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

Appeal is dismissed in above terms

section 10(38) of the Income Tax Act, 1961, with effect from 01.04.2005. The shares on which this LTCG is shown are usually the penny stocks whose prices can be easily manipulated 6 Sangeeta B. Mangrule A,Y. 2015-16 by few unscrupulous brokers in connivance with entry operators, to provide the beneficiaries with tax exempt long-term capital gain/short

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

capital gain earned on said transaction could not\nbe treated as unaccounted income under section 68.\n\n34. He submitted that the above decisions collectively emphasize that the\nAssessing Officer must conduct independent enquiries and provide specific\nevidence linking the assessee to any alleged bogus transactions rather than relying\n\nsolely on generalized investigation reports and third party statements

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

capital gain earned on said transaction could not\nbe treated as unaccounted income under section 68.\n\n34. He submitted that the above decisions collectively emphasize that the\nAssessing Officer must conduct independent enquiries and provide specific\nevidence linking the assessee to any alleged bogus transactions rather than relying\n\n32\nITA Nos.1555/PUN/2024 & Ors\nCO Nos.2 to 5/PUN/2025\nsolely

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

capital gain of Rs. 85,38,145/- as exempted from sale of shares of YICL. 5.3.1 It is further seen from the Investigation report that in this scheme, the shares of the penny stock companies are acquired by the beneficiaries of LTCG at very low prices through the route of preferential allotment and off market transactions, then granting the bonus

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

capital gain earned on said transaction could not\nbe treated as unaccounted income under section 68.\n\n34. He submitted that the above decisions collectively emphasize that the\nAssessing Officer must conduct independent enquiries and provide specific\nevidence linking the assessee to any alleged bogus transactions rather than relying\nsolely on generalized investigation reports and third party statements. He\nsubmitted

POONAWALLA SHARES & SECURITIES PVT.LTD,PUNE vs. ASSISTANT COMMISSIONER OF WEALTH-TAX, CIRCLE-4, PUNE

Appeal is partly allowed in above terms

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपीलसं. / Ita No.380/Pun/2020 िनधा"रण वष" / Assessment Year : 2016-17 Poonawalla Shares & Securities The Assistant Pvt. Ltd., Vs Commissioner Of Income 16-B,/1, Sarosh Bhavan, Tax, Dr.Ambedkar Road, Circle-4, Pune. Pune – 411001 Pan: Aaacp 6087 H Appellant/ Assessee Respondent /Revenue Assessee By Shri Percy Pardiwala – Ar Revenue By Shri M.G.Jasnani – Dr Date Of Hearing 08/07/2022 Date Of Pronouncement 29/07/2022 आदेश/ Order Per S.S.Godara, Jm: This Assessee’S Appeal For Assessment Year 2016-17 Is Directed Against The Commissioner Of Income Tax(Appeals)-3, Pune’S Order Dated 11.12.2019 Passed In Case No.Pn/Cit(A)-3/Cir 4/193/2018-19/428, In Proceedings U/S.143(3) Of The Income Tax Act, 1961 [In Short “The Act”].

154, for any assessment year beginning on or before the 1st day of April, 2001.]” 5.5 If the provisions of law contained under section 14A and diction of section 14A is perused, it is clear that section 14A codifies the well accepted principle of taxation that if an income is not taxable, no expenditure in relation to such income

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

154 rectification dated 11.06.2014. Suffice to say, we note that not only the CIT(A)’s detailed discussion in paras 10.3 to 10.3.5 has expressed agreement with the assessee’s contentions on all factual as well as legal aspects including that of “satisfaction” u/s. 14A (2) of the Act but also he concludes that the same ITA Nos. 2016 & 1694/PN/2017

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

154 rectification dated 11.06.2014. Suffice to say, we note that not only the CIT(A)’s detailed discussion in paras 10.3 to 10.3.5 has expressed agreement with the assessee’s contentions on all factual as well as legal aspects including that of “satisfaction” u/s. 14A (2) of the Act but also he concludes that the same ITA Nos. 2016 & 1694/PN/2017

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

154 rectification dated 11.06.2014. Suffice to say, we note that not only the CIT(A)’s detailed discussion in paras 10.3 to 10.3.5 has expressed agreement with the assessee’s contentions on all factual as well as legal aspects including that of “satisfaction” u/s. 14A (2) of the Act but also he concludes that the same ITA Nos. 2016 & 1694/PN/2017

HREYANSH VASUNDHARA FAMILY TRUST,PUNE vs. INCOME TAX OFFICER, WARD-7(1), PUNE, PUNE

In the result, the appeal of the assessee is allowed

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

section 154 of the Act, dated 19.10.2023 wherein partial relief is granted and surcharge is levied at the rate of 15% on income of Rs. 18,63,72,224/- (viz. short-term capital gains

HREYANSH VASUNDHARA FAMILY TRUST,PUNE vs. INCOME TAX OFFICER, WARD-7(1), PUNE, PUNE

In the result, the appeal of the assessee is allowed

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

section 154 of the Act, dated 19.10.2023 wherein partial relief is granted and surcharge is levied at the rate of 15% on income of Rs. 18,63,72,224/- (viz. short-term capital gains

ANU AGA FAMILY DISCRETIONARY TRUST,PUNE vs. INCOME TAX OFFICER, WARD 7(1), PUNE

In the result, the appeal of the assessee is allowed

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

section 154 of the Act dated 07.08.20223, the Ld. AO/CPC computed surcharge @ 15% on (a) short term capital gains under

SARIKA AMIT SANAP,,AURANGABAD vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 3,, AURANGABAD

In the result, assessee‟s appeal is dismissed

capital gains from the transactions which she claimed as exempt from taxation u/s 10 clause (38) of the Act. This entire edifice was absolutely a colourable device to give the colour of genuineness of these transactions to which she was successful in bringing back her own unaccounted cash into her books without the need to pay any taxes

DEPUTY COMMISSIONER OF INCOME-TAX vs. SHRI MAHESH DANABHAI PATEL,, NASHIK

In the result, appeal of the Revenue is dismissed

Bench: Shri Anil Chaturvedi, Am & Shri Vikas Awasthy, Jm आयकर अपील सं. / Ita No. 1534/Pun/2015 "नधा"रण वष" / Assessment Year : 2012-13

capital gain arising from sale of aforesaid land. The ld. DR submitted that for claiming benefit of deduction 4 A.Y. 2012-13 u/s. 54B, it is mandatory that the land is used for agricultural purpose in the two years immediately preceding the date on which transfer of such land took place. And agricultural activities should have been carried out either

RAJARSHI SHAHU SHIKSHAN SANSTHA INAM DHAMANI,SANGLI vs. ITO EXEMPTION, KOLHAPUR, KOLHAPUR

In the result, all the appeals filed by the assessee are partly allowed as per terms indicated hereinabove

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1121 To 1126/Pun/2024 Assessment Years : 2012-13 To 2017-18

capital gain under section 54 was examined by the Assessing Officer. (2) Undisputedly, however, the claim of the assessee was under section 54 and not 54E of the Act. (3) The Assessing Officer in the reasons recorded desired to disallow the claim on the ground that as required under section 54E of the Act, the assessee did not invest

RAJARSHI SHAHU SHIKSHAN SANSTHA INAM DHAMANI,SANGLI vs. ITO EXEMPTION, KOLHAPUR, KOLHAPUR

In the result, all the appeals filed by the assessee are partly allowed as per terms indicated hereinabove

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1121 To 1126/Pun/2024 Assessment Years : 2012-13 To 2017-18

capital gain under section 54 was examined by the Assessing Officer. (2) Undisputedly, however, the claim of the assessee was under section 54 and not 54E of the Act. (3) The Assessing Officer in the reasons recorded desired to disallow the claim on the ground that as required under section 54E of the Act, the assessee did not invest

RAJARSHI SHAHU SHIKSHAN SANSTHA INAM DHAMANI,SANGLI vs. ITO EXEMPTION, KOLHAPUR

In the result, all the appeals filed by the assessee are partly allowed as per terms indicated hereinabove

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1121 To 1126/Pun/2024 Assessment Years : 2012-13 To 2017-18

capital gain under section 54 was examined by the Assessing Officer. (2) Undisputedly, however, the claim of the assessee was under section 54 and not 54E of the Act. (3) The Assessing Officer in the reasons recorded desired to disallow the claim on the ground that as required under section 54E of the Act, the assessee did not invest

BHAGWAN RAGHUNATH PATHARE,,PUNE vs. INCOME-TAX OFFICER, WARD - 7(3),, PUNE

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

154 ITR 148 on colourable devices and provisions of Income-tax applicable in the case. 5 The Assessing Officer noted that the solitary question for consideration was whether Shri Bhagwan Pathare was the sole owner of the land or whether his sons, daughter-in-law, grandsons and grand-daughters were entitled for sales consideration. The Assessing Officer observed from