FAROOQ ABDULLA MERCHANT,MUMBAI vs. ITO 23 (1)(4), MUMBAI

In the result, Ground No. V raised by the assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms. Kavitha Rajagopal, Hon'Blefarooq Abdulla Merchant V. Income Tax Officer- Ward – 23(1)(4) Matru Mandir, Tardev Road A-1401, Poseidon Tower Mumbai – 400 007 Versova, Yari Road Above Indian Bank, Versova Andheri (W), Mumbai - 400061 Pan: Ahupm7426K (Appellant) (Respondent) Assessee Represented By : Shri Vimal Punamiya Department Represented By : Smt. Vranda U. Matkarni

Capital gains - Exemption under section 54 Purchase of two flats - In the course of assessment proceedings, AO asked as to why exemption under section 54 in respect of one house might not be withdrawn as deduction was available in respect of only one house. Assessee had submitted that both flats were taken in the same Vile Parle, Mumbai for residential

ITO 41(3)(1), MUMBAI, MUMBAI vs. DEEPIKA ANIL AGARWAL, MUMBAI

In the result the appeal filed by the revenue stands\ndismissed

section 147, of the\nIncome-tax Act, 1961 Capital gains - Income\narising from transfer of long-term securities\n(Bogus transactions) Assessment year 2006-\n07 Assesse purchased 3000 shares of\ncompany 'T' through a stock broker These\nshares were transferred to assesses demat\naccount - However, said stock broker submitted\nbefore authorities that he was providing\naccommodation entries for taking profit

RAJENDRA KUMAR MUNDRA (HUF),MUMBAI vs. NATIONAL FACELESS ASSESSMENT CENTRE (NFAC), DELHI

In the result the appeal filed by the assessee stands allowed

Bench: Hon’Ble Shri Sandeep Gosain& Shri Girish Agrawalrajendra Kumar Mundra Vs. Ito, Ward 24(3)(1) (Huf) Piramal Chamber C-28, Ameya Bldg, Behind Lalbaug, Mumbai – Ymca Dn Nagar Andheri (W) 400012. 400053. Pan/Gir No.Aadh6828J (Applicant) (Respondent)

section 147, of 260 (Ahmedabad - Trib.) the Income-tax Act, 1961 - Capital gains IN THE ITAT - Income arising from transfer

UDAYAN GROVER,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE(NFAC), DELHI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleudayan Grover V. National Faceless Appeal Centre Panch Mahal Delhi Panch Sristhi Complex {Acit – 26(3), Bkc, Mumbai} Powai, Mumbai - 400072 Pan: Aclpg0572G (Appellant) (Respondent) Assessee Represented By : Shri Vimal Punmiya Department Represented By : Ms. Kavitha Kaushik

260 Section 10(38), read with section 147, of the Income- (Ahmedabad - Trib.) IN THE tax Act, 1961 - Capital gains

MEENA HASMUKH SAVLA,MATUNGA MUMBAI vs. ASSESSMENT UNIT, NATIONAL FACELESS ASSESSMENT CENTRE

In the result the appeal filed by the assessee is\nallowed

Section 260-A of the Act, 1961.\n\n5. In the result, this appeal fails and is hereby dismissed.\n\nReliance is also placed on the decision of Supreme Court of India in the case of PCIT v. Parasben Kasturchand Kochar [130 taxmann.com 177 of 2021]: -\n\nSection 10(38) of the Income-tax Act, 1961 - Capital gains

SUNIL AMRITLAL SHAH,MUMBAI vs. INCOME TAX OFFICER(IT) 4(2)(1), MUMBAI

The appeals are partly allowed

Bench: Prashant Maharishi, Am & Shri Raj Kumar Chauhan, Jm The Income Tax Officer(It) Sunil Amritlal Shah 4(2)(1) C/O Vimal Punimiya & Room No. 1708, Co.,501, 17Th Floor, Vs. Niranjan, Air India Building, 99, Marine Drive, Nariman Point, Mumbai 400002 Mumbai 400021 (Appellant) (Respondent) Pan No. Hvnps5321F The Income Tax Officer(It) Rita Sunil Shah 4(2)(1) C/O Vimal Punimiya & Room No. 1708, Co.,501, 17Th Floor, Vs. Niranjan, Air India Building, 99, Marine Drive, Nariman Point, Mumbai 400002 Mumbai 400021 (Appellant) (Respondent) Pan No. Djgps8073B

capital gain arising on sale of flat number 1802 as per agreement dated 10/2/2011, the ITA No.4069 & 4070/MUM/2023 Sunil Amritlal Shah & Rita Sunil Shah; A. Y.2011-12 assessee is eligible for deduction under section 54 of the act for purchase of new residential flat where the date of agreement to sale of the new property is 25 July 2009 but date

RITA SUNIL SHAH,MUMBAI vs. INCOME TAX OFFICER(IT) 4(2)(1), MUMBAI

The appeals are partly allowed

Bench: Prashant Maharishi, Am & Shri Raj Kumar Chauhan, Jm The Income Tax Officer(It) Sunil Amritlal Shah 4(2)(1) C/O Vimal Punimiya & Room No. 1708, Co.,501, 17Th Floor, Vs. Niranjan, Air India Building, 99, Marine Drive, Nariman Point, Mumbai 400002 Mumbai 400021 (Appellant) (Respondent) Pan No. Hvnps5321F The Income Tax Officer(It) Rita Sunil Shah 4(2)(1) C/O Vimal Punimiya & Room No. 1708, Co.,501, 17Th Floor, Vs. Niranjan, Air India Building, 99, Marine Drive, Nariman Point, Mumbai 400002 Mumbai 400021 (Appellant) (Respondent) Pan No. Djgps8073B

capital gain arising on sale of flat number 1802 as per agreement dated 10/2/2011, the ITA No.4069 & 4070/MUM/2023 Sunil Amritlal Shah & Rita Sunil Shah; A. Y.2011-12 assessee is eligible for deduction under section 54 of the act for purchase of new residential flat where the date of agreement to sale of the new property is 25 July 2009 but date

MOHAN THAKURDAS GURNANI,NAVI MUMBAI vs. DY CIT -CC-5(2), MUMBAI

The appeal of the assessee is partly allowed for assessment year 2014 – 15 also

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

capital gain on sale of the shares as exempt under section 10 (38) of the act. The fact shows that assessee has acquired 5 lakh shares on 31/1/2012 at the cost of ₹ 100 lakhs which was sold by the assessee during the year in the month of October – March and also in subsequent year for ₹ 260

MOHAN THAKURDAS GURNANI,NAVI MUMBAI vs. DY CIT -CC-5(2), MUMBAI

The appeal of the assessee is partly allowed for assessment year 2014 – 15 also

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

capital gain on sale of the shares as exempt under section 10 (38) of the act. The fact shows that assessee has acquired 5 lakh shares on 31/1/2012 at the cost of ₹ 100 lakhs which was sold by the assessee during the year in the month of October – March and also in subsequent year for ₹ 260

MOHAN THANKURDAS GURNANI,NAVI MUMBAI vs. DY CIT -CC-5(2), MUMBAI

The appeal of the assessee is partly allowed for assessment year 2014 – 15 also

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

capital gain on sale of the shares as exempt under section 10 (38) of the act. The fact shows that assessee has acquired 5 lakh shares on 31/1/2012 at the cost of ₹ 100 lakhs which was sold by the assessee during the year in the month of October – March and also in subsequent year for ₹ 260

MOHAN THAKURDAS GURNANI,NAVI MUMBAI vs. DY CIT -CC-5(2), MUMBAI

The appeal of the assessee is partly allowed for assessment year 2014 – 15 also

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

capital gain on sale of the shares as exempt under section 10 (38) of the act. The fact shows that assessee has acquired 5 lakh shares on 31/1/2012 at the cost of ₹ 100 lakhs which was sold by the assessee during the year in the month of October – March and also in subsequent year for ₹ 260

MOHAN THAKURDAS GURNANI,NAVI MUMBAI vs. DY CIT -CC-5(2), MUMBAI

The appeal of the assessee is partly allowed for assessment year 2014 – 15 also

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

capital gain on sale of the shares as exempt under section 10 (38) of the act. The fact shows that assessee has acquired 5 lakh shares on 31/1/2012 at the cost of ₹ 100 lakhs which was sold by the assessee during the year in the month of October – March and also in subsequent year for ₹ 260

MOHAN THAKURDAS GURNANI,NAVI MUMBAI vs. DY CIT -CC-5(2), MUMBAI

The appeal of the assessee is partly allowed for assessment year 2014 – 15 also

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

capital gain on sale of the shares as exempt under section 10 (38) of the act. The fact shows that assessee has acquired 5 lakh shares on 31/1/2012 at the cost of ₹ 100 lakhs which was sold by the assessee during the year in the month of October – March and also in subsequent year for ₹ 260

MOHAN GURNANI,NAVI MUMBAI vs. DCIT CENTRAL CIRLE - 5(2), MUMBAI

The appeal of the assessee is partly allowed for assessment year 2014 – 15 also

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

capital gain on sale of the shares as exempt under section 10 (38) of the act. The fact shows that assessee has acquired 5 lakh shares on 31/1/2012 at the cost of ₹ 100 lakhs which was sold by the assessee during the year in the month of October – March and also in subsequent year for ₹ 260

VIJAYA PRAKASH NAGORI ,MUMBAI vs. ITO WARD 32(2)(1), MUMBAI

Bench: Hon’Ble Shri Sandeep Gosain& Shri Om Prakash Kantvijaya Prakash Nagori Vs. Ito, Ward, 32(2)(1) 409/C, Abhar Jp Road, Kautilya Bhawan, C-41- Seven Bungalows, Andhere 43, Avenue, 3, Near (W), Mumbai – 400 061. Videsh Bhavan, G Block Bkc Pan/Gir No. Aekpr2943H (Applicant) (Respondent)

capital gains as unexplained cash credit under section 68. The Tribunal while dismissing the 24 Vijaya Prakash Nagori, Mumbai. appeals filed by the revenue also observed on facts that these shares were purchased by respondent on the floor of Stock Exchange and not from the said broker, deliveries were taken, contract notes were issued and shares were also sold

SMT HARHSA NITIN THAKKAR,MUMBAI vs. THE DY. CITI CENT. CIR -3(4), MUMBAI

In the result , the appeal of the assessee Shri Dineshchandra D

section 68 of the Act are duly fulfilled by the assessee in the instant case. Hence there is no question of making any addition as unexplained cash credit u/s 68 of the Act in the instant case. 5.16. Considering the totality of the facts and circumstances of the instant case and respectfully following the judicial precedents relied upon hereinabove

NISHA YOGESH THAKKAR,MUMBAI vs. DCIT CC 3(4), MUMBAI

In the result , the appeal of the assessee Shri Dineshchandra D

section 68 of the Act are duly fulfilled by the assessee in the instant case. Hence there is no question of making any addition as unexplained cash credit u/s 68 of the Act in the instant case. 5.16. Considering the totality of the facts and circumstances of the instant case and respectfully following the judicial precedents relied upon hereinabove

SHRI YOGESH P. THAKKAR,PANVEL vs. THE DCIT , CC-3(4) , MUMBAI

In the result , the appeal of the assessee Shri Dineshchandra D

section 68 of the Act are duly fulfilled by the assessee in the instant case. Hence there is no question of making any addition as unexplained cash credit u/s 68 of the Act in the instant case. 5.16. Considering the totality of the facts and circumstances of the instant case and respectfully following the judicial precedents relied upon hereinabove