YOGI SATYAM,ALLAHABAD vs. ITO, WARD- 1(5), ALLAHABAD

The appeals are partly allowed

Bench: Shri. Sudhanshu Srivastava & Shri Nikhil Choudhary

disallowed 5% of the payments made by the assessee in cash, i.e., 5% of Rs.8.00 lakhs, which came to Rs.40,000/- and the same was also added to the income of the assessee. The AO completed the assessment under section 143(3)/147 of the Act, assessing the total income of the assessee at Rs.47,43

SANJANA,ALLAHABAD vs. ITO, WARD- 1 (5), ALLAHABAD

The appeals are partly allowed

Bench: Shri. Sudhanshu Srivastava & Shri Nikhil Choudhary

disallowed 5% of the payments made by the assessee in cash, i.e., 5% of Rs.8.00 lakhs, which came to Rs.40,000/- and the same was also added to the income of the assessee. The AO completed the assessment under section 143(3)/147 of the Act, assessing the total income of the assessee at Rs.47,43

SANJANA,ALLAHABAD vs. ITO, WARD-1(5), ALLAHABAD

The appeals are partly allowed

Bench: Shri. Sudhanshu Srivastava & Shri Nikhil Choudhary

disallowed 5% of the payments made by the assessee in cash, i.e., 5% of Rs.8.00 lakhs, which came to Rs.40,000/- and the same was also added to the income of the assessee. The AO completed the assessment under section 143(3)/147 of the Act, assessing the total income of the assessee at Rs.47,43

SANJANA,ALLAHABAD vs. ITO, WARD- 1 (5), ALLAHABAD

The appeals are partly allowed

Bench: Shri. Sudhanshu Srivastava & Shri Nikhil Choudhary

disallowed 5% of the payments made by the assessee in cash, i.e., 5% of Rs.8.00 lakhs, which came to Rs.40,000/- and the same was also added to the income of the assessee. The AO completed the assessment under section 143(3)/147 of the Act, assessing the total income of the assessee at Rs.47,43

SANJANA,ALLAHABAD vs. ITO, WARD-1(5), ALLAHABAD

The appeals are partly allowed

Bench: Shri. Sudhanshu Srivastava & Shri Nikhil Choudhary

disallowed 5% of the payments made by the assessee in cash, i.e., 5% of Rs.8.00 lakhs, which came to Rs.40,000/- and the same was also added to the income of the assessee. The AO completed the assessment under section 143(3)/147 of the Act, assessing the total income of the assessee at Rs.47,43

YOGI SATYAM,ALLAHABAD vs. ITO, WARD- 1(5), ALLAHABAD

The appeals are partly allowed

Bench: Shri. Sudhanshu Srivastava & Shri Nikhil Choudhary

disallowed 5% of the payments made by the assessee in cash, i.e., 5% of Rs.8.00 lakhs, which came to Rs.40,000/- and the same was also added to the income of the assessee. The AO completed the assessment under section 143(3)/147 of the Act, assessing the total income of the assessee at Rs.47,43

YOGI SATYAM,ALLAHABAD vs. ITO, WARD- 1 (5), ALLAHABAD

The appeals are partly allowed

Bench: Shri. Sudhanshu Srivastava & Shri Nikhil Choudhary

disallowed 5% of the payments made by the assessee in cash, i.e., 5% of Rs.8.00 lakhs, which came to Rs.40,000/- and the same was also added to the income of the assessee. The AO completed the assessment under section 143(3)/147 of the Act, assessing the total income of the assessee at Rs.47,43

YOGI SATYAM,ALLAHABAD vs. ITO, WARD- 1 (5), ALLAHABAD

The appeals are partly allowed

Bench: Shri. Sudhanshu Srivastava & Shri Nikhil Choudhary

disallowed 5% of the payments made by the assessee in cash, i.e., 5% of Rs.8.00 lakhs, which came to Rs.40,000/- and the same was also added to the income of the assessee. The AO completed the assessment under section 143(3)/147 of the Act, assessing the total income of the assessee at Rs.47,43

YOGI SATYAM,ALLAHABAD vs. ITO, WARD-1(5), ALLAHABAD

The appeals are partly allowed

Bench: Shri. Sudhanshu Srivastava & Shri Nikhil Choudhary

disallowed 5% of the payments made by the assessee in cash, i.e., 5% of Rs.8.00 lakhs, which came to Rs.40,000/- and the same was also added to the income of the assessee. The AO completed the assessment under section 143(3)/147 of the Act, assessing the total income of the assessee at Rs.47,43

SANJANA,ALLAHABAD vs. ITO, WARD- 1(5), ALLAHABAD

The appeals are partly allowed

Bench: Shri. Sudhanshu Srivastava & Shri Nikhil Choudhary

disallowed 5% of the payments made by the assessee in cash, i.e., 5% of Rs.8.00 lakhs, which came to Rs.40,000/- and the same was also added to the income of the assessee. The AO completed the assessment under section 143(3)/147 of the Act, assessing the total income of the assessee at Rs.47,43

ARUP BANERJI,ALLAHABAD vs. DCIT, CIRCLE-1, ALLAHABAD

In the result, the appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. 2014-15 Arup Banerji, Vs. Deputy Commissioner Of 14/18, Elgin Road, Allahabad Income Tax, Circle-1, Allahabad Pan:Acupb7330A (Appellant) (Respondent) Assessee By: Sh. S.K. Jaiswal, C.A. Revenue By: Sh. A.K. Singh, Sr. Dr Date Of Hearing: 18.09.2024 Date Of Pronouncement: 29.11.2024 O R D E R Per Nikhil Choudhary, A.M.: This Is An Appeal Filed By The Assessee Against The Order Of The Ld. Cit(A), Nfac Dismissing His Appeal Against The Order Of The Dcit, Circle-1, Allahabad Passed On 30.12.2016. The Grounds Of Appeal Preferred By The Assessee Are As Under:- “1. Because The Learned Commissioner Of Income Tax (Appeals) Has Erred In Law & On Facts In Holding That Appellant Does Not Want To Pursue The Appeal & Dismissing Appeal Ex- Party Without Affording An Adequate & Effective Opportunity Of Being Heard. 2. Because The Learned Commissioner Of Income Tax (Appeals) Has Erred In Law & On Facts In Not Allowing The Set-Off Of Loss From Derivative Trading Of Rs. 66,05,524/- Brought Forward From Assessment Year 2008-09 Against The Current Year Income Of Rs. 60,19,056/- Earned From Derivative Trading. 3. Because The Learned Commissioner Of Income Tax (Appeals) Has Wrongly Conceived The Fact That Appellant Has Brought Forward Loss From Trading In 'Commodity Derivatives' As Per Clause (E) Of Section 43(5) Whereas The Appellant Has Brought Forward Loss From Trading In 'Derivative' As Per Clause

section 43(5) which is excluded from the definition of 'speculative transaction' with effect from 01.04.2006. 4. BECAUSE the appellant has rightly set-off the losses from derivative trading brought forward from assessment year 2008-09 against the current year income from derivative trading. 5. BECAUSE the order appealed against is contrary to the facts, law and principle of natural

KESARWANI MARKETING(P) LTD.,ALLAHABAD vs. JT.CIT,, ALLAHABAD

In the result appeal filed by assessee in ITA No

Bench: Shri Vijay Pal Rao & Shri Ramit Kochar

5) and restricted the disallowance to the parties wherein the aggregate payments or credits in a year exceeded Rs. 50,000/-. The ld. CIT(A) also considered the requirement of Section 194C,when the payment/credit in a day exceeded Rs. 20,000/- to a party, while sustaining disallowance. Thus, ld. CIT(A) after considering the replies of the assessee

M/S KESARWANI MARKETING (P) LTD.,ALLAHABAD vs. JT.CIT (OSD), ALLAHABAD

In the result appeal filed by assessee in ITA No

Bench: Shri Vijay Pal Rao & Shri Ramit Kochar

5) and restricted the disallowance to the parties wherein the aggregate payments or credits in a year exceeded Rs. 50,000/-. The ld. CIT(A) also considered the requirement of Section 194C,when the payment/credit in a day exceeded Rs. 20,000/- to a party, while sustaining disallowance. Thus, ld. CIT(A) after considering the replies of the assessee

M/S KESARWANI MARKETING(P).LTD.,ALLAHABAD vs. JT. CIT(OSD),, ALLAHABAD

In the result appeal filed by assessee in ITA No

Bench: Shri Vijay Pal Rao & Shri Ramit Kochar

5) and restricted the disallowance to the parties wherein the aggregate payments or credits in a year exceeded Rs. 50,000/-. The ld. CIT(A) also considered the requirement of Section 194C,when the payment/credit in a day exceeded Rs. 20,000/- to a party, while sustaining disallowance. Thus, ld. CIT(A) after considering the replies of the assessee

M/S KESARWANI <ARKETING (P) LTD,,ALLAHABAD vs. JT.CIT (OSD),, ALLAHABAD

In the result appeal filed by assessee in ITA No

Bench: Shri Vijay Pal Rao & Shri Ramit Kochar

5) and restricted the disallowance to the parties wherein the aggregate payments or credits in a year exceeded Rs. 50,000/-. The ld. CIT(A) also considered the requirement of Section 194C,when the payment/credit in a day exceeded Rs. 20,000/- to a party, while sustaining disallowance. Thus, ld. CIT(A) after considering the replies of the assessee

M/S KESARWANI MARKETING (P) LTD,,ALLAHABAD vs. JT.CIT,(OSD), ALLAHABAD

In the result appeal filed by assessee in ITA No

Bench: Shri Vijay Pal Rao & Shri Ramit Kochar

5) and restricted the disallowance to the parties wherein the aggregate payments or credits in a year exceeded Rs. 50,000/-. The ld. CIT(A) also considered the requirement of Section 194C,when the payment/credit in a day exceeded Rs. 20,000/- to a party, while sustaining disallowance. Thus, ld. CIT(A) after considering the replies of the assessee

M/S KESARWANI MARKETING (P) LTD,,ALLAHABAD vs. JT. C.IT,(OSD), ALLAHABAD

In the result appeal filed by assessee in ITA No

Bench: Shri Vijay Pal Rao & Shri Ramit Kochar

5) and restricted the disallowance to the parties wherein the aggregate payments or credits in a year exceeded Rs. 50,000/-. The ld. CIT(A) also considered the requirement of Section 194C,when the payment/credit in a day exceeded Rs. 20,000/- to a party, while sustaining disallowance. Thus, ld. CIT(A) after considering the replies of the assessee

SBW UDYOG LIMITED,,PRAYAGRAJ vs. DCIT, CIR-1,, ALLAHABAD

In the result, the appeal of the assessee is dismissed

Bench: Sh.Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y.2021-22 Sbw Udyog Limited, Vs. Deputy Commissioner Of Income 44, Thornhill Road, Prayagraj Tax, Circle-1, Prayagraj Pan:Aadcs2883B (Appellant) (Respondent) Assessee By: Sh. N.C. Agrawal, C.A. Revenue By: Sh. A.K. Singh, Sr. Dr Date Of Hearing: 18.12.2024 Date Of Pronouncement: 13 .03.2025 O R D E R Per Nikhil Choudhary, A.M.: This Is An Appeal Filed Against The Orders Of The Ld. Cit(A) Under Section 250 Of The Income Tax Act, 1961 On 31.01.2024, Dismissing The Appeal Of The Assessee Against The Orders Of The Cpc Bengaluru, Under Section, 143(1) Dated 17.10.2022. Subsequently, The Said Appeal Was Migrated To The Nfac & Later On, The Appeal Proceedings Were Transferred To The Additional / Jcit(A), Aurangabad, Who Has Dismissed The Appeal Of The Assessee. The Grounds Of Appeal Preferred By The Assessee Are As Under:- “1. Because, Income Tax Department, Ministry Of Finance, Government Of India Has Observed In The Notice Under Section 250 Of The Income Tax Act, 1961, Which Reads As Under:- "The Income Tax Department Recognizes & Is Sensitive To The Hardships Being Faced By Taxpayers In Coping With The Challenges Posed By Covid-19 Pandemic." Consequently, Appeal Is Liable To Be Allowed.

disallowance made is liable to be deleted. 5. Because, returned income has been accepted in the order passed Under Section 143 (3) of the Act dated 21/12/2022 without any addition, whatsoever hence the addition made for a sum of Rs. 43

KESARWANI & C0,,ALLAHABAD vs. JT CIT,, ALLAHABAD

In the result the appeal of the assessee is partly allowed

43. Ground No. 9 pertains to the disallowance of interest of Rs. 27,528/-. The ground has not been pressed by the Ld. AR, and is, therefore, dismissed as withdrawn. 44. Ground No. 2 relates to the deniability to be assessed under block assessment, in view of the contention that no valid search was carried out. In view