PRIYA GOYAL,SIRSA vs. PR.CIT, ROHTAK

The appeal of the assessee is allowed

Bench: Shri Sudhanshu Srivastava & Shri Vikram Singh Yadavआयकरअपीलसं./Ita No.149/Chd/2021 "नधा"रणवष" / Assessment Year :2016-17 Sh. Rajeev Goyal Pr. Commissioner Of Income बनाम M/S R.K. Associates, Tax, Rohtak B.G. Complex Near Ganesh Dharam Kanta, Sirsa -125055, Haryana "थायीलेखासं./Pan No: Aibpg7289A अपीलाथ"/Appellant ""यथ"/Respondent

unexplained investment in furniture and fixtures were found. The assessee voluntarily offered surrender of additional income of Rs. 31,00,000/- (Rupees Thirty-one lakh) over and above the normal business income for the assessment year 2016-17. From a perusal of the Income Tax return and audit report for the year under consideration, it was noticed by the Assessing

SHRI. TARSEM GOYAL,SIRSA vs. PR.CIT, ROHTAK

The appeal of the assessee is allowed

Bench: Shri Sudhanshu Srivastava & Shri Vikram Singh Yadavआयकरअपीलसं./Ita No.149/Chd/2021 "नधा"रणवष" / Assessment Year :2016-17 Sh. Rajeev Goyal Pr. Commissioner Of Income बनाम M/S R.K. Associates, Tax, Rohtak B.G. Complex Near Ganesh Dharam Kanta, Sirsa -125055, Haryana "थायीलेखासं./Pan No: Aibpg7289A अपीलाथ"/Appellant ""यथ"/Respondent

unexplained investment in furniture and fixtures were found. The assessee voluntarily offered surrender of additional income of Rs. 31,00,000/- (Rupees Thirty-one lakh) over and above the normal business income for the assessment year 2016-17. From a perusal of the Income Tax return and audit report for the year under consideration, it was noticed by the Assessing

PRIYANKA,SIRSA vs. PR.CIT, ROHTAK

The appeal of the assessee is allowed

Bench: Shri Sudhanshu Srivastava & Shri Vikram Singh Yadavआयकरअपीलसं./Ita No.149/Chd/2021 "नधा"रणवष" / Assessment Year :2016-17 Sh. Rajeev Goyal Pr. Commissioner Of Income बनाम M/S R.K. Associates, Tax, Rohtak B.G. Complex Near Ganesh Dharam Kanta, Sirsa -125055, Haryana "थायीलेखासं./Pan No: Aibpg7289A अपीलाथ"/Appellant ""यथ"/Respondent

unexplained investment in furniture and fixtures were found. The assessee voluntarily offered surrender of additional income of Rs. 31,00,000/- (Rupees Thirty-one lakh) over and above the normal business income for the assessment year 2016-17. From a perusal of the Income Tax return and audit report for the year under consideration, it was noticed by the Assessing

M/S PARDEEP ISPAT(P) LTD.,SIRSA vs. PR.CIT, ROHTAK

The appeal of the assessee is allowed

Bench: Shri Sudhanshu Srivastava & Shri Vikram Singh Yadavआयकरअपीलसं./Ita No.149/Chd/2021 "नधा"रणवष" / Assessment Year :2016-17 Sh. Rajeev Goyal Pr. Commissioner Of Income बनाम M/S R.K. Associates, Tax, Rohtak B.G. Complex Near Ganesh Dharam Kanta, Sirsa -125055, Haryana "थायीलेखासं./Pan No: Aibpg7289A अपीलाथ"/Appellant ""यथ"/Respondent

unexplained investment in furniture and fixtures were found. The assessee voluntarily offered surrender of additional income of Rs. 31,00,000/- (Rupees Thirty-one lakh) over and above the normal business income for the assessment year 2016-17. From a perusal of the Income Tax return and audit report for the year under consideration, it was noticed by the Assessing

SH. PARSHOTAM GOYAL,SIRSA vs. PR.CIT, ROHTAK

The appeal of the assessee is allowed

Bench: Shri Sudhanshu Srivastava & Shri Vikram Singh Yadavआयकरअपीलसं./Ita No.149/Chd/2021 "नधा"रणवष" / Assessment Year :2016-17 Sh. Rajeev Goyal Pr. Commissioner Of Income बनाम M/S R.K. Associates, Tax, Rohtak B.G. Complex Near Ganesh Dharam Kanta, Sirsa -125055, Haryana "थायीलेखासं./Pan No: Aibpg7289A अपीलाथ"/Appellant ""यथ"/Respondent

unexplained investment in furniture and fixtures were found. The assessee voluntarily offered surrender of additional income of Rs. 31,00,000/- (Rupees Thirty-one lakh) over and above the normal business income for the assessment year 2016-17. From a perusal of the Income Tax return and audit report for the year under consideration, it was noticed by the Assessing

SHRI RAJEEV GOYAL,SIRSA vs. PR.CIT, ROHTAK

The appeal of the assessee is allowed

Bench: Shri Sudhanshu Srivastava & Shri Vikram Singh Yadavआयकरअपीलसं./Ita No.149/Chd/2021 "नधा"रणवष" / Assessment Year :2016-17 Sh. Rajeev Goyal Pr. Commissioner Of Income बनाम M/S R.K. Associates, Tax, Rohtak B.G. Complex Near Ganesh Dharam Kanta, Sirsa -125055, Haryana "थायीलेखासं./Pan No: Aibpg7289A अपीलाथ"/Appellant ""यथ"/Respondent

unexplained investment in furniture and fixtures were found. The assessee voluntarily offered surrender of additional income of Rs. 31,00,000/- (Rupees Thirty-one lakh) over and above the normal business income for the assessment year 2016-17. From a perusal of the Income Tax return and audit report for the year under consideration, it was noticed by the Assessing

BANGA HOSPITALS PRIVATE LIMITED,MANDI vs. ITO, MANDI

In the result, appeal of the Assessee is partly allowed

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

unexplained investment under Section 69. The assessee submitted that the balance amount had been paid from its own funds through identifiable bank transactions and that all payments were duly recorded in the books of accounts. The assessee placed reliance on audited financial statements, bank statements, depreciation

KHANNA INFRABUILD PRIVATE LIMITED ,LUDHIANA vs. THE DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL CIRCLE)-2, LUDHIANA, LUDHIANA

In the result, the ground of appeal is allowed

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

unexplained investment made by the assessee, over and above one stated in the books of accounts. Further, we find that the ld. First Appellate Authority has deleted the addition by following the order of the ITAT in the case of Smt. Ilaben Bharat Shah in ITA No.839/Ahd/2007 dtd. 17-8-2007 for the Asstt. Year 2004-05. The ld. First

KHANNA INFRABUILD PRIVATE LIMITED ,LUDHIANA vs. THE DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL CIRCLE)-2 LUDHIANA, LUDHIANA

In the result, the ground of appeal is allowed

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

unexplained investment made by the assessee, over and above one stated in the books of accounts. Further, we find that the ld. First Appellate Authority has deleted the addition by following the order of the ITAT in the case of Smt. Ilaben Bharat Shah in ITA No.839/Ahd/2007 dtd. 17-8-2007 for the Asstt. Year 2004-05. The ld. First

KHANNA INFRABUILD PRIVATE LIMITED 2000-1A, SUKHDEV NAGAR FEROZEPUR ROAD, LUDHIANA,LUDHIANA vs. THE DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2 LUDHIANA, LUDHIANA

In the result, the ground of appeal is allowed

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

unexplained investment made by the assessee, over and above one stated in the books of accounts. Further, we find that the ld. First Appellate Authority has deleted the addition by following the order of the ITAT in the case of Smt. Ilaben Bharat Shah in ITA No.839/Ahd/2007 dtd. 17-8-2007 for the Asstt. Year 2004-05. The ld. First

SH. MOHIT MITTAL PROP. MITTAL ENTERPRISES,LUDHIANA, PUNJAB vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE - 1 LUDHIANA, LUDHIANA, PUNJAB

In the result, appeal is allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

unexplained asset was found during the search action so far as the aforesaid surrender of Rs. 15 lacs was concerned. In these circumstances, the aforesaid surrender of Rs. 15 lacs can be said to have been offered to cover up the discrepancies in respect of likely disallowances of claims, if any, relating to its business income. 9. In view

LAKHVIR KAUR,MOHALI vs. DCIT/ACIT(CEN)-2, CHANDIGARH

In the result, both the above appeals of the Assessee are\nallowed

depreciation and interest on car loan.\n5.\nThat the CIT (A) has erred in confirming addition to the tune of\nRs.34110/- made by the in respect of unexplained investment

LAKHVIR KAUR,MOHALI, CHANDIGARH vs. DCIT/ACIT(CEN)-2 CHD, CHANDIGARH

In the result, both the above appeals of the Assessee are\nallowed

depreciation and interest on car loan.\n5. That the CIT (A) has erred in confirming addition to the tune of\nRs.34110/- made by the in respect of unexplained investment

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, LUDHIANA, LUDHIANA vs. GPG CATTLE FEED PVT. LTD., MOGA

In the result, the Revenue appeal is partly allowed and the Cross Objection of\nthe assessee is dismissed

unexplained investment. The assessee further emphasized that\nthe surrender was voluntary, made without coercion or pressure from the survey team,\nand accompanied by an undertaking to pay taxes at standard rates. The assessee\ncited various ITAT Chandigarh Bench rulings, such as DDK Spinning Mills, Montu Shallu\nKnitwears, and Jaswinder Singh, where surrendered stock had been treated as business\nincome taxable

SH. GURINDER MAKKAR,LUDHIANA vs. DCIT, CC-3, LUDHIANA

In the result, the appeal of the assessee is disposed off in light of aforesaid directions

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

unexplained investment or expenditure. What is necessary as per Hon. Gujarat High Court is that source of acquisition of asset or expenditure should be clearly identifiable. In the case before Hon. Gujarat High Court the source of gold confiscated was not identifiable and hence adjustment was not permitted. 12. Thus the important aspect that emerges from the entire discussion

SH. JASPREET SINGH MAUJ,LUDHIANA vs. DCIT/ACIT, CC-1, LUDHIANA

In the result, the appeal is allowed

Bench: Shri Aakash Deep Jainand Shri Vikram Singh Yadav

depreciation on building, of Rs.3 lacs, against the sun surrendered as investment in the building. The AO held that since the surrendered income had been adjudicated as unexplained

DCIT, CENTRAL CIRCLE II, CHANDIGARH vs. M/S SAB INDUSTRIES LIMITED, CHANDIGARH

In the result, the appeal of the assessee is allowed

Bench: Smt. Diva Singh & Ms. Annapurna Gupta

investment in shares. 2 SAB Industries 11,00,00,000 Offered as business income to cover any discrepancies in all the seized documents as found and seized during the course of search including as per the Annexure A -35 page no. 8 and the above stated receivable business income i.e. from the real estate transactions was earned in the same

ROHIT KUMAR JINDAL (HUF),LUDHIANA vs. ITO, W-3, KHANNA

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

Bench: Shri N.K. Saini & Shri Sanjay Gargआयकरअपीलसं./Ita No. 1344/Chd/2018 "नधा"रणवष" / Assessment Year : 2013-14

unexplained investment in Fixed assets Rs. 7,58,150/- (v). Addition on account of disallowance of depreciation On newly purchased

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

In the result, the appeal of the assessee in ITA

unexplained income and there cannot be any treatment of this amount other than deemed income under the Provisions of Section 69, 69A, 69B & 69C of the Act, even if, the same accrued to the appellant from the business undertaking them. 3. That under the facts and circumstances of the case and decisions of Hon'ble ITAT, Chandigarh