SAJJAN RAJ JAIN (HUF),HYDERABAD vs. ACIT CENTRAL CIRCLE-1 (2), HYDERABAD

In the result, appeal filed by the assessee is dismissed

Bench: Shri R. K. Pandaappeal In Assessee Department A.Y Ita No 188/Hyd/2022 Smt.Sunita Devi, Hyderabad Acit, Central Circle 2016-17 Pan:Adppd6447C 1(2) Hyderabad 189/Hyd/2022 -Do- -Do- 2017-18 190/Hyd/2022 Smt.Anita Jain, Hyderabad -Do- 2016-17 Pan:Abjpj1532C 191/Hyd/2022 Smt.Premalata, Hyderabad -Do- 2016-17 Pan:Acupp5966A 192/Hyd/2022 Sh. Prakash Chand Jain -Do- 2016-17 (Huf) Hyderabad Pan:Aadhp6992D 194/Hyd/2022 Shri Sajjan Raj Jain (Huf) -Do- 2016-17 Hyderabad Pan:Aaghs6338K 195/Hyd/2022 Sh.Sajjanraj Jain & Wife -Do- -Do- (Huf) Hyderabad

section 10(38) of the I.T. Act. During the course of search proceedings, the assessee voluntarily submitted a letter to withdraw the LTCG claimed u/s 10(38) of the Ac and to offer the same to income returned. 3. Subsequently, the case was reopened by recording reasons and notice u/s 148 of the Act was issued on 12.02.2021. In response

PRAKASH CHAND JAIN(HUF),HYDERABAD vs. ACIT CENTRAL CIRCLE-1 (2), HYDERABAD

In the result, appeal filed by the assessee is dismissed

Bench: Shri R. K. Pandaappeal In Assessee Department A.Y Ita No 188/Hyd/2022 Smt.Sunita Devi, Hyderabad Acit, Central Circle 2016-17 Pan:Adppd6447C 1(2) Hyderabad 189/Hyd/2022 -Do- -Do- 2017-18 190/Hyd/2022 Smt.Anita Jain, Hyderabad -Do- 2016-17 Pan:Abjpj1532C 191/Hyd/2022 Smt.Premalata, Hyderabad -Do- 2016-17 Pan:Acupp5966A 192/Hyd/2022 Sh. Prakash Chand Jain -Do- 2016-17 (Huf) Hyderabad Pan:Aadhp6992D 194/Hyd/2022 Shri Sajjan Raj Jain (Huf) -Do- 2016-17 Hyderabad Pan:Aaghs6338K 195/Hyd/2022 Sh.Sajjanraj Jain & Wife -Do- -Do- (Huf) Hyderabad

section 10(38) of the I.T. Act. During the course of search proceedings, the assessee voluntarily submitted a letter to withdraw the LTCG claimed u/s 10(38) of the Ac and to offer the same to income returned. 3. Subsequently, the case was reopened by recording reasons and notice u/s 148 of the Act was issued on 12.02.2021. In response

PREMLATA,HYDERABAD vs. ACIT CENTRAL CIRCLE-1 (2), HYDERABAD

In the result, appeal filed by the assessee is dismissed

Bench: Shri R. K. Pandaappeal In Assessee Department A.Y Ita No 188/Hyd/2022 Smt.Sunita Devi, Hyderabad Acit, Central Circle 2016-17 Pan:Adppd6447C 1(2) Hyderabad 189/Hyd/2022 -Do- -Do- 2017-18 190/Hyd/2022 Smt.Anita Jain, Hyderabad -Do- 2016-17 Pan:Abjpj1532C 191/Hyd/2022 Smt.Premalata, Hyderabad -Do- 2016-17 Pan:Acupp5966A 192/Hyd/2022 Sh. Prakash Chand Jain -Do- 2016-17 (Huf) Hyderabad Pan:Aadhp6992D 194/Hyd/2022 Shri Sajjan Raj Jain (Huf) -Do- 2016-17 Hyderabad Pan:Aaghs6338K 195/Hyd/2022 Sh.Sajjanraj Jain & Wife -Do- -Do- (Huf) Hyderabad

section 10(38) of the I.T. Act. During the course of search proceedings, the assessee voluntarily submitted a letter to withdraw the LTCG claimed u/s 10(38) of the Ac and to offer the same to income returned. 3. Subsequently, the case was reopened by recording reasons and notice u/s 148 of the Act was issued on 12.02.2021. In response

SUNITA DEVI,HYDERABAD vs. ACIT CENTRAL CIRCLE-1 (2), HYDERABAD

In the result, appeal filed by the assessee is dismissed

Bench: Shri R. K. Pandaappeal In Assessee Department A.Y Ita No 188/Hyd/2022 Smt.Sunita Devi, Hyderabad Acit, Central Circle 2016-17 Pan:Adppd6447C 1(2) Hyderabad 189/Hyd/2022 -Do- -Do- 2017-18 190/Hyd/2022 Smt.Anita Jain, Hyderabad -Do- 2016-17 Pan:Abjpj1532C 191/Hyd/2022 Smt.Premalata, Hyderabad -Do- 2016-17 Pan:Acupp5966A 192/Hyd/2022 Sh. Prakash Chand Jain -Do- 2016-17 (Huf) Hyderabad Pan:Aadhp6992D 194/Hyd/2022 Shri Sajjan Raj Jain (Huf) -Do- 2016-17 Hyderabad Pan:Aaghs6338K 195/Hyd/2022 Sh.Sajjanraj Jain & Wife -Do- -Do- (Huf) Hyderabad

section 10(38) of the I.T. Act. During the course of search proceedings, the assessee voluntarily submitted a letter to withdraw the LTCG claimed u/s 10(38) of the Ac and to offer the same to income returned. 3. Subsequently, the case was reopened by recording reasons and notice u/s 148 of the Act was issued on 12.02.2021. In response

ANITA JAIN,HYDERABAD vs. ACIT CENTRAL CIRCLE-1 (2), HYDERABAD

In the result, appeal filed by the assessee is dismissed

Bench: Shri R. K. Pandaappeal In Assessee Department A.Y Ita No 188/Hyd/2022 Smt.Sunita Devi, Hyderabad Acit, Central Circle 2016-17 Pan:Adppd6447C 1(2) Hyderabad 189/Hyd/2022 -Do- -Do- 2017-18 190/Hyd/2022 Smt.Anita Jain, Hyderabad -Do- 2016-17 Pan:Abjpj1532C 191/Hyd/2022 Smt.Premalata, Hyderabad -Do- 2016-17 Pan:Acupp5966A 192/Hyd/2022 Sh. Prakash Chand Jain -Do- 2016-17 (Huf) Hyderabad Pan:Aadhp6992D 194/Hyd/2022 Shri Sajjan Raj Jain (Huf) -Do- 2016-17 Hyderabad Pan:Aaghs6338K 195/Hyd/2022 Sh.Sajjanraj Jain & Wife -Do- -Do- (Huf) Hyderabad

section 10(38) of the I.T. Act. During the course of search proceedings, the assessee voluntarily submitted a letter to withdraw the LTCG claimed u/s 10(38) of the Ac and to offer the same to income returned. 3. Subsequently, the case was reopened by recording reasons and notice u/s 148 of the Act was issued on 12.02.2021. In response

SUNITA DEVI,HYDERABAD vs. ACIT CENTRAL CIRCLE-1 (2), HYDERABAD

In the result, appeal filed by the assessee is dismissed

Bench: Shri R. K. Pandaappeal In Assessee Department A.Y Ita No 188/Hyd/2022 Smt.Sunita Devi, Hyderabad Acit, Central Circle 2016-17 Pan:Adppd6447C 1(2) Hyderabad 189/Hyd/2022 -Do- -Do- 2017-18 190/Hyd/2022 Smt.Anita Jain, Hyderabad -Do- 2016-17 Pan:Abjpj1532C 191/Hyd/2022 Smt.Premalata, Hyderabad -Do- 2016-17 Pan:Acupp5966A 192/Hyd/2022 Sh. Prakash Chand Jain -Do- 2016-17 (Huf) Hyderabad Pan:Aadhp6992D 194/Hyd/2022 Shri Sajjan Raj Jain (Huf) -Do- 2016-17 Hyderabad Pan:Aaghs6338K 195/Hyd/2022 Sh.Sajjanraj Jain & Wife -Do- -Do- (Huf) Hyderabad

section 10(38) of the I.T. Act. During the course of search proceedings, the assessee voluntarily submitted a letter to withdraw the LTCG claimed u/s 10(38) of the Ac and to offer the same to income returned. 3. Subsequently, the case was reopened by recording reasons and notice u/s 148 of the Act was issued on 12.02.2021. In response

SANJAY GUPTA ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-3(1), HYDERABAD

In the result, appeal of the assessee is partly allowed for statistical purposes as indicated herein above

Bench: Shri A. Mohan Alankamony & Sri S.S. Godaraa.Y. 2012-13 Sanjay Gupta, Vs. Dcit, Hyderabad. Circle-3(1), Pan: Acgpg 3696 N Hyderabad. (Appellant) (Respondent) Assessee By Sri A.V. Raghuram Revenue By Sri Y.V.S.T. Sai, Cit-Dr Date Of Hearing: 30/09/2021 Date Of Pronouncement: 14/12/2021 Order

bogus accommodation entries to other companies / individuals. Further, the statements of the alleged directors of M/s. Gravity Barter Pvt Ltd., Shri Rakesh Bajaj and Shri Mukesh Aarwal were obtained by DCIT, Circle-10(1), Hyderabad from the A.O. at Kolkata. Similarly, enquiries were conducted by the DCIT, Circle- 19(1), Hyderabad in respect of M/s. Winfall Vinimay

VISHAN RAJ JAIN (HUF),HYDERABAD vs. ACIT CENTRAL CIRCLE-1 (2), HYDERABAD

In the result, the appeal filed by the assessee is dismissed

Bench: Shri Rama Kanta Panda & Shri Laliet Kumarassessment Year: 2016-17 Vishan Raj Jain (Huf) Vs. Acit, Central Circle-1(2) 6-3-650, G7 6-3-650, G7, Aaykar Bhawan Maheswari Chambers Opp:L.B.Stadium Somajiguda Basheer Bagh Telangana-500 082 Hyderabad-500 004

bogus purchase and sale of shares, whereas all documentary evidences are clearly showing that the assessee is eligible to claim exemption under section 10(38

ANIRUDH VENKATA RAGI ,HYDERABAD vs. INCOME TAX OFFICER, WARD-4(2), HYDERABAD

In the result, appeal of the assessee is dismissed

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Chary

section 10(38) of the Income Tax Act, 1961 (for short “the Act”). Learned Assessing Officer on verification, found that the assessee purchased 1,50,000 shares of M/s. Life Line Drugs & Pharma Ltd., at Rs. 6/- per share and sold the same at Rs. 283/- per share in a span of 19 months. She, therefore, entertained the doubt

ISHOO NARANG,HYDERABAD vs. DCIT CIRCLE -2(1), HYDERABAD

In the result, appeal filed by the assessee is allowed

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.450/Hyd/2022 & S.A. No.1/Hyd/2024 (िनधा"रण वष"/Assessment Year: 2014-15) Ishoo Narang Vs. Dy. Cit Hyderabad Circle 2(1) Pan:Aaupn9082B Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri P Murali Mohan Rao, Ca राज" व "ारा/Revenue By:: Smt. Th Vijaya Lakshmi, Cit (Dr) सुनवाई की तारीख/Date Of Hearing: 19/08/2024 घोषणा की तारीख/Pronouncement: 25/09/2024 आदेश/Order Per Manjunatha, G. A.M This Appeal Filed By The Assessee Is Directed Against The Order Dated 15/07/2022 Of The Learned Cit (A)-Nfac Delhi, Relating To A.Y.2014-15. 2. The Assessee Has Raised The Following Grounds: “1. The Ld. Cit(A) Erred In Dismissing The Appeal. 2. The Ld.Cit(A) Erred In Holding That Al The Mandatory Preconditions Before Reopening Of Assessment U/S 147 Of The Act Were Duly Complied & Met With By The A.O.

section 10(38) of the I.T. Act, 1961. There is no finding either from survey team or from the Assessing Officer with regard to the number of shares sold by the appellant in respect of both the companies. Although, the appellant claims that it has sold part of equity shares and remaining shares are still held by the appellant

DEEPAK NAGORI ,HYDERABAD vs. INCOME TAX OFFICER, WARD-8(3), HYDERABAD

In the result, appeal filed by the assessee is dismissed

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumarassessment Year:2012-13 Shri Deepak Nagori Vs. Income Tax Officer Hyderabad Ward 8(3) Hyderabad (Appellant) (Respondent) Pan:Abspn3300M Assessee By: None Revenue By: Shri K. Madhusudan, Cit(Dr) Date Of Hearing: 07/12/2023 Date Of Pronouncement: 12/12/2023 Order Per Laliet Kumar, J.M This Appeal Filed By The Assessee Is Directed Against The Order Dated 28.05.2018 Of The Learned Cit (A)-2, Hyderabad Relating To A.Y.2012-13. 2. The Grounds Raised By The Assessee Reads As Under: “1. That The Appellant Is An Individual & Filed His Income Tax Return (Tr) For Fy 2011-12 By Declaring Income Of Rs.5,82,686/-. The Itr Includes Long Term Capital Gains Of Rs.23,08,721/- & Claimed Exemption Under Section 10(38) Of It Act 1961. Notices Issued Under Section 148 & Notice Under Section 142(1) Of The Income Tax Act, 1961. The Ld. Ao Passed The Assessment Order Under Section 143(3) R.W.S. 147 Of The I.T Act, 1961 & The Same Was Upheld By Ld. Cit(A).

section 10(38) of the Act. 3.3. The Assessing Officer, however, observed that the events of purchase / sale, generation of capital gains and the claim u/s 10(38) of the Act thereof, are not as simple or lucid as stated to have been happened. There is some important circumstantial as well as direct evidences to show that the Long Term

VENU GOPAL KARWA,KARIMNAGAR vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-1(2), HYDERABAD

In the result, appeal filed by the assessee is allowed for statistical purposes

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumarassessment Year: 2015-16 Shri Venu Gopal Karwa Vs. Dy. C. I. T. Karimnagar Central Circle 1(2) Pan:Aavpk2698B Hyderabad (Appellant) (Respondent) Assessee By: Shri V Guna Sekhar Reddy, Ca Revenue By: Shri Jeevan Lal Lavidiya, Cit (Dr) Date Of Hearing: 25/07/2023 Date Of Pronouncement: 31/07/2023 Order Per R.K. Panda, Vice-This Appeal Filed By The Assessee Is Directed Against The Order Dated 30.10.2018 Of The Learned Cit (A)-11, Hyderabad, Relating To A.Y.2015-16. 2. Facts Of The Case, In Brief, Are That The Assessee Is An Individual & Derives Income From Salary, Hose Property & Other Sources. He Filed His Return Of Income On 6.3.2016 Belatedly Declaring Taxable Income At Rs.47,71,060/-. The Return Was Selected For Complete Scrutiny Under Cass. Accordingly Statutory Notices U/S 143(2) & 142(1) Were Issued & Served On The Assessee To Which The Ar Of The Assessee Appeared From Time To Time & Furnished The Requisite Details. One Of The Cass Reasons Page 1 Of 14

purchased at a cost of Rs.200/-. Later, on 14.08.2012, the company declared 9 bonus shares for every one share held by each shareholder. Accordingly, 4500 shares are received by the assessee for 500 shares held by him, Further, the company has reduced its share value of Rs. 10/- to Rs. 1/- per share by converting 1 share of Rs. 10

SUBHASH KUMAR KEDIA,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-3(1), HYDERABAD

In the result, appeal filed by the assessee in ITA

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.707/Hyd/2020 (िनधा"रण वष"/Assessment Year: 2015-16) Shri Subhash Kumar Kedia Vs. Asstt. C. I. T. Hyderabad Central Circle 3(1) Pan:Afvpk8915Q Hyderabad (Appellant) (Respondent) आ.अपी.सं /Ita No. 405/Hyd/2020 (िनधा"रण वष"/Assessment Year: 2015-16) Vs. Shri Bikash Kumar Asstt. C. I. T. Kedia Hyderabad Central Circle 3(1) Pan:Afapk8794E Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri P Murali Mohan Rao, Ca राज" व "ारा/Revenue By:: Shri Vamshi Krishna, Dr सुनवाई की तारीख/Date Of Hearing: 09/10/2024 घोषणा की तारीख/Pronouncement: 29/10/2024 आदेश/Order Per Manjunatha, G. A.M These Two Appeals Filed By Different Assessees Are Directed Against The Separate, But Identical Orders Dated 31/01/2020 Of The Learned Cit (A)-11, Hyderabad Relating To Page 1 Of 33

10(38) of the Act. We noted the same from the Bill furnished by the assessee of M/s. Jatadhari Marketing Private Limited, Kolkata as a proof of purchase of shares. The Assessing Officer verified the details and noted that these bills for purchase of shares are on two different dates consisting of 2 lacs shares each

BIKASH KUMAR KEDIA ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3(1), HYDERABAD

In the result, appeal filed by the assessee in ITA

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.707/Hyd/2020 (िनधा"रण वष"/Assessment Year: 2015-16) Shri Subhash Kumar Kedia Vs. Asstt. C. I. T. Hyderabad Central Circle 3(1) Pan:Afvpk8915Q Hyderabad (Appellant) (Respondent) आ.अपी.सं /Ita No. 405/Hyd/2020 (िनधा"रण वष"/Assessment Year: 2015-16) Vs. Shri Bikash Kumar Asstt. C. I. T. Kedia Hyderabad Central Circle 3(1) Pan:Afapk8794E Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri P Murali Mohan Rao, Ca राज" व "ारा/Revenue By:: Shri Vamshi Krishna, Dr सुनवाई की तारीख/Date Of Hearing: 09/10/2024 घोषणा की तारीख/Pronouncement: 29/10/2024 आदेश/Order Per Manjunatha, G. A.M These Two Appeals Filed By Different Assessees Are Directed Against The Separate, But Identical Orders Dated 31/01/2020 Of The Learned Cit (A)-11, Hyderabad Relating To Page 1 Of 33

10(38) of the Act. We noted the same from the Bill furnished by the assessee of M/s. Jatadhari Marketing Private Limited, Kolkata as a proof of purchase of shares. The Assessing Officer verified the details and noted that these bills for purchase of shares are on two different dates consisting of 2 lacs shares each

BASANTH LAL SAH,HYDERABAD vs. ITO., WARD-11(1), HYDERABAD

Bench: Us :

38%, as against 10 Basanth Lal Sah. 8.49% that was disclosed by the assessee during the subject year. As such, the assessee had submitted before the A.O. that, even if the purchases were to be assumed as bogus, the addition in his case could not have exceeded 2% of the value of such alleged bogus purchases

SHANKAR LAL AGARWAL,HYDERABAD vs. INCOME TAX OFFICER, WARD-16(2), HYDERABAD

In the result, appeal of the assessee is dismissed

Bench: Shri K. Narasimha Chary

38) of the Act come into play. 10. She further argued that the share transactions taken place is real and correct. She assailed the veracity of the evidence with the learned Assessing Officer in the shape of a report said to have been received by the learned Assessing Officer from the Investigation Wing, Kolkata. She vehemently contended that the transaction

TARUN KUMAR GOYAL ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3(1)2, HYDERABAD

Appeals are allowed in above terms

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

10(38) of the Act. He inter alia concluded that the assessee had adopted a colorable device of LTCG to avoid tax and accordingly framed the assessment order under Section 143(3) of the Act at the total income of Rs. 1,09,12,060/-, making an addition of Rs. 96,75,939/- under Section 68 read with 115BBE

ARUN KUMAR GOYAL ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3(2), HYDERABAD

Appeals are allowed in above terms

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

10(38) of the Act. He inter alia concluded that the assessee had adopted a colorable device of LTCG to avoid tax and accordingly framed the assessment order under Section 143(3) of the Act at the total income of Rs. 1,09,12,060/-, making an addition of Rs. 96,75,939/- under Section 68 read with 115BBE

TARUN KUMAR GOYAL ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3(2), HYDERABAD

Appeals are allowed in above terms

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

10(38) of the Act. He inter alia concluded that the assessee had adopted a colorable device of LTCG to avoid tax and accordingly framed the assessment order under Section 143(3) of the Act at the total income of Rs. 1,09,12,060/-, making an addition of Rs. 96,75,939/- under Section 68 read with 115BBE