How many judgments cite Famina Knit Fabs v. ACIT?

33 judgments on BharatTax cite Famina Knit Fabs v. ACIT (176 ITD 246), spanning 2020 to 2025.

Which sections of the Income Tax Act does Famina Knit Fabs v. ACIT come up under?

It is most often cited in judgments turning on Section 115BBE, Section 69, Section 69A, Section 69B, Section 133A, Section 143(3).

Famina Knit Fabs v. ACIT

176 ITD 246Income Tax Appellate Tribunal2019#3614 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.

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 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 115BBE Section 69 Section 69A Section 69B Section 133A Section 143(3)Section 69C Section 28

Issues it is cited on

section 40(b)set off of losses section 71 section 69d abatement of assessment preponderance of probability section 153a proceedings survey under section 133a section 69b third party information surrender of income section 158bd

Judgments citing Famina Knit Fabs v. ACIT

Rajiv Kumar Goyal, Dhuri vs. DCIT, CC-2, Ludhiana

In the result, the appeal of the assessee is allowed

ITA 79/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 Order Of The Ld. Cit(A) Dated 03/02/2023 In Appeal No. 10850/2018-19/It/Cit(A)-5/Ldh/2021-22 For 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. 03/02/2023 Which Is Hereiafter Referred To As The Impugned Order. Factual Matrix 3. The Assessee Had For The Relevant Year I.E; A.Y. 2019-20 Was Also Engaged In The Same Business I.E; Manufacturing Of Pvc Pipes & Had Filed

For Appellant: Shri Sudhir Sehgal, Advocate and Shri Rishaba Marwaha, C.AFor Respondent: Shri Dharamvir, JCIT, Sr. D.R

Section 133ASection 139(1)Section 250(6)Section 253

…rrendered 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.” Similarly, the Coordinate Chandigarh Bench in case of Famina Knit 35. 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 p…

M/S Jashan Finlease Ltd., Khanna vs. DCIT, CC-1, Ludhiana

In the result, the appeal of the assessee is allowed

ITA 132/CHANDI/2023[2019-20]Status: DisposedITAT Chandigarh28 Mar 2024AY 2019-20

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

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Smt. Amanpreet Kaur, Sr. DR

Section 115BSection 133ASection 143(2)Section 68Section 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…

Mrs. Kiran Bala, Ludhiana vs. DCIT, CC-III, Ludhiana

In the result, the appeal is allowed

ITA 254/CHANDI/2023[2019-20]Status: DisposedITAT Chandigarh26 Mar 2024AY 2019-20

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Tej Mohan Singh, AdvocateFor Respondent: Smt. Amanpreet Kaur, Sr.DR

Section 115BSection 133ASection 69Section 69ASection 69B

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ , च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH ‘A’ CHANDIGARH BEFORE: SHRI A.D.JAIN, VICE PRESIDENT AND SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No. 254/CHD/2023 "नधा"रण वष" / Assessment Year : 2019-20 Mrs. Kiran Bala, The DCIT, बनाम Prop. M/s Brother Fashion, Central Circle-III, VS Bahadur Ke Road, Ludhiana. Bharti Colony Chowk, Ludhiana. "थायी लेखा सं./PAN /TAN No: ABXPB2712J अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri Tej Mohan Singh, Advocate राज"व क" ओर से/ Revenue by : Smt. Amanpreet Kaur, Sr.DR तार"ख/Da…

Saru Enterprises Private Limited, Patiala vs. ACIT/DCIT, Cen. Cir., Patiala

In the result, the appeal of the assessee is allowed

ITA 271/CHANDI/2023[2018-19]Status: DisposedITAT Chandigarh23 Feb 2024AY 2018-19

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

For Appellant: Shri Rajiv Saldi, C.AFor Respondent: Shri Dharamvir, JCIT, Sr. D.R

Section 115BSection 133ASection 143(2)Section 68Section 69Section 69A

…upport, reliance was placed on the various Coordinate Bench decisions such as decision of Coordinate Chandigarh Bench in case of M/s Veer Enterprises Vs. DCIT in ITA No. 255/Chd/2023, Gaurish Steels Pvt. Ltd. Vs ACIT 43 ITR (Trib) 414 , Famina Knit Fab v ACIT 176 ITD 246 and M/s Jain Plywood Vs. DCIT in ITA No. 588/CHD/2022. 20. As far as the surrender on account of excess cash was concerned, it was submitted that the same was honoured by the assessee and included in its return of income and no adverse finding was recorded by the AO. However during the course of appellate proceedings, the Ld. CIT(A) invoked the p…

Sh. Gurinder Makkar, Ludhiana vs. DCIT, CC-3, Ludhiana

In the result, the appeal of the assessee is disposed off in light of aforesaid directions

ITA 20/CHANDI/2023[2018-19]Status: DisposedITAT Chandigarh21 Feb 2024AY 2018-19

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

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Smt. Amanpreet Kaur, Sr. DR

Section 115BSection 133ASection 143(3)Section 32Section 37Section 40A(3)Section 43(1)Section 68Section 69

…ubmitted that in the order so passed by the ld CIT(A) dated 04.01.2023, the ld CIT(A) has placed reliance on the judgments in the cases of Fakir Mohamad Haji Hasan v CIT 247 IT 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 was 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. (ITA No. 745/CHD/2016) as well as in the case of judgment of the Hon’ble Chandigarh Bench of ITAT in…

M/S A.P. Knit Fab, Ludhiana vs. DCIT CC-3, Ludhiana

In the result, the appeal of the assessee is allowed

ITA 732/CHANDI/2022[2018-19]Status: DisposedITAT Chandigarh15 Feb 2024AY 2018-19

Bench: The Ld. Cit(A) Have Not Been Appreciated. 4. That The Ld. Cit(A) Has Failed To Appreciate That During The Course Of Survey, No Other Income Was Noticed By The Department And, As Such, Taxing The Amount Offered As Deemed Income, Is Against The Facts & Circumstances Of The Case. 5. That The Ld. Cit(A) Has Also Failed To Appreciate That At The Time Of Survey, It Was Agreed That The Applicant Shall Pay The Taxes On The Amount Offered

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Smt. Amanpreet Kaur, Sr. DR

Section 115BSection 133ASection 69Section 69B

M/S Veer Enterprises, Ludhiana vs. DCIT, CC-III, Ludhiana

In the result, the appeal is allowed

ITA 255/CHANDI/2023[2019-20]Status: DisposedITAT Chandigarh23 Jan 2024AY 2019-20

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Tejmohan Singh, AdvocateFor Respondent: Shri Dharamvir, JCIT, Sr.DR

Section 115BSection 133ASection 69Section 69ASection 69B

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ , च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH ‘B’ CHANDIGARH BEFORE: SHRI A.D.JAIN, VICE PRESIDENT AND SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No. 255/CHD/2023 "नधा"रण वष" / Assessment Year : 2019-20 M/s Veer Enterprises, The DCIT, बनाम Bahadur Ke Road, Central Circle-III, VS Ludhiana East, Ludhiana. Central Post Office, Ludhiana. "थायी लेखा सं./PAN /TAN No: AAEFV6535D अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri Tejmohan Singh, Advocate राज"व क" ओर से/ Revenue by : Shri Dharamvir, JCIT, Sr.DR तार"ख/Date of H…

Sh. Krishan Kumar, Khanna vs. DCIT, CC-1, Ludhiana

In the result, the appeal of the Assessee is allowed

ITA 175/CHANDI/2023[2019-20]Status: DisposedITAT Chandigarh04 Jan 2024AY 2019-20

Bench: Shri A.D. Jain & Shri Vikram Singh Yadav

For Appellant: Shri Sudhir Sehgal, AdvFor Respondent: Shri Anil Sharma, JCIT, Sr.DR

Section 115BSection 133ASection 139Section 143(1)Section 143(2)Section 68Section 69Section 69ASection 69BSection 69C

…of M/s Kim Pharma Pvt. Ltd. Vs CIT. However, the said case is clearly distinguishable on facts in the present case. It was submitted that the said decision has been considered in various Co-ordinate Chandigarh Bench decisions such as Famina Knit Fabs Vs ACIT 176 ITD 246, Gaurish Steels Pvt. Ltd. Vs ACIT 43 ITR (Trib) 414 and Marshal Machines Pvt. Ltd. (ITA No. 57/CHD/2017). It was submitted that in the said decisions, the Co-ordinate Chandigarh Benches have adequately discussed the judgement of the Hon'ble Punjab & Haryana High Court in case of M/s Kim Pharma Pvt. Ltd. as well as Gujarat High Court in case of…

The ACIT Central-Ujjain, Ujjain vs. M/S Italian Edibles P Ltd, Indore

In the result, appeal of the revenue is dismissed

ITA 219/IND/2022[2019-20]Status: DisposedITAT Indore19 Dec 2023AY 2019-20

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaniacit (Central) M/S. Italian Edibles Pvt. Ujjain Ltd. Vs. Udhyog Nagar, Palda Indore (Appellant / Revenue) (Assessee /Respondent) Pan: Aacci 2746N Revenue By Ms. Simran Bhullar, Cit-Dr Respondent By Shri Pankaj Shah & Soumya Bumb Ars Date Of Hearing 12.10.2023 Date Of Pronouncement 19.12.2023

Section 115BSection 133ASection 69Section 69B

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI B.M. BIYANI, ACCOUNTANT MEMBER ACIT (Central) M/s. Italian Edibles Pvt. Ujjain Ltd. Vs. Udhyog Nagar, Palda Indore (Appellant / Revenue) (Assessee /Respondent) PAN: AACCI 2746N Revenue by Ms. Simran Bhullar, CIT-DR Respondent by Shri Pankaj Shah & Soumya Bumb ARs Date of Hearing 12.10.2023 Date of Pronouncement 19.12.2023 O R D E R Per Vijay Pal Rao, JM: This appeal by the Revenue is directed against the order dated 02.06.2022 of Commissioner of Income Tax(Appe…

DCIT, Central-2, Indore vs. Shri Krihna Kumar Verma, Indore

In the result, appeal of the revenue is dismissed

ITA 185/IND/2020[2017-18]Status: DisposedITAT Indore10 Feb 2023AY 2017-18

Bench: SHRI CHANDRA MOHAN GARG (Judicial Member), SHRI BHAGIRATH MAL BIYANI (Accountant Member)

Section 115BSection 139Section 153ASection 69ASection 69B

…IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH ‘DB’: INDORE BEFORE, SHRI CHANDRA MOHAN GARG, JUDICIAL MEMBER AND SHRI BHAGIRATH MAL BIYANI, ACCOUNTANT MEMBER DCIT(Central)-2 Shri Krishna Kumar Verma Indore 23, Gajanand Complex Vs. Bada Sarafa Indore (M.P.) 452 001 PAN-ABBPV 3565D (Appellant) (Respondent) Appellant by Shri Ashish Porwal, Sr. DR Respondent by Shri Anil Kamal Garg and Shri Arpit Gaur, ARs Date of hearing 16.11.2022 Date of pronouncement 10.02.2023 ORDER PER CHANDRA MOHAN GARG,JM: This appeal has been filed by the Revenue against the order of Learned Commissioner of Income Tax (Appeals)-3, Bhopa…

M/S Sham Jewellers, Chandigarh vs. The Dy. Commissioner of Income Tax, Central Circle -1, Chandigarh

In the result, ITA No. 315/Chd/2022 also stands

ITA 375/CHANDI/2022[2017-18]Status: DisposedITAT Chandigarh22 Aug 2022AY 2017-18

Bench: Shri N.K. Saini & Shri Sudhanshu Srivastava

For Appellant: Sh. Tej Mohan Singh, AdvFor Respondent: Sh. Sarabjeet Singh, CIT DR

Section 132Section 132(1)

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ, च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, “B”, CHANDIGARH BEFORE SHRI N.K. SAINI, VICE PRESIDENT & SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER आयकर अपील सं./ ITA No. 375/CHD/2022 "नधा"रण वष" / Assessment Year : 2017-18 M/s Sham Jewellers, बनाम The Dy. Commissioner SCO: 168-169, Sector 34A, of Income Tax, Central Chandigarh Circle-1, Chandigarh "थायी लेखा सं./PAN NO: AANFS 4372 C अपीलाथ"/Appellant ""यथ"/Respondent आयकर अपील सं./ ITA No. 315/CHD/2022 "नधा"रण वष" / Assessment Year : 2017-18 M/s Sham Fashion Mall, बनाम The Dy. Commissioner SCO: 168-169, Sec…

M/S Sham Fashion Mall, Chandigarh vs. The Dy.C.I.T., Central Circle -1, Chandigarh

In the result, ITA No. 315/Chd/2022 also stands

ITA 315/CHANDI/2022[2017-18]Status: DisposedITAT Chandigarh22 Aug 2022AY 2017-18

Bench: Shri N.K. Saini & Shri Sudhanshu Srivastava

For Appellant: Sh. Tej Mohan Singh, AdvFor Respondent: Sh. Sarabjeet Singh, CIT DR

Section 132Section 132(1)

Innovative Construction P. Ltd, Mumbai vs. ACIT 12 (2)(2), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 1084/MUM/2019[2013-14]Status: DisposedITAT Mumbai11 Dec 2020AY 2013-14

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Blem/S. Innovative Construction Pvt. Ltd., V. Acit – 12(2)(2) 1St Floor, Samir Complex Room No. 145, 1St Floor St. Andrews Road, Bandra (W) Aayakar Bhavan, M.K. Road Mumbai – 400050 Mumbai – 400 020 Pan: Aaaci1573M (Appellant) (Respondent) Assessee By : Shri Yogesh A. Thar Department By : Ms. Shreekala Pardeshi

For Appellant: Shri Yogesh A. TharFor Respondent: Ms. Shreekala Pardeshi

Section 115BSection 69A

…decisions: - (i) PCIT v. Aacharan Enterprises (P.) Ltd. (273 Taxman 85)(Raj HC)(2020) (ii) Vijaya Hospitality & Resorts Ltd. v. CIT (419 ITR 322)(Ker HC)(2019) (iii) ACIT v. Sanjay Bairathi Gems Ltd. (166 ITD 445)(TJaipur)(2017) (iv) Famina Knit Fabs v. ACIT (176 ITD 246)(TChd)(2019) 5. On the other hand, Ld. DR submitted that the issue may be decided in view of Para No. 4 of the CBDT Circular No. 11 of 2019 dated 19.06.2019. 4 M/s. Innovative Construction Pvt. Ltd., 6. We have heard the rival submissions, perused the orders of the authorities below. Circular No. 11/2019 [F.NO.225/45/2019-ITA.II], DATED 19-6-201…