SH. SANJAY SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

25 14. The statement of Shri Om Prakash Anandilal Khandewal (OPK), the director of PIL, was also recorded under section 132(4) of the Act wherein he had admitted that PIL was a paper company, having no business and was used by Shri SCS for generating bogus long-term capital gain to extend the benefit to the parties. The statement

SH. SANJAY SINGAL HUF,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

25 14. The statement of Shri Om Prakash Anandilal Khandewal (OPK), the director of PIL, was also recorded under section 132(4) of the Act wherein he had admitted that PIL was a paper company, having no business and was used by Shri SCS for generating bogus long-term capital gain to extend the benefit to the parties. The statement

SH. ANIKET SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

25 14. The statement of Shri Om Prakash Anandilal Khandewal (OPK), the director of PIL, was also recorded under section 132(4) of the Act wherein he had admitted that PIL was a paper company, having no business and was used by Shri SCS for generating bogus long-term capital gain to extend the benefit to the parties. The statement

SMT. AARTI SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

25 14. The statement of Shri Om Prakash Anandilal Khandewal (OPK), the director of PIL, was also recorded under section 132(4) of the Act wherein he had admitted that PIL was a paper company, having no business and was used by Shri SCS for generating bogus long-term capital gain to extend the benefit to the parties. The statement

SH. SANJAY SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

25 14. The statement of Shri Om Prakash Anandilal Khandewal (OPK), the director of PIL, was also recorded under section 132(4) of the Act wherein he had admitted that PIL was a paper company, having no business and was used by Shri SCS for generating bogus long-term capital gain to extend the benefit to the parties. The statement

SMT. AARTI SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

25 14. The statement of Shri Om Prakash Anandilal Khandewal (OPK), the director of PIL, was also recorded under section 132(4) of the Act wherein he had admitted that PIL was a paper company, having no business and was used by Shri SCS for generating bogus long-term capital gain to extend the benefit to the parties. The statement

SH. SANJAY SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

25 14. The statement of Shri Om Prakash Anandilal Khandewal (OPK), the director of PIL, was also recorded under section 132(4) of the Act wherein he had admitted that PIL was a paper company, having no business and was used by Shri SCS for generating bogus long-term capital gain to extend the benefit to the parties. The statement

SMT. AARTI SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

25 14. The statement of Shri Om Prakash Anandilal Khandewal (OPK), the director of PIL, was also recorded under section 132(4) of the Act wherein he had admitted that PIL was a paper company, having no business and was used by Shri SCS for generating bogus long-term capital gain to extend the benefit to the parties. The statement

SHRI KRISHAN KUMAR JALAN,BANGALORE vs. ITO, W-1, SIRSA

In the result appeal of the assessee is dismissed

capital gain of Rs.49,90,000/-. In his bank account there would be\na cheque deposit of Rs.50,00,000/- paid by the paper company that buys\nthe shares. The receipt is primafacie exempt from tax under the provisions\nof section 10(38) of the Income Tax Act, 1961.\n2.17 That the Directorate of Investigation, Kolkata investigated the\ntransactions

TARUN JAIN,BATHINDA vs. PR.CIT(CENTRAL), LUDHIANA

Bench: Shri N.K. Saini & Shri Sudhanshu Srivastava

10(36) of the Assessee in the earlier years and on the basis of the surrender made in the earlier years (which was factually incorrect) setting-aside the issue to the file of the Assessing Officer. It was submitted that on the issue of unsecured loans as well as deduction claimed u/s 57 of the Act, the Ld. PCIT

SHRI SANJAY JAIN,BATHINDA vs. PR.CIT(CENTRAL), LUDHIANA

Bench: Shri N.K. Saini & Shri Sudhanshu Srivastava

10(36) of the Assessee in the earlier years and on the basis of the surrender made in the earlier years (which was factually incorrect) setting-aside the issue to the file of the Assessing Officer. It was submitted that on the issue of unsecured loans as well as deduction claimed u/s 57 of the Act, the Ld. PCIT

RAJNI JAIN,BATHINDA vs. PR.CIT(CENTRAL), LUDHIANA

Bench: Shri N.K. Saini & Shri Sudhanshu Srivastava

10(36) of the Assessee in the earlier years and on the basis of the surrender made in the earlier years (which was factually incorrect) setting-aside the issue to the file of the Assessing Officer. It was submitted that on the issue of unsecured loans as well as deduction claimed u/s 57 of the Act, the Ld. PCIT

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

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

III Shri Aniket Singal AY Name of the Scrip Amount 2016-17 M/s Grandma Trading & Agencies Ltd. 29.97 M/s Ram Minerals & Chemicals Ltd. (ICVL Limited) 2015-16 M/s Maa JagdambeTradelinks Ltd., 42.56 M/s P S Infrastructure & Services Ltd. Formerly M/s ParagShilpa Investments Ltd. M/s Surabhi Chemicals & Investment Ltd. M/s ICVL (M/s Ram Minerals & Chemicals Ltd. 2014-15 M/s Global Infratech

M/S SANJAY SINGAL HUF,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

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

III Shri Aniket Singal AY Name of the Scrip Amount 2016-17 M/s Grandma Trading & Agencies Ltd. 29.97 M/s Ram Minerals & Chemicals Ltd. (ICVL Limited) 2015-16 M/s Maa JagdambeTradelinks Ltd., 42.56 M/s P S Infrastructure & Services Ltd. Formerly M/s ParagShilpa Investments Ltd. M/s Surabhi Chemicals & Investment Ltd. M/s ICVL (M/s Ram Minerals & Chemicals Ltd. 2014-15 M/s Global Infratech

SANJAY SINGAL,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

In the result, assessee’s appeals are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

10(38) of the 18 Act on long-term capital gains arising on sale of shares. He has also relied upon the decisions of the coordinate Benches of the Chandigarh Benches and Delhi Bench in the case of the Appellant and her family members viz. Shri Bhushan Singal, Smt Uma Singal, Smt Ritu Singal, Sh Neeraj Singal, Aniket Singal

ANIKET SINGAL,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

In the result, assessee’s appeals are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

10(38) of the 18 Act on long-term capital gains arising on sale of shares. He has also relied upon the decisions of the coordinate Benches of the Chandigarh Benches and Delhi Bench in the case of the Appellant and her family members viz. Shri Bhushan Singal, Smt Uma Singal, Smt Ritu Singal, Sh Neeraj Singal, Aniket Singal

AARTI SINGAL,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

In the result, assessee’s appeals are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

10(38) of the 18 Act on long-term capital gains arising on sale of shares. He has also relied upon the decisions of the coordinate Benches of the Chandigarh Benches and Delhi Bench in the case of the Appellant and her family members viz. Shri Bhushan Singal, Smt Uma Singal, Smt Ritu Singal, Sh Neeraj Singal, Aniket Singal

AARTI SINGAL,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

In the result, assessee’s appeals are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

10(38) of the 18 Act on long-term capital gains arising on sale of shares. He has also relied upon the decisions of the coordinate Benches of the Chandigarh Benches and Delhi Bench in the case of the Appellant and her family members viz. Shri Bhushan Singal, Smt Uma Singal, Smt Ritu Singal, Sh Neeraj Singal, Aniket Singal