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\n6. Whether on facts and circumstances of the case and in law, the CIT(A) erred in \ndeleting the addition of Rs.1,00,000/- in respect of gift received from father Shri \nSurya Narayan Pandey

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

house property at Gonda, without appreciating that the actual \nconsideration of Rs.31,45,000/- as declared by the assessee and as estimated \nby the Valuation Officer, viz. Rs.43,46,000/- which is 11.4% of the value of \nproperty, were subject to the provisions of section

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

46) and the very fact that such provision was enacted, itself went to show that entities such as the assessee were not previously eligible to claim exemption under section 11 of the Act, because they would invariably be hit by the first proviso to section 2(15) of the Act, 1961. 26. Finally, in his orders for the A.Ys

SHRI KINGSHUK GHOSHAL,LUCKNOW vs. INCOME TAX OFFICER-6(5), LUCKNOW

The appeal of the assessee stands allowed

Bench: Shri. Sudhanshu Srivastavaassessment Year: 2012-13 Shri Kinghshuk Ghoshal V. The Ito 6(5) E-402, Halwasiya Utsav Enclave Lucknow Opposite Hal, Faizabad Road Lucknow Tan/Pan:Affpg3258L (Appellant) (Respondent) Appellant By: Shri P. K. Kapoor, C.A. Respondent By: Shri Sunil Kumar Rajwanshi, D.R. O R D E R This Appeal Has Been Preferred By The Assessee Against Order Dated 26.12.2017, Passed By The Learned Commissioner Of Income Tax (Appeal), Lucknow-3 (Ld. Cit(A)) For Assessment Year 2012-13. 2.0 The Brief Facts Of The Case Are That The Assessee Filed His Return Of Income For The Year Under Consideration On 29.11.2012, Declaring A Total Income Of Rs.1,05,233/-. The Case Of The Assessee Was Selected For Scrutiny Under Cass. During The Course Of Assessment Proceedings, The Assessing Officer (Ao) Noticed That The Assessee Was Earning Interest Income From Saving Bank Deposits & Fdrs & That The Assessee Had Claimed Exemption Of Rs.71,54,619/- Under Section 54 Of The Income Tax Act, 1961 (Hereinafter Called “The Act’). During The

house property or deposited the capital gain amount in specified Capital Gains Account Scheme on or before the due date of filing of return under section 139(1) of the Act. The Ld. A.R. stated that the assessee had booked and apartment in Kolkata and paid Rs.54,79,330/- towards booking and part payment and balance amount outstanding towards purchase

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

property was converted into freehold through registered deed on 24/10/2017. During the assessment proceeding of AY 2014-15, AO has referred the valuation of said property u/s 50C/142A in response to which Valuation Officer, Allahabad has estimated the FMV of lease property as on 04/10/2013 at Rs. 43,46,000/- against actual consideration of Rs. 31,45,000/- vide valuation

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

property was converted into freehold through registered deed on 24/10/2017. During the assessment proceeding of AY 2014-15, AO has referred the valuation of said property u/s 50C/142A in response to which Valuation Officer, Allahabad has estimated the FMV of lease property as on 04/10/2013 at Rs. 43,46,000/- against actual consideration of Rs. 31,45,000/- vide valuation

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

property was converted into freehold through registered deed on 24/10/2017. During the assessment proceeding of AY 2014-15, AO has referred the valuation of said property u/s 50C/142A in response to which Valuation Officer, Allahabad has estimated the FMV of lease property as on 04/10/2013 at Rs. 43,46,000/- against actual consideration of Rs. 31,45,000/- vide valuation

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

46) and the \nvery fact that such provision was enacted, itself went to show that entities such as the assessee \nwere not previously eligible to claim exemption under section 11 of the Act, because they would \ninvariably be hit by the first proviso to section 2(15) of the Act, 1961. \n26. Finally, in his orders for the A.Ys

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

46) and the \n32\nvery fact that such provision was enacted, itself went to show that entities such as the assessee \nwere not previously eligible to claim exemption under section 11 of the Act, because they would \ninvariably be hit by the first proviso to section 2(15) of the Act, 1961. \n26. Finally, in his orders for the A.Ys

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

46) and the\n30\nvery fact that such provision was enacted, itself went to show that entities such as the assessee \nwere not previously eligible to claim exemption under section 11 of the Act, because they would \ninvariably be hit by the first proviso to section 2(15) of the Act, 1961.\n26. Finally, in his orders for the A.Ys

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 accommodation of various sections of the people and especially for planning and development in the cities, towns and villages. Page 35 of 242 (UP AWAS EVAM VIKAS PARISHAD) It was therefore that they pointed out that they acquired land at nominal rates, developed the same and sell it to general public. It was also their case that they

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 accommodation of various sections of the people and especially for planning and development in the cities, towns and villages. Page 35 of 242 (UP AWAS EVAM VIKAS PARISHAD) It was therefore that they pointed out that they acquired land at nominal rates, developed the same and sell it to general public. It was also their case that they

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 accommodation of various sections of the people and especially for planning and development in the cities, towns and villages. Page 35 of 242 (UP AWAS EVAM VIKAS PARISHAD) It was therefore that they pointed out that they acquired land at nominal rates, developed the same and sell it to general public. It was also their case that they

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 accommodation of various sections of the people and especially for planning and development in the cities, towns and villages. Page 35 of 242 (UP AWAS EVAM VIKAS PARISHAD) It was therefore that they pointed out that they acquired land at nominal rates, developed the same and sell it to general public. It was also their case that they

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 accommodation of various sections of the people and especially for planning and development in the cities, towns and villages. Page 35 of 242 (UP AWAS EVAM VIKAS PARISHAD) It was therefore that they pointed out that they acquired land at nominal rates, developed the same and sell it to general public. It was also their case that they

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 accommodation of various sections of the people and especially for planning and development in the cities, towns and villages. Page 35 of 242 (UP AWAS EVAM VIKAS PARISHAD) It was therefore that they pointed out that they acquired land at nominal rates, developed the same and sell it to general public. It was also their case that they

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 accommodation of various sections of the people and especially for planning and development in the cities, towns and villages. Page 35 of 242 (UP AWAS EVAM VIKAS PARISHAD) It was therefore that they pointed out that they acquired land at nominal rates, developed the same and sell it to general public. It was also their case that they

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 accommodation of various sections of the people and especially for planning and development in the cities, towns and villages. Page 35 of 242 (UP AWAS EVAM VIKAS PARISHAD) It was therefore that they pointed out that they acquired land at nominal rates, developed the same and sell it to general public. It was also their case that they