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22 results for “section 68”+ Section 150(1)clear

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Key Topics

Section 26328Section 143(3)25Section 14720Addition to Income17Section 6815Section 153A12Section 10(38)12Disallowance9Section 1448Natural Justice

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

ITA 756/ASR/2017[2014-15]Status: DisposedITAT Amritsar31 Oct 2018AY 2014-15

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

For Appellant: Sh. Ashray Sarna (C.A.)For Respondent: Sh. Charan Dass (D.R.)
Section 143(3)Section 145(3)Section 41(1)Section 41(1)(a)Section 68

150 ITR 703 (Mad), clarifying that the assessee shall, inspite of entries to that effect in his accounts, have to establish the identity of the creditor; his capacity to advance; as well as the genuineness of the loan. Section 41(1), sure, casts no such obligation on the assessee as does sec. 68

Showing 1–20 of 22 · Page 1 of 2

8
Section 2506
Cash Deposit6

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1, JAMMU vs. M/S MOHD ASRAF SHEIKH, JAMMU

In the result, the appeal of the Revenue is allowed

ITA 212/ASR/2019[2015-16]Status: DisposedITAT Amritsar26 Jul 2023AY 2015-16

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

For Appellant: Sh. Vinay Jamwal, CAFor Respondent: Smt. Ratinder Kaur, Sr. DR
Section 68

1 (SC) [1977] 107 ITR (SC) The Delhi High Court in C1T v. Oasis Hospitalities Pvt. Ltd. 5, held that: “The initial onus is upon the assessee to establish three things necessary to obviate the mischief of Section 68. Those are: (i) identity of the investors; (ii) their creditworthiness/investments; and (iii) genuineness of the transaction. Only when these three

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

In the result, appeal of the assessees in ITA Nos

ITA 68/ASR/2022[2017-18]Status: DisposedITAT Amritsar22 Mar 2023AY 2017-18

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

For Appellant: Sh. Surinder Mahajan, CAFor Respondent: Smt. Balwinder Kaur, CIT-DR
Section 115BSection 143Section 143(3)Section 147Section 148Section 263Section 68

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

ITA 66/ASR/2022[2017-18]Status: DisposedITAT Amritsar22 Mar 2023AY 2017-18

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

For Appellant: Sh. Surinder Mahajan, CAFor Respondent: Smt. Balwinder Kaur, CIT-DR
Section 115BSection 143Section 143(3)Section 147Section 148Section 263Section 68

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

ITA 67/ASR/2022[2012-13]Status: DisposedITAT Amritsar22 Mar 2023AY 2012-13

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

For Appellant: Sh. Surinder Mahajan, CAFor Respondent: Smt. Balwinder Kaur, CIT-DR
Section 115BSection 143Section 143(3)Section 147Section 148Section 263Section 68

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

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

ITA 407/ASR/2016[2012-13]Status: DisposedITAT Amritsar30 Jan 2019AY 2012-13

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

For Appellant: Sh. Charan Dass (D.R.)For Respondent: Sh. Tarun Bansal (Adv.)
Section 143(3)Section 40A(3)

section 43(1) is again untenable, having in fact no relevance for the current year. The argument of the assessment having not been framed in the hands of the AOP (by the AO) is neither (AY 2012-13) ITO v. Shiv Raj Singh Bawa here nor there, i.e., in view of the first appellate authority, in whose order that

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3, AMRITSAR vs. SHRIMATI RAJ RANI ARORA, AMRITSAR

In the result, the appeal of the department is dismissed

ITA 10/ASR/2020[2014-15]Status: DisposedITAT Amritsar16 Jun 2023AY 2014-15

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

section 68 of the act are satisfied with regard to loan*'of Rs 1,00,00,000/- received by the appellant from Sh. Amandeep Singh in the year under consideration and no addition of Rs. 1,00,00,000/- is called for u/s 68 of the act in respect of loan from Sh. Amandeep Singh and the same

SHRI ARUN NARULA ,FEROZEPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE, AMRITSAR

Appeals are disposed of in the terms and observation made as above

ITA 14/ASR/2022[2014-15]Status: DisposedITAT Amritsar24 May 2023AY 2014-15

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

Section 132Section 139(1)Section 143(3)Section 144Section 147Section 68Section 80C

68 of the I.T. Act 1961 were made in this case. The assessee for A.Y. 2011-12 being aggrieved, filed an appeal before Ld. CIT(A)-S, Ludhiana on 22.04.2016, The Ld. CIT(A)-5, Ludhiana vide his order dated 31.10.2018 in appeal no. 58/IT/CIT(A)-5/LDH/2016-17 has partly allowed the appeal of the assessee by holding

SHRI ARUN NARULA,FROZEPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE, AMRITSAR

Appeals are disposed of in the terms and observation made as above

ITA 12/ASR/2022[2012-13]Status: DisposedITAT Amritsar24 May 2023AY 2012-13

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

Section 132Section 139(1)Section 143(3)Section 144Section 147Section 68Section 80C

68 of the I.T. Act 1961 were made in this case. The assessee for A.Y. 2011-12 being aggrieved, filed an appeal before Ld. CIT(A)-S, Ludhiana on 22.04.2016, The Ld. CIT(A)-5, Ludhiana vide his order dated 31.10.2018 in appeal no. 58/IT/CIT(A)-5/LDH/2016-17 has partly allowed the appeal of the assessee by holding

SHRI ARUN NARULA,FEROZEPUR vs. ASSISTANT COMMISSIONER OFD INCOME TAX CENTRAL CIRCLE, AMRITSAR

Appeals are disposed of in the terms and observation made as above

ITA 13/ASR/2022[2013-14]Status: DisposedITAT Amritsar24 May 2023AY 2013-14

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

Section 132Section 139(1)Section 143(3)Section 144Section 147Section 68Section 80C

68 of the I.T. Act 1961 were made in this case. The assessee for A.Y. 2011-12 being aggrieved, filed an appeal before Ld. CIT(A)-S, Ludhiana on 22.04.2016, The Ld. CIT(A)-5, Ludhiana vide his order dated 31.10.2018 in appeal no. 58/IT/CIT(A)-5/LDH/2016-17 has partly allowed the appeal of the assessee by holding

ABDUL HAFIZ,UDHAMPUR vs. D.C.I.T, CIRCLE-2, JAMMU

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

ITA 465/ASR/2017[2013-14]Status: DisposedITAT Amritsar19 Mar 2018AY 2013-14

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi.T.A. No. 465/(Asr)/2017 Assessment Year: 2013-14

For Appellant: Sh. P. N. Arora, AdvFor Respondent: Sh. Rajeev Gubgotra (D.R.)
Section 143(3)Section 68Section 69

section 68 is clearly applicable in the facts and circumstances of the case. The next question is if the assessee has discharged the burden of proof cast on him u/s. 68. The nature and source of a credit, as is well-settled, is to be discharged on the anvil of the parameters of the identity and capacity

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

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

ITA 319/ASR/2017[2012-13]Status: DisposedITAT Amritsar31 Jul 2018AY 2012-13

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

For Appellant: Sh. P. N. Arora (Adv.)For Respondent: Sh. A. N. Mishra (D.R.)
Section 133(6)Section 143(3)

150 ITR 703 (Mad), wherein it stands explained that in spite of the entries to that effect in his accounts, an assessee, in view of section 68, will have to establish the identity of the creditor; the capacity of the creditor to advance; and the genuineness of the transaction/s, and where the assessee does not offer any explanation about

SMT. SATVIR KAUR W/O SH. SHINDER SINGH,FEROZEPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, AMRITSAR

In the result, the appeal of the assessee is allowed

ITA 102/ASR/2022[2011-12]Status: DisposedITAT Amritsar29 May 2023AY 2011-12

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

Section 139(1)Section 143(3)Section 148Section 263

150/- against returned income of Rs 3,00,830/- declared in the return of income filed in response to notice u/s148 of the Act on 18.12.2018 after making addition of Rs. 1,75,322/ on account undisclosed interest on savings/deposits. The appellant’s case was reopened after recording reasons and obtaining necessary approval from Pr Commissioner of Income Tax, Bathinda

THE DY. COMMISSIONER OF INCOME TAX, AMRITSAR. vs. SH. JAIMAL SINGH, L/H. SH. PREM CHAND,, TARN TARAN

In the result, the appeal bearing ITA No

ITA 82/ASR/2016[2008-09]Status: DisposedITAT Amritsar09 Nov 2023AY 2008-09

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

Section 139(9)Section 147Section 250Section 250(6)Section 263

150/- related to deposit in bank from unexplained source. The addition was framed u/s 69C of the Act. Aggrieved assessee filed an appeal before the ld. CIT(A). The ld. CIT(A) allowed the assessee’s appeal and delete the addition. Being aggrieved the revenue filed an appeal before the ITAT with the grievance that the ld. CIT(A) accepted

SMT. DEEPTI AGGARWAL,GURDAS PUR vs. DY COMMISSIONER OF INCOME TAX, AMRITSAR

In the result, the appeal of assessee in ITA No

ITA 34/ASR/2019[2014-15]Status: DisposedITAT Amritsar13 Sept 2023AY 2014-15

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

Section 10(38)Section 153ASection 250

1,18,79,150/-. The revenue has declared the entire transaction as the sham transaction and bogus during search. The revenue identified various company stock i.e. a stock having very low price,which provide through root of preferential allotment after some time the large scale manipulation in price of this shares is done to artificially inflated through market price

SH.GAURAV AGGARWAL,GURDAS PUR vs. DY.COMMISSIONER OF INCOME TAX, AMRITSAR

In the result, the appeal of assessee in ITA No

ITA 35/ASR/2019[2014-15]Status: DisposedITAT Amritsar13 Sept 2023AY 2014-15

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

Section 10(38)Section 153ASection 250

1,18,79,150/-. The revenue has declared the entire transaction as the sham transaction and bogus during search. The revenue identified various company stock i.e. a stock having very low price,which provide through root of preferential allotment after some time the large scale manipulation in price of this shares is done to artificially inflated through market price

M/S RAMAN KUMAR AGGARWAL,GURDASPUR vs. DY. COMMISSIONER .OF. INCOME. TAX , AMRITSAR

In the result, the appeal of assessee in ITA No

ITA 32/ASR/2019[2014-15]Status: DisposedITAT Amritsar13 Sept 2023AY 2014-15

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

Section 10(38)Section 153ASection 250

1,18,79,150/-. The revenue has declared the entire transaction as the sham transaction and bogus during search. The revenue identified various company stock i.e. a stock having very low price,which provide through root of preferential allotment after some time the large scale manipulation in price of this shares is done to artificially inflated through market price

SH. RAMAN KUMAR AGGARWAL,GURDAS PUR vs. DY. COMMISSIONER OF INCOME TAX , AMRITSAR

In the result, the appeal of assessee in ITA No

ITA 33/ASR/2019[2015-16]Status: DisposedITAT Amritsar13 Sept 2023AY 2015-16

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

Section 10(38)Section 153ASection 250

1,18,79,150/-. The revenue has declared the entire transaction as the sham transaction and bogus during search. The revenue identified various company stock i.e. a stock having very low price,which provide through root of preferential allotment after some time the large scale manipulation in price of this shares is done to artificially inflated through market price

INCOME TAX OFFICER, WARD-4(2), JALANDHAR, , CIVIL LINES vs. SH. BARJESH SINGHAL, MODERN COLONY

In the result, the appeal filed by the revenue is allowed for statistical purpose

ITA 363/ASR/2024[2016-17]Status: DisposedITAT Amritsar13 Oct 2025AY 2016-17

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

For Appellant: None (Written submission)
Section 142(1)Section 143(3)Section 147Section 148Section 250

68 r.w.s. 115BBE of the Act. 4.4 During the course of appellate proceedings, the appellant has made a detailed written submission on 30.08.2023 and also on 27.03.2024 and, accordingly, submitted that re-opening of the assessment by the Assessing Officer u/s 147 of the Act is bad in law due to the fact that, the Assessing Officer has examined unsecured

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

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

ITA 46/ASR/2018[2013-14]Status: DisposedITAT Amritsar07 Jul 2023AY 2013-14

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

Section 143(3)Section 144Section 145(3)Section 250(6)Section 68

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