JOHN DEERE EQIPMENT P. LTD.,,PUNE vs. DEPUTY DIRECTOR OF INCOME-TAX,,

In the result, all the appeals of assessee are allowed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita Nos.905 & 906/Pun/2015 यििाारण वषा / Assessment Years :2007-08 & 2008-09

v) under section 9(1)(vi) of the Act and pointed out that if exclusive rights were sold, then it was not ‘royalty’. In this regard, reliance was placed on the decision of Hon’ble High Court of Calcutta in CIT Vs. Davy Ashmore India Ltd. (1991) 190 ITR 626 (Cal), wherein it is held that where transferee retains

JOHN DEERE EQIPMENT P. LTD.,,PUNE vs. DEPUTY DIRECTOR OF INCOME-TAX,,

In the result, all the appeals of assessee are allowed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita Nos.905 & 906/Pun/2015 यििाारण वषा / Assessment Years :2007-08 & 2008-09

v) under section 9(1)(vi) of the Act and pointed out that if exclusive rights were sold, then it was not ‘royalty’. In this regard, reliance was placed on the decision of Hon’ble High Court of Calcutta in CIT Vs. Davy Ashmore India Ltd. (1991) 190 ITR 626 (Cal), wherein it is held that where transferee retains

ARUNKUMAR PURSHOTAMLAL KHANNA,PUNE vs. PRINCIPAL COMMISSIONER OF INCOME-TAX (CIRCLE), PUNE

Appeal is partly allowed in above terms

Bench: Shri S. S. Godara & Shri Dr. Dipak P. Ripoteआयकर अपीऱ सं. / Ita No.181/Pun/2021 निर्धारण वर्ा / Assessment Year: 2015-16 Arunkumar Purshotamlal Vs. Pcit (Central), Pune. Khanna, Flat No.3123/3124, Clover Palisades, Nibm Road, Kondhwa, Pune- 411048. Pan : Agipk3043K Appellant Respondent

9 Add : Cost of Alterations / Modifications 19,137,784 Add : Capital Gain Scheme 10,000,000 Total Cost of New House 82,197,984 Formula to claim Exemption u/s 54F= Cost of New House x Capital Gain Net Sale Consideration Cost of New House (a) 82,197,984 Capital Gain (b) 108,637,509 Net Sale Consideration

M/S. VARDHAN NUTRITIONS AND CHEMICALS PVT. LTD.,,RAIGAD vs. ASSISTANT COMMISSIONER OF INCOME-TAX,,

In the result, the appeal of assessee is allowed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.662/Pun/2016 यििाारण वषा / Assessment Year : 2011-12 M/S. Vardhan Nutritions & Chemicals Pvt. Ltd., Plot No.535/2, Ershimgathi Road, Old Thana Naka Road, Thana Naka, अऩीऱाथी/Appellant Panvel, Dist. Raigad. …. Pan: Aabcv9194J Vs. The Asst. Commissioner Of Income-Tax, …. प्रत्यथी / Respondent Panvel

v. D. Hanumantha Rao reported in [1998] 6 SCC 183. In that case, the Service Rules framed by the bank provided for granting extension of service to those appointed prior to July 19, 1969. The respondent therein who had joined the bank on July 1, 1972, claimed extension of service because he was deemed to be appointed in the bank

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

9] Accordingly, issue relating to transfer of property under section 2(47)(v) is decided in favour of the Department. Clause (47) of section 2 was amended by the Finance Act, 1987 with effect from 1-4-1988 by inserting new sub-clauses (v) and (vi) thereunder. These two new sub-clauses provide that 'transfer' includes (i) any transaction which

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.

v. Kanpur Coal Syndicate [1964] 53 ITR 225, which was also a decision of a three Judge Bench wherein the scope of section 31(3)(a) of the Indian Income-tax Act, 1922 [which was Vascon Engineers Ltd., (Formerly Angelica Properties Pvt. Ltd.,) almost identical to section 251(1)(a) of the 1961 Act] was considered and it was held

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.

v. Kanpur Coal Syndicate [1964] 53 ITR 225, which was also a decision of a three Judge Bench wherein the scope of section 31(3)(a) of the Indian Income-tax Act, 1922 [which was Vascon Engineers Ltd., (Formerly Angelica Properties Pvt. Ltd.,) almost identical to section 251(1)(a) of the 1961 Act] was considered and it was held

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

capital gains on account of trading in shares of a penny stock companies which is exempt u/s 10(38) of the Income Tax Act, 1961. The penny stock shares have been regularly purchased and sold and LTCG is claimed as exempt in the return of income thereby routing her undisclosed income / into the accounts. In view of above, there exist

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

capital gains on account of trading in shares of a penny stock companies which is exempt u/s 10(38) of the Income Tax Act, 1961. The penny stock shares have been regularly purchased and sold and LTCG is claimed as exempt in the return of income thereby routing her undisclosed income / into the accounts. In view of above, there exist

RAKESH YASHWANT SHINDE,,PUNE vs. INCOME-TAX OFFICER, WARD - 8(3),, PUNE

Appeal is dismissed

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपीलसं. / Ita No.1133/Pun/2018 िनधा"रण वष" / Assessment Year : 2014-15 Rakesh Yashwanth Shinde, The Income Tax Officer, Shop No.24, Rachana Industrial Vs Ward-8(3), Pune. Complex, Telco Road, Bhosari, Pune – 411034. Pan: Aorps 8006F Appellant/ Assessee Respondent /Revenue Assessee By None Revenue By Shri M.G.Jasnani – Dr Date Of Hearing 13/07/2022 Date Of Pronouncement 27/07/2022 आदेश/ Order Per S.S.Godara, Jm: This Assessee’S Appeal For Assessment Year 2014-15 Is Directed Against The Commissioner Of Income Tax(Appeals)-13, Pune’S Order Dated 05.03.2018 Passed In Case No. Cit(A)-13/16- 17/583/617, In Proceedings U/S.143(3) Of The Income Tax Act, 1961 [In Short “The Act”].

1].—For the purposes of sub-clauses (v) and (vi), "immovable property" shall have the same meaning as in clause (cl) of section 269UA.1 90 [Explanation 2.—For the removal of doubts, it is hereby clarified that "transfer" includes and shall be deemed to have always included disposing of or parting with an asset or any interest therein, or creating

DEPUTY COMMISSIONER OF INCOME-TAX CIRCLE -5, PUNE vs. SERUM INSTITUTE OF INDIA PVT LTD.,, PUNE

In the result, the appeal filed by the Revenue stands dismissed

9) The provisions of sub-section (8) and sub-section (10) of section 80- IA shall, so far as may be, apply in relation to the undertaking referred to in this section as they apply for the purposes of the undertaking referred to in section 80-IA. (10) Where a deduction under this section is claimed and allowed in respect

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

Appeal is dismissed in above terms

9 Sangeeta B. Mangrule A,Y. 2015-16 ITR 1 (SC): Durga Prasad More (supra);CITVs. Biju Patnaik [19861 160 ITR 674/26 Taxman 324 (SC): Sumati Dayal (supra) and CITVs. P. Mohanakala [20071 291 ITR 278/161 Taxman 169 (SO. We may further clarify that in proceeding with the matter, we have circumscribed the entire material on record. 4.2 The assessee

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

capital gains on account of trading in shares of a penny stock companies which is exempt u/s 10(38) of the Income Tax Act, 1961. The penny stock shares have been regularly purchased and sold and LTCG is claimed as exempt in the return of income thereby routing her undisclosed income / into the accounts. In view of above, there exist

SINHGAD TECHNICAL EDUCATION SOCIETY,,PUNE vs. ASSISTANT COMMISSIONER OF INCOME-TAX,,

Accordingly, additional ground No.3 by the assessee is allowed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपील सं. / Ita Nos. 2075 To 2077 & 2110/Pun/2014 "नधा"रण वष" / Assessment Years: 2007-08 To 2009-10 Sinhgad Technical Education Society, S. No. 44/1, Vadgaon ( Budruk), Off. Sinhagad Road, Pune-411 041. Pan : Aabts9900Q. …....अपीलाथ" / Appellant बनाम / V/S.

9, Geeta Building, Sion, Mumbai and the property at Warje ( NDA Road) are listed as properties of the M.N Navale ( Bigger HUF) which have been partitioned among the smaller HUFs. Such being the facts, respectfully following the decision of jurisdictional bench of ITAT which still holds the field notwithstanding the department’s appeal before the Hon'ble High Court

ASSISTANT COMMISSIONER OF INCOME-TAX vs. SINHAGAD TECHNICAL EDUCATION SOCIETY,, PUNE

Accordingly, additional ground No.3 by the assessee is allowed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपील सं. / Ita Nos. 2075 To 2077 & 2110/Pun/2014 "नधा"रण वष" / Assessment Years: 2007-08 To 2009-10 Sinhgad Technical Education Society, S. No. 44/1, Vadgaon ( Budruk), Off. Sinhagad Road, Pune-411 041. Pan : Aabts9900Q. …....अपीलाथ" / Appellant बनाम / V/S.

9, Geeta Building, Sion, Mumbai and the property at Warje ( NDA Road) are listed as properties of the M.N Navale ( Bigger HUF) which have been partitioned among the smaller HUFs. Such being the facts, respectfully following the decision of jurisdictional bench of ITAT which still holds the field notwithstanding the department’s appeal before the Hon'ble High Court

ASSISTANT COMMISSIONER OF INCOME-TAX vs. SINHAGAD TECHNICAL EDUCATION SOCIETY,, PUNE

Accordingly, additional ground No.3 by the assessee is allowed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपील सं. / Ita Nos. 2075 To 2077 & 2110/Pun/2014 "नधा"रण वष" / Assessment Years: 2007-08 To 2009-10 Sinhgad Technical Education Society, S. No. 44/1, Vadgaon ( Budruk), Off. Sinhagad Road, Pune-411 041. Pan : Aabts9900Q. …....अपीलाथ" / Appellant बनाम / V/S.

9, Geeta Building, Sion, Mumbai and the property at Warje ( NDA Road) are listed as properties of the M.N Navale ( Bigger HUF) which have been partitioned among the smaller HUFs. Such being the facts, respectfully following the decision of jurisdictional bench of ITAT which still holds the field notwithstanding the department’s appeal before the Hon'ble High Court

SINHGAD TECHNICAL EDUCATION SOCIETY,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

Accordingly, additional ground No.3 by the assessee is allowed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपील सं. / Ita Nos. 2075 To 2077 & 2110/Pun/2014 "नधा"रण वष" / Assessment Years: 2007-08 To 2009-10 Sinhgad Technical Education Society, S. No. 44/1, Vadgaon ( Budruk), Off. Sinhagad Road, Pune-411 041. Pan : Aabts9900Q. …....अपीलाथ" / Appellant बनाम / V/S.

9, Geeta Building, Sion, Mumbai and the property at Warje ( NDA Road) are listed as properties of the M.N Navale ( Bigger HUF) which have been partitioned among the smaller HUFs. Such being the facts, respectfully following the decision of jurisdictional bench of ITAT which still holds the field notwithstanding the department’s appeal before the Hon'ble High Court

SINHGAD TECHNICAL EDUCATION SOCIETY,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

Accordingly, additional ground No.3 by the assessee is allowed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपील सं. / Ita Nos. 2075 To 2077 & 2110/Pun/2014 "नधा"रण वष" / Assessment Years: 2007-08 To 2009-10 Sinhgad Technical Education Society, S. No. 44/1, Vadgaon ( Budruk), Off. Sinhagad Road, Pune-411 041. Pan : Aabts9900Q. …....अपीलाथ" / Appellant बनाम / V/S.

9, Geeta Building, Sion, Mumbai and the property at Warje ( NDA Road) are listed as properties of the M.N Navale ( Bigger HUF) which have been partitioned among the smaller HUFs. Such being the facts, respectfully following the decision of jurisdictional bench of ITAT which still holds the field notwithstanding the department’s appeal before the Hon'ble High Court