JAIBHAGWAN BANARASIDAS JINDAL,JALNA vs. THE INCOME TAX OFFICER, WARD-1, JALNA

In the result, the appeal filed by the assessee is allowed

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2016-17

section 10(38) on long term capital gain on sale of shares on basis of statement of entry operators recorded on various dates in some other proceedings not connected with assessee and no opportunity to cross- examine so-called entry providers was given to assessee thereby violating principles of natural justice, the Tribunal was justified in deleting the addition made

DEPUTY COMMISSIONER OF INCOME TAX, JALGAON vs. TARADEVI RATANLAL BAFNA, JALGAON

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

DADASAHEB TIRODKAR SHAIKSHANIK ACADEMY,SINDHUDURG vs. ITOD EXEMPTION WARD, KOLHAPUR

In the result, appeal of the assessee is partly allowed

capital gains (13ilia +13iiib) (enter nil if loss)\n13ific\n0\niv\nIncome from other sources [as per item no. 4 of Schedule OS]\n13iv\n0\nV\nTotal (13i + 13ii + 13ilic + 13iv)\n13v\n0\n14\nGross income [7+11+13v-8-9-10-12]\n14\n0\n15\nLosses of current year to be set off against 13v (total

SMT. SUMANDEVI DINESHKUMAR TULSYAN,,NASHIK vs. INCOME-TAX OFFICER, WARD - 1(5),, NASHIK

capital gains. We notice that the AO has\nplaced reliance on the said report without bringing any material on record to\nshow that the transactions entered by the assessee were found to be a part of\nmanipulated transactions, i.e., it was not proved that the assessee has carried out\nthe transactions of purchase and sale of shares in connivance with

DINESHKUMAR RAMCHANDRA TULSYAN (HUF),,NASHIK vs. INCOME-TAX OFFICER, WARD - 1(5),, NASHIK

In the result, both the appeals filed by the assessee are partly allowed

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2014-15 Dineshkumar Ramchandra Tulsyan (Huf) Ito, Ward 1(5), 214B, Laxmi Niwas, Mahatma Nagar, Vs. Nashik Nashik – 422007 Pan: Aachd5953R (Appellant) (Respondent) Assessment Year : 2014-15 Smt. Sumandevi Dineshkumar Tulsyan Ito, Ward 1(5), 214B, Laxmi Niwas, Mahatma Nagar, Vs. Nashik Nashik – 422007 Pan: Ackpt1322Q (Appellant) (Respondent)

30. We find the Hon’ble Gujarat High Court in the case of PCIT vs. Neelu Mahansaria (supra) under identical circumstances has dismissed the appeal filed by the Revenue against the order of the Tribunal upholding the order of the CIT(A) allowing the claim of exemption u/s 10(38) of the Act on account of profit on sale

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. ATUL OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

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

section 10(38) of the Act. The assessee was one of the beneficiaries of this penny stock company listed on BSE with Scrip Code 517534. Also it was stated that this company has been used to facilitate introduction of unaccounted income of members or beneficiaries in the form of exempt capital gain or short term capital loss in their books

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. ASHISH OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

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

section 10(38) of the Act. The assessee was one of the beneficiaries of this penny stock company listed on BSE with Scrip Code 517534. Also it was stated that this company has been used to facilitate introduction of unaccounted income of members or beneficiaries in the form of exempt capital gain or short term capital loss in their books

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. PRAMILA OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

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

section 10(38) of the Act. The assessee was one of the beneficiaries of this penny stock company listed on BSE with Scrip Code 517534. Also it was stated that this company has been used to facilitate introduction of unaccounted income of members or beneficiaries in the form of exempt capital gain or short term capital loss in their books

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. OMPRAKASH ASARAM MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

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

section 10(38) of the Act. The assessee was one of the beneficiaries of this penny stock company listed on BSE with Scrip Code 517534. Also it was stated that this company has been used to facilitate introduction of unaccounted income of members or beneficiaries in the form of exempt capital gain or short term capital loss in their books

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. ATUL OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

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

section 10(38) of the Act. The assessee was one of the beneficiaries of this penny stock company listed on BSE with Scrip Code 517534. Also it was stated that this company has been used to facilitate introduction of unaccounted income of members or beneficiaries in the form of exempt capital gain or short term capital loss in their books

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. OMPRAKASH ASARAM MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

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

section 10(38) of the Act. The assessee was one of the beneficiaries of this penny stock company listed on BSE with Scrip Code 517534. Also it was stated that this company has been used to facilitate introduction of unaccounted income of members or beneficiaries in the form of exempt capital gain or short term capital loss in their books

INCOME TAX OFFICER, WARD -1, JALNA, JALNA vs. PRAMILA OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

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

section 10(38) of the Act. The assessee was one of the beneficiaries of this penny stock company listed on BSE with Scrip Code 517534. Also it was stated that this company has been used to facilitate introduction of unaccounted income of members or beneficiaries in the form of exempt capital gain or short term capital loss in their books

INCOME TAX OFFICER, WARD 1, JALNA, JALNA vs. ASHISH OMPRAKASH MANTRI, JALNA

section 10(38) of the Act. The assessee was one of the beneficiaries of\nthis penny stock company listed on BSE with Scrip Code 517534. Also it was\nstated that this company has been used to facilitate introduction of unaccounted\nincome of members or beneficiaries in the form of exempt capital gain or short\nterm capital loss in their books

INCOME TAX OFFICER, PUNE vs. PRAKASH RAMKRISHNA POPHALE, PUNE

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

Bench: Shri R. K. Panda & Shri Vinay Bhamoreassessment Year : 2017-18

section 54(1) of the Act, according to which the construction should be completed within three years from the date of transfer of original asset. He noted that in this case, the original asset was transferred on 26.07.2017 and therefore, the date of completion of the construction should be on or before 26.07.2019. Since the construction was not completed before

JAYANT AVINASH DAVE,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE 5 , PUNE

In the result, the cross appeals are partly allowed for statistical purposes and the CO is dismissed as infructuous

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.23/Pun/2019 निर्धारण वषा / Assessment Year : 2015-2016 Jayant Avinash Dave Vs. Dcit, Office No.801-804, 8Th Floor, Circle 5, Pune Amar Business Park, Sadanand Estates, Plot No.1, S.No.105, Baner Road, Pune – 411045 Pan: Aaqpd6875J Appellant Respondent आयकर अपीऱ सं. / Ita No.182/Pun/2019 निर्धारण वषा / Assessment Year : 2015-2016 Dcit, Vs. Jayant Avinash Dave Circle 5, Pune 46/2/1B, Kaka Halwai Industrial Estate, Pune Satara Road, Pune – 411009 Pan: Aaqpd6875J Appellant Respondent Cross Objection No.11/Pun/2022 (Arising Out Of Ita No.182/Pun/2019 निर्धारण वषा / Assessment Year : 2015-2016 Jayant Avinash Dave Vs. Dcit, Office No.801-804, 8Th Floor, Amar Circle 5, Pune Business Park, Sadanand Estates, Plot No.1, S.No.105, Baner Road, Pune – 411045 Pan: Aaqpd6875J Cross Objector Respondent & Co No.11/Pun/2022

10%. Under these circumstances, we are satisfied that the exercise of attributing sale consideration to the shares and the negative covenants is required to be done afresh by the AO. We order accordingly and direct him to segregate the consideration relatable to sale of shares and then accordingly compute the capital gains on transfer of such shares; and the remaining

DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 5,, PUNE vs. JAYANT AVINASH DAVE,, PUNE

In the result, the cross appeals are partly allowed for statistical purposes and the CO is dismissed as infructuous

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.23/Pun/2019 निर्धारण वषा / Assessment Year : 2015-2016 Jayant Avinash Dave Vs. Dcit, Office No.801-804, 8Th Floor, Circle 5, Pune Amar Business Park, Sadanand Estates, Plot No.1, S.No.105, Baner Road, Pune – 411045 Pan: Aaqpd6875J Appellant Respondent आयकर अपीऱ सं. / Ita No.182/Pun/2019 निर्धारण वषा / Assessment Year : 2015-2016 Dcit, Vs. Jayant Avinash Dave Circle 5, Pune 46/2/1B, Kaka Halwai Industrial Estate, Pune Satara Road, Pune – 411009 Pan: Aaqpd6875J Appellant Respondent Cross Objection No.11/Pun/2022 (Arising Out Of Ita No.182/Pun/2019 निर्धारण वषा / Assessment Year : 2015-2016 Jayant Avinash Dave Vs. Dcit, Office No.801-804, 8Th Floor, Amar Circle 5, Pune Business Park, Sadanand Estates, Plot No.1, S.No.105, Baner Road, Pune – 411045 Pan: Aaqpd6875J Cross Objector Respondent & Co No.11/Pun/2022

10%. Under these circumstances, we are satisfied that the exercise of attributing sale consideration to the shares and the negative covenants is required to be done afresh by the AO. We order accordingly and direct him to segregate the consideration relatable to sale of shares and then accordingly compute the capital gains on transfer of such shares; and the remaining

QUBIX BUSINESS PARK PRIVATE LIMITED,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-8, PUNE, PUNE

In the result, Ground No.2 of the assessee is allowed for statistical purpose

Bench: DR.DIPAK P. RIPOTE (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)

section 80IAB for Income from Other Sources and Short Term Capital Gain. Therefore, the decision of Hon’ble Supreme Court in the case of Reliance Energy Limited is not applicable to the assessee. 9.1 Therefore, even on this ground the Ground No.7 raised by the assessee is dismissed. Ground No.2 : 10. Ground No.2 raised by the assessee is regarding

BHARATNAGAR BUILDCON LLP (FORMERLY KNOWN AS ABIL BUILDCON LLP),PUNE vs. PRINCIPAL COMMISSIONER OF INCOME-TAX -2, , PUNE

In the result, the appeal is allowed

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhuryआयकर अपील सं. / Ita No.284/Pun/2021 "नधा"रण वष" / Assessment Year : 2016-17

capital gains”. 10. At this stage, it would be pertinent to take stock of section 40, with the heading `Amounts not deductible’ opening with a non- obstinate clause anent to sections 30