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)

Capital Gains as alleged in the assessment order. The details of investments shown in the Balance Sheet and as argued by the Ld. CIT DR cannot be termed as incriminating material as the Balance Sheets are already deemed to be in public domain. As far as the statements recorded under section 132(4) of the Act are concerned

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)

Capital Gains as alleged in the assessment order. The details of investments shown in the Balance Sheet and as argued by the Ld. CIT DR cannot be termed as incriminating material as the Balance Sheets are already deemed to be in public domain. As far as the statements recorded under section 132(4) of the Act are concerned

SUBHASH JAISWAL ASSOCIATES,BAREILLY vs. PCIT BAREILLY, BAREILLY

undisclosed income, since it was reflected in\nthe books of account. The assessee filed a regular return for the\n assessment year 1999-2000 on December 16, 1999 showing total income\nat Rs.2,92,869. This period of 12 months also covered the broken period\nfrom April 1, 1998 to July 2, 1998. The return was accompanied by an\naudited

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 such sale could not be denied without there being any evidence brought on record to negate the claim. The Ld. A.R. further submitted that the Department had relied on the report of the investigation carried by the Investigation Wing of the Income Tax Department while denying the claim of exemption under section

DOLLY JINDAL,LUCKNOW vs. ITO-3(5), LUCKNOW

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

Bench: Shri. Sudhanshu Srivastavaassessment Year: 2012-13 Dolly Jindal V. The Income Tax Officer 3(5) 107, Beverly Park Apartment Lucknow New Hyderabad Lucknow Tan/Pan:Afmpj5089D (Appellant) (Respondent) Appellant By: None Respondent By: Shri Sunil Kumar Rajwanshi, D.R. Date Of Hearing: 23 04 2025 Date Of Pronouncement: 25 04 2025 O R D E R

Gain, as worked out above, as the undisclosed income and added the same to the income of the assessee. The AO completed the assessment under section 147/144 of the Act, computing the income of the assessee as under: Income as per ITR : Rs.3,30,110/- Addition on account of Capital

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

undisclosed income in the hands of various assessees, overview of seized materials and suggestions for further enquires. This report is prepared essentially for the guidance of the AO; as such, its findings are not binding on him. Wherever there is a major deviation between the income estimated in the appraisal report and the income proposed to be assessed, however

VIMAL KUMAR BANKA,KANPUR vs. ITO WARD-1(2)(1), KANPUR

The appeal of the assessee is allowed

Bench: Shri. Sudhanshu Srivastavaassessment Year: 2012-13 Vimal Kumar Banka V. The Ito 5/P/25, Dabauli Ward 1(2)(1) Kanpur Kanpur Tan/Pan:Afzb1801J (Appellant) (Respondent) Appellant By: Shri Rakesh Garg, Advocate Respondent By: Shri Sunil Kumar Rajwanshi, D.R. O R D E R This Appeal Has Been Preferred By The Assessee Against Order Dated 24.11.2023, Passed By The National Faceless Appeal Centre, Delhi (Nfac) For Assessment Year 2012-13. 2.0 The Brief Facts Of The Case Are That As Per The Assessing Officer (Ao), The Assessee Had Not Filed The Return Of Income For The Year Under Consideration. The Income Tax Department Was In Possession Of Information That The Assessee Had Sold An Immovable Property, Jointly Held With Mrs Kanchan Talwar, During The Year Under Consideration For A Consideration Of Rs.10,00,000/- & The Value Of The Same As Per The Stamp Valuation Authority Was Rs.23,15,000/-. The Assessing Officer (Ao), Therefore, Reopened The Case Of The Assessee Under Section 147 Of The Income Tax Act, 1961 (Hereinafter Called “The Act’)

capital gain was only to the tune of Rs.17,502/- after giving the effect of indexation of cost. However, the AO worked out the LTCG at Rs.11,88,827/- and added 50% of the same (which came to Rs.5,62,730/-) to the income of the assessee as undisclosed

M/S. MAA RAKLTDANTIKA CONTRACTORS AND SUPPLIERS PVT. LTD.,,LUCKNOW vs. THE DCIT/ACIT, RANGE-4, LUCKNOW

In the result, the appeal filed by the Revenue is dismissed and the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

undisclosed sources before the CIT(A) as well as Income Tax Appellate Tribunal. However, the said plea was rejected by both these authorities observing that in order to accept this plea further evidence was required to be produced which was in the knowledge of the assessee. We fail to understand any rationale behind such a reasoning, it is stated

ACIT, RANGE-1, LUCKNOW vs. MAA RAKTDANTIKA CONTRACTORS AND SUPPLIERS PVT. LTD., LUCKNOW

In the result, the appeal filed by the Revenue is dismissed and the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

undisclosed sources before the CIT(A) as well as Income Tax Appellate Tribunal. However, the said plea was rejected by both these authorities observing that in order to accept this plea further evidence was required to be produced which was in the knowledge of the assessee. We fail to understand any rationale behind such a reasoning, it is stated

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

undisclosed income by way of donations. The aforesaid amount of Rs.3,75,00,000/- consisted of Rs.75,00,000/- from Anandilal & Ganesh Podar Society, Rs.50,00,000/- from Podar Education & Sports Trust, a further amount of Rs.1,50,00,000/- from Podar Education & Sports Trust and Rs.1,00,00,000/- from Podar Education Trust. The Assessing Officer had conducted inquiry

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

undisclosed income by way of donations. The aforesaid amount of Rs.3,75,00,000/- consisted of Rs.75,00,000/- from Anandilal & Ganesh Podar Society, Rs.50,00,000/- from Podar Education & Sports Trust, a further amount of Rs.1,50,00,000/- from Podar Education & Sports Trust and Rs.1,00,00,000/- from Podar Education Trust. The Assessing Officer had conducted inquiry

NIRMAL SINGH,AYODHYA vs. ITO WARD-1,, FAIZABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria & Sa. No. 07/Lkw/2024 (Arising Out Of Ita. No.83/Lkw/2024 (Assessment Year: 2014-15) Nirmal Singh The Income Tax Officer, V. 15/2/16, Janki Ghat, Ayodhya- Ward-1, 224123, Faizabad (Up). Cinema Road, Faizabad- New-224001. Pan:Bdsps4165C (Appellant) (Respondent) Appellant By: Shri. Rakesh Garg, Adv Respondent By: Shri. Sanjeev Krishna Sharma, Addl. Cit(Dr) Date Of Hearing: 24 09 2024 Date Of Pronouncement: 10 10 2024 O R D E R

Capital Gains. 3. However, as per the records of the department, it was noticed that the assessee has filed his ITR for the year under consideration declaring income of Rs.7,81,320/-. The Income declared by the assessee does not commensurate with the alleged transaction. These material facts were not fully and truly disclosed by assessee in the return

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 cannot be accepted, yet for the reasons stated in the preceding paragraph in the absence of notice under section 143(2) reassessment could not be held to be validly made. Thus, the order of the Tribunal is to be set aside”. To further quote from this order

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

undisclosed income has been routed in the books through bogus entries of Long Term 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

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

undisclosed income has been routed in the books through bogus entries of Long Term 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

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

undisclosed income has been routed in the books through bogus entries of Long Term 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

KARUNESH KUMAR SHUKLA,LUCKNOW vs. INCOME TAX OFFICER-1(1), LUCKNOW

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

undisclosed Capital Gain under the head Short Term Capital gain when from the deeds it is clear that the share of sale consideration assessable in the hands of the assessee is Rs. 3,38,50,000/- (Total of Rs. 2,41,00,000.00 and Rs. 97,50,000.00). 3. Because without considering the facts and circumstances of the case

SH. SUKHVINDER SINGH,KANPUR vs. PR CIT, CENTRAL, KANPUR

In the result, both appeals filed by the assessee are allowed for statistical purposes

capital gain on sale of shares of M/s. Blue Circle Services Ltd on face value, without independent inquiry. The Ld. PCIT was of the view that the assessment order passed by the Assessing Officer showed non-application of mind on the documents and materials on record. The Ld. PCIT passed order dated 17.03.2020 under section 263 of the Act whereby

SH. SUKHVINDER SINGH,KANPUR vs. PR CIT, CENTRAL, KANPUR

In the result, both appeals filed by the assessee are allowed for statistical purposes

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

capital gain on sale of shares of M/s. Blue Circle Services Ltd on face value, without independent inquiry. The Ld. PCIT was of the view that the assessment order passed by the Assessing Officer showed non-application of mind on the documents and materials on record. The Ld. PCIT passed order dated 17.03.2020 under section 263 of the Act whereby