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

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

capital gain. Simultaneously, CBI has registered case as well as the ED has recorded statement of Shri RK Kedia under section 50 of the Prevention of Money Laundering Act, 2002 (“PMLA”). Therefore, it is necessary to take on record disclosure made by the persons before the ED and other prosecuting agencies. With regard to the position whether the Revenue

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

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

capital gain. Simultaneously, CBI has registered case as well as the ED has recorded statement of Shri RK Kedia under section 50 of the Prevention of Money Laundering Act, 2002 (“PMLA”). Therefore, it is necessary to take on record disclosure made by the persons before the ED and other prosecuting agencies. With regard to the position whether the Revenue

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

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

capital gain. Simultaneously, CBI has registered case as well as the ED has recorded statement of Shri RK Kedia under section 50 of the Prevention of Money Laundering Act, 2002 (“PMLA”). Therefore, it is necessary to take on record disclosure made by the persons before the ED and other prosecuting agencies. With regard to the position whether the Revenue

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

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

capital gain. Simultaneously, CBI has registered case as well as the ED has recorded statement of Shri RK Kedia under section 50 of the Prevention of Money Laundering Act, 2002 (“PMLA”). Therefore, it is necessary to take on record disclosure made by the persons before the ED and other prosecuting agencies. With regard to the position whether the Revenue

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

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

capital gain. Simultaneously, CBI has registered case as well as the ED has recorded statement of Shri RK Kedia under section 50 of the Prevention of Money Laundering Act, 2002 (“PMLA”). Therefore, it is necessary to take on record disclosure made by the persons before the ED and other prosecuting agencies. With regard to the position whether the Revenue

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

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

capital gain. Simultaneously, CBI has registered case as well as the ED has recorded statement of Shri RK Kedia under section 50 of the Prevention of Money Laundering Act, 2002 (“PMLA”). Therefore, it is necessary to take on record disclosure made by the persons before the ED and other prosecuting agencies. With regard to the position whether the Revenue

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

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

capital gain. Simultaneously, CBI has registered case as well as the ED has recorded statement of Shri RK Kedia under section 50 of the Prevention of Money Laundering Act, 2002 (“PMLA”). Therefore, it is necessary to take on record disclosure made by the persons before the ED and other prosecuting agencies. With regard to the position whether the Revenue

SHRI KRISHAN KUMAR JALAN,BANGALORE vs. ITO, W-1, SIRSA

In the result appeal of the assessee is dismissed

Capital gain tax was created to operate in a real world\nand not that of make belief. Facts of the case only lead to the inference that\nthese transactions are not genuine and make believe only to offset the loss\nincurred on the sale of jewellery declared under VDIS. In the totality of facts and\ncircumstances of this case

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

setting off the same with future capital gains. In view of the above facts and discussion, it was held by the ld CIT(A) that disallowance of capital loss

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

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

set-aside. 7.0 Per contra, the Ld. CIT (DR) at the very outset stated that no balance sheet, trading account and profit & loss account have been filed in respect of the companies whose shares have been traded by the assessees and on which long term capital gain

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

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

set-aside. 7.0 Per contra, the Ld. CIT (DR) at the very outset stated that no balance sheet, trading account and profit & loss account have been filed in respect of the companies whose shares have been traded by the assessees and on which long term capital gain

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

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

set-aside. 7.0 Per contra, the Ld. CIT (DR) at the very outset stated that no balance sheet, trading account and profit & loss account have been filed in respect of the companies whose shares have been traded by the assessees and on which long term capital gain

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

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

set of factors. There has to be some reason to justify such abnormal rise in the share price of Maa Jagdambe. It may be some tangible or intangible information to justify such abrupt rise. However, in this case there was no material to justify for such abnormal increase in the share price of Maa Jagdambe despite having meager financials. Thus

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

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

set of factors. There has to be some reason to justify such abnormal rise in the share price of Maa Jagdambe. It may be some tangible or intangible information to justify such abrupt rise. However, in this case there was no material to justify for such abnormal increase in the share price of Maa Jagdambe despite having meager financials. Thus

M/S FAMINA KNIT FABS,LUDHIANA vs. ACIT, C-3, LUDHIANA

In the result, the appeal of the assessee in ITA

capital gain, nor it is income from other sources. No setoff is allowable against this income? 3. That the order of the Ld. CIT (A) be set aside and that of the Assessing Officer be restored. 4. That the appellant craves leave to add or amend any ground of appeal before it is finally disposed off.” 8. The arguments

ACIT, CIRCLE, SHIMLA vs. SHRI VINOD SHARMA, NEW DELHI

In the result, the appeal of the Revenue is dismissed

Bench: Shri A.D. Jain & Dr Krinwant Sahayआयकर अपील सं./ Ita No. 1449/Chd/2019 "नधा"रण वष" / Assessment Year: 2015-16 The Acit, Vs. Shri Vinod Sharma, बनाम B-1/3, Circle, Safdarjang Enclave, Shimla New Delhi 110029 "थायी लेखा सं./Pan No: Abkps1560N अपीलाथ"/ Appellant ""यथ"/ Repsondent (Hybrid Mode ) "नधा"रती क" ओर से/Assessee By : Sh. Vishal Mohan, Sr. Advocate With Shri Ahninav Bazwaria, Advocate राज"व क" ओर से/ Revenue By : Smt. Kusum Bansal, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 10.06.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 09.07.2024

set- aside and that of the AO be restored. 4. The appellant craves leave to add any other ground of appeal which may arise at the time of hearing. 2. Brief facts of the case are that the Assessee is an Executive President in M/s Jaiprakash Power Ventures Ltd. and is drawing salary from the said company. The Assessee

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, LUDHIANA vs. SUNIL KUMAR SOOD, PANCHKULA

The appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

Gain as under: A.Y.2017-18 9 Sale consideration Rs. 4,32,59,600/- Less indexed cost of acquisition (19070602 x 497/112) Rs. 4,31,67,862/- LTCG Rs.91,738/- Less brought forward Long Term Capital Loss (-)Rs.91,738/- Taxable LTCG NIL (c ) As this original amount was appearing in his books of account as liability, he passed accounting entry as under

SMT. TEENA GARG,CHANDIGARH vs. PCIT, PANCHKULA

In the result, appeal of the assessee is allowed

capital gain on sale of an asset by\nraising queries and after considering submissions of assessee, PCIT\nwas not justified in assuming jurisdiction under section 263 by\ntreating assessment order as erroneous.\n\nReliance was also placed on judgement of Hon'ble Delhi High Court\nCase in PCIT Vs. Clix Finance India (P) reported in (2024) 160\nTAxmann.com 357 (Delhi