AMAR KASERA (HUF),PATNA vs. ACIT CENTRAL CIRCLE-1, PATNA

In the result, all the captioned appeals of the assessee stand allowed

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

Capital Gain of Rs.10,35,240/- ………… of penny stock of Multiplus Resources Ltd. for the AY 2011-12. Hence, I consider the case to be fit for issuing notice u/s. 148 of the I. T. Act, 1961 in the case of Shri Amar Kasera HUF for AY 2011-12. Put up before the Ld. JCIT, Central Range-1, Patna

AMAR KASERA (HUF),PATNA vs. ACIT CENTRAL CIRCLE-1, PATNA

In the result, all the captioned appeals of the assessee stand allowed

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

Capital Gain of Rs.10,35,240/- ………… of penny stock of Multiplus Resources Ltd. for the AY 2011-12. Hence, I consider the case to be fit for issuing notice u/s. 148 of the I. T. Act, 1961 in the case of Shri Amar Kasera HUF for AY 2011-12. Put up before the Ld. JCIT, Central Range-1, Patna

AMAR KASERA (HUF),PATNA vs. ACIT CENTRAL CIRCLE-1, PATNA

In the result, all the captioned appeals of the assessee stand allowed

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

Capital Gain of Rs.10,35,240/- ………… of penny stock of Multiplus Resources Ltd. for the AY 2011-12. Hence, I consider the case to be fit for issuing notice u/s. 148 of the I. T. Act, 1961 in the case of Shri Amar Kasera HUF for AY 2011-12. Put up before the Ld. JCIT, Central Range-1, Patna

AMAR KASERA (HUF),PATNA vs. ACIT CENTRAL CIRCLE-1, PATNA

In the result, all the captioned appeals of the assessee stand allowed

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

Capital Gain of Rs.10,35,240/- ………… of penny stock of Multiplus Resources Ltd. for the AY 2011-12. Hence, I consider the case to be fit for issuing notice u/s. 148 of the I. T. Act, 1961 in the case of Shri Amar Kasera HUF for AY 2011-12. Put up before the Ld. JCIT, Central Range-1, Patna

AMAR KASERA (HUF),PATNA vs. ACIT CENTRAL CIRCLE-1, PATNA

In the result, all the captioned appeals of the assessee stand allowed

Bench: Sri Sanjay Garg & Shri Sanjay Awasthi

Capital Gain of Rs.10,35,240/- ………… of penny stock of Multiplus Resources Ltd. for the AY 2011-12. Hence, I consider the case to be fit for issuing notice u/s. 148 of the I. T. Act, 1961 in the case of Shri Amar Kasera HUF for AY 2011-12. Put up before the Ld. JCIT, Central Range-1, Patna

ACIT, CENTRAL CIRCLE-2, PATNA vs. KUMAR ARUNODAYA, PATNA

In the result, the appeals of the assessee are allowed, the appeals of the revenue is dismissed and the Cross-objections of the assessee are also dismissed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

1) of the Act dated 13.11.2019 thereby the assessee was requested to show cause as to why corresponding addition should not be made in your income for A.Y. 2012-13 in view of non declaration of income from capital gain in the return for A.Y. 2012-13 filed on 27.04.2019. The ld AR argued that the assessee replied the said

KUMAR ARUNOSAYA,PATNA vs. A.O., CIRCLE-6, PATNA

In the result, the appeals of the assessee are allowed, the appeals of the revenue is dismissed and the Cross-objections of the assessee are also dismissed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

1) of the Act dated 13.11.2019 thereby the assessee was requested to show cause as to why corresponding addition should not be made in your income for A.Y. 2012-13 in view of non declaration of income from capital gain in the return for A.Y. 2012-13 filed on 27.04.2019. The ld AR argued that the assessee replied the said

DCIT, CIRCLE-4, PATNA vs. KUMAR ARUNODAYA, PATNA

In the result, the appeals of the assessee are allowed, the appeals of the revenue is dismissed and the Cross-objections of the assessee are also dismissed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

1) of the Act dated 13.11.2019 thereby the assessee was requested to show cause as to why corresponding addition should not be made in your income for A.Y. 2012-13 in view of non declaration of income from capital gain in the return for A.Y. 2012-13 filed on 27.04.2019. The ld AR argued that the assessee replied the said

ACIT, CIRCLE-4, PATNA vs. KUMAR ARUNODAYA, PATNA

In the result, the appeals of the assessee are allowed, the appeals of the revenue is dismissed and the Cross-objections of the assessee are also dismissed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

1) of the Act dated 13.11.2019 thereby the assessee was requested to show cause as to why corresponding addition should not be made in your income for A.Y. 2012-13 in view of non declaration of income from capital gain in the return for A.Y. 2012-13 filed on 27.04.2019. The ld AR argued that the assessee replied the said

KUMAR ARUNODAYA,PATNA vs. ASSISTANT COMMISSIONER OF INCOME TAX - 6, PATNA [NEW – DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE – 2, PATNA], PATNA

In the result, the appeals of the assessee are allowed, the appeals of the revenue is dismissed and the Cross-objections of the assessee are also dismissed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

1) of the Act dated 13.11.2019 thereby the assessee was requested to show cause as to why corresponding addition should not be made in your income for A.Y. 2012-13 in view of non declaration of income from capital gain in the return for A.Y. 2012-13 filed on 27.04.2019. The ld AR argued that the assessee replied the said

UDAYKUMAR VYAS,NAGPUR vs. ITO WARD 1 (5), BSNL RTTC BUILDING

In the result, appeal of the assessee is allowed

Bench: Shri Pawan Singh & Shri Khettra Mohan Royudaykumar Vyas, Ito, Ward – 1(5) Flat No. 402, Lepresting Vs Nagpur Apartment, Plot No. 105- 106, Ramdaspeth, Nagpur. Pan : Aarpv 4578 K Assessee Respondent

11 as the said provision is confined only to capital assets”. The said view has been consistently followed by various Benches of the Tribunal, including the Mumbai Bench in Inderlok Hotels Pvt. Ltd. vs. ITO (ITA No. 5428/Mum/2010), wherein it has been held that section 50C, being a deeming provision, cannot be extended to transactions involving stock-in-trade. Respectfully

PUNRASAR JUTE PARK LIMITED,PURNEA vs. CIT, PURNEA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Borad

capital is received from this company. This fact demonstrates that reopening is based on vague reasons. 10. On the given set of facts, where the alleged unsecured loan/ cash creditors have already been examined by the ld. Assessing Officer in the regular assessment proceedings u/s 143(3) of the Act and there is no transaction at all between third party

ACIT, PATNA vs. NEW ERA SOCIAL DEVELOPMENT WELFARE SOCIETY, PATNA

Appeal is treated as allowed for statistical purposes

11 and 10(23C)(iad) for the AY 2017-18, though confirmed the denial of exemption under these sections by the AO, without appreciating the positions of law before the insertion of section 13(10) and the relevant proviso of section 10(23C) which are effective only from 01.04.2023.” 2. Before us, right at the outset, the Ld. DR pointed

MANOJ KUMAR,PATNA vs. ITO WARD 4(4), PATNA, PATNA

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

Bench: SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER SHRI SONJOY SARMA (Judicial Member)

1,00,35,508/- was added. 3. Aggrieved from the above order, the assessee filed appeal before the Ld. CIT(A). During the course of assessment proceedings detailed written submissions were made which is incorporated by the Ld. CIT(A) in his order. During the course of appellate proceedings, the Ld. CIT(A) observed that the assessee is required

ASHA DEVI L/H OF LATE GYAN CHAND PRASAD,PATNA vs. PR.CIT-1, PATNA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Capital Gain. The statement of non taxability based on Circular No. 36/2016 dated 25/10/2016 Issued by CBDT With relying on the provision of the RFCTLARR ACT, 2013. CIRCULAR 36/2016 dated 25/10/2016 issued by CBDT Non-taxability of the compensation received by the land owners for the land acquired under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation

SANGEETA GOEL,PATNA vs. CCIT, NFAC, PATNA

In the result, appeal of the assessee is allowed

Bench: Shri Sonjoy Sarma, Hon’Blei.T.A. No. 211/Pat/2024 Assessment Year: 2013-14 Sangeeta Goel Chief Commissioner Of Income-Tax/Nfac 506, Santosha Complex Vs Fraser Road Bander Bagicha Patna - 800001 [Pan: Acbpg0887A] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri S.K. Tulsiyan, Advocate Revenue By : Shri Sushil Kumar Mishra, Jcit D/R सुनवाई क" तारीख/Date Of Hearing : 06/03/2024 घोषणा क" तारीख /Date Of Pronouncement: 12/04/2024 आदेश/O R D E R Per, Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre (Hereinafter The “Ld. Cit(A)”) Dt. 30/11/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2013-14. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. A. That The Initiation Of Proceeding U/S 147 R.W.S 148 Of The It Act, 1961 Based On Alleged Information Of Bogus Trade Amounting To Rs. 35,09,213/- In The Shares & Securities Of M/S Ayaan Commercial Pvt Ltd Being Bereft Of Fact & Assessee Having Not Carried On Any Such Transaction, The Assumption Of Jurisdiction U/S 147 Of The It Act, 1961 Is Bad In Law. B. That The Ld. A.O. Having Rejected The Objection Of The Assessee Although These Facts Are Brought On Record His Action In Doing So Is Bad In Law. C. That The Reopening U/S 147 Was Based On Mere Suspicion & Surmises, The Proceeding U/S 147 R.W.S. 148 Of The It Act, 1961 Is Bad In Law.

capital gain earned by the assessee is Rs.35,09,213/-. 10. Considering these aspects, we find that the ld. Assessing Officer has not made proper application of mind and had no proper reason to belief before suspecting that income has escaped to be assessed in the hands of the assessee. Reason to believe cannot be reason to suspect. There must

DOLLY GHOSH,BHAGALPUR vs. ACIT CENTRAL CIRCLE 1 PATNA, PATNA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Borad

capital gains chargeable under section 45; (vii) the profits and gains of any business of insurance carried on by a mutual insurance company or by a co- operative society, computed in accordance with section 44 or any surplus taken to be such profits and gains by virtue of provisions contained in the First Schedule; (viia) the profits and gains

MASUDAN TANTI,BHAGALPUR vs. CIT, NFAC, DELHI

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2013-14

capital account etc. A copy of the notice u/s 142(1) dated 02.12.2021 was also got served physically through the Verification Unit but despite being provided with several opportunities, no compliance was made nor any reply was filed. Meanwhile, information was collected from UCO Bank and it was found that the total amount credited in the bank account