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’ u/s 45(5)(a) of the Act and added to the income of the appellant. Ranjeet Singhv. ITO & Ors. 6. The Ld. CIT (A) has confirmed the addition by observing that Notification dated 31.12.2014 was issued by Ministry of Law & Justice wherein sub section (3) of section 105 of the RFCTLAAR Act was substituted by providing that

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

2] [In favour of assessee]. 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

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

2] [In favour of assessee]. 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

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

5 Assessment Year: 2006-07 the payments and the possession of the properly was handed over to the purchaser dining the F.Y. 2005-06. It was, therefore, submitted that the Long-Term Capital Gain if any earned from the transfer of property is taxable only In the A.Y. 2006-07. The Assessing Officer also could not controvert this argument

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 (2), MUKTSAR vs. AJAIB SINGH, VILLAGE BHARU

In the result, the appeal of the revenue is dismissed

Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay(Hybrid Hearing) I.T.A. No. 354/Asr/2024 Assessment Year: 2012-13

2(14). Thereafter, the Assessing Officer computed the Long Term Capital Gain at Rs.3,68,15,000/-. The Assessee had submitted that the sale consideration received by him was utilised for purchase of 24 acres 1 Kanai agricultural land at village Daulatpura, Tehsil Abohar for Rs.3,73,48,255/- and claimed benefit of section 54B. The Assessing Officer denied

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

2. That, out of the above amount of Rs. 18,82,729/-, the Learned Commissioner of Income Tax (Appeals) has erred in not considering an amount of Rs. 4,00,000/- as “Cost of Improvement” in calculating the above said “Short Term Capital Gain”. 3. That, out of the above amount of Rs. 18,82,729/-, the Learned Commissioner

INCOME TAX OFFICER, INCOME TAX OFFICE vs. VIKAS MEHRA, THE MALL

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

Bench: Sh. Manoj Kumar Aggarwal & Sh. Udayan Dasgupta

2,46,99,200/- by holding that Section 49 under the head capital gains is not a charging section under the IT Act and there is no sale either..." ignoring the fact that the addition had been made by the AG on account of increase in capital under the head "undisclosed sources due to enhanced value adopted in the balance

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

2) Notwithstanding anything contained in this Act mi deduction In respect of any expenditure or allowance stud! be allowed to the assessee under any provision of this Act in computing his income referred to in clause (a) of sub-section (1). Explanation, -For the purposes of this section ’carbon credit" in respect of one unit shall mean reduction

THE INCOME-TAX OFFICER, MUKTSAR vs. M/S. MAKKAR COTTON MILLS,, MUKTSAR

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjeei.T.A. No.504/Asr/2014 Assessment Year: 2006-07

section 41 (2) of the Income Tax Act, 1961. As per reasons recorded, the plant and machinery of the assessee was sold at Rs. 20,00,000/- whereas the cost as per records was Rs. 1,60,000/. Hence, the assessment was made by the then AO at Rs. 18,40,000/- being Long Term Capital Gain arised on account

MR RUDER MANI WALIA,JALANDHAR vs. INCOME TAX OFFICER WARD-2 (3), JALANDHAR

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

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjeei.T.A. No.257/Asr/2022 Assessment Year: 2017-18

2(47). It is also not clear whether the amount shown under the head capital gains is that of the LIC maturity proceeds only. 6.2) Tax treatment of “any sum received under a Life Insurance Policy”: It is important to note that section 10(10D) and section 194DA deals with “any sum received under a Life Insurance Policy” and “Payment

THE DHAMAI COOPERATIVE AGRICULTURE SERVICE SOCIETY LIMITED,HOSHIARPUR vs. INCOME TAX OFFICER , HOSHIARPUR

In the result, the appeals filed by the appellant are allowed and the order(s) of the Kerala High Court and other authorities to the contrary are set aside

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjeei.T.A. No.273/Asr/2023 Assessment Year: 2017-18

gains, was not immediately required by the assessee for lending money to the members, as there were no takers. Therefore, they had deposited the money in a bank so as to earn interest. The said interest income is attributable to carrying on the business of banking and therefore it is liable to be deducted in terms of Section

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

In the result, the appeal filed by assessee is allowed

capital gain\n(LTCG) to claim exemption under section 10 (38) was based on a proposal given by\nAssessing Officer, exercise of jurisdiction under section 263 was not justified - Held, yes\n[Paras 8 and 9] [In favour of assessee]\n27.\nThe Ld AR further argued on applicability of clause(a) of explanation 2 to\nsection 263 and relied upon

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

2. At the outset, the Ld. Counsel for the appellant assessee submitted that the Hon’ble High Court of Jammu and Kashmir vide its Judgment delivered on 14.07.2017 has remitted the matter back to the Tribunal in respect of the Assessment Year 2007-08 vide para 5 by observing that since, we are in any event remitting the matter with

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

2. At the outset, the Ld. Counsel for the appellant assessee submitted that the Hon’ble High Court of Jammu and Kashmir vide its Judgment delivered on 14.07.2017 has remitted the matter back to the Tribunal in respect of the Assessment Year 2007-08 vide para 5 by observing that since, we are in any event remitting the matter with

SHRI BHUPINDER SINGH ( PROP) THE NEST HOTELS & MOTELS,JALANDHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3, JALANDHAR

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

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

section 56(2)(vii) were not applicable to the facts of the case. 5 That in the case of S. Kuldip Singh (brother) who is transferor, whose case for the same assessment year was reopened u/s 148 for non-showing of Capital Gains

M/S. WORLDWIDE FOURTUNE HOMES ,KATHUA vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE, JAMMU

In the result, appeal of the assessee ITA No

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

2. (a) That on the facts and circumstances of the case, the Ld. CIT(A) has erred in confirming the addition by invoking the provisions of section 69A of the Act whereas the Ld.AO has made the addition on account of capital gain (b) That on the facts and circumstances of the case, the Ld. CIT(A) has confirmed

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