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

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

Transfer Pricing Officer (in short ‘the TPO’) on 21.12.2010 for computation of the Arm’s 12 I.T.A. Nos. 477 & CO 32/Asr/2015 & Ors Asstt. CIT v. Broadways Overseas Ltd. & Ors Length Price. The TPO accordingly passed order dated 21.10.2011 and sent it to the Assessing Officer for necessary action at his end. The order/report of the TPO was received

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

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

Transfer Pricing Officer (in short ‘the TPO’) on 21.12.2010 for computation of the Arm’s 12 I.T.A. Nos. 477 & CO 32/Asr/2015 & Ors Asstt. CIT v. Broadways Overseas Ltd. & Ors Length Price. The TPO accordingly passed order dated 21.10.2011 and sent it to the Assessing Officer for necessary action at his end. The order/report of the TPO was received

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

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

Transfer Pricing Officer (in short ‘the TPO’) on 21.12.2010 for computation of the Arm’s 12 I.T.A. Nos. 477 & CO 32/Asr/2015 & Ors Asstt. CIT v. Broadways Overseas Ltd. & Ors Length Price. The TPO accordingly passed order dated 21.10.2011 and sent it to the Assessing Officer for necessary action at his end. The order/report of the TPO was received

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

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

Transfer Pricing Officer (in short ‘the TPO’) on 21.12.2010 for computation of the Arm’s 12 I.T.A. Nos. 477 & CO 32/Asr/2015 & Ors Asstt. CIT v. Broadways Overseas Ltd. & Ors Length Price. The TPO accordingly passed order dated 21.10.2011 and sent it to the Assessing Officer for necessary action at his end. The order/report of the TPO was received

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

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

Transfer Pricing Officer (in short ‘the TPO’) on 21.12.2010 for computation of the Arm’s 12 I.T.A. Nos. 477 & CO 32/Asr/2015 & Ors Asstt. CIT v. Broadways Overseas Ltd. & Ors Length Price. The TPO accordingly passed order dated 21.10.2011 and sent it to the Assessing Officer for necessary action at his end. The order/report of the TPO was received

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

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

Transfer Pricing Officer (in short ‘the TPO’) on 21.12.2010 for computation of the Arm’s 12 I.T.A. Nos. 477 & CO 32/Asr/2015 & Ors Asstt. CIT v. Broadways Overseas Ltd. & Ors Length Price. The TPO accordingly passed order dated 21.10.2011 and sent it to the Assessing Officer for necessary action at his end. The order/report of the TPO was received

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

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

Transfer Pricing Officer (in short ‘the TPO’) on 21.12.2010 for computation of the Arm’s 12 I.T.A. Nos. 477 & CO 32/Asr/2015 & Ors Asstt. CIT v. Broadways Overseas Ltd. & Ors Length Price. The TPO accordingly passed order dated 21.10.2011 and sent it to the Assessing Officer for necessary action at his end. The order/report of the TPO was received

SH. MANJIT KRISHAN MALHOTRA,ABOHAR vs. PR. COMMISSIONER OF INCME TAX , BATHINDA

The appeals of the assessee are disposed of in the terms indicated as above

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

12. From the above, it is evident, that the JCIT, Bathinda although initiated the penalty proceedings but dropped the penalty proceedings u/s 271D and 271E of the Act., by way of one sentence orders without assigning any reasons by exercising statutory powers in judicious manner in accordance with the provisions of law and therefore, in our view, the Ld. PCIT

SHRI. MANJIT KRISHAN MALHOTRA,ABOHAR vs. PRINCIPAL COMMISSIONER OF INCOME TAX, BATHINDA

The appeals of the assessee are disposed of in the terms indicated as above

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

12. From the above, it is evident, that the JCIT, Bathinda although initiated the penalty proceedings but dropped the penalty proceedings u/s 271D and 271E of the Act., by way of one sentence orders without assigning any reasons by exercising statutory powers in judicious manner in accordance with the provisions of law and therefore, in our view, the Ld. PCIT

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

transferred power. 4. That the Dispute Resolution Panel (DRP) has erred in shifting the method from the Transactional Net Margin Method (TNMM) to the Cost Plus Method in the case of steam, and to the External Comparable Uncontrolled Price (CUP) method in the case of electricity, without considering the fact that the TNMM method adopted by the appellant

THE DY. COMMISSIONER INCOME-TAX, JAMMU vs. M/S. HORIZON BUILDCON PVT. LTD,, JAMMU

In the result, the appeals of the Revenue in I

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

transferred. The Hon'ble Madras High Court in the case of CIT Vs. P. Suryanaraina 88 ITR 321 held that the full value of consideration in the said section meant only the actual value received by the assessee. However the market value may also be taken in place of full value of consideration only in the event of the consideration

THE DY. COMMISSIONER INCOME-TAX, JAMMU vs. M/S. HORIZON BUILDCON PVT. LTD,, JAMMU

In the result, the appeals of the Revenue in I

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

transferred. The Hon'ble Madras High Court in the case of CIT Vs. P. Suryanaraina 88 ITR 321 held that the full value of consideration in the said section meant only the actual value received by the assessee. However the market value may also be taken in place of full value of consideration only in the event of the consideration

THE DY. COMMISSIONER INCOME-TAX, JAMMU vs. M/S. HORIZON BUILDCON PVT. LTD,, JAMMU

In the result, the appeals of the Revenue in I

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

transferred. The Hon'ble Madras High Court in the case of CIT Vs. P. Suryanaraina 88 ITR 321 held that the full value of consideration in the said section meant only the actual value received by the assessee. However the market value may also be taken in place of full value of consideration only in the event of the consideration

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

transferred by the assessee to the M/s Devinder Kumar Deepesh Kumar ,as an accommodation entry for recording of bogus purchase, because 4 I.T.A. No. 236/Asr/2023 Assessment Year: 2011-12 as per the AO the physical movement of goods could not be proved, in absence of any Bilty, weighment slip of goods, octroi receipts, and in absence of any proof

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.

section 145(3) may not be made.” In response to this query the assessee has filed reply on 24.12.2007 which is reproduced as under: “As the authority is not indulging purchase and sale of land, the details cannot be furnished and ITA Nos. 494 & 498/Asr./2013 12 Jammu Development Authority no land is in the name of Jammu Development 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.

section 145(3) may not be made.” In response to this query the assessee has filed reply on 24.12.2007 which is reproduced as under: “As the authority is not indulging purchase and sale of land, the details cannot be furnished and ITA Nos. 494 & 498/Asr./2013 12 Jammu Development Authority no land is in the name of Jammu Development Authority

M/S BLUE CITY TOWNSHIP & COLONIZERS,AMRITSAR. vs. THE INCOME TAX OFFICER,, AMRITSAR.

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

section 68. 20. Per contra, the Ld. DR supported the impugned order. He contended that the AO observed that the amounts which the assessee paid over and above the prices mentioned in the registries of purchase of land by the assessee company during FY 2008-09 were amounting to a sum of Rs 216,23,000/-, being the cash deposited

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

12 A.Y.2015-16 under the head income from business and profession’ and claiming depreciation on the said asset against the same, which was in accordance with the view taken by various High Courts on identical issue before them. Referring to the facts of the case it was pointed out that the impugned property had been leased out to the Managing Director

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

transfer pricing issues in the case of any person having international transactions or in case of a foreign company. It has been provided under sub-section (8) of section 144C that DRP may confirm, reduce or enhance the variations proposed in the draft order of the Assessing Officer. I.T.A. No.193/Asr/2022 36 Assessment Year: 2018-19 In a recent judgement