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.

transfer of development rights. It may be pointed out herein itself, the said issue of assessibility of capital gain was completed before the Assessing Officer who accepted the stand of assessee that the said gain was to be assessed as income from capital gains. There was no dispute about the assessibility of gains as income from Long Term Capital Gain

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

Appeal is dismissed in above terms

capital gain in the shares of Pine Animation Ltd. The AO noticed that the share price of Pine Animation Ltd. was manipulated by the various operators and the variation in its price between May, 2013 to Jan, 2015 was depicted on page 6 of the assessment order. The AO analyzed the details of balance sheet and profit & loss account

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

Capital gains‘ by taking cost of acquisition of such right to manufacture etc. or right to carry on business u/s 55(2)(a) at Nil, unless the assessee or the previous owner paid some purchase price for acquiring such rights. In case the assessee transfers

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

Capital gains‘ by taking cost of acquisition of such right to manufacture etc. or right to carry on business u/s 55(2)(a) at Nil, unless the assessee or the previous owner paid some purchase price for acquiring such rights. In case the assessee transfers

MR POPATRAO DASHRATHRAO SURYAWANSHI,PUNE vs. INCOME TAX OFFICER, WARD-7(4), PUNE, PUNE

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2017-18 Mr. Popatrao Dashrathrao Suryawanshi Ito, Ward 7(4), Pune S.No.38, Tingre Nagar, Havaldar Mala, Vs. Vishrantwadi, Pune – 411015 Pan: Adhps2643F (Appellant) (Respondent) Assessee By : Shri Suhas Bora Department By : Shri Manish Mehta, Addl.Cit Date Of Hearing : 19-01-2026 Date Of Pronouncement : 21-01-2026 O R D E R

transferred and the share of the assessee being 34% of the constructed area is the capital asset in the hands of the assessee and the same is liable for capital gain. However, since the land sold was an agricultural land, the capital gain in the hands of the assessee during the assessment year 2011-12 does not arise. However, when

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

capital gain\nclaimed during the year, for which the appellant has taken strong objection in his\nwritten submission. After carefully considering the information/details/ documentary\nevidence furnished by the appellant at the assessment stage, I am convinced that the\nappellant has provided all the required details to substantiate his claim of LTCG\nduring the year under consideration.\n\n8.3 The assessing

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

capital gain\nclaimed during the year, for which the appellant has taken strong objection in his\nwritten submission. After carefully considering the information/details/ documentary\nevidence furnished by the appellant at the assessment stage, I am convinced that the\nappellant has provided all the required details to substantiate his claim of LTCG\nduring the year under consideration.\n\n8.3 The assessing

RAJKAMAL STONE METAL WORKS,AMBEGAON KHURD, DIST. PUNE vs. ACIT CIRCLE 5 PUNE, PUNE

In the result, the appeal filed by the assessee is allowed

Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2017-18

price by passing necessary journal entries. 5. However, the Assessing Officer was not satisfied with the arguments of the assessee. He noted that the assessee firm and the sister concern has purchased the lands for business purpose. However, as no business was carried on in these lands, the same was transferred to the partners which amounts to a transfer resulting

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

capital gain\nclaimed during the year, for which the appellant has taken strong objection in his\nwritten submission. After carefully considering the information/details/ documentary\nevidence furnished by the appellant at the assessment stage, I am convinced that the\nappellant has provided all the required details to substantiate his claim of LTCG\nduring the year under consideration.\n\n8.3 The assessing

DEPUTY COMMISSIONER OF INCOME-TAX vs. SHRI DILIP NARAYN BORAWAKE,, PUNE

In the result, the appeal of the Revenue is dismissed

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं./ Ita Nos. 2423 To 2425/Pun/2016 िनधा$रण वष$ / Assessment Years : 2011-12 To 2013-14

capital gains” stand accepted by the Revenue for all these assessment years. 8. Per Contra, Ld. Counsel for the assessee submitted that so far as the assessee is concerned, the land ownership is transferred against a consideration and the same is the realization of sale proceeds of the land realized by way of the said income sharing mechanism. Therefore, there

DEPUTY COMMISSIONER OF INCOME-TAX vs. SHRI DILIP NARAYN BORAWAKE,, PUNE

In the result, the appeal of the Revenue is dismissed

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं./ Ita Nos. 2423 To 2425/Pun/2016 िनधा$रण वष$ / Assessment Years : 2011-12 To 2013-14

capital gains” stand accepted by the Revenue for all these assessment years. 8. Per Contra, Ld. Counsel for the assessee submitted that so far as the assessee is concerned, the land ownership is transferred against a consideration and the same is the realization of sale proceeds of the land realized by way of the said income sharing mechanism. Therefore, there

SITARAM R. RAHANE,NASHIK vs. INCOME TAX OFFICE. WARD 3, AHMEDNAGAR

In the result, appeal of the assessee is Partly Allowed

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.650/Pun/2020 िनधा"रण वष" / Assessment Year : 2016-17 Shri Sitaram Raosaheb Rahane, The Income Tax Officer, Flat No.3, Oscar Pride, Date V Ward-3, Ahmednagar. Colony, Behind Atharva S Mangal Karyalaya, Savarkar Nagar, Gangapur Road, Nashik – 422013. Pan: Afapr 3796 R Appellant/ Assessee Respondent /Revenue Assessee By Shri Sanket Joshi – Ar Revenue By Shri M.G.Jasnani – Dr Date Of Hearing 26/04/2023 Date Of Pronouncement 30/06/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Filed By The Assessee Is Directed Against The Order Of Ld.Commissioner Of Income Tax(Appeals)-2, Pune Dated 22.01.2020 Emanating From Assessment Order Under Section 143(3) Of The Income Tax Act, 1961 Dated 22.12.2018. The Assessee Has Raised The Following Grounds Of Appeal: Shri Sitaram Raosaheb Rahane [A]

transfer within a period of three years of its purchase, the cost shall be reduced, by the amount of the capital gain.(emphasis supplied) 6.2 Thus, as per Section 54B, to claim deduction the assessee should have within two years from the Sale of Original asset, purchased any land for being used for Agricultural purpose. 6.3 In this case

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

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)

transfer pricing adjustments ought not be made to the computation of book profits under section 115JB of the Act. 7. Non grant of deduction under section 80-IAB on income from other sources and capital gains

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

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

transfer of land of Rs.4,85,75,000/- to have been received by the assessee and thus made an addition of Rs.2,35,54,470/- on account of net short term capital gains. Aggrieved by the order of AO, assessee carried the matter before Ld.CIT(A), who upheld the order of AO by holding as under : “3.4 The submission made

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

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

transfer of land of Rs.4,85,75,000/- to have been received by the assessee and thus made an addition of Rs.2,35,54,470/- on account of net short term capital gains. Aggrieved by the order of AO, assessee carried the matter before Ld.CIT(A), who upheld the order of AO by holding as under : “3.4 The submission made

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

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

transfer of land of Rs.4,85,75,000/- to have been received by the assessee and thus made an addition of Rs.2,35,54,470/- on account of net short term capital gains. Aggrieved by the order of AO, assessee carried the matter before Ld.CIT(A), who upheld the order of AO by holding as under : “3.4 The submission made

DINESHKUMAR RAMCHANDRA TULSYAN (HUF),,NASHIK vs. INCOME-TAX OFFICER, WARD - 1(5),, NASHIK

In the result, both the appeals filed by the assessee are partly allowed

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2014-15 Dineshkumar Ramchandra Tulsyan (Huf) Ito, Ward 1(5), 214B, Laxmi Niwas, Mahatma Nagar, Vs. Nashik Nashik – 422007 Pan: Aachd5953R (Appellant) (Respondent) Assessment Year : 2014-15 Smt. Sumandevi Dineshkumar Tulsyan Ito, Ward 1(5), 214B, Laxmi Niwas, Mahatma Nagar, Vs. Nashik Nashik – 422007 Pan: Ackpt1322Q (Appellant) (Respondent)

capital gain arising from sale of shares as unexplained cash credit. I further find that Hon'ble jurisdictional High Court in the case of Parasben Kasturchand Kochar (supra) also held that when assessee discharged his onus by establishing that transactions were fair and transparent and all relevant details with regard to transfer furnished by Income Tax Authority and the Tribunal