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265 results for “capital gains”+ Section 2(47)clear

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Key Topics

Section 143(3)69Section 17156Section 14855Addition to Income52Section 143(2)26Section 10(38)26Deduction26Section 26323Disallowance23Long Term Capital Gains

MANGILAL LAKAHJI CHOWDHARY,,PUNE vs. INCOME-TAX OFFICER, WARD - 3(1),, PUNE

Appeal is partly allowed in above terms

ITA 2791/PUN/2017[2013-14]Status: DisposedITAT Pune23 Sept 2022AY 2013-14

Bench: Shri S.S.Godara & Dr.Dipak P.Ripoteआयकरअपीलसं. / Ita No.2791/Pun/2017 िनधा"रण वष" / Assessment Year: 2013-14

Section 143(3)Section 2(47)Section 269USection 41(1)Section 53A

gains by applying the provisions of section 2(47)(v). [Para 6] According to the assessee the property was not 'transferred' but only given for development. One may refer to the provisions of section 2(47)(v). The importance of the word 'transfer' is due to the reason that under the charging section, viz., section 45, and the capital

RAKESH YASHWANT SHINDE,,PUNE vs. INCOME-TAX OFFICER, WARD - 8(3),, PUNE

Showing 1–20 of 265 · Page 1 of 14

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23
Section 54F22
Section 25021

Appeal is dismissed

ITA 1133/PUN/2018[2014-15]Status: DisposedITAT Pune27 Jul 2022AY 2014-15

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपीलसं. / Ita No.1133/Pun/2018 िनधा"रण वष" / Assessment Year : 2014-15 Rakesh Yashwanth Shinde, The Income Tax Officer, Shop No.24, Rachana Industrial Vs Ward-8(3), Pune. Complex, Telco Road, Bhosari, Pune – 411034. Pan: Aorps 8006F Appellant/ Assessee Respondent /Revenue Assessee By None Revenue By Shri M.G.Jasnani – Dr Date Of Hearing 13/07/2022 Date Of Pronouncement 27/07/2022 आदेश/ Order Per S.S.Godara, Jm: This Assessee’S Appeal For Assessment Year 2014-15 Is Directed Against The Commissioner Of Income Tax(Appeals)-13, Pune’S Order Dated 05.03.2018 Passed In Case No. Cit(A)-13/16- 17/583/617, In Proceedings U/S.143(3) Of The Income Tax Act, 1961 [In Short “The Act”].

Section 143(3)Section 2(47)Section 2(47)(v)Section 271Section 53A

capital gains of Rs.19,10,690/- thereby invoking section 2(47)(v) of the Act, ITA No.1133/PUN/2018 for A.Y. 2014-15 Rakesh

ARUNKUMAR PURSHOTAMLAL KHANNA,PUNE vs. PRINCIPAL COMMISSIONER OF INCOME-TAX (CIRCLE), PUNE

Appeal is partly allowed in above terms

ITA 181/PUN/2021[2015-16]Status: DisposedITAT Pune06 Jul 2022AY 2015-16

Bench: Shri S. S. Godara & Shri Dr. Dipak P. Ripoteआयकर अपीऱ सं. / Ita No.181/Pun/2021 निर्धारण वर्ा / Assessment Year: 2015-16 Arunkumar Purshotamlal Vs. Pcit (Central), Pune. Khanna, Flat No.3123/3124, Clover Palisades, Nibm Road, Kondhwa, Pune- 411048. Pan : Agipk3043K Appellant Respondent

For Appellant: Shri Nikhil S. PathakFor Respondent: Shri Naveen Gupta
Section 143(3)Section 263Section 54Section 54ESection 54F

47,100/-, aggregating to Rs.53,06,200/-. He also claimed cost of alteration/modification of Rs.1,91,37,784/- and investment in 3 capital gains account scheme of Rs.1 crore; respectively. He therefore raised an aggregate section 54F deduction claim amounting to Rs.8,21,97,984/-. Suffice to say, the Assessing Officer accepted disallow the same in his section

VASCON ENGINEERS LTD (SUCCESSOR TO ANGELICA PROPERTIES PVT. LTD.),PUNE vs. ADDITIONAL COMMISSIONER OF INCOME-TAX,, PUNE

The appeals of the assessee are partly allowed

ITA 403/PUN/2015[2010-11]Status: DisposedITAT Pune22 Sept 2022AY 2010-11

Bench: Shri S.S.Viswanethra Ravi, Hon’Ble Jm & Dr. Dipak P. Ripote, Hon’Ble Am आयकरअपीलसं. / Ita No: 403/Pun/2015 िनधा"रणवष" / Assessment Year : 2010-11 Vason Engineers Ltd., Theadditional Commissioner Of (Formerly Angelica Properties Pvt. Vs Income Tax, Range1, Pune. Ltd.,) 301, Phoenix, Opp.Residency Club, Bund Garden Road, Pune – 411037. Pan: Aafca 8644 J Appellant/ Assessee Respondent /Revenue आयकरअपीलसं. / Ita No: 1738/Pun/2016 िनधा"रणवष" / Assessment Year : 2011-12 Angelica Properties Pvt. Ltd., The Deputy Commissioner Of Opp. Grand Hyatt Hotel, Vs Income Tax, Circle-1(1), Pune. Vimannagar, Puune – 411 014. Pan: Aafca 8644 J Appellant/ Assessee Respondent /Revenue Assessee By Shri Dharmesh Shah – Ar Revenue By Shri Naveen Gupta – Dr Date Of Hearing 24/06/2022 Date Of Pronouncement 22/09/2022 आदेश/ Order Per Dr. Dipak P. Ripote, Am: These Two Appeals Filed By The Assessee Are Directed Against The Separate Orders Of Ld.Commissioner Of Income Tax(Appeals)-1, Pune Dated 30.01.2015 & 09.06.2016 For The Assessment Years 2010-11 & 2011-12 Respectively. 2. The Assessee In Ita No.403/Pun/2015 For The A.Y.2010-11 Has Raised Following Grounds Of Appeal: “1. The Ld. Cit(A) Has Erred In Law & In Facts Enhancing The Income From Sale Of ‘Matrix It Building’ By Changing The Head Of Income From Capital Gains To Business Income Without Complying With The Principles Of Natural Justice & Without Giving Any Opportunity Of Hearing.

Section 14A

Section 50C as the valuation report from Departmental Valuer was not received in time.The CIT(A) held the transaction as adventure in the nature of trade and directed AO to treat it as business income. Aggrieved by the same the assessee filed appeal before this tribunal. 21. The CIT(A) had treated the transaction as business activity because the Assessee

M/S. ANGELICA PROPERTIES PRIVATE LTD.,,PUNE vs. DEPUTY COMMISSIONER INCOME-TAX,,

The appeals of the assessee are partly allowed

ITA 1738/PUN/2016[2011-12]Status: DisposedITAT Pune22 Sept 2022AY 2011-12

Bench: Shri S.S.Viswanethra Ravi, Hon’Ble Jm & Dr. Dipak P. Ripote, Hon’Ble Am आयकरअपीलसं. / Ita No: 403/Pun/2015 िनधा"रणवष" / Assessment Year : 2010-11 Vason Engineers Ltd., Theadditional Commissioner Of (Formerly Angelica Properties Pvt. Vs Income Tax, Range1, Pune. Ltd.,) 301, Phoenix, Opp.Residency Club, Bund Garden Road, Pune – 411037. Pan: Aafca 8644 J Appellant/ Assessee Respondent /Revenue आयकरअपीलसं. / Ita No: 1738/Pun/2016 िनधा"रणवष" / Assessment Year : 2011-12 Angelica Properties Pvt. Ltd., The Deputy Commissioner Of Opp. Grand Hyatt Hotel, Vs Income Tax, Circle-1(1), Pune. Vimannagar, Puune – 411 014. Pan: Aafca 8644 J Appellant/ Assessee Respondent /Revenue Assessee By Shri Dharmesh Shah – Ar Revenue By Shri Naveen Gupta – Dr Date Of Hearing 24/06/2022 Date Of Pronouncement 22/09/2022 आदेश/ Order Per Dr. Dipak P. Ripote, Am: These Two Appeals Filed By The Assessee Are Directed Against The Separate Orders Of Ld.Commissioner Of Income Tax(Appeals)-1, Pune Dated 30.01.2015 & 09.06.2016 For The Assessment Years 2010-11 & 2011-12 Respectively. 2. The Assessee In Ita No.403/Pun/2015 For The A.Y.2010-11 Has Raised Following Grounds Of Appeal: “1. The Ld. Cit(A) Has Erred In Law & In Facts Enhancing The Income From Sale Of ‘Matrix It Building’ By Changing The Head Of Income From Capital Gains To Business Income Without Complying With The Principles Of Natural Justice & Without Giving Any Opportunity Of Hearing.

Section 14A

Section 50C as the valuation report from Departmental Valuer was not received in time.The CIT(A) held the transaction as adventure in the nature of trade and directed AO to treat it as business income. Aggrieved by the same the assessee filed appeal before this tribunal. 21. The CIT(A) had treated the transaction as business activity because the Assessee

SMT BEENA SHAMMI CHAUDHARI,PUNE vs. ITO., WARD 6(4), PUNE

In the result, the appeal is allowed

ITA 1849/PUN/2018[2009-10]Status: DisposedITAT Pune17 Feb 2022AY 2009-10

Bench: Shri R.S. Syalनिर्धारण वषा / Assessment Year : 2009-10 Smt. Beena Shammi Chaudhari Vs. Ito, Ward B/3-302, Silver Oak, Florien Estates, 6(4), Pune Kalyani Nagar, Pune – 411014 Pan : Adypc5109R Appellant Respondent Assessee By Shri V.L. Jain Revenue By Shri M.G. Jasnani Date Of Hearing 16-02-2022 Date Of Pronouncement 17-02-2022

Section 148Section 254(1)Section 254(2)

2(47)(v) of the Act with section 53A of the TPA and section 17 and 49 of the Registration Act, before amendment, it transpires that part performance of the contract, subject to fulfilment of the stipulated conditions, amounted to transfer recognised by the Registration Act, giving rise to liability towards capital gain

RAJKAMAL STONE METAL WORKS,AMBEGAON KHURD, DIST. PUNE vs. ACIT CIRCLE 5 PUNE, PUNE

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

ITA 691/PUN/2024[2017-18]Status: DisposedITAT Pune25 Oct 2024AY 2017-18

Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2017-18

For Appellant: Shri Nikhil S PathakFor Respondent: Shri Arvind Desai, Addl. CIT DR
Section 142(1)Section 2(47)Section 45Section 47

capital gains. He also relied on the judgment in the case of JM. Mehta and Sons, 214 ITR Page 716. 6. Section 47 of the Act, deals with transaction not recorded as transfer. Section 47 (ii) of the Act, prior to its deletion, it provided: 1. Nothing contained in Section 45 shall apply to the following provisions 2

MR POPATRAO DASHRATHRAO SURYAWANSHI,PUNE vs. INCOME TAX OFFICER, WARD-7(4), PUNE, PUNE

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

ITA 234/PUN/2024[2017-18]Status: DisposedITAT Pune21 Jan 2026AY 2017-18

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2017-18 Mr. Popatrao Dashrathrao Suryawanshi Ito, Ward 7(4), Pune S.No.38, Tingre Nagar, Havaldar Mala, Vs. Vishrantwadi, Pune – 411015 Pan: Adhps2643F (Appellant) (Respondent) Assessee By : Shri Suhas Bora Department By : Shri Manish Mehta, Addl.Cit Date Of Hearing : 19-01-2026 Date Of Pronouncement : 21-01-2026 O R D E R

For Appellant: Shri Suhas BoraFor Respondent: Shri Manish Mehta, Addl.CIT
Section 142(1)Section 143(2)Section 45(2)Section 54BSection 54F

section 2(47)(iv) and 2(47)(v) of the Act. He submitted that whichever stand one adopts whether conversion into stock or whether transfer of agricultural land, the issue of capital gain

M/S. SUNNYGOLD WINERIES PRIVATE LTD.,,PUNE vs. JOINT COMMISSIONER OF INCOME-TAX,,

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

ITA 703/PUN/2015[2010-11]Status: DisposedITAT Pune18 Jul 2018AY 2010-11

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं. / Ita No.703/Pun/2015 "नधा"रण वष" / Assessment Year : 2010-11

For Appellant: Shri Sunil PathakFor Respondent: Shri Rajeev Kumar, CIT DR
Section 38

section 2(47)(v) r.w.s. 45 of the Act are met and transfer is completed. He also relied on the decision of Hon'ble Bombay High Court in the case of Chaturbhuj Dwarkadas Kapadia Vs. CIT, reported as 260 ITR 491 wherein it has been held that capital gain

DIMPLE RAJESH OSWAL,PUNE vs. INCOME TAX OFFICER WARD 5(1), PUNE

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

ITA 1506/PUN/2025[2016-17]Status: DisposedITAT Pune14 Oct 2025AY 2016-17

Bench: Shri R. K. Pandaassessment Year : 2016-17

For Appellant: Shri Bharat ShahFor Respondent: Ms. Sailee Dhole, JCIT
Section 143(2)Section 143(3)Section 148Section 148ASection 56(2)(vii)

capital gains by invoking the provision of Section 50C of the Act, which was clearly not applicable in the assessees' case.” 8. The similar issue has been considered by ITAT Ranchi Bench in the case of Bajrang Lal Naredi vs. ITO in ITA No. 327/RAN/2018 order dated 20.01.2020. The finding of the Tribunal in paragraph

APPASAHEB BBAURAO LONKAR,,PUNE vs. INCOME-TAX OFFICER, WARD - 4(4),, PUNE

In the result, the appeal of assessee is allowed

ITA 888/PUN/2018[2011-12]Status: DisposedITAT Pune02 Jan 2019AY 2011-12

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.888/Pun/2018 यििाारण वषा / Assessment Year : 2011-12 Appasaheb Baburao Lonkar 562/2, Aaryavart Society, Shivajinagar, अऩीऱाथी/Appellant Pune – 411005 …. Pan: Aagpl9688R Vs. The Income Tax Officer, …. प्रत्यथी / Respondent Ward 4(4) Pune

For Appellant: Shri M.K. KulkarniFor Respondent: Shri Pankaj Garg
Section 143(3)Section 148

capital gains in his hands. 11. Section 2(47) of the Act lays down that transfer in relation to capital

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

Appeal is partly allowed in above terms

ITA 380/PUN/2020[2016/17]Status: DisposedITAT Pune29 Jul 2022

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”].

Section 143(3)Section 14A

2(14) to provide that those equity shares, the sale of which invites payment of STT, will not be considered capital assets. Likewise, the Legislature could have provided in section 47, that the transfer of equity shares on w7hich STT has been paid will not be considered as a ‘transfer’ for the purposes of section

SATISH ZUMBERLAL FIRODIA,,AHMEDNAGAR vs. INCOME TAX OFFICER,, AHMEDNAGAR

In the result, the appeal is partly allowed for statistical

ITA 669/PUN/2017[2011-12]Status: DisposedITAT Pune16 Mar 2022AY 2011-12

Bench: Shri R.S. Syalआयकर अपील सं. / Ita No.669/Pun/2017 "नधा"रण वष" / Assessment Year : 2011-12

Section 2(47)Section 50C

2(47)(v) of the Act with section 53A of the TPA and section 17 and 49 of the Registration Act, before amendment, it transpires that part performance of the contract, subject to fulfilment of the stipulated conditions, amounted to transfer recognised by the Registration Act, giving rise to liability towards capital gain

D.L. KHANDGE,,PUNE vs. INCOME TAX OFFICER,, PUNE

In the result, both the appeals are allowed

ITA 652/PUN/2017[2007-08]Status: DisposedITAT Pune23 Dec 2020AY 2007-08

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhuryassessment Year : 2007-08

Section 148Section 269Section 45Section 50C

gain on the transfer of the capital asset will be subjected to taxation in the A.Y. 2001-02 subject to its computation in accordance with the relevant provisions but without any application of section 50C as this section itself came to be inserted by the Finance Act, 2002 w.e.f. 01-04-2003. 10. Section 2(47

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

ITA 1994/PUN/2024[2020-21]Status: DisposedITAT Pune06 Jan 2025AY 2020-21

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

Section 115JSection 143(3)Section 144BSection 144C(13)Section 144C(5)Section 80

2). The Hon'ble DRP did not adjudicate on this ground on the basis that it is not a variation proposed in the draft order. Further, the Appellant has claimed deduction under section 80-IAB of the Act on Income from Other Sources and Capital Gains in the subsequent assessment years.” Unquote.(emphasis supplied) 3. The Ld.AR admitted that

D vs. DISHTI INDUSTRIES LTD.,, PUNE

In the result, the appeal of the Revenue is partly allowed for

ITA 1277/PUN/2016[2011-12]Status: DisposedITAT Pune25 Jun 2018AY 2011-12

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita No.1277/Pun/2016 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Year : 2011-12 वष"

For Appellant: Shri Hari KrishanFor Respondent: Dr. Vivek Aggarwal
Section 14ASection 2(47)Section 43(1)

section 2(47) of the Act. Accordingly, the AO proceeded to treat the sum of Rs.4,84,34,491/- as capital gain

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

ITA 23/PUN/2019[2015-16]Status: DisposedITAT Pune30 Oct 2023AY 2015-16

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

Section 144ASection 28

gains chargeable to tax in India arose in the hands of Hutchison International, Hong Kong. To neutralize the ratio of the judgment of Hon'ble Supreme Court in Vodafone International, the legislature stepped in and carried out certain statutory amendments, including altering the definition of ‗capital asset‘ u/s 2(14), the definition of ‗transfer‘ u/s 2(47) and insertion

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

ITA 182/PUN/2019[2015-16]Status: DisposedITAT Pune30 Oct 2023AY 2015-16

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

Section 144ASection 28

gains chargeable to tax in India arose in the hands of Hutchison International, Hong Kong. To neutralize the ratio of the judgment of Hon'ble Supreme Court in Vodafone International, the legislature stepped in and carried out certain statutory amendments, including altering the definition of ‗capital asset‘ u/s 2(14), the definition of ‗transfer‘ u/s 2(47) and insertion

JAYANT PROMOTERS LLP (EARLIER JAYANT PROMOTERS PVT.LTD),,PUNE vs. PR. COMMISSIONER OF INCOME-TAX -6,, PUNE

Appeal is dismissed

ITA 1243/PUN/2018[2015-16]Status: DisposedITAT Pune28 Sept 2022AY 2015-16

Bench: Shri S.S.Godara & Shri Inturi Rama Raoआयकर अपीलसं. / Ita No.1243/Pun/2018 िनधा"रणवष" / Assessment Year : 2015-16 Jayant Promoters Llp (Earlier The Principal Commissioner Jayant Promoters Pvt. Ltd.,), Vs Of Income Tax, Pune – 6. Khandelwal Jain & Associates, . Alankar Cinema Building, 1St Floor, Above United Bank, Punbe – 411001. Pan: Aaccj 1265 H Appellant/ Assessee Respondent /Revenue Assessee By Shri Sarvesh Khandelwal & R G Nahar – Ar Revenue By Shri Sunil Kumar – Dr Date Of Hearing 06/09/2022 Date Of Pronouncement 28/09/2022 आदेश/ Order Per S.S.Godara, Jm: This Assessee’S Appeal For Assessment Year 2015-16 Is Directed Against The Principle Commissioner Of Income Tax-6, Pune’S Order No.Pn/Pcit-6/263/2018-19 Dated 30/05/2018, In Proceedings U/S.263 Of The Income Tax Act, 1961 [In Short “The Act”].

Section 263

capital gain at a lower amount. The reason being this, as per assessee’s own submission the sale consideration received is a composite cost of the flat and furniture and fixture thereto. The sale consideration received is Rs. 28,63,00,000/-. If the cost of furniture and fixture of Rs. 2,47,67,629/- is deducted from the sale

BALASAHEB POPATRAO PHADOL, NASHIK,NASHIK vs. INCOME TAX OFFICER, WARD-1(2) NASHIK, NASHIK

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

ITA 891/PUN/2023[2012-13]Status: DisposedITAT Pune09 Apr 2025AY 2012-13

Bench: Shri Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.891/Pun/2023 िनधा"रण वष" / Assessment Year : 2012-13 Balasaheb Popatrao Phadol, Vs. Ito, Ward-1(2), Nashik. Vaishnav Niwas, Phadol Mala, At Post Ambad, Nashik- 422010. Pan : Apipp8834L Appellant Respondent Assessee By : Shri R. P. Dhaware (Virtual) Revenue By : Ms. Shilpa N. C. Date Of Hearing : 20.01.2025 Date Of Pronouncement : 09.04.2025 आदेश / Order Per Vinay Bhamore, Jm: This Appeal Filed By The Assessee Is Directed Against The Order Dated 14.06.2023 Passed By Ld. Cit(A)/Nfac For The Assessment Year 2012-13. 2. The Appellant Has Raised The Following Ground Of Appeal :- “1. The Development Agreement Was Executed In The Ay 2012-13 & Supplementary Agreement Was Executed In The Ay 2013-14. No Sale Of Flats In The Year Of Assessment Order. Only Development Agreement Was Not Transfer U/S 2(47). Commencement Certificate Was Received In The Assessment Year 2013-2014.”

For Appellant: Shri R. P. Dhaware (Virtual)For Respondent: Ms. Shilpa N. C
Section 143(2)Section 143(3)Section 148Section 2(47)

capital gains income had arisen to assessee on transfer of development rights in its land to a developer, since assessee had merely granted licence to permit construction on land to such developer but not given any possession in land as contemplated under section 53A of T.P. Act, 1882, there was no transfer as per section 2(47