ASSISTANT COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S JASDEEP KAUR CHADHA, JALANDHAR

In the result, the appeal of the assessee is allowed and the revenue appeal is dismissed

Bench: Sh. Udayan Das Gupta & Sh. Khettra Mohan Roy

section 68 - Whether since amount of loan received by assessee was returned within same financial year, appellate authorities had rightly deleted addition made by Assessing Officer - Held, yes [Paras 9 and 11] [In favour of assessee] Judgment of Hon’ble Gujarat High Court in the case of PCIT vs. c. Ambe Tradecorp (P.) Ltd. as reported in [2022] 145

JASDEEP KAUR CHADHA-JALANDHAR,PUNJAB vs. JAO THE DCIT CIRCLE-4 JALANDHAR, PUNJAB

In the result, the appeal of the assessee is allowed and the revenue appeal is dismissed

Bench: Sh. Udayan Das Gupta & Sh. Khettra Mohan Roy

section 68 - Whether since amount of loan received by assessee was returned within same financial year, appellate authorities had rightly deleted addition made by Assessing Officer - Held, yes [Paras 9 and 11] [In favour of assessee] Judgment of Hon’ble Gujarat High Court in the case of PCIT vs. c. Ambe Tradecorp (P.) Ltd. as reported in [2022] 145

SHRI FAROOQ AHMAD AHANGAR,SRINAGAR vs. INCOME TAX OFFICER,WARD-3(1), SRINAGAR

In the result, both the appeals are allowed

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

145(3) of the Act, the AO has estimated the income of te assessee as above. It is settled law that once books are rejected and income assessed by the AO on estimate basis, the provisions of section 68

SHRI FAROOQ AHMAD AHANGAR,SRINAGAR vs. INCOME TAX OFICER, WARD-3(1, SRINAGAR

In the result, both the appeals are allowed

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

145(3) of the Act, the AO has estimated the income of te assessee as above. It is settled law that once books are rejected and income assessed by the AO on estimate basis, the provisions of section 68

SMT. KIRAN MAHAJAN,JAMMU vs. INCOME TAX OFFICER, WARD-1(2) JAMMU

In the result, the assessee’s appeal is allowed for statistical purposes

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi.T.A. No. 319 & S.A. 15/(Asr)/2017 Assessment Year: 2012-13

145(3) of the Act. This is precisely what stands held by the Hon’ble jurisdictional High Court in CIT v. K.S. Bhatia [2004] 269 ITR 577 (P&H), to which, along with the decision in Asst. CIT v. Roopchand Thirani [2012] 9 Kiran Mahajan v. ITO 249 CTR 326 (Chatt), reference stands made by the tribunal

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE, AMRITSAR vs. SHRI BHUPINDER SINGH. M/S NOVELTY SWEETS, AMRITSAR

In the result, the appeal filed by the revenue is dismissed

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

Section 145(3) is not applicable in this case and business loss can be set-off with the amount surrendered during survey. The AR was asked to file the trading account/profit & loss account prepared at the time of survey upto 03.02.2019 and the re-casted account submitted by the as under: 10 I.T.A. No. 196/Asr/2022 Dy.CIT v. Bhupinder Singh

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

In the result, the appeal filed by assessee is allowed

145 taxmann.com 590 (Calcutta) HIGH COURT OF CALCUTTA Principal\nCommissioner of Income-tax v.ReetaLakhmani*\nSection 10(38), read with section 263, of the Income-tax Act, 1961 - Capital gains - Income\narising from transfer of long term securities (Penny stock shares) - Assessment year 2014-\n15 - Whether before exercise of power under section 263 it is Principal Commissioner\nwho

SHRIMATI JATINDER KAUR ( ALIAS AMRITA),JALANDHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2, JALANDHAR

In the result all the appeals of the assessee are allowed

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meena

section 68. Copy of the decision is enclosed at page no. 91. The view of the Delhi High Court in this case has been endorsed by the Supreme Court as the SLP of the revenue was dismissed and stands reported at 380 ITR 64 (Statute). Copy of the order is enclosed at page no. 92. In view

SHRIMATI JATINDER KAUR(ALIAS AMRITA),JALANDHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2, JALANDHAR

In the result all the appeals of the assessee are allowed

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meena

section 68. Copy of the decision is enclosed at page no. 91. The view of the Delhi High Court in this case has been endorsed by the Supreme Court as the SLP of the revenue was dismissed and stands reported at 380 ITR 64 (Statute). Copy of the order is enclosed at page no. 92. In view

SHRIMATI JATINDER KAUR (ALIAS AMRITA),JALANDHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2, JALANDHAR

In the result all the appeals of the assessee are allowed

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meena

section 68. Copy of the decision is enclosed at page no. 91. The view of the Delhi High Court in this case has been endorsed by the Supreme Court as the SLP of the revenue was dismissed and stands reported at 380 ITR 64 (Statute). Copy of the order is enclosed at page no. 92. In view

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

68, 69, 69A, 69B, 69C or 69D and reflected in the return of income furnished under section 139. Hence, tax on this income was to be charged under section 115BBE even if it had been declared by the assessee in the return of income. Income has been erroneously taxed at lower tax rate in this case causing prejudice

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

68, 69, 69A, 69B, 69C or 69D and reflected in the return of income furnished under section 139. Hence, tax on this income was to be charged under section 115BBE even if it had been declared by the assessee in the return of income. Income has been erroneously taxed at lower tax rate in this case causing prejudice

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

68, 69, 69A, 69B, 69C or 69D and reflected in the return of income furnished under section 139. Hence, tax on this income was to be charged under section 115BBE even if it had been declared by the assessee in the return of income. Income has been erroneously taxed at lower tax rate in this case causing prejudice

HIMALYA SPINNING MILLS,AMRITSAR vs. INCOME TAX OFFICER WARD- 2 (1), AMRITSAR

In the result, the appeal of the assessee is allowed

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

Section 145 and without rejecting the Books of Account of the assessee which is not correct. 6.4 Assessee explained the sources for the cash deposits in the bank account totaling to Rs.27,00,000/- during the demonetization period as cash sales. AO observed that - (i) cash deposited into bank by the assessee increased

INCOME TAX OFFICER, WARD 2(2), JAMMU vs. SH. NEERAJ AGGARWAL , JAMMU

In the result, the Revenue’s appeal is allowed for statistical purposes

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi.T.A. No. 349/(Asr)/2017 Assessment Year: 2010-11

145. (1) – (2)……………… (3) Where the Assessing Officer is not satisfied about the correctness or completeness of the accounts of the assessee, or where the method of accounting provided in sub-section (1) or accounting standards as notified under sub-section (2), have not been regularly followed by the assessee, the Assessing Officer may make an assessment

RAJ KUMAR & CO,NAWANSHAHR vs. INCOME TAX OFFICER, NAWANSHAHR

In the result, the appeal of the assessee is partly allowed as indicated above

Bench: Sh. Manoj Kumar Aggarwal & Sh. Udayan Dasgupta

68 of the Act 61 , on account of unexplained cash credit after rejection of books of accounts invoking provisions of section 145

HINDVEE SMALL FINANCE LIMITED,JAIPUR vs. ITO WARD 1(3) JAMMU, JAMMU

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

Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay

145(3) of the Act, no valid addition can be made. The Authorities Below have however ignored this vital fact while dismissing the appeal and confirming the addition of Rs.50,90,194/- on the basis of misconceived presumptions and surmises that the sale proceeds of the Vehicles as shown in the Audited Books were a 'Colorable Device', relying heavily

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

145(3) of the Act. The same ratio ought to have been applied by him for the impugned additions also. Further, observing, upon a reading of the impugned order during hearing, that the ld. CIT(A) justifies the impugned addition u/s. 41(1) in case of rejection of accounts, as being in contradistinction to an addition u/s. 68