M/S SINGLA BUILDERS AND PROMOTERS LIMITED,RUPNAGAR, PUNJAB vs. DCIT/ACIT(CEN)-1 CHD, CHANDIGARH

The appeals stand partly allowed

Bench: Hon’Ble Shri Rajpal Yadav & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकर अपील सं./ Ita No.487/Chandi/2025 (िनधा"रण वष" / Assessment Year: 2013-14) M/S Singla Builders & Promoters Ltd. Dcit / Acit Central-1 बनाम/ Plot No 1265, Sector 82, Industrial Area C.R. Building, Sector 17 Vs. Rupnagar (Punjab) 140308 Chandigarh-160017 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaocs-6503-M (अपीलाथ"/Appellant) : (""थ" / Respondent) & 2. आयकर अपील सं. / Ita No.482/Chandi/2025 (िनधा"रण वष" / Assessment Year: 2017-18) & 3. आयकर अपील सं. / Ita No.484/Chandi/2025 (िनधा"रण वष" / Assessment Year: 2018-19) M/S Credo Assets Private Ltd. Dcit / Acit Central-1 बनाम/ Plot No 1265-C, Sector 82, Industrial Area C.R. Building, Sector 17 Vs. Rupnagar (Punjab) 140308 Chandigarh-160017 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aafcc-6400-L (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Sh. Parikshit Aggarwal (Ca) & Smt. Shruti Khandelwal (Ca) – Ld. Ars ""थ"कीओरसे/Respondent By : Smt. Kusum Bansal (Cit) & Shri Rajat Kumar Kureel (Cit) – Ld. Drs (Virtual) Date Of Final Hearing : 27-01-2026 Date Of Pronouncement : 03-02-2026

142A (6) of the Act, it apparently clear that the valuation report has to be furnished by the Id. DVO within six months from the end of the month in which reference is made by the Id. AO. This issue is now well settled by the Hon'ble Apex Court decision in case of Sargam Cinema

M/S CREDO ASSETS PVT. LTD.,RUPNAGAR PUNJAB vs. DCIT/ACIT(CEN)-1 CHD, CHANDIGARH

The appeals stand partly allowed

Bench: Hon’Ble Shri Rajpal Yadav & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकर अपील सं./ Ita No.487/Chandi/2025 (िनधा"रण वष" / Assessment Year: 2013-14) M/S Singla Builders & Promoters Ltd. Dcit / Acit Central-1 बनाम/ Plot No 1265, Sector 82, Industrial Area C.R. Building, Sector 17 Vs. Rupnagar (Punjab) 140308 Chandigarh-160017 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaocs-6503-M (अपीलाथ"/Appellant) : (""थ" / Respondent) & 2. आयकर अपील सं. / Ita No.482/Chandi/2025 (िनधा"रण वष" / Assessment Year: 2017-18) & 3. आयकर अपील सं. / Ita No.484/Chandi/2025 (िनधा"रण वष" / Assessment Year: 2018-19) M/S Credo Assets Private Ltd. Dcit / Acit Central-1 बनाम/ Plot No 1265-C, Sector 82, Industrial Area C.R. Building, Sector 17 Vs. Rupnagar (Punjab) 140308 Chandigarh-160017 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aafcc-6400-L (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Sh. Parikshit Aggarwal (Ca) & Smt. Shruti Khandelwal (Ca) – Ld. Ars ""थ"कीओरसे/Respondent By : Smt. Kusum Bansal (Cit) & Shri Rajat Kumar Kureel (Cit) – Ld. Drs (Virtual) Date Of Final Hearing : 27-01-2026 Date Of Pronouncement : 03-02-2026

142A (6) of the Act, it apparently clear that the valuation report has to be furnished by the Id. DVO within six months from the end of the month in which reference is made by the Id. AO. This issue is now well settled by the Hon'ble Apex Court decision in case of Sargam Cinema

ANILJIT SINGH ARORA,PATIALA vs. ACIT DCIT CEN CIR , PATIALA, PATIALA

In the result, the appeal of the assessee is allowed

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

142A during the course of assessment proceedings for determining the value of investment in the construction of the said building. The Valuation officer thereafter carried out the inspection of the hospital building and calculated the value of the investment at Rs. 1,61,66,000/-. The AO compared the said value with the value as per the balance sheet

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

68 on account of amount received from Jai Ambe\nPharmaceutical (JAAPL) holding the company as a shell company.\n7. Ground No. 7 – Purchase transactions carried out allegedly outside books.\n\n\n17\n8. Ground No. 8 and 9 -Carry forward of MAT credit against the demand raised\nconsequent to impugned addition made in assessment.\n9. Ground No. 10 – Transfer order

JOINT COMMISSIONER OF INCOME TAX (OSD), LUDHIANA vs. M/S SHEETAL INDUSTRIES , KHANNA

The appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Krinwant Sahay

6].” A.Y.2018-19 22 20. Clearly, it is evident from the above that the surrender was on account of debtors/receivables relating to the business of the Assessee only. The Revenue has accepted the surrender as such, as being on account of receivables. It follows that the debtors were generated from the sales made by the Assessee during the course of carrying

SH. SARANJIT SINGH,PATIALA vs. ACIT, CENTRAL CIRCLE -2, CHANDIGARH

In the result, the appeals of the assessees stand allowed

Bench: Shri Sanjay Garg & Shri Krinwant Sahayआयकर अपील सं./ Ita Nos. 381 & 382/Chd/2022 "नधा"रण वष" / Assessment Years: 2009-10 & 2011-12 Shamsher Singh, Vs. The Acit बनाम Central Circle-2, 11-A, Gen Chanda Singh Chandigarh Colony, Patiala 147001 "थायी लेखा सं./Pan No: Ahjps3586P अपीलाथ"/ Appellant ""यथ"/ Repsondent & आयकर अपील सं./ Ita Nos. 383 & 384/Chd/2023 "नधा"रण वष" / Assessment Years: 2009-10 & 2011-12 Vs. The Acit Saranjit Singh, बनाम Centralcircle-2, 11-A, Gen Chanda Chandigarh Singh Colony, Patiala 147001 "थायी लेखा सं./Pan No: Amwps9575J अपीलाथ"/ Appellant ""यथ"/ Repsondent ( Hybrid Hearing )

6,32,416/- Ground Floor Structure-1 7,64,430/- First Floor 2002-03 Running business Structure-2 12,64,240/- 12,64,240/- 129 premises in the front Second Floor 1996-97 Backside running Structure-3 17,44,369/- 57,52,250/- 148 workshop basement floor 381-382 & 383-384-Chd-2022 Shamsher Singh & Saranjit Singh, Patiala 10 Structure

SH. SHAMSHER SINGH,PATIALA vs. ACIT, CENTRAL CIRCLE-2, CHANDIGARH

In the result, the appeals of the assessees stand allowed

Bench: Shri Sanjay Garg & Shri Krinwant Sahayआयकर अपील सं./ Ita Nos. 381 & 382/Chd/2022 "नधा"रण वष" / Assessment Years: 2009-10 & 2011-12 Shamsher Singh, Vs. The Acit बनाम Central Circle-2, 11-A, Gen Chanda Singh Chandigarh Colony, Patiala 147001 "थायी लेखा सं./Pan No: Ahjps3586P अपीलाथ"/ Appellant ""यथ"/ Repsondent & आयकर अपील सं./ Ita Nos. 383 & 384/Chd/2023 "नधा"रण वष" / Assessment Years: 2009-10 & 2011-12 Vs. The Acit Saranjit Singh, बनाम Centralcircle-2, 11-A, Gen Chanda Chandigarh Singh Colony, Patiala 147001 "थायी लेखा सं./Pan No: Amwps9575J अपीलाथ"/ Appellant ""यथ"/ Repsondent ( Hybrid Hearing )

6,32,416/- Ground Floor Structure-1 7,64,430/- First Floor 2002-03 Running business Structure-2 12,64,240/- 12,64,240/- 129 premises in the front Second Floor 1996-97 Backside running Structure-3 17,44,369/- 57,52,250/- 148 workshop basement floor 381-382 & 383-384-Chd-2022 Shamsher Singh & Saranjit Singh, Patiala 10 Structure

SH. SARANJIT SINGH,PATIALA vs. ACIT, CENTRAL CIRCLE -2, CHANDIGARH

In the result, the appeals of the assessees stand allowed

Bench: Shri Sanjay Garg & Shri Krinwant Sahayआयकर अपील सं./ Ita Nos. 381 & 382/Chd/2022 "नधा"रण वष" / Assessment Years: 2009-10 & 2011-12 Shamsher Singh, Vs. The Acit बनाम Central Circle-2, 11-A, Gen Chanda Singh Chandigarh Colony, Patiala 147001 "थायी लेखा सं./Pan No: Ahjps3586P अपीलाथ"/ Appellant ""यथ"/ Repsondent & आयकर अपील सं./ Ita Nos. 383 & 384/Chd/2023 "नधा"रण वष" / Assessment Years: 2009-10 & 2011-12 Vs. The Acit Saranjit Singh, बनाम Centralcircle-2, 11-A, Gen Chanda Chandigarh Singh Colony, Patiala 147001 "थायी लेखा सं./Pan No: Amwps9575J अपीलाथ"/ Appellant ""यथ"/ Repsondent ( Hybrid Hearing )

6,32,416/- Ground Floor Structure-1 7,64,430/- First Floor 2002-03 Running business Structure-2 12,64,240/- 12,64,240/- 129 premises in the front Second Floor 1996-97 Backside running Structure-3 17,44,369/- 57,52,250/- 148 workshop basement floor 381-382 & 383-384-Chd-2022 Shamsher Singh & Saranjit Singh, Patiala 10 Structure

SH. SHAMSHER SINGH,PATIALA vs. ACIT, CENTRAL CIRCLE-2, CHANDIGARH

In the result, the appeals of the assessees stand allowed

Bench: Shri Sanjay Garg & Shri Krinwant Sahayआयकर अपील सं./ Ita Nos. 381 & 382/Chd/2022 "नधा"रण वष" / Assessment Years: 2009-10 & 2011-12 Shamsher Singh, Vs. The Acit बनाम Central Circle-2, 11-A, Gen Chanda Singh Chandigarh Colony, Patiala 147001 "थायी लेखा सं./Pan No: Ahjps3586P अपीलाथ"/ Appellant ""यथ"/ Repsondent & आयकर अपील सं./ Ita Nos. 383 & 384/Chd/2023 "नधा"रण वष" / Assessment Years: 2009-10 & 2011-12 Vs. The Acit Saranjit Singh, बनाम Centralcircle-2, 11-A, Gen Chanda Chandigarh Singh Colony, Patiala 147001 "थायी लेखा सं./Pan No: Amwps9575J अपीलाथ"/ Appellant ""यथ"/ Repsondent ( Hybrid Hearing )

6,32,416/- Ground Floor Structure-1 7,64,430/- First Floor 2002-03 Running business Structure-2 12,64,240/- 12,64,240/- 129 premises in the front Second Floor 1996-97 Backside running Structure-3 17,44,369/- 57,52,250/- 148 workshop basement floor 381-382 & 383-384-Chd-2022 Shamsher Singh & Saranjit Singh, Patiala 10 Structure

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-I, CHANDIGARH , CHANDIGARH vs. MS SCOTT EDIL ADVANCE RESEARCH LABORATOTRIES AND EDUCATION LTD., , CHANDIGARH

142A - HELD THAT:- Admittedly, no incriminating\nmaterial has been found during the course of search qua this addition towards cost of\nconstruction. This fact is evident from the perusal of the orders of the lower authorities. [Refer para 13]\nSole basis of the addition is only the valuation report furnished by the DVO which has\nbeen obtained

SCOTT EDIL ADVANCE RESEARCH LABORATORIES AND EDUCATION LIMITED,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

142A - HELD THAT:- Admittedly, no incriminating\nmaterial has been found during the course of search qua this addition towards cost of\nconstruction. This fact is evident from the perusal of the orders of the lower authorities.\n[Refer para 13]\nSole basis of the addition is only the valuation report furnished by the DVO which has\nbeen obtained

SCOTT EDIL PHARMACIA LTD.,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

142A - HELD THAT:- Admittedly, no incriminating\nmaterial has been found during the course of search qua this addition towards cost of\nconstruction. This fact is evident from the perusal of the orders of the lower authorities. [Refer para 13]\nSole basis of the addition is only the valuation report furnished by the DVO which has\nbeen obtained

SANJEEV AGGARWAL,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

68 on account of amount received from Jai Ambe\nPharmaceutical (JAAPL) holding the company as a shell company.\n7. Ground No. 7 – Purchase transactions carried out allegedly outside books.\n18\n8. Ground No. 8 and 9 -Carry forward of MAT credit against the demand raised\nconsequent to impugned addition made in assessment.\n9. Ground No. 10 – Transfer order

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

142A - HELD THAT:- Admittedly, no incriminating\nmaterial has been found during the course of search qua this addition towards cost of\nconstruction. This fact is evident from the perusal of the orders of the lower authorities. [Refer para 13]\nSole basis of the addition is only the valuation report furnished by the DVO which has\nbeen obtained

SCOTT EDIL ADVANCE RESEARCH LABORATORIES AND EDUCATION LIMITED,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

142A - HELD THAT:- Admittedly, no incriminating\nmaterial has been found during the course of search qua this addition towards cost of\nconstruction. This fact is evident from the perusal of the orders of the lower authorities.\n[Refer para 13]\nSole basis of the addition is only the valuation report furnished by the DVO which has\nbeen obtained

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

142A - HELD THAT:- Admittedly, no incriminating\nmaterial has been found during the course of search qua this addition towards cost of\nconstruction. This fact is evident from the perusal of the orders of the lower authorities.\n[Refer para 13]\nSole basis of the addition is only the valuation report furnished by the DVO which has\nbeen obtained

SCOTT EDIL ADVANCE RESEARCH LABORATORIES AND EDUCATION LIMITED,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

142A - HELD THAT:- Admittedly, no incriminating\nmaterial has been found during the course of search qua this addition towards cost of\nconstruction. This fact is evident from the perusal of the orders of the lower authorities. [Refer para 13]\nSole basis of the addition is only the valuation report furnished by the DVO which has\nbeen obtained

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

142A - HELD THAT:- Admittedly, no incriminating\nmaterial has been found during the course of search qua this addition towards cost of\nconstruction. This fact is evident from the perusal of the orders of the lower authorities.\n[Refer para 13]\nSole basis of the addition is only the valuation report furnished by the DVO which has\nbeen obtained

SHRI BALRAM KRISHAN,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

68 on account of amount received from Jai Ambe\nPharmaceutical (JAAPL) holding the company as a shell company.\n7. Ground No. 7 – Purchase transactions carried out allegedly outside books.\n16\n8. Ground No. 8 and 9 -Carry forward of MAT credit against the demand raised\nconsequent to impugned addition made in assessment.\n9. Ground No. 10 – Transfer order