SHRI KINGSHUK GHOSHAL,LUCKNOW vs. INCOME TAX OFFICER-6(5), LUCKNOW

The appeal of the assessee stands allowed

Bench: Shri. Sudhanshu Srivastavaassessment Year: 2012-13 Shri Kinghshuk Ghoshal V. The Ito 6(5) E-402, Halwasiya Utsav Enclave Lucknow Opposite Hal, Faizabad Road Lucknow Tan/Pan:Affpg3258L (Appellant) (Respondent) Appellant By: Shri P. K. Kapoor, C.A. Respondent By: Shri Sunil Kumar Rajwanshi, D.R. O R D E R This Appeal Has Been Preferred By The Assessee Against Order Dated 26.12.2017, Passed By The Learned Commissioner Of Income Tax (Appeal), Lucknow-3 (Ld. Cit(A)) For Assessment Year 2012-13. 2.0 The Brief Facts Of The Case Are That The Assessee Filed His Return Of Income For The Year Under Consideration On 29.11.2012, Declaring A Total Income Of Rs.1,05,233/-. The Case Of The Assessee Was Selected For Scrutiny Under Cass. During The Course Of Assessment Proceedings, The Assessing Officer (Ao) Noticed That The Assessee Was Earning Interest Income From Saving Bank Deposits & Fdrs & That The Assessee Had Claimed Exemption Of Rs.71,54,619/- Under Section 54 Of The Income Tax Act, 1961 (Hereinafter Called “The Act’). During The

capital gain of Rs.16,75,288/- was ITA No.200/LKW/2018 Page 5 of 13 due to ignorance on the part of the "appellant" and as such the claim of deduction under section 54 deserves to be allowed on the said amount too. 6

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

6 portion of net consideration on transfer of original asset with Capital Gain account with Bank or as stipulated by Central Government before the due date of filing of return u/s 139(1) of the Act. The appellant cannot get benefit of section

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

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)

Gain under section 10(38) of the Act was to be treated as unaccounted money of the assessee as per the provisions of section 68 of the Act. The assessment in this case was completed at Rs. 2,52,62,734/- under section 143(3) r.w.s. 153A of the Act after making an addition under section

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)

Gain under section 10(38) of the Act was to be treated as unaccounted money of the assessee as per the provisions of section 68 of the Act. The assessment in this case was completed at Rs. 2,52,62,734/- under section 143(3) r.w.s. 153A of the Act after making an addition under section

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)

Gain under section 10(38) of the Act was to be treated as unaccounted money of the assessee as per the provisions of section 68 of the Act. The assessment in this case was completed at Rs. 2,52,62,734/- under section 143(3) r.w.s. 153A of the Act after making an addition under section

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 10(38) was not admissible even

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

Capital Gain. Query no.\n8 is being replied in query no. 3 above. Query no. 9 and 7 are similar\nwhich is being replied in query no. 7 above. In response to your query no.\n10, sir, it is stated that according to the size of the company as well as in\ncomparison of earlier years, the same are quite

SHRI SWATANTRA KUMAR SHUKLA,KANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX-3, KANPUR

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

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. 2015-16 Swatantra Kumar Shukla, Vs. Dy. Cit-3, Kanpur 61/139, Sita Ram Mohal, Kanpur- 208001 (U.P.) Pan: Acaps5484N (Appellant) (Respondent) Assessee By: Sh. P.K. Kapoor, C.A. Revenue By: Sh. R.R.N. Shukla, Addl Cit Dr Date Of Hearing: 03.09.2025 Date Of Pronouncement: 24.11.2025 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)- 1, Kanpur, Passed On 29.07.2019 Wherein The Appeal Of The Assessee Against The Orders Passed By The Assessing Officer Under Section 143(3) Of The Act For The A.Y. 2015-16 On 29.12.2017 Has Been Dismissed. The Grounds Of Appeal Are As Under: - “1. That The Ld Cit(A) Was Wrong In Confirming The Addition Of Rs. 1,39,81,850- Made By The Ao Without Any Valid Reason. 2. That The Revenue Was Wrong In Disallowing The Claim Of Long Term Capital Gains U/S 10(38) Of The Act & The Same Is Against Facts & Law. 3. That The Various Case Law Cited By The Revenue In Rejecting The Claim Is Wrong In As Much As The Facts Of The Appellant'S Case Are Distinguishable From The Cited Case Law. 4. That The Revenue Was Wrong In Invoking Section 68 Of The Act & The Same Is Not Justified & Unwarranted. 5. That It Was Wrong On The Part Of Revenue To Invoke Section 68 Of The Act In As Much As Initial Onus On The Assessee To Establish Identity, Credit Capacity Of The Creditor & Genuineness Of The Transaction Was Discharged. 6. That The Finding Of The Ld Ao That 'Long Term Capital Gains Of Rs.1 39,81,850/ Claimed By The Assessee Is Held To Have Been Arranged By The Assessee Through

section 68 of the Act in as much as initial onus on the assessee to establish identity, credit capacity of the creditor and genuineness of the transaction was discharged. 6. That the finding of the Ld AO that 'Long Term Capital Gains

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)

capital gain arising out of trading in penny stocks of M/s Kailash Auto Finance. The ld. AO also observed that the Securities and Exchange Board of India had recently passed some orders on the issue of manipulation of share prices for providing accommodation entries of bogus LTCG/STCG after considering the inputs from the Income Tax Department as well

MOHAMMED JUNED SIDDIQUI,LUCKNOW vs. DCIT/ACIT-1, LUCKNOW

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

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. 2016-17 Mohammed Juned Siddiqui, Vs. Dcit/Acit-1, C-84/2, Sarvodaya Nagar, Indira Lucknow New Nagar, Lucknow-226016 Pan: Aqnps6188G (Appellant) (Respondent) Assessee By: Sh. Samrat Chandra Ca & Ms. Gurneet Kaur, Advocate Revenue By: Sh. R.K. Agarwal, Cit Dr Date Of Hearing: 30.07.2025 Date Of Pronouncement: 29.08.2025 O R D E R Per Nikhil Choudhary, A.M.: This Is An Appeal Filed By The Assessee Against The Order Of The Ld. Cit(A)-3, Lucknow Under Section 250 Of The Income Tax Act, 1961 On 20.11.2024, Dismissing The Appeals Of The Assessee Against The Order Of The Ld. Ao Dated 30.12.2018, Passed Under Section 143(3). The Grounds Of Appeal In Both The Appeals Are As Under: - “1. Because On The Facts & In The Circumstances Of The Case The Order Of Ld. Cit(A) Is Bad In Law & Deserves To Be Quashed Being Illegal. 2. Because On The Facts & In The Circumstances Of The Case The Order Of Ld. Cit(A) Is Bad Ld. Cit(A) Confirmed The Addition Of Rs.11,38,70,742/- Under The Head Capital Gain, Which Was Exempt U/S 10(37) Of The Income Tax Act, 1961 & Not Allowing The Benefit Of Provision Of Rfctlarr Act, 2013. 3. Because On The Facts & In The Circumstances Of The Case The Ld. Cit(A) Has Confirmed The Addition Of Rs. 11,38,70,742/- Only On The Basis Of Roving Enquiries Without Providing An Opportunity Of Being Heard. 4. Because Without Considering The Facts & Circumstances Of The Case The Ld. Cit(A) Has Confirmed The Addition Of 6,98,27,344/- Under The Head Capital Gains Being Amount

Gains being amount 1 A.Y. 2016-17 Mohammed Juned Siddiqui received by the assessee on behalf of Shri Ram Adhar as POA holder which was subsequently given to him. 5. Because without considering the facts and circumstances of the case the Ld. CIT(A) has confirmed the addition of 6,98,27,344/- only on the basis of statement

MR. PAWAN KUMAR SINGH,BAREILLY vs. INCOME TAX OFFICER, BAREILLY

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

Bench: Shri Kul Bharat & Shri Nikhil Choudharyassessment Year: 2009-10 Mr Pawan Kumar Singh V. Income Tax Officer Ward-2(1) 848, Tilak Colony, Subhash Nagar, Bareilly (Up). Bareilly. Pan:Ccrps4435G (Appellant) (Respondent) Appellant By: Shri Abhinav Mehrotra, Adv. Respondent By: Shri Sunil Kumar Rajwanshi, Addl. Cit(Dr) Date Of Hearing: 22 04 2025 Date Of Pronouncement: 30 04 2025 O R D E R

6) and (7) of section 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that

PANKAJ AGARWAL,KANPUR vs. THE AO SPECIAL RANGE,, KANPUR

In the result, the appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. 2017-18 Pankaj Agarwal, 7/151, Ratan Vs. The Assessing Officer, Majestic, Opp. Sony World, Special Range, Kanpur- Swaroop Nagar, Kanpur-208002 208001 Pan: Abnpa4816E (Appellant) (Respondent) Assessee By: Sh. Rakesh Garg, Adv Revenue By: Sh. R.R.N. Shukla, Addl Cit Dr Date Of Hearing: 23.12.2025 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 Order Passed By The Ld. Cit(A), Nfac Dated 9.01.2024 Wherein The Ld. Cit(A) Has Dismissed The Appeal Of The Assessee Against The Orders Of The Ld. Ao, Special Range, Kanpur, Passed Under Section 143(3) On 26.09.2019. 2. It Is Seen From The Record That The Appeal Is Delayed By 2 Days. However, Since The Date Of Filing Is Preceded By Saturday & Sunday, Wherein The Offices Of The Itat Were Closed, The Delay Is Condoned & The Appeal Is Admitted For Hearing. The Grounds Of Appeal Are As Under: - “1. Because The Cit(A) Has Erred On Facts & In Law In Treating The Loss Of Rs.42,17,895/- Being Loss On Account Of Trading In Derivatives As A Capital Loss As Against Business Loss Claimed By The Assessee, Which Finding Of The Ao Being Contrary To Facts, Bad In Law, The Addition Made Be Deleted.

6. Because the CIT(A) has erred in invoking section 74 that being meant for capital loss and capital gains

SHIV ASREY SINGH,KANPUR vs. DY.CIT-2, KANPUR

The appeal of the assessee stands partly allowed

Bench: Shri. Sudhanshu Srivastavaassessment Year: 2012-13 Shiv Asrey Singh V. The Dcit-2 Sb-17, Sbi Colony Kanpur Ratanlal Nagar Kanpur Tan/Pan:Aizps6999M (Appellant) (Respondent) Appellant By: Shri Rakesh Garg, Advocate Respondent By: Shri Sanjeev Krishna Sharma, D.R. O R D E R

section 133(6) of the Act and subsequently, reassessment proceedings were dropped. This initiation of reassessment proceedings in assessment year 2011-12 and its subsequent closure without any addition would also emphasize the fact that although the issue of Long Term Capital Gain

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 gains on the shares sold. Also, on perusal of the order passed by Pr. CIT u/s 263 of the I.Tax Act, 1961, and plain reading of the of Para 2 at Page 1 of the order it is evident that the whole proceedings were initiated on the behest of the Assessing Officer. “It has been bought to the notice

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

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

section 50C of Income Tax Act. 5. The Commissioner of Income Tax (Appeals) has erred in law and on facts in passing appellate order which is contrary to the facts and law. 6. The appellant craves leave to add, amend, alter or withdraw any grounds of appeal or raise any new ground appeal during the pendency of appeal

SUBHASH JAISWAL ASSOCIATES,BAREILLY vs. PCIT BAREILLY, BAREILLY

capital gain against the short-term\nloss, the order passed by the Assessing Officer could not be deemed to be\nerroneous insofar as it was prejudicial to the interests of the revenue.\nSection 263 of the Income-tax Act, 1961 -Revision Of orders prejudicial to\ninterest of revenue - Assessment year 2011-12 - Where Assessing Officer\nafter examining issue on points

AYYUB JAFRI,LUCKNOW vs. DY. COMMISSIONER OF INCOME TAX-6, LUCKNOW

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

Bench: SH. SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER AND SH. NIKHIL CHOUDHARY (Accountant Member)

section 54(2)(6)(G) of the Income Tax Act. It was submitted that while filing the return of income, the Advocate included the entire sum of Rs. 15,04,028/- as investment made during F.Y. 2015-16. No indexing benefit was claimed by the assessee as a result of which long term capital gain