SMT. AARTI SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

168,26,80,893/- (amount of opening balance pertaining to Smt. Arti Singhal and Shri Sanjay Singhal in the seized Annexures) and balance amount of Rs. 70,85,09,887/- is treated as undisclosed income of the applicant company. As the said income of Rs. 70,85,09,88 7/- has been declared in the hands of Shri Sanjay Singhal

SH. SANJAY SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

168,26,80,893/- (amount of opening balance pertaining to Smt. Arti Singhal and Shri Sanjay Singhal in the seized Annexures) and balance amount of Rs. 70,85,09,887/- is treated as undisclosed income of the applicant company. As the said income of Rs. 70,85,09,88 7/- has been declared in the hands of Shri Sanjay Singhal

SH. SANJAY SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

168,26,80,893/- (amount of opening balance pertaining to Smt. Arti Singhal and Shri Sanjay Singhal in the seized Annexures) and balance amount of Rs. 70,85,09,887/- is treated as undisclosed income of the applicant company. As the said income of Rs. 70,85,09,88 7/- has been declared in the hands of Shri Sanjay Singhal

SMT. AARTI SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

168,26,80,893/- (amount of opening balance pertaining to Smt. Arti Singhal and Shri Sanjay Singhal in the seized Annexures) and balance amount of Rs. 70,85,09,887/- is treated as undisclosed income of the applicant company. As the said income of Rs. 70,85,09,88 7/- has been declared in the hands of Shri Sanjay Singhal

SMT. AARTI SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

168,26,80,893/- (amount of opening balance pertaining to Smt. Arti Singhal and Shri Sanjay Singhal in the seized Annexures) and balance amount of Rs. 70,85,09,887/- is treated as undisclosed income of the applicant company. As the said income of Rs. 70,85,09,88 7/- has been declared in the hands of Shri Sanjay Singhal

SH. SANJAY SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

168,26,80,893/- (amount of opening balance pertaining to Smt. Arti Singhal and Shri Sanjay Singhal in the seized Annexures) and balance amount of Rs. 70,85,09,887/- is treated as undisclosed income of the applicant company. As the said income of Rs. 70,85,09,88 7/- has been declared in the hands of Shri Sanjay Singhal

SH. SANJAY SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

168 138,686,123 678,507,515 1,705,146,806 Aniket Singal A.Y. 2013-14 A.Y. 2014-15 Total Particulars A.Y. 2011- 12 - 466,845,231 1,629,052,628 Total Sale proceeds u/s 68 (on a/c of alleged 1,162,207,39 bogus LTCG) 29,954,940. 103,622,995 7 73,668,055 6.5% of LTCG

SMT. AARTI SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

168 138,686,123 678,507,515 1,705,146,806 Aniket Singal A.Y. 2013-14 A.Y. 2014-15 Total Particulars A.Y. 2011- 12 - 466,845,231 1,629,052,628 Total Sale proceeds u/s 68 (on a/c of alleged 1,162,207,39 bogus LTCG) 29,954,940. 103,622,995 7 73,668,055 6.5% of LTCG

SH. ANIKET SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

168 138,686,123 678,507,515 1,705,146,806 Aniket Singal A.Y. 2013-14 A.Y. 2014-15 Total Particulars A.Y. 2011- 12 - 466,845,231 1,629,052,628 Total Sale proceeds u/s 68 (on a/c of alleged 1,162,207,39 bogus LTCG) 29,954,940. 103,622,995 7 73,668,055 6.5% of LTCG

SH. ANIKET SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

168 138,686,123 678,507,515 1,705,146,806 Aniket Singal A.Y. 2013-14 A.Y. 2014-15 Total Particulars A.Y. 2011- 12 - 466,845,231 1,629,052,628 Total Sale proceeds u/s 68 (on a/c of alleged 1,162,207,39 bogus LTCG) 29,954,940. 103,622,995 7 73,668,055 6.5% of LTCG

SH. SANJAY SINGAL HUF,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

168 138,686,123 678,507,515 1,705,146,806 Aniket Singal A.Y. 2013-14 A.Y. 2014-15 Total Particulars A.Y. 2011- 12 - 466,845,231 1,629,052,628 Total Sale proceeds u/s 68 (on a/c of alleged 1,162,207,39 bogus LTCG) 29,954,940. 103,622,995 7 73,668,055 6.5% of LTCG

SMT. AARTI SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

168 138,686,123 678,507,515 1,705,146,806 Aniket Singal A.Y. 2013-14 A.Y. 2014-15 Total Particulars A.Y. 2011- 12 - 466,845,231 1,629,052,628 Total Sale proceeds u/s 68 (on a/c of alleged 1,162,207,39 bogus LTCG) 29,954,940. 103,622,995 7 73,668,055 6.5% of LTCG

SH. SANJAY SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

168 138,686,123 678,507,515 1,705,146,806 Aniket Singal A.Y. 2013-14 A.Y. 2014-15 Total Particulars A.Y. 2011- 12 - 466,845,231 1,629,052,628 Total Sale proceeds u/s 68 (on a/c of alleged 1,162,207,39 bogus LTCG) 29,954,940. 103,622,995 7 73,668,055 6.5% of LTCG

SMT. AARTI SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

168 138,686,123 678,507,515 1,705,146,806 Aniket Singal A.Y. 2013-14 A.Y. 2014-15 Total Particulars A.Y. 2011- 12 - 466,845,231 1,629,052,628 Total Sale proceeds u/s 68 (on a/c of alleged 1,162,207,39 bogus LTCG) 29,954,940. 103,622,995 7 73,668,055 6.5% of LTCG

SH. SANJAY SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: S/Shri N.K. Saini, Vice- & Rajpal Yadav, Vice-

168 138,686,123 678,507,515 1,705,146,806 Aniket Singal A.Y. 2013-14 A.Y. 2014-15 Total Particulars A.Y. 2011- 12 - 466,845,231 1,629,052,628 Total Sale proceeds u/s 68 (on a/c of alleged 1,162,207,39 bogus LTCG) 29,954,940. 103,622,995 7 73,668,055 6.5% of LTCG

M/S LUXMI BUILDERS,CHANDIGARH vs. DCIT, CHANDIGARH

In the result, the respective appeals and stay applications are disposed off in light of aforesaid directions

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

168 and 169. There were certain notings on the backside of these cancelled booking receipts. It was submitted that the assessee firm had sold more than 50 plots during the year in question and the selling price was in the range of Rs. 1200 to 1500 p. sq. yard. However by illogically reading the contents written at the backside

M/S GANESH BUILDERS,PANCHKULA vs. DCIT, CC-1, CHANDIGARH

In the result, the respective appeals and stay applications are disposed off in light of aforesaid directions

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

168 and 169. There were certain notings on the backside of these cancelled booking receipts. It was submitted that the assessee firm had sold more than 50 plots during the year in question and the selling price was in the range of Rs. 1200 to 1500 p. sq. yard. However by illogically reading the contents written at the backside

M/S ASHA TECHNOLOGIES,KALA AMB vs. ITO, SIRMOUR

In the result, both the above appeals of the Assessee are partly allowed as aforesaid in respect of impugned orders dt

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

section 40A(3) of Income Tax Act 1961 .Therefore, this amount of Rs 1,23,299/- is added back to the income of the assessee being unexplained cash credit since the same are not reflected in assessee's regular books of accounts on those relevant dates.. Since the above transaction also violated the provisions of section