ITO, W-4, PANCHKULA vs. SMT. SEEMA BISHNOI, PANCHKULA

In the result appeal of the Department is dismissed

Bench: Shri N.K. Saini & Shri Sanjay Gargthe Ito Vs. Smt. Seema Bishnoi Ward-4, Panchkula H.No. 906, Sec-08, Panchkula

capital gain. In response, the assessee filed computation of income which had been reproduced by the Assessing Officer in para 2 of the Assessment Order dt. 31/03/2016, for the cost of repetition the same is not reproduced herein. The Assessing Officer observed that the assessee had stated in computation of income that the exemption was being claimed under section 54B/54F

SH.ASHOK KUMAR GUPTA,LUDHIANA vs. PR.CIT-1, LUDHIANA

In the result, the appeal of the assessee is allowed

Capital Gain Account Scheme and even if there is any fault or irregularity, the amount can be brought to tax on completion of three years and not in the year under consideration. It was accordingly submitted that there is no error or prejudice in the proceedings under section 143(3) of the Act and therefore the order so passed

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

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

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

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

DCIT, C-5, LUDHIANA vs. M/S HERO CYCLES LTD., LUDHIANA

In the result, appeal of the Department is dismissed and the Cross

gains is exempt from tax under section 10(38) of the Act is directed to be deleted on the basis of same reasoning and logic as adopted by the Honourable ITAT, Chandigarh in the case of the assessee company itself for the A.Ys. 2008-09, 2009- 10 and 2010-11 while deleting the identical addition in these years

SH. VINAY SINGAL,LUDHIANA vs. ACIT, LUDHIANA

The appeal of the assessee is allowed for statistical

capital gains and income from other sources. During the course of 3 A.Y.2011-12 A.Y.2012-13 A.Y.2011-12 A.Y.2012-13 assessment proceedings A.O. noted that the assessee had claimed interest expenses of Rs. 1,49,62,428/- against interest income of Rs. 1,52,77,082/-. The A.O. asked the assessee to explain how each of these expenses claimed had been incurred wholly

SH. RAJEEV SINGAL,LUDHIANA vs. ACIT, LUDHIANA

The appeal of the assessee is allowed for statistical

capital gains and income from other sources. During the course of 3 A.Y.2011-12 A.Y.2012-13 A.Y.2011-12 A.Y.2012-13 assessment proceedings A.O. noted that the assessee had claimed interest expenses of Rs. 1,49,62,428/- against interest income of Rs. 1,52,77,082/-. The A.O. asked the assessee to explain how each of these expenses claimed had been incurred wholly

SH. VINAY SINGAL,LUDHIANA vs. ACIT, LUDHIANA

The appeal of the assessee is allowed for statistical

capital gains and income from other sources. During the course of 3 A.Y.2011-12 A.Y.2012-13 A.Y.2011-12 A.Y.2012-13 assessment proceedings A.O. noted that the assessee had claimed interest expenses of Rs. 1,49,62,428/- against interest income of Rs. 1,52,77,082/-. The A.O. asked the assessee to explain how each of these expenses claimed had been incurred wholly

ACIT, CC-2, CHANDIGARH vs. M/S TJR PROPERTIES PVT. LTD., CHANDIGARH

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

Capital Gain in the hands of M/s TJR from the said transaction. It is not the case of the AO that the said land was a Benami asset held in the name of M/s TJR. Further, M/s TJR paid earnest money of Rs.1,50,00,000/- during F.Y. 2016-17 for purchase of a plot to build flat/apartment and paid

M/S TJR PROPERTIES PVT. LTD.,CHANDIGARH vs. ACIT, CC-2, CHANDIGARH

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

Capital Gain in the hands of M/s TJR from the said transaction. It is not the case of the AO that the said land was a Benami asset held in the name of M/s TJR. Further, M/s TJR paid earnest money of Rs.1,50,00,000/- during F.Y. 2016-17 for purchase of a plot to build flat/apartment and paid

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

DCIT, C-,1 (E), CHANDIGARH vs. M/S PUNJAB MEDICAL FOUNDATION CHARITABLE TRUST, JALANDHAR

In the result, appeal of the Revenue is dismissed

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-"नधा"रण वष"/ Asstt.Year: 2014-15 Dcit, Cir.1(Exemption) M/S.Punjab Medical Foundation Chandigarh. Vs. Charitable Trust 63-64, Waryam Nagar Cool Road, Jalandhar Pan : Aaatp 5171 B (Applicant) (Responent) : Shri Sudhir Sehal, Advocate Assessee By Revenue By : Shri Ashok K. Khana, Addl.Cit सुनवाई क" तार"ख/Date Of Hearing : 18/11/2020 घोषणा क" तार"ख /Date Of Pronouncement: 21/12/2020 आदेश/O R D E R

276. It is stated that exemption had been granted to the assessee u/s 11 from the A.Y. 1991-92 consistently for twenty six years. There is absolutely no change of circumstances and there was no occasion for a different approach to be taken for the assessment year in question when the activities have continued uninterruptedly since the time of inception