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

153A\nassessment proceedings the then Assessing Officer had asked about the long term\ncapital gains and short term capital gains and the assessee vide letter dated\n21.11.2016, copy of which is placed at pages 62 to 65 of the paper book, had\nsubmitted the details and no adverse view was taken. He submitted that the\ncompany PFL was incorporated

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

153A\nassessment proceedings the then Assessing Officer had asked about the long term\ncapital gains and short term capital gains and the assessee vide letter dated\n21.11.2016, copy of which is placed at pages 62 to 65 of the paper book, had\nsubmitted the details and no adverse view was taken. He submitted that the\ncompany PFL was incorporated

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

153A\nassessment proceedings the then Assessing Officer had asked about the long term\ncapital gains and short term capital gains and the assessee vide letter dated\n21.11.2016, copy of which is placed at pages 62 to 65 of the paper book, had\nsubmitted the details and no adverse view was taken. He submitted that the\ncompany PFL was incorporated

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 is one of the beneficiaries of this penny stock company listed on BSE Script Code 517534. Also, it is stated that this company has been used to facilitate introduction of unaccounted income of members or beneficiaries in the farm 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 is one of the beneficiaries of this penny stock company listed on BSE Script Code 517534. Also, it is stated that this company has been used to facilitate introduction of unaccounted income of members or beneficiaries in the farm 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 is one of the beneficiaries of this penny stock company listed on BSE Script Code 517534. Also, it is stated that this company has been used to facilitate introduction of unaccounted income of members or beneficiaries in the farm 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 is one of the beneficiaries of this penny stock company listed on BSE Script Code 517534. Also, it is stated that this company has been used to facilitate introduction of unaccounted income of members or beneficiaries in the farm 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 is one of the beneficiaries of this penny stock company listed on BSE Script Code 517534. Also, it is stated that this company has been used to facilitate introduction of unaccounted income of members or beneficiaries in the farm 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 is one of the beneficiaries of this penny stock company listed on BSE Script Code 517534. Also, it is stated that this company has been used to facilitate introduction of unaccounted income of members or beneficiaries in the farm 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 is one of the beneficiaries of this penny stock company listed on BSE Script Code 517534. Also, it is stated that this company has been used to facilitate introduction of unaccounted income of members or beneficiaries in the farm of exempt capital gain or short Term Capital Loss in their books

BVG INDIA LIMITED,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), PUNE, PUNE

In the result, the appeal of the assessee is allowed

Bench: Shri S.S. Viswanethra Ravi & Shri G.D. Padmahshali

capital gains because these were created out of bank deposits made in the bank accounts of the assessees after the money transferred from the account of M/s. Alfa India. No telescopic benefit have been given as it was out of the source deposited in the bank accounts of the assessees. Netting of the money left have also not been considered

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

capital gain of Rs.1,44,35,387/- claimed as exempt u/s 10(38) of the Act\nafter considering the reply of the assessee to the specific queries put by him. We\nfind on the basis of information obtained from the Investigation wing that the\nassessee has sold his investments in penny stock company NITSL, reopened the\nassessment after recording

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

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

Section 10(38) and treating such long term capital gain as bogus. 25. Referring to the decision of Hon’ble AP High Court in the case of M/s. Manidhari Stainless Wire (P.) Ltd. vs. Union of India vide W.P. No.5917 of 2017, order dated 31.10.2017, copy of which is placed in the paper book, he submitted that

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

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

Section 10(38) and treating such long term capital gain as bogus. 25. Referring to the decision of Hon’ble AP High Court in the case of M/s. Manidhari Stainless Wire (P.) Ltd. vs. Union of India vide W.P. No.5917 of 2017, order dated 31.10.2017, copy of which is placed in the paper book, he submitted that

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

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

Section 10(38) and treating such long term capital gain as bogus. 25. Referring to the decision of Hon’ble AP High Court in the case of M/s. Manidhari Stainless Wire (P.) Ltd. vs. Union of India vide W.P. No.5917 of 2017, order dated 31.10.2017, copy of which is placed in the paper book, he submitted that

ASHOK VIJAYKUMAR KOTECHA,JALGAON vs. ACIT, CIRCLE 1, JALGAON, JALGAON

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

Bench: Shri R. K. Panda & Shri Vinay Bhamoreassessment Year : 2011-12

gain or Short Term Capital Loss in their books of accounts. It was noticed that share price of M/s. Nivyah Infrastructure & Telecom Services Ltd rose from Rs.39 on 2nd July 2009 to Rs.2050 on 5th Jan 2011and dipped to Rs.47.20 on 15th July 2012. However, the financials of the company for the relevant period do not show any substantial change

SHAMKANT KESHAV KOTKAR (PROP. NANDAN BUILDERS),PUNE vs. PR. COMMISSIONER OF INCOME TAX (CENTRAL), PUNE

In the result, appeal of the assessee is allowed

Bench: SHRI VINAY BHAMORE (Judicial Member)

153A. The AO has not verified the issue of Cash Loan; hence the Assessment Order is erroneous and prejudicial to the interest of revenue. As per Explanation-2 of the Section 263, Assessment Order will be deemed to be erroneous and prejudicial if Pr.CIT is of the opinion that Assessment Order(AO) is passed without making any Inquiry or verification

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 7 PUNE, PUNE vs. KOLTE PATIL INTEGRATED TOWNSHIPS LIMITED, PUNE

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

153A\nor section 153C, as the case may be, as they stood immediately before the\ncommencement of the Finance Act, 2021. As per the old provisions of section\n148, the case of the assessee could not have been reopened beyond four years from\nthe end of the relevant assessment year since there was no allegation of any failure

M/S GIRIRAJ ENTERPRISES,PUNE vs. DCIT, CENTRAL CIRCLE 1(1), PUNE, PUNE

In the result, the appeal filed by the assessee is allowed and the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2015-16

capital loss despite transaction is not falling under section 94 (7) of the act holding it to be sham and fictitious transaction is devoid of any merit. Accordingly on the merits also, orders of the lower authorities are reversed and ground number 4 – 7 of the appeal are allowed.” 20. We find Jaipur Bench of the Tribunal in the case