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 gains arising out of sale of different shares as fair and transparent by submitting records of purchase bills, sale bills, demat statement etc., same not being earned from bogus companies was eligible for exemption under section 10(38). 27

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

capital gain\nclaimed during the year, for which the appellant has taken strong objection in his\nwritten submission. After carefully considering the information/details/ documentary\nevidence furnished by the appellant at the assessment stage, I am convinced that the\nappellant has provided all the required details to substantiate his claim of LTCG\nduring the year under consideration.\n\n8.3 The assessing

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

27-6-2016 Deed enclosed) 9. Consideration received Rs.3,62,50,000 10. Long-term Capital [9-6-7] Rs.2,26,33,135 Property Purchased (i) Date of purchase 29-7-2016 (ii) Details of the new asset Plot no.475, Anand Nagar Sahakari, (Purchase deed enclosed) Gruharchana Sanshta (iii) Consideration paid stamp Rs.1,57,78,000 duty & etc. (iv) Amount

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

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

capital gain, if any, is liable to tax. 23. We find some force in the above arguments of the Ld. Counsel for the assessee. The Hon’ble Bombay High Court in the case of CIT vs. Pruthvi Brokers & Shareholders (supra) has held that an assessee is entitled to raise not merely legal submissions before the appellate authorities but is also

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

gains on transfer of such shares; and the remaining amount towards negative covenants should be taxed as business income u/s 28(va) of the Act. Needless to say, the assessee will be provided a reasonable opportunity of hearing. 27. The next issue taken up by the assessee in his appeal is against confirmation of disallowance of Rs.16,86,377/- made

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

gains on transfer of such shares; and the remaining amount towards negative covenants should be taxed as business income u/s 28(va) of the Act. Needless to say, the assessee will be provided a reasonable opportunity of hearing. 27. The next issue taken up by the assessee in his appeal is against confirmation of disallowance of Rs.16,86,377/- made

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)

section 143(3) dated 28/12/2016 passed by the Assessing Officer is bad in law and the Commissioner of Income Tax(Appeals)-1. Nashik has erred in confirming the same. 8. The Assessee appeals to grant any relief that may be due to the Assessee under the Income Tax Act, 1961. 9. The appellant craves leave to add, amend or alter

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

27,24,855/- Please give the details of Capital Gains Earned by him i.e. Name of Asset, Date of Purchase, Cost of Purchase, Date of Sale of Asset, Amount of Sale and copies of Relevant Pass Books. Ans. In A.Y. 2010-11, I have purchase the 2,50,000 shares of Rs.10 each of S.V. Electricals

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

27,24,855/- Please give the details of Capital Gains Earned by him i.e. Name of Asset, Date of Purchase, Cost of Purchase, Date of Sale of Asset, Amount of Sale and copies of Relevant Pass Books. Ans. In A.Y. 2010-11, I have purchase the 2,50,000 shares of Rs.10 each of S.V. Electricals

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

27,24,855/- Please give the details of Capital Gains Earned by him i.e. Name of Asset, Date of Purchase, Cost of Purchase, Date of Sale of Asset, Amount of Sale and copies of Relevant Pass Books. Ans. In A.Y. 2010-11, I have purchase the 2,50,000 shares of Rs.10 each of S.V. Electricals

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

27,24,855/- Please give the details of Capital Gains Earned by him i.e. Name of Asset, Date of Purchase, Cost of Purchase, Date of Sale of Asset, Amount of Sale and copies of Relevant Pass Books. Ans. In A.Y. 2010-11, I have purchase the 2,50,000 shares of Rs.10 each of S.V. Electricals

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

27,24,855/- Please give the details of Capital Gains Earned by him i.e. Name of Asset, Date of Purchase, Cost of Purchase, Date of Sale of Asset, Amount of Sale and copies of Relevant Pass Books. Ans. In A.Y. 2010-11, I have purchase the 2,50,000 shares of Rs.10 each of S.V. Electricals

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

27,24,855/- Please give the details of Capital Gains Earned by him i.e. Name of Asset, Date of Purchase, Cost of Purchase, Date of Sale of Asset, Amount of Sale and copies of Relevant Pass Books. Ans. In A.Y. 2010-11, I have purchase the 2,50,000 shares of Rs.10 each of S.V. Electricals

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

27,24,855/- Please give the details of Capital Gains Earned by him i.e. Name of Asset, Date of Purchase, Cost of Purchase, Date of Sale of Asset, Amount of Sale and copies of Relevant Pass Books. Ans. In A.Y. 2010-11, I have purchase the 2,50,000 shares of Rs.10 each of S.V. Electricals

SHEELA DEEPAK GUNDECHA,PUNE vs. ITO WARD 2(1), PUNE

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

Bench: Dr.Manish Borad

27,468/-. However, now since the claim of indexed cost of improvement has been reduced, the net capital gain prior to claim of deduction u/s.54 of the Act comes to Rs.27,65,049/-. The assessee’s claim u/s.54 of the Act was denied by the lower authorities on the ground that there were some litigations going on for the residential

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

27,24,855/-\nAns. Please give the details of Capital Gains Earned by him i.e. Name of\nAsset, Date of Purchase, Cost of Purchase, Date of Sale of Asset,\nAmount of Sale and copies of Relevant Pass Books.\nIn A.Y. 2010-11, I have purchase the 2,50,000 shares of Rs.10 each\nof S.V. Electricals

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)

Capital Gains under section 80IAB of the Act in the Return of Income and in the Form No.10CCB. Ld.DR for the Revenue took us through the relevant pages of the Return of Income. Ld.DR relied on section 80A(5) of the Income Tax Act. Ld.DR submitted that conjoint reading of Section 80A(5) and Section 80AC makes it clear that

ADVIK HI TECH PVT LTD,PUNE vs. DY.COMM.OF INCOME TAX, CIRCLE 8, PUNE, AKURDI PUNE

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

Bench: Shri R. K. Panda & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.1158/Pun/2023 िनधा"रण वष" / Assessment Year : 2020-21 Advik Hi Tech Pvt. Ltd., Vs. Dcit, Circle-8, Pune. Gat No.357, Plot No.99, Village- Kharabwadi, Tal.- Khed, Chakan- 410501. Pan : Aacca3106E Appellant Respondent आयकर अपील सं. / Ita No.1330/Pun/2023 िनधा"रण वष" / Assessment Year : 2020-21 Dcit, Circle-8, Pune. Vs. Advik Hi Tech Pvt. Ltd., Gat No.357, Plot No.99, Village- Kharabwadi, Tal.- Khed, Chakan- 410501. Pan : Aacca3106E Appellant Respondent Assessee By : Shri Sharad A. Shah & Shri Rohit S. Tapadiya Revenue By : Shri Amol Khairnar Date Of Hearing : 21.11.2024 Date Of Pronouncement : 18.02.2025 आदेश / Order Per Vinay Bhamore, Jm: These Cross Appeals Filed By The Assessee As Well As By The Revenue Are Directed Against The Order Dated 16.10.2023 Passed By Ld.Cit(A)/Nfac For The Assessment Year 2020-21 Respectively.

Section 43AA of the Act as was correctly done by the AO.” 20. In ground no.4, the Revenue has challenged the direction of Ld. CIT(A)/NFAC to tax the foreign gain of Rs.52,44,688/- as capital gains instead of normal income as held by the AO. In the preceding paragraphs while deciding the appeal of the assessee