INCOME TAX OFFICER, WARD-2 , PHAGWARA vs. SH. SUCHA SINGH, PHILLAUR

In the result, the appeal of the Revenue is partly allowed

Bench: Shrilaliet Kumar & Dr. Mitha Lal Meena

capital asset within the meaning of section 2 (14)(iii) read with section 10(37) r/w section 45 of the Income Tax Act and therefore, anycapital gain

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

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

2(14) of the Act and thus any sale of such land would attract capital gain taxes liability. In the present case, the land in village – Bakarpur, does not fall under this criterion and hence it is an exempted 26 Indermeet Bains v. Pr. CIT agricultural Land from capital gain. In our view, no capital gain was liable

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 is very wide, but at the same time it cannot be stated to be a plenary power. The AO can assume jurisdiction under the said provision provided there is sufficient material before him. He cannot act on the basis of his whim and fancy, and the existence of material must be real. Further, there must be nexus between

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 is very wide, but at the same time it cannot be stated to be a plenary power. The AO can assume jurisdiction under the said provision provided there is sufficient material before him. He cannot act on the basis of his whim and fancy, and the existence of material must be real. Further, there must be nexus between

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

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

2. That the learned CIT(A) has erred in law and on facts in confirming addition of Rs. 87,36,536/- on account of capital gain by upholding that the provisions of section 96 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (RFCTLARR Act, 2013) are not applicable to the compensation received

MR.VISHAL BATRA,`LUDHIANA vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1, LUDHIANA

In the result, the appeal of the assessee is dismissed

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

37-GF, Nirmal Chhaya Tax, Central Circle-1, Jalandhar Apartments, C-Block, Rishi Nagar, Ludhiana [PAN: ABJPB9927H] (Appellant) (Respondent) Appellant by : None Respondent by: Sh. Hitendra Bhauraoji Ninawe, CIT-DR Date of Hearing: 08.08.2023 Date of Pronouncement: 31.08.2023 ORDER Per Dr. M. L. Meena, AM: The captioned appeal is filed by the assessee against the order of the ld. Commissioner

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

HARBANS SINGH,P.O. KHERA DONA vs. INCOME TAX OFFICER, BSNL EXCHANGE COLONY

In the result, the appeal filed by the assessee is dismissed being devoid of merits

Bench: Dr. M. L. Meena & Sh. Udayan Dasgupta

section 10 deals with deductions and clause (37) thereof deals with capital gains arising from transfer of agricultural land and it nowhere provides as to what is to be included under the head ‘Capital gains.’ The SLP has been dismissed by the Hon’ble Apex Court. Thus, interest received on compensation or enhanced compensation was to be treated as income

SHRI AMRIT LAL BATRA,SRINAGAR vs. THE DY. COMMISSIONER OF INCOME-TAX-3, SRINAGAR

Appeals of the appellant are disposed off in the terms indicated as above

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

capital gains. 19. The Next issue the Hon’ble High Court has even set aside is the matter relating to legal expenses by observing that the Bench allowed the ground without giving any finding. 19.1 The Ld. AR argued that the legal expenses were incurred in order to protect the assessee’s interest of noting right who is the Chairman

SH. AMRIT LAL BATRA, PROP.,SRINAGAR vs. THE ADDITIONAL COMMISSIONER OF INCOME-TAX,, JAMMU

Appeals of the appellant are disposed off in the terms indicated as above

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

capital gains. 19. The Next issue the Hon’ble High Court has even set aside is the matter relating to legal expenses by observing that the Bench allowed the ground without giving any finding. 19.1 The Ld. AR argued that the legal expenses were incurred in order to protect the assessee’s interest of noting right who is the Chairman

SHRI NACHHATER SINGH S/O SHRI GURBAKSH SINGH,BATHINDA vs. INCOME TAX OFFICEER , BATHINDA

In the result all the appeals of the assessee are allowed for statistical purposes

Bench: Sh. Laliet Kumar & Dr. M. L. Meena

2)(b)(i) of Income Tax Act for the assets acquired prior to 01/04/1981. In case, the Assessing Officer is not satisfied with fair market value then section 55A of Income Tax- Act comes into play which empowers the Assessing Officer refer the matter to the valuation officer. But in this case, the Assessing Officer decided not referred the matter

SHRI BABBU SINGH S/O SHRI NACHHATER SINGH,BATHINDA vs. INCOME TAX OFFICEER WARD-2(1), BATHINDA

In the result all the appeals of the assessee are allowed for statistical purposes

Bench: Sh. Laliet Kumar & Dr. M. L. Meena

2)(b)(i) of Income Tax Act for the assets acquired prior to 01/04/1981. In case, the Assessing Officer is not satisfied with fair market value then section 55A of Income Tax- Act comes into play which empowers the Assessing Officer refer the matter to the valuation officer. But in this case, the Assessing Officer decided not referred the matter

SHRI.BOOTA SINGH S/O. SH. NACHATER SINGH, BATHINDA vs. INCOME TAX OFFICER WARD-2(1), BATHINDA

In the result all the appeals of the assessee are allowed for statistical purposes

Bench: Sh. Laliet Kumar & Dr. M. L. Meena

2)(b)(i) of Income Tax Act for the assets acquired prior to 01/04/1981. In case, the Assessing Officer is not satisfied with fair market value then section 55A of Income Tax- Act comes into play which empowers the Assessing Officer refer the matter to the valuation officer. But in this case, the Assessing Officer decided not referred the matter

SHRI JASBIR SINGH ,JALANDHAR vs. INCOME TAX OFFICER,WARD-I (2), JALANDHAR

In the result, the appeal of the assessee is allowed

Bench: Shri N.K. Choudhry, Jm & Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.426/Asr/2018 ("नधा"रणवष" / Assessment Year: 2011-12)

section 50C (2) of the IT Act. The AO is being directed to re-compute the quantum of long term capital gains on sale of property by taking the sale consideration at Rs.2,03,00,000 and workout the amount of capital gains accordingly.” 5. Aggrieved by the order of the ld. CIT(A), the assessee is in appeal before

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

M/S. SATIA INDUSTRIES LIMITED,MUKTSAR vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA

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

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

37 Assessment Year: 2018-19 12.1. The ld. AR respectfully relied on the caseSh. Jagdish Narayan Sharma vs. ITO in ITA No.751/JP/2015 [Jaipur Bench] “48. The principle emerging from various pronouncements of the Supreme Court, Union Tyres observes, is that the first Appellate Authority is invested with very wide powers under Section 251(1)(a) of the Act and once