SHRI SWATANTRA KUMAR SHUKLA,KANPUR vs. DEPUTY COMMISSIONER OF INCOME TAX-3, KANPUR

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

Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudharya.Y. 2015-16 Swatantra Kumar Shukla, Vs. Dy. Cit-3, Kanpur 61/139, Sita Ram Mohal, Kanpur- 208001 (U.P.) Pan: Acaps5484N (Appellant) (Respondent) Assessee By: Sh. P.K. Kapoor, C.A. Revenue By: Sh. R.R.N. Shukla, Addl Cit Dr Date Of Hearing: 03.09.2025 Date Of Pronouncement: 24.11.2025 O R D E R Per Nikhil Choudhary, A.M.: This Is An Appeal Filed By The Assessee Against The Orders Of The Ld. Cit(A)- 1, Kanpur, Passed On 29.07.2019 Wherein The Appeal Of The Assessee Against The Orders Passed By The Assessing Officer Under Section 143(3) Of The Act For The A.Y. 2015-16 On 29.12.2017 Has Been Dismissed. The Grounds Of Appeal Are As Under: - “1. That The Ld Cit(A) Was Wrong In Confirming The Addition Of Rs. 1,39,81,850- Made By The Ao Without Any Valid Reason. 2. That The Revenue Was Wrong In Disallowing The Claim Of Long Term Capital Gains U/S 10(38) Of The Act & The Same Is Against Facts & Law. 3. That The Various Case Law Cited By The Revenue In Rejecting The Claim Is Wrong In As Much As The Facts Of The Appellant'S Case Are Distinguishable From The Cited Case Law. 4. That The Revenue Was Wrong In Invoking Section 68 Of The Act & The Same Is Not Justified & Unwarranted. 5. That It Was Wrong On The Part Of Revenue To Invoke Section 68 Of The Act In As Much As Initial Onus On The Assessee To Establish Identity, Credit Capacity Of The Creditor & Genuineness Of The Transaction Was Discharged. 6. That The Finding Of The Ld Ao That 'Long Term Capital Gains Of Rs.1 39,81,850/ Claimed By The Assessee Is Held To Have Been Arranged By The Assessee Through

Long Term Capital Gains of Rs.1 39,81,850/ claimed by the Assessee is held to have been arranged by the Assessee through 1 Shri Swatantra Kumar Shukla A.Y. 2015-16 accommodation entries' is based on presumption and without any cogent evidence in support thereof. 7. That the Revenue was wrong to conclude that due to astrominical increase in share

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

transfer certificate, copy of bank statement, copy of D-mat account, which are placed on record and are verificable.” Inspite of the above stated categorical office note recorded by Assessing Officer, the Ld. PCIT took the view that the Assessing Officer failed to make inquiries about the assessees claim for Long Term Capital Gain, and passed the aforesaid orders under

INCOME TAX OFFICER-3(1), KANPUR vs. SHRI ARVIND KUMAR GUPTA, KANPUR

In the result, the appeal is held to be allowed for statistical purposes

Bench: SH.KUL BHARAT, VICE PRESIDENT AND SH. NIKHIL CHOUDHARY (Accountant Member)

transfer of shares in the scrips of Kailash Auto Finance Limited. The ld. AO noted that a report had been circulated by the Directorate of Income Tax (Inv), Kolkata regarding, “bogus” LTCG arising out of trading in various penny stocks. The ld. AO noted that M/s Kailash Auto Finance Limited was listed as one of such penny stocks against which

SAKET MURARKA,SITAPUR vs. INCOME TAX OFFICER, SITAPUR

In the result, the appeal of the assessee stands dismissed

Bench: Shri. Sudhanshu Srivastavaassessment Year: 2012-13 Saket Murarka V. The Income Tax Officer Prop. M/S Murarka Brothers Sitapur Jail Road Sitapur Tan/Pan:Aaypm4558P (Appellant) (Respondent) Appellant By: None Respondent By: Shri Sanjeev Krishna Sharma, D.R. Date Of Hearing: 18 03 2025 Date Of Pronouncement: 20 03 2025 O R D E R

Price (Circle Value) :Rs.63,59,700/- Purchase cost (27.08.2004) – Rs.14,00,000/- Stamp - Rs.02,03,300/- Total - Rs.16,03,300/- Cost index – (16,03,300X785/480) Indexed Cost :Rs.26,22,063/- L.T.C.G. :Rs.37,37,637/- ITA No.02/LKW/2025 Page 3 of 6 Invested (in residential house on 23.12.2011) :Rs.29,33,992/- Difference :Rs.8,03,645/- ½ share of the assessee :Rs.4

VINAI SHUKLA,LUCKNOW vs. ACIT-1, LUCKNOW NEW, LUCKNOW

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

Bench: Shri Kul Bharat & Shri Nikhil Choudharyआयकर अपील सं/ Ita No.624/Lkw/2024 ननिाारण वर्ा/ Assessment Year: 2017-18 Vinai Shukla V. Acit-1, Lucknow New 2/280, Vikas Khand Gomti Lucknow Nagar, Lucknow-226010. Pratyaksh Kar Bhawan, Lucknow-226001. Pan:Asnps3558C अपीलार्थी/(Appellant) प्रत्यर्थी/(Respondent) अपीलार्थी कक और से/Appellant By: Ms Shweta Mittal, Ca प्रत्यर्थी कक और से /Respondent By: Shri Prajesh Srivastava, Sr. Dr सुनवाई कक तारीख / Date Of Hearing: 21 08 2025 घोर्णा कक तारीख/ Date Of 12 09 2025 Pronouncement: आदेश / O R D E R

Long Term Capital Gain and assessed total income at Rs.1,41,36,990/-. Aggrieved against this, the assessee carried the matter an appeal before the Ld. CIT(A), who after considering the submissions dismissed the appeal of the assessee. Now, the assessee is in appeal before this Tribunal. 3. The assessee has taken multiples grounds including the grounds that adequate

HARI SINGH CHAUHAN,KANPUR vs. INCOME TAX OFFICER 3(5), AAYAKAR BHAWAN

The appeal of the assessee stands partly allowed for statistical purposes

Bench: Shri. Sudhanshu Srivastavaassessment Year: 2012-13 Hari Singh Chouhan V. The Income Tax Officer 3(5) 1, Naramau Kanpur Kanpur Nagar (U.P) Tan/Pan:Askpc3749A (Appellant) (Respondent) Appellant By: Srhi Rakesh Garg, Advocate Respondent By: Shri Sunil Kumar Rajwanshi, D.R. O R D E R

Long Term Capital Gains (LTCGs), which addition is contrary to facts bad in law be deleted. 4. Because the CIT(A) was not justified in not referring the matter to the Valuation Officer inspite of the assessee's specific request, failure to do so has made the order bad in law the same be quashed. ITA No.344/LKW/2023 Page

SHRI CHETAN SHARMA,KANPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL), KANPUR

The appeal of the assessee stands partly allowed for statistical purposes

Bench: Shri. Sudhanshu Srivastavaassessment Year: 2012-13 Hari Singh Chouhan V. The Income Tax Officer 3(5) 1, Naramau Kanpur Kanpur Nagar (U.P) Tan/Pan:Askpc3749A (Appellant) (Respondent) Appellant By: Srhi Rakesh Garg, Advocate Respondent By: Shri Sunil Kumar Rajwanshi, D.R. O R D E R

Long Term Capital Gains (LTCGs), which addition is contrary to facts bad in law be deleted. 4. Because the CIT(A) was not justified in not referring the matter to the Valuation Officer inspite of the assessee's specific request, failure to do so has made the order bad in law the same be quashed. ITA No.344/LKW/2023 Page

MR. PAWAN KUMAR SINGH,BAREILLY vs. INCOME TAX OFFICER, BAREILLY

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

Bench: Shri Kul Bharat & Shri Nikhil Choudharyassessment Year: 2009-10 Mr Pawan Kumar Singh V. Income Tax Officer Ward-2(1) 848, Tilak Colony, Subhash Nagar, Bareilly (Up). Bareilly. Pan:Ccrps4435G (Appellant) (Respondent) Appellant By: Shri Abhinav Mehrotra, Adv. Respondent By: Shri Sunil Kumar Rajwanshi, Addl. Cit(Dr) Date Of Hearing: 22 04 2025 Date Of Pronouncement: 30 04 2025 O R D E R

Long Term Capital Gains by applying provisions of section 50C of the Income Tax Act, 1961, with total disregard to the facts & circumstances of the case. 2. That the Learned Assessing Officer has erred in assumption of jurisdiction to initiate re-assessment proceedings u/s 148 of the Income Tax Act, 1961, in the case of the assessee. 3. The assessee

VIKAS JAIN,KANPUR vs. ACIT-CC 2(1)(1), KANPUR

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

Bench: Sh. Kul Bharat & Sh. Nikhil Choudharya.Y. 2015-16 Vikas Jain, Vs. The Acit, H-2/1, Kidwai Nagar, Kanpur- Circle 2(1)(1), Kanpur 208001 208006 Pan: Abqpj8049R (Appellant) (Respondent) Assessee By: Sh. Rakesh Garg, Adv Revenue By: Sh. Amit Kumar, Dr Date Of Hearing: 07.10.2025 Date Of Pronouncement: 31.12.2025 O R D E R Per Nikhil Choudhary, A.M.: This Is An Appeal Filed By The Assessee Against The Orders Of The Ld. Cit(A), Nfac On 17.05.2024 Wherein The Ld. Cit(A) Has Dismissed The Appeal Of The Assessee Against The Order Passed By The Ld. Assessing Officer Under Section 147 R.W.S. 143(3) For The A.Y. 2015-16 On 27.12.2018. The Grounds Of Appeal Are As Under:- “01. Because There Being No Reason To Believe, Far From There Being Any Material To Form Reasons To Believe, The Proceedings Initiated Right From Issue Of Notice U/S. 148 & The Re-Assessment Framed Thereof Are All Without Jurisdiction Bad In Law, The Order Passed Be Quashed. 02. Because The So-Called Reasons Having Been Recorded Applying Explanation 2(A) To Section 147, Of The Act Which Not Being Applicable, The Very Reason To Believe Being Contrary To The Mandate Of The Section, The Proceedings- Initiated U/S 148, The Reassessment Framed Are All Contrary To The Provisions Of Law, Be Quashed. 03. Because The Approval Given By The Competent Authority U/S 151, Being Mechanical In Nature Without Verification Of Facts, The Notice Issued U/S 148 & The Reassessment Framed Thereafter Be Quashed.

transfer of an asset. Accordingly, applying the provisions of section 50C, he held reasons to believe that assessee’s income chargeable to tax of Rs. 1,10,72,650/- had escaped assessment during the assessment year 2015-16 by virtue of the proviso of Explanation 2(a) of section 147. 3. In response to the said notice, the assessee filed

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

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 stock companies was disclosed as LTCG by its beneficiaries, and the LTCG

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

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 stock companies was disclosed as LTCG by its beneficiaries, and the LTCG

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

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 stock companies was disclosed as LTCG by its beneficiaries, and the LTCG

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

In the result, the appeal of the assessee is dismissed

gains arising before the 1st day of\nApril, 1946, or after the 32st day of March 1948, and before the 1st day of\nApril, 1956. Explanation 2, - The expression “accumulated profits" in sub-\nclause (a), (b), (d) and (e), shall include all profits of the company up to the\ndate of distribution or payment referred to in those sub-clauses

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

prices laid down under costing guidelines by State Government. Fee, \nCess and interest are collected as per policies laid through Government Orders. It \nworks on the principle of cross subsidization for overall upliftment of stand of living \nof general public. Due to this provision are made for EWS & LIG plots/ houses in \nevery area it develops and such properties

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

priced anything \nabove such limit, though the cost incurred for construction of same be far more than \nthe limit set by State Government. It would be pertinent to mention here that when \na scheme is launched, out of total area covered under said scheme between 40% to \n50% of such area is saleable area and out of the saleable area

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

priced anything \nabove such limit, though the cost incurred for construction of same be far more than \nthe limit set by State Government. It would be pertinent to mention here that when \na scheme is launched, out of total area covered under said scheme between 40% to \n50% of such area is saleable area and out of the saleable area

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

MOHD. ASFAND AKHTAR,KANPUR vs. DEPUTI COMMISSIONER OF INCOME TAX CC-2, KANPUR

In the result, the appeal of Revenue in ITA

Bench: Shri Sudhanshu Srivastava & Shri Anadee Nath Misshraassessment Year: 2018-19 Dcit, Cc-2 V. Shri Mohammad Asfand Laxmi Niwas, 10/503, Akhtar Allenganj, Kanpur-208001. Plot No.02, Block-B, Scheme-39, Ram Rai Ki Sarai, Jajmau, Kanpur Nagar-208010. Tan/Pan: Aempa0823R (Appellant) (Respondent) Assessment Year: 2018-19 Shri Mohammad Asfand Akhtar V. Dcit, Central Circle-Ii Plot No.02, Block-B, Scheme-39, 10/503, Allenganj, Kanpur- Ram Rai Ki Sarai, Jajmau, 208001. Kanpur Nagar-208010. Tan/Pan: Aempa0823R (Appellant) (Respondent) Appellant By: Shri Ashish Jaiswal, Advocate Respondent By: Shri R. K. Agarwal, Cit(Dr) O R D E R

capital which has been introduced into the tilt of the assessee by investors as claimed by the assessee. We would like to look at the concept of burden of proof. Though the Income-tax Officer is not fettered by the technical rules of evidence as known to the civil and criminal law, any issue has to be determined