SH. AMAR SINGH,JAGADHARI vs. ITO, YAMUNANAGAR

In the result, both the appeal of different assessees are allowed

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

section 54B and 54F alongwith deduction on account of commission and considering fair market value of the property. These grounds have become infructuous in view of the finding above that no capital gain accrued or arises in assessment year under appeal. These issues may be considered by both the parties in the year when capital gain would arise. These grounds

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

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

section 68 of the Act. Once the transaction of selling shares to the companies other than 21 companies belonging to Shri SCS has to be accepted as genuine long-term capital gain

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

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

section 68 of the Act. Once the transaction of selling shares to the companies other than 21 companies belonging to Shri SCS has to be accepted as genuine long-term capital gain

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

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

section 68 of the Act. Once the transaction of selling shares to the companies other than 21 companies belonging to Shri SCS has to be accepted as genuine long-term capital gain

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

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

section 68 of the Act. Once the transaction of selling shares to the companies other than 21 companies belonging to Shri SCS has to be accepted as genuine long-term capital gain

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

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

section 68 of the Act. Once the transaction of selling shares to the companies other than 21 companies belonging to Shri SCS has to be accepted as genuine long-term capital gain

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

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

section 68 of the Act. Once the transaction of selling shares to the companies other than 21 companies belonging to Shri SCS has to be accepted as genuine long-term capital gain

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

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

section 68 of the Act. Once the transaction of selling shares to the companies other than 21 companies belonging to Shri SCS has to be accepted as genuine long-term capital gain

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

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

section 68 of the Act. Once the transaction of selling shares to the companies other than 21 companies belonging to Shri SCS has to be accepted as genuine long-term capital gain

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

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

section 68 of the Act. Once the transaction of selling shares to the companies other than 21 companies belonging to Shri SCS has to be accepted as genuine long-term capital gain

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 claimed by it was genuine. 6.11 In the present case, I find that the appellant has failed to discharge its burden of proof and the AO, on the other hand, has proved that the claim of the appellant was not genuine. It has also been argued by the Ld. AR that no opportunity was provided to cross examine

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

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

Capital Gain claimed by it was genuine. 6.11 In the present case, I find that the appellant has failed to discharge its burden of proof and the AO, on the other hand, has proved that the claim of the appellant was not genuine. It has also been argued by the Ld. AR that no opportunity was provided to cross examine

SIKANDER SINGH MALUKA,MOHALI vs. ITO, MOHALI

In the result, the appeal of the assessee is allowed for

Bench: Shri Sanjay Garg & Ms. Annapurna Guptathe I.T.O., Vs. Sh.Sikandar Singh Maluka, Ward 5(1), # 1370, Sector 40-B, Chandigarh. Chandigarh Pan: Abzpm7206N & Sh.Sikandar Singh Maluka, Vs. The I.T.O., # 1370, Sector 40-B, Ward 5(2), Chandigarh. Chandigarh Pan: Abzpm7206N

section 147 of the I.T. Act, were initiated as per notice u/s 148 of the I.T. Act 24.12.2010 by Sh. B.S. Yadav the then ITO Ward 5(3), Chandigarh apparently without jurisdiction. As per the reasons recorded, the proceedings u/s 147 of the Act were initiated on the ground that the income from capital gain which is liable for capital

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

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

Capital Gain, exemption u/s 10(36) of the Act, deduction u/s 57 of the Act as well as on unsecured loans but the Ld. PCIT did not give any thoughtful consideration to the submissions made by the assessee but passed the impugned order in a summary manner, without any evidence on record and on the basis of the fact that

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

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

Capital Gain, exemption u/s 10(36) of the Act, deduction u/s 57 of the Act as well as on unsecured loans but the Ld. PCIT did not give any thoughtful consideration to the submissions made by the assessee but passed the impugned order in a summary manner, without any evidence on record and on the basis of the fact that

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

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

Capital Gain, exemption u/s 10(36) of the Act, deduction u/s 57 of the Act as well as on unsecured loans but the Ld. PCIT did not give any thoughtful consideration to the submissions made by the assessee but passed the impugned order in a summary manner, without any evidence on record and on the basis of the fact that

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

Sections 45 and 48 of the Act refers to the full value actually received or accruing and not what the parties merely state or declare in the sale deed as was paid or payable and received or accruing. Such a view would as we mentioned earlier enable a party to avoid the liability to tax on account of capital gains

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)

21,029/- ( Details of the calculation of Long Term Capital Gains are at Pages 28 -29 of the PB). 4.9 During the course of the assessment proceeding the Assessing Officer vide notice u/s 142(1) dated 13.10.2017 (Page 214 -15 of the PB) asked the Assessee to give details of the exempt Long-term Capital Gains and, among other things