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 transaction but the same wasapproved by the ld. Additional Commissioner of Income Tax on the nextdate which evidence that the approval was granted in mechanicalmanner. Thus, in the absence of proper approval under section 153D ofthe Act, the assessment order is bad in law. 18. Further reliance is placed upon recent decision of Hon’ble Lucknow Tribunal

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. The A.O also initiated penalty proceedings under section

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

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 amounting to Rs. 1,12,13,010/-. We note that the scripts / equity shares of M/s Sulabh Engineering and Services Ltd. has been dealt with by the SMC Bench of this Tribunal in the case of Vasudha Jain, in ITA No.1018/Kol/2018, for A.Y. 2015-16, order dated 15.02.2019, wherein the SMC Bench of this Tribunal held that addition

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

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

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.

III). 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

PREM MANOHAR GUPTA,KANPUR vs. DY. COMMISSIONER OF INCOME TAX-2, KANPUR

In the result, appeal in I

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

1)(iii) on the basis that no notice for enhancement was given to the assessee. In this respect we find that section 251 deals with the powers of CIT(A) whereby he can allow the appeal or can enhance the appeal or can annul the assessment. However, sub clause (2) of section 251 states that CIT(A) shall not enhance

PREM MANOHAR GUPTA,KANPUR vs. DY. COMMISSIONER OF INCOME TAX-2, KANPUR

In the result, appeal in I

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

1)(iii) on the basis that no notice for enhancement was given to the assessee. In this respect we find that section 251 deals with the powers of CIT(A) whereby he can allow the appeal or can enhance the appeal or can annul the assessment. However, sub clause (2) of section 251 states that CIT(A) shall not enhance

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

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

6. The ld. DR, on the other hand, submitted that the investigation department of the income tax department had carried out investigation and had found various scrip which various assessees were using for converting their unaccounted money into accounted money after managing long term capital gains from certain scrips with the help of intermediaries. It was submitted that investigation wing

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

gains by an industry entitled to benefit\nunder Section 80-E cannot be reduced by the loss suffered by any\nother industry or industries owned by the assessee.\n15. In the case before us, there is no discussion about Section 80-\nIA(5) by the Appellate Authority, nor the Tribunal and the High Court.\nHowever, we have considered the submissions

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

In the result, appeals vide I

gains by an industry entitled to benefit\nunder Section 80-E cannot be reduced by the loss suffered by any\nother industry or industries owned by the assessee.\n\n15. In the case before us, there is no discussion about Section 80-\nIA(5) by the Appellate Authority, nor the Tribunal and the High Court.\nHowever, we have considered

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

capital receipt. Accordingly, section 115BBE is not applicable on the assessee. On the basis of the above submissions, it is very clear that the Ld. Assessing Officer has erred both on the facts as well as in law in treating the corpus donation as income u/s 2(24) and making the addition u/s 68 . The order passed is not tenable

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

capital receipt. Accordingly, section 115BBE is not applicable on the assessee. On the basis of the above submissions, it is very clear that the Ld. Assessing Officer has erred both on the facts as well as in law in treating the corpus donation as income u/s 2(24) and making the addition u/s 68 . The order passed is not tenable

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

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

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

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 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