ESTATE OF SH. JAGIR SINGH BHULLAR,AMRITSAR. vs. THE INCOME TAX OFFICER, TARN TARAN

In the result, the appeals of the assessee is partly allowed

Bench: Shri N.K. Choudhry, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.306/Asr/2014 & 591/Asr/2015 ("नधा"रणवष" / Assessment Year: 2007-08) Estate Of Sh. Jagir Singh Bhullar Vs. Income Tax Officer, Through S. Jasbir—Singh Ward-1(3), Bhullar, Tarn Taran, E-250 Ranjit Avenue, Amritsar, Punjab. Punjab.

section 53A of Transfer of Property Act. 8. That Ld AO has misapplied the facts and law in treating future and uncertain and unquantifiable benefits as so called consideration for alleged transfer and accordingly he has valued non existent property benefits for levy of capital gains. 9. That, the impugned agreement with the builders/ developers had been canceled

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

50,000/-. This order was set aside u/s 263 of the Act by the Pr. Commissioner of Income Tax, Bathinda with directions to decide the issues mentioned in the order afresh on merits and in accordance with the law. As per this order, the AO inter-alia was required to examine nature of land on which capital gain has been

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

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

section 54 of the Act, the entire capital gain arising from the assets from the transfer of land had escaped assessment. Therefore, he issued notice u/s 148 of the Act and made addition of the capital gains of Rs. 1,83,75,000/- in the hands of the assessee. 4. On appeal, the Ld. CIT(A) dismissed the appeal

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

section 54 of the Act, the entire capital gain arising from the assets from the transfer of land had escaped assessment. Therefore, he issued notice u/s 148 of the Act and made addition of the capital gains of Rs. 1,83,75,000/- in the hands of the assessee. 4. On appeal, the Ld. CIT(A) dismissed the appeal

SH. SARJU MITTAL,KATHUA vs. INCOME TAX OFFICER, KATHUA

In the result, these appeals of the assessees are allowed for statistical purpose

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjeei.T.A. No. 503/Asr/2017 Assessment Year: 2011-12

section 50 C of the act, hence the AO has adopted ₹ 4,050,000 as deemed to be the value of consideration as the assessee was being co-owner, having half share in the said property for the purpose of Computing capital gains

NEERAJ MITTAL,KATHUA vs. INCOME TAX OFFICER , KATHUA

In the result, these appeals of the assessees are allowed for statistical purpose

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjeei.T.A. No. 503/Asr/2017 Assessment Year: 2011-12

section 50 C of the act, hence the AO has adopted ₹ 4,050,000 as deemed to be the value of consideration as the assessee was being co-owner, having half share in the said property for the purpose of Computing capital gains

SMT. ZEENAB,SRINAGAR vs. INCOME TAX OFFICER, WARD 3(3),, SRINAGAR

In the result, the appeal filed by the Revenue Department stands dismissed, whereas the appeal of the assessee is partly allowed for statistical purposes on the aforesaid reasons stated above

Bench: Sh. Sanjay Arora & Sh. N.K.Choudhry

section 2(14) of the Income tax Act and duly held by the assessee for last 17 years. Thus, the addition made by the AO on account of Short Term Capital Gain is deleted. Ground of appeal No. 5: The AO has denied the exemption u/s. 54F of the Income tax Act on the ground that the assessee had neither

ITO, WARD- 3(3), SRINAGAR vs. SMT. ZEENAB, BEMINA

In the result, the appeal filed by the Revenue Department stands dismissed, whereas the appeal of the assessee is partly allowed for statistical purposes on the aforesaid reasons stated above

Bench: Sh. Sanjay Arora & Sh. N.K.Choudhry

section 2(14) of the Income tax Act and duly held by the assessee for last 17 years. Thus, the addition made by the AO on account of Short Term Capital Gain is deleted. Ground of appeal No. 5: The AO has denied the exemption u/s. 54F of the Income tax Act on the ground that the assessee had neither

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

capital gains alongwith the tax computation on the same was also furnished. That the AO had applied his mind to the same and had made no addition. That clearly the issue 33 A.Y.2015-16 had been examined by the AO during assessment proceedings. He contended that the entire transaction and the mode of computation and every aspect and query raised

SHRIMATI HARMOHINDER KAUR,JALANDHAR vs. DEPUTY COMMISSIONER OF INCOME TAX, OFFICER CENTRAL CIRCLE-II, JALANDHAR

In the result, the appeal filed by the assessee stands allowed

Bench: Sh. N.K.Choudhry & Dr. A.L.Sainiassessment Year: 2009-10

50,000/-received in cash, out of which assessee's share comes to Rs.9,83,333/-. The property was purchased on 01.01.2004 and the investment by the assessee for her share was Rs.5,49,800/- and accordingly the assessee declared long term capital gain of Rs.2,92,224/-. It is further mentioned by the AO that during the search

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

capital gain, had applied a rate of Rs. 19000/- per kanal and there is no basis for application of this rate of Rs. 19000/- . It was submitted that this issue of adoption of rate as on 1.4.1981 of the land situated at Village Bhokhra is now settled with regard to the application rate of 1.4.1981 by the department, because

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

capital gain, had applied a rate of Rs. 19000/- per kanal and there is no basis for application of this rate of Rs. 19000/- . It was submitted that this issue of adoption of rate as on 1.4.1981 of the land situated at Village Bhokhra is now settled with regard to the application rate of 1.4.1981 by the department, because

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

capital gain, had applied a rate of Rs. 19000/- per kanal and there is no basis for application of this rate of Rs. 19000/- . It was submitted that this issue of adoption of rate as on 1.4.1981 of the land situated at Village Bhokhra is now settled with regard to the application rate of 1.4.1981 by the department, because

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

In the result, the appeal filed by assessee is allowed

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

SMT. GURJEET KAUR,JALANDHAR vs. INCOME TAX OFFICER, WARD- IV (2),, JALANDHAR

The appeal of the assessee is allowed in terms of our

Bench: Sh. Ravish Sood & Dr. M. L. Meena

50,00,000/- being already brought to tax in previous year) made by the assessing officer alleged to be long term capital gain earned by the assessee. 3. That on the facts and circumstances of the case, addition of Rs. 5,33,21,805/- out of addition of Rs. 6,83,21,805/- made by Ld. Assessing Officer, confirmed

SMT. GURJEET KAUR,JALANDHAR vs. INCOME TAX OFFICER, WARD- IV (2),, JALANDHAR

The appeal of the assessee is allowed in terms of our

Bench: Sh. Ravish Sood & Dr. M. L. Meena

50,00,000/- being already brought to tax in previous year) made by the assessing officer alleged to be long term capital gain earned by the assessee. 3. That on the facts and circumstances of the case, addition of Rs. 5,33,21,805/- out of addition of Rs. 6,83,21,805/- made by Ld. Assessing Officer, confirmed

SH.GAURAV AGGARWAL,GURDAS PUR vs. DY.COMMISSIONER OF INCOME TAX, AMRITSAR

In the result, the appeal of assessee in ITA No

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

capital gain or loss. These share of M/s Kappac Pharma Ltd. resembled I.T.A. Nos.32 to 35/Asr/2019 15 A.Ys. 2014-15 & 2015-16 the character of Penny Stocks which has been discussed and investigated at length by Investigation Wing, Kolkata. The Kappac Pharma Ltd. even figures in the Appraisal report of the Investigation Wing, Kolkata giving detail of Bogus LTCG through

M/S RAMAN KUMAR AGGARWAL,GURDASPUR vs. DY. COMMISSIONER .OF. INCOME. TAX , AMRITSAR

In the result, the appeal of assessee in ITA No

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

capital gain or loss. These share of M/s Kappac Pharma Ltd. resembled I.T.A. Nos.32 to 35/Asr/2019 15 A.Ys. 2014-15 & 2015-16 the character of Penny Stocks which has been discussed and investigated at length by Investigation Wing, Kolkata. The Kappac Pharma Ltd. even figures in the Appraisal report of the Investigation Wing, Kolkata giving detail of Bogus LTCG through