M/S JASHAN FINLEASE LTD.,KHANNA vs. DCIT, CC-1, LUDHIANA

ITA 132/CHANDI/2023Status: DisposedITAT Chandigarh28 March 2024AY 2019-20Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)26 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the surrendered amount, though unrecorded at the time of survey, was directly related to the assessee's regular finance business. Therefore, it could not be taxed under the deeming provisions of Section 69 and Section 115BBE.

What were the facts?

During a survey, the assessee, engaged in hire purchase/finance, surrendered Rs. 75,00,000/- on account of unrecorded receivables. The assessee subsequently offered this amount as business income in its return.

What were the issues?

Whether unrecorded receivables surrendered during a survey, which are linked to the assessee's regular business, can be taxed under Section 69 and Section 115BBE.

Which sections of the Income-tax Act were involved?

Section 69,Section 115BBE,Section 133A

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(7)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Cause title — parties, addresses and appearances
आयकर अपीलीय अिधकरण,च"डीगढ़ "यायपीठ “ए” , च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH “A”, CHANDIGARH HEARING THROUGH: VIRTUAL MODE "ी आकाश दीप जैन, उपा"य" एवं "ी िव"म "सह यादव, लेखा सद"य BEFORE: SHRI. AAKASH DEEP JAIN, VP & SHRI. VIKRAM SINGH YADAV, AM आयकर अपील सं./ ITA NO. 132/Chd/2023 िनधा"रण वष" / Assessment Year : 2019-20 M/s Jashan Finlease Limited बनाम The DCIT, Malerkotla Road, Khanna-141401 Central Circle-1 Punjab Ludhiana "थायी लेखा सं./PAN NO: AACCJ1698Q अपीलाथ"/Appellant ""यथ"/Respondent िनधा"रती क" ओर से/Assessee by : Shri Sudhir Sehgal, Advocate राज"व क" ओर से/ Revenue by : Smt. Amanpreet Kaur, Sr. DR सुनवाई क" तारीख/Date of Hearing : 02/01/2024 उदघोषणा क" तारीख/Date of Pronouncement : 28/03/2024

आदेश/Order PER VIKRAM SINGH YADAV, A.M. : This is an appeal filed by the Assessee against the order of the Ld. CIT(A) - 5, Ludhiana dt. 01/03/2023 pertaining to Assessment Year 2019-20. 2. In the present appeal, the Assessee has raised the following grounds of appeal:

1.

That the Ld. CIT(A) has erred in confirming the action of the Ld. AO in holding that the provision of Section 69 r.w.s. 115BBE would be applicable on the amount surrendered during survey on

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 69

All 9,011 judgments and leading authorities on Section 69 →

Recent GST High Court judgments

Search GST case law →