THE INCOME TAX OFFICER, AMRITSAR. vs. SH. SHIV RAJ SINGH BAWA, AMRITSAR.

In the result, the Revenue’s appeal is allowed and the assessee’s CO, dismissed

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi.T.A. No. 407/Asr/2016 Assessment Year: 2012-13

68 ITR 573 (SC); CIT v. Sutlej Cotton Mills Supply Agency Ltd. [1975] 100 ITR 706 (SC). The reference by the ld. Departmental Representative (DR), Sh. Charan Dass, to decisions in Karanpura Development Co. Ltd. v. CIT [1962] 44 ITR 362 (SC) and S.G. Mercantile Corporation (P.) Ltd. v. CIT [1972] 83 ITR 700 (SC) in this regard is also

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

68, section 69, section 69A, section 69B, section 69C or section 69D, at the rate of thirty per cent; and (b) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (a).". The respective cases

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

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

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

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

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

145 taxmann.com 590 (Calcutta) HIGH COURT OF CALCUTTA Principal Commissioner of Income-tax v.ReetaLakhmani* Section 10(38), read with section 263, of the Income-tax Act, 1961 - Capital gains - Income arising from transfer of long term securities (Penny stock shares) - Assessment year 2014- 15 - Whether before exercise of power under section 263 it is Principal Commissioner

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

145 taxmann.com 27 (Gujarat) dated 05.07.2022. INCOME TAX : Where assessee took loan from two parties and assessee had furnished requisite material showing identity of loan givers and that assessee was not beneficiary as loan was repaid in subsequent year, no addition under section 68 could be made on account of such loan Judgment of Hon’ble ITAT Ahemdabad Bench

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

145 taxmann.com 27 (Gujarat) dated 05.07.2022. INCOME TAX : Where assessee took loan from two parties and assessee had furnished requisite material showing identity of loan givers and that assessee was not beneficiary as loan was repaid in subsequent year, no addition under section 68 could be made on account of such loan Judgment of Hon’ble ITAT Ahemdabad Bench

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

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(3

THE INCOME TAX OFFICER, SAMBA vs. SH. ASHOK KUMAR SHARMA, SAMBA

In the result, the appeal of the revenue in Ground nos

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjeei.T.A. No.475/Asr/2016 Assessment Year: 2013-14

145 (3) of the Act. It appears from the record that the AO was determined not to consider or accept the books of accounts produced by the assessee during the entire assessment proceedings and did not give the appellant the opportunity to explain each and every entry with supporting documentary evidence. The action of the AO appears to be whimsical

SHRI. NITIN PAL SINGH ,JALANDHAR vs. INCOME TAX OFFICER WARD-3(3), JALANDHAR

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

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

68 and 69 of Income-tax Act, 1961. 6. The Ld. CIT(A) has erred in law and on the facts in the case in ignoring the section of the Assessing Officer, in his remand report, wherein he pointed out a number: of credit entries which did not tally with submission of the assessee and were not verifiable

INCOME TAX OFFICER WARD-3(5), JALANDHAR vs. SHRI NITIN PAL SINGH , JALANDHAR

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

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

68 and 69 of Income-tax Act, 1961. 6. The Ld. CIT(A) has erred in law and on the facts in the case in ignoring the section of the Assessing Officer, in his remand report, wherein he pointed out a number: of credit entries which did not tally with submission of the assessee and were not verifiable

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

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

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

68 r.w.s 115BBE of the Act) 3. Applying GP rate of 11.87% (But the NA addition of Rs. 2,72,17,362, were covered by the AO in addition of Rs. 15,54,20,000/- and no separate addition was made) Disallowance of expenses (1/4th and 4. 11,21,118 Ground Allowed NA 1/5th) as debited

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