PANKAJ AGARWAL,KANPUR vs. JT.CIT CIRCLE-1(1)(1), KANPUR

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

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. 2012-13 Pankaj Agarwal, 7/151, Ratan Vs. The Jt. Commissioner Of Majestic, Opp. Sony World, Income Tax, Circle 1(1)(1), Swaroop Nagar, Kanpur-208002 Kanpur-208001 Pan:Abjfs4912R (Appellant) (Respondent) Assessee By: Sh. Rakesh Garg, Adv Revenue By: Sh. Sanjeev Krishna Sharma Sr Dr & Sh Sunil Kumar Rajwanshi, Addl Cit Dr Date Of Hearing: 10.02.2025 Date Of Pronouncement: 22.04.2025 O R D E R Per Nikhil Choudhary, A.M.: This Is An Appeal Filed By The Assessee Against The Order Passed By The Ld. Cit(A), Nfac Under Section 250 Of The Income Tax Act, 1961 On 21.08.2023. The Grounds Of Appeal Are As Under:- “1. Because The Cit (A) Has The Erred On Facts & In Law In Upholding The Disallowance Of Rs.2,47,02,865/- On Account Of Loss In Trading In Derivatives Business Treating The Same As Capital Loss, As Against Assessee'S Claim Of Business Loss, To Be Set Off Against Other Business Income, Which Order Is Contrary To Facts, Bad In Law, The Disallowance Made By The Ao & Upheld Be Deleted. 2. Because On A Proper Consideration Of The Facts & Circumstances Of The Case & Also On The Interpretation Of The Provisions Of Sec 43(5), It Would Be Found The Loss Of Rs.2,47,02,865/- On Account Of Trading In Derivative Is Neither A Speculative Loss Nor A Capital Loss, The Same Should Ought To Be Set Off Against Other Business Income, The Cit (A) Has Erred, In Treating The Same As Short Term Capital Loss.

gains had been debited to a personal account i.e. they had been debited to capital account and they had not been set off against normal income. That being the case, there was no question of any further disallowance under section 14A. 8. On the other hand, Shri. Sanjeev Krishna Sharma, ld. Sr. DR appearing on behalf of the Revenue submitted

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

8. Thereafter, the ld. AO quoted extensively from the judgment of the Hon’ble ITAT in the case of Jammu Development Authority, in which the ld. Tribunal had held that after the insertion of these provisos to section 2(15) of the Act, the advancement of any other object of general public utility could not be considered a, ‘charitable purpose

ASSISTANT COMMISIONER OF INCOME TAX, CENTRAL CIRCLE, BAREILLY, BAREILLY vs. MOHIT ANAND, BAREILLY

Appeals of the Department stand dismissed

Bench: Shri Sudhanshu Srivastava & Shri Nikhil Choudharyit(Ss) A Nos.336 & 337/Lkw/2025 Assessment Years: 2014-15 & 2015-16 Acit, Central Circle, Bareilly Vs. Ankur Anand Kamla Nehru Marg, Civil Lines, 148 Civil Lines, Bareilly, Bareilly, Bareilly-243001. Bareilly-243001. Tan/Pan:Agppa4219C (Appellant) (Respondent) It(Ss)A No.334/Lkw/2025 Assessment Year:2015-16 Acit, Central Circle, Bareilly Vs. Mohit Anand Kamla Nehru Marg, Civil Lines, 148 Civil Lines, Bareilly, Bareilly, Bareilly-243001. Bareilly-243001. Tan/Pan:Abupa3002H (Appellant) (Respondent)

Gain under section 10(38) of the Act was to be treated as unaccounted money of the assessee as per the provisions of section 68 of the Act. The assessment in this case was completed at Rs. 2,52,62,734/- under section 143(3) r.w.s. 153A of the Act after making an addition under section

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, BAREILLY, BAREILLY vs. ANKUR ANAND, BAREILLY

Appeals of the Department stand dismissed

Bench: Shri Sudhanshu Srivastava & Shri Nikhil Choudharyit(Ss) A Nos.336 & 337/Lkw/2025 Assessment Years: 2014-15 & 2015-16 Acit, Central Circle, Bareilly Vs. Ankur Anand Kamla Nehru Marg, Civil Lines, 148 Civil Lines, Bareilly, Bareilly, Bareilly-243001. Bareilly-243001. Tan/Pan:Agppa4219C (Appellant) (Respondent) It(Ss)A No.334/Lkw/2025 Assessment Year:2015-16 Acit, Central Circle, Bareilly Vs. Mohit Anand Kamla Nehru Marg, Civil Lines, 148 Civil Lines, Bareilly, Bareilly, Bareilly-243001. Bareilly-243001. Tan/Pan:Abupa3002H (Appellant) (Respondent)

Gain under section 10(38) of the Act was to be treated as unaccounted money of the assessee as per the provisions of section 68 of the Act. The assessment in this case was completed at Rs. 2,52,62,734/- under section 143(3) r.w.s. 153A of the Act after making an addition under section

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, BAREILLY, BAREILLY vs. ANKUR ANAND, BAREILLY

Appeals of the Department stand dismissed

Bench: Shri Sudhanshu Srivastava & Shri Nikhil Choudharyit(Ss) A Nos.336 & 337/Lkw/2025 Assessment Years: 2014-15 & 2015-16 Acit, Central Circle, Bareilly Vs. Ankur Anand Kamla Nehru Marg, Civil Lines, 148 Civil Lines, Bareilly, Bareilly, Bareilly-243001. Bareilly-243001. Tan/Pan:Agppa4219C (Appellant) (Respondent) It(Ss)A No.334/Lkw/2025 Assessment Year:2015-16 Acit, Central Circle, Bareilly Vs. Mohit Anand Kamla Nehru Marg, Civil Lines, 148 Civil Lines, Bareilly, Bareilly, Bareilly-243001. Bareilly-243001. Tan/Pan:Abupa3002H (Appellant) (Respondent)

Gain under section 10(38) of the Act was to be treated as unaccounted money of the assessee as per the provisions of section 68 of the Act. The assessment in this case was completed at Rs. 2,52,62,734/- under section 143(3) r.w.s. 153A of the Act after making an addition under section

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

13 of 31 about huge tax-exempt capital gains to certain investors who give commission to these 'masterminds' through backdoors. To put on the legal cover, purchase of such stocks is done through stock- exchange and payments are made through banking channels. Due to the presence of so many middle-men (as happens in most of the organized unethical activities

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 receipt. Accordingly, section 115BBE is not applicable on the assessee. On the basis of the above submissions, it is very clear that the Ld. Assessing Officer has erred both on the facts as well as in law in treating the corpus donation as income u/s 2(24) and making the addition u/s 68 . The order passed is not tenable

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 receipt. Accordingly, section 115BBE is not applicable on the assessee. On the basis of the above submissions, it is very clear that the Ld. Assessing Officer has erred both on the facts as well as in law in treating the corpus donation as income u/s 2(24) and making the addition u/s 68 . The order passed is not tenable

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

section of society for \ncommercial area as certain percentage has to be made available for local shops and \nshops for barber, vegetable vendor etc. which are disposed-off through lottery \nsystem. It is this leftover part from 5% of saleable area that is sold though auction. \nFurthermore, the disposal of residential properties is done by an Authority as per \nthe

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

section of society for \ncommercial area as certain percentage has to be made available for local shops and \nshops for barber, vegetable vendor etc. which are disposed-off through lottery \nsystem. It is this leftover part from 5% of saleable area that is sold though auction. \nFurthermore, the disposal of residential properties is done by an Authority as per \nthe

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

section of society for \ncommercial area as certain percentage has to be made available for local shops and \nshops for barber, vegetable vendor etc. which are disposed-off through lottery \nsystem. It is this leftover part from 5% of saleable area that is sold though auction. \nFurthermore, the disposal of residential properties is done by an Authority as per \nthe

SHILPA KHANDELWAL,BAREILLY vs. DEPUTY COMMISSIONER OF INCOME TAX-2, BAREILLY

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

Bench: Shri. Sudhanshu Srivastavaassessment Year: 2015-16 Smt. Shilpa Khandelwal V. The Dy. Cit-2 330, Kalibari Bareilly Bareilly (U.P) Tan/Pan:Arypk5700A (Appellant) (Respondent) Appellant By: Shri P. K. Kapoor, C.A. Respondent By: Shri Sanjeev Krishna Sharma, D.R. Date Of Hearing: 27 02 2025 Date Of Pronouncement: 24 04 2025 O R D E R

section 133(6) of the Act. (9) Dematerialisation request Form dated 27.05.2014 for dematerializing 3000 shares of M/s Kapрас Pharma Ltd. (10) Contract Note-cum-Bill dated 12.11.2014 for sale of 3000 shares of M/s Kapрас Pharma Ltd. ITA No.313/LKW/2023 Page 13 of 17 (11) Sale consideration of Rs.8,13,391/- credited in the bank account of the assessee

SHRI SWATANTRA KUMAR SHUKLA,KANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX-3, KANPUR

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

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. 2015-16 Swatantra Kumar Shukla, Vs. Dy. Cit-3, Kanpur 61/139, Sita Ram Mohal, Kanpur- 208001 (U.P.) Pan: Acaps5484N (Appellant) (Respondent) Assessee By: Sh. P.K. Kapoor, C.A. Revenue By: Sh. R.R.N. Shukla, Addl Cit Dr Date Of Hearing: 03.09.2025 Date Of Pronouncement: 24.11.2025 O R D E R Per Nikhil Choudhary, A.M.: This Is An Appeal Filed By The Assessee Against The Orders Of The Ld. Cit(A)- 1, Kanpur, Passed On 29.07.2019 Wherein The Appeal Of The Assessee Against The Orders Passed By The Assessing Officer Under Section 143(3) Of The Act For The A.Y. 2015-16 On 29.12.2017 Has Been Dismissed. The Grounds Of Appeal Are As Under: - “1. That The Ld Cit(A) Was Wrong In Confirming The Addition Of Rs. 1,39,81,850- Made By The Ao Without Any Valid Reason. 2. That The Revenue Was Wrong In Disallowing The Claim Of Long Term Capital Gains U/S 10(38) Of The Act & The Same Is Against Facts & Law. 3. That The Various Case Law Cited By The Revenue In Rejecting The Claim Is Wrong In As Much As The Facts Of The Appellant'S Case Are Distinguishable From The Cited Case Law. 4. That The Revenue Was Wrong In Invoking Section 68 Of The Act & The Same Is Not Justified & Unwarranted. 5. That It Was Wrong On The Part Of Revenue To Invoke Section 68 Of The Act In As Much As Initial Onus On The Assessee To Establish Identity, Credit Capacity Of The Creditor & Genuineness Of The Transaction Was Discharged. 6. That The Finding Of The Ld Ao That 'Long Term Capital Gains Of Rs.1 39,81,850/ Claimed By The Assessee Is Held To Have Been Arranged By The Assessee Through

13,000 shares of Jackson Investments Ltd on 10.10.2011 @ Rs. 10/- and sold 49,000 shares during the year under scrutiny for a sale consideration of Rs. 1,49,81,417/-. As a result of this transaction, the assessee had obtained long term capital gain of Rs. 1,39,81,850/- on which he had claimed exempt income under section

INCOME TAX OFFICER-3(1), KANPUR vs. SHRI ARVIND KUMAR GUPTA, KANPUR

In the result, the appeal is held to be allowed for statistical purposes

Bench: SH.KUL BHARAT, VICE PRESIDENT AND SH. NIKHIL CHOUDHARY (Accountant Member)

8. The Department is aggrieved at this order passed by the ld. CIT(A) and is accordingly in appeal before us. Sh. Sanjeev Krishna Sharma, Addl CIT DR, representing the Revenue placed reliance on the orders of the ld. AO and submitted that the ld. CIT(A) was unjustified in seeking specific investigation of and evidence in respect

PANKAJ AGARWAL,KANPUR vs. THE AO SPECIAL RANGE,, KANPUR

In the result, the appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. 2017-18 Pankaj Agarwal, 7/151, Ratan Vs. The Assessing Officer, Majestic, Opp. Sony World, Special Range, Kanpur- Swaroop Nagar, Kanpur-208002 208001 Pan: Abnpa4816E (Appellant) (Respondent) Assessee By: Sh. Rakesh Garg, Adv Revenue By: Sh. R.R.N. Shukla, Addl Cit Dr Date Of Hearing: 23.12.2025 Date Of Pronouncement: 27.02.2026 O R D E R Per Nikhil Choudhary, A.M.: This Is An Appeal Filed By The Assessee Against The Order Passed By The Ld. Cit(A), Nfac Dated 9.01.2024 Wherein The Ld. Cit(A) Has Dismissed The Appeal Of The Assessee Against The Orders Of The Ld. Ao, Special Range, Kanpur, Passed Under Section 143(3) On 26.09.2019. 2. It Is Seen From The Record That The Appeal Is Delayed By 2 Days. However, Since The Date Of Filing Is Preceded By Saturday & Sunday, Wherein The Offices Of The Itat Were Closed, The Delay Is Condoned & The Appeal Is Admitted For Hearing. The Grounds Of Appeal Are As Under: - “1. Because The Cit(A) Has Erred On Facts & In Law In Treating The Loss Of Rs.42,17,895/- Being Loss On Account Of Trading In Derivatives As A Capital Loss As Against Business Loss Claimed By The Assessee, Which Finding Of The Ao Being Contrary To Facts, Bad In Law, The Addition Made Be Deleted.

gains or losses. To our mind, the issue in the present case is not whether derivatives could be regarded to be a short-term capital asset but whether, in the present case, they are so and as we have already observed, this has not been demonstrated with reference to any of the tests which have been laid down for determining

SUBHASH JAISWAL ASSOCIATES,BAREILLY vs. PCIT BAREILLY, BAREILLY

8 The Learned PCIT, Bareilly has without conducting any\nindependent enquiries has held the order to be erroneous and prejudicial\nto the interest of the revenue, has set aside the assessment back to the file\nof the Assessing officer with total disregard to the facts and circumstances\nof the case. The CIT has failed to appreciate that powers of revision

SHRI CHETAN SHARMA,KANPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL), KANPUR

In the result, both appeals are allowed

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

capital gains on the shares sold. Also, on perusal of the order passed by Pr. CIT u/s 263 of the I.Tax Act, 1961, and plain reading of the of Para 2 at Page 1 of the order it is evident that the whole proceedings were initiated on the behest of the Assessing Officer. “It has been bought to the notice

SHIV ASREY SINGH,KANPUR vs. DY.CIT-2, KANPUR

The appeal of the assessee stands partly allowed

Bench: Shri. Sudhanshu Srivastavaassessment Year: 2012-13 Shiv Asrey Singh V. The Dcit-2 Sb-17, Sbi Colony Kanpur Ratanlal Nagar Kanpur Tan/Pan:Aizps6999M (Appellant) (Respondent) Appellant By: Shri Rakesh Garg, Advocate Respondent By: Shri Sanjeev Krishna Sharma, D.R. O R D E R

13 and 14 of the paper book, which contains the copy of reply furnished before the AO, stating that the impugned transaction had taken place in financial year 2010-11 relevant to the assessment year 2011-12 and not in the captioned assessment year. The Ld. A.R. also drew my attention to pages 15 to 18 of the paper book

DY. COMMISSIONER OF INCOME TAX-VI, KANPUR vs. COMMERCIAL AUTOMOBILES PVT. LTD., KANPUR

In the result, the appeal of the Revenue is dismissed

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. 2006-07 Asstt. Commissioner Of Vs. M/S Commercial Automobiles Pvt. Ltd., Income Tax-5, Kanpur 84/105, Kailash Motors Building, G.T. Road, Afim Kothi, Kanpur-208003 Pan: Aaccc4267E (Appellant) (Respondent) Assessee By: Sh. Rakesh Garg, Advocate Revenue By: Sh. R.K. Agarwal, Cit Dr Date Of Hearing: 04.11.2025 Date Of Pronouncement: 24.11.2025 O R D E R Per Nikhil Choudhary, A.M.: [ This Is An Appeal Filed By The Revenue Against The Orders Of The Ld. Cit (A)- 2, Kanpur Dated 25.09.2017, Wherein The Ld. Cit(A) Has Partly Allowed The Appeal Of The Assessee Against The Orders Of The Ld. Ao Passed Under Section 143(3) Of The Income Tax Act, 1961, For The A.Y. 2006-07 On 23.12.2008. The Grounds Of Appeal Are As Under:- “1. That The Cit(A) Has Erred In Law & On Facts In Deleting The Addition Of Rs. 5,32,366/- U/S 14A Without Taken Into Consideration That The Expenditure Incurred In Relation To Exempt Income. 02. That The Cit(A) Has Erred In Law & On Facts In Deleting The Addition Of Rs. 99,56,258/-Without Appreciating That The Provisions Of Sec. 50C Have Been Invoked By The Assessing Officer On The Basis Of Stamp Valuation Of The Property. The Assessee Has Not Claimed Before The Assessing Office To Make The Reference To The Valuation Officer U/S 55A Of It Act, 1961. 3 That The Cit(A) Has Erred In Law & On Facts Of The Case In Deleting The Addition Of Rs. 3,20,90,164/- On Account Of Loss Claimed On Sale Of Shares Without Appreciating That The Transaction As Claimed Were Sham & Was Incorporated Only To Evade The Capital Gain Earned On The Sale Of Properties. The Cit(A) Has Erred In Law & On The Facts Of The Case In Ignoring The Facts Noted By The Assessing Officer Regarding The Transaction Of Sale Of Shares.

13,97,278/- Net Capital Gain Rs. 1,06,49,144/- The net income assessed for the year under consideration after setting off of the losses of earlier years is NIL. The income assessed on account of Long Term Capital Gains is Rs. 1,06,49,144/-. There is no tax on the business income as assessed as per general