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

In the result, the appeal filed by assessee is allowed

68,\nhowever, Commissioner exercising his\nrevisionary power under section 263\nset aside assessment orders directing\nAssessing Officer to make fresh\nassessment after conducting detailed\nenquiry and upon satisfying on\ngenuneness of transaction - Whether\norder of Commissioner was not based\non irrelevant considerations and\nfurther in present circumstances, he\nwas not obliged to positively indicate\ndeficiencies in assessment order

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

14A / L-2 is granted in the name of an individual partner Mr. Raj Kumar ( PAN : AXFPK8915L) holding 25% share in profits and losses of the partnership firm. 7. The purchases of goods ( PML and IMFL ) Punjab Medium Liquor and Indian Made Foreign Liquor, are made from excise bonded warehouse under control of State excise authorities and goods are sold

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

14A. Interest shown by the assessee is from investing activity and not from business activity. The AO has failed to examine the issue of admissibility of expense claimed by the assessee against such income and the reason for showing losses on the basis of facts of the case. According to section 37(1) of the Income