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.

section (2) mandates the CIT(A) to not to enhance the assessment unless reasonable opportunity of showing cause against the enhancement, if any, in the assessment is granted. In our view, this issue is now settled and the additions of this kind are unsustainable in law in view of the judgements in the caes of (i) Bikram Sing vs. DCIT

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 on income from other sources and capital gains earned during the subject year The Hon’ble. DRP / NFAC

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

Section 10(38)\nand treating such long term capital gain as bogus.\n\n25. Referring to the decision of Hon'ble AP High Court in the case of M/s.\nManidhari Stainless Wire (P.) Ltd. vs. Union of India vide W.P. No.5917 of 2017,\norder dated 31.10.2017, copy of which is placed in the paper book, he submitted\nthat

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

Section 10(38)\nand treating such long term capital gain as bogus.\n\n25. Referring to the decision of Hon'ble AP High Court in the case of M/s.\nManidhari Stainless Wire (P.) Ltd. vs. Union of India vide W.P. No.5917 of 2017,\norder dated 31.10.2017, copy of which is placed in the paper book, he submitted\nthat

DEPUTY COMMISSIONER OF INCOME-TAX vs. M/S. HONEYWELL AUTOMATION INDIA LTD.,, PUNE

In the result, the appeal of Revenue is dismissed

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Ravi

gains of an eligible business cannot be tinkered with by the Assessing Officer merely because they are more than the ordinary profits or that they are quite high. The existence of substantial or more than ordinary profits by itself does not sufficiently empower the Assessing Officer to disregard them and determine the profits which he may consider to be reasonably

M/S. HONEWELL AUTOMATION INDIA LTD.,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

In the result, the appeal of Revenue is dismissed

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Ravi

gains of an eligible business cannot be tinkered with by the Assessing Officer merely because they are more than the ordinary profits or that they are quite high. The existence of substantial or more than ordinary profits by itself does not sufficiently empower the Assessing Officer to disregard them and determine the profits which he may consider to be reasonably

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 of Rs. 85,38,145/- as exempted from sale of shares of YICL. 5.3.1 It is further seen from the Investigation report that in this scheme, the shares of the penny stock companies are acquired by the beneficiaries of LTCG at very low prices through the route of preferential allotment and off market transactions, then granting the bonus

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

Section 10(38)\nand treating such long term capital gain as bogus.\n\n25. Referring to the decision of Hon'ble AP High Court in the case of M/s.\nManidhari Stainless Wire (P.) Ltd. vs. Union of India vide W.P. No.5917 of 2017,\norder dated 31.10.2017, copy of which is placed in the paper book, he submitted\nthat

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”].

80- 0.50% of Avg. Inv. 1 Listed Securities and Income is received 4,25,90.769 10,24,180 2,12,954 2 Listed Securities and Income is NOT received 7,30,92,686 0 3,65,463 3 Unlisted Securities and income is NOT received 12,96,56,850 0 6,48,284 4 Securities earning taxable income

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

capital loss despite transaction is not falling under section 94 (7) of the act holding it to be sham and fictitious transaction is devoid of any merit. Accordingly on the merits also, orders of the lower authorities are reversed and ground number 4 – 7 of the appeal are allowed.” 20. We find Jaipur Bench of the Tribunal in the case

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

80) 6 1. Balance sheet/statement of affairs along with detailed schedules 2. Bank account statement 3. Evidence is respect of investment made in properties 4. Evidence in investment in capital gains scheme account 5. Capital gains or loss computation statement (iii) Submission filed on 3-7-2019 giving the following details: (Page 81) (a) Evidence regarding cost of improvement

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

section 28(va) will be taxed as `Business income‘. 26. Now we embark upon the exercise of finding out the part of total sale consideration as relatable to transfer of shares and the part towards negative covenants. In his without prejudice argument, the ld. AR contended that the agreed sale price of each share as per the SSPA was Rs.801.027

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

section 28(va) will be taxed as `Business income‘. 26. Now we embark upon the exercise of finding out the part of total sale consideration as relatable to transfer of shares and the part towards negative covenants. In his without prejudice argument, the ld. AR contended that the agreed sale price of each share as per the SSPA was Rs.801.027

DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 3,, PUNE vs. M/S. VISHRAM DEVELOPERS,, PUNE

In the result, the appeal of Revenue is allowed for statistical purposes

Bench: Shri D. Karunakara Rao & Shri S.S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.1794/Pun/2017 नििाारण वषा / Assessment Year : 2011-12 The Dy. Commissioner Of Income Tax, Circle – 3, Pune .......अऩीऱाथी / Appellant बिाम / V/S. M/S. Vishram Developers, 61B/11, Zelum Apartment, Prabhat Road, Erandwane, Pune – 411004 Pan: Aagfv0995F ……प्रत्यथी / Respondent Assessee By : S/Shri Ajay Singh / Deepak Sasar Revenue By : Shri Deepak Garg

gain on sale of capital asset should be deposited before date of furnishing return of tax under section 139, in such a situation, section 139 cannot be meant only section 139(1), but it means all sub-sections of section 139 - Held, yes - [Paras 14 and 15] [In favour of assessee] ITO v. Nilima Abhijit Tannu

GANPAT MUKUNDRAO MURKUTE,,PUNE vs. ASSISTANT COMMISSIONER OF INCOME-TAX,,

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

80,420/-. Notice u/s 148 of the Act dt.30.03.2011 was served on assessee on 31.03.2011, calling the assessee for filing the return of income. AO noted that further opportunity of filing of return of income along with reasons for re-opening, a notice u/s 143(2) and 142(1) of the Act were served on assessee on 19.10.2011. Thereafter, assessment

SH. MAHENDRA R. VITKAR,PUNE vs. ITO, WARD 10(2),, PUNE

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

80,420/-. Notice u/s 148 of the Act dt.30.03.2011 was served on assessee on 31.03.2011, calling the assessee for filing the return of income. AO noted that further opportunity of filing of return of income along with reasons for re-opening, a notice u/s 143(2) and 142(1) of the Act were served on assessee on 19.10.2011. Thereafter, assessment

ITO WARD 9(4),, PUNE vs. SH. MAHENDRA R. VITKAR, PUNE

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

80,420/-. Notice u/s 148 of the Act dt.30.03.2011 was served on assessee on 31.03.2011, calling the assessee for filing the return of income. AO noted that further opportunity of filing of return of income along with reasons for re-opening, a notice u/s 143(2) and 142(1) of the Act were served on assessee on 19.10.2011. Thereafter, assessment

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

gain on sale of plots is already filed along with computation of income for the year under assessment in our earlier submission. We enclose herewith Purchase and sale deeds of the said plots sold for your record and perusal. 4. We enclose herewith copy of Financial Statements of SV Electricals along with movement of Share Prices for your record

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

gain on sale of plots is already filed along with computation of income for the year under assessment in our earlier submission. We enclose herewith Purchase and sale deeds of the said plots sold for your record and perusal. 4. We enclose herewith copy of Financial Statements of SV Electricals along with movement of Share Prices for your record