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

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

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]

11. After hearing the rival contentions and perusing the material on record including the impugned order passed by the Ld. CIT(A), we note that in the present case the assessment has been framed u/s 143(3) read with Section 147 of the Act after calling for various details from the assessee by issuing notice

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]

11. After hearing the rival contentions and perusing the material on record including the impugned order passed by the Ld. CIT(A), we note that in the present case the assessment has been framed u/s 143(3) read with Section 147 of the Act after calling for various details from the assessee by issuing notice

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]

11. After hearing the rival contentions and perusing the material on record including the impugned order passed by the Ld. CIT(A), we note that in the present case the assessment has been framed u/s 143(3) read with Section 147 of the Act after calling for various details from the assessee by issuing notice

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]

11. After hearing the rival contentions and perusing the material on record including the impugned order passed by the Ld. CIT(A), we note that in the present case the assessment has been framed u/s 143(3) read with Section 147 of the Act after calling for various details from the assessee by issuing notice

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]

11. After hearing the rival contentions and perusing the material on record including the impugned order passed by the Ld. CIT(A), we note that in the present case the assessment has been framed u/s 143(3) read with Section 147 of the Act after calling for various details from the assessee by issuing notice

KAMLESH KUMAR,PATNA vs. ITO WARD- 6 (4), PATNA

In the result, the appeal filed by the assessee is allowed for\nstatistical purposes

section 249(4) could not be exercised by him and the appeal\nhas also not been decided on merit, therefore, in the interest of justice,\nthe order of the Ld. CIT(A) is set aside. The assessee has filed copy of\nthe appeal order in the case of Mithlesh Kumar and Nand Kishor Prasad\nand in both the cases

HARI NARAYAN GUPTA (HUF),PATNA vs. ITO, WARD- 6 (5), PATNA

In the result, the appeal of the assessee is allowed

4,24,260/-. Thereafter, the case of the assessee was reopened u/s\n147 of the Act by issuing notice u/s 148 of the Act on 18.12.2018, for\nthe reason that the income of the assessee to the tune of\n1,33,85,300/- from Long-Term Capital Gain, arising from and with\nrespect to Land Development Agreement (LDA) dated

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.

4 I.T.A. No. 211/Pat/2024 Assessment Year: 2013-14 Sangeeta Goel found to have provided accommodation entries in the form of bogus long term capital gain. He submitted that the department does not have any credible information or reason to believe on which the assessment proceedings has been initiated. There is no adverse material on record referred by the Assessing Officer

VINOD YADAV,PATNA vs. ITO, WARD- 6 (3), PATNA

In the result, the appeal of the assessee is partly allowed for statistical\npurposes

11 (1), Mumbai [2015] 58 taxmann.com\n186 (Mumbai)/[2015] 40 ITR(T) 487 (Mumbai)] held as under:-\n\"31. The contention of the Id. D.R. that assessee has accepted Rs. 13.75 crores from\nGodrej Properties Ltd. pursuant to the Development Agreement, therefore, it amounts\nto transfer of the land to Godrej Properties Ltd. does not find any merit. There

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

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)

4 Manoj Kumar assesse. The state Act cannot override the income tax provision for giving exemption under RFCTLARR Act section 96 is providing exemption and it is also not clear whether the compensation was given under the RFCTLARR Act comments w.e.f. 01.04.2014, section 96 provides income tax exemption but section 46 of the RFCTLARR Act says otherwise but the assessee

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