TARLOCHAN SINGH ,BHAWANIGARH vs. DCIT, CENTRAL CIRCLE, PATIALA

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

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

68. The judgments of Allahabad High Court (117 ITR 316), Punjab & Haryana High Court (367 ITR 281) and Ahmedabad Tribunal (ITA No. 2 of 2013) are not applicable to the facts of the present case as those relate to introduction of unexplained credit by the partners of a firm and the case being dealt now relates to a proprietorship. POWERS

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)

68, can be initiated in the year of such credit. Moreover, it is also being mentioned here that in the A.Y. 2013-14, the then AO specifically given office note about the reference to Foreign Authorities and about remedial action to be taken on the basis of information received till that date from Singapore Authority. The assessee also claimed that

SECL INDUSTRIES LIMITED,BATHINDA vs. DCIT, LUDHIANA

In the result, the appeal of the assessee is dismissed

Section 68 applies equally to share application money received by the assessee and the burden is on the assessee to prove the nature and source thereof to the satisfaction of the Assessing Officer regarding the three ingredients i.e. proof regarding identity of the share applicants, their creditworthiness to purchase the shares and the genuineness of the transaction

M/S SANJAY SINGAL HUF,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: SHRI A.D.JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

68 of the Income Tax Act, 1961 on account of unexplained cash credit in each appeal i.e. ITA Nos. 708, 710, 71 l/Chd/2018; ITA No. 714, 716 and 717/Chd/2018; ITA No. 718 &719/Chd/2018; and 705/Chd/2018 83. Similarly, addition made by the AO by estimating the expenses on commission alleged to have been incurred by the assessee for arranging such long

SANJAY SINGAL,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CC-1, CHANDIGARH

Bench: SHRI A.D.JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

68 of the Income Tax Act, 1961 on account of unexplained cash credit in each appeal i.e. ITA Nos. 708, 710, 71 l/Chd/2018; ITA No. 714, 716 and 717/Chd/2018; ITA No. 718 &719/Chd/2018; and 705/Chd/2018 83. Similarly, addition made by the AO by estimating the expenses on commission alleged to have been incurred by the assessee for arranging such long

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)

68 by way of proviso was made by the Finance Act, 2012 with effect from 01/04/2013. Hence the same is not applicable to the year under consideration. In this regard, it was further held by the ld CIT(A) that the rotation of funds within the group companies can be on account of financial requirements and accommodation due to business

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)

68 by way of proviso was made by the Finance Act, 2012 with effect from 01/04/2013. Hence the same is not applicable to the year under consideration. In this regard, it was further held by the ld CIT(A) that the rotation of funds within the group companies can be on account of financial requirements and accommodation due to business

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)

68 by way of proviso was made by the Finance Act, 2012 with effect from 01/04/2013. Hence the same is not applicable to the year under consideration. In this regard, it was further held by the ld CIT(A) that the rotation of funds within the group companies can be on account of financial requirements and accommodation due to business

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)

68 by way of proviso was made by the Finance Act, 2012 with effect from 01/04/2013. Hence the same is not applicable to the year under consideration. In this regard, it was further held by the ld CIT(A) that the rotation of funds within the group companies can be on account of financial requirements and accommodation due to business

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)

68 by way of proviso was made by the Finance Act, 2012 with effect from 01/04/2013. Hence the same is not applicable to the year under consideration. In this regard, it was further held by the ld CIT(A) that the rotation of funds within the group companies can be on account of financial requirements and accommodation due to business

SHRI DIDAR SINGH,MOHALI vs. ITO, W-6(4), MOHALI

In the result, appeals of the assessees are allowed for statistical purposes

197/- Balance Gain Rs. 68,39,512/- Less : 1. Loan returned to Punjab Gramin Bank Mohali taken for improvement of land 29-01-2013. Rs-1,01,169/- 2. Investment U/s 54 (Residential Property) Rs- 35,95,440/- 3. Share of Investment in Agricultural land purchased as per copy of purchased deed Enclosed Rs. 24,35,850/- Balance Amount

SHRI DARSHAN SINGH,MOHALI vs. ITO, W-6(4), MOHALI

In the result, appeals of the assessees are allowed for statistical purposes

197/- Balance Gain Rs. 68,39,512/- Less : 1. Loan returned to Punjab Gramin Bank Mohali taken for improvement of land 29-01-2013. Rs-1,01,169/- 2. Investment U/s 54 (Residential Property) Rs- 35,95,440/- 3. Share of Investment in Agricultural land purchased as per copy of purchased deed Enclosed Rs. 24,35,850/- Balance Amount

SHRI GURDEEP SINGH,MOHALI vs. ITO, W-6(4), MOHALI

In the result, appeals of the assessees are allowed for statistical purposes

197/- Balance Gain Rs. 68,39,512/- Less : 1. Loan returned to Punjab Gramin Bank Mohali taken for improvement of land 29-01-2013. Rs-1,01,169/- 2. Investment U/s 54 (Residential Property) Rs- 35,95,440/- 3. Share of Investment in Agricultural land purchased as per copy of purchased deed Enclosed Rs. 24,35,850/- Balance Amount

SHRI KESAR SINGH,MOHALI vs. ITO, W-6(4), MOHALI

In the result, appeals of the assessees are allowed for statistical purposes

197/- Balance Gain Rs. 68,39,512/- Less : 1. Loan returned to Punjab Gramin Bank Mohali taken for improvement of land 29-01-2013. Rs-1,01,169/- 2. Investment U/s 54 (Residential Property) Rs- 35,95,440/- 3. Share of Investment in Agricultural land purchased as per copy of purchased deed Enclosed Rs. 24,35,850/- Balance Amount

SHRI BALJINDER SINGH,MOHALI vs. ITO, W-6(4), MOHALI

In the result, appeals of the assessees are allowed for statistical purposes

197/- Balance Gain Rs. 68,39,512/- Less : 1. Loan returned to Punjab Gramin Bank Mohali taken for improvement of land 29-01-2013. Rs-1,01,169/- 2. Investment U/s 54 (Residential Property) Rs- 35,95,440/- 3. Share of Investment in Agricultural land purchased as per copy of purchased deed Enclosed Rs. 24,35,850/- Balance Amount

M/S YASHODHA MOTORS PVT. LTD.,PATIALA vs. ACIT, CIRCLE, PATIALA

In the result, appeal of the Assessee is allowed

Bench: Smt. Diva Singh & Smt.Annapurna Guptaआयकर अपील सं./ Ita No.1601/Chd/2019 िनधा"रण वष" / Assessment Year : 2016-17

197/- made by the AO by invoking the provision of section 40A(2) is found sustainable as per law and hence confirmed. Accordingly, these grounds of appeal are dismissed. 4.5 Referring to the same he pointed out that the Ld. CIT(A), on the issue of the impugned disallowance having been considered and accepted in the preceding year

DCIT,CIRCLE-I, LUDHIANA, LUDHIANA vs. ADINATH TEXTILES LIMITED, LUDHIANA

In the result both the appeal filed by the Revenue and Cross objection filed by the Assessee are dismissed

Bench: the appeal is finally heard or disposed off.

section 68 the Income Tax Act, 1961amounting to R- 2,20,32,738/-. 4. That Ld. CIT(A), NFAC, Delhi erred on facts and law, in deleting the addition u/s 69Cof the Income Tax As on account of explained expenditure amounting toRs.3,83,50,000/- 5. That the Ld. CIT(A), NFAC, Delhi erred on facts

NATIONAL JEWELS NEAR NEW MARKET, JAGADHRI ROAD, YAMUNANAGAR,HARYANA vs. THE INCOME TAX OFFICER WARD 5 YAMNUNNAGAR , HARYANA

Bench: SHRI A. D. JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

68-73/2021 dated 19.02.2022 and in the Judgment of Hon'ble Delhi High Court in the case of Pr. CIT Vs Akshit Kumar in ITA No. 348 of 2019 as reported in 197 DTR 121 vide our submissions, dated 11.03.2021, in which, ITA 222/CHD/2024 A.Y.2017-18 3 it has been held that if requisite stocks are available and which have

SH. AMARDEEP SINGH ATHWAL,YAMUNANAGAR vs. ITO, WARD-1, YAMUNANAGAR

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

197 of the I.T. Act to the petitioner for non-deduction of tax at source, in as much as, the petitioner is not able to pay any tax under the head "income from other sources" on the interest paid to it under Section 28 of the Act of 1894". A copy of the judgment and order dated 31.03.2016 passed