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

capital gains under Section 10(38) of the Income-tax Act, 1961 as under- “Section 10(38) of the Income

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

In the result, the appeal filed by assessee is allowed

10(38), read with section 263, of the Income-tax Act, 1961 - Capital gains - Income\narising from transfer of long

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

38) Long Term Capital Gain (in short ‘LTCG’) amount to Rs.1,18,79,150/-. The search was conducted in the firm M/s R. D. Enterprise and M/s Agrotech Pvt. Ltd, Company, where the assessee isa partner. The notice u/s 153A was issued and assessment was completed u/s 153A r.w.s. 143(3) of the Act. As per the revenue, the assessee

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

38) Long Term Capital Gain (in short ‘LTCG’) amount to Rs.1,18,79,150/-. The search was conducted in the firm M/s R. D. Enterprise and M/s Agrotech Pvt. Ltd, Company, where the assessee isa partner. The notice u/s 153A was issued and assessment was completed u/s 153A r.w.s. 143(3) of the Act. As per the revenue, 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

38) Long Term Capital Gain (in short ‘LTCG’) amount to Rs.1,18,79,150/-. The search was conducted in the firm M/s R. D. Enterprise and M/s Agrotech Pvt. Ltd, Company, where the assessee isa partner. The notice u/s 153A was issued and assessment was completed u/s 153A r.w.s. 143(3) of the Act. As per the revenue, 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

38) Long Term Capital Gain (in short ‘LTCG’) amount to Rs.1,18,79,150/-. The search was conducted in the firm M/s R. D. Enterprise and M/s Agrotech Pvt. Ltd, Company, where the assessee isa partner. The notice u/s 153A was issued and assessment was completed u/s 153A r.w.s. 143(3) of the Act. As per the revenue, the assessee

INCOME TAX OFFICER, WARD-1, FARIDKOT, BSNL BUILDING vs. M/S VOHRA SOLVEX PVT. LTD, SADIQ ROAD

In the result, C.O. filed by the assessee is allowed

Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay

section 10(38) on long-term capital gain on sale of shares an basis of statement of entry operators recorded

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 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

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

ATC LOGISTICAL SOLUTIONS PRIVATE LIMITED ,DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, AMRITSAR

In the result, appeal of the assessee ITA No

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

capital expenditure33 or personal expenses of the assessee), laid out or expended wholly and exclusively33 for the purposes of the business33 or profession shall be allowed in computing the income chargeable under the head "Profits and gains of business or profession". 34[35[Explanation 1.]—For the removal of doubts, it is hereby declared that any expenditure incurred

INCOME TAX OFFICER WARD -2 (1), AMRITSAR vs. MS. SAVITA BANSAL, THROUGH LEGAL HEIR SH. PARVEEN KUMAR BANSAL, AMRITSAR

In the result, the revenue’s appeal stands dismissed

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Udayan Das Gupta, Jm 1. आयकर अपील सं. / Ita No. 240/Asr/2023 (िनधा"रण वष" / Assessment Year: 2016-17) Income Tax Officer Smt. Savita Bansal Ward-2(1) बनाम/ (Through L/H Shri Parveen Kumar Bansal) Amritsar 143001 H.No. 272, Green Avenue Vs. Amritsar-143001. "थायीलेखासं./Pan. Abmpb-3594-K (Assessee) / Acnpk-4131-D (Lh) (अपीलाथ"/Appellant) : (""थ" / Respondent) & 2. Cross Objection No. 1/Amritsar/2024 (In Ita No. 240/Asr/2023) (िनधा"रण वष" / Assessment Year: 2016-17) Smt. Savita Bansal Income Tax Officer बनाम/ (Through L/H Shri Parveen Kumar Bansal) Ward-2(1) H.No. 272, Green Avenue Amritsar 143001 Vs. Amritsar-143001. "थायीलेखासं./Pan. Abmpb-3594-K (Assessee) / Acnpk-4131-D (Lh) (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/Appellant By : Dr Rakesh Gupta (Advocate) –Ld. Ar ""थ"कीओरसे/Respondent By : Shri B. Srinivas Kumar (Cit) – Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 10-07-2025 घोषणाकीतारीख /Date Of Pronouncement : 21-08-2025 आदेश / O R D E R Manoj Kumar Aggarwal () Aforesaid Appeal By Revenue For Assessment Year (Ay) 2016- 1. 17 Arises Out Of An Order Of Ld. Commissioner Of Income Tax

capital gains. Accordingly, a show-cause notice was issued. The Ld. AO observed that there was abnormal increase in the price of the scrips which could be possible only if the prices were rigged. In the absence of any rebuttal as forthcoming from the assessee, the LTCG so earned for Rs.482.86 Lacs & claimed exempt u/s 10(38) was considered

SHRI ARNESH KUMAR SHAKAR EX. MLA,HOSHIARPUR vs. INCOME TAX OFFICER WARD, DASUYA

In the result, appeal of the assessee ITA No

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

capital gain would be taxable in the financial year 2009-10 relevant to assessment year 2010-11 i.e. the previous year in which the period of three years from the date of transfer of original assets expired. 4. So with a view to comply with the above said directions of the Commissioner of Income Tax (Appeals), Jalandhar approval may kindly

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

38,701/- u/s 14A is ii and deserves to be deleted on the merits of the case.” (Emphasis supplied) 11. We heard the rival submission and consider the relevant documents in the record. The ld. AR placed the order of ITAT Mumbai Bench in the case of Rainy Investments P. Ltd. vs. ACIT, 9 (3) Mumbai (2013) 30 taxmann.com