THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE -3,, SRINAGAR vs. M/S JYOTI LIMITED , SRINAGAR

In the result, the appeal of the revenue bearing ITA No

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

section 23 of the Act. This was consistent with the assessment completed u/s 143(3) of the Act vide order dated 08.12.2010 for the assessment year 2008-09. In the reassessment, the income was assessed as income from house property. I.T.A. No.612/Asr/2017 8

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

8. Without prejudice to the above, the PCIT failed to appreciate that acceptance of the treatment and taxation of income from leasing of property by the Appellant as “profits and gains of business” as against “income from house property” and consequential claim of depredation under 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

SHRI BILAS CHAND,BATHINDA vs. INCOME TAX OFFICER, WARD1(1), BATHINDA

In the result, the assessee’s appeal is dismissed

Bench: Sh. Sanjay Arorai.T.A. No. 399/Asr/2018 Assessment Year: 2016-17

sections, i.e., by mistake, and that he had revised his return accordingly on 17.7.2017 (refer para 5 of the assessment order). The said return, however, while retaining the claim for deduction u/s. 80C at Rs.1.50 lacs, altered that for deduction u/s. 80E to ‘Loss from house property’, at, though, the same sum of Rs.1,50,472, returning thus his income

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

8 I.T.A. No. 287/Asr/2025 Assessment Year: 2017-18 any capital assets during the year under appeal. He further submitted that both the residential house properties are still existing as on date and are enjoyed by the family member of the assessee as residential houses. 13. As such, he submitted that in absence of any sale or transfer of any capital

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

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

Section 37(1). The Hon’ble Supreme Court has held that just as receipts, though not actual receipts but accrued due are brought in for Income Tax Assessment, so also liabilities accrued due would be taken into account while working out the profits and gains of the business. It is 11 noticed that this decision was in respect of Bonus

DASHMESH TIMBER AND FURNITURE HOUSE,AJNALA vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE, AMRITSAR

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

Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay

section 69 of the Act 1961. 11 I.T.A. No. 542/Asr/2024 Dashmesh Timber and Furniture House v. Dy. CIT 12. The AR further relying on the jurisdictional High court judgment in the case of Sudarshan Gupta, (2008) 10 DTR (P&H) 184, submitted that when an offer of surrender is being accepted by the department, the same should be accepted

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

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. 9. That, the impugned agreement with the builders/ developers had been canceled

SHRIMATI RAVINDER BAWA,JALANDHAR vs. INCOME TAX OFFICER WARD-2(3), JALANDHAR

In the result, the appeal of the assessee is allowed

Bench: Sh. Laliet Kumar & Dr. M. L. Meena

properties Private Ltd. Vs. CIT 109 ITR 229 are also relevant. “Where assessment order is in accordance with law, it cannot be termed to be erroneous, C.I.T Vs. Ashoka Traders SLP Civil no. 2374-2375 of 1995 dismissed by the Supreme Court 212 ITR (ST) 369.” 23. It was submitted that the observations of Principal Commissioner of Income

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.

8. Dy. Commissioner concerned shall be competent to execute necessary documents of transfer. By order of the Government of Jammu and Kashmir. (I.D. Gupta ) Spl. Secretary to Govt. Revenue department. NO. REV(NDJ)72/27 Dated:02.02.1973 It is clear from the above cabinet decision that all the nazul lands in around Jammu were transferred to the Jammu Development Authority

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.

8. Dy. Commissioner concerned shall be competent to execute necessary documents of transfer. By order of the Government of Jammu and Kashmir. (I.D. Gupta ) Spl. Secretary to Govt. Revenue department. NO. REV(NDJ)72/27 Dated:02.02.1973 It is clear from the above cabinet decision that all the nazul lands in around Jammu were transferred to the Jammu Development Authority

SHRI MOHD MANZOOR,RAJOURI vs. INCOME TAX OFFICER WARD -2 (3), JAMMU

In the result, the appeal of the assessee bearing ITA No

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

8% (u/s 44AD since the turnover is within the limits specified under this section) is being applied to the said deposits totaling to Rs 9405033/(excluding demonetization period)- This will result in the assessee’s business income/profit to be recomputed at Rs 752402/- u/s 28 of the Income Tax Act, 1961. Since this business income was not offered

SMT HARNEET KAUR JUNEJA,JALANDHAR vs. PRINCIPAL COMMISSIONER OF INCOME TAX -1, JALANDHAR

In the result, appeal of the assessees in ITA Nos

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

house property. (v) The assessee deposited cash of Rs 20,00,000/- during demonetization period and was thus obliged to explain the nature and source of cash credits of Rs 20,00,000/-. Income of Rs. 17,50,000/- only was declared under the head Misc. income. Rs 2.5 lac is not a standard deduction. As per the above mentioned

SHRI MANMOHAN SINGH KAPUR,HOSHIARPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, JALANDHAR

In the result, appeal of the assessees in ITA Nos

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

house property. (v) The assessee deposited cash of Rs 20,00,000/- during demonetization period and was thus obliged to explain the nature and source of cash credits of Rs 20,00,000/-. Income of Rs. 17,50,000/- only was declared under the head Misc. income. Rs 2.5 lac is not a standard deduction. As per the above mentioned

SHRI SUKHJIT SINGH,HOSHIARPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, JALANDHAR

In the result, appeal of the assessees in ITA Nos

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

house property. (v) The assessee deposited cash of Rs 20,00,000/- during demonetization period and was thus obliged to explain the nature and source of cash credits of Rs 20,00,000/-. Income of Rs. 17,50,000/- only was declared under the head Misc. income. Rs 2.5 lac is not a standard deduction. As per the above mentioned

M/S SHANKAR RICE & GENERAL MILLS ,MOGA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE, MOGA

In the result, the appeal of the assessee is dismissed

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

house property, profits and gains of business or profession, or capital gains, nor is it income from ’other sources' because the provisions of sections 69, 69A, 69B and 69C treat unexplained investments, unexplained money, bullion, etc., and unexplained expenditure as deemed income where the nature and source of investment, acquisition or expenditure, as the case may be, have not been

SHRI MOHAMMAD YAQOOB DAR,SRINAGAR vs. INCOME TAX OFFICER WARD -3 (2), SRINAGAR

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

property being residential flat has been purchased for Rs. 26,26,820/- from M/S Gulmohar Development vide purchase agreement dated 24th of November, 2011 by Mr. Farooq Ahmad Dar who is the son of the assessee. The assessee has been named as second/joint owner of the residential flat by his son out of his love and respect towards his father