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

In the result, the appeal filed by assessee is allowed

Capital gains - Special\nprovision for computation of full value consideration (Revision) - Assessee had filed its\nreturn and same was processed under section 143(1) Subsequently, Principal\nCommissioner invoked revision under section 263 on ground that a land was sold by\nassessee to an entity below value adopted by concerned authority for levy of stamp duty,\nand therefore, there was under

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

SH. GURJEET SINGH,AMRITSAR. vs. THE INCOME TAX OFFICER,, AMRITSAR.

In the result, the assessee’s appeal is dismissed

Bench: Sh. Sanjay Arorai.T.A. No. 597/Asr/2015 Assessment Year: 2010-11

capital.’ 3. The assessee’s case before me is that ‘the availability of cash’ with him (the assessee) for making the payment/s, evidenced by cash receipts (not forming part of the record, though, to be fair, on being asked to during hearing, were produced by the ld. counsel for the assessee, Sh. Bansal), is not in doubt. Where

THE DY. COMMISSIONER OF INCOME-TAX,, JAMMU vs. M/S. CONTINENTAL CONSTRUCTION CO,, JAMMU ( J&K)

In the result, the appeal filed by the assessee is allowed as well as the appeal filed the Revenue Department is dismissed and Cross Objection also stands disposed off

Bench: Sh. Sanjay Arora & Sh. N.K.Choudhryita No.38(Asr)/2013 Assessment Year:2009-10

40A(3) and 40(a)(ia) of the Act respectively. Recently, the ITAT Amritsar Bench, at Amritsar, in the case of ITO v. Nikhil Infra-Tech Ltd. in ITA No.272(Asr)/2017, in the similar and identical circumstances estimated the Net profit rate @ 5% of the turn over and further affirmed the deletion of disallowance on account of depreciation

M/S. CONTINENTAL CONSTRUCTION CO.,,JAMMU vs. THE DY. COMMISSIONER OF INCOME-TAX (HQRS), JAMMU

In the result, the appeal filed by the assessee is allowed as well as the appeal filed the Revenue Department is dismissed and Cross Objection also stands disposed off

Bench: Sh. Sanjay Arora & Sh. N.K.Choudhryita No.38(Asr)/2013 Assessment Year:2009-10

40A(3) and 40(a)(ia) of the Act respectively. Recently, the ITAT Amritsar Bench, at Amritsar, in the case of ITO v. Nikhil Infra-Tech Ltd. in ITA No.272(Asr)/2017, in the similar and identical circumstances estimated the Net profit rate @ 5% of the turn over and further affirmed the deletion of disallowance on account of depreciation