SHRI GURU RAM DASS EDUCATIONAL SOCIETY,MOHALI vs. PR.CIT(CENTRAL) GURGAON, AT CHANDIGARH

section (1) or (2) of sec. 120 of the Act stood divested of the same. Further, the CIT (Exemption) was also divested of his jurisdiction and all the powers, in respect of this case by virtue of transfer order u/s. 127 of the Act. The reliance was placed on the following case laws: • Ramshila Enterprises (P.) Ltd. Vs. PCIT

CHANDIGARH EDUCATIONAL SOCIETY,MOHALI vs. PR.CIT(CENTRAL)-GURGAON, AT CHANDIGARH

section (1) or (2) of sec. 120 of the Act stood divested of the same. Further, the CIT (Exemption) was also divested of his jurisdiction and all the powers, in respect of this case by virtue of transfer order u/s. 127 of the Act. The reliance was placed on the following case laws: • Ramshila Enterprises (P.) Ltd. Vs. PCIT

CHANDIGARH EDUCATIONAL TRUST,MOHALI vs. PR.CIT-CENTRAL,GURGAON, AT CHANDIGARH

section (1) or (2) of sec. 120 of the Act stood divested of the same. Further, the CIT (Exemption) was also divested of his jurisdiction and all the powers, in respect of this case by virtue of transfer order u/s. 127 of the Act. The reliance was placed on the following case laws: • Ramshila Enterprises (P.) Ltd. Vs. PCIT

SWARN GANGA JEWELLERS,CHANDIGARH vs. DCIT, CIRCLE 4(1) NOW DCIT, CIRCLE 1(1), CHANDIGARH

In the result, the appeal of the assessee stands allowed

Bench: This Tribunal Being Aggrieved By An Order No. Itba/Nfac/S/250/2022-23/1045180258(1) For A.Y. 2017-18 Dt. 05/09/2022 Which Is Hereinafter Referred To As The “Impugned Order”. The Impugned Order Is Passed By Cit(A) In Terms Of Section 250 Of The Income Tax Act, 1961. Factual Matrix 2. That Survey U/S 133A Of The Income Tax Act, 1961 Was Conducted On The Business Premises Of The Assessee On 06/09/2016. The Assessee Surrendered A Sum Of Rs. 50,00,000/- During The Survey & Paid Tax Thereon. The Return Of Income Was Filed On 01/11/2017 Declaring A Total Income Of Rs. 89,48,260/-. Thereafter The Case Of The Assessee Was Selected For Scrutiny Under Compulsory Scrutiny Guidelines & Notice Under Section 143(2) Of The Act Was Issued On 11/09/2018. The Assessment Was Finalised Vide Order Dt. 23/12/2019 Whereby Addition Of Rs. 95,70,882/- Was Made U/S 68 R.W..S 115Bbe Of The Act.

section 68 r.w.s 115BBE of the Act. 16. The assessee being aggrieved by the impugned order of CIT(A) has raised following grounds of appeal in view of above factual matrix: 1. That on facts, circumstances and legal position of the case, the Worthy CIT(A), NFAC has erred in passing the order in contravention of provisions

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)

127 dt. 29/10/2013 and notice under Section 153A was issued to the assessee on 24/03/2014. In response, the assessee filed its return of income and notice under section 143(2) and 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

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)

127 dt. 29/10/2013 and notice under Section 153A was issued to the assessee on 24/03/2014. In response, the assessee filed its return of income and notice under section 143(2) and 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

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)

127 dt. 29/10/2013 and notice under Section 153A was issued to the assessee on 24/03/2014. In response, the assessee filed its return of income and notice under section 143(2) and 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

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)

127 dt. 29/10/2013 and notice under Section 153A was issued to the assessee on 24/03/2014. In response, the assessee filed its return of income and notice under section 143(2) and 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

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)

127 dt. 29/10/2013 and notice under Section 153A was issued to the assessee on 24/03/2014. In response, the assessee filed its return of income and notice under section 143(2) and 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

ACIT, CC-2, CHANDIGARH vs. M/S TJR PROPERTIES PVT. LTD., CHANDIGARH

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

Section 68 of the Act. 20. It has been submitted that the ld. CIT(A,) in his order, on Page 126, has observed that a letter dated 07.09.2022 was sent to the A.O., requiring him to produce a copy of the search warrant executed / ‘Panchnama’ prepared on the basis of which proceedings u/s 153A were initiated on the company

M/S TJR PROPERTIES PVT. LTD.,CHANDIGARH vs. ACIT, CC-2, CHANDIGARH

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

Section 68 of the Act. 20. It has been submitted that the ld. CIT(A,) in his order, on Page 126, has observed that a letter dated 07.09.2022 was sent to the A.O., requiring him to produce a copy of the search warrant executed / ‘Panchnama’ prepared on the basis of which proceedings u/s 153A were initiated on the company

SH. VARINDER KUMAR GUPTA,PATIALA vs. PR. CIT, PATIALA

In the result appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकरअपीलसं./Ita No. 754/Chd/2018 "नधा"रणवष" / Assessment Year : 2013-14 Shri Varinder Kumar Gupta, The Ito, Ward -5, बनाम # 278, Urban Estate, Phase-1 Patiala Patiala "थायीलेखासं./Pan No: Anppg 8996Q अपीलाथ"/Appellant ""यथ"/Respondent

68. 8. The assessee is a partner in the firm styled as V.K. Holdings and the capital investment therein is in the nature of investment. Similarly, the company styled as V.K. Infrainvest Pvt. Ltd. In which the assessee is a shareholder. Contract for green fee was allotted. The amount was advanced to the company for the purpose of business expediency

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)

section from the Asstt. Year 2013-14 and hence the CIT(A) has erred in making the addition u/s 68. 9. That the Ld. CIT(A)has failed to appreciate that even the proceedings u/s 263 were initiated by the Ld. PCIT in the case of assessee company in respect of the unsecured loans as received from M/s Aayush

THE DCIT, CIRCLE (INTERNATIONAL TAXATION), CHANDIGARH vs. SH. MANJEET SINGH, LUDHIANA

In the result, Revenue’s appeal is dismissed whereas, Cross

Bench: Shri A.D. Jain & Dr Krinwant Sahayआयकर अपील सं./ Ita No. 512/Chd/2022 "नधा"रण वष" / Assessment Year : 2012-13 The Dcit, Vs. Shri Manjeet Singh, बनाम Circle (International S/O Shri Harbir Singh Taxation), # 1460, Ward Number-8, Chandigarh Gahlewal, Ludhiana 141008 "थायी लेखा सं./Pan No: Cdeps4087A अपीलाथ"/ Appellant ""यथ"/ Repsondent & C.O. No. 13/Chd/2022 ( In आयकर अपील सं./ Ita No. 512/Chd/2022) "नधा"रण वष" / Assessment Year : 2012-13 Shri Manjeet Singh, Vs. The Dcit, बनाम S/O Shri Harbir Singh Circle (International # 1460, Ward Number-8, Taxation ), Gahlewal, Chandigarh Ludhiana 141008 "थायी लेखा सं./Pan No: Cdeps4087A अपीलाथ"/ Appellant ""यथ"/ Repsondent ( Physical Hearing ) "नधा"रती क" ओर से/Assessee By : Shri Sudhir Sehgal, Advocate राज"व क" ओर से/ Revenue By : Shri Dharamvir, Jcit, Sr. Dr सुनवाई क" तार"ख/Date Of Hearing : 04.09.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 15.10.2024

127 of the Act. Now, the question is whether the action of the Income Tax Officer, Ward-26(3) New Delhi was valid in law in concluding the assessment proceedings based on the notice issued under Section 148 of the Act by the Income Tax Officer, Ward-26(4) who had no valid jurisdiction to issue the notice

DCIT CC-1, LUDHIANA vs. M/S OSWAL FASHION (P) LTD., LUDHIANA

In the result, the Revenue’s appeals in ITA Nos

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. MANOJ KUMAR AGGARWAL (Accountant Member)

section 68, on the basis that the assessee had shown liquidation of investment in shares of M/s Oswal Clothing Pvt. Ltd., but could not establish the actual transfer of shares to M/s Saturn Stock Investment Pvt. Ltd. The addition was made solely on the basis of the entries in the balance sheet and the absence of share transfer documents

DCIT CC-1, LUDHIANA vs. M/S OSWAL FASHION (P) LTD., LUDHIANA

In the result, the Revenue’s appeals in ITA Nos

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. MANOJ KUMAR AGGARWAL (Accountant Member)

section 68, on the basis that the assessee had shown liquidation of investment in shares of M/s Oswal Clothing Pvt. Ltd., but could not establish the actual transfer of shares to M/s Saturn Stock Investment Pvt. Ltd. The addition was made solely on the basis of the entries in the balance sheet and the absence of share transfer documents

DCIT, LUDHIANA vs. M/S INCITE HOMECARE PVT. LTD., LUDHIANA

In the result, the appeal of the Revenue is dismissed

Bench: Ms. Diva Singh & Dr. B.R.R.Kumarassessment Year: 2011-12

section 68 have also been addressed and all go to prove the genuineness of the transactions. The evidences, it was submitted, stands unassailed by the Revenue. Inviting attention to the 3 volume of paper books filed, it was submitted, that the details and documents on the basis of which the conclusion has been arrived

M/S TJR PROPERTIES PVT. LTD.,CHANDIGARH vs. ACIT, CC-2, CHANDIGARH

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

Section 68 of the Act. 20. It has been submitted that the ld. CIT(A,) in his order, on Page 126, has observed that a letter dated 07.09.2022 was sent to the A.O., requiring him to produce a copy of the search warrant executed / ‘Panchnama’ prepared on the basis of which proceedings u/s 153A were initiated

ACIT, CC-2, CHANDIGARH vs. M/S TJR PROPERTIES PVT. LTD., CHANDIGARH

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

Section 68 of the Act. 20. It has been submitted that the ld. CIT(A,) in his order, on Page 126, has observed that a letter dated 07.09.2022 was sent to the A.O., requiring him to produce a copy of the search warrant executed / ‘Panchnama’ prepared on the basis of which proceedings u/s 153A were initiated