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

32 share broking\nentities who have accepted that they were actively involved in bogus long term\ncapital gain / short term capital gain scam. He submitted that one such action was\ncarried out in the case of M/s PFLIL, a Hyderabad based company on which\nsurvey u/s 133A was carried out by the department and subsequent actions\nrevealed that the shares

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

32 share broking\nentities who have accepted that they were actively involved in bogus long term\ncapital gain / short term capital gain scam. He submitted that one such action was\ncarried out in the case of M/s PFLIL, a Hyderabad based company on which\nsurvey u/s 133A was carried out by the department and subsequent actions\nrevealed that the shares

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 earned on said transaction could not be treated as unaccounted income under section 68. 30. Referring to the decision of the Hon'ble Bombay High Court in the case of Principal Commissioner of Income Tax-3 Vs Ziauddin A Siddique, ITA No.2012 of 2017, dated 04-03-2022, he submitted that the Hon’ble High Court

JAYNT VASUDEO ARADHYE,SOLAPUR vs. DCIT, CIRCLE-1, SOLAPUR, SOLAPUR

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

Bench: Shri R. K. Panda & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.683/Pun/2024 िनधा"रण वष" / Assessment Year: 2022-23 Jaynt Vasudeo Aradhye, Vs. Dcit, Circle-1, Solapur. Villa No.25, Indradhanu, Laxmi Peth, Vishnu Mill Compound, Solapur- 413001. Pan : Aappa8903M Appellant Respondent Assessee By : Shri Deepak Chintaman Gadgil Revenue By Shri Ramnath P. Murkunde : Date Of Hearing 06.08.2024 : Date Of Pronouncement : 21.10.2024 आदेश / Order Per Vinay Bhamore, Jm: This Appeal Filed By The Assessee Is Directed Against The Order Dated 07.02.2024 Passed By Ld. Addl./Jcit(A)-1, Coimbatore For The Assessment Year 2022-23 2. The Appellant Has Raised The Following Grounds Of Appeal :- “I. The Cpc Was Not Correct Both Factually & Legally In Not Considering The Claim Of Brought Forwarded Short Term Capital Loss Of Rs 27,78,028/-. 11. Section 143(1) As It Stands On The Statute Books As On Today, Does Not Permit Either Cpc Or The Ao To Make Such Adjustments As They Are Beyond The Scope Of The Said Section.

32, except clause (iia) of sub-section (1) of the said section, determined in such manner as may be prescribed; and 4 (iv) without any exemption or deduction for allowances or perquisite, by whatever name called, provided under any other law for the time being in force. (3) The loss and depreciation referred to in clause (ii) of sub- section

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

32,668 closing WIP of Rs.396,30,86,527 CENVAT credit of\nRs.10,54,94,659) on cost of sales (construction) during the year and it is exclusive\nof finance cost. Further, It is noticed that the assessee had debited entire interest\nexpenses of Rs.32,30,50,317 in profit and loss account ie the same was netted\nagainst revenue

NAWAB PASHASAHEB JAMADAR,LATUR vs. THE INCOME TAX OFFICER, WARD-1, LATUR

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

Bench: Shri R.S. Syalआयकर अपीऱ सं. /Ita No.731/Pun/2023 निर्धारण वषा / Assessment Year : 2014-15 Nawab Pashasaheb Jamadar, Vs. Ito, Ward-1, Global Panacea Hospital, Latur Gross Golden Jubilee, B-Block, Mahaeboob Nagar, Ambajogai Road, Latur – 413 512, Maharashtra Pan : Aaopj3902E Appellant Respondent

capital gain is computed under section 50(2) by considering the sale price of the assets transferred during the year as reduced by the opening written down value and the addition made during the year. 6. The claim of the assessee is that he started construction of new hospital-cum-residential building on which a sum of Rs.78.39 lakh

SUN INFRASTRUCTURES PRIVATE LIMITED,NASHIK vs. INCOME TAX OFFICER, WARD-2(1), NASHIK, NASHIK

In the result, the appeal of the assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

1) 32[or sub-section (3)] of section 7433[or sub- section (3) of section 74A]. Section 139 (3) - If any person who 13[***] has sustained a loss in any previous year under the head "Profits and gains of business or profession" or under the head "Capital

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

32 ITR 687 (SC). Considering the facts of the case and legal position as discussed above, it is held that the appellant fully satisfied the conditions for availing exemption u/s. 54 of the Act in respect of the long term capital gains on sale of residential property. The AO is directed to allow deduction of Rs.2,26,33,135/- claimed

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 amounting to Rs.2,57,47,042/-. Assessee relied on the decision of Hon’ble Supreme Court in the case of CIT-I Vs. Reliance Energy Ltd.(supra) [2022] 441 ITR 346 (SC). The Dispute Resolution Panelheld that there is no variation proposed in the Draft Assessment Order with reference to Assessee’s claim of deduction under section 80IAB

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

32 share broking\nentities who have accepted that they were actively involved in bogus long term\ncapital gain / short term capital gain scam. He submitted that one such action was\ncarried out in the case of M/s PFLIL, a Hyderabad based company on which\nsurvey u/s 133A was carried out by the department and subsequent actions\nrevealed that the shares

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

1), 11(4)\nand 11B of the SEBI Act, 1992 and section 12A of the Securities Contracts\n(Regulation) Act, 1956] has clearly held that Shri Vijay Kumar Jain has been\ninvolved in the manipulation of the share price of this listed company and has\nmanipulated so as to utilize this scrip to arrange entry of bogus long term capital

SATARA ENGINEERING PROJECTS AND EQUIPMENTS PRIVATE LIMITED,SATARA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE, SATARA, SATARA

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

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.2450/Pun/2025 Assessment Year : 2024-25

gains derived from transfer of a capital asset on which no depreciation is allowable under the Act shall be computed at the rate of twenty-two per cent: Provided also that where the person fails to satisfy the conditions contained in sub-section (2) in any previous year, the option shall become invalid in respect of the assessment year relevant

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

1)(i). When we examine the factual matrix under consideration in the hue of the judgment in Vodafone International, it becomes overt that the facts of both the cases are poles apart. In that case, the question was whether the shares of the foreign company, deriving value from assets situated in India, would constitute ‗capital asset‘ in India

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

1)(i). When we examine the factual matrix under consideration in the hue of the judgment in Vodafone International, it becomes overt that the facts of both the cases are poles apart. In that case, the question was whether the shares of the foreign company, deriving value from assets situated in India, would constitute ‗capital asset‘ in India

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), PUNE vs. M/S. BILCARE LIMITED, PUNE

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

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.273/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 Dcit, Central Circle-2(2), Vs. M/S. Bilcare Limited, Pune. 601, Icc Trade Tower, Pune- 411016. Pan : Aabcb2242F Appellant Respondent आयकर अपीऱ सं. / Ita No.334/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 M/S. Bilcare Limited, Vs. Dcit, Central Circle- 6Th Floor, B Wing, Icc 2(2), Pune. Trade Tower, Senapati Bapat Road, Pune- 411006. Pan : Aabcb2242F Appellant Respondent

gain, if any, shall be determined in such manner as may be prescribed1.] 2 [Explanation.—For the purposes of this section, reduction of the amount of goodwill of a business or profession, from the block of asset in accordance with sub-item (B) of item (ii) of sub-clause (c) of clause (6) of section 43 shall be deemed

M/S. BILCARE LIMITED,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), PUNE

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

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.273/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 Dcit, Central Circle-2(2), Vs. M/S. Bilcare Limited, Pune. 601, Icc Trade Tower, Pune- 411016. Pan : Aabcb2242F Appellant Respondent आयकर अपीऱ सं. / Ita No.334/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 M/S. Bilcare Limited, Vs. Dcit, Central Circle- 6Th Floor, B Wing, Icc 2(2), Pune. Trade Tower, Senapati Bapat Road, Pune- 411006. Pan : Aabcb2242F Appellant Respondent

gain, if any, shall be determined in such manner as may be prescribed1.] 2 [Explanation.—For the purposes of this section, reduction of the amount of goodwill of a business or profession, from the block of asset in accordance with sub-item (B) of item (ii) of sub-clause (c) of clause (6) of section 43 shall be deemed

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

capital gain from sale of shares of NITSL and the assessee had replied to the same, the details of which are already reproduced in the preceding paragraphs. We find the Assessing Officer, after considering the various submissions filed by the assessee from time to time, has completed the assessment. 32. We find an identical issue had come up before

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

capital gain from sale of shares of NITSL and the assessee had replied to the same, the details of which are already reproduced in the preceding paragraphs. We find the Assessing Officer, after considering the various submissions filed by the assessee from time to time, has completed the assessment. 32. We find an identical issue had come up before