DEVI DAYAL,KAITHAL vs. INCOME TAX OFFICER, WARD-1 , KAITHAL

In the result, appeal is allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 899/Chd/2024 "नधा"रण वष" / Assessment Year: 2008-09 Shri Devi Dayal, Vs The Ito, Pundri Anaj Mandi, Ward – 1, Kaithal-Haryana 136026. Kaithal. "थायी लेखा सं./Pan No: Aajpd5851H अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Shri Parikshit Aggarwal, Ca & Ms. Shruti Khandelwal, Advocate Revenue By : Shri Manav Bansal, Cit, Dr Date Of Hearing : 30.07.2025 Date Of Pronouncement : 08.09.2025

Section 2(47) of the Income Tax Act. 11. We have duly considered the rival contentions and gone through the record carefully. There is no dispute qua the fact that agricultural land measuring 24 kanal 9 marla situated in the revenue Estate of Village Jagadhari was owned by six persons. The assessee was having 1/6th right in the land

M/S SATWANT AGRO ENGINEERS,BHAWANIGARH vs. DCIT, CENTRAL CIRCLE, PATIALA

In the result, the appeal of the assessee is partly allowed for statistical purposes

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

section 68 can be made in the hand of the firm in respect of credits to the partner's capital account in firm. Further it is submitted that credit entry in capital account of partners was surrendered in firm which was duly accepted by department so in case of firm the addition/surrendered amount should be assessed as business income which

SH. LALIT JAIN,CHANDIGARH vs. ACIT, C-4(1), CHANDIGARH

The appeals of the assessees are allowed for

Bench: Shri Satbeer Singh Godara & Smt. Annapurna Guptaआयकरअपीलसं./Ita No. 1074/Chd/2019 "नधा"रणवष" / Assessment Year: 2014-15 Shri Lalit Jain The Assistant Commissioner बनाम S.C.O. 371-372, 2Nd Floor, Of Income Tax Circle-4(1), Sector-35B, Chandigarh Chandigarh "थायीलेखासं./Pan No : Aaupj 0091Q अपीलाथ"/Appellant ""यथ"/Respondent

capital gains. Subsequently, the assesses filled a revised return on 23.10.2015. • Thereafter, Assessment order was passed and the income of the assessee as per revised return and penalty proceedings u/s 274 r.w.s. 271(1)(c) was initiated separately. • Appeal against the Penalty order was filed on 23.12.2016 before Commissioner of income Tax against penalty wrongly initiated

SMT. JYOTI JAIN,CHANDIGARH vs. ACIT, C-4(1), CHANDIGARH

The appeals of the assessees are allowed for

Bench: Shri Satbeer Singh Godara & Smt. Annapurna Guptaआयकरअपीलसं./Ita No. 1074/Chd/2019 "नधा"रणवष" / Assessment Year: 2014-15 Shri Lalit Jain The Assistant Commissioner बनाम S.C.O. 371-372, 2Nd Floor, Of Income Tax Circle-4(1), Sector-35B, Chandigarh Chandigarh "थायीलेखासं./Pan No : Aaupj 0091Q अपीलाथ"/Appellant ""यथ"/Respondent

capital gains. Subsequently, the assesses filled a revised return on 23.10.2015. • Thereafter, Assessment order was passed and the income of the assessee as per revised return and penalty proceedings u/s 274 r.w.s. 271(1)(c) was initiated separately. • Appeal against the Penalty order was filed on 23.12.2016 before Commissioner of income Tax against penalty wrongly initiated

DCIT, CIRCLE, PATIALA vs. M/S PUNJAB STATE POWER CORPORATION LTD., PATIALA

In the result, ground no. 1 & 3 of the Revenue’s appeal is allowed and ground no

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

gains'. Going still further if the assessee parks some of its money, being the circulating capital of its banking business, in some non-banking business, the income so resulting would not become income from the banking business, so as to be eligible for deduction u/s 80P. In the like manner if the assessee, engaged in banking business, comes into

ITO, SIRSA vs. SH. MAHABIR SINGH, SIRSA

In the result, we do not find any merit in this appeal of the Revenue

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwalआयकर अपील सं./ Ita No. 900/Chd/2014 "नधा"रण वष" / Assessment Year: 2007-08 The Ito, Shri Mahabir Singh, Ward – 2, Vs S/O Shri Het Ram, Vpo Bani, Sirsa. Tehsil-Rania, Distt. Sirsa. "थायी लेखा सं./Pan No: Cdvpm5319N अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Shri Vineet Krishan, Advocate Revenue By : Smt. Kusum Bansal, Cit Sr.Dr Date Of Hearing : 24.07.2025 Date Of Pronouncement : 25.09.2025

Capital Gain deserves to be assessed in the hands of the assessee. On the other hand, ld. counsel for the assessee A.Y.2007-08 8 relied upon the order of ld.CIT (Appeals). He has pointed out to us Certificate of Tehsildar issued in response to the letter of ITO Ward-3, Sirsa, though this letter was also issued in the year

M/S ASHA TECHNOLOGIES,SIRMOUR vs. ADDL. CIT, SOLAN

In the result, both the above appeals of the Assessee are partly allowed as aforesaid in respect of impugned orders dt

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

capital account and Rs. 11,00,000/- in the name of M/s. Asha Telecom Pvt. Ltd. as liabilities. But it did not furnish any information regarding sources of these credits and neither any confirmation from M/s. Asha Telecom Pvt. Ltd. was furnished. Similarly, Para 8 of the questionnaire remained unanswered. Vide Para 9 of its reply, it was stated that

M/S ASHA TECHNOLOGIES,KALA AMB vs. ITO, SIRMOUR

In the result, both the above appeals of the Assessee are partly allowed as aforesaid in respect of impugned orders dt

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

capital account and Rs. 11,00,000/- in the name of M/s. Asha Telecom Pvt. Ltd. as liabilities. But it did not furnish any information regarding sources of these credits and neither any confirmation from M/s. Asha Telecom Pvt. Ltd. was furnished. Similarly, Para 8 of the questionnaire remained unanswered. Vide Para 9 of its reply, it was stated that

M/S FASTWAY TRANSMISSION (P) LTD.,CHANDIGARH vs. DCIT, CC-II, CHANDIGARH

In the result the captioned appeals of the assessee are

Bench: Shri N.K. Saini & Shri Sanjay Gargआयकर अपील सं./ Ita No.547/Chd/2017 "नधा"रण वष" / Assessment Year : 2013-14

gains of business or profession". Explanation ….” 19. A perusal of the above provisions reveals that for the claim of depreciation, asset must be owned wholly or partially by the assessee and is used for the purpose of business or profession of the assessee. Whereas any expenditure, not being in the nature of the capital expenditure or personal expenditure

M/S FASTWAY TRANSMISSION (P) LTD.,CHANDIGARH vs. DCIT, CC-II, CHANDIGARH

In the result the captioned appeals of the assessee are

Bench: Shri N.K. Saini & Shri Sanjay Gargआयकर अपील सं./ Ita No.547/Chd/2017 "नधा"रण वष" / Assessment Year : 2013-14

gains of business or profession". Explanation ….” 19. A perusal of the above provisions reveals that for the claim of depreciation, asset must be owned wholly or partially by the assessee and is used for the purpose of business or profession of the assessee. Whereas any expenditure, not being in the nature of the capital expenditure or personal expenditure

M/S FASTWAY TRANSMISSION (P) LTD.,CHANDIGARH vs. ACIT, CHANDIGARH

In the result the captioned appeals of the assessee are

Bench: Shri N.K. Saini & Shri Sanjay Gargआयकर अपील सं./ Ita No.547/Chd/2017 "नधा"रण वष" / Assessment Year : 2013-14

gains of business or profession". Explanation ….” 19. A perusal of the above provisions reveals that for the claim of depreciation, asset must be owned wholly or partially by the assessee and is used for the purpose of business or profession of the assessee. Whereas any expenditure, not being in the nature of the capital expenditure or personal expenditure

ASSISTANT COMMISSIONER OF INCOME TAX, PANCHKULA CIRCLE, PANCHKULA, PANCHKULA vs. VENUS REMEDIES LIMITED, CHANDIGARH

In the result, the appeal of the Revenue is dismissed

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. MANOJ KUMAR AGGARWAL (Accountant Member)

capital receipt and not liable to tax under Sections 28(iv) or 41(1). 7. The Ld. DR, per contra, controverted the arguments and reiterated that since the waiver of principal loan should be regarded as taxable trading receipts. 8. We have heard the rival contentions and perused the material available on record. The central issue for adjudication is whether

TARLOCHAN SINGH ,BHAWANIGARH vs. DCIT, CENTRAL CIRCLE, PATIALA

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

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

251 ITR 671- CIT Vs Mahim. (iv) In Gaurish Steels (P) Ltd Vs ACIT (2015) 43 ITR (Tribunal) 414 Chandigarh ITAT held, " Nowhere in his order the Assessing Officer has been able to bring on record the fact that the income surrendered during the course of survey was not out of the business of assessee. Further even the survey team

M/S KANDHARI INFRASTRUCTURES PRIVATE LIMITED,CHANDIGARH vs. ASSITANT COMMISSIONER OF INCOME TAX-CIRCLE-2(1), CHANDIGARH

In the result, the appeals are of the assessee are treated as allowed,

Bench: Shri Sanjay Garg & Ms. Annapurna Gupta

251 which would indicate that the appellate authorities are confined to considering only the objections raised before them or allowed to be raised before them either by the assessee or by the department, as the case may be. They can consider the entire proceedings to determine the tax liability of the assessee. The Hon’ble Bombay High Court

M/S KANDHARI INFRASTRUCTURES PRIVATE LIMITED,CHANDIGARH vs. ASSITANT COMMISSIONER OF INCOME TAX-CIRCLE-2(1), CHANDIGARH

In the result, the appeals are of the assessee are treated as allowed,

Bench: Shri Sanjay Garg & Ms. Annapurna Gupta

251 which would indicate that the appellate authorities are confined to considering only the objections raised before them or allowed to be raised before them either by the assessee or by the department, as the case may be. They can consider the entire proceedings to determine the tax liability of the assessee. The Hon’ble Bombay High Court

M/S HARBHAJAN SINGH & CO.,SANGRUR vs. DCIT, CIRCLE, SANGRUR

Appeal of the Assessee is dismissed

gains". Similarly, if a company purchases rented house and gets rent, such rent will be assessable to tax under section 22 as income from house property. Likewise, a company may have income from other sources . . . The company may also, as in that case, keep the surplus funds in short-term deposits in order to earn interest. Such interest will

PUNJAB STATE COOP. BANK LTD.,CHANDIGARH vs. ACIT, CL-2(1), CHANDIGARH

In the result the impugned order of Ld

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

capital expenditure. b) Loss on sale of vehicles Rs.22,940/-. c) Rs.7,43,000/- on the basis of the audit report of the Chartered Account considering the same as being depicted in the Sundries Miscellaneous on account of OTS scheme. The addition made by the assessing officer is against the facts and the provisions of law. Hence the assessee filed

THE TIARA CO-OPERATIVE AGRICULTURAL SERVICE SOCIETY LIMITED,KANGRA vs. ITO, DHARAMASHALA

In the result, all the appeals of the assessee are partly

Bench: Ms.Diva Singh & Ms.Annapurna Gupta

gains of business attributable to any one or more of such activities” 10. As is evident from a bare perusal of the above section, income earned by cooperative societies carrying on business of banking or providing credit facilities to its members is entitled to claim deduction under the said section, of income earned from carrying on the aforesaid business activities