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)

142(1). It empowers the Assessing Officer to scrutinize that return if he considers that income has been understated or tax underpaid. However, when a search under section 132 takes place and materials are found indicating possible escapement of income, the statute envisages a different route for carrying out assessment or reassessment under section 147 read with section 148, which

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)

142(1). It empowers the Assessing Officer to scrutinize that return if he considers that income has been understated or tax underpaid. However, when a search under section 132 takes place and materials are found indicating possible escapement of income, the statute envisages a different route for carrying out assessment or reassessment under section 147 read with section 148, which

SH. RAJIV KUMAR,MOHALI vs. ACIT, CHANDIGARH

In the result, the appeals of the assessee bearing

Bench: Shri Sanjay Garg & Shri Vikram Singh Yadav

3) of Section 153 of the Act. 7.1 The relevant extract of s. 142(2A), as existing at the relevant time, for the sake of ready reference is reproduced as under : (2A) If, at any stage of the proceedings before him, the Assessing Officer, having regard to the nature and complexity of the accounts of the assessee and the interests

SH. S.L. ARORA,MOHALI vs. DCIT, CHANDIGARH

In the result, the appeals of the assessee bearing

Bench: Shri Sanjay Garg & Shri Vikram Singh Yadav

3) of Section 153 of the Act. 7.1 The relevant extract of s. 142(2A), as existing at the relevant time, for the sake of ready reference is reproduced as under : (2A) If, at any stage of the proceedings before him, the Assessing Officer, having regard to the nature and complexity of the accounts of the assessee and the interests

DCIT, CHANDIGARH vs. SH. S.L. ARORA, MOHALI

In the result, the appeals of the assessee bearing

Bench: Shri Sanjay Garg & Shri Vikram Singh Yadav

3) of Section 153 of the Act. 7.1 The relevant extract of s. 142(2A), as existing at the relevant time, for the sake of ready reference is reproduced as under : (2A) If, at any stage of the proceedings before him, the Assessing Officer, having regard to the nature and complexity of the accounts of the assessee and the interests

SH.SOHAN LAL ARORA,MOHALI vs. ACIT, CHANDIGARH

In the result, the appeals of the assessee bearing

Bench: Shri Sanjay Garg & Shri Vikram Singh Yadav

3) of Section 153 of the Act. 7.1 The relevant extract of s. 142(2A), as existing at the relevant time, for the sake of ready reference is reproduced as under : (2A) If, at any stage of the proceedings before him, the Assessing Officer, having regard to the nature and complexity of the accounts of the assessee and the interests

SH. RAJIV KUMAR,MOHALI vs. DCIT, CHANDIGARH

In the result, the appeals of the assessee bearing

Bench: Shri Sanjay Garg & Shri Vikram Singh Yadav

3) of Section 153 of the Act. 7.1 The relevant extract of s. 142(2A), as existing at the relevant time, for the sake of ready reference is reproduced as under : (2A) If, at any stage of the proceedings before him, the Assessing Officer, having regard to the nature and complexity of the accounts of the assessee and the interests

OSWAL POLYCOT (INDIA) PVT. LTD.,LUDHIANA vs. DCIT, CC-I, LUDHIANA

In the result, the appeal of the assessee in ITA No

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

142(1) were issued calling for the necessary information and documentation. 4. As per the AO, the assessee has received share application money from M/s Gayatri Investment Consultants Pvt. Ltd. M/s Fantastic Commercial Pvt. Ltd. and M/s JMD Cloth & Garments Pvt. Ltd. amounting to Rs. 4,10,00,000/- during the year against which the assessee was to allot

DCIT, CC-I, LUDHIANA vs. OSWAL POLYCOT (INDIA) PVT. LTD., LUDHIANA

In the result, the appeal of the assessee in ITA No

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

142(1) were issued calling for the necessary information and documentation. 4. As per the AO, the assessee has received share application money from M/s Gayatri Investment Consultants Pvt. Ltd. M/s Fantastic Commercial Pvt. Ltd. and M/s JMD Cloth & Garments Pvt. Ltd. amounting to Rs. 4,10,00,000/- during the year against which the assessee was to allot

OSWAL POLYCOT (INDIA) PVT. LTD.,LUDHIANA vs. DCIT, CC-I, LUDHIANA

In the result, the appeal of the assessee in ITA No

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

142(1) were issued calling for the necessary information and documentation. 4. As per the AO, the assessee has received share application money from M/s Gayatri Investment Consultants Pvt. Ltd. M/s Fantastic Commercial Pvt. Ltd. and M/s JMD Cloth & Garments Pvt. Ltd. amounting to Rs. 4,10,00,000/- during the year against which the assessee was to allot

OSWAL POLYCOT (INDIA) PVT. LTD.,LUDHIANA vs. DCIT, CC-I, LUDHIANA

In the result, the appeal of the assessee in ITA No

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

142(1) were issued calling for the necessary information and documentation. 4. As per the AO, the assessee has received share application money from M/s Gayatri Investment Consultants Pvt. Ltd. M/s Fantastic Commercial Pvt. Ltd. and M/s JMD Cloth & Garments Pvt. Ltd. amounting to Rs. 4,10,00,000/- during the year against which the assessee was to allot

DCIT, CC-I, LUDHIANA vs. OSWAL POLYCOT (INDIA) PVT. LTD., LUDHIANA

In the result, the appeal of the assessee in ITA No

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

142(1) were issued calling for the necessary information and documentation. 4. As per the AO, the assessee has received share application money from M/s Gayatri Investment Consultants Pvt. Ltd. M/s Fantastic Commercial Pvt. Ltd. and M/s JMD Cloth & Garments Pvt. Ltd. amounting to Rs. 4,10,00,000/- during the year against which the assessee was to allot

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)

reassess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section, or recompute the loss or the depreciation allowance or any other allowance, as the case may be, for the assessment year concerned (hereafter in this section and in sections

EXOTIC REALTORS AND DEVELOPERS,CHANDIGARH vs. PR.CIT-1, CHANDIGARH

In the result, appeal of the assessee is allowed

Bench: SHRI. KRINWANT SAHAY (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

3) he has passed the assessment order dt. 12/06/2020 as requisite notice under section 143(2) of the Act dt. 22/09/2019 was issued to the assessee firm and that the same was served upon the assessee in time. 16.13 Section 143(2) contemplates a notice which in the instant case has been given within time. The notice is dt. 22/09/2019

S.P. SINGLA CONSTRUCTION PRIVATE LIMITED,DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CHANDIGARH

In the result, the appeal is allowed

Bench: SHRI MAHAVIR SINGH (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

142 CTR (Del) 272 : (1997) 225 ITR 496 (Del), the Delhi High Court held that in view of the proviso to Section 147 notice for reassessment under Section 147/148 should only be issued in accordance with the new Section 147, and where the original assessment had been made under Section 143(3

SHRI ABHISHEK SOIN,LUDHIANA vs. DCIT, CC-II, LUDHIANA

The appeals are partly allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 321 & 322/Chd/2019 "नधा"रण वष" / Assessment Year: 2010-11, 2011-12 Shri Abhishek Soin, The Dcit, C/O Sigma Cartons Pvt. Ltd., Vs Central Circle-Ii, Unit-Ii, Industrial Area-C, Ludhiana. Sua Road, Ludhiana. "थायी लेखा सं./Pan No: Anbps9446A अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Shri Aditya Kumar, Ca Revenue By : Shri Manav Bansal, Cit Dr Date Of Hearing : 03.06.2025 Date Of Pronouncement : 29.07.2025 Hybrid Hearing O R D E R

142(1). He has passed the assessment order u/s 153A read with Section 143(3) on 31.03.2015 in both years. The AO has accepted the claim of the assessee about Long Term Capital Gain exempt u/s 10(38) of the Income Tax Act. 7. The ld. CIT, thereafter took cognizance u/s 263 of the Income

SHRI ABHISHEK SOIN,LUDHIANA vs. DCIT, CC-II, LUDHIANA

The appeals are partly allowed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahayआयकर अपील सं./ Ita No. 321 & 322/Chd/2019 "नधा"रण वष" / Assessment Year: 2010-11, 2011-12 Shri Abhishek Soin, The Dcit, C/O Sigma Cartons Pvt. Ltd., Vs Central Circle-Ii, Unit-Ii, Industrial Area-C, Ludhiana. Sua Road, Ludhiana. "थायी लेखा सं./Pan No: Anbps9446A अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Shri Aditya Kumar, Ca Revenue By : Shri Manav Bansal, Cit Dr Date Of Hearing : 03.06.2025 Date Of Pronouncement : 29.07.2025 Hybrid Hearing O R D E R

142(1). He has passed the assessment order u/s 153A read with Section 143(3) on 31.03.2015 in both years. The AO has accepted the claim of the assessee about Long Term Capital Gain exempt u/s 10(38) of the Income Tax Act. 7. The ld. CIT, thereafter took cognizance u/s 263 of the Income

DCIT, CC-3, LUDHIANA, KITCHLU NAGAR vs. MANI RAM BALWANT RAI HUF, CIVIL LINES

The appeal of the Revenue is dismissed

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

142(1) along with questionnaires were issued and duly complied with by the assessee. The assessment was completed by the Assessing Officer under section 143(3) of the Act vide order dated 29.03.2024, making the impugned additions. 3. Aggrieved, the assessee carried the matter in appeal before the Ld. CIT(A). The Ld. CIT(A) has granted the relief

HARYANA BUILDING AND OTHER CONSTRUCTION WORKERS WELFARE BOARD,PANCHKULA vs. DCIT, EXEMPTION, SECTOR 17

In the result, this appeal of the Assessee stands dismissed

142(1) dated\n13.10.2022, had furnished the nature of activities, sources of\nincome, copy of Rules of the assessee board, Copy of order of\nregistration under section 12AA, computation of income, audit\nreport containing Balance sheet, Income and expenditure\naccount, and receipts and payments account. The details\nfurnished by the assessee are perused.\nThe assessee's response has been examined