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

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

26. From Transfer Pricing Assessment, it is evident that the TPO has applied interest rate of 17.26% to compute Arms length interest on loan advanced to AE without any comparable, and thus the view of the AO based on the aforesaid TPO report would not be justified. The CIT(A) has relied on the ITAT, Mumbai in the case

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

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

26. From Transfer Pricing Assessment, it is evident that the TPO has applied interest rate of 17.26% to compute Arms length interest on loan advanced to AE without any comparable, and thus the view of the AO based on the aforesaid TPO report would not be justified. The CIT(A) has relied on the ITAT, Mumbai in the case

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

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

26. From Transfer Pricing Assessment, it is evident that the TPO has applied interest rate of 17.26% to compute Arms length interest on loan advanced to AE without any comparable, and thus the view of the AO based on the aforesaid TPO report would not be justified. The CIT(A) has relied on the ITAT, Mumbai in the case

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

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

26. From Transfer Pricing Assessment, it is evident that the TPO has applied interest rate of 17.26% to compute Arms length interest on loan advanced to AE without any comparable, and thus the view of the AO based on the aforesaid TPO report would not be justified. The CIT(A) has relied on the ITAT, Mumbai in the case

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

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

26. From Transfer Pricing Assessment, it is evident that the TPO has applied interest rate of 17.26% to compute Arms length interest on loan advanced to AE without any comparable, and thus the view of the AO based on the aforesaid TPO report would not be justified. The CIT(A) has relied on the ITAT, Mumbai in the case

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

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

26. From Transfer Pricing Assessment, it is evident that the TPO has applied interest rate of 17.26% to compute Arms length interest on loan advanced to AE without any comparable, and thus the view of the AO based on the aforesaid TPO report would not be justified. The CIT(A) has relied on the ITAT, Mumbai in the case

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 to paper unit, in that circumstances the arm length rate works out to 3,18,91,85,267.04. 26. He further referred to the TPO order for the Assessment Year 2017-18 wherein the department accepted the price of electricity at Rs. 6.87 per KWH (calculated as 43,60,95,829/ 6,34,63,979) and the position

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

26,000/- by transferring of the RECs and ESCs credit during the impugned year which is capital in nature. Though in the return the assessee claimed it u/s 115BBG and paid the tax in special rate. 5.1 Mr Sehgal, ld. AR invited our attention in APB pages 7 to 15, the copy of the letter dated 26.09.2021 submitted before

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

26-30. This set documents are a Memorandum of understanding (MOU) dated 22.01.2008 between Sh. Surjit Singh S/o Harjinder Singh and Baljinder Singh S/o Natha Singh as 1st party and M/s Horizon Buildcon Pvt. Ltd. as 2nd party. Memorandum of Dy. CIT v. Horizon Buildcon Pvt. Ltd. understanding (MOU) has been found not in original but as a photo copy

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

26-30. This set documents are a Memorandum of understanding (MOU) dated 22.01.2008 between Sh. Surjit Singh S/o Harjinder Singh and Baljinder Singh S/o Natha Singh as 1st party and M/s Horizon Buildcon Pvt. Ltd. as 2nd party. Memorandum of Dy. CIT v. Horizon Buildcon Pvt. Ltd. understanding (MOU) has been found not in original but as a photo copy

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

26-30. This set documents are a Memorandum of understanding (MOU) dated 22.01.2008 between Sh. Surjit Singh S/o Harjinder Singh and Baljinder Singh S/o Natha Singh as 1st party and M/s Horizon Buildcon Pvt. Ltd. as 2nd party. Memorandum of Dy. CIT v. Horizon Buildcon Pvt. Ltd. understanding (MOU) has been found not in original but as a photo copy

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.

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 s created have been capitalized

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.

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 s created have been capitalized

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

26 A.Y.2015-16 34. The above reasoning, we find, is neither here nor there. Ld. Pr.CIT’s finding that no loss could possibly have been incurred in operational consultancy, we fail to understand. It is not the case of the Ld. Pr.CIT that the assessee had claimed losses under the head ‘business and profession income’, on the contrary the only contention

ASSISTANT COMMISSIONER OF INCOME TAX (CENTRAL CIRCLE), JAMMU vs. ANITA KAPAHI, JAMMU

In the result, the appeal of the revenue is dismissed being devoid of merits

Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay

26 ITR 775held as under: "Section 143 of the Income-tax Act, 1961 [Corresponding to section 23(3) of the Indian Income-tax Act, 1922]-Assessment - Additions to income - Assessment year 1944-45-Whether though ITO is not fettered by technical rules of evidence and pleadings and he is entitled to act on material which may not be accepted

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

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

price. The correct value of excess stock as per cost as submitted before the AO is worked out and the assessee has put an alternate argument to demonstrate that the revenue is not prejudiced: “Additional argument on the aspect of prejudicial to the interest of revenue: That the appellant vide reply dated 17.03.2021 specifically requested the AO to consider

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

transfer of long term securities (Share dealings) - Assessment year 2013-14 - Assessee had sold shares of SNCFL and earned long-term capital gains - Assessing Officer issued a show cause notice alleging that transaction was a pennystock deal aimed at illegitimately claiming long-term capital gain exemption under section 10(38) - Assessing Officer treated purchase as bogus and added

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

transfer of long term securities (Share dealings) - Assessment year 2013-14 - Assessee had sold shares of SNCFL and earned long-term capital gains - Assessing Officer issued a show cause notice alleging that transaction was a pennystock deal aimed at illegitimately claiming long-term capital gain exemption under section 10(38) - Assessing Officer treated purchase as bogus and added