SMT. NIRMALA NIGAM,KANPUR vs. INCOME TAX OFFICER-3(5), KANPUR

In the result, the appeal is allowed

Bench: Shri. A. D. Jainassessment Year: 2009-10 Smt. Nirmala Nigam V. Income Tax Officer 3(5) 104/102, P. Road Kanpur Kanpur Tan/Pan:Afcpn4993C (Appellant) (Respondent) Appellant By: Shri P. K. Kapoor, C.A. Respondent By: Shri C. K. Singh, D.R. Date Of Hearing: 20 02 2019 Date Of Pronouncement: 22 02 2019

capital gain for sale of the said property and not shown any Exemption u/s 54 of the I.T. Act. I have reason to believe that assessee has willfully concealed the aforesaid transactions from the Income Tax Department and has escaped assessment within the meaning of provisions of section 147 of the Income Tax Act, 1961.” 3. As per ground No.4

KAPIL KHANDELWAL,BAREILLY, UTTAR PRADESH vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-I, BAREILLY , BAREILLY, UTTAR PRADESH

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

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. 2015-16 Kapil Khandelwal, Vs. Asstt. Commissioner Of 56, Moar Kothi, Gangapur, Bareilly Income Tax, Circle-I, Bareilly Pan: Aiypk4908M (Appellant) (Respondent) Assessee By: Sh. P.K. Kapoor, C.A. Revenue By: Sh. R.R.N. Shukla, Addl Cit Dr Date Of Hearing: 22.01.2026 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 Orders Of The Ld. Cit(A), Nfac Under Section 250 Of The Income Tax Act, 1961, Wherein The Ld. Cit(A) Has Confirmed The Penalty Levied Upon The Assessee Under Section 271(1)(C) By The Ld. Ao On 17.03.2022 & Dismissed The Appeal Of The Assessee For The A.Y. 2015-16. The Grounds Of Appeal Are As Under: - “1. Because Requisite Satisfaction For Levy Of Penalty U/S 271(1)(C) If The Income Tax Act 1961 Was Not Recorded In The Regular Assessment Order Dated 22.12.2017 Passed A/S 100%, Therefore, Penalty Proceedings Got Wholly Vitiated & Consequently, The Id. "Cit(A)" Ought To Have Quashed The Penalty Order Dated 17.03.2022, Being Illegal, Bad-In-Law & Without Jurisdiction 2. Because The Show Cause Notice For Levy Of Penalty Under Section 271(1)(C) Of The Act Did Not Specify Under Which Limb Penalty Was Sought To Be Imposed I.E.. Whether On Account Of Concealment Of Income Or For Furnishing Inaccurate Particulars Of Income & Consequently, The Penalty Order Dated 17.03.2022 Passed By Faceless Assessing Officer Deserved To Be Quashed.

capital gains as sham transactions. It was submitted that penalty could not be imposed upon it until mens rea was established. He placed reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Reliance Petro Products (P.) Ltd. 322 ITR 158 and submitted that penalty proceedings may be kept in abeyance in view

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

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

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

ARUN KUMAR MAURYA,LUCKNOW vs. ITO-2(1), LUCKNOW

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

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

183 (SC), it has, inter alia, been held by the Hon'ble Supreme Court that a complete absence of notice under section 143(2) of the Act does not get cured even by section 292BB of the Act; that for section 292BB of the Act to apply, a notice under section 143(2) must have emanated from the Page

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

Gain detail 16.03.2024 65 General 20-03-2024 Portal blocked for reply Draft Order Sent to Range Head for approval (as per paper book of Revenue of AY 2016-17) 21-03-2024 Approval Granted for Order (as per paper book of Revenue u/s 147/143(3) of AY 2016-17) 26-03-2024 Assessment Order u/s 147/144 Note

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

Gain detail 16.03.2024 65 General 20-03-2024 Portal blocked for reply Draft Order Sent to Range Head for approval (as per paper book of Revenue of AY 2016-17) 21-03-2024 Approval Granted for Order (as per paper book of Revenue u/s 147/143(3) of AY 2016-17) 26-03-2024 Assessment Order u/s 147/144 Note

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

Gain detail 16.03.2024 65 General 20-03-2024 Portal blocked for reply Draft Order Sent to Range Head for approval (as per paper book of Revenue of AY 2016-17) 21-03-2024 Approval Granted for Order (as per paper book of Revenue u/s 147/143(3) of AY 2016-17) 26-03-2024 Assessment Order u/s 147/144 Note

CO-OPERATIVE CANE DEVELOPMENT UNION LTD.,BAHRAICH vs. INCOME TAX OFFICER-1, BAHRAICH

In the result, all the three appeals are partly allowed

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharyita Nos.599, 600 & 601/Lkw/2025 A.Ys. 2013-14, 2018-19 & 2020-21 Cooperative Cane Development Vs. Income Tax Officer-1, 423A, Union Ltd., Bahraich, C/O Vaishnavpuram, Huzoorpur Ayyubi Chambers, Raniganj, Road, Bahraich, Uttar Pradesh Lakhimpur Kheri-262701, U.P. 271801 Pan: Aaaac8503F (Appellant) (Respondent) Assessee By: Sh. K.R. Rastogi, C.A. Revenue By: Sh. R.R.N. Shukla, Addl Cit Dr Date Of Hearing: 21.01.2026 Date Of Pronouncement: 30.01.2026 O R D E R Per Bench These Three Appeals Have Been Filed Against The Orders Of The Ld. Cit(A), Nfac On 25.06.2025 (For The Assessment Year 2013-14) & 26.06.2025 (For The Assessment Year 2018-19) & 4.07.2025 (For The Assessment Year 2020-21), Wherein The Ld. Cit(A) Has Partly Allowed The Appeals Of The Assessee Against The Various Orders Passed By The Ld. Ao Under Section 143(3) For The Assessment Years 2013-14, 2018-19 & 2020-21. The Grounds Of Appeal In The Aforesaid Three Appeals Are As Under:- A.Y. 2013-14 “(1) That The Authorities Below Erred On Facts & In Law In Not Allowing Deduction U/S 80P(2)(A)(Iii) & 80P(2)(I) Of I. T. Act On Interest Received On Investments Held With Banks In Form Of F.D.R.'S & Interest On Saving Bank Account Rs. 72,38,730/-. (2) That The Authorities Below Erred On Facts In Not Considering Investments In Deposits With Banks Has Been Made As Per Statutory Requirements & The Interest So Realized On Such Investments Shall Be Attributable To The Activity Of Providing Credit Facilities & Marketing Agriculture Produce. Cooperative Cane Development Union Ltd. A.Ys. 2013-14, 2018-19 & 2020-21

gains of business and this did not constitute the business of the assessee. Secondly, the interest that had been received by the assessee was not received from Cooperative Societies but from scheduled / cooperative banks and therefore, the assessee was not eligible for the deduction under section 80P(2)(d). Thereafter, quoting from various cases, to this effect he held that

CO-OPERATIVE CANE DEVELOPMENT UNION LTD.,BAHRAICH vs. INCOME TAX OFFICER-1, BAHRAICH

In the result, all the three appeals are partly allowed

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharyita Nos.599, 600 & 601/Lkw/2025 A.Ys. 2013-14, 2018-19 & 2020-21 Cooperative Cane Development Vs. Income Tax Officer-1, 423A, Union Ltd., Bahraich, C/O Vaishnavpuram, Huzoorpur Ayyubi Chambers, Raniganj, Road, Bahraich, Uttar Pradesh Lakhimpur Kheri-262701, U.P. 271801 Pan: Aaaac8503F (Appellant) (Respondent) Assessee By: Sh. K.R. Rastogi, C.A. Revenue By: Sh. R.R.N. Shukla, Addl Cit Dr Date Of Hearing: 21.01.2026 Date Of Pronouncement: 30.01.2026 O R D E R Per Bench These Three Appeals Have Been Filed Against The Orders Of The Ld. Cit(A), Nfac On 25.06.2025 (For The Assessment Year 2013-14) & 26.06.2025 (For The Assessment Year 2018-19) & 4.07.2025 (For The Assessment Year 2020-21), Wherein The Ld. Cit(A) Has Partly Allowed The Appeals Of The Assessee Against The Various Orders Passed By The Ld. Ao Under Section 143(3) For The Assessment Years 2013-14, 2018-19 & 2020-21. The Grounds Of Appeal In The Aforesaid Three Appeals Are As Under:- A.Y. 2013-14 “(1) That The Authorities Below Erred On Facts & In Law In Not Allowing Deduction U/S 80P(2)(A)(Iii) & 80P(2)(I) Of I. T. Act On Interest Received On Investments Held With Banks In Form Of F.D.R.'S & Interest On Saving Bank Account Rs. 72,38,730/-. (2) That The Authorities Below Erred On Facts In Not Considering Investments In Deposits With Banks Has Been Made As Per Statutory Requirements & The Interest So Realized On Such Investments Shall Be Attributable To The Activity Of Providing Credit Facilities & Marketing Agriculture Produce. Cooperative Cane Development Union Ltd. A.Ys. 2013-14, 2018-19 & 2020-21

gains of business and this did not constitute the business of the assessee. Secondly, the interest that had been received by the assessee was not received from Cooperative Societies but from scheduled / cooperative banks and therefore, the assessee was not eligible for the deduction under section 80P(2)(d). Thereafter, quoting from various cases, to this effect he held that

CO-OPERATIVE CANE DEVELOPMENT UNION LTD.,BAHRAICH vs. INCOME TAX OFFICER-1, BAHRAICH

In the result, all the three appeals are partly allowed

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharyita Nos.599, 600 & 601/Lkw/2025 A.Ys. 2013-14, 2018-19 & 2020-21 Cooperative Cane Development Vs. Income Tax Officer-1, 423A, Union Ltd., Bahraich, C/O Vaishnavpuram, Huzoorpur Ayyubi Chambers, Raniganj, Road, Bahraich, Uttar Pradesh Lakhimpur Kheri-262701, U.P. 271801 Pan: Aaaac8503F (Appellant) (Respondent) Assessee By: Sh. K.R. Rastogi, C.A. Revenue By: Sh. R.R.N. Shukla, Addl Cit Dr Date Of Hearing: 21.01.2026 Date Of Pronouncement: 30.01.2026 O R D E R Per Bench These Three Appeals Have Been Filed Against The Orders Of The Ld. Cit(A), Nfac On 25.06.2025 (For The Assessment Year 2013-14) & 26.06.2025 (For The Assessment Year 2018-19) & 4.07.2025 (For The Assessment Year 2020-21), Wherein The Ld. Cit(A) Has Partly Allowed The Appeals Of The Assessee Against The Various Orders Passed By The Ld. Ao Under Section 143(3) For The Assessment Years 2013-14, 2018-19 & 2020-21. The Grounds Of Appeal In The Aforesaid Three Appeals Are As Under:- A.Y. 2013-14 “(1) That The Authorities Below Erred On Facts & In Law In Not Allowing Deduction U/S 80P(2)(A)(Iii) & 80P(2)(I) Of I. T. Act On Interest Received On Investments Held With Banks In Form Of F.D.R.'S & Interest On Saving Bank Account Rs. 72,38,730/-. (2) That The Authorities Below Erred On Facts In Not Considering Investments In Deposits With Banks Has Been Made As Per Statutory Requirements & The Interest So Realized On Such Investments Shall Be Attributable To The Activity Of Providing Credit Facilities & Marketing Agriculture Produce. Cooperative Cane Development Union Ltd. A.Ys. 2013-14, 2018-19 & 2020-21

gains of business and this did not constitute the business of the assessee. Secondly, the interest that had been received by the assessee was not received from Cooperative Societies but from scheduled / cooperative banks and therefore, the assessee was not eligible for the deduction under section 80P(2)(d). Thereafter, quoting from various cases, to this effect he held that

M/S CO-OPERATIVE CANE DEVELOPMENT UNION LTD.,LAKHIMPUR-KHERI vs. INCOME TAX OFFICER-I, LAKHIMPUR -KHERI

In the result, all three appeals are partly allowed

183 of 2016 that\ninvestment in securities was not a primary object of the cooperative credit society\nand the objects of the society did not provide for investments of money in post office\nor bank to earn interest. Therefore, any such interest earned from such deposits\nwould necessarily be chargeable to tax under section

ASTT. COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW vs. M/S U.P AWAS EVAM VIKAS PARISHAD, LUCKNOW

In the result, all the grounds taken in the appeals and ground 1 of additional grounds of the Revenue stand dismissed and additional ground

Bench: Shri A. D. Jain & Shri T. S. Kapoor

section 12AA of the Act, which would be very much indifference to the intention of the legislature. In fact, the assessee authority is working on commercial pattern like a big Page 47 of 242 (UP AWAS EVAM VIKAS PARISHAD) businessman. Even otherwise, if some plots are reserved for economically weaker sections of the society, firstly, there is no parameter that

ASTT. COMMISIONER OF INCOME TAX (EXEMPTION), LUCKNOW vs. M/S U.P AWAS EVAM VIKAS PARISHAD, LUCKNOW

In the result, all the grounds taken in the appeals and ground 1 of additional grounds of the Revenue stand dismissed and additional ground

Bench: Shri A. D. Jain & Shri T. S. Kapoor

section 12AA of the Act, which would be very much indifference to the intention of the legislature. In fact, the assessee authority is working on commercial pattern like a big Page 47 of 242 (UP AWAS EVAM VIKAS PARISHAD) businessman. Even otherwise, if some plots are reserved for economically weaker sections of the society, firstly, there is no parameter that

ASTT. COMMISIONER OF INCOME TAX (EXEMPTION), LUCKNOW vs. M/S U.P AWAS EVAM VIKAS PARISHAD, LUCKNOW

In the result, all the grounds taken in the appeals and ground 1 of additional grounds of the Revenue stand dismissed and additional ground

Bench: Shri A. D. Jain & Shri T. S. Kapoor

section 12AA of the Act, which would be very much indifference to the intention of the legislature. In fact, the assessee authority is working on commercial pattern like a big Page 47 of 242 (UP AWAS EVAM VIKAS PARISHAD) businessman. Even otherwise, if some plots are reserved for economically weaker sections of the society, firstly, there is no parameter that

ASTT. COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW vs. M/S U.P AWAS EVAM VIKAS PARISHAD, LUCKNOW

In the result, all the grounds taken in the appeals and ground 1 of additional grounds of the Revenue stand dismissed and additional ground

Bench: Shri A. D. Jain & Shri T. S. Kapoor

section 12AA of the Act, which would be very much indifference to the intention of the legislature. In fact, the assessee authority is working on commercial pattern like a big Page 47 of 242 (UP AWAS EVAM VIKAS PARISHAD) businessman. Even otherwise, if some plots are reserved for economically weaker sections of the society, firstly, there is no parameter that

ASTT. COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW vs. M/S U.P AWAS EVAM VIKAS PARISHAD, LUCKNOW

In the result, all the grounds taken in the appeals and ground 1 of additional grounds of the Revenue stand dismissed and additional ground

Bench: Shri A. D. Jain & Shri T. S. Kapoor

section 12AA of the Act, which would be very much indifference to the intention of the legislature. In fact, the assessee authority is working on commercial pattern like a big Page 47 of 242 (UP AWAS EVAM VIKAS PARISHAD) businessman. Even otherwise, if some plots are reserved for economically weaker sections of the society, firstly, there is no parameter that