Famina Knit Fabs v. ACIT

176 ITD 246Income Tax Appellate Tribunal2019#3664 most cited

What is Famina Knit Fabs v. ACIT authority for?

Income surrendered during a survey, if relating to unaccounted receivables of a business, is treated as business income. This allows for set-off of legitimate business expenses against such surrendered income, making the assessee eligible for deductions on that income.

33

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2020 to 2025.

Also referred to as

Famina Knit Fabs · 176 ITD 246 · surrendered income · unaccounted receivables · business income · set off of expenses · survey · section 133A · section 28

Also reported as

104 Taxmann.com 306

Sections most often in play

Section 115BBESection 69Section 69ASection 69BSection 133ASection 143(3)Section 69CSection 28

Issues it is cited on

section 40(b)set off of lossessection 71section 69dabatement of assessmentpreponderance of probabilitysection 153a proceedingssurvey under section 133asection 69bthird party informationsurrender of incomesection 158bd

Judgments citing Famina Knit Fabs v. ACIT

INCOME TAX OFFICER WARD 29(1), NEW DELHI vs. SAHIL JAIN, NEW DELHI

Appeal is partly allowed

ITA 1452/DEL/2024[2017-18]Status: DisposedITAT Delhi12 Nov 2025AY 2017-18

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandraassessment Year: 2017-18 Vs. Sh. Sahil Jain, Income Tax Officer, Ward-29(1), 117, Engineering Enclave, New Delhi Pitampura, New Delhi Pan: Afspj1105L (Appellant) (Respondent) Assessee By None Department By Sh. Manish Gupta, Sr. Dr

Section 115BSection 143(3)Section 68Section 69Section 69ASection 80J

…income has rightly been included in the sales of the assessee and all the expenses have rightly been set off against the surrendered income and therefore, being business income, the assessee is also eligible for deduction u/s 80JJA of the Act. 3 | P a g e 1. 176 ITD 246 (Chd) dated 8.2.2019 Famina Knit Fabs vs. ACIT “19. In the facts of the case in ITA No. 408/Chd/2018, the income surrendered was on account of unaccounted receivables of the business of the assessee amounting to Rs. 1.25 crores. The Ld. CIT (A) in para 9 of the order has outlined the facts relating to the surrender made by the assessee stating th…

SHRI VISHWAKARAMA JEWELLERS ,AKOLA vs. DCIT AKOLA CIRCLE, AKOLA

In the result, assessee’s appeal is allowed

ITA 99/NAG/2025[2017-18]Status: DisposedITAT Nagpur22 Sept 2025AY 2017-18

Bench: Shri Narender Kumar Choudhry & Shri K.M. Roy, Accountant, Member

For Appellant: Shri S.G. GandhiFor Respondent: Shri Surjit Kumar Saha
Section 115BSection 133ASection 143(3)Section 69B

…ay be brought to tax under the head business income' while the cash has to be taxed under the head deemed income under section 69A of the Act." 26. Similarly, the Coordinate Chandigarh Bench in case of Famina Knit Fabs v. Asstt. CIT [2019] 104 taxmann.com 306/176 ITD 246 has held as under: "19. In the facts of the case in ITA No. 408/Chd/2018, the income surrendered was on account of unaccounted receivables of the business of the Assessee amounting to Rs. 1.25 crores. The Ld. CIT(A) in para 9 of the order has outlined the facts relating to the surrender made by the Assessee stating that during survey a pocket dia…

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 2(4), BENGALURU, BANGALORE vs. M/S MRK GOLD LLP, BANGALORE

ITA 1026/BANG/2025[2020-21]Status: DisposedITAT Bangalore24 Jul 2025AY 2020-21

Bench: Shri. Laxmi Prasad Sahu & Shri. Soundararajan Kassessment Year : 2020-21

For Appellant: Shri. Narendra Kumar J Jain, AdvocateFor Respondent: Shri. R. Rajamanohar, JCIT(DR)(ITAT), Bangalore
Section 115BSection 133ASection 143(1)Section 69B

…Vs. ACIT Circle (ITA No. 145/Jodh/2018) • Pr.CIT Vs. BaJrang Traders, C/o. Kalani and Co., ITA No. 258/2017 • Lakshminath Baijnath Vs. CIT(1959) 35 ITR 46 (SC) • DCIT vs. Ramnarayan Bir7a ITA No. 482/JP/2015 • Chandigarh ITAT- Famina Knit Fabs vs ACIT (2019) 176 ITD 246 • (2021) 123 taxmann.com 8 (Jaipur- Trib.) In the ITAT Jaipur Bench `A' Hari NarainGattani vs. Deputy Commissioner of Income Tax, Circle-04, Jaipur • Hon'ble ITAT, Indore Bench, Indore in the case of M/s Shahnai V/s ITO 1(1), Ujjain, vide ITA No. 658/Ind/2014, dated 15-052015. • ACIT, Circle -1(1), Ujjain V/s M/s. A one Enclave, 3687/1, Hariphata…

SH. AMBRISH SHARMA PROP. M/S PUNJAB HANDLOOM,LUDHIANA vs. DCIT, CC-2, LUDHIANA

In the result, appeal of the Assessee is allowed

ITA 461/CHANDI/2023[2019-20]Status: DisposedITAT Chandigarh07 Jul 2025AY 2019-20

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY, AM आयकर अपील सं. / ITA No. 461/Chd/2023 निर्धारण वर्ष / Assessment Year : 2019-20 Shri Ambrish Sharma, Prop. M/s Punjab Handloom, Near Petrol Pump, Link Road, Ludhiana-141003, Punjab बनाम The DCIT Central Circle-2, Ludhiana स्थायी लेखा सं./PAN NO: AYVPS7324Q अपीलार्थी/Appellant प्रत्यर्थी/Respondent निर्धारिती की ओर से / Assessee by : Shri Sudhir Sehgal, Advocate राजस्व की ओर से / Revenue by : Shri Vivek Vardhan, Addl. CIT, Sr. DR स

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Shri Vivek Vardhan, Addl. CIT, Sr. DR
Section 115BSection 68Section 69ASection 69B

…e, is against the facts and circumstances of the case. 6. That the Ld. CIT(A) has erred in not relying on the judgments of Chandigarh Bench of ITAT in the case of M/s. Khurana Rolling Mills Pvt. Ltd. in ITA No.745/CHD/2016, W/s. Famina Knit Fab as reported in 176 ITD 246(Chandigarh-Tribunal), M/s. Bindas Foods Pvt. Ltd. in ITA No. 409/CHD/2021 and has placed his reliance on some other judgments which have been duly been considered in the above judgments. 7. That the appellant craves leave to add or amend the grounds of appeal before the appeal is finally heard or disposed-off.” 2. Facts in brief are that the ass…

DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 3, LUDHIANA, LUDHIANA vs. SWATI INDUSTRIES, PUNJAB

In the result, the grounds of appeal of the department are dismissed and that of assessee are allowed

ITA 547/CHANDI/2024[2019-20]Status: DisposedITAT Chandigarh27 Jun 2025AY 2019-20

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY, AM आयकर अपील सं. / ITA No. 216/Chd/2024 निर्धारण वर्ष / Assessment Year : 2019-20 Swati Industries D-74, Phase-V, Focal Point, Ludhiana, Punjab-141010 बनाम The DCIT Central Circle-3 Ludhiana, Punjab स्थायी लेखा सं./PAN NO: AADFS5870M प्रत्यर्थी/Respondent अपीलार्थी/Appellant आयकर अपील सं. / ITA No. 547/Chd/2024 निर्धारण वर्ष / Assessment Year : 2019-20 बनाम The DCIT Central Circle-3 Ludhiana, Punjab स्थायी लेखा सं./PAN NO: AADFS5870

For Appellant: Shri Sudhir Sehgal, Advocate and Shri Rohit Kapoor, C.AFor Respondent: Dr. Ranjit Kaur, Addl. CIT, Sr. DR
Section 115BSection 40Section 68Section 69ASection 69C

…same business and the Counsel relied on the finding of CIT(A) in para 5.3.3. It was further argued 6 that the decisions as relied upon by the department in the case of M/s Khushi Ram & Sons have been distinguished in the case of ‘Famina Knitfab’, reported in 176 ITD 246. Department’s appeal (ITA 547/Chd/2024): 10. First two grounds in Revenue’s appeal are the same as discussed above regarding applicability of section 115BBE. 11. The ground No. 3 in appeal of the department consists of Rs. 25,55,946/- on account of one seized document at page 7 of the assessment order of the AO and it was submitted before the CI…

SWATI INDUSTRIES D-74, PHASE-V FOCAL POINT, LUDHIANA,PUNJAB vs. THE DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-3, LUDHIANA , PUNJAB

In the result, the grounds of appeal of the department are dismissed and that of assessee are allowed

ITA 216/CHANDI/2024[2019-2020]Status: DisposedITAT Chandigarh27 Jun 2025AY 2019-2020

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY, AM आयकर अपील सं. / ITA No. 216/Chd/2024 निर्धारण वर्ष / Assessment Year : 2019-20 Swati Industries D-74, Phase-V, Focal Point, Ludhiana, Punjab-141010 बनाम The DCIT Central Circle-3 Ludhiana, Punjab स्थायी लेखा सं./PAN NO: AADFS5870M अपीलार्थी/Appellant प्रत्यर्थी/Respondent आयकर अपील सं. / ITA No. 547/Chd/2024 निर्धारण वर्ष / Assessment Year : 2019-20 बनाम The DCIT Central Circle-3 Ludhiana, Punjab स्थायी लेखा सं./PAN NO: AADFS5870

For Appellant: Shri Sudhir Sehgal, Advocate and Shri Rohit Kapoor, C.AFor Respondent: Dr. Ranjit Kaur, Addl. CIT, Sr. DR
Section 115BSection 40Section 68Section 69ASection 69C

…same business and the Counsel relied on the finding of CIT(A) in para 5.3.3. It was further argued 6 that the decisions as relied upon by the department in the case of M/s Khushi Ram & Sons have been distinguished in the case of ‘Famina Knitfab’, reported in 176 ITD 246. Department’s appeal (ITA 547/Chd/2024): 10. First two grounds in Revenue’s appeal are the same as discussed above regarding applicability of section 115BBE. 11. The ground No. 3 in appeal of the department consists of Rs. 25,55,946/- on account of one seized document at page 7 of the assessment order of the AO and it was submitted before the CI…

OM PROCESSORS PRIVATE LIMITED, K-3, TEXTILES COLONY LUDHIANA (EAST), MILLERGANJ, LUDHIANA,LUDHIANA, PUNJAB vs. DCIT, CENTRAL CIRCLE-3, LUDHIANA, LUDHIANA, PUNJAB

In the result, appeal of the Assessee is allowed

ITA 758/CHANDI/2024[2017-2018]Status: DisposedITAT Chandigarh11 Apr 2025AY 2017-2018

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Dr. Ranjit Kaur, Addl. CIT, DR
Section 115BSection 143(1)Section 143(2)Section 148Section 68Section 69Section 69B

…at page 30 of the order. 7. In rejoinder to the argument of the (DR), the Ld. Counsel of the assessee stated that all the judgments in the cases quoted by the Ld. CITA) in his order like Kim Pharma Pvt. Ltd. v CIT 216 Taxman 153 (PEtH), Famina Knit Fab v ACIT 176 ITD 246 (Chandigarh Trib.), Pr. CIT v. Khushi Ram & Sons Foods (P) Ltd. have been discussed and analyzed in the judgment of M/s Khurana RollingMills Pvt. Ltd., in ITA No. 745/Chd/2016 as well as another judgment of Hon'ble Bench of the ITAT in the case of M/s Bindas Foods Pvt. Ltd. in ITA No.409/Chd/2021 and copies of the judgments of M/s Khurana Rolling…

MUKESH KUMAR AHUJA,KOTA vs. ACIT, CENTRAL CIRCLE, KOTA

In the result, this appeal of the assessee is allowed

ITA 109/JPR/2025[2019-20]Status: DisposedITAT Jaipur07 Apr 2025AY 2019-20

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri Rajendra Sisodia, C.AFor Respondent: Mrs. Swapnil Parihar, JCIT-DR
Section 115BSection 127Section 133ASection 139Section 142Section 143(2)Section 143(3)Section 69

…g provisions of sections 69 and 69A and the same has been rightly offered to tax under the head "business income". In absence of deeming provisions, the question of application of section 115BBE doesn't arise for consideration. Famina Knit Fabs vs. ACIT[2019] 176 ITD 246/104 taxmann.com 306 (Chd - Trib) In this case, the Hon'ble ITAT held that where during the course of survey, a surrender was made by the assessee on account of debtors/receivables which was based on a diary found during the course of survey and the Revenue had accepted that the surrender was on account on account of receivables, it followed that…

JOINT COMMISSIONER OF INCOME TAX (OSD), LUDHIANA vs. M/S SHEETAL INDUSTRIES , KHANNA

The appeal of the Revenue is dismissed

ITA 420/CHANDI/2023[2018-19]Status: DisposedITAT Chandigarh24 Feb 2025AY 2018-19

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

For Appellant: Shri Rohit Kapoor, Advocate and Shri Virsain AggarwalFor Respondent: Smt. Kusum Bansal, CIT DR
Section 115BSection 132Section 133ASection 143(2)Section 153CSection 69Section 69A

…to be treated as business income, the revisional powers invoked by the Principal Commissioner u/s 263 of the Act were not correct in the eyes of law. 10.19 The ITAT Chandigarh Bench in the case of Famina Knit Fabs Vs. A.Y.2018-19 24 ACIT reported in (2019) 176 ITD 246 (Chd-Trib) has held that, wherein during the course of survey, a surrender was made by the Assessee on account of debtors / receivables which was based on a diary found during the course of survey and the Revenue had accepted that the surrender was on account of receivables, it followed that the debtors were generated from the sales made by the A…

ANIL KUMAR PROP. MS KK AGRO INDUSTRIES LOHA BAZAR, AHMEDGARH ,PUNJAB vs. JATIN ABBI THE DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-3, LUDHIANA, PUNJAB

In the result, appeal of the Assessee is allowed

ITA 752/CHANDI/2024[2020-2021]Status: DisposedITAT Chandigarh29 Jan 2025AY 2020-2021

Bench: Shri Rajpal Yadav & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 752/Chd/2024 "नधा"रण वष" / Assessment Year : 2020-21 Anil Kumar Prop. The Dcit, M/S K K Agro Industries, बनाम Central Circle-3, Loha Bazar, Ludhiana Vs. Ahmedgarh

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Shri Vivek Vardhan, Addl. CIT Sr. DR
Section 115BSection 69

…ib.) 5. In addition to this, it was submitted by the ld. Counsel that in the order passed by the ld. CIT(A) dated 05.06.2024, CIT(A) has placed his reliance on the judgments in the cases Kim Pharma Pvt. Ltd. v CIT 216 Taxman 153 (P&H), Famina Knit Fab v ACIT 176 ITD 246 (Chandigarh Trib.), Pr. CIT v. Khushi Ram a Sons Foods (P) Ltd. In this regard, it is submitted that the said judgments are duly discussed in the judgment of the Hon'ble Chandigarh Bench of ITAT in the case of M/s Khurana Rolling Mills Pvt. Ltd. as reported in ITA No. 745/CHD/2016 as well as in the case of judgment of the Hon'ble Chandigarh Bench…

KAY POWER AND PAPER LIMITED,SATARA vs. INCOME TAX OFFICER, WARD-2, SATARA

In the result, the appeal filed by the assessee is allowed

ITA 1437/PUN/2024[2016-17]Status: DisposedITAT Pune06 Dec 2024AY 2016-17

Bench: Shri R. K. Panda & Shri Vinay Bhamore

For Appellant: Shri Ashwani KumarFor Respondent: Shri Ramnath P Murkunde
Section 139Section 139(1)Section 143(1)Section 148Section 148A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND SHRI VINAY BHAMORE, JUDICIAL MEMBER ITA Nos.1436 & 1437/PUN/2024 Assessment Years : 2015-16 & 2016-17 M/s. Kay Power and Paper Limited, ITO, Ward-2, Satara Gat No.454/457, At Post – Borgaon, Vs. Tal / Dist. Satara – 415002 PAN: AABCK1295P (Appellant) (Respondent) Assessee by : Shri Ashwani Kumar Department by : Shri Ramnath P Murkunde Date of hearing : 18-11-2024 Date of pronouncement : 06-12-2024 O R D E R PER R. K. PANDA, VP : The above two appeals filed by the assessee are directed against the separate o…

KAY POWER AND PAPER LIMITED,SATARA vs. INCOME TAX OFFICER, WARD-2, SATARA

In the result, the appeal filed by the assessee is allowed

ITA 1436/PUN/2024[2015-16]Status: DisposedITAT Pune06 Dec 2024AY 2015-16

Bench: Shri R. K. Panda & Shri Vinay Bhamore

For Appellant: Shri Ashwani KumarFor Respondent: Shri Ramnath P Murkunde
Section 139Section 139(1)Section 143(1)Section 148Section 148A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND SHRI VINAY BHAMORE, JUDICIAL MEMBER ITA Nos.1436 & 1437/PUN/2024 Assessment Years : 2015-16 & 2016-17 M/s. Kay Power and Paper Limited, ITO, Ward-2, Satara Gat No.454/457, At Post – Borgaon, Vs. Tal / Dist. Satara – 415002 PAN: AABCK1295P (Appellant) (Respondent) Assessee by : Shri Ashwani Kumar Department by : Shri Ramnath P Murkunde Date of hearing : 18-11-2024 Date of pronouncement : 06-12-2024 O R D E R PER R. K. PANDA, VP : The above two appeals filed by the assessee are directed against the separate o…

M/S AMARJIT & SONS,LUDHIANA vs. DCIT, CC-2, LUDHIANA

In the result, appeal of the assessee is allowed

ITA 203/CHANDI/2023[2019-20]Status: DisposedITAT Chandigarh21 Nov 2024AY 2019-20

Bench: The Ld. Cit(A) Have Not Been Appreciated.

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Smt. Amanpreet Kaur, Sr. DR
Section 115BSection 133ASection 69Section 69B

…urrendered may be brought to tax under the head 'business income' while the cash has to be taxed under the head deemed income under section 69A of the Act.” 8.9 Similarly, the Coordinate Chandigarh Bench in case of Famina Knit Fabs Vs. ACIT reported in (2019) 176 ITD 246 (Chd-Trib) has held as under: “19. In the facts of the case in ITA No.408/Chd/2018, the income surrendered was on account of unaccounted receivables of the business of the assessee amounting to Rs.1.25 crores. The Ld.CIT(A) in para 9 of the order has outlined the facts relating to the surrender made by the assessee stating that during survey a po…

RAV SHARAN SINGH,PATIALA vs. ACIT, C.C., PATIALA

In the result, appeal of the assessee is allowed

ITA 416/CHANDI/2023[2019-20]Status: DisposedITAT Chandigarh30 Oct 2024AY 2019-20

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Sudhir Sehgal, Advocate and Shri Rishabh Marwah, C.AFor Respondent: Shri Dharam Vir, JCIT, Sr. DR
Section 133ASection 143(2)Section 69

…excess stock was to be treated as business income, the revisional powers invoked by the Principal Commissioner u/s 263 of the Act were not correct in the eyes of law. 10.19 The ITAT Chandigarh Bench in the case of Famina Knit Fabs Vs. ACIT reported in (2019) 176 ITD 246 (Chd-Trib) has held that, wherein during the course of survey, a surrender was made by the assessee on account of debtors / receivables which was based on a diary found during the course of survey and the Revenue had accepted that the surrender was on account of receivables, it followed that the debtors were generated from the sales made by the a…

INCOME TAX OFFICER W 1, HASSAN vs. RAMACHANDRA SETTY AND SONS, HASSAN

In the result, appeal of the assessee in ITA

ITA 1166/BANG/2023[2017-18]Status: DisposedITAT Bangalore10 Jun 2024AY 2017-18

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri C. Ramesh, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 115BSection 132(4)Section 250Section 69B

…excess stock was to be treated as business income, the revisional powers invoked by the Principal Commissioner u/s 263 of the Act were not correct in the eyes of law. 10.19 The ITAT Chandigarh Bench in the case of Famina Knit Fabs Vs. ACIT reported in (2019) 176 ITD 246 (Chd-Trib) has held that, wherein during the course of survey, a surrender was made by the assessee on account of debtors / receivables which was based on a diary found during the course of survey and the Revenue had accepted that the surrender was on account of receivables, it followed that the debtors were generated from the sales made by the a…

INCOME TAX OFFICER, W-1, VIJAYANAGAR vs. RAMACHANDRA SETTY AND SONS, HASSAN

In the result, appeal of the assessee in ITA

ITA 1165/BANG/2023[2015-16]Status: DisposedITAT Bangalore10 Jun 2024AY 2015-16

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri C. Ramesh, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 115BSection 132(4)Section 250Section 69B

…excess stock was to be treated as business income, the revisional powers invoked by the Principal Commissioner u/s 263 of the Act were not correct in the eyes of law. 10.19 The ITAT Chandigarh Bench in the case of Famina Knit Fabs Vs. ACIT reported in (2019) 176 ITD 246 (Chd-Trib) has held that, wherein during the course of survey, a surrender was made by the assessee on account of debtors / receivables which was based on a diary found during the course of survey and the Revenue had accepted that the surrender was on account of receivables, it followed that the debtors were generated from the sales made by the a…

INCOME TAX OFFICER WARD-1 HASSAN, HASSAN vs. RAMACHANDRA SETTY AND SONGS, HASSAN

In the result, appeal of the assessee in ITA

ITA 1164/BANG/2023[2014-15]Status: DisposedITAT Bangalore10 Jun 2024AY 2014-15

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri C. Ramesh, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 115BSection 132(4)Section 250Section 69B

…excess stock was to be treated as business income, the revisional powers invoked by the Principal Commissioner u/s 263 of the Act were not correct in the eyes of law. 10.19 The ITAT Chandigarh Bench in the case of Famina Knit Fabs Vs. ACIT reported in (2019) 176 ITD 246 (Chd-Trib) has held that, wherein during the course of survey, a surrender was made by the assessee on account of debtors / receivables which was based on a diary found during the course of survey and the Revenue had accepted that the surrender was on account of receivables, it followed that the debtors were generated from the sales made by the a…

INCOME TAX OFFICER, W-1, HASSAN vs. RAMACHANDRA SETTY & SONS, HASSAN

In the result, appeal of the assessee in ITA

ITA 1163/BANG/2023[2013-14]Status: DisposedITAT Bangalore10 Jun 2024AY 2013-14

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri C. Ramesh, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 115BSection 132(4)Section 250Section 69B

…excess stock was to be treated as business income, the revisional powers invoked by the Principal Commissioner u/s 263 of the Act were not correct in the eyes of law. 10.19 The ITAT Chandigarh Bench in the case of Famina Knit Fabs Vs. ACIT reported in (2019) 176 ITD 246 (Chd-Trib) has held that, wherein during the course of survey, a surrender was made by the assessee on account of debtors / receivables which was based on a diary found during the course of survey and the Revenue had accepted that the surrender was on account of receivables, it followed that the debtors were generated from the sales made by the a…

M/S. S. RAMASHANDRA SETTY & SONS,HASSAN vs. INCOME TAX OFFICER, WARD-1 , HASSAN

In the result, appeal of the assessee in ITA

ITA 1156/BANG/2023[2017-18]Status: DisposedITAT Bangalore10 Jun 2024AY 2017-18

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri C. Ramesh, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 115BSection 132(4)Section 250Section 69B

…excess stock was to be treated as business income, the revisional powers invoked by the Principal Commissioner u/s 263 of the Act were not correct in the eyes of law. 10.19 The ITAT Chandigarh Bench in the case of Famina Knit Fabs Vs. ACIT reported in (2019) 176 ITD 246 (Chd-Trib) has held that, wherein during the course of survey, a surrender was made by the assessee on account of debtors / receivables which was based on a diary found during the course of survey and the Revenue had accepted that the surrender was on account of receivables, it followed that the debtors were generated from the sales made by the a…

SANJEEV KUMAR GOYAL,FATEHABAD vs. DCIT, CC-2, LUDHIANA

In the result, the appeal of the assesse is allowed

ITA 80/CHANDI/2023[2019-20]Status: DisposedITAT Chandigarh22 May 2024AY 2019-20

Bench: This Hon’Ble Tribunal Under Section 253 Of The Income Tax Act, 1961 As Amended From Time To Time. 2. The Assessee Is Aggrieved By The Order Of The Ld. Cit(A) Dt. 20/01/2023 In Appeal No. 10853/2018-19/It/Cit(A)-5/Ldh/2021-22 For The A.Y. 2019-20 Under Section 250(6) Of The Income Tax Act, 1961 Which Was Dismissed. Therefore The Present Second Appeal Under Section 253 Of The Income Tax Act, 1961 Before Us Against The Aforesaid Order Dt. 20/01/2023 Which Is Hereinafter Referred To As The Impugned Order.

For Appellant: Shri Sudhir Sehgal, Advocate and Shri Rishaba Marwaha, C.AFor Respondent: Shri Dharamvir, JCIT, Sr. DR
Section 143(2)Section 250(6)Section 253Section 68

…at in the order passed by the Worthy CIT(A) dated 20.01.2023, the worthy CIT(A) has placed his reliance on the judgments in the case of Fakir Mohamad Haji Hasan v CIT 247 ITR 290 (Guj.), Kim Pharma Pvt. Ltd.v CIT 216 Taxman 153 (P & H), Famina Knit Fab v ACIT 176 ITD 246 (Chandigarh Trib.), Pr. CIT v. Khushi Ram & Sons Foods (P) Ltd. In this regard, it is submitted that the said judgments are duly discussed in the judgment of the Hon'ble Chandigarh Bench of ITAT in the case of M/s Khurana Rolling Mills Pvt. Ltd. as reported in ITA No. 745/CHD/2016 as well as in the case of judgment of the Hon'ble Chandigarh Bench…

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