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

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

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

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

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. ASHISH 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. 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

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

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. OMPRAKASH ASARAM 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

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.

80 G of the Act. ………………………… 14. In our view, expenditure incurred under section 30 to 36 are claimed while computing income under the head, ‘Income form Business and Profession”, where as monies spent under section 80G are claimed while computing ‘‘Total Taxable income” in the hands of assessee. The point of claim under these provisions are different. 15. Further, intention

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

gain on sale of plots is already filed along with\ncomputation of income for the year under assessment in our earlier submission.\nWe enclose herewith Purchase and sale deeds of the said plots sold for your\nrecord and perusal.\n4. We enclose herewith copy of Financial Statements of SV Electricals along with\nmovement of Share Prices for your record

VASANT SHIVRAM MADHAVI,PANVEL vs. ITO WARD - 5, PANVEL

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2015-16

80,00,000 + Rs.6,95,00,100/-). Assessee had paid All his Tax Liability under Head Capital gain on Above Total Consideration of Rs.8,75,00,100/- in F.Y.2018-19, A.Y.2019-20. 3 Here, at the first place, the assessee failed to furnish complete information of the properties in regard to which he derived income from capital gains, their values viz. date

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

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

section 15A(b) of the SEBI Act, 1992 for non-disclosures under PIT Regulations, 1992. He submitted that the SEBI has also noted that price manipulation in the scrip of M/s PFIL was orchestrated by two connected entities and facilitated by their connected broker. The manipulation involved in these two entities repeatedly placing buy orders at prices substantially higher than