JAYNT VASUDEO ARADHYE,SOLAPUR vs. DCIT, CIRCLE-1, SOLAPUR, SOLAPUR

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri R. K. Panda & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.683/Pun/2024 िनधा"रण वष" / Assessment Year: 2022-23 Jaynt Vasudeo Aradhye, Vs. Dcit, Circle-1, Solapur. Villa No.25, Indradhanu, Laxmi Peth, Vishnu Mill Compound, Solapur- 413001. Pan : Aappa8903M Appellant Respondent Assessee By : Shri Deepak Chintaman Gadgil Revenue By Shri Ramnath P. Murkunde : Date Of Hearing 06.08.2024 : Date Of Pronouncement : 21.10.2024 आदेश / Order Per Vinay Bhamore, Jm: This Appeal Filed By The Assessee Is Directed Against The Order Dated 07.02.2024 Passed By Ld. Addl./Jcit(A)-1, Coimbatore For The Assessment Year 2022-23 2. The Appellant Has Raised The Following Grounds Of Appeal :- “I. The Cpc Was Not Correct Both Factually & Legally In Not Considering The Claim Of Brought Forwarded Short Term Capital Loss Of Rs 27,78,028/-. 11. Section 143(1) As It Stands On The Statute Books As On Today, Does Not Permit Either Cpc Or The Ao To Make Such Adjustments As They Are Beyond The Scope Of The Said Section.

forward short capital loss of Rs.27,78,028/- was claimed and the same was set-off against the short term capital gain income of Rs.43,03,555/-. It was further 5 clarified that this short term capital loss of Rs.27,78,028/- was arrived in last year i.e. during the assessment year 2021-22 and was carried

DEPUTU COMMISSIONER OF INCOME-TAX vs. ENDURANCE TECHNOLOGIES PVT. LTD.,, AURANGABAD

Appeals are dismissed in above terms

Bench: Shri S.S.Godara, Jm & Shri Dr. Dipak P. Ripote, Am आयकर अपीऱ सं. / Ita No. 989/Pn/2015 ननधधारण वषा / Assessment Year : 2010-11

carried forward of capital loss at Rs. 43,72,19,086/-. However, on going through the computation of such capital loss, it is noticed that out of net capital gain

ASSISTANT COMMISSIONER OF INCOME-TAX vs. ENDURANCE TECHNOLOGIES PVT. LTD.,, AURANGABAD

Appeals are dismissed in above terms

Bench: Shri S.S.Godara, Jm & Shri Dr. Dipak P. Ripote, Am आयकर अपीऱ सं. / Ita No. 989/Pn/2015 ननधधारण वषा / Assessment Year : 2010-11

carried forward of capital loss at Rs. 43,72,19,086/-. However, on going through the computation of such capital loss, it is noticed that out of net capital gain

DEPUTY COMMISSSIONER OF INCOME TAX, CIRCLE -1,, AURANGABAD vs. ENDURANCE TECHNOLOGIES PVT. LTD,, AURANGABAD

Appeals are dismissed in above terms

Bench: Shri S.S.Godara, Jm & Shri Dr. Dipak P. Ripote, Am आयकर अपीऱ सं. / Ita No. 989/Pn/2015 ननधधारण वषा / Assessment Year : 2010-11

carried forward of capital loss at Rs. 43,72,19,086/-. However, on going through the computation of such capital loss, it is noticed that out of net capital gain

DEPUTY COMMISSIONER OF INCOME-TAX vs. SHRI ABHIJIT SURESH JADHAV,, PUNE

In the result, the appeal of the Revenue is dismissed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

loss under the head ‘profits & gains of business & profession’ or ‘capital gains’ and claims the carry forward of such loss

ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 11,, PUNE vs. IGATE GLOBAL SOLUTIONS LTD,, PUNE

In the result, the appeal of Revenue is partly allowed

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Ravi

gains, short term capital loss and long terms capital loss. The AO held the variation in amounts were held to be chargeable to tax but did not allow the carry forward

CAPGEMINI TECHNOLOGY SERVICES INDIA LIMITED, (EARLIER KNOWN AS IGATE GLOBAL SOLUTIONS LTD),,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 11,, PUNE

In the result, the appeal of Revenue is partly allowed

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Ravi

gains, short term capital loss and long terms capital loss. The AO held the variation in amounts were held to be chargeable to tax but did not allow the carry forward

SUN INFRASTRUCTURES PRIVATE LIMITED,NASHIK vs. INCOME TAX OFFICER, WARD-2(1), NASHIK, NASHIK

In the result, the appeal of the assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

Capital gains" and claims that the loss or any part thereof should be carried forward under sub-section (1) of section

PRADEEP KISANLAL BOOB,NASHIK vs. ACIT, CIRCLE 1, NASHIK, NASHIK

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

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.189/Pun/2024 Assessment Year : 2019-20

carry forward of business loss of earlier years against the income from short term capital gains earned by the assessee

SANGEETA BASAVRAJ MANGRULE,,AURANGABAD vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 2,, AURANGABAD

Appeal is dismissed in above terms

carried out in listed shares i.e. in the physical form, where the shares stand dematerialized by the company. Why were the shares sent for dematerialization only in May 2005 i.e. after a delay of over a year, having been dematerialized only on 12.07.2005 (PB pg.10) i.e. days prior to their sale on 22.07.2005. That is, assuming that the shares were

M/S. BILCARE LIMITED,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), PUNE

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.273/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 Dcit, Central Circle-2(2), Vs. M/S. Bilcare Limited, Pune. 601, Icc Trade Tower, Pune- 411016. Pan : Aabcb2242F Appellant Respondent आयकर अपीऱ सं. / Ita No.334/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 M/S. Bilcare Limited, Vs. Dcit, Central Circle- 6Th Floor, B Wing, Icc 2(2), Pune. Trade Tower, Senapati Bapat Road, Pune- 411006. Pan : Aabcb2242F Appellant Respondent

Gains”. The CBDT vide circular No.2/2018 dated C.O. No.14/PUN/2021 15.02.2018 had clarified that this amendment takes effect only from 01.04.2018, accordingly applied for A.Y. 2018-19. 65. Thus, we find that the reasons assigned for disallowing the claim for determination and carry forward of long term capital loss

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), PUNE vs. M/S. BILCARE LIMITED, PUNE

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.273/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 Dcit, Central Circle-2(2), Vs. M/S. Bilcare Limited, Pune. 601, Icc Trade Tower, Pune- 411016. Pan : Aabcb2242F Appellant Respondent आयकर अपीऱ सं. / Ita No.334/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 M/S. Bilcare Limited, Vs. Dcit, Central Circle- 6Th Floor, B Wing, Icc 2(2), Pune. Trade Tower, Senapati Bapat Road, Pune- 411006. Pan : Aabcb2242F Appellant Respondent

Gains”. The CBDT vide circular No.2/2018 dated C.O. No.14/PUN/2021 15.02.2018 had clarified that this amendment takes effect only from 01.04.2018, accordingly applied for A.Y. 2018-19. 65. Thus, we find that the reasons assigned for disallowing the claim for determination and carry forward of long term capital loss

ASSISTANT COMMISSIONER OF INCOME TAX, JALGAON vs. SIDHARTH RATANLAL BAFNA, JALGAON

In the result, all the above 6 appeals filed by the Revenue are dismissed and

Bench: Shri R. K. Panda & Ms Astha Chandra

capital gain or short Term Capital Loss in their books of accounts. The assessee Shri Ashish Omprakash Mantri is one such beneficiary and the amount involved in his case is Rs.1,60,30,716.35/-. As per information received, the share price of /s. Nivya Infrastructure & Telecom Services Ltd rose from Rs.39/- on 21/07/2009 to Rs.2,050/-on 05/01/2011 and dipped

ASSISTANT COMMISSIONER OF INCOME-TAX vs. SHRI RANJIT HANMANTRAO MOHITE,, PUNE

In the result, the appeal of Revenue is dismissed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

carried out by the appellant during the year was an adventure in the nature of trade and hence the loss suffered was a business loss and accordingly liable to be set off against income from commodity trading and F & O transactions. 3.6.5. Now coming to the issue regarding the claim of loss wrongly reflected under the head capital gains while

DY COMMISSIONER OF INCOME TAX CIRCLE 7 PUNE, PUNE vs. KRUTI LALITKUMAR JAIN, PUNE

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2013-14

loss of Rs.6,20,122/-. We find the Assessing Officer treated the sale of land as an “adventure in the nature of trade” and taxed the same as business income as against “long term capital gain” declared by the assessee on the ground that the assessee has not shown the said 14 land in wealth tax return, the assessee

ASSISTANT COMMISSIONER OF INCOME TAX, JALGAON vs. SIDHARTH RATANLAL BAFNA, JALGAON

In the result, all the above 6 appeals filed by the Revenue are dismissed and

Bench: Shri R. K. Panda & Ms Astha Chandra

capital gain earned on said transaction could not be treated as unaccounted income under section 68. The relevant observations of the Hon'ble High Court read as under: "5. We have perused the concurrent findings and on which heavy reliance is placed by Mr.Sureshkumar. While it is true that the Commissioner extensively referred to the correspondence and the contents

SUNIL HARIPANT POPHALE,,NASHIK vs. JOINT COMMISSIONER OF INOCME-TAX,,

In the result, the appeal of assessee in ITA No

Bench: Ms. Sushma Chowla, Jm & Shri D. Karunakara Rao, Am आयकर अपीऱ सं. / Ita No.322/Pun/2014 यििाारण वषा / Assessment Year : 2010-11 Mr. Sunil Haripant Pophale, C/O Vadivarhe Specialty Chemicals Ltd., Gat No.204, Nashik Mumbai Highway, Vadivarhe, अऩीऱाथी/Appellant Nashik – 422403 …. Pan: Aahpp4573G Vs. The Jt. Commissioner Of Income Tax, …. प्रत्यथी / Respondent Range – 2, Nashik आयकर अपीऱ सं. / Ita No.448/Pun/2014 यििाारण वषा / Assessment Year : 2010-11 The Asst. Commissioner Of Income Tax, अऩीऱाथी/Appellant Circle – 2, Nashik …. Vs. Mr. Sunil Haripant Pophale, C/O Vadivarhe Specialty Chemicals Ltd., Gat No.204, Nashik Mumbai Highway, Vadivarhe, …. प्रत्यथी / Respondent Nashik – 422403 Pan: Aahpp4573G आयकर अपीऱ सं. / Ita No.301/Pun/2014 यििाारण वषा / Assessment Year : 2010-11 Smt. Sunita Ajay Ramnathkar, 22, Parijat, 95 Marine Drive, अऩीऱाथी/Appellant Mumbai – 400002 …. Pan: Aafpr1193J Vs. The Asst. Commissioner Of Income Tax, …. प्रत्यथी / Respondent Circle – 2, Nashik

carry on his business within four corners of law and mere tax planning without any motive to avoid taxes through colourable device is not frowned upon. The Apex Court further held that the principle laid down in Mc Dowell & Co. Ltd. Vs. Commercial Tax Officer (supra) relied upon by the learned Departmental Representative for the Revenue applies to an artificial

SMT. SUNITA AJAY RAMNATHKAR,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME-TAX,,

In the result, the appeal of assessee in ITA No

Bench: Ms. Sushma Chowla, Jm & Shri D. Karunakara Rao, Am आयकर अपीऱ सं. / Ita No.322/Pun/2014 यििाारण वषा / Assessment Year : 2010-11 Mr. Sunil Haripant Pophale, C/O Vadivarhe Specialty Chemicals Ltd., Gat No.204, Nashik Mumbai Highway, Vadivarhe, अऩीऱाथी/Appellant Nashik – 422403 …. Pan: Aahpp4573G Vs. The Jt. Commissioner Of Income Tax, …. प्रत्यथी / Respondent Range – 2, Nashik आयकर अपीऱ सं. / Ita No.448/Pun/2014 यििाारण वषा / Assessment Year : 2010-11 The Asst. Commissioner Of Income Tax, अऩीऱाथी/Appellant Circle – 2, Nashik …. Vs. Mr. Sunil Haripant Pophale, C/O Vadivarhe Specialty Chemicals Ltd., Gat No.204, Nashik Mumbai Highway, Vadivarhe, …. प्रत्यथी / Respondent Nashik – 422403 Pan: Aahpp4573G आयकर अपीऱ सं. / Ita No.301/Pun/2014 यििाारण वषा / Assessment Year : 2010-11 Smt. Sunita Ajay Ramnathkar, 22, Parijat, 95 Marine Drive, अऩीऱाथी/Appellant Mumbai – 400002 …. Pan: Aafpr1193J Vs. The Asst. Commissioner Of Income Tax, …. प्रत्यथी / Respondent Circle – 2, Nashik

carry on his business within four corners of law and mere tax planning without any motive to avoid taxes through colourable device is not frowned upon. The Apex Court further held that the principle laid down in Mc Dowell & Co. Ltd. Vs. Commercial Tax Officer (supra) relied upon by the learned Departmental Representative for the Revenue applies to an artificial