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 Gain, and passed the aforesaid orders under section 263 of the Act. (A.2) At the time of hearing representative(s) of both sides agreed that the appeal for assessment year 2014-15 (corresponding to appeal vide ITA. No.343/LKW/2019) may be taken as the lead case and the decision taken in this appeal will also be applicable for the appeal

VINAI SHUKLA,LUCKNOW vs. ACIT-1, LUCKNOW NEW, LUCKNOW

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

Bench: Shri Kul Bharat & Shri Nikhil Choudharyआयकर अपील सं/ Ita No.624/Lkw/2024 ननिाारण वर्ा/ Assessment Year: 2017-18 Vinai Shukla V. Acit-1, Lucknow New 2/280, Vikas Khand Gomti Lucknow Nagar, Lucknow-226010. Pratyaksh Kar Bhawan, Lucknow-226001. Pan:Asnps3558C अपीलार्थी/(Appellant) प्रत्यर्थी/(Respondent) अपीलार्थी कक और से/Appellant By: Ms Shweta Mittal, Ca प्रत्यर्थी कक और से /Respondent By: Shri Prajesh Srivastava, Sr. Dr सुनवाई कक तारीख / Date Of Hearing: 21 08 2025 घोर्णा कक तारीख/ Date Of 12 09 2025 Pronouncement: आदेश / O R D E R

Capital Gain and assessed total income at Rs.1,41,36,990/-. Aggrieved against this, the assessee carried the matter an appeal before the Ld. CIT(A), who after considering the submissions dismissed the appeal of the assessee. Now, the assessee is in appeal before this Tribunal. 3. The assessee has taken multiples grounds including the grounds that adequate opportunity

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.

2 A.Y. 2012-13 Pankaj Agarwal Furthermore, the assessee had earned tax free dividends, taken indexation benefits and paid taxes at a lower rate on these investments, which had been booked as capital gains for the purposes by him. She also observed that no separate books of accounts were maintained by the assessee for the above transactions. Accordingly

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

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

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

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

INCOME TAX OFFICER-3(4), KANPUR vs. SHRI SANTOSH KUMAR AGARWAL, KANPUR

In the result, the appeal of the Revenue is dismissed

Bench: Shri T. S. Kapoor

Section 68 of the Act. Upon appeal the assessee adduced evidence in the shape of contract notes/bills receipt; payments made through banking channel; contract notes and; copies of passbook of its Demat account in support of it thus asserted its claim of long term capital gain as genuine and correct. Qua the payment made by the assessee for purchase

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

263 (ITAT Delhi)]. 5. Because the Ld. CIT(A) erred, both in law and on facts, in sustaining the addition of Rs 14,01,930/- being the balance in 'infrastructure development fund account'. Ld. CIT(A) failed to appreciate that the amount in the above statutory fund are specifically received by virtue of Government Order dt. 15.01.1998 and are meant

ISHWAR DWELLINGS PVT. LTD,KANPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX -1, KANPUR

In the result, the appeal of the assessee stands allowed

Bench: Shri A. D. Jain & Shri T. S. Kapoorassessment Year:2015-16

gain not chargeable to tax treating the agricultural land as non-capital Asset. A certificate from Tehsitdar, NUH was also obtained by the assessee and was furnished during assessment proceedings. 2. From the assessment record, it is observed that the agricultural land sold by the assessee was a capital asset in terms of provisions of section 2

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

263 (ITAT Delhi)]. \n5. Because the Ld. CIT(A) erred, both in law and on facts, in sustaining the addition of Rs \n14,01,930/- being the balance in 'infrastructure development fund account'. Ld. CIT(A) \nfailed to appreciate that the amount in the above statutory fund are specifically received by \nvirtue of Government Order dt. 15.01.1998 and are meant

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

263 (ITAT Delhi)]. \n5. Because the Ld. CIT(A) erred, both in law and on facts, in sustaining the addition of Rs \n14,01,930/- being the balance in 'infrastructure development fund account'. Ld. CIT(A) \nfailed to appreciate that the amount in the above statutory fund are specifically received by \nvirtue of Government Order dt. 15.01.1998 and are meant

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

263 (ITAT Delhi)].\n5. Because the Ld. CIT(A) erred, both in law and on facts, in sustaining the addition of Rs \n14,01,930/- being the balance in 'infrastructure development fund account'. Ld. CIT(A) \nfailed to appreciate that the amount in the above statutory fund are specifically received by \nvirtue of Government Order dt. 15.01.1998 and are meant

GENUS POWER INFRASTRUCTURES LIMITTED,NOIDA vs. PR. COMMISSIONER OF INCOME TAX(CENTERAL), LUCKNOW

In the result, the appeal of the assessee is partly allowed for\nstatistical purposes

2 to section 263 of the Act despite the fact that proper\nenquiry of the matter has been conducted by the Ld. AO as well as without\nconsidering the rule of filing form 3CL that this form was to be filed by the\ndepartment of Scientific and Industrial Research, not the assessee.”\n\n(B) In this case, the assessment

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

INCOME TAX OFFICER-1(3), KANPUR vs. SHRI RAJ KUMAR AGARWAL, KANPUR

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

Bench: Shri T.S. Kapoor

2. Whether the ITAT rightly treated the sale price of 11,000 shares, as income from undisclosed sources and added to the income of the appellant u/s 68 of the Act on the ground that the appellant could not filed any cogent evidence why the shares purchased in November, 2003, the payment was made in February, 2004 and credited

NISHAT ARA,KANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, KANPUR

In the result, all the appeals of the assessees are partly allowed

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

Capital Gain on the scrip Twenty First Century Private Limited. The Assessing Officer during assessment proceedings show caused the assessees as to why the claim of their exempt income be not rejected. The Assessing Officer has relied on the statements of Shri Pradeep Kumar Garg, Anil Kumar Khemka, Abhiset Basu, Sajendra Mookim, Deepak Kumar Choudhary etc. to dislodge the claim

MARGHOOB ALAM,KANPUR vs. DCUT, CC-II, KANPUR, KANPUR

In the result, all the appeals of the assessees are partly allowed

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

Capital Gain on the scrip Twenty First Century Private Limited. The Assessing Officer during assessment proceedings show caused the assessees as to why the claim of their exempt income be not rejected. The Assessing Officer has relied on the statements of Shri Pradeep Kumar Garg, Anil Kumar Khemka, Abhiset Basu, Sajendra Mookim, Deepak Kumar Choudhary etc. to dislodge the claim

SHAHEEN RABIA,KANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -II, KANPUR

In the result, all the appeals of the assessees are partly allowed

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

Capital Gain on the scrip Twenty First Century Private Limited. The Assessing Officer during assessment proceedings show caused the assessees as to why the claim of their exempt income be not rejected. The Assessing Officer has relied on the statements of Shri Pradeep Kumar Garg, Anil Kumar Khemka, Abhiset Basu, Sajendra Mookim, Deepak Kumar Choudhary etc. to dislodge the claim

NAUSHEEN FARAH,KANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, KANPUR

In the result, all the appeals of the assessees are partly allowed

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

Capital Gain on the scrip Twenty First Century Private Limited. The Assessing Officer during assessment proceedings show caused the assessees as to why the claim of their exempt income be not rejected. The Assessing Officer has relied on the statements of Shri Pradeep Kumar Garg, Anil Kumar Khemka, Abhiset Basu, Sajendra Mookim, Deepak Kumar Choudhary etc. to dislodge the claim