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)

price these plots might have been sold by him further to other buyers, but he approached the assessee firm to transfer the bookings in the names of new buyers and accordingly, they received booking slips in original and issued fresh booking slips to new allottees and during the time when booking slips were in custody of Sh. Kashmiri

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)

price these plots might have been sold by him further to other buyers, but he approached the assessee firm to transfer the bookings in the names of new buyers and accordingly, they received booking slips in original and issued fresh booking slips to new allottees and during the time when booking slips were in custody of Sh. Kashmiri

M/S SEL MANUFACTURING CO. LTD.,LUDHIANA vs. DCIT, CC-3, LUDHIANA

In the result, appeal is allowed

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

251 (SC). 6. The ld. DR, on the other hand, has sought to place strong reliance on the decision of the Surat Bench of the Tribunal in the case of ‘Garden Silk Mills (P) Ltd. Vs DCIT’, [2023] 150 taxmann.com 442 (Surat-Trib.), wherein, since the assessment A.Y. 2011-12 8 order was passed in the case of the assessee

ITO, WARD-1, YAMUNA NAGAR vs. M/S JAMNA AUTO INDUSTRIES LTD., YAMUNA NAGAR

In the result, the appeal is dismissed

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

price 64008.26 per MT” 4. The Assessing Officer observed that the finished goods were produced out of the books and in this backdrop, whole of the sale value of Rs.25,60,84,653/- was deemed to be the income. Before the CIT (Appeals), the main ground taken by the assessee was that the assessee company was a reputed company with

ITO, WARD-1, YAMUNA NAGAR vs. M/S JAMNA AUTO INDUSTRIES LTD., YAMUNA NAGAR

In the result, the appeal is dismissed

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

price 64008.26 per MT” 4. The Assessing Officer observed that the finished goods were produced out of the books and in this backdrop, whole of the sale value of Rs.25,60,84,653/- was deemed to be the income. Before the CIT (Appeals), the main ground taken by the assessee was that the assessee company was a reputed company with

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

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

section 69C of the Act on account of unexplained commission expenses are also deleted in all these appeals as a consequence to the finding on main issue. " (emphasis supplied) 13.7 In the aforesaid decision, the Tribunal has followed the earlier decision of the (Delhi Bench) of the Tribunal in ITA 655/CHD/2023 & ITA 610/CHD/2023 A.Y. 2015-16 50 the case

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

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

section 69C of the Act on account of unexplained commission expenses are also deleted in all these appeals as a consequence to the finding on main issue. " (emphasis supplied) 13.7 In the aforesaid decision, the Tribunal has followed the earlier decision of the (Delhi Bench) of the Tribunal in ITA 655/CHD/2023 & ITA 610/CHD/2023 A.Y. 2015-16 50 the case

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)

transfer to a new business of machinery or plant previously used for any purpose." The perusal of relevant provisions of Section 80IC reveals that to become eligible for 80IC deduction, an assessee must satisfy the conditions mentioned in sub section (2) & (4), which are, in other words, qualifying provisions for exemption u/s 80IC of the Income Tax Act 1961. Eligibility

M/S ASHA TECHNOLOGIES,SIRMOUR vs. ADDL. CIT, SOLAN

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)

transfer to a new business of machinery or plant previously used for any purpose." The perusal of relevant provisions of Section 80IC reveals that to become eligible for 80IC deduction, an assessee must satisfy the conditions mentioned in sub section (2) & (4), which are, in other words, qualifying provisions for exemption u/s 80IC of the Income Tax Act 1961. Eligibility

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

251(1) regarding alleged understatement of investment in\nproperty at 28/6, Industrial Area, Phase-2, Chandigarh.\nIssue 5 : Directions by CIT(A) to AO to initiate 147/148 proceedings taking shelter of\ns.150(1)(2) for AY 2010-11 and 2012-13.\nIssue 6: Shortage of stock found during search held as undisclosed sale.\nIssue 7: Commission/profit earned at estimated rate

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

251(1) regarding alleged understatement of investment in\nproperty at 28/6, Industrial Area, Phase-2, Chandigarh.\nIssue 5 : Directions by CIT(A) to AO to initiate 147/148 proceedings taking shelter of\ns. 150(1)(2) for AY 2010-11 and 2012-13.\nIssue 6: Shortage of stock found during search held as undisclosed sale.\nIssue 7: Commission/profit earned at estimated

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

251(1) regarding alleged understatement of investment in\nproperty at 28/6, Industrial Area, Phase-2, Chandigarh.\nIssue 5 : Directions by CIT(A) to AO to initiate 147/148 proceedings taking shelter of\ns.150(1)(2) for AY 2010-11 and 2012-13.\nIssue 6: Shortage of stock found during search held as undisclosed sale.\nIssue 7: Commission/profit earned at estimated rate

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

251(1) regarding alleged understatement of investment in\nproperty at 28/6, Industrial Area, Phase-2, Chandigarh.\nIssue 5 : Directions by CIT(A) to AO to initiate 147/148 proceedings taking shelter of\ns.150(1)(2) for AY 2010-11 and 2012-13.\nIssue 6: Shortage of stock found during search held as undisclosed sale.\nIssue 7: Commission/profit earned at estimated rate

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

251(1) regarding alleged understatement of investment in\nproperty at 28/6, Industrial Area, Phase-2, Chandigarh.\nIssue 5 : Directions by CIT(A) to AO to initiate 147/148 proceedings taking shelter of\ns.150(1)(2) for AY 2010-11 and 2012-13.\nIssue 6: Shortage of stock found during search held as undisclosed sale.\nIssue 7: Commission/profit earned at estimated rate

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

price fluctuations. The reliance in\nthis respect can be placed on the following decisions:\n“(i) [Assistant Commissioner of Income Tax, Central Circle-1(3), Kolkata v. Narula\nEducational Trust [2021] 126 taxmann.com 158 (Kolkata - Trib.)\n(ii) Champaklal S. Kasat v. Deputy Commissioner of Income-tax, Cent. Cir. 1(3),\nAhmedabad [2017] 82 taxmann.com 243 (Ahmedabad - Trib

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

price fluctuations. The reliance in\nthis respect can be placed on the following decisions:\n“(i) [Assistant Commissioner of Income Tax, Central Circle-1(3), Kolkata v. Narula\nEducational Trust [2021] 126 taxmann.com 158 (Kolkata - Trib.)\n(ii) Champaklal S. Kasat v. Deputy Commissioner of Income-tax, Cent. Cir. 1(3),\nAhmedabad [2017] 82 taxmann.com 243 (Ahmedabad - Trib

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

price fluctuations. The reliance in\nthis respect can be placed on the following decisions:\n“(i) [Assistant Commissioner of Income Tax, Central Circle-1(3), Kolkata v. Narula\nEducational Trust [2021] 126 taxmann.com 158 (Kolkata - Trib.)\n(ii) Champaklal S. Kasat v. Deputy Commissioner of Income-tax, Cent. Cir. 1(3),\nAhmedabad [2017] 82 taxmann.com 243 (Ahmedabad - Trib

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

price fluctuations. The reliance in\nthis respect can be placed on the following decisions:\n“(i) [Assistant Commissioner of Income Tax, Central Circle-1(3), Kolkata v. Narula\nEducational Trust [2021] 126 taxmann.com 158 (Kolkata - Trib.)\n(ii) Champaklal S. Kasat v. Deputy Commissioner of Income-tax, Cent. Cir. 1(3),\nAhmedabad [2017] 82 taxmann.com 243 (Ahmedabad - Trib