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

Housing & Development Board, ITA No. 114/2O10- The judgment of the Hon'ble Allahabad High Court relates to A.Y. Page 52 of 242 (UP AWAS EVAM VIKAS PARISHAD) 2003-04, and the question of law raised was as follows: - "Whether the learned Income Tax Appellate Tribunal was correct in law in holding that without exhausting the provisions contained in section

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

Housing & Development Board, ITA No. 114/2O10- The judgment of the Hon'ble Allahabad High Court relates to A.Y. Page 52 of 242 (UP AWAS EVAM VIKAS PARISHAD) 2003-04, and the question of law raised was as follows: - "Whether the learned Income Tax Appellate Tribunal was correct in law in holding that without exhausting the provisions contained in section

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

Housing & Development Board, ITA No. 114/2O10- The judgment of the Hon'ble Allahabad High Court relates to A.Y. Page 52 of 242 (UP AWAS EVAM VIKAS PARISHAD) 2003-04, and the question of law raised was as follows: - "Whether the learned Income Tax Appellate Tribunal was correct in law in holding that without exhausting the provisions contained in section

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

Housing & Development Board, ITA No. 114/2O10- The judgment of the Hon'ble Allahabad High Court relates to A.Y. Page 52 of 242 (UP AWAS EVAM VIKAS PARISHAD) 2003-04, and the question of law raised was as follows: - "Whether the learned Income Tax Appellate Tribunal was correct in law in holding that without exhausting the provisions contained in section

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

Housing & Development Board, ITA No. 114/2O10- The judgment of the Hon'ble Allahabad High Court relates to A.Y. Page 52 of 242 (UP AWAS EVAM VIKAS PARISHAD) 2003-04, and the question of law raised was as follows: - "Whether the learned Income Tax Appellate Tribunal was correct in law in holding that without exhausting the provisions contained in section

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

Housing & Development Board, ITA No. 114/2O10- The judgment of the Hon'ble Allahabad High Court relates to A.Y. Page 52 of 242 (UP AWAS EVAM VIKAS PARISHAD) 2003-04, and the question of law raised was as follows: - "Whether the learned Income Tax Appellate Tribunal was correct in law in holding that without exhausting the provisions contained in section

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

Housing & Development Board, ITA No. 114/2O10- The judgment of the Hon'ble Allahabad High Court relates to A.Y. Page 52 of 242 (UP AWAS EVAM VIKAS PARISHAD) 2003-04, and the question of law raised was as follows: - "Whether the learned Income Tax Appellate Tribunal was correct in law in holding that without exhausting the provisions contained in section

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

In the result, the appeals of the assessee are partly allowed whereas the Cross Objections of the Revenue are partly allowed for statistical purposes

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

dividends or kept in reserve funds. In the present case, these attributes of a trading Corporation are absent. The Corporation is established by the Act for carrying out the purposes of the Act. The purposes of the Act are development of industries in the State. The Corporation consists of nominees of the State Government, State Electricity Board and the Housing

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

In the result, the appeals of the assessee are partly allowed whereas the Cross Objections of the Revenue are partly allowed for statistical purposes

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

dividends or kept in reserve funds. In the present case, these attributes of a trading Corporation are absent. The Corporation is established by the Act for carrying out the purposes of the Act. The purposes of the Act are development of industries in the State. The Corporation consists of nominees of the State Government, State Electricity Board and the Housing

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

In the result, the appeals of the assessee are partly allowed whereas the Cross Objections of the Revenue are partly allowed for statistical purposes

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

dividends or kept in reserve funds. In the present case, these attributes of a trading Corporation are absent. The Corporation is established by the Act for carrying out the purposes of the Act. The purposes of the Act are development of industries in the State. The Corporation consists of nominees of the State Government, State Electricity Board and the Housing

ACIT(E), LUCKNOW vs. M/S. BHAGWANT INSTITUTE OF TECHNOLOGY, BIJNOR

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

dividends to its shareholders. But it does not follow that the Board\nmay not and need not earn of its for the purpose of performing its duties\nand discharging its obligations der the statute. It stands to common sense\nthat the Board must manage. its affairs on sound economic principles.\nHaving ventured into the field of Commerce, no public service

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.

property and thereby a capital asset. There was transfer of capital asset when the transaction was squared by an opposite corresponding transaction and similarly when squaring up was on expiry of the contract, it should be treated as extinguishment of rights in capital asset as per section 2(47) of the Income Tax Act, 1961. She pointed out that