M/S SACHEDEVA & SONGS INDUSTRIES PVT. LTD,AMRITSAR. vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-5,, AMRITSAR.

In the result, the appeal filed by the Assessee stands allowed

Bench: Sh. B.R. Baskaran & Sh. N.K.Choudhryassessment Year:2013-14

capital gain and losses to be carried forward that at the time of preparation of final return, the provisional figures

ISHAR INFRASTRUCTURE DEVELPOPERS PRIVATE LIMITED,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Sh. Manoj Kumar Aggarwal & Sh. Udayan Dasgupta(Hybrid Hearing) I.T.A. No. 686/Asr/2024 Assessment Year: 2022-23

Capital IQ (India) (P.) Ltd. vs. ACIT, 158 taxmann.com 12 (Hyd. Trib). Nehru Memorial Education Society vs. ITO (Exemp.) 161 taxmann.com 312 (Cochin Trib.). 7. Regarding the claim of unabsorbed depreciation brought forward amounting to Rs.1,50,49,432/- the Ld AR submitted that the first appellate authority has denied the set off observing that no adjustment was made

GURU NANAK MILK PRODUCTS ,FEROZEPUR vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1, JALANDHAR

In the result, the appeal of the assessee bearing ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

forward losses of earlier years and also Hon’ble ITAT has allowed the appeal of assessee and no addition was sustained and all the claims were accepted. Sir, it is also submitted that Hon’ble CIT(A) in the Appellate order last page stated that assessee has not taken any such ground of set off of the losses, in this

SMT. SATYAWATI MARWAHA THROUGH LEGAL HEIR SH. CHANDER SHEIKHAR MARWAHA,JALANDHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX, JALANDHAR

In the result, the appeal for Asstt

Bench: Sh. Manoj Kumar Aggarwal & Sh. Udayan Dasgupta

loss of Rs. 30,618/- and carried transaction of Rs. 61,97,37,626/-, which also proves beyond any doubt that assessee had not traded only in one script as alleged by the Ld. Assessing Officer. During the period under consideration assessee invested /traded in multiple scripts, which was entirely ignored by the Ld. Assessing Officer. Sir, assesee invested

SMT. SATYAWATI MARWAHA THROUGH LEGAL HEIR SH, CHANDER SHEIKHAR MARWAHA,JALANDHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX, JALANDHAR

In the result, the appeal for Asstt

Bench: Sh. Manoj Kumar Aggarwal & Sh. Udayan Dasgupta

loss of Rs. 30,618/- and carried transaction of Rs. 61,97,37,626/-, which also proves beyond any doubt that assessee had not traded only in one script as alleged by the Ld. Assessing Officer. During the period under consideration assessee invested /traded in multiple scripts, which was entirely ignored by the Ld. Assessing Officer. Sir, assesee invested

M/S ACTIVE TOOLS (P). LIMITED,JALANDHAR vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE -II, JALANDHAR

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meena

capital gains, nor as it income from "other sources" because the provisions of sections 69,69A, 69B and 69 treat unexplained investments, unexplained money, bullion etc. and unexplained expenditure as deemed income where the nature and sources of investment, acquisition or expenditure, as the case may be, have not been explained or satisfactorily explained. Therefore, in these cases, the source

MAX FINANCIAL SERVICE LIMITED ,NAWANSHAHR vs. PRINCIPAL COMMISSIONER OF INCOME TAX -1, JALANDHAR

In the result, the appeal of the assessee is therefore partly allowed

carried out by the assessee and could not be categorized as the business income of the assessee. Therefore, the Ld. Pr.CIT held that the justification of the claim of the expenses stood negated and the non- examination of the claim of expenses by the AO had rendered the assessment order erroneous so as to cause prejudice to the Revenue

SH. SANTOKH SINGH BRAR,MOGA vs. ITO, WARD - 2,, MOGA

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meena

gain instead of long term capital loss shown by the assessee and accepted by the AO. The AO has not enquired even from the assessee, the reasons for selling the property at a rate which would yield long term capital loss as a prudent person would not sell property, the property which would yield. But, even

SH. GURBACHAN SINGH BRAR,MOGA vs. ITO, WARD - 1,, MOGA

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meena

gain instead of long term capital loss shown by the assessee and accepted by the AO. The AO has not enquired even from the assessee, the reasons for selling the property at a rate which would yield long term capital loss as a prudent person would not sell property, the property which would yield. But, even

M/S SHANKAR RICE & GENERAL MILLS ,MOGA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE, MOGA

In the result, the appeal of the assessee is dismissed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

carry forward of losses. Chapter has been placed after Chapter IV and V, It comes into play only after the computation of total income under the various heads of income in terms of in terms of Chapter IV has been done. Income falling under Chapter VI is taxed by aggregating the same with the income quantified in terms of Chapter

M/S RAMAN KUMAR AGGARWAL,GURDASPUR vs. DY. COMMISSIONER .OF. INCOME. TAX , AMRITSAR

In the result, the appeal of assessee in ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

carried out. B) PAYMENT FOR PURCHASE MADE IN CASH: The purchase payments were made in cash and not through the normal banking channel therefore the same were non-verifiable from the authentic supporting details such as bank accounts/documents. On one side, assessee is claiming that money is received through banking channel and so transaction is genuine, but what the assessee

SH. RAMAN KUMAR AGGARWAL,GURDAS PUR vs. DY. COMMISSIONER OF INCOME TAX , AMRITSAR

In the result, the appeal of assessee in ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

carried out. B) PAYMENT FOR PURCHASE MADE IN CASH: The purchase payments were made in cash and not through the normal banking channel therefore the same were non-verifiable from the authentic supporting details such as bank accounts/documents. On one side, assessee is claiming that money is received through banking channel and so transaction is genuine, but what the assessee

SMT. DEEPTI AGGARWAL,GURDAS PUR vs. DY COMMISSIONER OF INCOME TAX, AMRITSAR

In the result, the appeal of assessee in ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

carried out. B) PAYMENT FOR PURCHASE MADE IN CASH: The purchase payments were made in cash and not through the normal banking channel therefore the same were non-verifiable from the authentic supporting details such as bank accounts/documents. On one side, assessee is claiming that money is received through banking channel and so transaction is genuine, but what the assessee

SH.GAURAV AGGARWAL,GURDAS PUR vs. DY.COMMISSIONER OF INCOME TAX, AMRITSAR

In the result, the appeal of assessee in ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

carried out. B) PAYMENT FOR PURCHASE MADE IN CASH: The purchase payments were made in cash and not through the normal banking channel therefore the same were non-verifiable from the authentic supporting details such as bank accounts/documents. On one side, assessee is claiming that money is received through banking channel and so transaction is genuine, but what the assessee

SH. PARMINDER SINGH,KAPURTHALA vs. A.C.I.T, CENTRAL CIRCLE- I, JALANDHAR

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

Bench: Sh. Sanjay Arora & Sh. N.K.Choudhryita No.329(Asr)/2017 Assessment Year:2009-10

Loss Account, details of properties held as closing stock and relevant books of account. However, no such record was made available by the assessee. As the main source of income of assessee was from the sale and purchase of properties, therefore, it was held by Assessing Officer that the assessee is not entitled for indexation benefit in respect of business

M/S. JAMMU DEVELOPMENT AUTHORITY,,JAMMU ( J&K) vs. THE DEPUTY COMMISSIONER OF INCOME TAX, JAMMU

In the result, the appeal of the assessee is partly allowed for statistical purposes and the appeal of the department is dismissed

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryita No. 498/Asr./2013 : Asstt. Year : 2005-06 Jammu Development Authority, Vs Dy. Commissioner Of Income Vikas Bhawan, Rail Head Tax, Circle-I, Complex, Jammu, J & K Jammu (Appellant) (Respondent) Pan No. Aadfj7335A Ita No. 494/Asr./2013 : Asstt. Year : 2005-06 Dy. Commissioner Of Income Vs Jammu Development Authority, Tax, Circle-I, Vikas Bhawan, Rail Head Jammu Complex, Jammu, J & K (Appellant) (Respondent) Pan No. Aabcp1720E Assessee By : Shri. R. K. Gupta, Ca & Shri. Vasu Gupta, Ca Revenue By : Shri. M. P. Singh, Cit Dr Date Of Hearing :21.02.2019 Date Of Pronouncement : 22.03.2019 Order Per N. S. Saini: These Are The Cross Appeals Filed By The Assessee & Revenue Against The Order Of Commissioner Of Income Tax (Appeals) Dated 06.05.2013, Jammu.

forward in the Balance Sheet as 'liability' and 'asset', respectively since the major portion of the receipt on account of premia and expenditure schemes pertained to Nazul and hence, were neither income nor expenditure of the appellant. In the assessment, however, while the AO included all the premia receipts as income of the appellant, he did not consider any deduction

THE DEPUTY COMMISSIONER OF INCOME TAX, JAMMU vs. M/S. JAMMU DEVELPMENT AUTHORITY,, JAMMU

In the result, the appeal of the assessee is partly allowed for statistical purposes and the appeal of the department is dismissed

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryita No. 498/Asr./2013 : Asstt. Year : 2005-06 Jammu Development Authority, Vs Dy. Commissioner Of Income Vikas Bhawan, Rail Head Tax, Circle-I, Complex, Jammu, J & K Jammu (Appellant) (Respondent) Pan No. Aadfj7335A Ita No. 494/Asr./2013 : Asstt. Year : 2005-06 Dy. Commissioner Of Income Vs Jammu Development Authority, Tax, Circle-I, Vikas Bhawan, Rail Head Jammu Complex, Jammu, J & K (Appellant) (Respondent) Pan No. Aabcp1720E Assessee By : Shri. R. K. Gupta, Ca & Shri. Vasu Gupta, Ca Revenue By : Shri. M. P. Singh, Cit Dr Date Of Hearing :21.02.2019 Date Of Pronouncement : 22.03.2019 Order Per N. S. Saini: These Are The Cross Appeals Filed By The Assessee & Revenue Against The Order Of Commissioner Of Income Tax (Appeals) Dated 06.05.2013, Jammu.

forward in the Balance Sheet as 'liability' and 'asset', respectively since the major portion of the receipt on account of premia and expenditure schemes pertained to Nazul and hence, were neither income nor expenditure of the appellant. In the assessment, however, while the AO included all the premia receipts as income of the appellant, he did not consider any deduction

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3, SRINAGAR vs. M/S TRUMBO CEMENT INDUSTRIES PRIVATE LIMITED, SRINAGAR

In the result, the Ground no-1 of the Revenue for ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

carry out his own investigations by exercising powers conferred u/s 131 or u/s 133(6) of the I.T. Act, 1961. In this case, the Assessing Officer has not made any such efforts and failed to take any remedial action in the hands of the Directors, if he was of the opinion that they should have shown iand transactions and Capita

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3, SRINAGAR vs. M/S TRUMBO CEMENT INDUSTRIES PRIVATE LIMITED , SRINAGAR

In the result, the Ground no-1 of the Revenue for ITA No

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

carry out his own investigations by exercising powers conferred u/s 131 or u/s 133(6) of the I.T. Act, 1961. In this case, the Assessing Officer has not made any such efforts and failed to take any remedial action in the hands of the Directors, if he was of the opinion that they should have shown iand transactions and Capita