PCIT v. Akshit Kumar

DEEPIKA GARG, E-392, PHASE-VI, FOCAL POINT, LUDHIANA,LUDHIANA vs. INCOME TAX OFFICER, WARD 1(1), LUDHIANA, JAO, THE INCOME TAX OFFICER, WARD 1(5), LUDHIANA, LUDHIANA

In the result, appeal of the Assessee is partly allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY, AM Deepika Garg E-392, Phase-VI Focal Point, Ludhiana स्थायी लेखा सं./PAN NO: ACAPG4693H अपीलार्थी/Appellant आयकर अपील सं. / ITA No. 96/Chd/2025 निर्धारण वर्ष / Assessment Years : 2017-18 बनाम The ITO Ward-1(5), Ludhiana प्रत्यर्थी / Respondent निर्धारिती की ओर से / Assessee by : Shri Sudhir Sehgal, Advocate राजस्व की ओर से / Revenue by : Shri Vivek Vardhan, Addl. CIT सुनवाई की तारीख/Date of Hearing : 29/07/2025 उदघोषणा की तारीख / D

…आयकर अपीलीय अिधकरण,च"ीगढ़ "ायपीठ “ए” , च"ीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH “A”, CHANDIGARH HEARING THROUGH: PHYSICAL MODE "ी राजपाल यादव, उपा"" एवं "ी कृणव" सहाय, लेखा सद" BEFORE: SHRI. RAJPAL YADAV, VP & SHRI. KRINWANT SAHAY, AM आयकर अपील सं./ ITA No. 96/Chd/ 2025 िनधा"रण वष" / Assessment Years : 2017-18 Deepika Garg बनाम The ITO E-392, Phase-VI Ward-1(5), Ludhiana Focal Point, Ludhiana "ायी लेखा सं./PAN NO: ACAPG4693H अपीलाथ"/Appellant ""थ"/Respondent िनधा"रती की ओर से/Assessee by : Shri Sudhir Sehgal, Advocate राज" की ओर से/ Revenue by : Shri Vivek Vardhan, Addl. CIT सुनवाई की तारीख/Dat…

DCIT,CIRCLE-I, LUDHIANA, LUDHIANA vs. ADINATH TEXTILES LIMITED, LUDHIANA

In the result both the appeal filed by the Revenue and Cross objection filed by the Assessee are dismissed

Bench: the appeal is finally heard or disposed off.

…e to some of the parties against the purchases as per books of accounts and, thus, the assessee had sufficient stocks available and no addition could be made under such facts and circumstances:- i) Pr. CIT Vs Akshit Kumar in ITA No. 348 of 2019 as reported in 197 DTR 121 ii) CIT Vs Agson Global Pvt Ltd in ITA no. 68-73/2021 dated 19.02.2022 iii) Aakriti Jain of ITAT Chandigarh Bench, where above cases have been followed as per copy at placed 158 to 167. iv) Judgment of Chandigarh Bench in the case of M/s Fashion Zone in ITA No. 331/Chd/2023.Copy placed at pages 151 to 157 of the Judgement Set. 18. Lastly, it was…

DCIT, CIRCLE-1(1), CHANDIGARH vs. M/S MOOL JI DIAMONDS, CHANDIGARH

In the result, appeal of the Revenue is dismissed

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

…आयकर अपीलीय अिधकरण,च"ीगढ़ "ायपीठ “बी” , च"ीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH “B”, CHANDIGARH HEARING THROUGH: PHYSICAL MODE "ी राजपाल यादव, उपा"" एवं "ी कृणव" सहाय, लेखा सद" BEFORE: SHRI. RAJPAL YADAV, VP & SHRI. KRINWANT SAHAY, AM आयकर अपील सं./ ITA No. 188 /Chd/ 2023 िनधा"रण वष" / Assessment Year : 2017-18 बनाम The DCIT M/s Mool Ji Diamonds Circle-1(1) SCO-826, NAC, Manimajra Chandigarh Chandigarh "ायी लेखा सं./PAN NO: AALFM9156A अपीलाथ"/Appellant ""थ"/Respondent िनधा"रती की ओर से/Assessee by : Shri Sudhir Sehgal, Advcoate राज" की ओर से/ Revenue by : Dr. Ranjit Kaur, Addl. CIT, Sr. DR…

MALKIAT AGRO INDUSTRIES 01, CANTT ROAD, NABHA 147201, PUNJAB,PUNJAB vs. LOVISH SHELLEY THE DCIT CIRCLE MANDIGOBIND GARH JAO INCOME TAX OFFICER NABHA, PUNJAB

In the result, assessee’s appeal is allowed

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

…balance closing stock as on 31.03.2012 have been accepted by the Assessing Officer and the balance stock Carried forward to next year, which stands accepted and, as such, in view of the binding judgment of Hon'ble Delhi High Court in the case of Akshit Kumar, 197 DTR 121, Agson Global (P) Ltd., 65 taxmann.com 51 (Delhi) and judgment of Jurisdictional Chandigarh Bench in the case of 'Charu Aggarwal', Fashion Zone, no such addition on account of cash deposits out of sale proceeds recorded in the books of accounts is called for. c). That the confirmation of addition by the CIT(A) is again illegal/arbitrary because t…

NATIONAL JEWELS NEAR NEW MARKET, JAGADHRI ROAD, YAMUNANAGAR,HARYANA vs. THE INCOME TAX OFFICER WARD 5 YAMNUNNAGAR , HARYANA

Bench: SHRI A. D. JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

…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 KRINWANT SAHAY, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No. 222/CHD/2024 "नधा"रण वष" / Assessment Year : 2017-18 National Jewels Near New The Income Tax Officer, बनाम Market, Jagadhri Road, Yamuna Ward 5, Yamuna Nagar, VS Nagar, Haryana Haryana "थायी लेखा सं./PAN /TAN No: AAEFN 1455E अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri Sudhir Sehgal, Adv. राज"व क" ओर से/ Revenue by : Smt. Kusum Bansal, CIT, DR तार"ख/Date of Hearing…

INCOME TAX OFFICER, WARD-1(3), LUDHIANA, LUDHIANA vs. SHREE BALAJI PROCESSORS, LUDHIANA

In the result, appeal of the Revenue is dismissed whereas, the 29

Bench: Shri A.D. Jain & Dr Krinwant Sahayआयकर अपील सं./ Ita No. 499/Chd/2023 "नधा"रण वष" / Assessment Year : 2017-18 The Ito, Vs. Shree Balaji Processors, बनाम Ward-1(3), Tajpur Road, Ludhiana Opp. Central Jail, Ludhiana 141010 "थायी लेखा सं./Pan No: Actfs8428B अपीलाथ"/ Appellant ""यथ"/ Repsondent & C.O. No. 09/Chd/2024 ( In आयकर अपील सं./ Ita No. 499/Chd/2023) "नधा"रण वष" / Assessment Year : 2017-18 Shree Balaji Processors, Vs. The Ito, बनाम Tajpur Road, Ward-1(3), Opp. Central Jail, Ludhiana Ludhiana 141010 "थायी लेखा सं./Pan No: Actfs8428B अपीलाथ"/ Appellant ""यथ"/ Repsondent ( Physical Hearing ) "नधा"रती क" ओर से/Assessee By : Shri Sudhir Sehgal, Advocate राज"व क" ओर से/ Revenue By : Smt. Kusum Bansal, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 26.06.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 20.08.2024

…de by the assessee deserves to be accepted. v) The Counsel has further submitted that the case of the assessee is squarely covered by the latest judgment of Hon'ble Delhi High Court in the case of Pr. CIT Vs Akshit Kumar in ITA No. 348 of 2019 as reported in 197 DTR 121, decided on 17th of November, 2020, in which, the. issue was with regard to cash deposits in the bank account of the assessee, which the lessee had stated out of the sale proceeds and the Assessing Officer had framed the assessment by making the addition on account of entries in the bank account and hac not accepted the sale 499-Chd-2023 & C.O.0…

FASHION ZONE,LUDHIANA vs. JCIT, WARD III(2), LUDHIANA

In the result, the appeal of the assessee is allowed

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

…aj Kumar Vs. ITO in ITA No. 195/Asr/2022 dt. 11/04/2023  Jet Freight Logistics Ltd. Vs. CIT(A) NFAC 146 taxmann.com 349 (Mum Trib)  Pr. CIT Vs. Agson Global P Ltd. 134 taxmann.com 256 (Del HC)  Pr. CIT Vs. Akshit Kumar in ITA No. 348 of 2019 as reported in 197 DTR 121  Balwinder Kumar Vs. ITO in 151 taxmann.com 338 (Asr Trib) dt. 31/01/2023  Mahesh Kumar Gupta Vs. ACIT in 151 taxmann.com 339 (Jaipur Trib)  ACIT Vs. Chandra Surana (2023) 104 ITR 503 (Jaipur Trib)  ACIT Vs. Mahendra Kumar Agarwal (2023) 104 ITR 455 (Jaipur Trib)  DCIT Vs. Roop Fashion 145 taxmann.com 216 (Chd Trib) 10.3 It was submitted th…

MANUJ JAIN HUF,LUDHIANA vs. PCIT -1, LUDHIANA

In the result, the appeal of the assessee is allowed

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

…आयकर अपीलीय अिधकरण,च"ीगढ़ "ायपीठ “बी” , च"ीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH “B”, CHANDIGARH HEARING THROUGH: PHYSICAL MODE "ी आकाश दीप जैन, उपा"" एवं "ी िव"म िसंह यादव, लेखा सद" BEFORE: SHRI. AAKASH DEEP JAIN, VP & SHRI. VIKRAM SINGH YADAV, AM आयकर अपील सं./ ITA NO. 392/Chd/2022 िनधा"रण वष" / Assessment Year : 2017-18 Manuj Jain HUF बनाम The Pr. CIT-1 N.K. Oswal Hosiery Dal Bazar Ludhiana Ludhiana-141008, Punjab "थायी लेखा सं./PAN NO: AALHM1481N अपीलाथ"/Appellant ""थ"/Respondent िनधा"रती की ओर से/Assessee by : Shri Sudhir Sehgal, Advocate राज" की ओर से/ Revenue by : Smt. Kusum, CIT DR सुन…

KALANEEDHI JEWELLERS LLP,PATIALA vs. DCIT-CC, PATIALA

In the result, appeals of both the assesses are allowed

…and without disturbing the closing stock as on 31/03/2017 which had been arrived at after reducing the sale in quantity of stock in trade. The reliance was placed on the decision of the Hon’ble Delhi High Court in the case of PCIT Vs. Akshit Kumar reported in 197 DTR 121. 6.5 It was stated that the assessment order would reveal that primarily all the transactions had been accepted except the minor discrepancy /defect of Rs. 1,01,869/- and Rs. 28,498/-. It was further submitted that during the year under consideration the assessee had gross turnover of Rs. 12.83 Crores and that the assessee’s business was a going…

SSMT. CHARU AGGARWAL,PATIALA vs. DCIT-CC, PATIALA

In the result, appeals of both the assesses are allowed

…and without disturbing the closing stock as on 31/03/2017 which had been arrived at after reducing the sale in quantity of stock in trade. The reliance was placed on the decision of the Hon’ble Delhi High Court in the case of PCIT Vs. Akshit Kumar reported in 197 DTR 121. 6.5 It was stated that the assessment order would reveal that primarily all the transactions had been accepted except the minor discrepancy /defect of Rs. 1,01,869/- and Rs. 28,498/-. It was further submitted that during the year under consideration the assessee had gross turnover of Rs. 12.83 Crores and that the assessee’s business was a going…