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

In the result, all the above appeals are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY, AM आयकर अपील सं. / ITA No. 939/Chd/2025 निर्धारण वर्ष / Assessment Year : 2016-17 Shri Aniket Singal बनाम The DCIT Central Circle-1 Chandigarh 4, Amritashergil Marg, New Delhi- 110003 स्थायी लेखा सं./ PAN NO: CZCPS6126E अपीलार्थी/Appellant प्रत्यर्थी / Respondent आयकर अपील सं. / ITA No. 1145/Chd/2025 निर्धारण वर्ष / Assessment Year : 2017-18 Smt. Aarti Singal बनाम The DCIT Central Circle-1 Chandigarh 53, Jor Bagh, New Delhi-110003 स

1,76,33,254/- on account of alleged commission expenses allegedly paid by the appellant for arranging alleged entries in respect of long- term capital gain by invoking the provisions of Section

M/S PURE DRINK LTD.,,NEW DELHI vs. ACIT,CIRCLE, PATIALA

Bench: Hon'Ble Chandigarh Itat Was 27Th March 2020. (Ii) It Is Submitted That Management Of Appellant Company Is Based Is Delhi. Owing To Covid-19 Pandemic Nationwide Lock Down Was Enforced By The Government From 22Nd March 2020 & Therefore The Appellant Was Unable To Physically File The Appeal Documents Before Hon'Ble Itat.

254/ Chandi/ 2020- AY 2008-09 Dear Sir, We're in receipt of the captioned Show Cause Notice issued by your good self. In response to the same, your good attention is invited to the following facts : - (i) Certified Copy of the impugned order was served upon the appellant on 27th January, 2020 and therefore the last date for filling

SH. MAHESH CHUGH,CHANDIGARH vs. PR.CIT-2, CHANDIGARH

In the result, the appeal of the assessee is allowed

Capital Gains; and iii) Cost of the new asset In the present case these are as under: i) 2,96,25,000/- ii) 2,00,87,010/- iii) 2,17,35,000/- Considering the above figures and by applying the formulae as provided in clause (b) of sub section (1) of Section 54F of the Act, the permissible deduction comes

SH. SATPAL GOSAIN,LUDHIANA vs. ACIT, LUDHIANA

The appeal of the assessee is partly allowed

254, 278 and 398 of 2014 vide order dated 22.07.2015 has held as under: "As per the order of the Hon'ble Punjab & Haryana High Court " it was submitted by learned counsel for the assessee-appellant that whatever amount was received from the developer, capital gains tax has already been paid on that and sale deeds have also been executed

ACIT, CIRCLE 1(1), CHANDIGARH vs. M/S SML ISUZU LTD., CHANDIGARH

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

Capital and Debt Market Ltd. v. ACIT: 118 TTJ 351 (Mum ITAT) - Angel Commodities Broking (P.) Ltd. v. DCIT: 164 TTJ 275 (Mum ITAT) - FedEx Express Transportation & Supply Chain Services India (P.) Ltd. v. DCIT: 169 TTJ 732 (Mum. Trib.) - Bhavik Rajesh Khandra Share and Stock Brokers (P) Ltd. vs DCIT: 8 ITR(Trib) 155 (Mum. Trib) - Kisan Ratilal Choksey

M/S HERO CYCLES LTD.,LUDHIANA vs. ACIT, C-V, LUDHIANA

In the result, appeal of the Department is dismissed and the\nappeal of the assessee is allowed

capital gains is exempt from tax under section 10 of the Act is\ndirected to be deleted on the basis of same reasoning and logic as\nadopted by the Honourable IT AT, Chandigarh in the case of the\nassessee company itself for the Assessment Years 2008-09, 2009-10 and\n2010-11 while deleting the identical addition in these years

DCIT, C-V, LUDHIANA vs. M/S HERO CYCLES LTD., LUDHIANA

In the result, appeal of the Department is dismissed and the appeal of the assessee is allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY, AM आयकर अपील सं. / ITA No. 588/Chd/2018 निर्धारण वर्ष / Assessment Years : 2012-13 The DCIT C-V, Ludhiana बनाम M/s Hero Cycles Ltd. Hero Nagar, G.T. Road Ludhiana स्थायी लेखा सं./PAN NO: AAACH4073P अपीलार्थी/Appellant प्रत्यर्थी / Respondent आयकर अपील सं. / ITA No. 473/Chd/2018 निर्धारण वर्ष / Assessment Years : 2012-13 M/s Hero Cycles Ltd. Hero Nagar, G.T. Road Ludhiana बनाम The ACIT C-V, Ludhiana स्थायी लेखा सं./PAN NO: AAACH4073P

capital gains is exempt from tax under section 10 of the Act is directed to be deleted on the basis of same reasoning and logic as adopted by the Honourable IT AT, Chandigarh in the case of the assessee company itself for the Assessment Years 2008-09, 2009-10 and 2010-11 while deleting the identical addition in these years

IND SWIFT LABORATORIES LTD.,CHANDIGARH vs. DCIT, CIRCLE 1(1), CHANDIGARH

In the result, the appeal is allowed, as indicated

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

gains"; that it has been held in 'SA Builders Limited' (supra) that when the assessee borrowed the fund from the bank and lent some of it to its sister concern as an interest free loan, then the real test to allow the interest as deduction under section 36(1)(iii) the Act is whether this was done as a measure

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

gain (LTCG) u/s 69C towards commission expenses Rs.42,46,375/- TOTAL Addition to the returned income 19. Being aggrieved the assessee carried the matter to the Ld. CIT(A) and challenged the validity of the initiation of proceedings under section 153A of the Act as no incriminating material was found during the course of search under section

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

gain (LTCG) u/s 69C towards commission expenses Rs.42,46,375/- TOTAL Addition to the returned income 19. Being aggrieved the assessee carried the matter to the Ld. CIT(A) and challenged the validity of the initiation of proceedings under section 153A of the Act as no incriminating material was found during the course of search under section

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

gain (LTCG) u/s 69C towards commission expenses Rs.42,46,375/- TOTAL Addition to the returned income 19. Being aggrieved the assessee carried the matter to the Ld. CIT(A) and challenged the validity of the initiation of proceedings under section 153A of the Act as no incriminating material was found during the course of search under section

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

gain (LTCG) u/s 69C towards commission expenses Rs.42,46,375/- TOTAL Addition to the returned income 19. Being aggrieved the assessee carried the matter to the Ld. CIT(A) and challenged the validity of the initiation of proceedings under section 153A of the Act as no incriminating material was found during the course of search under section

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

gain (LTCG) u/s 69C towards commission expenses Rs.42,46,375/- TOTAL Addition to the returned income 19. Being aggrieved the assessee carried the matter to the Ld. CIT(A) and challenged the validity of the initiation of proceedings under section 153A of the Act as no incriminating material was found during the course of search under section

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

gain (LTCG) u/s 69C towards commission expenses Rs.42,46,375/- TOTAL Addition to the returned income 19. Being aggrieved the assessee carried the matter to the Ld. CIT(A) and challenged the validity of the initiation of proceedings under section 153A of the Act as no incriminating material was found during the course of search under section

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "Profits and gains of business or profession Explanation 1. For the removal of doubts, it is hereby declared that any expenditure incurred by an assessee

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "Profits and gains of business or profession Explanation 1. For the removal of doubts, it is hereby declared that any expenditure incurred by an assessee

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "Profits and gains of business or profession Explanation 1. For the removal of doubts, it is hereby declared that any expenditure incurred by an assessee

M/S PUNJAB TOURISM DEVELOPMENET CORPORATION LIMITED,CHANDIGARH vs. DCIT,CIRCLE-1(1), CHANDIGARH

Appeal of the assessee is allowed

Bench: Ao)

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "Profits and gains of business or profession Explanation 1. For the removal of doubts, it is hereby declared that any expenditure incurred by an assessee

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

254/- on account of alleged commission expenses\nallegedly paid by the appellant for arranging alleged entries in respect of long-\nterm capital gain by invoking the provisions of Section 69C of the Income Tax\nAct, 1961.\n3. That the Learned Commissioner of Income Tax (Appeals) was further not\njustified to uphold the action of the Learned Assessing Officer in treating