SANJAY SINGAL,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CC-1, CHANDIGARH

Bench: SHRI A.D.JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

Capital Gain by the ITA 655/CHD/2023 & ITA 610/CHD/2023 A.Y. 2015-16 22 beneficiaries, including the appellant; that the company was having Nil revenue for FYs 2009-10, 2010-11, 2011-12, 2012-13 and Rs. 27.87 crores(trading sales) for FY 2013-14; that it had shown no operational activities from FY 2009-l0 to FY 2012-13; that further

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, LUDHIANA vs. SUNIL KUMAR SOOD, PANCHKULA

The appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

capital gain on the same was accrued to the assessee in the that year and the amount of liability has only been reversed by the assessee in the relevant assessment year Thus, the AO added the surplus amount of Rs. 2,41,88,998 (Rs.4,32,59,600-Rs.1,90,70,602/-) as income of the assessee and penalty

CEIGALL INDIA LIMITED, LUDHIANA,LUDHIANA vs. PRINCIPAL COMMISSIONER OF INCOME TAX, LUDHIANA, LUDHIANA

In the result, the appeal of the assessee stands allowed

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

capital gains from business income,  stock valuation,  additions to fixed assets,  penalty expenditure,  brought forward TDS credit, and  ICDS adjustments

PARAS AND SHUBHAM CHAUDHARY LEGAL HEIR OF KANHAIYA LAL,PANCHKULA vs. ITO, WARD 2, PANCHKULA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

capital gain will be taxable upon the assessee. However, the compensation has been received by the assessee after incorporation of Section 10(37) of the Act, hence, assessee is entitled for the benefit of this Section and the alleged interest received by him u/s 28 of the Land Acquisition Act, 1894, which are treated at par with the enhanced compensation

BALBIR KUMAR HUF,CHANDIGARH vs. ITO , CHANDIGARH

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

capital gains arising from transfer of agricultural land, and not to interest on delayed payment; that interest received on enhanced compensation is deemed to be taxable u/s 56(2)(viii) in the year of receipt; and that the assessee could not reduce income in a revised return while simultaneously claiming full TDS credit u/s 199. Accordingly, the AO held

ARJESH KUMAR,PATIALA vs. ITO NATIONAL E-ASSESSMENT CENTRE , DELHI

capital gains arising from transfer of agricultural land, and not to interest on delayed payment; that interest received on enhanced compensation is deemed to be taxable u/s 56(2)(viii) in the year of receipt; and that the assessee could not reduce income in a revised return while simultaneously claiming full TDS credit u/s 199. Accordingly, the AO held

RANJIT SINGH,PANCHKULA vs. DEPUTY DIRECTOR, CPC DEPARTMENT

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

capital gains arising from transfer of agricultural land, and not to interest on delayed payment; that interest received on enhanced compensation is deemed to be taxable u/s 56(2)(viii) in the year of receipt; and that the assessee could not reduce income in a revised return while simultaneously claiming full TDS credit u/s 199. Accordingly, the AO held

SAROJ CHAUDHARY BALA,PANCHKULA vs. ITO, WARD-4, PANCHKULA

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

capital gains arising from transfer of agricultural land, and not to interest on delayed payment; that interest received on enhanced compensation is deemed to be taxable u/s 56(2)(viii) in the year of receipt; and that the assessee could not reduce income in a revised return while simultaneously claiming full TDS credit u/s 199. Accordingly, the AO held

SH. AMARDEEP SINGH ATHWAL,YAMUNANAGAR vs. ITO, WARD-1, YAMUNANAGAR

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

capital gains arising from transfer of agricultural land, and not to interest on delayed payment; that interest received on enhanced compensation is deemed to be taxable u/s 56(2)(viii) in the year of receipt; and that the assessee could not reduce income in a revised return while simultaneously claiming full TDS credit u/s 199. Accordingly, the AO held

INCOME TAX OFFICER, FATEHABAD vs. MAHESH NAGPAL, FATEHABAD

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

capital gains arising from transfer of agricultural land, and not to interest on delayed payment; that interest received on enhanced compensation is deemed to be taxable u/s 56(2)(viii) in the year of receipt; and that the assessee could not reduce income in a revised return while simultaneously claiming full TDS credit u/s 199. Accordingly, the AO held

PAWAN KUMAR,FATEHABAD vs. INCOME TAX OFFICER WARD-1, FATEHABAD

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

capital gains arising from transfer of agricultural land, and not to interest on delayed payment; that interest received on enhanced compensation is deemed to be taxable u/s 56(2)(viii) in the year of receipt; and that the assessee could not reduce income in a revised return while simultaneously claiming full TDS credit u/s 199. Accordingly, the AO held

SH. AMARDEEP SINGH ATHWAL,YAMUNANAGAR vs. ITO, WARD-1, YAMUNANAGAR

Bench: BEFORE: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

capital gains arising from transfer of agricultural land, and not to interest on delayed payment; that interest received on enhanced compensation is deemed to be taxable u/s 56(2)(viii) in the year of receipt; and that the assessee could not reduce income in a revised return while simultaneously claiming full TDS credit u/s 199. Accordingly, the AO held

SMT. SHANKRI DEVI,PANCHKULA vs. ACIT, PANCKULA CIRCLE, PANCHKULA

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

capital gains arising from transfer of agricultural land, and not to interest on delayed payment; that interest received on enhanced compensation is deemed to be taxable u/s 56(2)(viii) in the year of receipt; and that the assessee could not reduce income in a revised return while simultaneously claiming full TDS credit u/s 199. Accordingly, the AO held

LABH SINGH,PANCHKULA vs. INCOME TAX OFFICER, WARD NO 2,, PANCHKULA

penalty proceedings u/s 270A for\nunder-reporting of income.\n7. Feeling aggrieved by the order passed by the Ld. Assessing Officer the\nassessee preferred the appeal before the Ld. CIT(A) / NFAC. The Ld. CIT(A)\nconsidered the assessment order, the written submissions of the assessee, and\nthe material available on record. At the outset, the Ld. CIT(A) observed

INCOME TAX OFFICER, INCOME TAX OFFICE BARNALA vs. LAKHVIR SINGH, GRAIN MARKET, BARNALA

penalty proceedings u/s 270A for\nunder-reporting of income.\n7.\nFeeling aggrieved by the order passed by the Ld. Assessing Officer the\nassessee preferred the appeal before the Ld. CIT(A) / NFAC. The Ld. CIT(A)\nconsidered the assessment order, the written submissions of the assessee, and\nthe material available on record. At the outset, the Ld. CIT(A) observed

BHUPINDER SINGH,AMBALA vs. INCOME TAX OFFICER, W-1, AMBALA, AMBALA

penalty proceedings u/s 270A for\nunder-reporting of income.\n7. Feeling aggrieved by the order passed by the Ld. Assessing Officer the\nassessee preferred the appeal before the Ld. CIT(A) / NFAC. The Ld. CIT(A)\nconsidered the assessment order, the written submissions of the assessee, and\nthe material available on record. At the outset, the Ld. CIT(A) observed

BALJEET KAUR,NADI MOHALLA AMBALA CITY vs. ITO WARD 1, AMBALA, AMBALA

penalty proceedings u/s 270A for\nunder-reporting of income.\n7.\nFeeling aggrieved by the order passed by the Ld. Assessing Officer the\nassessee preferred the appeal before the Ld. CIT(A) / NFAC. The Ld. CIT(A)\nconsidered the assessment order, the written submissions of the assessee, and\nthe material available on record. At the outset, the Ld. CIT(A) observed

SARVAN SINGH,AMBALA vs. INCOME TAX OFFICER-WARD 4, AMBALA

penalty proceedings u/s 270A for\nunder-reporting of income.\n7.\nFeeling aggrieved by the order passed by the Ld. Assessing Officer the\nassessee preferred the appeal before the Ld. CIT(A) / NFAC. The Ld. CIT(A)\nconsidered the assessment order, the written submissions of the assessee, and\nthe material available on record. At the outset, the Ld. CIT(A) observed