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 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

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

ARUN KUMAR MAURYA,LUCKNOW vs. ITO-2(1), LUCKNOW

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

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

capital gains would not be assessable at the hands of the firm, yet for the reasons stated in the preceding paragraph that in the absence of notice under Section 143(2) reassessment could not be held to be validly made . Thus, we have no hesitation in setting aside the order of the Tribunal.” (E.1.5) In the case of Pr. Commissioner

ACIT, CENTRAL CIRCLE-II, LUCKNOW, LUCKNOW vs. RAKESH KUMAR PANDEY, GONDA U.P.

In the result, the outcome of the appeals and Cross Objections are as under:

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

Capital Gain was computed amounting to Rs.68,98,817/- and claimed deduction u/s 54F of the Income Tax Act against the investment made in house property situated at 57, Laxmanpuri, Indira Nagar, Lucknow. However, Ld. AO rejected the claim of assessee on following ground being details filed in ITR in AL schedule:- i. opp. VikasBhawan, Pant Nagar, Civil Lines, Gonda

RAKESH KUMAR PANDEY,GONDA vs. DCIT/ACIT (CENTRAL)-2, LUCKNOW

In the result, the outcome of the appeals and Cross Objections are as under:

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

Capital Gain was computed amounting to Rs.68,98,817/- and claimed deduction u/s 54F of the Income Tax Act against the investment made in house property situated at 57, Laxmanpuri, Indira Nagar, Lucknow. However, Ld. AO rejected the claim of assessee on following ground being details filed in ITR in AL schedule:- i. opp. VikasBhawan, Pant Nagar, Civil Lines, Gonda

RAKESH KUMAR PANDEY,GONDA vs. DCIT/ACIT (CENTRAL)-2, LUCKNOW

In the result, the outcome of the appeals and Cross Objections are as under:

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

Capital Gain was computed amounting to Rs.68,98,817/- and claimed deduction u/s 54F of the Income Tax Act against the investment made in house property situated at 57, Laxmanpuri, Indira Nagar, Lucknow. However, Ld. AO rejected the claim of assessee on following ground being details filed in ITR in AL schedule:- i. opp. VikasBhawan, Pant Nagar, Civil Lines, Gonda

DCIT, RANGE-6, LUCKNOW vs. M/S. U.P. STATE SUGAR CORPORATION LTD.,, LUCKNOW

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

64,119/- u/s 14A of the Act without appreciating the fact that Section 14A does not use the word ‘income of the year’ but ‘income under the act’ and CBDT circular no. 05/2014 dated 11/02/2014 makes it clear that the expenses, which are relatable to earning of exempt income have to be considered for disallowance irrespective of the fact whether

DCIT, LUCKNOW vs. M/S U.P. STATE SUGAR CORPORATION LTD., LUCKNOW

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

64,119/- u/s 14A of the Act without appreciating the fact that Section 14A does not use the word ‘income of the year’ but ‘income under the act’ and CBDT circular no. 05/2014 dated 11/02/2014 makes it clear that the expenses, which are relatable to earning of exempt income have to be considered for disallowance irrespective of the fact whether

DCIT, LUCKNOW vs. M/S U.P. STATE SUGAR CORPORATION LTD., LUCKNOW

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

64,119/- u/s 14A of the Act without appreciating the fact that Section 14A does not use the word ‘income of the year’ but ‘income under the act’ and CBDT circular no. 05/2014 dated 11/02/2014 makes it clear that the expenses, which are relatable to earning of exempt income have to be considered for disallowance irrespective of the fact whether

DCIT, LUCKNOW vs. M/S U.P. STATE SUGAR CORPORATION LTD., LUCKNOW

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

64,119/- u/s 14A of the Act without appreciating the fact that Section 14A does not use the word ‘income of the year’ but ‘income under the act’ and CBDT circular no. 05/2014 dated 11/02/2014 makes it clear that the expenses, which are relatable to earning of exempt income have to be considered for disallowance irrespective of the fact whether

U.P. STATE SUGAR CORPORATION LTD.,LUCKNOW vs. DCIT, RANGE-VI, LUCKNOW

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

64,119/- u/s 14A of the Act without appreciating the fact that Section 14A does not use the word ‘income of the year’ but ‘income under the act’ and CBDT circular no. 05/2014 dated 11/02/2014 makes it clear that the expenses, which are relatable to earning of exempt income have to be considered for disallowance irrespective of the fact whether

SHYAM SUNDER GUPTA,KANPUR vs. DY. COMMISSIONER OF INCOME TAX-1, KANPUR

In the result, the appeal of the assessee is dismissed

capital gains arising before the 1st day of\nApril, 1946, or after the 32st day of March 1948, and before the 1st day of\nApril, 1956. Explanation 2, - The expression “accumulated profits" in sub-\nclause (a), (b), (d) and (e), shall include all profits of the company up to the\ndate of distribution or payment referred to in those

PRADEEP KUMAR,LUCKNOW vs. ACIT-1, LUCKNOW

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

Bench: Shri G. D. Padamahshali & Shri Subhash Malguriaassessment Year: 2017-18 Pradeep Kumar V. The Acit-1 A-1/46, Vikas Khand Lucknow Gomti Nagar Lucknow Pan:Ablpk8392B (Appellant) (Respondent) Appellant By: Shri Vijay Prakash Agrawal, Adv. Respondent By: Shri Sanjeev Krishna Sharma, D.R. Date Of Hearing: 10 07 2024 Date Of Pronouncement: 04 09 2024 O R D E R

capital gain at Rs.5,90,244/-. On the total turnover of Rs.31,47,84,794/-, assessee declared gross profit at Rs.1,97,08,882/- and net profit at Rs.1,60,82,364/-. The ITA No.198/LKW/2024 Page 3 of 13 Assessing Officer completed the assessment under section 143(3) of the Act by making addition of Rs.1,50,00,000/- under

ACIT CIRLCE-1, LUCKNOW vs. U P COOPERATIVE SUGAR FACTORIES FEDERATION LIMITED, LUCKNOW

In the result, the appeal of the Revenue is partly allowed\nfor statistical purposes

64,277/-. However, it has claimed deduction of Rs.\n4,11,20,788/- limited to the extent of income of Cooperative society during\nthe year. The AO relied upon various decisions to hold that interest earned\nfrom deposits from banks is not exempt u/s 80P(2)(a)(i) of the IT Act as\nquoted in Para 2.4 of the assessment

ASSTT. COMMISSIONER OF INCOME TAX, CC-1, LUCKNOW, AAYAKAR BHAWAN, ASHOK MARG, LUCKNOW vs. APCO INFRATECH PVT. LTD., VIBHUTI KHAND GOMTI NAGAR LKO

In the result, appeals vide

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

gains by an industry entitled to benefit under Section 80-E cannot be reduced by the loss suffered by any other industry or industries owned by the assessee. 15. In the case before us, there is no discussion about Section 80- IA(5) by the Appellate Authority, nor the Tribunal and the High Court. However, we have considered the submissions

M/S APCO INFRATECH PVT. LTD.,LUCKNOW vs. D/ACIT-1,CENTRAL-1, LUCKNOW

In the result, appeals vide

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

gains by an industry entitled to benefit under Section 80-E cannot be reduced by the loss suffered by any other industry or industries owned by the assessee. 15. In the case before us, there is no discussion about Section 80- IA(5) by the Appellate Authority, nor the Tribunal and the High Court. However, we have considered the submissions