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

DCIT, RANGE-3, LUCKNOW vs. M/S WELLDONE INFRASTRUCTURE PVT. LTD., LUCKNOW

In the result, the appeal of the Revenue is dismissed

Bench: Sh.Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y.2017-18 Dy. Commissioner Of Income Tax, Vs. M/S Welldone Infrastructure Range-3, Lucknow Private Limited, Lucknow Pan:Aaacw6354Q (Appellant) (Respondent) Assessee By: Sh. B.P. Yadav, Advocate Revenue By: Sh. Amit Singh Chauhan, Addl (Cit) & 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 Revenue Against The Order Of The Ld. Cit(A)-2, Lucknow Under Section 250 Of The Income Tax Act, 1961 Allowing The Appeal Of The Assessee Against The Order Passed By The Ld. Ao Under Section 143(3) On 19.12.2019. The Grounds Of Appeal Are As Under:- “1. That The Ld. Cit(A)-2, Lucknow Has Erred In Law & On Facts In Deleting The Addition Of Rs.2,26,72,571/- Without Appreciate The Fact That The Assessee Is Involved In The Business Of Developing Properties & Selling It & Is Earning Rental Income Which Is Incidental To The "Revenue From Business Operations" Of The Assessee. 2. Ld. Cit(A) Had Erred In Law & On Facts Ignoring The Fact That The Assessee, While Filing Original Return Of Income Had Itself Considered That Rental Are In The Nature Of Revenue From Business Operations.

gains, but as business assets yielding business income. Therefore, the rental income derived from such property could not be regarded as income from house property. The ld. Sr. DR also took us through the Memorandum of Association and Articles of Association of the assessee company to point out that the letting out of properties was also included in the main

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

Gain detail 16.03.2024 65 General 20-03-2024 Portal blocked for reply Draft Order Sent to Range Head for approval (as per paper book of Revenue of AY 2016-17) 21-03-2024 Approval Granted for Order (as per paper book of Revenue u/s 147/143(3) of AY 2016-17) 26-03-2024 Assessment Order u/s 147/144 Note

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

Gain detail 16.03.2024 65 General 20-03-2024 Portal blocked for reply Draft Order Sent to Range Head for approval (as per paper book of Revenue of AY 2016-17) 21-03-2024 Approval Granted for Order (as per paper book of Revenue u/s 147/143(3) of AY 2016-17) 26-03-2024 Assessment Order u/s 147/144 Note

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

Gain detail 16.03.2024 65 General 20-03-2024 Portal blocked for reply Draft Order Sent to Range Head for approval (as per paper book of Revenue of AY 2016-17) 21-03-2024 Approval Granted for Order (as per paper book of Revenue u/s 147/143(3) of AY 2016-17) 26-03-2024 Assessment Order u/s 147/144 Note

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

91,920/-. The case was selected for scrutiny through CASS. During the year under consideration, the assessee declared income from business at Rs.1,20,82,365/-, income from house property at Rs.2,52,000/-, income from other sources (being interest) at Rs.17,20,261/- and long term capital gain at Rs.5,90,244/-. On the total turnover of Rs.31

M/S CO-OPERATIVE CANE DEVELOPMENT UNION LTD.,LAKHIMPUR-KHERI vs. INCOME TAX OFFICER-I, LAKHIMPUR -KHERI

In the result, all three appeals are partly allowed

91,972/- debited in the Profit and Loss Account from the\ngross interest of Rs.2,61,79,220/-.\n2. That the Authorities erred on facts and in law in not considering that only the\nreal income/ profit can be Taxed and accordingly, the expenses incurred in\nearning the said income has to be determined and deducted from the Gross\nIncome

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

gains from business and profession’. \nThe net surplus disclosed by the assessee of Rs.2,24,59,203/- in the income and expenditure \naccount was therefore added to the total income of the assessee and penalty proceedings under \nsection 271(1)(c) were initiated. \n11. Moving on further, the ld. AO observed that the assessee had transferred funds to the \ninfrastructure

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

gains from business and profession’. \nThe net surplus disclosed by the assessee of Rs.2,24,59,203/- in the income and expenditure \naccount was therefore added to the total income of the assessee and penalty proceedings under \nsection 271(1)(c) were initiated.\n11. Moving on further, the ld. AO observed that the assessee had transferred funds to the \ninfrastructure

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

gains from business and profession’. \nThe net surplus disclosed by the assessee of Rs.2,24,59,203/- in the income and expenditure \naccount was therefore added to the total income of the assessee and penalty proceedings under \nsection 271(1)(c) were initiated. \n11. Moving on further, the ld. AO observed that the assessee had transferred funds to the \ninfrastructure

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

RAJDHANI NAGAR SAHKARI BANK LTD,LUCKNOW vs. DY.CIT RANGE-6, LUCKNOW

In the result, both the appeals in ITA Nos

capital was also dumped. As per RBI norms, provisions\nwere required to be made on those NPA accounts. With regard to provision for\nGovernment Securities claimed at Rs.21,60,433/-, it was submitted that an amount of\nRs.21,60,433/- had been debited to profit and loss account in the name of provision\nfor Government securities. However, it was actually

ASTT. COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW vs. M/S U.P AWAS EVAM VIKAS PARISHAD, LUCKNOW

In the result, all the grounds taken in the appeals and ground 1 of additional grounds of the Revenue stand dismissed and additional ground

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

section 12AA of the Act, which would be very much indifference to the intention of the legislature. In fact, the assessee authority is working on commercial pattern like a big Page 47 of 242 (UP AWAS EVAM VIKAS PARISHAD) businessman. Even otherwise, if some plots are reserved for economically weaker sections of the society, firstly, there is no parameter that

ASTT. COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW vs. M/S U.P AWAS EVAM VIKAS PARISHAD, LUCKNOW

In the result, all the grounds taken in the appeals and ground 1 of additional grounds of the Revenue stand dismissed and additional ground

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

section 12AA of the Act, which would be very much indifference to the intention of the legislature. In fact, the assessee authority is working on commercial pattern like a big Page 47 of 242 (UP AWAS EVAM VIKAS PARISHAD) businessman. Even otherwise, if some plots are reserved for economically weaker sections of the society, firstly, there is no parameter that

ASTT. COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW vs. M/S U.P AWAS EVAM VIKAS PARISHAD, LUCKNOW

In the result, all the grounds taken in the appeals and ground 1 of additional grounds of the Revenue stand dismissed and additional ground

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

section 12AA of the Act, which would be very much indifference to the intention of the legislature. In fact, the assessee authority is working on commercial pattern like a big Page 47 of 242 (UP AWAS EVAM VIKAS PARISHAD) businessman. Even otherwise, if some plots are reserved for economically weaker sections of the society, firstly, there is no parameter that

ASTT. COMMISIONER OF INCOME TAX (EXEMPTION), LUCKNOW vs. M/S U.P AWAS EVAM VIKAS PARISHAD, LUCKNOW

In the result, all the grounds taken in the appeals and ground 1 of additional grounds of the Revenue stand dismissed and additional ground

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

section 12AA of the Act, which would be very much indifference to the intention of the legislature. In fact, the assessee authority is working on commercial pattern like a big Page 47 of 242 (UP AWAS EVAM VIKAS PARISHAD) businessman. Even otherwise, if some plots are reserved for economically weaker sections of the society, firstly, there is no parameter that

ASTT. COMMISIONER OF INCOME TAX (EXEMPTION), LUCKNOW vs. M/S U.P AWAS EVAM VIKAS PARISHAD, LUCKNOW

In the result, all the grounds taken in the appeals and ground 1 of additional grounds of the Revenue stand dismissed and additional ground

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

section 12AA of the Act, which would be very much indifference to the intention of the legislature. In fact, the assessee authority is working on commercial pattern like a big Page 47 of 242 (UP AWAS EVAM VIKAS PARISHAD) businessman. Even otherwise, if some plots are reserved for economically weaker sections of the society, firstly, there is no parameter that