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

8,85,40,036/- vide order under section 143(3) read with section 144C(13) in consequence of directions of DRP u/s144C(5) of the Income Tax Act, 1961. 2. That the Assessing Officer (AO) has erred in making an addition of Rs. 6,66,54,028/- by reducing the sales value of steam and power

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 ought to have considered TNMM method. I find that the credits in the account of AE have arisen out of export sale made by the assessee company to the AE and therefore, receivables arising from such transactions are undoubtedly inextricable connected. Further. TPO has applied interest rate of 17.26% which has been applied

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 ought to have considered TNMM method. I find that the credits in the account of AE have arisen out of export sale made by the assessee company to the AE and therefore, receivables arising from such transactions are undoubtedly inextricable connected. Further. TPO has applied interest rate of 17.26% which has been applied

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 ought to have considered TNMM method. I find that the credits in the account of AE have arisen out of export sale made by the assessee company to the AE and therefore, receivables arising from such transactions are undoubtedly inextricable connected. Further. TPO has applied interest rate of 17.26% which has been applied

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 ought to have considered TNMM method. I find that the credits in the account of AE have arisen out of export sale made by the assessee company to the AE and therefore, receivables arising from such transactions are undoubtedly inextricable connected. Further. TPO has applied interest rate of 17.26% which has been applied

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

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

Transfer Pricing Officer ought to have considered TNMM method. I find that the credits in the account of AE have arisen out of export sale made by the assessee company to the AE and therefore, receivables arising from such transactions are undoubtedly inextricable connected. Further. TPO has applied interest rate of 17.26% which has been applied

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 ought to have considered TNMM method. I find that the credits in the account of AE have arisen out of export sale made by the assessee company to the AE and therefore, receivables arising from such transactions are undoubtedly inextricable connected. Further. TPO has applied interest rate of 17.26% which has been applied

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 ought to have considered TNMM method. I find that the credits in the account of AE have arisen out of export sale made by the assessee company to the AE and therefore, receivables arising from such transactions are undoubtedly inextricable connected. Further. TPO has applied interest rate of 17.26% which has been applied

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

8. The ld. counsel for the assessee has submitted that PCIT has no power to exercise u/s 263(1) of the Act in respect of penalty order passed by the AO or any other Income Tax Authorities. He argued that the decision of assessment order can be taken for a revisionary processing u/s 263 of the Act with the support

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

8. The ld. counsel for the assessee has submitted that PCIT has no power to exercise u/s 263(1) of the Act in respect of penalty order passed by the AO or any other Income Tax Authorities. He argued that the decision of assessment order can be taken for a revisionary processing u/s 263 of the Act with the support

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

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.

8, 9, 10, 11, 12, 13, 14, 15, 16, 17 18, & 19: All these grounds are on one issue and summarized as one: “That CIT(A) is not justified in confirming the addition made by the Ld. A.O. of Rs.4,33,54,756/- on account of premium received by appellant authority against plots, flats & shops and thereafter enhancing this addition

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.

8, 9, 10, 11, 12, 13, 14, 15, 16, 17 18, & 19: All these grounds are on one issue and summarized as one: “That CIT(A) is not justified in confirming the addition made by the Ld. A.O. of Rs.4,33,54,756/- on account of premium received by appellant authority against plots, flats & shops and thereafter enhancing this addition

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

Bench: Sh. Vikram Singh Yadav & Sh. Udayan Dasgupta

13,86,384/- 15,60,000/- NIL 22. That before invoking the provisions of section 263, it is very much necessary to adhere to the twin conditions as embedded in section 263. In the circumstances where only one of the conditions is satisfied and the condition is not dealt with, in such circumstances the proceedings initiated vide section

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

THE ASSTT. COMMISSIONER OF INCOME TAX, JAMMU vs. M/S KAISER INDUSTRIES PVT. LTD, SAMBA

In the result, the appeal of the Revenue is dismissed

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryita No. 381/Asr./2016 : Asstt. Year : 2006-07 Asstt. Commissioner Of Income Vs M/S Kaiser Industries Pvt. Ltd., Tax, Circle-1, Jammu Industrial Growth Centre, Sidco, Samba (Appellant) (Respondent) Pan No. Aabck0456G Assessee By : Shri. Vasu Gupta, Ca Revenue By : Sh. Yashender Garg, Dr Date Of Hearing :21.02.2019 Date Of Pronouncement : 22.03.2019 Order Per N. S. Saini: This Is An Appeal Filed By The Revenue Against The Order Of Commissioner Of Income Tax (Appeals), Jammu Dated 31.03.2016. 2. The Sole Issue Involved In This Appeal Is That The Commissioner Of Income Tax (Appeals) Erred In Allowing The Deduction U/S 80Ib(4) Of The Income Tax Act, 1961 In Respect Of Samba Unit As The Same Was Claimed To Inflate The Profit Of Eligible Unit For The Motive Of Availing Deduction U/S 80Ib.

13). For the sake of convenience section 80-1A(10) is reproduced: Where it appears to the Assessing Officer that, owing to the close connection between the assessee carrying on the eligible business to which this section applies and any other person, or for any other reason, the course of business between them is so arranged that the business

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

8 A.Y.2015-16 causing to be made such inquiry as he deems necessary, pass such order thereon as the circumstances of the case justify, including an order enhancing or modifying the assessment, or cancelling the assessment and directing a fresh assessment. . . . . . . . …………………………………………………………………………….. Explanation 2.- For the purposes of this section, it is hereby declared that an order passed y the Assessing Officer