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

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.

IV of the Income Tax Act, which related to the computation of business income, therefore, the income earned from such transactions would be business income and the losses incurred from such transactions would be business losses. He further pointed out that the ld. AO had no objection to considering the income from commodity derivatives as business income but strangely

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

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)

17 constitute incriminating material in so far as far as these two assessees were concerned. The ld. CIT DR submitted that the ld. First Appellate Authority had ignored the fact that both the assessees were deliberately trying to evade taxes by showing bogus Long Term Capital Gains and that, as is common in such type of cases, all the documentary

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)

17 constitute incriminating material in so far as far as these two assessees were concerned. The ld. CIT DR submitted that the ld. First Appellate Authority had ignored the fact that both the assessees were deliberately trying to evade taxes by showing bogus Long Term Capital Gains and that, as is common in such type of cases, all the documentary

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)

17 constitute incriminating material in so far as far as these two assessees were concerned. The ld. CIT DR submitted that the ld. First Appellate Authority had ignored the fact that both the assessees were deliberately trying to evade taxes by showing bogus Long Term Capital Gains and that, as is common in such type of cases, all the documentary

DCIT, RANGE-3, LUCKNOW vs. M/S. PRAYAGRAJ POWER GENERATION COMPANY LTD.,, NOIDA

In the result, ground no. 1 of appeal is dismissed and ground no

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

17 Explanation 1.—For the purposes of this section, "book profit" means the profit as shown in the statement of profit and loss for the relevant previous year prepared under sub-section (2), as increased by— (a) the amount of income-tax paid or payable, and the provision therefor; or (b) the amounts carried to any reserves, by whatever name

ACIT, RANGE-I, LUCKNOW vs. M/S APCO INFRATECH PVT. LTD.,, LUCKNOW

gains by an industry entitled to benefit\nunder Section 80-E cannot be reduced by the loss suffered by any\nother industry or industries owned by the assessee.\n15. In the case before us, there is no discussion about Section 80-\nIA(5) by the Appellate Authority, nor the Tribunal and the High Court.\nHowever, we have considered the submissions

M/S. APCO INFRATECH PVT. LTD.,,LUCKNOW vs. ACIT-I, LUCKNOW

In the result, appeals vide I

gains by an industry entitled to benefit\nunder Section 80-E cannot be reduced by the loss suffered by any\nother industry or industries owned by the assessee.\n\n15. In the case before us, there is no discussion about Section 80-\nIA(5) by the Appellate Authority, nor the Tribunal and the High Court.\nHowever, we have considered

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

17 of 31 financial transactions were sham ones and that this entire arrangement was only a colourable device used to evade tax. From the above detailed observations, it was evident that assessee had been one of the beneficiaries of such bogus Penny Stocks scheme for converting his black money into white [without the payment of taxes in the garb

SUBHASH JAISWAL ASSOCIATES,BAREILLY vs. PCIT BAREILLY, BAREILLY

iv) Hon'ble Delhi High Court in the case of Gee Vee Enterprises v/s\nAddl.CIT(1975) 99 ITR 375(Delhi) following the aforesaid above two\njudgements of the Hon'ble Apex Court held that \"the position and function\nof the Income Tax Officer is very different from that of a Civil Court. The\nstatements made in a pleading proved

M/S MODEL EXIM,KANPUR vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL), KANPUR

In the result, the appeal of the assessee is allowed

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguriam/S. Model Exim Pcit (Central) V. 624-C, Defence Colony, 7/81-B, Tilak Nagar, Jajmau, Kanpur-208010. Kanpur. Pan:Aadfm6163H (Appellant) (Respondent) Appellant By: Shri Swaran Singh, C.A. Respondent By: Smt Namita S. Pandey, Cit(Dr) Date Of Hearing: 29 10 2024 Date Of Pronouncement: 05 11 2024 O R D E R

gains of an industrial undertaking.: Provided that the total period of deduction does not exceed eight consecutive assessment years (or where the assessee is a cooperative society, twelve consecutive assessment years): Provided further that the industrial undertaking begins to manufacture or produce articles or things or the operate its cold storage plant or plants at any time during the period

NIRMAL SINGH,AYODHYA vs. ITO WARD-1,, FAIZABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria & Sa. No. 07/Lkw/2024 (Arising Out Of Ita. No.83/Lkw/2024 (Assessment Year: 2014-15) Nirmal Singh The Income Tax Officer, V. 15/2/16, Janki Ghat, Ayodhya- Ward-1, 224123, Faizabad (Up). Cinema Road, Faizabad- New-224001. Pan:Bdsps4165C (Appellant) (Respondent) Appellant By: Shri. Rakesh Garg, Adv Respondent By: Shri. Sanjeev Krishna Sharma, Addl. Cit(Dr) Date Of Hearing: 24 09 2024 Date Of Pronouncement: 10 10 2024 O R D E R

capital gains. S.A. No.07/LKW/2024 Page 13 of 17 (i) Shyamkumar Madhavdas Chugh vs. ACIT ITA No.1673/Del/2023 Order dt. 08.01.2024 (attached) (ii) Pramatha Ranjan Biswas vs. DCIT [2023] 148 taxmann.com.208 (Raipur- Trib. ) (iii) Prakash Chand Bethala vs. DCIT ITA No. 999/Bangalore/2019 Order dt. 28.01.2021 (iv) N A Haris vs. Addl.CIT (Bangalore) ITA No. 988/Bang/2018 Order dt. 15.02.2021. (ix) Reference

SH. SUKHVINDER SINGH,KANPUR vs. PR CIT, CENTRAL, KANPUR

In the result, both appeals filed by the assessee are allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

capital gain on sale of shares of M/s. Blue Circle Services Ltd on face value, without independent inquiry. The Ld. PCIT was of the view that the assessment order passed by the Assessing Officer showed non-application of mind on the documents and materials on record. The Ld. PCIT passed order dated 17.03.2020 under section 263 of the Act whereby

USHA YADAV,LUCKNOW vs. INCOME TAX OFFICER RANGE 6(2), LUCKNOW

In the result, both appeals of the assessee are allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Nikhil Choudhary

iv. Capital gain arising from the transfer of said agricultural land falls under section 10(37)(i) of the Act. v. Item (a) of section 2(14)(iii) deals specifically that agricultural land, which falls under municipal limits, that’s why those are capital assets and capital gains on transfer of such land is chargeable to tax. Said situations

USHA YADAV,LUCKNOW vs. INCOME TAX OFFICER RANGE 6(2), LUCKNOW

In the result, both appeals of the assessee are allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Nikhil Choudhary

iv. Capital gain arising from the transfer of said agricultural land falls under section 10(37)(i) of the Act. v. Item (a) of section 2(14)(iii) deals specifically that agricultural land, which falls under municipal limits, that’s why those are capital assets and capital gains on transfer of such land is chargeable to tax. Said situations

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, KANPUR., KANPUR vs. M/S. SUSHRUT INSTITUTE OF PLASTIC SURGERY PRIVATE LIMITED, LUCKNOW

The appeal of the Department stands dismissed whereas the Cross Objection of the assessee stands allowed

Bench: Shri. Sudhanshu Srivastava & Shri Nikhil Choudharyassessment Year: 2019-20 The Acit V. M/S Sushrut Institute Of Plastic Central Circle 2 Surgery Private Limited Kanpur 29, Shahmeena Road Lucknow Tan/Pan:Aaics2582G (Appellant) (Respondent) C.O. No.15/Lkw/2023 [Arising Out Of Ita No.30/Lkw/2023] Assessment Year: 2019-20 M/S Sushrut Institute Of Plastic V. The Acit Surgery Private Limited Central Circle 2 29, Shahmeena Road Kanpur Lucknow Tan/Pan:Aaics2582G (Cross - Objector) (Respondent)

IV, Kanpur has erred in deleting the addition of Rs.16,82,01,789/- made u/s 69A ignoring the admission made by one of the accountants that part entries appearing in one of these diaries were entered in the regular books of accounts which further corroborates the authenticity of the entries in these diaries. 3. That the order