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

depreciation rate of 60 % should not be allowed to assessee. 5. Further various submissions made by the assessee during the assessment proceedings are analyzed as under: • However, first of all it is observed that the order of Hon'ble ITAT in the case of CISCO System(India) Pvt. Limited is related to the Audit Video Conferencing devices and depreciation

M/S LUDHIANA LEASING PVT. LTD.,CHANDIGARH vs. DCIT, CC-II, CHANDIGARH

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

Bench: Shri Sanjay Garg & Shri Vikram Singh Yadavआयकर अपील सं./ Ita No. 241/Chd/2023 "नधा"रण वष" / Assessment Year : 2019-20 M/S Ludhiana Leasing Pvt.Ltd., बनाम The Dcit, Central Circle-Ii, #168, Sector 8, Chandigarh Chandigarh "थायी लेखा सं./Pan No: Aaacl6365N अपीलाथ"/Appellant ""यथ"/Respondent

depreciation and earned net gain of Rs. 16,71,42,769/- Even the Assessee has paid due capital gains tax on the said receipt, as applicable, under the normal provisions of the Income Tax Act. The Auditor of the Assessee had shown this capital gain under the Column ‘other income’. However, the Assessee in the Income Tax return deducted

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

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

Section 10(38) of the Act on the gain arising from the sale of the listed shares. ITA 655/CHD/2023 & ITA 610/CHD/2023 A.Y. 2015-16 37 DEPARTMENT’S SUBMISSIONS : 8. On the other hand, the ld. DR has contended that as correctly held by the AO and confirmed by the ld. CIT(A), the assessee has shown the shares to have

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

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

Section 10(38) of the Act on the gain arising from the sale of the listed shares. ITA 655/CHD/2023 & ITA 610/CHD/2023 A.Y. 2015-16 37 DEPARTMENT’S SUBMISSIONS : 8. On the other hand, the ld. DR has contended that as correctly held by the AO and confirmed by the ld. CIT(A), the assessee has shown the shares to have

DEPUTY COMMISSIONER OF INCOME TAX, CHANDIGARH vs. WINSOME TEXTILE INDUSTRIES LTD, CHANDIGARH

depreciation and as against the returned income of Rs.\n21,05,09,769/-, the assessed income was determined at Rs.44,75,88,075/- under\nthe normal provision and income under section 115JB at Rs.12,83,97,342/-.\n7. Being aggrieved, the assessee carried the matter in appeal before the Ld.\nCIT(A) wherein the order so passed

WINSOME TEXTILE INDUSTRIES LIMITED,CHANDIGARH vs. ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-4(1), CHANDIGARH, CHANDIGARH

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

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

38,30,88,075/- being security premium totaling to Rs. 44,75,88,075/- as income from undisclosed sources and which was brought to tax by invoking the provisions of Section 68 of the Act. The AO further did not allow the set off of the income so assessed against the brought forward losses/ unabsorbed depreciation

M/S PAGRO FROZEN FOODS PVT. LTD.,CHANDIGARH vs. ITO, W-2(3), CHANDIGARH

The appeal of the Assessee is dismissed

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

section 143(3) of the Act in the case of this assessee for the period relevant to A. Yr. 2016-17 was completed on 15.12.2018 by readjusting the depreciation allowable as done in the assessment year under consideration. The assessee has accepted the said assessment order and no appeal have been filed by the assessee against the said disallowance

BHAGWATI STEEL PROCESSORS,CHANDIGARH vs. PCIT, CHANDIGARH

In the result, the appeal of the Assessee is allowed

38,704. The\nassessee had filed complete details of the carried-forward depreciation as\npart of its computation of income, which was supported by past assessment\nrecords for AYs 2016-17, 2017-18, and 2018-19. These documents are part of\nthe Paper Book (PB Page Nos.159, 163, 167, 172–175). The Assessing Officer\nraised specific queries during the assessment

UMESH KUMAR,MANDI vs. ITO, BILASPUR

In the result, appeal of the assessee is partly allowed

Bench: Ms. Diva Singhassessment Year: 2008-09

section 144. The resultant additions were challenged in appeal before the ITA 657/CHD/2017 A.Y. 2008-09 Page 2 of 5 CIT(A) against the part relief granted by the CIT(A) assessee is in appeal before the ITAT. The Ld. AR inviting attention to the facts of the present case submitted that the assessee at the relevant point of time

DUSHYANT,MANDI vs. INCOME TAX OFFICER,

In the result, appeal of the assessee is partly allowed

Bench: Ms. Diva Singhassessment Year: 2008-09 Dushyant Vs. The Ito S/O Sh. Viptu Ram R/O Vpo Sunder Nagar Tata Pani Distt, Mandi Distt- Mandi, H.P. Pan No. Apfpd0262D (Appellant) (Respondent) Assessee By : Shri Inder Mohan Revenue By : Shri Manjit Singh

section 49 (1) the of the income tax act. The Assessee was also required to address the year of acquisition of the property and support its claim of carrying out improvements on the said property. In the absence of a proper explanation the assessing officer considering the total cost of acquisition and improvement

SANJEEV KUMAR GOYAL,FATEHABAD vs. DCIT, CC-2, LUDHIANA

In the result, the appeal of the assesse is allowed

Bench: This Hon’Ble Tribunal Under Section 253 Of The Income Tax Act, 1961 As Amended From Time To Time. 2. The Assessee Is Aggrieved By The Order Of The Ld. Cit(A) Dt. 20/01/2023 In Appeal No. 10853/2018-19/It/Cit(A)-5/Ldh/2021-22 For The A.Y. 2019-20 Under Section 250(6) Of The Income Tax Act, 1961 Which Was Dismissed. Therefore The Present Second Appeal Under Section 253 Of The Income Tax Act, 1961 Before Us Against The Aforesaid Order Dt. 20/01/2023 Which Is Hereinafter Referred To As The Impugned Order.

38,00,000/- on account of construction of building may be treated as unexplained investment and should be taxed as per the provisions of section 115BBE of the Income-tax Act, 1961. 5.3 In response to notice dated 19.09.2021 the assessee submitted his reply dated 26.09.2021 through e-mail and reply filed by the assessee is reproduced as under

THE PUNJAB STATE COOPERATIVE MILK PRODUCERS FEDERATION LTD.,CHANDIGARH vs. ACIT, CIRCLE-4(1), CHANDIGARH, CHANDIGARH

In the result, ground no. 2 of assessee’s appeal in ITA No

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

depreciation for Rs. 16,50,106/- for the reason that it relates to earlier assessment year i.e. A.Y. 2014-15. 4. That the appellate may be allowed to add, amend, alter or raise additional grounds of appeal till the disposal of the Appeal. 4. In ITA No. 559/Chd/2023 for the A.Y. 2017-18, the assessee has raised following grounds

THE PUNJAB STATE COOPERATIVE MILK PRODUCERS FEDERATION LTD.,CHANDIGARH vs. DCIT, CIRCLE-4(1), CHANDIGARH, CHANDIGARH

In the result, ground no. 2 of assessee’s appeal in ITA No

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

depreciation for Rs. 16,50,106/- for the reason that it relates to earlier assessment year i.e. A.Y. 2014-15. 4. That the appellate may be allowed to add, amend, alter or raise additional grounds of appeal till the disposal of the Appeal. 4. In ITA No. 559/Chd/2023 for the A.Y. 2017-18, the assessee has raised following grounds

THE PUNJAB STATE COOPERATIVE MILK PRODUCERS FEDERATION LTD.,CHANDIGARH vs. INCOME TAX OFFICER, FATIONAL E-ASSESSMENT CENTRE, DELHI, DELHI

In the result, ground no. 2 of assessee’s appeal in ITA No

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

depreciation for Rs. 16,50,106/- for the reason that it relates to earlier assessment year i.e. A.Y. 2014-15. 4. That the appellate may be allowed to add, amend, alter or raise additional grounds of appeal till the disposal of the Appeal. 4. In ITA No. 559/Chd/2023 for the A.Y. 2017-18, the assessee has raised following grounds

SH. RAMESH CHAND,JAGADHRI vs. ITO, WARD-3, YAMUNA NAGAR

38\nthe heads of income and Clause F provide income from other sources and\nincome from other sources is provided under section 56 of the Act. Thus,\nonce the interest on enhanced compensation is included as income from\nother sources under section 56 then the same is chargeable to tax under\nsection 4 being the deemed income

DHEERUMAL SHARMA,MANDI vs. ITO, SUNDERNAGAR

In the result, both the above appeals are allowed for statistical purposes

Bench: Smt. Diva Singh & Ms. Annapurna Guptaassessment Year: 2008-09 Shri. Het Ram Sharma Vs. The Ito Vill & P.O. Tattapani Sundernagar Tehsil Karsog Mandi, H.P. Mandi, H.P.

depreciable asset and the capital gain earned there on as STCG as per the provisions of Section 50 of the Act. 10. Ld. DR at this juncture drew our attention to the order of Ld. CIT(A) pointing out there from that the Ld. CIT(A) had found that identical issue had been dealt with by the ITAT

HET RAM SHARMA,MANDI vs. ITO, , SUNDERNAGAR

In the result, both the above appeals are allowed for statistical purposes

Bench: Smt. Diva Singh & Ms. Annapurna Guptaassessment Year: 2008-09 Shri. Het Ram Sharma Vs. The Ito Vill & P.O. Tattapani Sundernagar Tehsil Karsog Mandi, H.P. Mandi, H.P.

depreciable asset and the capital gain earned there on as STCG as per the provisions of Section 50 of the Act. 10. Ld. DR at this juncture drew our attention to the order of Ld. CIT(A) pointing out there from that the Ld. CIT(A) had found that identical issue had been dealt with by the ITAT

NAHAR POLY FILMS LIMITED,LUDHIANA vs. DCIT, CIRCLE-1, LUDHIANA

In the result, the appeal is allowed

Bench: Shri A.D. Jain & Dr Krinwant Sahayआयकर अपील सं./ Ita No. 458/Chd/2023 "नधा"रण वष" / Assessment Year: 2015-2016 Nahar Poly Films Limited, Vs. The Dcit, बनाम 375, Industrial Area-A, Circle-1, Ludhiana 141003 Aayakar Bhawan, Rishi Nagar, Ludhiana "थायी लेखा सं./Pan No: Aaacn5708K अपीलाथ"/ Appellant ""यथ"/ Repsondent ( Physical Hearing ) "नधा"रती क" ओर से/Assessee By : Sh. Navdeep Sharma, Advocate राज"व क" ओर से/ Revenue By : Smt. Kusum Bansal, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 29.05.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 19.08.2024 आदेश/Order Per Dr. Krinwant Sahay, A.M.:

38:62 and calculating interest of Rs. 14,24,378/- on working capital loan. The appellant also submits that the AO further erred in not allowing depreciation on the said interest capitalized. The appellant, further, relied on the order of the Hon'ble Jurisdictional Tribunal in ITA No. 76/CHD/2017 in appellant's case itself for A.Y. 2013-14, wherein