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

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

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

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

INCOME TAX OFFICER, 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

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

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 in respect of Life Insurance Policy” respectively. Incomes not included in total income

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

8. Further the counsel referred to the Judgment of Hon’ble Apex Court in the case of Pr. CIT v. Bhanuprasad D Trivedi, HUF (supra) in the latest Judgment has even held that- “Where assessee had purchased shares with clear intention of being an investor and held shares by way of investment, gain arising out of transfer of shares should

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

8. Further the counsel referred to the Judgment of Hon’ble Apex Court in the case of Pr. CIT v. Bhanuprasad D Trivedi, HUF (supra) in the latest Judgment has even held that- “Where assessee had purchased shares with clear intention of being an investor and held shares by way of investment, gain arising out of transfer of shares should

SATIA INDUSTRIES LIMITED,MUKTSAR, PUNJAB vs. DCIT, ACIT CIRCLE 1, BATHINDA

In the result, the appeal is partly allowed

Bench: Shri Udayan Das Gupta & Shri Krinwant Sahayआयकरअपीलसं./Ita No. 527/Asr/2024 िनधा"रणवष" / Assessment Year : 2020-21

gains from infrastructure undertakings - Assessment year 2003-04 - Assessee claimed deduction under section 80-IA from its captive power plant unit - Assessing Officer allowed assessee's claim - On appeal, Commissioner (Appeals) reduced amount of deduction for following reasons: firstly, assessee had taken into account electricity tax levied by State Government while 527-Asr-2024 Satia Industries, Muktsar 40 working

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

capital gains for the purpose of Income Tax Act. 8. The Court has further held that the consequential interest amount will also get the benefit of section

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

capital gain but not cost of acquisition during time of assessment proceeding in the reason lack of documents. The ld. CIT(A) had converted the income assessed U/s 45 to section 69A. The appellate authority can change the view of assessing authority. The ld. CIT (A) can decide the appeal by passing a written order, after hearing the appellant

INCOME TAX OFFICER WARD-1 , HOSHIAPUR vs. SHRI HARPINDER SINGH GILL , HOSHIARPUR

In the result, the appeal of the Revenue is dismissed

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

Capital Gain claimed by assessee as exempt income under RFCTLAAR Act on the basis that the circumstances in which the appellant had purchased the land as highlighted by the AO in his order are not at all relevant to decide on the issue of taxability of the award and as soon as the award satisfies the conditions mandated under 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

SHRIMATI RITU KAPOOR,SRINAGAR vs. INCOME TAX OFFICER WARD-III(2), SRINAGAR

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

Section-148 was not served upon the appellant. 3. That the Ld. CIT(A) has also erred in justifying the issue issuance of the notice on the address as mentioned in the Sale Deed of the property, as business and residential address of the appellant was duly mentioned in the return filed as of 14-13 Rajbagh Srinagar