INDIAN TOOLS TECHNOLOGY CENTRE ,JALANDHAR vs. INCOME TAX OFICER WARD II(1), JALANDHAR

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

57(iii) of the income tax act. 7. The next issue contested by the appellant is that that the CIT appeal declined to accept the alternatively plea of real income vide para 7.4, page 27 of the impugned order, for the reason that the interest on government grants had accrued during this year under appeal and it was not remitted

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

gain and the AO also needs to examine the valuation of shares on basis of which long term capital loss has been computed. The AO has failed to examine these issues during the course of assessment. 56 A.Y.2015-16 Further, as per the sale deed the assessee has certified on oath that the issued capital was divided into 38 shares

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

Capital Gains. Neeraj Mittal v. ITO & Ors 5. The worthy CIT (Appeals) erred in confirming the order on account of claim of deduction u/s 54F as claimed by the Assessee during the Assessment proceedings as well as Appellate proceedings. 6. The Assessee reserves the right to add, amend or withdraw any grounds of appeal before the hearing

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

Capital Gains. Neeraj Mittal v. ITO & Ors 5. The worthy CIT (Appeals) erred in confirming the order on account of claim of deduction u/s 54F as claimed by the Assessee during the Assessment proceedings as well as Appellate proceedings. 6. The Assessee reserves the right to add, amend or withdraw any grounds of appeal before the hearing

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

BHUPENDRA FLOUR MILLS PVT LTD,BATHINDA vs. ITO, WARD 1(1), BATHINDA, BATHINDA

The appeal stands partly allowed in terms of out above order

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Shri Udayandasgupta, Jm आयकरअपीलसं. / Ita No.54/Asr/2025 (िनधा"रणवष" / Assessment Year: 2017-18) M/S Bhupendra Flour Mills Pvt Ltd. Ito Ward - 1(1) बनाम/ Railway Road Central Revenue Building Bhatinda, Punjab – 151001 Civil Lines, Bhatinda Vs. Punjab - 151001 "ायीलेखासं./जीआइआरसं./Pan/Gir No. Aaccb-6192-P (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Sh. Sudhir Sehgal (Advocate) - Ld. Ar " थ"कीओरसे/Respondent By : Sh. Farhat Khan (Cit) – Ld. Dr (Virtual) सुनवाईकीतारीख/Date Of Hearing : 05-02-2026 घोषणाकीतारीख /Date Of Pronouncement 20.02.2026 : आदेश / O R D E R

capital gains. (iv) A conjoint reading of Section 2(24), Section 2(28A), Section 4, Section 10(37), Section 14, Section 45(5), Section 56(2)(viii), Section 145B(1) and Section 194LA of the Act makes it abundantly clear that any income which arises or is deemed to arise or accrue in India is chargeable

SH. SURAJ PRAKASH,AMRTITSAR vs. INCOME TAX OFFICER, WARD - 5(5),, AMRITSAR

In the result, the assessee’s appeal is partly allowed

Bench: Sh. Sanjay Arorai.T.A. No. 638/Asr/2017 Assessment Year: 2014-15

57,791/- on the acquisition of his land by the Central Government, i.e., after deducting tax at source thereon at the rate of 10%. The corresponding long-term capital gain (LTCG), returned at Rs.6,44,499 was, however, at one-half share in the property, even as the assessee claimed credit for the full amount of TDS, i.e., Rs.1

SHRI KANAV KHANNA,,AMRITSAR. vs. THE ASSTT. COMMISSIONER OF INCOME-TAX,, AMRITSAR.

In the result, the ground no- G of appeal of the assessee is dismissed

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

57,41,680/- for acquisition of land. The TDS was deducted amount to Rs. 96,80,881/- u/s. 194LA of the Act. Accordingly, the assessee claimed exemption u/s. `10(37) in the Long Term Capital Gain (LTCG) during the filing his return. During the assessment proceedings the ld. AO made verification and called the revenue record. Sh. Jagjit Singh Patwari

THE DY. COMMISSIONER INCOME-TAX, JAMMU vs. M/S. HORIZON BUILDCON PVT. LTD,, JAMMU

In the result, the appeals of the Revenue in I

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

57,03,640/- recorded in the registered sale deeds and also recorded in the books of account in terms of the registration deeds executed between the buyer and seller. He therefore trifurcated the alleged unaccounted purchase consideration amounting to Rs.9,37,33,930/- in three financial years under consideration in which the registration had actually taken place. Accordingly, the addition

THE DY. COMMISSIONER INCOME-TAX, JAMMU vs. M/S. HORIZON BUILDCON PVT. LTD,, JAMMU

In the result, the appeals of the Revenue in I

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

57,03,640/- recorded in the registered sale deeds and also recorded in the books of account in terms of the registration deeds executed between the buyer and seller. He therefore trifurcated the alleged unaccounted purchase consideration amounting to Rs.9,37,33,930/- in three financial years under consideration in which the registration had actually taken place. Accordingly, the addition

THE DY. COMMISSIONER INCOME-TAX, JAMMU vs. M/S. HORIZON BUILDCON PVT. LTD,, JAMMU

In the result, the appeals of the Revenue in I

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

57,03,640/- recorded in the registered sale deeds and also recorded in the books of account in terms of the registration deeds executed between the buyer and seller. He therefore trifurcated the alleged unaccounted purchase consideration amounting to Rs.9,37,33,930/- in three financial years under consideration in which the registration had actually taken place. Accordingly, the addition

M/S. JAMMU DEVELOPMENT AUTHORITY,,JAMMU ( J&K) vs. THE DEPUTY COMMISSIONER OF INCOME TAX, JAMMU

In the result, the appeal of the assessee is partly allowed for statistical purposes and the appeal of the department is dismissed

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryita No. 498/Asr./2013 : Asstt. Year : 2005-06 Jammu Development Authority, Vs Dy. Commissioner Of Income Vikas Bhawan, Rail Head Tax, Circle-I, Complex, Jammu, J & K Jammu (Appellant) (Respondent) Pan No. Aadfj7335A Ita No. 494/Asr./2013 : Asstt. Year : 2005-06 Dy. Commissioner Of Income Vs Jammu Development Authority, Tax, Circle-I, Vikas Bhawan, Rail Head Jammu Complex, Jammu, J & K (Appellant) (Respondent) Pan No. Aabcp1720E Assessee By : Shri. R. K. Gupta, Ca & Shri. Vasu Gupta, Ca Revenue By : Shri. M. P. Singh, Cit Dr Date Of Hearing :21.02.2019 Date Of Pronouncement : 22.03.2019 Order Per N. S. Saini: These Are The Cross Appeals Filed By The Assessee & Revenue Against The Order Of Commissioner Of Income Tax (Appeals) Dated 06.05.2013, Jammu.

57,35,243/- of the year under consideration, Rs 9,58,09,089/- pertains to Nazul Land. The appellant has argued that the Jammu Development Authority is not the owner of the Nazul lands and they are only doing development work on land and transferring such land on behalf of state government and the amount standing in the Nazul Account

THE DEPUTY COMMISSIONER OF INCOME TAX, JAMMU vs. M/S. JAMMU DEVELPMENT AUTHORITY,, JAMMU

In the result, the appeal of the assessee is partly allowed for statistical purposes and the appeal of the department is dismissed

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryita No. 498/Asr./2013 : Asstt. Year : 2005-06 Jammu Development Authority, Vs Dy. Commissioner Of Income Vikas Bhawan, Rail Head Tax, Circle-I, Complex, Jammu, J & K Jammu (Appellant) (Respondent) Pan No. Aadfj7335A Ita No. 494/Asr./2013 : Asstt. Year : 2005-06 Dy. Commissioner Of Income Vs Jammu Development Authority, Tax, Circle-I, Vikas Bhawan, Rail Head Jammu Complex, Jammu, J & K (Appellant) (Respondent) Pan No. Aabcp1720E Assessee By : Shri. R. K. Gupta, Ca & Shri. Vasu Gupta, Ca Revenue By : Shri. M. P. Singh, Cit Dr Date Of Hearing :21.02.2019 Date Of Pronouncement : 22.03.2019 Order Per N. S. Saini: These Are The Cross Appeals Filed By The Assessee & Revenue Against The Order Of Commissioner Of Income Tax (Appeals) Dated 06.05.2013, Jammu.

57,35,243/- of the year under consideration, Rs 9,58,09,089/- pertains to Nazul Land. The appellant has argued that the Jammu Development Authority is not the owner of the Nazul lands and they are only doing development work on land and transferring such land on behalf of state government and the amount standing in the Nazul Account

SHRI RAJIV KUMAR KHANNA ,ABOHAR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-II, BATHINDA

Accordingly, the ground no. 2 of the appellant assessee stands dismissed as not pressed

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

section 143(3)/147 in the reassessment proceedings, as under: - Income Relief Remaining Assessed Allowed Additions Long Term Capital Gain Rs. 34,33,500 - 34,33,500 Deemed Income u/s 69A Rs.1,53,14,125 57

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

M/S BLUE CITY TOWNSHIP & COLONIZERS,AMRITSAR. vs. THE INCOME TAX OFFICER,, AMRITSAR.

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

57,965 only on 28-9-1978 from the Government of Madhya Pradesh, which was deposited in the nationalized bank, it would be exempt from assessment for the assessment year 1979-80 as per the provisions of section 54E. It was submitted by the assessee before the CIT(A) that the Assessing Officer had observed that as per section

SMT. SATVIR KAUR W/O SH. SHINDER SINGH,FEROZEPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, AMRITSAR

In the result, the appeal of the assessee is allowed

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

Capital Gain, exemption u/s 10(36) of the Act, deduction u/s 57 of the Act and unsecured loans and the assessees furnished all the relevant documents which were examined by the AO who has taken a possible view. Therefore, it is our considered view that there was a due application of mind on the part

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