ANKUR AGRAWAL,INDORE vs. ITO-5(1), INDORE

In the result, all three appeals of two assessee are allowed

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

145 taxmann.com 315 (Kolkata-Trib) 3. Suman Poddar vs. ITO 112 taxmann.com 330 (SC) 4. Sandeep Bhargava vs. ACIT 109 taxmann.com 174 (Delhi –Trib) 5.Pooja Ajmani vs. ITO 177 ITD 127 (Delhi –Trib) 8. He has submitted that in the above decisions when the investment was made in the Penny stock companies and assessee failed to establish the genuineness

SMT. SHEELA AGRAWAL,INDORE vs. ITO-5(5), INDORE

In the result, all three appeals of two assessee are allowed

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

145 taxmann.com 315 (Kolkata-Trib) 3. Suman Poddar vs. ITO 112 taxmann.com 330 (SC) 4. Sandeep Bhargava vs. ACIT 109 taxmann.com 174 (Delhi –Trib) 5.Pooja Ajmani vs. ITO 177 ITD 127 (Delhi –Trib) 8. He has submitted that in the above decisions when the investment was made in the Penny stock companies and assessee failed to establish the genuineness

SMT. MAMTA SINGH,INDORE vs. ASSISTANT COMMISSIONER OF INCOME TAX- 3(1), INDORE

In the result appeal of the assessee is partly allowed for

Bench: Hon'Ble Kul Bharat & Hon'Ble Manish Boradassessment Year 2013-14 Smt. Mamta Singh Vs Acit-3(1) Ef-14, Scheme No.54, Indore Vijay Nagar, Indore

Capital Gains offered by appellant as income from Business . He failed to see that since the lands in question were Mamta Singh held by appellant as investment since inception , mere sale through developer for realization of better price could not be treated as adventure in nature of trade . The Learned AO as well as CIT(A) has erred

M/S PARTH DEVELOPERS,DHAR vs. THE PCIT -1, INDORER

In the result, appeal of assessee is allowed

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanim/S. Parth Developers Pr. Cit-1 Manawar Dist. Indore Vs. Dhar (Appellant / Assessee) (Respondent/ Revenue) Pan: Aalfp 4509 N Assessee By Shri Milind Wadhwani, Ar Revenue By Shri P.K. Mishra, Cit-Dr Date Of Hearing 22.06.2023 Date Of Pronouncement 28.07.2023

capital gains". 43. From the perusal of above section it is crystal clear that before the insertion of this section there was no legal obligation on the part of the assessee to follow percentage completion method only. Before insertion of this section person engaged in construction and service contracts were free to follow either the project completion/Completed project method

M/S. S.R. FERRO ALLOYS,JHABUA vs. THE PCIT, BHOPAL

In the result, the appeal of assessee is allowed

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanis.R. Ferro Alloys Pr. Cit, Central 9, Siddheswar Colony Bhopal Vs. Jhabua (Appellant / Assessee) (Revenue) Pan: Abhfs7377Q Appellant By Shri Sumit Nema, Sr. Adv. & Gagan Tiwari, Ar Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 12.10.2023 Date Of Pronouncement 09.11.2023

capital was sufficient to advance the said amount. The Pr. CIT dropped the first issue of disallowance of interest on account of interest free advance after considering the reply of the assessee and then proceeded to pass the impugned order only on the second issue regarding the non-examination and verification of the identity, creditworthiness of the creditor and genuineness

OMPRAKASH JAISWAL,INDORE vs. ACIT-1(1), INDORE

Appeal is partly allowed for statistical purpose

gains of\nbusiness or profession\" or \"Income from other sources\" shall, subject to\nthe provisions of sub-section (2), be computed in accordance with either\ncash or mercantile system of accounting regularly employed by the\nassessee.\n(2) The Central Government may notify in the Official Gazette from\ntime to time income computation and disclosure standards to be\nfollowed

THE ACIT-2(1), UJJAIN vs. SHRI SANJAY BAGDI, UJJAIN

In the result appeal of the revenue is allowed for statistical

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year 2012-13 Assistant Commissioner Of Shri Sanjay Bagdi, Income Tax – 2(1), Vs. 173 Alakhdham Nagar, Ujjain Ujjain (Appellant) (Respondent ) Pan No.Ahcpb6349L Revenue By Shri K.G. Goyal, Sr.Dr Assessee By S/Shri S.S. Deshpande & Bhavesh Netkar,Cas Date Of Hearing 01.11.2018 Date Of Pronouncement 14.11.2018 O R D E R

gains of business or profession" or "Income from other sources" shall, subject to the provisions of sub-section (2), be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. (2) The Central Government may notify in the Official Gazette from time to time income computation and disclosure standards to be followed

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

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

section 143(3) wherein the AO treated the shares of KCLIPL as what is called “penny stock” and capital gain declared by assessee therefrom as managed or non-genuine. Accordingly, the AO made addition u/s 68 amounting to Rs. 9,21,930/- and Rs. 19,42,723/- (equivalent to the full value of sale consideration received by assessee

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

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

section 143(3) wherein the AO treated the shares of KCLIPL as what is called “penny stock” and capital gain declared by assessee therefrom as managed or non-genuine. Accordingly, the AO made addition u/s 68 amounting to Rs. 9,21,930/- and Rs. 19,42,723/- (equivalent to the full value of sale consideration received by assessee

THE DCIT, 2(1), INDORE vs. SHRI KESHAV KUMAR NACHANI, INDORE

In the result, all the appeals of the Revenue are dismissed

Bench: Smt. Madhumita Roy & Shri Bhagirath Mal Biyani

gain under section 10(38) of the Act can be made in the absence of any incriminating material found during the course of search. These submissions and case laws referred to by the assessee are reproduced by the ld.CIT(A) in his impugned order. The ld.CIT(A) after considering detailed submissions of the assessee and case laws cited

JCIT(OSD),-2(1),INDORE, INDORE vs. SHRI KESHAV KUMAR NACHANI, INDORE

In the result, all the appeals of the Revenue are dismissed

Bench: Smt. Madhumita Roy & Shri Bhagirath Mal Biyani

gain under section 10(38) of the Act can be made in the absence of any incriminating material found during the course of search. These submissions and case laws referred to by the assessee are reproduced by the ld.CIT(A) in his impugned order. The ld.CIT(A) after considering detailed submissions of the assessee and case laws cited

THE DCIT, 2(1), INDORE vs. SHRI KESHAV KUMAR NACHANI, INDORE

In the result, all the appeals of the Revenue are dismissed

Bench: Smt. Madhumita Roy & Shri Bhagirath Mal Biyani

gain under section 10(38) of the Act can be made in the absence of any incriminating material found during the course of search. These submissions and case laws referred to by the assessee are reproduced by the ld.CIT(A) in his impugned order. The ld.CIT(A) after considering detailed submissions of the assessee and case laws cited

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

capital gain 45,00,000/- (as discussed in para 8) Total assess Income 5,38,80,006/- 11. The AO rejected the claim of loss only on the ground that nobody has responded to the notice issued however, the return of income as well as audit report was very much available with the AO as recorded in the assessment order

INDUSTRIAL FILTERS & FABRICS PRIVATE LIMITED,INDORE vs. THE ACIT 5(1), INDORE

The appeal of the assessee is dismissed

Bench: Shri Kul Bharat & Shri Manish Borada.Y. 2009-10

gain or loss is regarded as of a capital nature. 2.3 Foreign exchange loss cannot be disallowed merely because the loss is not paid or the same is notional. Provision for loss has been made as prescribed by the Accounting Standard (AS) pronounced by ICAI. These AS are mandatory in nature for all the companies according to section

BADAM SINGH,BHOPAL vs. ITO 4(1) , BHOPAL

In the result, the appeal of the assessee is allowed for

Bench: B.M. Biyani & Shri Paresh M Joshibadam Singh, Income Tax Officer- बनाम/ 392 Gram Palasi, 4(1), Vs. New Jail Road, Bhopal Karond, Bhopal (Pan: Drhps5664B) (Appellant) (Revenue) Assessee By Shri S.S. Solanki, Ars Revenue By Shri Ashish Porwal, Dr Date Of Hearing 31.07.2025 Date Of Pronouncement 31.07.2025 आदेश / O R D E R

capital gain was exempt under section 54F 8. since the appellant had constructed residential house out of the F sale proceeds which is not considered by the CIT Appeals whilst passing the appellant order. Ground 9 That the appellant craves leave to add to amend alter modify substitute withdrawal delete or rescind all or any of the above grounds

RASMEET SINGH MALHOTRA,PIPARIYA vs. DCIT (CENTRAL CIRCLE)-2,BHOPAL, BHOPAL

Appeal is allowed

Bench: Shri B.M. Biyani & Shri Paresh M. Joshiassessment Year:2017-18 Rasmeet Singh Malhotra, Dcit (Central Circle)-2 Alka Talkies, Nehru Ward, Bhopal बनाम/ Pipariya Vs. (Assessee/Appellant) (Revenue/Respondent) Pan: Abjpm6167G Assessee By Shri Satyanarayan Agrawal, Ar Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 15.04.2026 Date Of Pronouncement 17.04.2026

capital gain by taking Rs. 42,00,000/- as full value of consideration, the lower authorities invoked section 50C and adopted Rs. 42,50,000/-. The assessee is aggrieved by action of lower authorities. 3. Ld. AR for assessee made a straightforward submission that the assessee is entitled to the benefit of 3rd Proviso to section 50C(1) introduced

LATE VINAYAK PURANIK THROUGH LEGAL HEIR YASH PURANIK,INDORE vs. INCOME TAX OFFICER, WARD 3(2), INDORE, INDORE

In the result appeal of the assessee is allowed

Bench: Shri B.M. Biyani & Shri Paresh M Joshilate Vinayak Puranik Income Tax Officer- बनाम/ Through L/H Yash 3(2), Vs. Puranik, Indore 7/4, New Palasia, Indore

capital gain may please be deleted. 3. The Ld. CIT(A) NFAC has erred in upholding the addition of rs. 30,25,000/- in account of fixed deposits treating the same as unexplained. 3.1 It was proved before the lower authorities that all FDs have been taken through banking channels from transfer from one account to another and encash

SHRI VIRENDRA SINGH THAKUR,INDORE vs. THE ACIT 3(1), INDORE

In the result, all these cross appeals i

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2012-13 Shri Virendra Singh Thakur Acit, 3(1) 125/126, Patnipura, Indore बनाम/ M.P. Indore Vs. (Appellant) (Revenue) Pan:Agops3983Q Assessment Year: 2012-13 Dcit-3(1) Shri Virendra Singh Thakur Indore 125/126, Patnipura, Indore बनाम/ Vs. M.P. (Revenue) (Respondent) Pan:Agops3983Q Assessment Year: 2012-13 Shri Virendra Singh Thakur Acit, 3(1) 125/126, Patnipura, Indore बनाम/ M.P. Indore Vs. (Appellant) (Revenue) Pan:Agops3983Q

Section 145(3) of the Act, as no 7 Virendra Singh Thakur ITANos.28 & others/Ind/2017 proper sale vouchers were maintained and fairly estimated the net profit. Hon'ble Court confirmed the view taken by the Ld. AO adopting average gross profit rate which was upheld by Ld. CIT(A) and ITAT. We therefore find merit in the finding