ASSISTANT COMMISSIONER OF INCOME TAX, BHOPAL vs. MADHYA PRADESH RAJYA SAHAKARI ANUSUCHIT JATI VITT EVAM VIKAS NIGAM, BHOPAL

Appeal is allowed for statistical purpose

Gains of Business and Profession Rs.\nNil\nafter set-off of brought forward losses\nAssessed Carried Forward Losses\nRs.\n19,82,54,510/-\nAssessed Total Income\nRs.\nNil\n2.1 Thus, the AO computed the taxable “Income from Business or\nProfession\" at Rs. Nil after setting off brought forward loss of Rs.\n5,49,57,638/-. Further, the AO also reduced

GOVIND HARINARAYAN AGRAWAL HUF,INDORE vs. I T O 2(1), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

capital gain on sale of shares. He failed to appreciate that the appellant did not earn long term gain but incurred business loss on trading in shares of VAS Infra. There was no evidence to show that the assessee has pre-arranged any profit/loss through these shares. The appellant has been carrying on business of dealing in shares treating such

DARSHAN KUMAR PAHWA,INDORE vs. DCIT CIRCLE5(1), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

capital gain on sale of shares. He failed to appreciate that the appellant did not earn long term gain but incurred business loss on trading in shares of VAS Infra. There was no evidence to show that the assessee has pre-arranged any profit/loss through these shares. The appellant has been carrying on business of dealing in shares treating such

PRAYANK JAIN,INDORE vs. ACIT5(1), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

capital gain on sale of shares. He failed to appreciate that the appellant did not earn long term gain but incurred business loss on trading in shares of VAS Infra. There was no evidence to show that the assessee has pre-arranged any profit/loss through these shares. The appellant has been carrying on business of dealing in shares treating such

MANISH GOVIND AGRAWAL HUF,INDORE vs. I T O 2(1), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

capital gain on sale of shares. He failed to appreciate that the appellant did not earn long term gain but incurred business loss on trading in shares of VAS Infra. There was no evidence to show that the assessee has pre-arranged any profit/loss through these shares. The appellant has been carrying on business of dealing in shares treating such

SAPAN SHAH,INDORE vs. ACIT-4(I), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

capital gain on sale of shares. He failed to appreciate that the appellant did not earn long term gain but incurred business loss on trading in shares of VAS Infra. There was no evidence to show that the assessee has pre-arranged any profit/loss through these shares. The appellant has been carrying on business of dealing in shares treating such

SHIV NARAYAN SHARMA,INDORE vs. ACIT CIRCLE 3(1), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

capital gain on sale of shares. He failed to appreciate that the appellant did not earn long term gain but incurred business loss on trading in shares of VAS Infra. There was no evidence to show that the assessee has pre-arranged any profit/loss through these shares. The appellant has been carrying on business of dealing in shares treating such

THE DCIT1(1), INDORE vs. SHRI RAVI ARORA, INDORE

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaniassessment Year:2011-12 Dcit-5(1), Shri Ravi Arora, Indore 1007, Khatiwala Tank, बनाम/ 236, Indraprasth Tower, 6, M.G. Road, Vs. Indore. (Revenue / Appellant) (Assessee / Respondent) Pan: Agdpa8921H Assessee By Shri Yash Kukreja, Ca & Shri Hitesh Chimnani, Adv & Ld. Ars Revenue By Shri P.K.Mishra, Cit Dr Date Of Hearing 04.05.2023 Date Of Pronouncement 31.07.2023

gain 44,81,373 5 Addition of amounts paid by WCS 35,50,000 6 Disallowance u/s 40A(3) 14,34,307 Assessed income 8,42,92,165 4. Aggrieved by the additions/disallowances made by AO, the assessee carried matter in first-appeal and succeeded partly. Now, the revenue has come in this appeal on various grounds assailing the relief

HARPREET KAUR,BHOPAL vs. INCOME-TAX OFFICER, 5(2), BHOPAL, BHOPAL

Appeal is allowed in terms mentioned above

loss or disadvantage by stating\nthe full price of Rs.5,00,000 in the sale deed. The understatement of the sale\nprice in the sale deed could have been done at the instance of the buyer and,\ntherefore, the testimony of the buyer should not be given any credence.\n5.\nOn the basis of the above circumstances, it was submitted

SHASHI PRABHA SINGHANIA,NEEMUCH vs. INCOME-TAX OFFICER NEEMUCH, NEEMUCH

Appeal of the assessee is allowed for statistical purpose

gains due to business, and income\nfrom other sources. In this case the Loss from House Property\nhas not been adjusted in the same year, such loss will be carried\nforward to the next year and allowed to be set off with income\narising other the same head i.e. House Property.\nIt should be noted while setting off the Loss

MANISH CHHAPARIA,MUMBAI vs. ITO BURHANPUR, BURHANPUR

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

losses by the beneficiaries. In reply to question No.8, the modus-operandi of bogus LCTG / STCL entry obtained by the beneficiary was explained. However, the same is general elaboration and do not taint the transactions carried out by the assessee-huf. Regarding role of Shri Anil Agarwal, it was submitted that he introduced the directors of FFSL and Rutron International

ASHISH CHHAPARIA,MUMBAI vs. ITO BURHANPUR, BURHANPUR

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

losses by the beneficiaries. In reply to question No.8, the modus-operandi of bogus LCTG / STCL entry obtained by the beneficiary was explained. However, the same is general elaboration and do not taint the transactions carried out by the assessee-huf. Regarding role of Shri Anil Agarwal, it was submitted that he introduced the directors of FFSL and Rutron International

MANISH CHHAPARIA,MUMBAI vs. ITO BURHANPUR, BURHANPUR

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

losses by the beneficiaries. In reply to question No.8, the modus-operandi of bogus LCTG / STCL entry obtained by the beneficiary was explained. However, the same is general elaboration and do not taint the transactions carried out by the assessee-huf. Regarding role of Shri Anil Agarwal, it was submitted that he introduced the directors of FFSL and Rutron International

PAWAN KUMAR CHHAPARIA,MUMBAI vs. ITO BURHANPUR, BURHANPUR

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

losses by the beneficiaries. In reply to question No.8, the modus-operandi of bogus LCTG / STCL entry obtained by the beneficiary was explained. However, the same is general elaboration and do not taint the transactions carried out by the assessee-huf. Regarding role of Shri Anil Agarwal, it was submitted that he introduced the directors of FFSL and Rutron International

DCIT 1(1), INDORE vs. M/S MAA UMIYA AGRITECH PVT. LTD. , INDORE

In the result, appeal of Revenue is dismissed

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanidcit 1(1) M/S. Maa Umiya Agritech Pvt. Ltd. Indore 119, A.B. Road, Aloo Pyaj Mandi, Vs. Indore (Appellant / (Revenue) (Assessee) Pan: Aabcn8230F Revenue By Shri P.K. Mishra, Cit-Dr Respondent By Shri S.S. Solanki, Ar Date Of Hearing 11.04.2023 Date Of Pronouncement 08.06.2023

forward of losses. The assessee filed a copy of the assessment order for A.Y.2011-12 showing the loss of earlier year to the tune of Rs.2,55,25,774/- which was accepted by the AO as eligible for setting off. The AO again disallowed the statutory allowance of depreciation on the ground that no such claim of depreciation has been filed

MAHESH KHANDELWAL,INDORE vs. ADDL JCIT (A) -1 JAIPUR, JAIPUR

Appeal is allowed

CAPITAL GAINS\nपूंजीगत प्राप्तियां\n0\n0\n5\nINCOME FROM OTHER SOURCES\nअन्य सूत्रों से आय\n3,766\n3,766\n6\nINTRA HEAD ADJUSTMENTS\nNA\n0\n7\nGROSS TOTAL INCOME(AFTER\nINTRA HEAD ADJUSTMENTS) 1\n5,28,449\n7,98,449\n8\nLOSS OF CURRENT YEAR ADJUSTED\n0\n0\n9\nLOSS OF PREVIOUS YEARS\nADJUSTED\n0\n0\n10\nINCOME\nDETAILS\nGROSS

HITESH KUMAR BINDAL,INDORE vs. THE DCIT CIRCLE 1(1), INDORE

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

carried matter in first-appeal but could not succeed. Now, the assessee has come in next appeal before us. 4. Presently, the controversy to be adjudicated by us is whether or not the revenue is justified in treating the capital gain declared by assessee as non- genuine and thereby make addition u/s 68? 5. At the outset, we may briefly

HITESH KUMAR BINDAL,INDORE vs. THE DCIT CIRCLE 1(1), INDORE

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

carried matter in first-appeal but could not succeed. Now, the assessee has come in next appeal before us. 4. Presently, the controversy to be adjudicated by us is whether or not the revenue is justified in treating the capital gain declared by assessee as non- genuine and thereby make addition u/s 68? 5. At the outset, we may briefly