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

M/S CITI PLAZA,JALANDHAR vs. INCOME TAX OFFICER , WARD 3(1), JALANDHAR

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

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

capital gain, if any was assessable in AY 2006-07, which claim had been accepted by his predecessor to delete the addition made in AY 2005-06, now the contentions raised by assessee were totally misleading and contrary to facts. 4. The assessee had relied upon a plethora of under noted cases, wherein the findings/directions were elaborately explained

THE INCOME TAX OFFICER, JALANDHAR vs. SH. SARWAN SINGH PHILLAUR, JALANDHAR

In the result, the appeal of the Revenue is dismissed and appeal filed by the assessee stands allowed

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryi. T. A. No. 562/(Asr)/2015 Assessment Year: 2007-08

Capital Gains of Rs. 33 lacs is upheld. 8. Being aggrieved by the said order of the CIT(A), both the assessee and Revenue is in appeal before us. 9. Before us, Ld. AR of the assessee filed copy of the notice dated issued u/s 274 of the Act. We find that the notice dated 22.12.2010, issued u/s 274 read

SH. SARWAN SINGH PHILLAUR,JALANDHAR vs. THE INCOME TAX OFFICER, JALANDHAR

In the result, the appeal of the Revenue is dismissed and appeal filed by the assessee stands allowed

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryi. T. A. No. 562/(Asr)/2015 Assessment Year: 2007-08

Capital Gains of Rs. 33 lacs is upheld. 8. Being aggrieved by the said order of the CIT(A), both the assessee and Revenue is in appeal before us. 9. Before us, Ld. AR of the assessee filed copy of the notice dated issued u/s 274 of the Act. We find that the notice dated 22.12.2010, issued u/s 274 read

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

13. In the case of Principal Commissioner of Income-tax vs. Mamta Rajiv Kumar Agarwal [2023] 155 taxmann.com 549 (Gujarat), the Hon’ble HIGH COURT OF GUJARAT has observed on exemption of capital gains under Section 10(38) of the Income-tax Act, 1961 as under- “Section 10(38) of the Income-tax Act, 1961 - Capital gains - Income arising from

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

13. In the case of Principal Commissioner of Income-tax vs. Mamta Rajiv Kumar Agarwal [2023] 155 taxmann.com 549 (Gujarat), the Hon’ble HIGH COURT OF GUJARAT has observed on exemption of capital gains under Section 10(38) of the Income-tax Act, 1961 as under- “Section 10(38) of the Income-tax Act, 1961 - Capital gains - Income arising from

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

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

13 I.T.A. Nos. 477 & CO 32/Asr/2015 & Ors Asstt. CIT v. Broadways Overseas Ltd. & Ors .direct nexus between the receipt & the process of manufacture i.e. the receipt should not be incidental to the manufacturing process but should be a direct outcome of the manufacturing process. On the other hand, the Ld. AR of the assessee company has submitted that the deduction

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

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

13 I.T.A. Nos. 477 & CO 32/Asr/2015 & Ors Asstt. CIT v. Broadways Overseas Ltd. & Ors .direct nexus between the receipt & the process of manufacture i.e. the receipt should not be incidental to the manufacturing process but should be a direct outcome of the manufacturing process. On the other hand, the Ld. AR of the assessee company has submitted that the deduction

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

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

13 I.T.A. Nos. 477 & CO 32/Asr/2015 & Ors Asstt. CIT v. Broadways Overseas Ltd. & Ors .direct nexus between the receipt & the process of manufacture i.e. the receipt should not be incidental to the manufacturing process but should be a direct outcome of the manufacturing process. On the other hand, the Ld. AR of the assessee company has submitted that the deduction

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

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

13 I.T.A. Nos. 477 & CO 32/Asr/2015 & Ors Asstt. CIT v. Broadways Overseas Ltd. & Ors .direct nexus between the receipt & the process of manufacture i.e. the receipt should not be incidental to the manufacturing process but should be a direct outcome of the manufacturing process. On the other hand, the Ld. AR of the assessee company has submitted that the deduction

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

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

13 I.T.A. Nos. 477 & CO 32/Asr/2015 & Ors Asstt. CIT v. Broadways Overseas Ltd. & Ors .direct nexus between the receipt & the process of manufacture i.e. the receipt should not be incidental to the manufacturing process but should be a direct outcome of the manufacturing process. On the other hand, the Ld. AR of the assessee company has submitted that the deduction

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

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

13 I.T.A. Nos. 477 & CO 32/Asr/2015 & Ors Asstt. CIT v. Broadways Overseas Ltd. & Ors .direct nexus between the receipt & the process of manufacture i.e. the receipt should not be incidental to the manufacturing process but should be a direct outcome of the manufacturing process. On the other hand, the Ld. AR of the assessee company has submitted that the deduction

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

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

13 I.T.A. Nos. 477 & CO 32/Asr/2015 & Ors Asstt. CIT v. Broadways Overseas Ltd. & Ors .direct nexus between the receipt & the process of manufacture i.e. the receipt should not be incidental to the manufacturing process but should be a direct outcome of the manufacturing process. On the other hand, the Ld. AR of the assessee company has submitted that the deduction

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

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.6,45,376/- in the revised return

SHRI OM PARKASH LEGAL HEIAR SMT PUSHPA VERMA,JALANDHAR vs. INCOME TAX OFFICER WARD-1(3), JALANDHAR

In the result, the assessee’s appeal is dismissed

Bench: Sh. Sanjay Arorai.T.A. No. 756/Asr/2017 Assessment Year: 2014-15

gains of the business or profession, and accordingly chargeable to income-tax as the income of that previous year. Explanation 1.—For the purposes of this sub-section, the expression “loss or expenditure or some benefit in respect of any such trading liability by way of remission or cessation thereof” shall include the remission or cessation of any liability

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

1. That the learned Principal Commissioner of Income Tax (PCIT), Bathinda has erred in assuming jurisdiction under section 263 of the Income Tax Act (the act) and thereby setting aside the order of Assessing Officer (AO) made under section 143(3) read with section 263 of the Act with direction to frame the assessment de novo. 2. That the learned

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

SHRI NAROTAM SINGH,MANSA vs. INCOME TAX OFFICER WARD -1(4), MANSA

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

1. The assessee contributed ancestral agriculture land along-with his brother as their share in the capital in the books of M/s G.S. Chahal & Associates at the time of constituting the partnership firm. 2. The A.O. invoked the provisions of section 45(3) of the IT Act, 1961 and assessed the long term capital gain amounting