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

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

section 10(38) of the Act in respect of long-term capital gains earned on transfer of shares held in M/s Maa Jagdambe Trade Link Limited, as under: Name of No. of Purchase of shares Sale of shares Long term Share shares Date of Cost Price Date of Sale Price capital gain Sale purchase Maa 18.75.000 12.03.2013 Rs.37,50.000 Various

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

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

section 10(38) of the Act in respect of long-term capital gains earned on transfer of shares held in M/s Maa Jagdambe Trade Link Limited, as under: Name of No. of Purchase of shares Sale of shares Long term Share shares Date of Cost Price Date of Sale Price capital gain Sale purchase Maa 18.75.000 12.03.2013 Rs.37,50.000 Various

HARYANA BUILDING AND OTHER CONSTRUCTION WORKERS WELFARE BOARD,PANCHKULA vs. DCIT, EXEMPTION, SECTOR 17

In the result, this appeal of the Assessee stands dismissed

gain is derived would not disentitle them\nfrom the benefit of section 10(46).\n183. In this context, it would be useful to consider the judgment of\nthe Delhi and Allahabad High Courts in Greater Noida Industrial\nDevelopment Authority (supra) (hereafter \"GNIDA\") and CIT v.\nYamuna Expressway Industrial Development Authority [2017] 81\ntaxmann.com 208/395 ITR 18/298

HARYANA BUILDING AND OTHER CONSTRUCTION WORKERS WELFARE BOARD,PANCHKULA vs. DCIT, EXEMPTION, CHANDIGARH

In the result, this appeal of the Assessee stands dismissed

gain is derived would not disentitle them\nfrom the benefit of section 10(46).\n183. In this context, it would be useful to consider the judgment of\nthe Delhi and Allahabad High Courts in Greater Noida Industrial\nDevelopment Authority (supra) (hereafter \"GNIDA\") and CIT v.\nYamuna Expressway Industrial Development Authority [2017] 81\ntaxmann.com 208/395 ITR 18/298

HARYANA BUILDING AND OTHER CONSTRUCTION WORKERS WELFARE BOARD,PANCHKULA vs. CIT(EXEMPTION), CHANDIGARH

In the result, this appeal of the Assessee stands dismissed

gain is derived would not disentitle them\nfrom the benefit of section 10(46).\n\n183. In this context, it would be useful to consider the judgment of\nthe Delhi and Allahabad High Courts in Greater Noida Industrial\nDevelopment Authority (supra) (hereafter \"GNIDA\") and CIT v.\nYamuna Expressway Industrial Development Authority [2017] 81\ntaxmann.com 208/395 ITR 18/298

HARYANA BUILDING AND OTHER CONSTRUCTION WORKERS WELFARE BOARD,PANCHKULA vs. DCIT, EXEMPTION, CHANDIGARH

In the result, this appeal of the Assessee stands dismissed

gain is derived would not disentitle them\nfrom the benefit of section 10(46).\n\n183. In this context, it would be useful to consider the judgment of\nthe Delhi and Allahabad High Courts in Greater Noida Industrial\nDevelopment Authority (supra) (hereafter \"GNIDA\") and CIT v.\nYamuna Expressway Industrial Development Authority [2017] 81\ntaxmann.com 208/395 ITR 18/298

SHRI SATISH SOIN,LUDHIANA vs. ACIT, CC-II, LUDHIANA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwalआयकर अपील सं./ Ita No. 303/Chd/2019 "नधा"रण वष" / Assessment Year : 2012-13 Shri Satish Soin, बनाम The Acit, House No.31, Garden Enclave, Central Circle-2, Vs South City-Ii, Ludhiana. Ludhiana. "थायी लेखा सं./Pan /Tan No: Advps6254N अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee By : Shri Ashwani Kumar & Ms. Muskan Garg, Cas राज"व क" ओर से/ Revenue By : Smt. Kusum Bansal, Cit Dr तार"ख/Date Of Hearing : 26.05.2025 उदघोषणा क" तार"ख/Date Of Pronouncement : 23.07.2025 Hybrid Hearing आदेश/Order Per Rajpal Yadav, Vp

Capital Gain claimed under Section 10(38) of the Income Tax Act. This exemption was claimed on sale of shares. ITA-303/CHD/2019 A.Y. 2012-13 9 11. First we take note of the facts from ITA 306/CHD/2019. The brief facts of the case are that a search & seizure operation under Section 132 of the Income Tax Act was conducted

SAHIBZADA TIMBER AND PLY PRIVATE LIMITED ,MOHALI vs. DCIT, ACIT CENTRAL CIRCLE-2, CHANDIGARH, CHANDIGARH

In the result, the appeal of the assessee is dismissed

Bench: SHRI. VIKRAM SINGH YADAV, AM आयकर अपील सं./ ITA No. 699/Chd/2024 निर्धारण वर्ष / Assessment Year : 2019-20 M/s Sahibzada Timber & Ply Private Limited B41-42, Phase-3, Indl. Aera, SAS Nagar Mohali, Punjab बनाम The DCIT Central Circle-2 Chandigarh स्थायी लेखा सं./PAN NO: AAQCS2239G अपीलार्थी/Appellant प्रत्यर्थी/Respondent निर्धारिती की ओर से/Assessee by : Shri Mohit Dhiman, C.A राजस्व की ओर से/ Revenue by : Dr. Ranjeet Kaur, Sr. DR Shri Dharam Vir, Addl. CIT, Sr.DR सुनवाई की तारीख/Date of He

gain shall be computed after making the following deductions from the full value of the consideration for which the sale exchange or transfer of the capital asset is made, namely: (i) expenditure incurred solely in connection with such sale, exchange or transfer; (ii) the actual cost to the assessee of the capital asset, including any expenditure of a capital nature

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). That the Learned Commissioner of Income Tax 2. (Appeals)-3 was further not justified to arbitrarily uphold the addition of Rs. 2,34,34,280/- on account of alleged commission expenses alleged paid by the appellant for arranging alleged entries in respect of long term capital gain invoking the provisions of Section 69C of the Income

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). That the Learned Commissioner of Income Tax 2. (Appeals)-3 was further not justified to arbitrarily uphold the addition of Rs. 2,34,34,280/- on account of alleged commission expenses alleged paid by the appellant for arranging alleged entries in respect of long term capital gain invoking the provisions of Section 69C of the Income

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). That the Learned Commissioner of Income Tax 2. (Appeals)-3 was further not justified to arbitrarily uphold the addition of Rs. 2,34,34,280/- on account of alleged commission expenses alleged paid by the appellant for arranging alleged entries in respect of long term capital gain invoking the provisions of Section 69C of the Income

SANJAY SINGAL (HUF),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). That the Learned Commissioner of Income Tax 2. (Appeals)-3 was further not justified to arbitrarily uphold the addition of Rs. 2,34,34,280/- on account of alleged commission expenses alleged paid by the appellant for arranging alleged entries in respect of long term capital gain invoking the provisions of Section 69C of the Income

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). That the Learned Commissioner of Income Tax 2. (Appeals)-3 was further not justified to arbitrarily uphold the addition of Rs. 2,34,34,280/- on account of alleged commission expenses alleged paid by the appellant for arranging alleged entries in respect of long term capital gain invoking the provisions of Section 69C of the Income

M/S LUDHIANA LEASING PVT. LTD.,CHANDIGARH vs. DCIT, CC-II, CHANDIGARH

In the result, the appeal of the assessee is treated as partly allowed

Bench: Shri Sanjay Garg & Shri Vikram Singh Yadavआयकर अपील सं./ Ita No. 241/Chd/2023 "नधा"रण वष" / Assessment Year : 2019-20 M/S Ludhiana Leasing Pvt.Ltd., बनाम The Dcit, Central Circle-Ii, #168, Sector 8, Chandigarh Chandigarh "थायी लेखा सं./Pan No: Aaacl6365N अपीलाथ"/Appellant ""यथ"/Respondent

capital gain for the purpose of section 115JB of the Act. Even the Hon'ble Supreme Court, in the case of Ajanta Pharma v. CIT [2010] 327 ITR 305/194 Taxman 358 in the context of deciding whether amount eligible profits u/s 80HHC or the amount of deduction u/s 80HHC to be deducted from book profits for the purpose of computing

SHRI ABHISHEK SOIN,LUDHIANA vs. DCIT, CC-II, LUDHIANA

The appeals are partly allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 321 & 322/Chd/2019 "नधा"रण वष" / Assessment Year: 2010-11, 2011-12 Shri Abhishek Soin, The Dcit, C/O Sigma Cartons Pvt. Ltd., Vs Central Circle-Ii, Unit-Ii, Industrial Area-C, Ludhiana. Sua Road, Ludhiana. "थायी लेखा सं./Pan No: Anbps9446A अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Shri Aditya Kumar, Ca Revenue By : Shri Manav Bansal, Cit Dr Date Of Hearing : 03.06.2025 Date Of Pronouncement : 29.07.2025 Hybrid Hearing O R D E R

Section 143(3) on 31.03.2015 in both years. The AO has accepted the claim of the assessee about Long Term Capital Gain exempt u/s 10

SHRI ABHISHEK SOIN,LUDHIANA vs. DCIT, CC-II, LUDHIANA

The appeals are partly allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 321 & 322/Chd/2019 "नधा"रण वष" / Assessment Year: 2010-11, 2011-12 Shri Abhishek Soin, The Dcit, C/O Sigma Cartons Pvt. Ltd., Vs Central Circle-Ii, Unit-Ii, Industrial Area-C, Ludhiana. Sua Road, Ludhiana. "थायी लेखा सं./Pan No: Anbps9446A अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Shri Aditya Kumar, Ca Revenue By : Shri Manav Bansal, Cit Dr Date Of Hearing : 03.06.2025 Date Of Pronouncement : 29.07.2025 Hybrid Hearing O R D E R

Section 143(3) on 31.03.2015 in both years. The AO has accepted the claim of the assessee about Long Term Capital Gain exempt u/s 10

BALBIR KUMAR HUF,CHANDIGARH vs. ITO , CHANDIGARH

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

10 deals with deductions and sub-section (37) thereof deals with capital gains arising from transfer of agricultural land, it no where provides as to what is to be included under the head "Capital gains". The argument raised is not well founded. 11. Learned counsel has relied on Circular No. 5 of 2010 by merely reading clause 46.1. The said

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

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

10 deals with deductions and sub-section (37) thereof deals with capital gains arising from transfer of agricultural land, it no where provides as to what is to be included under the head "Capital gains". The argument raised is not well founded. 11. Learned counsel has relied on Circular No. 5 of 2010 by merely reading clause 46.1. The said