J.K. EDUCATIONAL SOCIETY,JAMMU & KASHMIR vs. DCIT (EXEMPTION)-CIRCLE-1,, CHANDIGARH

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

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

8. That the DCIT, Circle-1 (Exemption), Chandigarh did not appreciate that this was done in accordance with the market prevailing rates and DCIT was not at all justified in invoking the provisions of section 13(3) as specified person and according to the DCIT the transaction of security deposit and rent paid was covered under the provisions of section

M/S JAIN AMAR CLOTHING PVT. LTD.,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

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

13. That the appellant craves leave to add or amend the grounds of appeal before the appeal is finally heard or disposed off.” 3. Briefly the facts of the case are that search and seizure operation under section 132(1) of the Act was carried out at the residential and business premises of the assessee company, M/s Jain Amar Clothing

SH. AKHIL JAIN,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

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

13 in respect of sale of shares of M/s Access Global Limited and in order to verify the genuineness of the assessee’s claim of exemption, he has examined the seized records, appraisal report of the documents as furnished by the DDIT, conducted independent field enquiries and investigation during the assessment proceedings which led to the fact that the claim

SH. ASHISH JAIN,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

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

13 in respect of sale of shares of M/s Access Global Limited and in order to verify the genuineness of the assessee’s claim of exemption, he has examined the seized records, appraisal report of the documents as furnished by the DDIT, conducted independent field enquiries and investigation during the assessment proceedings which led to the fact that the claim

SH. ASHISH JAIN,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

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

13 in respect of sale of shares of M/s Access Global Limited and in order to verify the genuineness of the assessee’s claim of exemption, he has examined the seized records, appraisal report of the documents as furnished by the DDIT, conducted independent field enquiries and investigation during the assessment proceedings which led to the fact that the claim

SH. BIPAN JAIN,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

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

13 in respect of sale of shares of M/s Access Global Limited and in order to verify the genuineness of the assessee’s claim of exemption, he has examined the seized records, appraisal report of the documents as furnished by the DDIT, conducted independent field enquiries and investigation during the assessment proceedings which led to the fact that the claim

SH. VIBHAV JAIN,LUDHIANA vs. DCIT, CC-III, LUDHIANA

In the result, the ground no

Bench: SHRI. SANJAY GARG (Judicial Member), SHRI. VIKRAM SINGH YADAV (Accountant Member)

8. For the reasons stated hereinbelow, we are in complete agreement with the view taken by the Delhi High Court in the case of Kabul Chawla (supra) and the Gujarat High Court in the case of Saumya Construction (supra), taking the view that no addition can be made in respect of completed assessment in absence of any incriminating material

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), CHANDIGARH, CHANDIGARH vs. UNIPRO TECHNO INFRASTRUCTURE PVT LTD, CHANDIGARH

In the result, the order of the ld CIT(A) is confirmed and the grounds of appeal taken by the Revenue are dismissed

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

8 the auditor has mentioned commencement of operation/activity as 13.04.2010. And at para 9 the initial assessment year from when deduction u/s 80 -1A is for the A.Y. 2011-12. On the other hand, under the detail of fixed assert as on 31.03.2011, you have shown WDV of the fixed asset as on 01.04.2010 at Rs.1

SHRI MOHAN LAL GUPTA,SHIMLA vs. PR.CIT-1, CHANDIGARH

In the result, appeal of the Assessee is partly allowed

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

13. Regarding quantum of deduction under section 54F of the Act, it was submitted that there is no dispute that the assessee is eligible for deduction under section 54F of the Act as the same has not been disputed by the Ld. Pr. CIT. As far as the quantum of deduction is concerned wherein the Ld. Pr. CIT has determined

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)

8. That the assessee challenged the validity of the reassessment proceedings and the disallowance made by the AO in the aforesaid reassessment order dt. 27/09/2021 passed under section 147 of the Act, by preferring an appeal before CIT(A). The CIT(A) by the “impugned order” dt. 27/07/2022 however quashed the reassessment proceedings as being

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)

8. As far as the addition of Rs. 82,06,338/- made by the AO @ 20% of the total purchase, the Ld. CIT(A) allowed part relief to the assessee wherein as against 20% applied by the AO, 15% of the purchase price was found reasonable to cover the extra profit and as a result, the addition

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, LUDHIANA , LUDHIANA vs. AVINASH SINGLA, KHANNA

In the result, all the appeals of the Revenue are dismissed

Bench: Shri Rajpal Yaday & Shri Krinwant Sahayआयकर अपील सं./ Ita Nos. 814 & 815/Chd/2023 "नधा"रण वष" / Assessment Years :2013-14 & 2014-15 Dcit, Vs. Avinash Singla, Central Circle-1, बनाम C-47, C.O Avinash Ludhiana Industries, Focal Point, Khanna "थायी लेखा सं./Pan No. Acypk9591N अपीलाथ"/Appellant ""यथ"/Respondent & आयकर अपील सं./ Ita No. 15/Chd/2024 "नधा"रण वष" / Assessment Year : 2014-15 Dcit, Vs. Meenu Singla, बनाम Central Circle-1, C-47, C.O Avinash Ludhiana Industries, Focal Point, Khanna "थायी लेखा सं./Pan No.Afips6556G अपीलाथ"/Appellant ""यथ"/Respondent

8 Assessing Officer issued has notices u/s 153A of the Income Tax Act to both the assessees on 27.01.2020. Smt. Meena Singla had filed her original return u/s 139(1) on 31.07.2014. In response to the notice u/s 153A, she has again filed her return of income on 15.02.2020. The income was declared at the same figure

SBS BIOTECH UNIT II,SIRMOUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, CHANDIGARH

In the result, the appeal of the assessee is allowed

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

reassessment proceedings and the contents of which read as under: “Sub: Notice under sub-section (1) of section 142 of the Income-tax Act, 1961('Act) Dear Sir, The assessee is in receipt of subject notice no. ITBA/AST/F/142(1)/2021- 22/1041197705(1) dated March 21, 2022 Issued by your goodself. (Copy of notice is enclosed as Annexure 1). In this

DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, LUDHIANA, LUDHIANA vs. M/S JAMNA DASS NIKKAMAL JAIN SARAF PVT. LTD., LUDHIANA

In the result, the appeal filed by Revenue is dismissed and the appeal filed by the Assessee is allowed

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

reassessment mechanism contemplated by section 148. Reference was also drawn to section 148B, which mandates prior approval for assessments pertaining to search cases, and it was submitted that no such statutory approval under section 148B had been obtained, rendering the assessment void. 11.2 It was further pointed out by the Ld.AR that the approval sought by the Assessing Officer vide

JAMNA DASS NIKKAMAL JAIN SARAF PRIVATE LIMITED, LUDHIANA,LUDHIANA vs. THE DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 1, LUDHIANA, LUDHIANA

In the result, the appeal filed by Revenue is dismissed and the appeal filed by the Assessee is allowed

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

reassessment mechanism contemplated by section 148. Reference was also drawn to section 148B, which mandates prior approval for assessments pertaining to search cases, and it was submitted that no such statutory approval under section 148B had been obtained, rendering the assessment void. 11.2 It was further pointed out by the Ld.AR that the approval sought by the Assessing Officer vide

M/S PNG TRADING PRIVATE LIMITED,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

In the result, all four appeals are allowed

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwal

8 other material existing or brought on the record of the AO. vii. Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course of search which

M/S PNG TRADING PRIVATE LIMITED,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

In the result, all four appeals are allowed

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwal

8 other material existing or brought on the record of the AO. vii. Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course of search which

M/S PNG TRADING PRIVATE LIMITED,CHANDIGARH vs. DCIT, CHANDIGARH

In the result, all four appeals are allowed

Bench: Shri Rajpal Yadav & Shri Manoj Kumar Aggarwal

8 other material existing or brought on the record of the AO. vii. Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course of search which