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

section 10(38) merely by relying on statements of accommodation entry providers which were recorded much before date of survey.” 27 I.T.A. Nos. 346 & 347/Asr/2024 Assessment Years: 2014-15 & 2015-16 26. Relying on the above decisions of various courts the tribunal decided the issue in favour of the assessee in the case of Rama Mittal in ITA 26/ASR/2024

MR RUDER MANI WALIA,JALANDHAR vs. INCOME TAX OFFICER WARD-2 (3), JALANDHAR

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

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjeei.T.A. No.257/Asr/2022 Assessment Year: 2017-18

gains is that of the LIC maturity proceeds only. 6.2) Tax treatment of “any sum received under a Life Insurance Policy”: It is important to note that section 10(10D) and section 194DA deals with “any sum received under a Life Insurance Policy” and “Payment in respect of Life Insurance Policy” respectively. Incomes not included in total income. 10

SHRI RANJEET SINGH,BATHINDA vs. INCOME TAX OFFICER WARD-1 (1), BATHINDA

In the result, both the appeals of the assessee are allowed

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

29,77,350/- including long term capital gains of Rs. 26,62,987/-. Thereafter, the assessee revised the ITR on 27.05.2017 showing total income at Rs.3,39,360/- under the head income from other sources. 1.2 The assessee claimed the above stated amount of Rs.27,96,629/- i.e., Compensation of Rs. 21,51,253/- and Solatium @ 30% of Rs.6

SMT. INDERMEET BAINS W/O SH. D.S. BAINS,BATHINDA vs. PR. COMMISSIONER OF INCOME TAX , BATHINDA

The appeal of the assessee is disposed of in the term indicated as above

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

10,000/- for the financial year 2008-09 and out of which land measuring 29 Kanal 6 Marlas was sold for Rs. 5,12,75,000/- to Sh. Kamal Singh, Sh. Ranjeet Singh and Sh. Rabir Singh, H.No.407, Guru Teg Bahadur Nagar, Jalalabad. Thus, the capital gain on the sale of this land comes

POONAM MARWAHA,AMRITSAR vs. ACIT DCIT CEN CIR, AMRITSAR

Bench: Sh. Vikram Singh Yadav & Sh. Udayan Dasgupta

capital gain (LTCG) to claim exemption under section 10 (38) was based on a proposal given by Assessing Officer, exercise of jurisdiction under section 263 was not justified - Held, yes [Paras 8 and 9] [In favour of assessee] 27. The Ld AR further argued on applicability of clause(a) of explanation 2 to section 263 and relied upon the Judgment

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

gains of business” as against “income from house property” and consequential claim of depredation under section 32 of the Act, being supported by various decisions of the High Courts could not have been termed as erroneous. 9. Without prejudice to the above, the PCIT failed to appreciate that business expenditure as claimed by the Appellant for the purposes of carrying

M/S STEP BY STEP JUNIOR SCHOOL SOCIETY,AMRITSAR. vs. COMMISSIONER OF INCOME TAX (EXEMPTION), CHANDIGARH

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

gains of business, unless the business is incidental to the attainment of its objectives and separate books of account are maintained by it in respect of such business: Provided also that any 80[notification issued by the Central Government under sub-clause (iv) or sub-clause (v), before the date on which the Taxation Laws (Amendment) Bill, 2006 receives

SMT. AMITA NARANG,DELHI vs. THE DY COMMISSIONER OF INCOME TAX, JAMMU

In the result, the assessee’s appeal is dismissed

Bench: Sh. Sanjay Arorai.T.A. No. 385/Asr/2016 Assessment Year: 2007-08

section,—' 4.2 It is clear, therefore, that the cost incurred by the assessee, deduction for which in computing capital gains, short-term or long-term, could be allowed, other than where incurred in connection with the transfer, is that incurred on the acquisition or improvement of the capital asset transferred, i.e., capital costs. Whether a particular cost qualifies

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

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

gains derived from eligible industrial undertaking from any business. Whereas, under section 10B the deduction has been provided on profits of the business of the undertaking by a hundred percent export- oriented undertaking. Thus, the Judgement of Hon’ble Supreme Court in the cases of Liberty India (supra) and Saraf Exports (supra) relied by the Ld. DR are distinguishable

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

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

gains derived from eligible industrial undertaking from any business. Whereas, under section 10B the deduction has been provided on profits of the business of the undertaking by a hundred percent export- oriented undertaking. Thus, the Judgement of Hon’ble Supreme Court in the cases of Liberty India (supra) and Saraf Exports (supra) relied by the Ld. DR are distinguishable

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

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

gains derived from eligible industrial undertaking from any business. Whereas, under section 10B the deduction has been provided on profits of the business of the undertaking by a hundred percent export- oriented undertaking. Thus, the Judgement of Hon’ble Supreme Court in the cases of Liberty India (supra) and Saraf Exports (supra) relied by the Ld. DR are distinguishable

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAYS OVERSEAS LTD, JALANDHAR

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

gains derived from eligible industrial undertaking from any business. Whereas, under section 10B the deduction has been provided on profits of the business of the undertaking by a hundred percent export- oriented undertaking. Thus, the Judgement of Hon’ble Supreme Court in the cases of Liberty India (supra) and Saraf Exports (supra) relied by the Ld. DR are distinguishable

THE ASSISTANT COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAYS OVERSEAS LTD, JALANDHAR

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

gains derived from eligible industrial undertaking from any business. Whereas, under section 10B the deduction has been provided on profits of the business of the undertaking by a hundred percent export- oriented undertaking. Thus, the Judgement of Hon’ble Supreme Court in the cases of Liberty India (supra) and Saraf Exports (supra) relied by the Ld. DR are distinguishable

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

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

gains derived from eligible industrial undertaking from any business. Whereas, under section 10B the deduction has been provided on profits of the business of the undertaking by a hundred percent export- oriented undertaking. Thus, the Judgement of Hon’ble Supreme Court in the cases of Liberty India (supra) and Saraf Exports (supra) relied by the Ld. DR are distinguishable

BRODAWAYS OVERSEAS LIMITED,JALANDHAR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, JALANDHAR

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

gains derived from eligible industrial undertaking from any business. Whereas, under section 10B the deduction has been provided on profits of the business of the undertaking by a hundred percent export- oriented undertaking. Thus, the Judgement of Hon’ble Supreme Court in the cases of Liberty India (supra) and Saraf Exports (supra) relied by the Ld. DR are distinguishable

SHRIMATI HARMOHINDER KAUR,JALANDHAR vs. DEPUTY COMMISSIONER OF INCOME TAX, OFFICER CENTRAL CIRCLE-II, JALANDHAR

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

Bench: Sh. N.K.Choudhry & Dr. A.L.Sainiassessment Year: 2009-10

capital gain' taxable in the hands of the assessee at Rs.31,42,225/-. Therefore, under the facts and circumstances of the case, the addition of Rs. 28,50,001/- made by the AO is found sustainable and hence confirmed. Accordingly, these grounds of appeal are dismissed. 3. The assessee being aggrieved preferred the instant appeal. 4. Having heard the parties

SMT. GURJEET KAUR,JALANDHAR vs. INCOME TAX OFFICER, WARD- IV (2),, JALANDHAR

The appeal of the assessee is allowed in terms of our

Bench: Sh. Ravish Sood & Dr. M. L. Meena

section (4A) of Sec. 132 of the Act. As is discernible from the records, we find that the A.O in his ‘remand report’ that was filed in the course of the proceedings before the CIT(A), had fairly admitted that he had only received a copy of the “agreement to sell”, dated 25.02.2008 from the Dy. DIT (Inv.), Ludhiana

SMT. GURJEET KAUR,JALANDHAR vs. INCOME TAX OFFICER, WARD- IV (2),, JALANDHAR

The appeal of the assessee is allowed in terms of our

Bench: Sh. Ravish Sood & Dr. M. L. Meena

section (4A) of Sec. 132 of the Act. As is discernible from the records, we find that the A.O in his ‘remand report’ that was filed in the course of the proceedings before the CIT(A), had fairly admitted that he had only received a copy of the “agreement to sell”, dated 25.02.2008 from the Dy. DIT (Inv.), Ludhiana

M/S G G OILS & FATS PVT.LTD ,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX, BATHINDA

In the result, the assessee’s appeal is dismissed

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi. T. A. No. 508/Asr/2017 Assessment Year: 2014-15

gains’; to section 23A(1), providing an artificial dividend payout at a minimum of 60%, lest the shortfall therein be liable to super-tax, i.e., restraining the company from accumulating its’ profit beyond 40% to build up reserves or to provide for 25 G. G. Oils & Fats Pvt. Ltd. v. Dy. CIT capital expenditure