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

gains from business and profession’. The net surplus disclosed by the assessee of Rs.2,24,59,203/- in the income and expenditure account was therefore added to the total income of the assessee and penalty proceedings under section 271(1)(c) were initiated. 11. Moving on further, the ld. AO observed that the assessee had transferred funds to the infrastructure

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

2(15) of the Act, 1961. \n26. Finally, in his orders for the A.Ys.2017-18 and 2018-19, the ld. CIT(A) dealt with the \nclaim of depreciation claimed by the assessee and disallowed by the ld. AO in accordance with \nthe provisions of section 11(6) of the Act. The ld. CIT observed that as the exemption under

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

2(15) of the Act, 1961. \n26. Finally, in his orders for the A.Ys.2017-18 and 2018-19, the ld. CIT(A) dealt with the \nclaim of depreciation claimed by the assessee and disallowed by the ld. AO in accordance with \nthe provisions of section 11(6) of the Act. The ld. CIT observed that as the exemption under

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

2(15) of the Act, 1961.\n26. Finally, in his orders for the A.Ys.2017-18 and 2018-19, the ld. CIT(A) dealt with the \nclaim of depreciation claimed by the assessee and disallowed by the ld. AO in accordance with \nthe provisions of section 11(6) of the Act. The ld. CIT observed that as the exemption under

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

2. It is very humbly & most respectfully submitted that it is a Penny Stock case wherein the Ld. AO & Ld. CIT (Appeals) have decided the matter in a judicious manner and, as Departmental Representative, I rely upon the judicious observations of Ld. AO & Ld. CIT (A) in their respective orders. 3. HOLISTIC VIEW: It is further very humbly & most respectfully

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

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

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

HARCHARAN SINGH,KANPUR vs. INCOME TAX OFFICER-2(5), KANPUR

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

Bench: Shri Kul Bharat & Shri Nikhil Choudharyआयकर अपील सं/ Ita No.201/Lkw/2022 ननिाारण वर्ा/ Assessment Year: 2013-14 Harcharan Singh V. Ito-2(5) 118/208, Kaushalpuri, Kanpur- Kanpur 208012. Pan:Anxps2189N अपीलार्थी/(Appellant) प्रत्यर्थी/(Respondent) अपीलार्थी कक और से/Appellant By: None प्रत्यर्थी कक और से /Respondent By: Shri Deepak Yadav, Cit(Dr) सुनवाई कक तारीख / Date Of Hearing: 10 06 2025 घोर्णा कक तारीख/ Date Of 30 06 2025 Pronouncement: आदेश / O R D E R

section 50C were not applicable to the same (at the time of sale); 5. the authorities below have erred in law and on facts in computing/upholding the computation of Long Term Capital Gain at Rs.1,56,21,620/- by treating the sale plots of land as sale of capital asset simpliciter (instead of treating the same as stock-in-trade

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)

gainfully reproduce Section 142A of the Act, which reads as under:- "142A - Estimate by Valuation Officer in certain cases.- (1) For the purposes of making an assessment or reassessment under this Act, where an estimate of the value of any investment referred to in Section 69 or Section 69B or the value of any bullion, jewelery or other valuable article

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

gains derived from such business for\nten consecutive assessment years.\nThe deduction is, therefore, admissible with reference to the profits and\ngains of an eligible undertaking 'derived from its eligible business. In various\njudicial pronouncements, the term 'derived from' has been interpreted in a narrow\nsense as compared to 'attributable to as used elsewhere with reference to other\ndeductions

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

gains’ of business or profession. In CIT vs. TirathramAhuja (HUF) (2008) 6 DTR (Del) 335 has held that there was no failure on the part of assessee to disclose a material fact where rateable value of the property was enhanced by the Municipal Corporation after assessment for assessment year 1991–92 to 1993-94 had been computed, hence reopening

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

gains’ of business or profession. In CIT vs. TirathramAhuja (HUF) (2008) 6 DTR (Del) 335 has held that there was no failure on the part of assessee to disclose a material fact where rateable value of the property was enhanced by the Municipal Corporation after assessment for assessment year 1991–92 to 1993-94 had been computed, hence reopening

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

In the result, appeals vide I

gains derived from such business for\nten consecutive assessment years.\n\nThe deduction is, therefore, admissible with reference to the profits and\ngains of an eligible undertaking 'derived from its eligible business. In various\njudicial pronouncements, the term 'derived from' has been interpreted in a narrow\nsense as compared to 'attributable to as used elsewhere with reference to other\ndeductions

FIROJ AHMAD ,LUCKNOW vs. ITO-1(4), LUCKNOW

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

Bench: Shri Kul Bharat & Shri Anadee Nath Misshraassessment Year: 2017-18 Firoz Ahmad Income Tax Officer-1(4) V. B-1174, Indira Nagar, Pratyaksh Kar Bhawan, Lucknow-226016. Lucknow-226001. Pan:Adypa2072K (Appellant) (Respondent) Appellant By: None (Adj. Application Filed) Respondent By: Shri Sanjeev Krishna Sharma, Addl. Cit(Dr) Date Of Hearing: 14 11 2024 Date Of Pronouncement: 26 11 2024 O R D E R

Capital Gain (LTCG). Aggrieved, the assessee appeal before the Ld. CIT(A), before him also, the assessee failed to support his claim by filing the supporting evidences. Therefore, the Ld. CIT(A) dismissed the appeal of the assessee. Now the assessee is in appeal before this Tribunal. 4. Apropos to the grounds of appeal, Ld. Departmental Representative (DR) supported

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

gains derived from such business for\nten consecutive assessment years.\nThe deduction is, therefore, admissible with reference to the profits and\ngains of an eligible undertaking 'derived from its eligible business. In various\njudicial pronouncements, the term 'derived from' has been interpreted in a narrow\nsense as compared to 'attributable to as used elsewhere with reference to other\ndeductions

ASTT. COMMISSIONER OF INCOME TAX, LUCKNOW vs. M/S PRAG INDUSTRIES (INDIA) PVT. LTD., LUCKNOW

In the result, appeal of Revenue and Cross Objection of assessee, both are dismissed

Bench: Shri Kul Bharat, Videshri Anadee Nath Misshra

55,343/- to the capital gain, suffers from I.T.A. No.660/Lkw/2016 C.O.No.01/Lkw/2017 16 non-consideration of factual matrix of the case as had been duly mentioned in paras 33, 34 and 35 of the Statement of Fact (accompanying the Memo of 1st appeal) as have been extracted in Enclosure - I(b) hereto and the same is not sustainable

RAJDHANI NAGAR SAHKARI BANK LTD,LUCKNOW vs. DY.CIT, LUCKNOW

In the result, the appeal of the assessee in ITA

2(15) of the Act in respect of GOI Bonds of Rs.2,23,54,660/-. The Ld. AO had incorrectly held that the said deduction had been claimed in the return as well as the balance-sheet. However the assessee submitted the return and the balance-sheet to the Ld. CIT(A) to demonstrate that it had not claimed

ACIT CIRCLE 3, LUCKNOW vs. RAJDHANI NAGAR SAHKARI BANK LTD, LUCKNOW

In the result, the appeal of the assessee in ITA

Bench: Shri Kul Bharat & Before Shri Kul Bharat & Before Shri Kul Bharat & Shri Nikhil Choudharyshri Nikhil Choudharyshri Nikhil Choudharyita Nos. 112 To 114/Lkw/2024 A.Ys. 2015-16 To 2017-18 Rajdhani Nagar Sahkari Rajdhani Nagar Sahkari Vs. Dcit Bank Ltd P.K. Complex, Raja Ram Mohan P.K. Complex, Raja Ram Mohan 555Ga/86, Sardari Khera, 555Ga/86, Sardari Khera, Rai Marg, Lucknow-226001. 226001. Alambagh, Lucknow-226006 226006 Pan:Aaaar1269D (Appellant) (Respondent) (Respondent) A.Y.2016-17 Acit Circle-3 Vs. Rajdhani Nagar Sahkari Bank Rajdhani Nagar Sahkari Bank 57 Ram Tirath Marg Pratyaksh 57 Ram Tirath Marg Pratyaksh Ltd Kar Bhawan, Lucknow Kar Bhawan, Lucknow-226001 555Ga/86, Sardari Khera, 555Ga/86, Sardari Khera, Alambagh, Lucknow-226006 226006 Pan: Aaaar1269D (Appellant) (Respondent) (Respondent) Assessee By: Sh. K.R. Rastogi, C.A. Sh. Shubham Rastogi, C.A. Revenue By: Sh. Sanjeev Krishna Sharma, Addl. Addl. Cit- Dr Date Of Hearing: 28.04.2025 Date Of Pronouncement: Date Of Pronouncement: 22.05.2025 O R D E R Per Bench.: These Four Appeals Have Been Have Been Filed For The Assessment Years 2015 For The Assessment Years 2015-16, 2016- 17 & 2017-18 By The Assessee & Revenue Ssessee & Revenue Against The Respective Orders Of The Respective Orders Of The Ld. Cit(A)/Nfac, Delhi Dated 02.02.2024, 05.02.2024 & 05.02.2024 Delhi Dated 02.02.2024, 05.02.2024 & 05.02.2024. While The Delhi Dated 02.02.2024, 05.02.2024 & 05.02.2024 Assessee Is In Appeal In Assessment Years 2015 Assessee Is In Appeal In Assessment Years 2015-16, 2016-17 & 2017-18, The Revenue 18, The Revenue

gain of the business and profession, which was computed at a loss of Rs.1,24,81,747/-. Accordingly, he granted relief to the assessee in this regard. 10. Both the assessee and Revenue are aggrieved with this order of the Ld. CIT(A). The assessee submitted that the Ld. CIT(A) had erred in fact in upholding the disallowance