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

68, read with section 10(38), of the Income-tax Act, 1961 - Cash credit (Share transactions) - Assessment year 2005-06 - Assessee had claimed sale proceeds of shares as long-term capital gain

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

68, read with section 10(38), of the Income-tax Act, 1961 - Cash credit (Share transactions) - Assessment year 2005-06 - Assessee had claimed sale proceeds of shares as long-term capital gain

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

section 54B holding that the same is not allowable against the sale of a capital asset other than agricultural land. The Assessing Officer passed an order u/s 143(3) r.w.s. 147 dated 28.12.2019 assessing the Long Term Capital Gain at Rs.3,68

M/S SANT BABA BHAG SINGH MEMORIAL CHARITABLE SOCIETY,JALANDHAR vs. D.C.I.T, CIRCLE - 1 (EXEMPTION), CHANDIGARH

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

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi.T.A. No. 432/(Asr)/2017 Assessment Year: 2014-15

capital outlay. During the current year itself, it purchased fixed assets at Rs.471.77 lacs and repaid borrowings, meeting thus its’ contractual obligation/s in this regard, to the extent of Rs.180.97 lacs, i.e., at a total of Rs.652.74 lacs, which far exceeds the revenue (net income) generated at Rs.228.94 lacs during the year, i.e., even assuming the entire

SHRI SATBIR SINGH BHULLAR,AMRITSAR vs. INCOME TAX OFFICER WARD- 5 (4), AMRITSAR

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

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

capital gain tax, Thiruvalla Assessing Officer erred in treating said deposit as unexplained investment of assessee [In favour of assessee] 6. 2015] 61 taxmann.com 425 Section 68

DR. HARPRIT SINGH ,JALANDHAR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, JALANDHAR

In the result, the appeal of the assessee stands allowed

Bench: Shri N.K. Choudhry & Shri O.P.Meenaआ.अ.संसंसंसं././././I.T.A No.195/Asr/2018 िनधा"रणवष"/A.Y.:2011-12 िनधा"रणवष" िनधा"रणवष" िनधा"रणवष" Dr. Harprit Singh, C/O M/S. Vs. Deputy Commissioner Of Orthonova Hospital, Near Nari Income-Tax, Niketan, Nakoddar Road, Central Circle –Ii, Jalandhar Jalandhar(Pb) (Pb) Pan: Acmps 7237 F अपीलाथ"Appellant अपीलाथ" ""यथ"/Respondent ""यथ" अपीलाथ" अपीलाथ" ""यथ" ""यथ"

gain, it was not open to the Revenue to seek to bring it a tax under the revenue receipt. There can be no manner of doubt that what is in the nature of capital receipt, cannot be brought to tax by resorting to Section 10 (3) read with section 56 of the Act.” Therefore, Learned Counsel argued that when

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

Section 56(2)(viia) are not applicable on the Assessee Commissioner with respect to both of the aforementioned subject sale transactions. However the assessee has failed to consider that the assessee has also purchased 2323 shares of M/s Neeman Medical International BV (Neeman BV) on 31-03- 2014. The AO has also failed to examine as t how two shares

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

68 (P&H HC) is worth to mention here wherein it was held as under: “Where the assessee sold its agricultural land which was used by it for carrying out agricultural activities after holding the same for more than two decades, gain arising out of sale of such land was held to be assessable as ‘Capital gain’ and not ‘Profits

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

68 (P&H HC) is worth to mention here wherein it was held as under: “Where the assessee sold its agricultural land which was used by it for carrying out agricultural activities after holding the same for more than two decades, gain arising out of sale of such land was held to be assessable as ‘Capital gain’ and not ‘Profits

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

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 explained or satisfactorily explained. Therefore, in these cases, the source

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 and 9] [In favour of assessee]\n27.\nThe Ld AR further argued on applicability of clause(a) of explanation 2 to\nsection 263 and relied upon

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

capital gain or loss. These share of M/s Kappac Pharma Ltd. resembled I.T.A. Nos.32 to 35/Asr/2019 15 A.Ys. 2014-15 & 2015-16 the character of Penny Stocks which has been discussed and investigated at length by Investigation Wing, Kolkata. The Kappac Pharma Ltd. even figures in the Appraisal report of the Investigation Wing, Kolkata giving detail of Bogus LTCG through

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

capital gain or loss. These share of M/s Kappac Pharma Ltd. resembled I.T.A. Nos.32 to 35/Asr/2019 15 A.Ys. 2014-15 & 2015-16 the character of Penny Stocks which has been discussed and investigated at length by Investigation Wing, Kolkata. The Kappac Pharma Ltd. even figures in the Appraisal report of the Investigation Wing, Kolkata giving detail of Bogus LTCG through

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

capital gain or loss. These share of M/s Kappac Pharma Ltd. resembled I.T.A. Nos.32 to 35/Asr/2019 15 A.Ys. 2014-15 & 2015-16 the character of Penny Stocks which has been discussed and investigated at length by Investigation Wing, Kolkata. The Kappac Pharma Ltd. even figures in the Appraisal report of the Investigation Wing, Kolkata giving detail of Bogus LTCG through

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

capital gain or loss. These share of M/s Kappac Pharma Ltd. resembled I.T.A. Nos.32 to 35/Asr/2019 15 A.Ys. 2014-15 & 2015-16 the character of Penny Stocks which has been discussed and investigated at length by Investigation Wing, Kolkata. The Kappac Pharma Ltd. even figures in the Appraisal report of the Investigation Wing, Kolkata giving detail of Bogus LTCG through

SHRI OM PARKASH LEGAL HEIAR SMT PUSHPA VERMA,JALANDHAR vs. INCOME TAX OFFICER WARD-1(3), JALANDHAR

In the result, the assessee’s appeal is dismissed

Bench: Sh. Sanjay Arorai.T.A. No. 756/Asr/2017 Assessment Year: 2014-15

gains of the business or profession, and accordingly chargeable to income-tax as the income of that previous year. Explanation 1.—For the purposes of this sub-section, the expression “loss or expenditure or some benefit in respect of any such trading liability by way of remission or cessation thereof” shall include the remission or cessation of any liability

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

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3, SRINAGAR vs. M/S TRUMBO CEMENT INDUSTRIES PRIVATE LIMITED, SRINAGAR

In the result, the Ground no-1 of the Revenue for ITA No

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

section 68 of the I.T Act, 1961, the AO has to examine three ingredients i.e., identity, genuineness of transactions and creditworthiness of the parties. In this factual and legal background, if we examine, the present case in the light of various evidences filed by the assessee, in order to prove credit found in the form of share capital money

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3, SRINAGAR vs. M/S TRUMBO CEMENT INDUSTRIES PRIVATE LIMITED , SRINAGAR

In the result, the Ground no-1 of the Revenue for ITA No

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

section 68 of the I.T Act, 1961, the AO has to examine three ingredients i.e., identity, genuineness of transactions and creditworthiness of the parties. In this factual and legal background, if we examine, the present case in the light of various evidences filed by the assessee, in order to prove credit found in the form of share capital money