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

In the result, all the above 6 appeals filed by the Revenue are dismissed and

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

8 of the impugned order that the appellant did not submit the complete details of scrip-wise computation of capital gain claimed during the year, for which the appellant has taken strong objection in his written submission. After carefully considering the information/details/ documentary evidence furnished by the appellant at the assessment stage, I am convinced that the appellant has provided

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.

8. Further, in the literal sense, even there is no enhancement. On sale of the Matrix building, the AO has assessed at Long Term Capital Gain of Rs. (-) 4,10,30,399/- and Short Term capital gains of Rs. 9,89,70,961/-, while the CIT(A) assessed it at Business income of Rs. 1,79,78,415 only. Therefore

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.

8. Further, in the literal sense, even there is no enhancement. On sale of the Matrix building, the AO has assessed at Long Term Capital Gain of Rs. (-) 4,10,30,399/- and Short Term capital gains of Rs. 9,89,70,961/-, while the CIT(A) assessed it at Business income of Rs. 1,79,78,415 only. Therefore

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

In the result, all the above 6 appeals filed by the Revenue are dismissed and

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

8 of the impugned order that the appellant did not submit the complete details of scrip-wise computation of capital gain claimed during the year, for which the appellant has taken strong objection in his written submission. After carefully considering the information/details/ documentary evidence furnished by the appellant at the assessment stage, I am convinced that the appellant has provided

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 prescribes that 'any profits or gains arising from the transfer of a capital asset effected in the previous year 8

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. I have duly considered the submissions of the appellant. The brief facts of the case are that the appellant is engaged

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

In the result, all the above 6 appeals filed by the Revenue are dismissed and

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

8 of the impugned order that the appellant did not submit the complete details of scrip-wise computation of capital gain claimed during the year, for which the appellant has taken strong objection in his written submission. After carefully considering the information/details/ documentary evidence furnished by the appellant at the assessment stage, I am convinced that the appellant has provided

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

Appeal is allowed

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

section 2(14) of the 8 Act to assess the foregoing sale consideration as his long term capital gains as upheld

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

capital gains. By Finance Act, 1987m w.e.f. April 1st, 1988, the amended section 55 of the Act only ropes in taxability of goodwill on transfer of the same even if there is no cost of acquisition. Similarly, section 55 has been amended from time to time to enable taxability of other assets wherein no cost of acquisition is envisaged. Therefore

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

section 10(38) in respect of long term capital gain earned on the sale of shares of M/s Yamini Investment Company Limited by relying on the various irrelevant information mentioned in the assessment order which are not relevant for the transactions carried out through well managed and approved stock exchange wherein the prices are driven by various economic conditions, volume

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

8. Ground No.5 is in respect of addition of Rs.2,15,37,986/- on account of disallowance of setting off capital gain derived from sale of land against capital loss pertaining to sale of shares of Paioli Meccanica SPA, Italy. Ground No.6 is in respect of carry forward of capital loss of Rs.43,72,19,080/- not allowed

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

8. Ground No.5 is in respect of addition of Rs.2,15,37,986/- on account of disallowance of setting off capital gain derived from sale of land against capital loss pertaining to sale of shares of Paioli Meccanica SPA, Italy. Ground No.6 is in respect of carry forward of capital loss of Rs.43,72,19,080/- not allowed

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

8. Ground No.5 is in respect of addition of Rs.2,15,37,986/- on account of disallowance of setting off capital gain derived from sale of land against capital loss pertaining to sale of shares of Paioli Meccanica SPA, Italy. Ground No.6 is in respect of carry forward of capital loss of Rs.43,72,19,080/- not allowed

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”].

capital gains arising from sale of such securities to an investor including FIIs shall be charged at the rate often per cent.” ITA No.380/PUN/2020 for A.Y. 2016-17 Poonawalla Shares & Securities Pvt. Ltd., Vs. ACIT, Circle-4, Pune (A) 8. It is apparent from the above that the simultaneous levy of STT and exemption of gains under section

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

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

8 M/s. Chakrabarty Medical Centre it was stressed that income having been declared in the individual hands i.e. ‘Income from long term capital gain’ and the same not being accepted therein but being assessed in the hands of partnership firm, does not make the assessee liable to levy of penalty under section

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)

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 no deduction u/sec.80IAB was claimed in the Return of Income, Audit Report, on Income from Other Sources and Capital Gain. Ld.AR further admitted that no 8

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

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

8. During First Appellate proceedings, the assessee made various submissions stating that the amount involved in capital gains has been rightly offered by the assessee in subsequent assessment year notwithstanding of the fact the date of registration and receipt of part of the sale consideration. This issue is analyzed in Para 4 and sub-paras of the order