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.

gains had been debited to a personal account i.e. they had been debited to capital account and they had not been set off against normal income. That being the case, there was no question of any further disallowance under section 14A. 8

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 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

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

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

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 of Rs.1 39,81,850/ claimed by the Assessee is held to have been arranged by the Assessee

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 gains as bogus, when all the papers submitted were in order. The ld. AO had to bring material on record to support his finding that there had been collusion / connivance between the broker and the assessee for the introduction of its unaccounted money. It was submitted that the Hon’ble Punjab and Haryana High Court in the case

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.

gains or losses. To our mind, the issue in the present case is not whether derivatives could be regarded to be a short-term capital asset but whether, in the present case, they are so and as we have already observed, this has not been demonstrated with reference to any of the tests which have been laid down for determining

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

Capital Gains being claimed as exempt under section 10(38) of the Act, but rather the conduct of the assessee in availing accommodation entries. The Ld. Sr. D.R. submitted that at the best, the file may be restored to the file of the AO for the purposes of verification by him. 5.0 I have heard the rival submissions and have

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

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

section 143(3). The grounds of appeal in both the appeals are as under: - “1. Because on the facts and in the circumstances of the case the order of Ld. CIT(A) is bad in law and deserves to be quashed being illegal. 2. Because on the facts and in the circumstances of the case the order

SUBHASH JAISWAL ASSOCIATES,BAREILLY vs. PCIT BAREILLY, BAREILLY

8 The Learned PCIT, Bareilly has without conducting any\nindependent enquiries has held the order to be erroneous and prejudicial\nto the interest of the revenue, has set aside the assessment back to the file\nof the Assessing officer with total disregard to the facts and circumstances\nof the case. The CIT has failed to appreciate that powers of revision

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, LUCKNOW vs. SUDHANSHU TRIVEDI, LUCKNOW

Bench: Shri. Sudhanshu Srivastava & Shri Nikhil Choudharyassessment Year: 2015-16 The Acit V. Sudhanshu Trivedi Lucknow 21/1013, Sector 21 Indira Nagar, Lucknow (U.P) Tan/Pan:Ackpt4164G (Appellant) (Respondent) Appellant By: Shri Amit Singh Chouhan, D.R. Respondent By: S/Shri Rajat Jain & Akshat Jain, Cas O R D E R

Capital Gain to the tune of Rs.1,36,00,000/- and the assessee had failed to negate the information and, therefore, the reopening was very much valid in the eyes of law. The Ld. Sr. D.R. further submitted that the issue of limitation stood covered in favour of the Department by the judgment of the Hon'ble Delhi High Court

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

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 offered to tax was more

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, BAREILLY vs. MS SHREE BHAWANI MILLS, SHAHJAHANPUR

In the result, the appeal of the Department is partly allowed while the Cross

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. 2017-18 Deputy Commissioner Of Income Vs. M/S Shree Bhawani Mills, Tax, Circle-1, Bareilly Gandhi Ganj, Shahjahanpur, U.P. Pan:Aadfs8573M (Appellant) (Respondent) & C.O. No.15/Lkw/2023 A.Y. 2017-18 M/S Shree Bhawani Mills, Gandhi Vs. Deputy Commissioner Of Ganj, Shahjahanpur, U.P. Income Tax, Circle-1, Bareilly Pan:Aadfs8573M (Appellant) (Respondent) Assessee By: Sh. P.K. Kapoor, C.A. Revenue By: Sh. Manu Chaurasia, Cit Dr Date Of Hearing: 12.03.2025 Date Of Pronouncement: 25.04.2025 O R D E R Per Nikhil Choudhary, A.M.: This Is An Appeal Filed By The Revenue Against The Order Of The Ld. Cit(A) Passed Under Section 250 Of The Income Tax Act On 7.09.2023 Allowing The Appeal Of The Assessee Against The Order Passed By The Ld. Ao On 30.03.2022 Under Section 147 R.W.S. 144 Of The Income Tax Act, 1961. The Grounds Of Appeal Are As Under:-

capital gains, for assets which did not belong to it. In the circumstances, we are inclined to agree with the ultimate decision of the ld. CIT(A) in granting relief to the assessee. Therefore, the appeal of the Revenue on the actual grant of relief i.e. ground no. 1 is dismissed. However, appeals on ground nos. 2 and 3 with

SAKET MURARKA,SITAPUR vs. INCOME TAX OFFICER, SITAPUR

In the result, the appeal of the assessee stands dismissed

Bench: Shri. Sudhanshu Srivastavaassessment Year: 2012-13 Saket Murarka V. The Income Tax Officer Prop. M/S Murarka Brothers Sitapur Jail Road Sitapur Tan/Pan:Aaypm4558P (Appellant) (Respondent) Appellant By: None Respondent By: Shri Sanjeev Krishna Sharma, D.R. Date Of Hearing: 18 03 2025 Date Of Pronouncement: 20 03 2025 O R D E R

section 271(1)(c) of the Act, separately. 3. Aggrieved, the assessee preferred an appeal before the Ld. First Appellate Authority. Subsequently, the case of the assessee was migrated to NFAC and thereafter the appeal was transferred to Addl. CIT(A)-10, Mumbai, who partly allowed the appeal of the assessee. 4. Now, the assessee has approached this Tribunal challenging