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

Capital Gains. The purchasers of these scrips do not have creditworthiness. No prudent investor and particularly trader or investor in stock will invest in such company. The gains made by the appellant are altogether beyond human probabilities. The meticulous paper work of routing the transactions through banking channel is futile because the profits shown are beyond human probabilities

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

Capital Gains. The purchasers of these scrips do not have creditworthiness. No prudent investor and particularly trader or investor in stock will invest in such company. The gains made by the appellant are altogether beyond human probabilities. The meticulous paper work of routing the transactions through banking channel is futile because the profits shown are beyond human probabilities

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

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

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

gain on the sale of this land comes at Rs. 2,90,04,020/-. However, the capital on sale of land was claimed exempt stating the sale of agriculture land. As per report of State Govt. Authorities, the land in question is located at a distance of 3 Kms. From the municipal area of Mohali, which clearly means the land

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

SHRI TARLOCHAN SINGH,MANSA vs. INCOME TAX OFFICER WARD-1(4), MANSA

In the result, both the appeals of the assessees are allowed

Gains by invoking the provision of section 45(3) of the Income Tax Act, 1961 because no registered sale deed was executed to transfer the land to the partnership as capital contribution Et It is settled principle of law that no immovable property can be transferred without execution Et registration of a registered sale deed. 8

SHRI NAROTAM SINGH,MANSA vs. INCOME TAX OFFICER WARD -1(4), MANSA

In the result, both the appeals of the assessees are allowed

Gains by invoking the provision of section 45(3) of the Income Tax Act, 1961 because no registered sale deed was executed to transfer the land to the partnership as capital contribution Et It is settled principle of law that no immovable property can be transferred without execution Et registration of a registered sale deed. 8

SH. RAGHUNATH SAHAI PURI(DECD),PATHANKOT vs. THE DEPTY COMMISSIONER OF INCOME TAX, PATHANKOT

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

Bench: Sh. N. K. Choudhry & Sh. O. P. Meenai.T.A. No. 633/Asr/2014 Assessment Year: 2007-08

section 271(1)(c) of the Act. 8. By virtue of the impugned order dated 04.12.2013, the ld. CIT(A) confirmed the levy of penalty on the assessee, observing, inter-alia, as follows: “Briefly noticed, the facts of the case are that the long term capital gain

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

8 kanal 30 marlas was the 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

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

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 sheet of inherited properties on which no tax or reasons for adopting enhanced

M/S EMBROCIA FARMS PVT LTD. ,PATHANKOT vs. D.C.I.T, CIRCLE-6,, PATHANKOT

In the result, the assessee’s appeal is (in ITA No

Bench: Sh. Sanjay Arorai.T.A. Nos. 561/Asr/2018 & 284/Asr/2017 Assessment Year: 2006-07

capital gain could not be separately computed. Qua the first issue, the ld. CIT(A) held that the issue being now raised was not the subject matter of appeal and, consequently, not adjudicated u/s. 250 in the first instance. As regards the second ground, the same raised a contentious issue, i.e., which was debatable and, thus, outside the purview

MESERS EMBROCIA FARMS PVT LTD,PATHANKOT vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-6, PATHANKOT

In the result, the assessee’s appeal is (in ITA No

Bench: Sh. Sanjay Arorai.T.A. Nos. 561/Asr/2018 & 284/Asr/2017 Assessment Year: 2006-07

capital gain could not be separately computed. Qua the first issue, the ld. CIT(A) held that the issue being now raised was not the subject matter of appeal and, consequently, not adjudicated u/s. 250 in the first instance. As regards the second ground, the same raised a contentious issue, i.e., which was debatable and, thus, outside the purview

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

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

8 Assessment Year: 2012-13 7.1 He further submitted that since the purchase price of the new land was more than the sale proceeds of the old land (original asset) there cannot be any capital gains on such sale as per provision of section

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

Section 24 of the IT Act, 1961 under the head 'income from house property'. In view of that matter, there 8 Vishal Batrav. Dy. CIT being a clear provision providing for deduction of the interest amount out of rental income, and there being no provision for deduction of this amount out of capital gains

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

Capital Gains in the A.Y. 2006-07. " (Emphasis supplied) 4.1 The ld. AR placed that reopening u/s 148 for A.Y. 2006-07 was initiated on basis of the opinion found by the ld. CIT(A) in his appeal order for A.Y. 2005-06 on that opinion the assessment was reopened u/s 148 r.w.s. 150 (iii) and the notice was served

INCOME TAX OFFICER, WARD-3(1),FEROZEPUR, FEROZEPUR vs. MS.JATIN AGRO, FORT ROAD

In the result, the appeal of the revenue is dismissed

Bench: Sh. Manoj Kumar Aggarwal & Sh. Udayan Dasgupta(Physical Hearing) I.T.A. No. 103 & 104/Asr/2024 Assessment Years: 2014-15 & 2017-18 Ito, Ward-3(1), Vs. M/S Jatin Agro Fort Road, Ferozepur. 152-P, Ferozepur. [Pan:-Aarpm5393F] (Appellant) (Respondent) Sh. Ashray Sarna, Ca Appellant By Respondent By Sh. Sunil Gautam, Cit. Dr

capital expenditure incurred on construction of godowns during the year. Deduction u/s 35AD(8)(c)(ii) of the Act is available in respect of specified business of setting up and operating a warehousing facility for storage of agricultural produce. The assessee has set up a warehousing facility but has rented it out to PUNGRAIN on monthly fixed rental income