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

gain. 5. Sub section (3) of section 70 is reproduced below: Where the result of the computation made for any assessment year under sections 48 to 55 in respect of any capital

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

gain. 5. Sub section (3) of section 70 is reproduced below: Where the result of the computation made for any assessment year under sections 48 to 55 in respect of any capital

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

gain. 5. Sub section (3) of section 70 is reproduced below: Where the result of the computation made for any assessment year under sections 48 to 55 in respect of any capital

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

The appeals of the assessee are partly allowed

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.

5. The ld.CIT(A) also held that since the income is assessed as Business Income, section 50C will not be applicable. The CIT(A) also gave direction in the order for AY 2010-11 to assess the balance consideration in AY 2011-12 as business income and not as capital gain

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

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.

5. The ld.CIT(A) also held that since the income is assessed as Business Income, section 50C will not be applicable. The CIT(A) also gave direction in the order for AY 2010-11 to assess the balance consideration in AY 2011-12 as business income and not as capital gain

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

Appeal is dismissed in above terms

section 10(38) exemption of long capital gain to the assessee amounting to Rs.23,72,323/-. The CIT(A)’s detailed discussion confirming the impugned addition on account of bogus long term capital gains as under: “5

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

Appeal is partly allowed in above terms

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

section 41(1) - cession of liability addition of Rs.50,000/- representing deposits received from M/s. Shubha Associates keeping in mind the smallness of the amount. Rejected accordingly. 5. Lastly comes the long term capital gains

PRADIP PRANLAL SHAH,PUNE vs. AU NATIONAL E-ASSESSMENT CENTRE DELHI, DELHI

Appeal is allowed

Bench: Shri R.K. Panda & Shri S.S. Godara

capital gains of Rs.53.90 lakhs in his hands, in the course of assessment framed on 17.02.2021 as upheld in the lower appellate discussion reading as follows : 3 4 5 6 7 5. We wish to make it clear at the outset that the assessee has stated in very fair terms that he had never claimed any section

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

capital gain earned on said transaction could not be treated as\nunaccounted income under section 68. The relevant observations of the Hon'ble\nHigh Court read as under:\n\n\"5

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

capital gain earned on said transaction could not be treated as\nunaccounted income under section 68. The relevant observations of the Hon'ble\nHigh Court read as under:\n\n\"5

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

gains, being generated on account of sham transaction. 5. The amount of capital loss has been adjusted by the assessee against business income. Assessee is one of the beneficiaries of this arranged Sham Transactions and its claim of dividend income and business loss is required to be disallowed / taxed accordingly as per computation as under: Particulars Amount (in Rs.) Redeemed

RAJANI PRAKASH KASHID,KOLHAPUR vs. ITO, WARD 1(4), KOLHAPUR, KOLHAPUR

In the result, the appeal of assessee is allowed

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

5 ITA No.608/PUN/2024, AY 2011-12 absence of cost of acquisition, capital gain cannot be computed. We, therefore, find merit in the arguments advanced by the Ld. AR that since the machinery provision for computing capital gain fails, no capital gain tax liability would arise on transfer of Inam land by the assessee in the relevant AY. 9. We find

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

AJINKYA ELECTROMELT PVT. LTD.,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

In the result, appeal of assessee is allowed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.891/Pun/2016 यििाारण वषा / Assessment Year : 2007-08 Ajinkya Electromelt Pvt. Ltd., Khandelwal Jain & Associates, Alankar Cinema Building, 1St Floor, Above United Bank, अऩीऱाथी/Appellant Pune – 411001 …. Pan: Aabca5142M Vs. The Dy. Commissioner Of Income Tax, …. प्रत्यथी / Respondent Circle-8, Pune

section 143(3) of the Income Tax Act 1961 (in short the ‘Act’). 2. The assessee has raised the following ground of appeal:- 1. On facts and circumstances prevailing in the case and as per provisions & scheme of the Act it be held that, the amount of Rs.22,90,531/- considered by the Assessing Officer as assessable under the head

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

5 (SC), he submitted that the Hon'ble Supreme Court in the said decision has dismissed the SLP filed against the order of Hon’ble High Court that where Assessing Officer denied exemption claimed by the assessee under section 10(38) on long term capital gain

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

capital gain earned on said transaction could not be treated as\nunaccounted income under section 68. The relevant observations of the Hon'ble\nHigh Court read as under:\n\n\"5

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”].

section 5 of the Business Profits Tax Act took out of the ambit of the Act merely 'income, profits or gains' of a business in an Indian State and did not exclude the business itself. Accordingly, the Supreme Court held that the loss suffered by the assessee in the pharmaceutical business carried on outside British India had to be deducted

M/S. CHAKRABARTY MEDICAL CENTRE,,PUNE vs. INCOME-TAX OFFICER,,

In the result, appeal of assessee is allowed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.1137/Pun/2016 यििाारण वषा / Assessment Year : 2008-09 M/S. Chakrabarty Medical Centre, C-802, Palmdale, California Apartments, Nibm, Undri Road, अऩीऱाथी/Appellant Pune – 411060 …. Pan: Aabfc5809Q Vs. The Income Tax Officer, …. प्रत्यथी / Respondent Ward 1, Ahmednagar अऩीऱाथी की ओर से / Appellant By : Shri Nikhil Pathak प्रत्यथी की ओर से / Respondent By : Shri Sanjeev Ghei

capital gain on the gain arising from transfer of said asset was a bonafide claim made by the assessee, especially taking into consideration the 9 M/s. Chakrabarty Medical Centre fact that gain arising therefrom has been declared by the partners in their individual hands. In such circumstances, the assessee cannot be held to have concealed particulars of income