MAHESH MITTAL,LUCKNOW vs. ACIT, RANGE-5, LUCKNOW, LUCKNOW

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

Bench: Shri Kul Bharat & Shri Anadee Nath Misshramahesh Mittal V. Acit, Range-5 1/16, Vinay Khand Gomti Income Tax Office Ashok Nagar, Lucknow-226010. Marg, Lucknow-226001. Pan:Acqpm4459B (Appellant) (Respondent) Appellant By: Shri Akshay Agarwal, Adv Respondent By: Shri Amit Singh Chauhan, Cit(Dr) O R D E R

Section 68 of the Act. 11)That, the Appellant craves leave to alter, amend, add or delete one or all the Grounds of appeals mentioned above.” Page 3 of 31 (B). In this case, assessment order dated 27.03.2023 was passed by the Assessing Officer u/s 143(3) of the Income Tax Act, 1961 (“Act”, for short) whereby the assessee

M/S AYODHYA DEVELOPMENT AUTHORITY (FORMELY AYODHYA FAIZABAD DEVELOPMENT AUTHORITY),LUCKNOW vs. THE DY. COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW, LUCKNOW

In the result all six appeals filed by the assessee are partly allowed

46) and the \nvery fact that such provision was enacted, itself went to show that entities such as the assessee \nwere not previously eligible to claim exemption under section 11 of the Act, because they would \ninvariably be hit by the first proviso to section 2(15) of the Act, 1961. \n26. Finally, in his orders for the A.Ys

M/S AYODHYA FAIZABAD DEVELOPEMENT AUTHORITY,FAIZABAD vs. DY. COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW

46) and the \n32\nvery fact that such provision was enacted, itself went to show that entities such as the assessee \nwere not previously eligible to claim exemption under section 11 of the Act, because they would \ninvariably be hit by the first proviso to section 2(15) of the Act, 1961. \n26. Finally, in his orders for the A.Ys

M/S AYODHYA FAIZABAD DEVELOPEMENT AUTHORITY,FAIZABAD vs. DY. COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW

46) and the\n30\nvery fact that such provision was enacted, itself went to show that entities such as the assessee \nwere not previously eligible to claim exemption under section 11 of the Act, because they would \ninvariably be hit by the first proviso to section 2(15) of the Act, 1961.\n26. Finally, in his orders for the A.Ys

M/S AYODHYA DEVELOPMENT AUTHORITY(FORMERLY AYODHYA FAIZABAD DEVELOPMENT AUTHORITY),AYODHYA vs. THE DY. COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudhary

gains from business and profession’. The net surplus disclosed by the assessee of Rs.2,24,59,203/- in the income and expenditure account was therefore added to the total income of the assessee and penalty proceedings under section 271(1)(c) were initiated. 11. Moving on further, the ld. AO observed that the assessee had transferred funds to the infrastructure

KAMAL KANT VERMA,HAPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, KANPUR

In the result, all the appeals are allowed

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

Capital Gains (LTCG) by way of sale of shares. It is also the case of the Revenue that during the course of the search operations and post-search investigation, various incriminating documents were found and seized which disclosed that income from sale of shares of penny stock companies was disclosed as LTCG by its beneficiaries, and the LTCG earned

SACHIN VERMA,HAPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - II, KANPUR

In the result, all the appeals are allowed

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

Capital Gains (LTCG) by way of sale of shares. It is also the case of the Revenue that during the course of the search operations and post-search investigation, various incriminating documents were found and seized which disclosed that income from sale of shares of penny stock companies was disclosed as LTCG by its beneficiaries, and the LTCG earned

M/S STANDARD FROZEN FOODS EXPORTS PVT LTD,HAPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CC-II, KANPUR

In the result, all the appeals are allowed

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

Capital Gains (LTCG) by way of sale of shares. It is also the case of the Revenue that during the course of the search operations and post-search investigation, various incriminating documents were found and seized which disclosed that income from sale of shares of penny stock companies was disclosed as LTCG by its beneficiaries, and the LTCG earned

SUBHASH JAISWAL ASSOCIATES,BAREILLY vs. PCIT BAREILLY, BAREILLY

46,274/- on account\nof VAT in the P & L A/c but no documentary evidences is available on file.\nix. The case was picked up for complete scrutiny. However, besides\nroutine queries made, no concerted effort seems to have been made to\nexamine the Books of accounts. No third party enquiries have been\nundertaken and the AO has accepted

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, BAREILLY, BAREILLY vs. VARUNARJUN TRUST, LUCKNOW

In the result, both the appeals are dismissed

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

capital gain and therefore he had reason to believe that income to the tune of Rs. 3,31,15,313.49 had escaped assessment for the assessment year 2000-01. In Haryana Acrylic Manufacturing Co. v. CIT [2008] 175 Taxman 262 (Delhi) it was held by the Hon’ble Delhi High Court as under: 19. Examining the proviso [set out above

ASSISTANT COMMISSIONER OF INCOME TAX (CENTRAL CIRCLE), BAREILLY vs. VARUNARJUN TRUST, LUCKNOW

In the result, both the appeals are dismissed

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

capital gain and therefore he had reason to believe that income to the tune of Rs. 3,31,15,313.49 had escaped assessment for the assessment year 2000-01. In Haryana Acrylic Manufacturing Co. v. CIT [2008] 175 Taxman 262 (Delhi) it was held by the Hon’ble Delhi High Court as under: 19. Examining the proviso [set out above

DCIT, LUCKNOW vs. M/S U.P. STATE SUGAR CORPORATION LTD., LUCKNOW

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

46,666/- u/s 14A of the Act without appreciating the fact that Section 14A does not use the word ‘income of the year’ but ‘income under the act’ and CBDT circular no. 05/2014 dated 11/02/2014 makes it clear that the expenses, which are relatable to earning of exempt income have to be considered for disallowance irrespective of the fact whether

DCIT, RANGE-6, LUCKNOW vs. M/S. U.P. STATE SUGAR CORPORATION LTD.,, LUCKNOW

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

46,666/- u/s 14A of the Act without appreciating the fact that Section 14A does not use the word ‘income of the year’ but ‘income under the act’ and CBDT circular no. 05/2014 dated 11/02/2014 makes it clear that the expenses, which are relatable to earning of exempt income have to be considered for disallowance irrespective of the fact whether

U.P. STATE SUGAR CORPORATION LTD.,LUCKNOW vs. DCIT, RANGE-VI, LUCKNOW

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

46,666/- u/s 14A of the Act without appreciating the fact that Section 14A does not use the word ‘income of the year’ but ‘income under the act’ and CBDT circular no. 05/2014 dated 11/02/2014 makes it clear that the expenses, which are relatable to earning of exempt income have to be considered for disallowance irrespective of the fact whether

DCIT, LUCKNOW vs. M/S U.P. STATE SUGAR CORPORATION LTD., LUCKNOW

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

46,666/- u/s 14A of the Act without appreciating the fact that Section 14A does not use the word ‘income of the year’ but ‘income under the act’ and CBDT circular no. 05/2014 dated 11/02/2014 makes it clear that the expenses, which are relatable to earning of exempt income have to be considered for disallowance irrespective of the fact whether

DCIT, LUCKNOW vs. M/S U.P. STATE SUGAR CORPORATION LTD., LUCKNOW

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

46,666/- u/s 14A of the Act without appreciating the fact that Section 14A does not use the word ‘income of the year’ but ‘income under the act’ and CBDT circular no. 05/2014 dated 11/02/2014 makes it clear that the expenses, which are relatable to earning of exempt income have to be considered for disallowance irrespective of the fact whether

ACIT, CENTRAL CIRCLE-II, LUCKNOW, LUCKNOW vs. RAKESH KUMAR PANDEY, GONDA U.P.

In the result, the outcome of the appeals and Cross Objections are as under:

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

Section 145 of the Income-tax Act, 1961 - Method of accounting - Estimation of income (GP rate) - Assessment years 2004-05 and 2005-06 - Assessee-company was carrying out contract of construction of roads awarded by Government - Due to various discrepancies in books of account, Assessing Officer rejected same and estimated profit at 10 per cent of gross receipts - Tribunal relying

RAKESH KUMAR PANDEY,GONDA vs. DCIT/ACIT (CENTRAL)-2, LUCKNOW

In the result, the outcome of the appeals and Cross Objections are as under:

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

Section 145 of the Income-tax Act, 1961 - Method of accounting - Estimation of income (GP rate) - Assessment years 2004-05 and 2005-06 - Assessee-company was carrying out contract of construction of roads awarded by Government - Due to various discrepancies in books of account, Assessing Officer rejected same and estimated profit at 10 per cent of gross receipts - Tribunal relying

RAKESH KUMAR PANDEY,GONDA vs. DCIT/ACIT (CENTRAL)-2, LUCKNOW

In the result, the outcome of the appeals and Cross Objections are as under:

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

Section 145 of the Income-tax Act, 1961 - Method of accounting - Estimation of income (GP rate) - Assessment years 2004-05 and 2005-06 - Assessee-company was carrying out contract of construction of roads awarded by Government - Due to various discrepancies in books of account, Assessing Officer rejected same and estimated profit at 10 per cent of gross receipts - Tribunal relying