2015 (1) TMI 472

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....Respondent : Mr. Pankaj Jain, Senior Advocate with Mr. Sachin Bhardwaj, Advocate   ORDER Rajive Bhalla, J. By way of this order, we shall decide ITA No. 215 of 2001 (Commissioner of Income Tax (Central), Ludhiana Vs. Sh. Vijay Parkash Maheshwari, ITA No. 218 of 2001 (Commissioner of Income Tax (Central), Ludhiana Vs. Ravinder Kumar Maheshwari and ITA No. 200 of 2001 (Commissioner of ....

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.... jurisdictional Punjab & Haryana High Court in the case of Lal Chand Kalra Vs. CIT 22 CTR 135 (P&H). iii) Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in directing that if any addition is sustained in the hands of the Assessee, the same should be off-set with the surrender in the firm in which the Assessee is a partner to the extent of his share." ....

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....e manner in which surrendered income may be treated. We have heard counsel for the parties, perused the impugned order and would necessarily have to make reference to certain relevant facts that have occurred during pendency of these appeals. After remand by the Tribunal, the Assessing Officer framed a fresh assessment. The assessment was once again set-aside by the Tribunal. The Assessing Offi....