SHRI RAJ KUMAR ( M/S RADHIKA SALES CORP ), AMRITSAR vs. INCOME TAX OFFICER WARD- 3 (3), AMRITSAR

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

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

15] NeminathMuttin [In favour of assessee] 2. [2014] 42 Section 68 of the Income-tax Act, 1961 - Cash credits

MEASAGE G. G OILS & FATS PRIVATE LIMITED,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE- 1 , BATHINDA

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

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjeei.T.A. No.189/Asr/2018 Assessment Years: 2014-15

15 Assessment Years: 2014-15& 2016-17 be in the nature of advances or loan in all circumstances.” 10. The ld. AR further placed that in GG Oil & Fats Pvt. Ltd. In ITA No.508/Asr/2017, date of order 05.07.2019. the Coordinate Bench of Amritsar has passed an order against the assessee and not followed the binding judgement of Jurisdictional High Court

MESERS G.G CONTINEENTAL TRADES PVT.LTD,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX , CIRCLE-I, BATHINDA

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

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjeei.T.A. No.189/Asr/2018 Assessment Years: 2014-15

15 Assessment Years: 2014-15& 2016-17 be in the nature of advances or loan in all circumstances.” 10. The ld. AR further placed that in GG Oil & Fats Pvt. Ltd. In ITA No.508/Asr/2017, date of order 05.07.2019. the Coordinate Bench of Amritsar has passed an order against the assessee and not followed the binding judgement of Jurisdictional High Court

HOSHIARPUR TRADERS ,HOSHIARPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX -1, JALANDHAR

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

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

2 below sub section (1) of section 263 of the. I.T. Act, 1961. The assessment order is set aside to this extent, i.e., to the extent of the issues discussed above, to the file of the assessing officer to pass a fresh order after making necessary enquiries/investigations in the light of the discussions made above and after giving

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

2(24)(iia) – defining income to include voluntary contribution received by a charitable trust or institution, and section 68. Where a receipt is admitted as income, where, pray, and even as afore-stated, is the need to travel to section 68 which, as afore-noted, requires proving the nature and source of the receipt lest

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

2), provisions of section 68 would apply in circumstances mentioned therein - Held, yes - Assessing Officer Thane examined bank Pass Book of assessee and treated cash [2016] 73 taxmann.com 68 deposits in bank account as unexplained cash credit (Mumbai - within meaning of section 68 and added same in Trib.) income of assessee - Whether since assessee was not maintaining

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

15 A.Y.2015-16 in mind the facts of each case. The Ld.Counsel for the assessee accordingly pleaded that the finding of the Ld. Pr.CIT was based on incorrect application of law to the facts relating to the issue. 18. The Ld. DR, on the other hand, heavily relied upon the order of the Ld. Pr.CIT. Her contention being that

SH. FARUKH JEHAN ZEB ,SRINAGAR vs. INCOME TAX OFFICER, ANANT NAG

In the result, the appeal of the assessee is dismissed

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

15 Farukh Ahmad Zeb v. ITO had not disclosed complete facts which could enable it to claim deduction under section 80-1 and, therefore, its income had not been properly assessed. At this stage, the court can neither go into the sufficiency or adequacy of the reasons recorded by respondent No. 2 nor can it interfere with the notice

MESERS P.D SEKHSARIA TRADING COMPANY ,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, BATHINDA

In the result, the appeal of the assessee is allowed and the Stay Petition of the assessee is dismissed

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryita No. 331/Asr./2018 : Asstt. Year : 2014-15 M/S P. D. Sekhsaria Trading Vs Dy. Commissioner Of Income Company Pvt. Ltd., 4242, Tax, Circle-I, Ground Floor, Gurudwara Singh Bathinda, Punjab Sabha Street, Bathinda, Punjab (Appellant) (Respondent) Pan No. Aabcp1720E Sa No. 03/Asr./2019 (In Ita No. 331/Asr./2018: Asstt. Year : 2014-15) M/S P. D. Sekhsaria Trading Vs Dy. Commissioner Of Income Company Pvt. Ltd., 4242, Tax, Circle-I, Ground Floor, Gurudwara Singh Bathinda, Punjab Sabha Street, Bathinda, Punjab (Appellant) (Respondent) Pan No. Aabcp1720E Assessee By : Shri. Salil Kapoor, Adv. & Shri. Sanat Kapoor, Adv. Revenue By : Shri. M. P. Singh, Cit Dr Date Of Hearing :20.02.2019 Date Of Pronouncement : 19.03.2019 Order Per N. S. Saini: This Is An Appeal Filed By The Assessee Against The Order Of Cit(A), Bathinda Dated 26.03.2018. 2. The Assessee Has Raised Following Grounds Of Appeal: “1. That On The Facts & Circumstances Of The Case The Addition/Disallowance Of Rs.4,69,47,808/- Made

15 SA No. 03/Asr./2019 P.D. Sekhsaria Trading Company Pvt. Ltd. 04.07.2013. Therefore, obviously, it needs some time for any Commodity Exchange before it is notified as a recognized commodity association as per Income Tax Rules in addition to its status under FCRA. This exactly happened to NCDEX also, therefore, getting an association notified as recognised association was a formality

SHRI RAVINDER SACHDEVA,AMRITSAR vs. INCOME TAX OFFICER WARD -5 (4), AMRITSAR

In the result, the appeal of the assesse is allowed for statistical

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

2 is concerned, apparently when the Tribunal has found as a fact that the assessee was receiving money from the customers in hands against the payment on delivery of the vehicles on receipt from the dealer the question of such amount standing in the hooks of account of the assessee would not attract section 68 because the cash deposit

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

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

2. Whether in the facts and circumstances of the case and in law the Ld. CIT(A) was in error in not appreciating the law laid down by the Hon’ble Supreme Court of India in the case of NRA Iron and Steel Pvt. Ltd., where the Apex Court while discussing genuineness of share capital laid down the general principles

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

2. That the Ld. CIT(A) has failed to appreciate that the amount of loan was received from the above said parties during the year under consideration through banking channels and the same was paid back through banking channels during the same year and, as such, the confirmation of addition as made by the Ld. CIT(A) is against

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

2. That the Ld. CIT(A) has failed to appreciate that the amount of loan was received from the above said parties during the year under consideration through banking channels and the same was paid back through banking channels during the same year and, as such, the confirmation of addition as made by the Ld. CIT(A) is against

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

2,50,000/-). The explanation offered by the assessee was not substantiated in any manner by the assessee as is required under the provisions of section 68 of the Act. The AO had no material on record to accept the explanation that Rs 20,00,000/- was not unexplained cash credit as the primary onus cast upon the assessee

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

2,50,000/-). The explanation offered by the assessee was not substantiated in any manner by the assessee as is required under the provisions of section 68 of the Act. The AO had no material on record to accept the explanation that Rs 20,00,000/- was not unexplained cash credit as the primary onus cast upon the assessee

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

2,50,000/-). The explanation offered by the assessee was not substantiated in any manner by the assessee as is required under the provisions of section 68 of the Act. The AO had no material on record to accept the explanation that Rs 20,00,000/- was not unexplained cash credit as the primary onus cast upon the assessee

M/S G G OILS & FATS PVT.LTD ,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX, BATHINDA

In the result, the assessee’s appeal is dismissed

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi. T. A. No. 508/Asr/2017 Assessment Year: 2014-15

15 G. G. Oils & Fats Pvt. Ltd. v. Dy. CIT basic fact that s. 2(6A)(e) uses the words ‘any payment’ which means, every payment, and s. 2(6A)(e) requires the determination of two factors, viz., whether the payment is a loan and whether at the date when the payment is made there were ‘accumulated profits’ and that

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

2(45) defines 'total income' as 'the total income referred to in section 5, computed in the manner laid down in this Act". It is relevant to note that the principal charging section 4 makes the 'total income referred to in the principal charging section. Section 14 classifies the heads of income while sections 15

PUNEET SAHDEV,JAMMU vs. THE INCOME TAX OFFICER, JAMMU

Bench: Shri L. P. Sahu & Shri Ravish Sood

68. Ground of appeal No. 6 is allowed. 7. DISALLOWANCE U/S 40A(3) : Shri Puneet Sehdev Vs. ITO, Ward 2(2), Jammu – A.Y 2008-09 & A.Y 2009-10- ITA No. 305/Asr/2015 & ITA No. 05/Asr/2013 Shri Puneet Sehdev Vs. ITO, Ward 2(2), Jammu –A.Y 2009-10- ITA No.579/Asr/2016 11 ITO, Ward 2(2), Jammu Vs. Puneet Sehdev