THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAYS OVERSEAS LTD, JALANDHAR

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

Loss Account under Sections 28(iiic) and 28(iiib) of the Act. The AO disallowed the aforesaid claim of deduction under section 10B of the Act following the Hon’ble Apex Court Judgement in “Liberty India Vs. Commissioner of Income Tax”, (2009) 9 SCC 328: (2009) 317 ITR 218 (SC) and “Commissioner of Income Tax, Karnataka Vs. Sterling Foods”, Mangalore

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

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

Loss Account under Sections 28(iiic) and 28(iiib) of the Act. The AO disallowed the aforesaid claim of deduction under section 10B of the Act following the Hon’ble Apex Court Judgement in “Liberty India Vs. Commissioner of Income Tax”, (2009) 9 SCC 328: (2009) 317 ITR 218 (SC) and “Commissioner of Income Tax, Karnataka Vs. Sterling Foods”, Mangalore

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

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

Loss Account under Sections 28(iiic) and 28(iiib) of the Act. The AO disallowed the aforesaid claim of deduction under section 10B of the Act following the Hon’ble Apex Court Judgement in “Liberty India Vs. Commissioner of Income Tax”, (2009) 9 SCC 328: (2009) 317 ITR 218 (SC) and “Commissioner of Income Tax, Karnataka Vs. Sterling Foods”, Mangalore

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

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

Loss Account under Sections 28(iiic) and 28(iiib) of the Act. The AO disallowed the aforesaid claim of deduction under section 10B of the Act following the Hon’ble Apex Court Judgement in “Liberty India Vs. Commissioner of Income Tax”, (2009) 9 SCC 328: (2009) 317 ITR 218 (SC) and “Commissioner of Income Tax, Karnataka Vs. Sterling Foods”, Mangalore

THE ASSTT. COMMISSIONER OF INCOME TAX, JALANDHAR vs. M/S BROADWAY OVERSEAS LTD., JALANDHAR

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

Loss Account under Sections 28(iiic) and 28(iiib) of the Act. The AO disallowed the aforesaid claim of deduction under section 10B of the Act following the Hon’ble Apex Court Judgement in “Liberty India Vs. Commissioner of Income Tax”, (2009) 9 SCC 328: (2009) 317 ITR 218 (SC) and “Commissioner of Income Tax, Karnataka Vs. Sterling Foods”, Mangalore

BRODAWAYS OVERSEAS LIMITED,JALANDHAR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, JALANDHAR

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

Loss Account under Sections 28(iiic) and 28(iiib) of the Act. The AO disallowed the aforesaid claim of deduction under section 10B of the Act following the Hon’ble Apex Court Judgement in “Liberty India Vs. Commissioner of Income Tax”, (2009) 9 SCC 328: (2009) 317 ITR 218 (SC) and “Commissioner of Income Tax, Karnataka Vs. Sterling Foods”, Mangalore

SATIA INDUSTRIES LIMITED,MUKTSAR vs. DCIT/ACIT CIRCLE I, BATHINDA, BATHINDA

In the result, the appeal of the assessee is partly allowed

Bench: Dr. M. L. Meena & Sh. Udayan Dasgupta

carried on by the assessee are transferred to the eligible business and, in either case, the consideration, if any, for such transfer as recorded in the accounts of the eligible business does not correspond to the 97market value of such goods 96[or services] as on the date of the transfer, then, for the purposes of the deduction under this

SMT. SATYAWATI MARWAHA THROUGH LEGAL HEIR SH, CHANDER SHEIKHAR MARWAHA,JALANDHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX, JALANDHAR

In the result, the appeal for Asstt

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

loss of Rs. 30,618/- and carried transaction of Rs. 61,97,37,626/-, which also proves beyond any doubt that assessee had not traded only in one script as alleged by the Ld. Assessing Officer. During the period under consideration assessee invested /traded in multiple scripts, which was entirely ignored by the Ld. Assessing Officer. Sir, assesee invested

SMT. SATYAWATI MARWAHA THROUGH LEGAL HEIR SH. CHANDER SHEIKHAR MARWAHA,JALANDHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX, JALANDHAR

In the result, the appeal for Asstt

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

loss of Rs. 30,618/- and carried transaction of Rs. 61,97,37,626/-, which also proves beyond any doubt that assessee had not traded only in one script as alleged by the Ld. Assessing Officer. During the period under consideration assessee invested /traded in multiple scripts, which was entirely ignored by the Ld. Assessing Officer. Sir, assesee invested

M/S. JAMMU DEVELOPMENT AUTHORITY,,JAMMU ( J&K) vs. THE DEPUTY COMMISSIONER OF INCOME TAX, JAMMU

In the result, the appeal of the assessee is partly allowed for statistical purposes and the appeal of the department is dismissed

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryita No. 498/Asr./2013 : Asstt. Year : 2005-06 Jammu Development Authority, Vs Dy. Commissioner Of Income Vikas Bhawan, Rail Head Tax, Circle-I, Complex, Jammu, J & K Jammu (Appellant) (Respondent) Pan No. Aadfj7335A Ita No. 494/Asr./2013 : Asstt. Year : 2005-06 Dy. Commissioner Of Income Vs Jammu Development Authority, Tax, Circle-I, Vikas Bhawan, Rail Head Jammu Complex, Jammu, J & K (Appellant) (Respondent) Pan No. Aabcp1720E Assessee By : Shri. R. K. Gupta, Ca & Shri. Vasu Gupta, Ca Revenue By : Shri. M. P. Singh, Cit Dr Date Of Hearing :21.02.2019 Date Of Pronouncement : 22.03.2019 Order Per N. S. Saini: These Are The Cross Appeals Filed By The Assessee & Revenue Against The Order Of Commissioner Of Income Tax (Appeals) Dated 06.05.2013, Jammu.

loss or at the cost price. Majority of lands under the occupation of JDA have been transferred by the State Govt., without charging any premium. Thus the contention of the assessee that - “It is an agency of Govt., created for development and not for purchase & sale of property. It is further brought to your kind notice that the authority

THE DEPUTY COMMISSIONER OF INCOME TAX, JAMMU vs. M/S. JAMMU DEVELPMENT AUTHORITY,, JAMMU

In the result, the appeal of the assessee is partly allowed for statistical purposes and the appeal of the department is dismissed

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryita No. 498/Asr./2013 : Asstt. Year : 2005-06 Jammu Development Authority, Vs Dy. Commissioner Of Income Vikas Bhawan, Rail Head Tax, Circle-I, Complex, Jammu, J & K Jammu (Appellant) (Respondent) Pan No. Aadfj7335A Ita No. 494/Asr./2013 : Asstt. Year : 2005-06 Dy. Commissioner Of Income Vs Jammu Development Authority, Tax, Circle-I, Vikas Bhawan, Rail Head Jammu Complex, Jammu, J & K (Appellant) (Respondent) Pan No. Aabcp1720E Assessee By : Shri. R. K. Gupta, Ca & Shri. Vasu Gupta, Ca Revenue By : Shri. M. P. Singh, Cit Dr Date Of Hearing :21.02.2019 Date Of Pronouncement : 22.03.2019 Order Per N. S. Saini: These Are The Cross Appeals Filed By The Assessee & Revenue Against The Order Of Commissioner Of Income Tax (Appeals) Dated 06.05.2013, Jammu.

loss or at the cost price. Majority of lands under the occupation of JDA have been transferred by the State Govt., without charging any premium. Thus the contention of the assessee that - “It is an agency of Govt., created for development and not for purchase & sale of property. It is further brought to your kind notice that the authority

M/S. SATIA INDUSTRIES LIMITED,MUKTSAR vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA

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

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

forwarded by the Principle CIT Amritsar-1 vide letter dated 21.04.2022, to submit the reply on 28.06.2022 proves that there was violation of principle of natural justice as only one day time has been allowed to submit reply to the SCN and, in view, of the judgment of Apex Court in the case of Sona Builders the directions issued

SH. GURBACHAN SINGH BRAR,MOGA vs. ITO, WARD - 1,, MOGA

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

price mentioned on the said document. In this AR had submitted that, appellant, during the course of assessment proceedings, 3.7. denied the charge of the Learned Assessing Officer that the said property was actually sold for Rs. 11.25 crores on the following grounds: i) The assessee does not know the source of the purported alleged documents in the possession

SH. SANTOKH SINGH BRAR,MOGA vs. ITO, WARD - 2,, MOGA

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

price mentioned on the said document. In this AR had submitted that, appellant, during the course of assessment proceedings, 3.7. denied the charge of the Learned Assessing Officer that the said property was actually sold for Rs. 11.25 crores on the following grounds: i) The assessee does not know the source of the purported alleged documents in the possession

NASA AGRO INDUSTRIES PRIVATE LIMITED,FAZILKA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-II, BATHINDA

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

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

loss account to reduce profits. Reassessment proceedings commenced vide issue of notice u/s 148 dated 22nd 5. March, 2018 as per procedure (after necessary approval from higher authorities). Return filed in response to notice u/s 148 , was taken up for scrutiny and objections raised against recorded reasons has been disposed off. Notices issued u/s 142(1) raising various questioner

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

carried out by the assessee and could not be categorized as the business income of the assessee. Therefore, the Ld. Pr.CIT held that the justification of the claim of the expenses stood negated and the non- examination of the claim of expenses by the AO had rendered the assessment order erroneous so as to cause prejudice to the Revenue

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

transferred to the following concerns during the year itself on various dates- S.S. Enterprises, JalalabadRs.3,62,93,300/- Narinder Joson& Co., JalalabadRs.6,11,56,000/- Amrinder& Sons, Jalalabad Rs. 2,00,00,000/- Gurkirat Enterprises, Jalalabad Rs. 2,00,00,000/- Nawab Trading Rs. 1,07,06,700/- Josan Food Pvt. Ltd., Rs. 2,00,00,000/-” The ld. Counsel

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

In the result, the appeal filed by assessee is allowed

loss of revenue, or where two views\nare possible and AO has taken one view with which the CIT does not agree, it cannot\nbe treated as an erroneous order prejudicial to the interest of the Revenue, unless the\nview taken by the AO is totally unsustainable in law. In this regard reliance is being\nplaced upon the following case