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

house property situated at\nLucknow at the time of transfer of property that violates the provisions of section 54F\nof Income Tax Act, 1961.\n\nI.T.A. No.608/Lkw/2024, A.Y. 2020-21 (Revenue’s Appeal)\n\n1. Whether on facts and circumstances of the case and in law, the CIT(A) erred in\ndeleting the addition of Rs.93,93,846/- on account

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

house property situated at\nLucknow at the time of transfer of property that violates the provisions of section 54F\nof Income Tax Act, 1961.\n\nI.T.A. No.608/Lkw/2024, A.Y. 2020-21 (Revenue’s Appeal)\n\n4. Whether on facts and circumstances of the case and in law, the CIT(A) erred in\ndeleting the addition of Rs.1,74,492/- on account

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

properties left over to the Government as per the provisions of section 58 of the U.P.U.P.D.A. 1973 would become a part of general Revenue of the State and the State Government was not under any obligation to utilize the same for the purpose for which the authority was set up, the assessee did not fulfill the conditions required for claiming

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

35,000/- to his son AlokPandey (PAN-CZZPP5325B). Considering the provision of Sec. 50C, the liability of Long Term 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

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

35,000/- to his son AlokPandey (PAN-CZZPP5325B). Considering the provision of Sec. 50C, the liability of Long Term 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

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

35,000/- to his son AlokPandey (PAN-CZZPP5325B). Considering the provision of Sec. 50C, the liability of Long Term 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

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

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

properties \nleft over to the Government as per the provisions of section 58 of the U.P.U.P.D.A. 1973 would \nbecome a part of general Revenue of the State and the State Government was not under any \nobligation to utilize the same for the purpose for which the authority was set up, the assessee \ndid not fulfill the conditions required for claiming

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

properties \nleft over to the Government as per the provisions of section 58 of the U.P.U.P.D.A. 1973 would \nbecome a part of general Revenue of the State and the State Government was not under any \nobligation to utilize the same for the purpose for which the authority was set up, the assessee \ndid not fulfill the conditions required for claiming

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

properties \nleft over to the Government as per the provisions of section 58 of the U.P.U.P.D.A. 1973 would \nbecome a part of general Revenue of the State and the State Government was not under any \nobligation to utilize the same for the purpose for which the authority was set up, the assessee \ndid not fulfill the conditions required for claiming

REKHA BAJPAI,LUCKNOW vs. NFAC, LUCKNOW

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

Bench: Shri. Sudhanshu Srivastavaassessment Year: 2020-21 Rekha Bajpai V. Assessment Unit 551-Chh/122-A Income Tax Department New Sardari Khera National Faceless Alambagh, Lucknow Assessment Centre Tan/Pan:Aevpb7662Q (Appellant) (Respondent) Appellant By: None (Adjournment Application) Respondent By: Shri Sunil Kumar Rajwanshi, (Dr) Date Of Hearing: 05 12 2024 Date Of Pronouncement: 11 12 2024 O R D E R

section 143(3) read with 144B of the Act, after computing the income of the assessee as under: SI Description Amount (in INR) No 1. Income as per Return of Income 5,33,760 filed 2. Income as computed u/s143(1)(a) 3. Variation in respect interest 35,651/- claimed against the house property

INCOME TAX OFFICER-2(3), LUCKNOW vs. U.P AWAS EVAM VIKAS PARISHAD, LUCKNOW

In the result ITA Nos.532 & 533/Lkw/2014 and ITA Nos

property, interest on differed or delayed payments, thus what was\nemerging was that the activity of the assessee was purely that of a commercial\norganization. Therefore, the ld. AO held that the surplus of the assessee was not\nincidental to its activities but was the desired outcome of its activities. He further\ncommented that the exemption enjoyed under section

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

35,000/- to his son AlokPandey (PAN-CZZPP5325B).\nConsidering the provision of Sec. 50C, the liability of Long Term Capital\nGain was computed amounting to Rs.68,98,817/- and claimed deduction u/s\n54F of the Income Tax Act against the investment made in house property\nsituated at 57, Laxmanpuri, Indira Nagar, Lucknow. However, Ld. AO\nrejected the claim of assessee

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

In the result, the appeal of the assessee is dismissed

35,200/-.\nThe assessee is carrying on business of edible oil. Besides business\nincome, he draws salary from M/s R.K. Agro Oil (P) Ltd., and from M/s\nGanpati Edible Oil (P) Ltd., income from house property and other sources.\nReturn declaring total income of Rs.13,20,260/- was e-filed on through\nacknowledgement no.499539771280912. The said return was processed\nunder

MORADABAD DEVELOPMENT AUTHORITY,MORADABAD vs. DY. CIT(EXEMPTION), LUCKNOW

In the result, ITA No. 1071/Del/2020, ITA No

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharyita Nos.273,199/Lkw/2019 A.Ys. 2014-15 & 2015-16 Dy. Commissioner Of Income Tax Vs. M/S Moradabad Development (Exemption), Lucknow Authority, Kanth Road, Moradabad Pan:Aajfm7731M (Appellant) (Respondent)

section 2(15) and the various case laws on the subject, which again were outside the purview of jurisdiction under section 154 and his own powers under section 250. 23. It may not be out of place to mention at this stage, that the Hon’ble Lucknow Bench of the ITAT has dealt with this issue (of violation of section

DY. CIT(EXEMPTION), LUCKNOW vs. MORADABAD DEVELOPMENT AUTHORITY, MORADABAD

In the result, ITA No. 1071/Del/2020, ITA No

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharyita Nos.273,199/Lkw/2019 A.Ys. 2014-15 & 2015-16 Dy. Commissioner Of Income Tax Vs. M/S Moradabad Development (Exemption), Lucknow Authority, Kanth Road, Moradabad Pan:Aajfm7731M (Appellant) (Respondent)

section 2(15) and the various case laws on the subject, which again were outside the purview of jurisdiction under section 154 and his own powers under section 250. 23. It may not be out of place to mention at this stage, that the Hon’ble Lucknow Bench of the ITAT has dealt with this issue (of violation of section

MORADABAD DEVELOPMENT AUTHORITY,MORADABAD vs. DCIT(EXEMPTION), LUCKNOW

In the result, ITA No. 1071/Del/2020, ITA No

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharyita Nos.273,199/Lkw/2019 A.Ys. 2014-15 & 2015-16 Dy. Commissioner Of Income Tax Vs. M/S Moradabad Development (Exemption), Lucknow Authority, Kanth Road, Moradabad Pan:Aajfm7731M (Appellant) (Respondent)

section 2(15) and the various case laws on the subject, which again were outside the purview of jurisdiction under section 154 and his own powers under section 250. 23. It may not be out of place to mention at this stage, that the Hon’ble Lucknow Bench of the ITAT has dealt with this issue (of violation of section

MORADABAD DEVELOPMENT AUTHORITY,MORADABAD vs. DCIT(EXEMPTION), LUCKNOW

In the result, ITA No. 1071/Del/2020, ITA No

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharyita Nos.273,199/Lkw/2019 A.Ys. 2014-15 & 2015-16 Dy. Commissioner Of Income Tax Vs. M/S Moradabad Development (Exemption), Lucknow Authority, Kanth Road, Moradabad Pan:Aajfm7731M (Appellant) (Respondent)

section 2(15) and the various case laws on the subject, which again were outside the purview of jurisdiction under section 154 and his own powers under section 250. 23. It may not be out of place to mention at this stage, that the Hon’ble Lucknow Bench of the ITAT has dealt with this issue (of violation of section