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.

4 A.Y. 2012-13 Pankaj Agarwal treated as business income or losses since derivatives were never a part of investments and therefore never a part of capital gains or losses. 3. The ld. AO rejected the replies so filed by the assessee on the grounds that the definition of short term capital asset was defined as per section

SMT. SABREEN,KANPUR vs. INCOME TAX OFFICER-3(4), KANPUR

In the result, the appeal of the assessee stands partly allowed and Stay Application is dismissed as infructuous

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

Capital Gain [hereinafter referred to as ‘LTCG’] under Section 10(38) of the Act. He inter alia concluded that the assessee had adopted a colorable device of LTCG to avoid tax and accordingly framed the assessment order under Section 143(3) of the Act at the total income of Rs. 1,09,12,060/-, making an addition

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)

section 10(38) of the Act was not a genuine claim and that the capital gains claimed as exempt were to be I.T(SS).A. Nos. 336 & 337/LKW/2025 IT(SS).A. No.334/LKW/2025 4

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)

section 10(38) of the Act was not a genuine claim and that the capital gains claimed as exempt were to be I.T(SS).A. Nos. 336 & 337/LKW/2025 IT(SS).A. No.334/LKW/2025 4

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)

section 10(38) of the Act was not a genuine claim and that the capital gains claimed as exempt were to be I.T(SS).A. Nos. 336 & 337/LKW/2025 IT(SS).A. No.334/LKW/2025 4

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

Capital Gain [hereinafter referred to as ‘LTCG’] under Section 10(38) of the Act. He inter alia concluded that the assessee had adopted a colorable device of LTCG to avoid tax and accordingly framed the assessment order under Section 143(3) of the Act at the total income of Rs. 1,09,12,060/-, making an addition

SMT. SITA KHANDELWAL,BAREILLY vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, BAREILLY

In the result, the appeal of the assessee stands dismissed

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

gains ought to have been treated as exempt. Learned D.R. for Revenue supported the orders of the authorities below. 4. We have heard the rival parties and have gone through the material placed on record. As per sub section (2) of section 54, the amount of the capital

ZAIN ALAM,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 under the relevant section 10(38) of the IT Act, 1961. 7. That the alleged bogus share transaction cannot be taxed u/s 69A as the appellant has given the documentary evidence of sale and purchase at prevailing market rate on stock exchange. 8. That there has been no evidence as to the why the gain from the sale

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 under the relevant section 10(38) of the IT Act, 1961. 7. That the alleged bogus share transaction cannot be taxed u/s 69A as the appellant has given the documentary evidence of sale and purchase at prevailing market rate on stock exchange. 8. That there has been no evidence as to the why the gain from the sale

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 under the relevant section 10(38) of the IT Act, 1961. 7. That the alleged bogus share transaction cannot be taxed u/s 69A as the appellant has given the documentary evidence of sale and purchase at prevailing market rate on stock exchange. 8. That there has been no evidence as to the why the gain from the sale

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 under the relevant section 10(38) of the IT Act, 1961. 7. That the alleged bogus share transaction cannot be taxed u/s 69A as the appellant has given the documentary evidence of sale and purchase at prevailing market rate on stock exchange. 8. That there has been no evidence as to the why the gain from the sale

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 under the relevant section 10(38) of the IT Act, 1961. 7. That the alleged bogus share transaction cannot be taxed u/s 69A as the appellant has given the documentary evidence of sale and purchase at prevailing market rate on stock exchange. 8. That there has been no evidence as to the why the gain from the sale

SHRI UMA SHANKER DHANDHANIA,KANPUR vs. INCOME TAX OFFICER - 1(5), KANPUR

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

Capital Gain [hereinafter referred to as ‘LTCG’] under Section 10(38) of the Act. He inter alia concluded that the assessee had adopted a colorable device of LTCG to avoid tax and accordingly framed the assessment order under Section 143(3) of the Act at the total income of Rs. 1,09,12,060/-, making an addition

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 10(38) of the income Tax Act, 1961, any Capital Gain arising out of transfer of Long Term Capital Asset being an equity share in a company or a unit of an equity oriented fund, on which STT is paid, is exempt from taxation point of view. This means that if shares of any company are held for more

DEPUTY COMMISSIONER OF INCOME TAX-1, KANPUR vs. SMT. SHEHLA AHMED , KANPUR

In the result, the appeal of the Revenue and the cross objection of the assessee are dismissed

Bench: Shri. A. D. Jain & Shri T. S. Kapoorassessment Year: 2013-14 Dy. Cit-1 V. Smt. Shehla Ahmad Kanpur 376-C, Allied Street Jajmau, Kanpur Tan/Pan:Aexpa4122N (Appellant) (Respondent) C.O. No.09/Lkw/2018 [In Ita No.181/Lkw/2018] Assessment Year: 2013-14 Smt. Shehla Ahmad V. Dy. Cit-1 376-C, Allied Street Kanpur Jajmau, Kanpur Tan/Pan:Aexpa4122N (Cross-Objector) (Respondent) Department By: Shri R. K. Vishvakarma, D.R. Assessee By: Shri Swarn Singh, Fca Date Of Hearing: 24 07 2019 Date Of Pronouncement: 22 08 2019 O R D E R Per A. D. Jain, V.P.: This Is Revenue’S Appeal & Assessee’S Cross Objection Against The Order Of The Ld. Cit(A)-Ii, Kanpur, Dated 1/12/2017, For The Assessment Year 2013-14. 2. The Revenue Has Taken The Following Grounds Of Appeal: 1. The Ld. Commissioner Of Income Tax (Appeals)-Ii, Kanpur Has Erred In Law & On Facts In Deleting The Penalty Of Rs.22,00,000/- Imposed By The Assessing Officer On Account Of Undisclosed

Capital Gain exempt under section 10(38) of the Income Tax Act, 1961. ii. Addition on account of Valuation of closing stock - Rs.15,42,274/- iii. Disallowance u/s 40a(ia) - Rs. 9,63,357/ iv. Interest on bank account - Rs. 20,413/- ITA No.181/LKW/2018 & C.O. No.09/LKW/2018 Page 3 of 13 4

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

Capital Gain on sale of shares claimed as exempt u/s 10(38) of the Act. ITA No.313/LKW/2023 Page 4 of 17 4. BECAUSE the report of investigation carried out by the Directorate of Investigation as has been made the basis for drawing adverse inference for denying/upholding the denial of claim for exemption under section

HARVINDER KUMAR SAHNI,LAKHIMPUR-KHERI vs. DY. COMMISSIONER OF INCOME TAX, SITAPUR

In the result, the appeal is partly allowed

Bench: Shri. A. D. Jain & Shri B.R.R. Kumarassessment Year: 2011-12 Harvinder Kumar Sahni V. The Dy. Cit Punjabi Colony Sitapur Gola Gokaran Nath Lakhimpur Kheri Tan/Pan:Autps9076M (Appellant) (Respondent) Appellant By: Shri K.R. Rastogi, C.A. Respondent By: Shri Ajay Kumar, D.R. Date Of Hearing: 16 03 2020 Date Of Pronouncement: 19 03 2020 O R D E R

capital gain at Rs.20,90,544/-. 4. Dismissing the appeal of the assessee, by virtue of the impugned order, the ld. CIT(A) confirmed the assessment order. Aggrieved, the assessee is in further appeal before us. ITA No.28/LKW/2016 Page 3 of 8 5. Before us, the ld. Counsel for the assessee has contended that the authorities below have failed

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)

section 10(38) for long term capital gain to the tune of Rs.59,21,368/- arising out of transfer of shares in the scrips of Kailash Auto Finance Limited. The ld. AO noted that a report had been circulated by the Directorate of Income Tax (Inv), Kolkata regarding, “bogus” LTCG arising out of trading in various penny stocks