधा"रती क" ओर से /Assessee By : Shri Amit M. Jain, Adv. राज"व क" ओर से /Revenue By : Shri Satya Prakash Sharma, Sr. Dr सुनवाई क" तार"ख / Date Of Hearing : 05-09-2023 घोषणा क" तार"ख/Date Of Pronouncement : 28-11-2023

gains arising before the 1st day of April, 1946, or after the 31st day of March, 1948, and before the 1st day of April, 1956. Explanation 2.—The expression "accumulated profits" in sub- clauses (a), (b), (d) and (e), shall include all profits of the company up to the date of distribution or payment referred to in those sub-clauses

RAHUL BAJPAI,IDGAH CHOWK vs. ACIT CIRCLE 1(1), SHRI RAM PLAZA

In the result, appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.348/Rpr/2023 "नधा"रण वष" / Assessment Year: 2014-15 Rahul Bajpai Idgah Chowk, Bilaspur Chhattisgarh-495 001 Pan: Aexpb4410L .......अपीलाथ" / Appellant बनाम / V/S.

70,89,000/- under section 56(vii)(b) of the Act ignoring the fact the plots land in question was stock-in-trade, The key issue is to determine if the land in question was a capital asset or a stock-in- trade. If it was a capital asset, the AO was justified making an addition under the said section

INCOME TAX OFFICER-1, RAIGARH vs. M/S SUMIT GLOBAL PVT. LTD, RAIGARH

In the result appeal of the revenue is partly allowed

Bench: SHRI RAVISH SOOD (Judicial Member), SHRI ARUN KHODPIA (Accountant Member)

70,00,000/- which was adjusted against the share issued to the assessee by M/s. Rashi Steel & Power Ltd. The assessee has considered the difference in sale consideration and cost of acquisition as its STCG from transaction of land and has claimed the CO No.10/RPR/18 exemption of entire amount of Rs.7,79,92,514/- on account of sale of agricultural

ASSISTANT COMMISSIONER OF INCOME TAX-1(1),, RAIPUR vs. SHRI SHARAD GOEL, RAIPUR

In the result appeal of the revenue stands dismissed, in terms of our observations herein above

Bench: SHRI RAVISH SOOD (Judicial Member), SHRI ARUN KHODPIA (Accountant Member)

70,245/-), Market Value (Rs. 6,19,29,383/-) and Excess Value (Rs. 5,77,59,138/-) as on 31.03.2011. it was the submission that Ld AO has formed an erroneous belief that on chargeable to tax has escaped assessment for the AY 2011-12 within the meaning of section 2(c)(ii) of section

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), RAIPUR, RAIPUR vs. CHHATTISGARH STATE POWER DISTRIBUTION COMPANY LTD., RAIPUR, RAIPUR

In the result ground 2 of the CO

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकरअपीलसं./Ita No.181/Rpr/2023 (Ay-2010-2011) आयकरअपीलसं./Ita No. 182/Rpr/2023 (Ay:2011-2012) आयकरअपीलसं. /Ita No. 183/Rpr/2023(Ay: 2012-2013) आयकरअपीलसं. /Ita No. 184/Rpr/2023(Ay: 2013-2014) आयकरअपीलसं./Ita No. 185/Rpr/2023(Ay: 2014-2015) आयकरअपीलसं./Ita No. 186/Rpr/2023(Ay: 2015-2016) आयकरअपीलसं./Ita No. 187/Rpr/2023(Ay: 2017-2018) आयकरअपीलसं. /Ita No. 188/Rpr/2023(Ay: 2018-2019) Deputy Commissioner Of Income Tax, V Chhattisgarh State Power Distribution Circle-1(1), Raipur S Company Limited, Aayakar Bhawan, Civil Lines, Raipur Vidhyut Seva Bhawan, Daganiya, Raipur Pan: Aadcc6047K & Cross Objection No. 10/Rpr/2023 (2011-12) Cross Objection No. 11/Rpr/2023 (2012-13) Cross Objection No. 12/Rpr/2023 (2014-15) Cross Objection No. 13/Rpr/2023 (2015-16) Cross Objection No. 14/Rpr/2023 (2018-19) Chhattisgarh State Power Distribution V Deputy Commissioner Of Income Tax, Company Limited, Circle-1(1), Raipur S Vidhyut Seva Bhawan, Aayakar Bhawan, Civil Lines, Raipur Daganiya, Raipur Pan: Aadcc6047K (अपीलाथ"/Applicant) (""यथ" / Respondent) : िनधा"रतीक"ओरसे /Assessee By : Shri Praveen Khandelwal & Praveen Goyal, Ca'S राज"वक"ओरसे /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाईक"तार"ख/ Date Of Hearing : 24.11.2023 घोषणाक"तार"ख/Date Of Pronouncement : 14.12.2023

Capital WIP is partly funded out of non- interest bearing funds and partly out of borrowed funds on which assessee is incurring interest cost at an average rate of 10% PA; the total interest cost disallowable u/ s 36(l)(iii) works out to Rs. 7214.83 Lakhs whereas the assessee has disallowed only Rs. 1913.20 Lakhs, thus, further disallowance

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), RAIPUR, RAIPUR vs. CHHATTISGARH STATE POWER DISTRIBUTION COMPANY LTD., RAIPUR, RAIPUR

In the result ground 2 of the CO

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकरअपीलसं./Ita No.181/Rpr/2023 (Ay-2010-2011) आयकरअपीलसं./Ita No. 182/Rpr/2023 (Ay:2011-2012) आयकरअपीलसं. /Ita No. 183/Rpr/2023(Ay: 2012-2013) आयकरअपीलसं. /Ita No. 184/Rpr/2023(Ay: 2013-2014) आयकरअपीलसं./Ita No. 185/Rpr/2023(Ay: 2014-2015) आयकरअपीलसं./Ita No. 186/Rpr/2023(Ay: 2015-2016) आयकरअपीलसं./Ita No. 187/Rpr/2023(Ay: 2017-2018) आयकरअपीलसं. /Ita No. 188/Rpr/2023(Ay: 2018-2019) Deputy Commissioner Of Income Tax, V Chhattisgarh State Power Distribution Circle-1(1), Raipur S Company Limited, Aayakar Bhawan, Civil Lines, Raipur Vidhyut Seva Bhawan, Daganiya, Raipur Pan: Aadcc6047K & Cross Objection No. 10/Rpr/2023 (2011-12) Cross Objection No. 11/Rpr/2023 (2012-13) Cross Objection No. 12/Rpr/2023 (2014-15) Cross Objection No. 13/Rpr/2023 (2015-16) Cross Objection No. 14/Rpr/2023 (2018-19) Chhattisgarh State Power Distribution V Deputy Commissioner Of Income Tax, Company Limited, Circle-1(1), Raipur S Vidhyut Seva Bhawan, Aayakar Bhawan, Civil Lines, Raipur Daganiya, Raipur Pan: Aadcc6047K (अपीलाथ"/Applicant) (""यथ" / Respondent) : िनधा"रतीक"ओरसे /Assessee By : Shri Praveen Khandelwal & Praveen Goyal, Ca'S राज"वक"ओरसे /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाईक"तार"ख/ Date Of Hearing : 24.11.2023 घोषणाक"तार"ख/Date Of Pronouncement : 14.12.2023

Capital WIP is partly funded out of non- interest bearing funds and partly out of borrowed funds on which assessee is incurring interest cost at an average rate of 10% PA; the total interest cost disallowable u/ s 36(l)(iii) works out to Rs. 7214.83 Lakhs whereas the assessee has disallowed only Rs. 1913.20 Lakhs, thus, further disallowance

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), RAIPUR, RAIPUR vs. CHHATTISGARH STATE POWER DISTRIBUTION COMPANY LTD., RAIPUR, RAIPUR

In the result ground 2 of the CO

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकरअपीलसं./Ita No.181/Rpr/2023 (Ay-2010-2011) आयकरअपीलसं./Ita No. 182/Rpr/2023 (Ay:2011-2012) आयकरअपीलसं. /Ita No. 183/Rpr/2023(Ay: 2012-2013) आयकरअपीलसं. /Ita No. 184/Rpr/2023(Ay: 2013-2014) आयकरअपीलसं./Ita No. 185/Rpr/2023(Ay: 2014-2015) आयकरअपीलसं./Ita No. 186/Rpr/2023(Ay: 2015-2016) आयकरअपीलसं./Ita No. 187/Rpr/2023(Ay: 2017-2018) आयकरअपीलसं. /Ita No. 188/Rpr/2023(Ay: 2018-2019) Deputy Commissioner Of Income Tax, V Chhattisgarh State Power Distribution Circle-1(1), Raipur S Company Limited, Aayakar Bhawan, Civil Lines, Raipur Vidhyut Seva Bhawan, Daganiya, Raipur Pan: Aadcc6047K & Cross Objection No. 10/Rpr/2023 (2011-12) Cross Objection No. 11/Rpr/2023 (2012-13) Cross Objection No. 12/Rpr/2023 (2014-15) Cross Objection No. 13/Rpr/2023 (2015-16) Cross Objection No. 14/Rpr/2023 (2018-19) Chhattisgarh State Power Distribution V Deputy Commissioner Of Income Tax, Company Limited, Circle-1(1), Raipur S Vidhyut Seva Bhawan, Aayakar Bhawan, Civil Lines, Raipur Daganiya, Raipur Pan: Aadcc6047K (अपीलाथ"/Applicant) (""यथ" / Respondent) : िनधा"रतीक"ओरसे /Assessee By : Shri Praveen Khandelwal & Praveen Goyal, Ca'S राज"वक"ओरसे /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाईक"तार"ख/ Date Of Hearing : 24.11.2023 घोषणाक"तार"ख/Date Of Pronouncement : 14.12.2023

Capital WIP is partly funded out of non- interest bearing funds and partly out of borrowed funds on which assessee is incurring interest cost at an average rate of 10% PA; the total interest cost disallowable u/ s 36(l)(iii) works out to Rs. 7214.83 Lakhs whereas the assessee has disallowed only Rs. 1913.20 Lakhs, thus, further disallowance

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), RAIPUR, RAIPUR vs. CHHATTISGARH STATE POWER DISTRIBUTION COMPANY LTD., RAIPUR, RAIPUR

In the result ground 2 of the CO

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकरअपीलसं./Ita No.181/Rpr/2023 (Ay-2010-2011) आयकरअपीलसं./Ita No. 182/Rpr/2023 (Ay:2011-2012) आयकरअपीलसं. /Ita No. 183/Rpr/2023(Ay: 2012-2013) आयकरअपीलसं. /Ita No. 184/Rpr/2023(Ay: 2013-2014) आयकरअपीलसं./Ita No. 185/Rpr/2023(Ay: 2014-2015) आयकरअपीलसं./Ita No. 186/Rpr/2023(Ay: 2015-2016) आयकरअपीलसं./Ita No. 187/Rpr/2023(Ay: 2017-2018) आयकरअपीलसं. /Ita No. 188/Rpr/2023(Ay: 2018-2019) Deputy Commissioner Of Income Tax, V Chhattisgarh State Power Distribution Circle-1(1), Raipur S Company Limited, Aayakar Bhawan, Civil Lines, Raipur Vidhyut Seva Bhawan, Daganiya, Raipur Pan: Aadcc6047K & Cross Objection No. 10/Rpr/2023 (2011-12) Cross Objection No. 11/Rpr/2023 (2012-13) Cross Objection No. 12/Rpr/2023 (2014-15) Cross Objection No. 13/Rpr/2023 (2015-16) Cross Objection No. 14/Rpr/2023 (2018-19) Chhattisgarh State Power Distribution V Deputy Commissioner Of Income Tax, Company Limited, Circle-1(1), Raipur S Vidhyut Seva Bhawan, Aayakar Bhawan, Civil Lines, Raipur Daganiya, Raipur Pan: Aadcc6047K (अपीलाथ"/Applicant) (""यथ" / Respondent) : िनधा"रतीक"ओरसे /Assessee By : Shri Praveen Khandelwal & Praveen Goyal, Ca'S राज"वक"ओरसे /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाईक"तार"ख/ Date Of Hearing : 24.11.2023 घोषणाक"तार"ख/Date Of Pronouncement : 14.12.2023

Capital WIP is partly funded out of non- interest bearing funds and partly out of borrowed funds on which assessee is incurring interest cost at an average rate of 10% PA; the total interest cost disallowable u/ s 36(l)(iii) works out to Rs. 7214.83 Lakhs whereas the assessee has disallowed only Rs. 1913.20 Lakhs, thus, further disallowance

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), RAIPUR, RAIPUR vs. CHHATTISGARH STATE POWER DISTRIBUTION COMPANY LTD., RAIPUR, RAIPUR

In the result ground 2 of the CO

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकरअपीलसं./Ita No.181/Rpr/2023 (Ay-2010-2011) आयकरअपीलसं./Ita No. 182/Rpr/2023 (Ay:2011-2012) आयकरअपीलसं. /Ita No. 183/Rpr/2023(Ay: 2012-2013) आयकरअपीलसं. /Ita No. 184/Rpr/2023(Ay: 2013-2014) आयकरअपीलसं./Ita No. 185/Rpr/2023(Ay: 2014-2015) आयकरअपीलसं./Ita No. 186/Rpr/2023(Ay: 2015-2016) आयकरअपीलसं./Ita No. 187/Rpr/2023(Ay: 2017-2018) आयकरअपीलसं. /Ita No. 188/Rpr/2023(Ay: 2018-2019) Deputy Commissioner Of Income Tax, V Chhattisgarh State Power Distribution Circle-1(1), Raipur S Company Limited, Aayakar Bhawan, Civil Lines, Raipur Vidhyut Seva Bhawan, Daganiya, Raipur Pan: Aadcc6047K & Cross Objection No. 10/Rpr/2023 (2011-12) Cross Objection No. 11/Rpr/2023 (2012-13) Cross Objection No. 12/Rpr/2023 (2014-15) Cross Objection No. 13/Rpr/2023 (2015-16) Cross Objection No. 14/Rpr/2023 (2018-19) Chhattisgarh State Power Distribution V Deputy Commissioner Of Income Tax, Company Limited, Circle-1(1), Raipur S Vidhyut Seva Bhawan, Aayakar Bhawan, Civil Lines, Raipur Daganiya, Raipur Pan: Aadcc6047K (अपीलाथ"/Applicant) (""यथ" / Respondent) : िनधा"रतीक"ओरसे /Assessee By : Shri Praveen Khandelwal & Praveen Goyal, Ca'S राज"वक"ओरसे /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाईक"तार"ख/ Date Of Hearing : 24.11.2023 घोषणाक"तार"ख/Date Of Pronouncement : 14.12.2023

Capital WIP is partly funded out of non- interest bearing funds and partly out of borrowed funds on which assessee is incurring interest cost at an average rate of 10% PA; the total interest cost disallowable u/ s 36(l)(iii) works out to Rs. 7214.83 Lakhs whereas the assessee has disallowed only Rs. 1913.20 Lakhs, thus, further disallowance

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), RAIPUR, RAIPUR vs. CHHATTISGARH STATE POWER DISTRIBUTION COMPANY LTD., RAIPUR, RAIPUR

In the result ground 2 of the CO

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकरअपीलसं./Ita No.181/Rpr/2023 (Ay-2010-2011) आयकरअपीलसं./Ita No. 182/Rpr/2023 (Ay:2011-2012) आयकरअपीलसं. /Ita No. 183/Rpr/2023(Ay: 2012-2013) आयकरअपीलसं. /Ita No. 184/Rpr/2023(Ay: 2013-2014) आयकरअपीलसं./Ita No. 185/Rpr/2023(Ay: 2014-2015) आयकरअपीलसं./Ita No. 186/Rpr/2023(Ay: 2015-2016) आयकरअपीलसं./Ita No. 187/Rpr/2023(Ay: 2017-2018) आयकरअपीलसं. /Ita No. 188/Rpr/2023(Ay: 2018-2019) Deputy Commissioner Of Income Tax, V Chhattisgarh State Power Distribution Circle-1(1), Raipur S Company Limited, Aayakar Bhawan, Civil Lines, Raipur Vidhyut Seva Bhawan, Daganiya, Raipur Pan: Aadcc6047K & Cross Objection No. 10/Rpr/2023 (2011-12) Cross Objection No. 11/Rpr/2023 (2012-13) Cross Objection No. 12/Rpr/2023 (2014-15) Cross Objection No. 13/Rpr/2023 (2015-16) Cross Objection No. 14/Rpr/2023 (2018-19) Chhattisgarh State Power Distribution V Deputy Commissioner Of Income Tax, Company Limited, Circle-1(1), Raipur S Vidhyut Seva Bhawan, Aayakar Bhawan, Civil Lines, Raipur Daganiya, Raipur Pan: Aadcc6047K (अपीलाथ"/Applicant) (""यथ" / Respondent) : िनधा"रतीक"ओरसे /Assessee By : Shri Praveen Khandelwal & Praveen Goyal, Ca'S राज"वक"ओरसे /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाईक"तार"ख/ Date Of Hearing : 24.11.2023 घोषणाक"तार"ख/Date Of Pronouncement : 14.12.2023

Capital WIP is partly funded out of non- interest bearing funds and partly out of borrowed funds on which assessee is incurring interest cost at an average rate of 10% PA; the total interest cost disallowable u/ s 36(l)(iii) works out to Rs. 7214.83 Lakhs whereas the assessee has disallowed only Rs. 1913.20 Lakhs, thus, further disallowance

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), RAIPUR, RAIPUR vs. CHHATTISGARH STATE POWER DISTRIBUTION COMPANY LTD., RAIPUR, RAIPUR

In the result ground 2 of the CO

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकरअपीलसं./Ita No.181/Rpr/2023 (Ay-2010-2011) आयकरअपीलसं./Ita No. 182/Rpr/2023 (Ay:2011-2012) आयकरअपीलसं. /Ita No. 183/Rpr/2023(Ay: 2012-2013) आयकरअपीलसं. /Ita No. 184/Rpr/2023(Ay: 2013-2014) आयकरअपीलसं./Ita No. 185/Rpr/2023(Ay: 2014-2015) आयकरअपीलसं./Ita No. 186/Rpr/2023(Ay: 2015-2016) आयकरअपीलसं./Ita No. 187/Rpr/2023(Ay: 2017-2018) आयकरअपीलसं. /Ita No. 188/Rpr/2023(Ay: 2018-2019) Deputy Commissioner Of Income Tax, V Chhattisgarh State Power Distribution Circle-1(1), Raipur S Company Limited, Aayakar Bhawan, Civil Lines, Raipur Vidhyut Seva Bhawan, Daganiya, Raipur Pan: Aadcc6047K & Cross Objection No. 10/Rpr/2023 (2011-12) Cross Objection No. 11/Rpr/2023 (2012-13) Cross Objection No. 12/Rpr/2023 (2014-15) Cross Objection No. 13/Rpr/2023 (2015-16) Cross Objection No. 14/Rpr/2023 (2018-19) Chhattisgarh State Power Distribution V Deputy Commissioner Of Income Tax, Company Limited, Circle-1(1), Raipur S Vidhyut Seva Bhawan, Aayakar Bhawan, Civil Lines, Raipur Daganiya, Raipur Pan: Aadcc6047K (अपीलाथ"/Applicant) (""यथ" / Respondent) : िनधा"रतीक"ओरसे /Assessee By : Shri Praveen Khandelwal & Praveen Goyal, Ca'S राज"वक"ओरसे /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाईक"तार"ख/ Date Of Hearing : 24.11.2023 घोषणाक"तार"ख/Date Of Pronouncement : 14.12.2023

Capital WIP is partly funded out of non- interest bearing funds and partly out of borrowed funds on which assessee is incurring interest cost at an average rate of 10% PA; the total interest cost disallowable u/ s 36(l)(iii) works out to Rs. 7214.83 Lakhs whereas the assessee has disallowed only Rs. 1913.20 Lakhs, thus, further disallowance

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), RAIPUR, RAIPUR vs. CHHATTISGARH STATE POWER DISTRIBUTION COMPANY LTD., RAIPUR, RAIPUR

In the result ground 2 of the CO

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकरअपीलसं./Ita No.181/Rpr/2023 (Ay-2010-2011) आयकरअपीलसं./Ita No. 182/Rpr/2023 (Ay:2011-2012) आयकरअपीलसं. /Ita No. 183/Rpr/2023(Ay: 2012-2013) आयकरअपीलसं. /Ita No. 184/Rpr/2023(Ay: 2013-2014) आयकरअपीलसं./Ita No. 185/Rpr/2023(Ay: 2014-2015) आयकरअपीलसं./Ita No. 186/Rpr/2023(Ay: 2015-2016) आयकरअपीलसं./Ita No. 187/Rpr/2023(Ay: 2017-2018) आयकरअपीलसं. /Ita No. 188/Rpr/2023(Ay: 2018-2019) Deputy Commissioner Of Income Tax, V Chhattisgarh State Power Distribution Circle-1(1), Raipur S Company Limited, Aayakar Bhawan, Civil Lines, Raipur Vidhyut Seva Bhawan, Daganiya, Raipur Pan: Aadcc6047K & Cross Objection No. 10/Rpr/2023 (2011-12) Cross Objection No. 11/Rpr/2023 (2012-13) Cross Objection No. 12/Rpr/2023 (2014-15) Cross Objection No. 13/Rpr/2023 (2015-16) Cross Objection No. 14/Rpr/2023 (2018-19) Chhattisgarh State Power Distribution V Deputy Commissioner Of Income Tax, Company Limited, Circle-1(1), Raipur S Vidhyut Seva Bhawan, Aayakar Bhawan, Civil Lines, Raipur Daganiya, Raipur Pan: Aadcc6047K (अपीलाथ"/Applicant) (""यथ" / Respondent) : िनधा"रतीक"ओरसे /Assessee By : Shri Praveen Khandelwal & Praveen Goyal, Ca'S राज"वक"ओरसे /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाईक"तार"ख/ Date Of Hearing : 24.11.2023 घोषणाक"तार"ख/Date Of Pronouncement : 14.12.2023

Capital WIP is partly funded out of non- interest bearing funds and partly out of borrowed funds on which assessee is incurring interest cost at an average rate of 10% PA; the total interest cost disallowable u/ s 36(l)(iii) works out to Rs. 7214.83 Lakhs whereas the assessee has disallowed only Rs. 1913.20 Lakhs, thus, further disallowance

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -I, RAIPUR vs. LORD BUDDHA EDUCATIONAL SOCIETY, RAIPUR

In the result, the appeals of the revenue ITA Nos

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita Nos.188 To 193/Rpr/2019 (ननधाारण वषा / Assessment Year :2012-2013 To 2017-2018) Acit, Central Circle-1, Raipur(Cg) Vs M/S Lord Buddha Educational Society, M/S Raipur Institute Of Medical Sciences (Rims), Gram Godhi, Bhansoj Road, Office Nh-6, Raipur (Cg) Pan No. :Aaaal 3913 E (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

gains - Reference to Valuation Officer - Assessment Years 1982-83 and 1983-84 - Whether a Valuation Officer appointed under Wealth-tax Act can neither be called upon nor he would have jurisdiction 10 give a report either to Assessing Officer under Income-tax Act except when a reference is made under and ill terms of section 55A, or to a competent

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -I, RAIPUR vs. LORD BUDDHA EDUCATIONAL SOCIETY, RAIPUR

In the result, the appeals of the revenue ITA Nos

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita Nos.188 To 193/Rpr/2019 (ननधाारण वषा / Assessment Year :2012-2013 To 2017-2018) Acit, Central Circle-1, Raipur(Cg) Vs M/S Lord Buddha Educational Society, M/S Raipur Institute Of Medical Sciences (Rims), Gram Godhi, Bhansoj Road, Office Nh-6, Raipur (Cg) Pan No. :Aaaal 3913 E (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

gains - Reference to Valuation Officer - Assessment Years 1982-83 and 1983-84 - Whether a Valuation Officer appointed under Wealth-tax Act can neither be called upon nor he would have jurisdiction 10 give a report either to Assessing Officer under Income-tax Act except when a reference is made under and ill terms of section 55A, or to a competent

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -I, RAIPUR vs. LORD BUDDHA EDUCATIONAL SOCIETY, RAIPUR

In the result, the appeals of the revenue ITA Nos

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita Nos.188 To 193/Rpr/2019 (ननधाारण वषा / Assessment Year :2012-2013 To 2017-2018) Acit, Central Circle-1, Raipur(Cg) Vs M/S Lord Buddha Educational Society, M/S Raipur Institute Of Medical Sciences (Rims), Gram Godhi, Bhansoj Road, Office Nh-6, Raipur (Cg) Pan No. :Aaaal 3913 E (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

gains - Reference to Valuation Officer - Assessment Years 1982-83 and 1983-84 - Whether a Valuation Officer appointed under Wealth-tax Act can neither be called upon nor he would have jurisdiction 10 give a report either to Assessing Officer under Income-tax Act except when a reference is made under and ill terms of section 55A, or to a competent

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -I, RAIPUR vs. LORD BUDDHA EDUCATIONAL SOCIETY, RAIPUR

In the result, the appeals of the revenue ITA Nos

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita Nos.188 To 193/Rpr/2019 (ननधाारण वषा / Assessment Year :2012-2013 To 2017-2018) Acit, Central Circle-1, Raipur(Cg) Vs M/S Lord Buddha Educational Society, M/S Raipur Institute Of Medical Sciences (Rims), Gram Godhi, Bhansoj Road, Office Nh-6, Raipur (Cg) Pan No. :Aaaal 3913 E (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

gains - Reference to Valuation Officer - Assessment Years 1982-83 and 1983-84 - Whether a Valuation Officer appointed under Wealth-tax Act can neither be called upon nor he would have jurisdiction 10 give a report either to Assessing Officer under Income-tax Act except when a reference is made under and ill terms of section 55A, or to a competent

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -I, RAIPUR vs. LORD BUDDHA EDUCATIONAL SOCIETY, RAIPUR

In the result, the appeals of the revenue ITA Nos

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita Nos.188 To 193/Rpr/2019 (ननधाारण वषा / Assessment Year :2012-2013 To 2017-2018) Acit, Central Circle-1, Raipur(Cg) Vs M/S Lord Buddha Educational Society, M/S Raipur Institute Of Medical Sciences (Rims), Gram Godhi, Bhansoj Road, Office Nh-6, Raipur (Cg) Pan No. :Aaaal 3913 E (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

gains - Reference to Valuation Officer - Assessment Years 1982-83 and 1983-84 - Whether a Valuation Officer appointed under Wealth-tax Act can neither be called upon nor he would have jurisdiction 10 give a report either to Assessing Officer under Income-tax Act except when a reference is made under and ill terms of section 55A, or to a competent

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -I, RAIPUR vs. LORD BUDDHA EDUCATIONAL SOCIETY, RAIPUR

In the result, the appeals of the revenue ITA Nos

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita Nos.188 To 193/Rpr/2019 (ननधाारण वषा / Assessment Year :2012-2013 To 2017-2018) Acit, Central Circle-1, Raipur(Cg) Vs M/S Lord Buddha Educational Society, M/S Raipur Institute Of Medical Sciences (Rims), Gram Godhi, Bhansoj Road, Office Nh-6, Raipur (Cg) Pan No. :Aaaal 3913 E (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

gains - Reference to Valuation Officer - Assessment Years 1982-83 and 1983-84 - Whether a Valuation Officer appointed under Wealth-tax Act can neither be called upon nor he would have jurisdiction 10 give a report either to Assessing Officer under Income-tax Act except when a reference is made under and ill terms of section 55A, or to a competent