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 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

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

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

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 SALIL BHATIA,AMRITSAR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE, AMRITSAR

In the result, the appeal is allowed

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

section 132A, of the income tax act, 1961. During the course of assessment proceedings, the AO received certain information from the investigation wing, and consequently, he raised the issue of long- term capital gains on the sale of shares in the case of assessee. He contended that in view of the principle laid down by the Honorable Supreme Court