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

disallowed exemption claimed by assessee under section 10(38) and made additions, alleging involvement in penny stock which were being

SMT. DEEPTI 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

Penny Stocks. F) ROUTING OF UNACCOUNTED INCOME THROUGH BOGUS LTCG: During the course of search and subsequent proceedings, assessee himself admitted to the fact that there is generation of unaccounted income on account of unaccounted sales which is evident of disclosure made in statement of Sh. Raman Kumar Aggarwal in his statement recorded

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

Penny Stocks. F) ROUTING OF UNACCOUNTED INCOME THROUGH BOGUS LTCG: During the course of search and subsequent proceedings, assessee himself admitted to the fact that there is generation of unaccounted income on account of unaccounted sales which is evident of disclosure made in statement of Sh. Raman Kumar Aggarwal in his statement recorded

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

Penny Stocks. F) ROUTING OF UNACCOUNTED INCOME THROUGH BOGUS LTCG: During the course of search and subsequent proceedings, assessee himself admitted to the fact that there is generation of unaccounted income on account of unaccounted sales which is evident of disclosure made in statement of Sh. Raman Kumar Aggarwal in his statement recorded

SH. RAMAN KUMAR 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

Penny Stocks. F) ROUTING OF UNACCOUNTED INCOME THROUGH BOGUS LTCG: During the course of search and subsequent proceedings, assessee himself admitted to the fact that there is generation of unaccounted income on account of unaccounted sales which is evident of disclosure made in statement of Sh. Raman Kumar Aggarwal in his statement recorded

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

Bench: Sh. Vikram Singh Yadav & Sh. Udayan Dasgupta

stock is treated as income and tax is calculated as per the provisions of section 115BBE. It is a settled law that what is required to be taxed is the correct income and not the hypothetical income. In this regard reliance is placed upon the circular issued by CBDT dated 11- 4-1955, 14(XL-35) wherein the Board ordered

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE, AMRITSAR vs. M/S PUNJAB RICE LAND PRIVATE LIMITED, TARN TARAN

In the result, both the appeals of the revenue are dismissed and

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

penny in cash in lieu of cheque issued for payment were withdrawn/received by the appellant by any manner. It is also submitted that it was explained that 90% of the sales of the appellant concern are exports only and none of the sales were doubted or doubtful. Moreover, no discrepancy was found in stock in any of the year including

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE, AMRITSAR vs. M/S PUNJAB RICE LAND PRIVATE LIMITED , TARN TARAN

In the result, both the appeals of the revenue are dismissed and

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

penny in cash in lieu of cheque issued for payment were withdrawn/received by the appellant by any manner. It is also submitted that it was explained that 90% of the sales of the appellant concern are exports only and none of the sales were doubted or doubtful. Moreover, no discrepancy was found in stock in any of the year including

MESERS GANESH RICE MILLS,MUKTSAR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-II, BATHINDA

In the result the appeal of the assessee ITA No

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

Disallowance of expenses (1/4th and 4. 11,21,118 Ground Allowed NA 1/5th) as debited in P& L A/c 5. Addition of Rs. 1,00,000/- on account NA of alleged amount paid to Sh Rajesh Dhawan (But the addition of Rs. 1,00,000, was covered by the AO in addition of Rs. 11,21,118/- and no separate