ASHOK DHANRAJ CHORDIA ,PUNE vs. PCIT, PUNE-1, PUNE

153A read with Section 153C vis-a-vis the\nprovisions of Section 147 of the I.T. Act, it will be appropriate to extract the said\nprovisions, which reads thus:\n\"147. Income escaping assessment.--If the Assessing Officer has reason to\nbelieve that any income chargeable to tax has escaped assessment for any\n assessment year, he may, subject

DCIT CIRCLE 1 NASHIK, NASHIK vs. SHREE SAI PROPERTIES, NASHIK

In the result, appeal of the Revenue is dismissed

Bench: Dr. Manish Borad & Shri Vinay Bhamore

depreciation allowance or any other allowance or deduction for such assessment year and for which a prior notice under Section 148 would be required to be issued. Section 147 does not contemplate an eventuality which Section 153A or Section 153C contemplates, the basis of which is inter alia a search action under Section 132 being resorted as noted hereinabove. Thus

RAJDEEP BUILDCON PRIVAT LIMITED, AHMEDNAGAR,AHMEDNAGAR vs. DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1(2), PUNE, PUNE

In the result, the appeal filed by the assessee in ITA

Bench: SHRI R. K. PANDA (Vice President), SHRI VINAY BHAMORE (Judicial Member)

1). Therefore, in view of the decision of the Supreme Court in the case of CIT v: Sun Engg. Works (P.) Ltd. (1992) 198 ITR 297/64 Taxman 442, the assessee could not be permitted to claim the benefit of closing favourable to the assessee. (Para 11] Therefore, in assessment proceedings under section 1534, which are for the benefit

RAJDEEP BUILDCON PVT LTD, AHMEDNAGAR,AHMEDNAGAR vs. DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1(2), PUNE, PUNE

In the result, the appeal filed by the assessee in ITA

Bench: SHRI R. K. PANDA (Vice President), SHRI VINAY BHAMORE (Judicial Member)

1). Therefore, in view of the decision of the Supreme Court in the case of CIT v: Sun Engg. Works (P.) Ltd. (1992) 198 ITR 297/64 Taxman 442, the assessee could not be permitted to claim the benefit of closing favourable to the assessee. (Para 11] Therefore, in assessment proceedings under section 1534, which are for the benefit

RAJDEEP BUILDCOM PRIVATE LIMITED,AHMEDNAGAR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1(2), PUNE, PUNE

In the result, the appeal filed by the assessee in ITA

Bench: SHRI R. K. PANDA (Vice President), SHRI VINAY BHAMORE (Judicial Member)

1). Therefore, in view of the decision of the Supreme Court in the case of CIT v: Sun Engg. Works (P.) Ltd. (1992) 198 ITR 297/64 Taxman 442, the assessee could not be permitted to claim the benefit of closing favourable to the assessee. (Para 11] Therefore, in assessment proceedings under section 1534, which are for the benefit

KAY POWER AND PAPER LIMITED,SATARA vs. INCOME TAX OFFICER, WARD-2, SATARA

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

Bench: Shri R. K. Panda & Shri Vinay Bhamore

depreciation is of Rs.31,61,21,110/-. It was submitted that the net profit earned on derivative transactions referred to in the notice u/s 148 of the Act has been properly accounted for in the Profit and Loss Account and there is no attempt to avoid income tax. It was accordingly requested to drop the proceedings initiated

KAY POWER AND PAPER LIMITED,SATARA vs. INCOME TAX OFFICER, WARD-2, SATARA

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

Bench: Shri R. K. Panda & Shri Vinay Bhamore

depreciation is of Rs.31,61,21,110/-. It was submitted that the net profit earned on derivative transactions referred to in the notice u/s 148 of the Act has been properly accounted for in the Profit and Loss Account and there is no attempt to avoid income tax. It was accordingly requested to drop the proceedings initiated

VILAS DASHRATH BALWADKAR,,PUNE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE -2,, PUNE

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2014-15 Acit, Circle-2, Vs. Vilas Dashrath Balwadkar Pune House No.329, Near Laxmi Mata Temple, Balewadi, Pune-411045 Pan: Apppb1117B Appellant Respondent निर्धारण वषा / Assessment Year : 2014-15 Vilas Dashrath Balwadkar Vs. Acit, House No.329, Near Laxmi Circle-2, Mata Temple, Balewadi, Pune Pune-411045 Pan: Apppb1117B Appellant Respondent निर्धारण वषा / Assessment Year : 2014-15 Prakash Dashrath Balwadkar Vs. Acit, House No.329, Near Laxmi Circle-2, Mata Temple, Balewadi, Pune Pune-411045 Pan: Apppb1116A Appellant Respondent निर्धारण वषा / Assessment Year : 2014-15 Dashrath Kondiba Balwadkar Vs. Acit, House No.329, Near Laxmi Circle-2, Mata Temple, Balewadi, Pune Pune-411045 Pan: Aqapb5784C Appellant Respondent

depreciated its market value. The Assessing Officer rejected the claim of assessee and applied the provision of section 50C(3) to recompute the income from long-term capital gains by taking the sale value at Rs. 1.99 crore and fair market value as on 1-4-1981 at Rs. 2.04 lakhs. On appeal, the Commissioner (Appeals) affirmed the order

DASHRATH KONDIBA BALWADKAR,,PUNE vs. ASSISTANT COMMISSIONER OF INCOME TAX , CIRCLE -2,, PUNE

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2014-15 Acit, Circle-2, Vs. Vilas Dashrath Balwadkar Pune House No.329, Near Laxmi Mata Temple, Balewadi, Pune-411045 Pan: Apppb1117B Appellant Respondent निर्धारण वषा / Assessment Year : 2014-15 Vilas Dashrath Balwadkar Vs. Acit, House No.329, Near Laxmi Circle-2, Mata Temple, Balewadi, Pune Pune-411045 Pan: Apppb1117B Appellant Respondent निर्धारण वषा / Assessment Year : 2014-15 Prakash Dashrath Balwadkar Vs. Acit, House No.329, Near Laxmi Circle-2, Mata Temple, Balewadi, Pune Pune-411045 Pan: Apppb1116A Appellant Respondent निर्धारण वषा / Assessment Year : 2014-15 Dashrath Kondiba Balwadkar Vs. Acit, House No.329, Near Laxmi Circle-2, Mata Temple, Balewadi, Pune Pune-411045 Pan: Aqapb5784C Appellant Respondent

depreciated its market value. The Assessing Officer rejected the claim of assessee and applied the provision of section 50C(3) to recompute the income from long-term capital gains by taking the sale value at Rs. 1.99 crore and fair market value as on 1-4-1981 at Rs. 2.04 lakhs. On appeal, the Commissioner (Appeals) affirmed the order

ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 2,, PUNE vs. VILAS DASHRATH BALWADKAR,, PUNE

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2014-15 Acit, Circle-2, Vs. Vilas Dashrath Balwadkar Pune House No.329, Near Laxmi Mata Temple, Balewadi, Pune-411045 Pan: Apppb1117B Appellant Respondent निर्धारण वषा / Assessment Year : 2014-15 Vilas Dashrath Balwadkar Vs. Acit, House No.329, Near Laxmi Circle-2, Mata Temple, Balewadi, Pune Pune-411045 Pan: Apppb1117B Appellant Respondent निर्धारण वषा / Assessment Year : 2014-15 Prakash Dashrath Balwadkar Vs. Acit, House No.329, Near Laxmi Circle-2, Mata Temple, Balewadi, Pune Pune-411045 Pan: Apppb1116A Appellant Respondent निर्धारण वषा / Assessment Year : 2014-15 Dashrath Kondiba Balwadkar Vs. Acit, House No.329, Near Laxmi Circle-2, Mata Temple, Balewadi, Pune Pune-411045 Pan: Aqapb5784C Appellant Respondent

depreciated its market value. The Assessing Officer rejected the claim of assessee and applied the provision of section 50C(3) to recompute the income from long-term capital gains by taking the sale value at Rs. 1.99 crore and fair market value as on 1-4-1981 at Rs. 2.04 lakhs. On appeal, the Commissioner (Appeals) affirmed the order

PRAKASH DASHRATH BALWADKAR,,PUNE vs. ASSISTANT COMMISSIONER OF INCOME TAX , CIRCLE-2,, PUNE

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2014-15 Acit, Circle-2, Vs. Vilas Dashrath Balwadkar Pune House No.329, Near Laxmi Mata Temple, Balewadi, Pune-411045 Pan: Apppb1117B Appellant Respondent निर्धारण वषा / Assessment Year : 2014-15 Vilas Dashrath Balwadkar Vs. Acit, House No.329, Near Laxmi Circle-2, Mata Temple, Balewadi, Pune Pune-411045 Pan: Apppb1117B Appellant Respondent निर्धारण वषा / Assessment Year : 2014-15 Prakash Dashrath Balwadkar Vs. Acit, House No.329, Near Laxmi Circle-2, Mata Temple, Balewadi, Pune Pune-411045 Pan: Apppb1116A Appellant Respondent निर्धारण वषा / Assessment Year : 2014-15 Dashrath Kondiba Balwadkar Vs. Acit, House No.329, Near Laxmi Circle-2, Mata Temple, Balewadi, Pune Pune-411045 Pan: Aqapb5784C Appellant Respondent

depreciated its market value. The Assessing Officer rejected the claim of assessee and applied the provision of section 50C(3) to recompute the income from long-term capital gains by taking the sale value at Rs. 1.99 crore and fair market value as on 1-4-1981 at Rs. 2.04 lakhs. On appeal, the Commissioner (Appeals) affirmed the order

ISMT LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX,,

Bench: Shri Inturi Rama Rao, Am & Shri S. S. Viswanethra Ravi, Jm आयकर अपील सं. / Ita Nos.2751 & 2752/Pun/2016 िनधा"रण वष" / Assessment Years : 2011-12 & 2012-13 Acit, Central Circle- 2(1), .......अपीलाथ" / Appellant Pune. बनाम / V/S. M/S. Ismt Limited, 2Nd Floor, Lunkad Towers, Viman Nagar, Pune-411014. ……""यथ" / Respondent Pan : Aaacj9917A आयकर अपील सं. / Ita Nos.2783 & 2784/Pun/2016 िनधा"रण वष" / Assessment Years : 2011-12 & 2012-13 M/S. Ismt Limited, 2Nd Floor, Lunkad Towers, Viman Nagar, Pune-411014. .......अपीलाथ" / Appellant Pan : Aaacj9917A बनाम / V/S. Dcit, Central Circle- 2(1), ……""यथ" / Respondent Pune. Revenue By : Shri Deepak Garg Assessee By : Shri Rajan Vora Shri Rajendra Agiwal सुनवाई क" तारीख / Date Of Hearing : 29.10.2021 घोषणा क" तारीख / Date Of Pronouncement : 06.12.2021 आदेश / Order Per Inturi Rama Rao, Am: These Are The Cross Appeals Filed By The Revenue As Well As By The Assessee Directed Against The Common Orders Of Ld. Commissioner Of Income

1), Pune (‘the Assessing Officer’) vide order dated 31.03.2015 passed u/s 143(3) r.w.s. 153A of the Act for the assessment year 2011-12 by adding back the income disclosed u/s 132(4) for the purpose of assessment of book profits for the ITA Nos.2783 & 2784/PUN/2016 purpose of computing the tax liability u/s 115JB of the Act, the Assessing Officer

ASSISTANT COMMISSIONER OF INCOME TAX vs. M/S. ISMT LIMITED,, PUNE

Bench: Shri Inturi Rama Rao, Am & Shri S. S. Viswanethra Ravi, Jm आयकर अपील सं. / Ita Nos.2751 & 2752/Pun/2016 िनधा"रण वष" / Assessment Years : 2011-12 & 2012-13 Acit, Central Circle- 2(1), .......अपीलाथ" / Appellant Pune. बनाम / V/S. M/S. Ismt Limited, 2Nd Floor, Lunkad Towers, Viman Nagar, Pune-411014. ……""यथ" / Respondent Pan : Aaacj9917A आयकर अपील सं. / Ita Nos.2783 & 2784/Pun/2016 िनधा"रण वष" / Assessment Years : 2011-12 & 2012-13 M/S. Ismt Limited, 2Nd Floor, Lunkad Towers, Viman Nagar, Pune-411014. .......अपीलाथ" / Appellant Pan : Aaacj9917A बनाम / V/S. Dcit, Central Circle- 2(1), ……""यथ" / Respondent Pune. Revenue By : Shri Deepak Garg Assessee By : Shri Rajan Vora Shri Rajendra Agiwal सुनवाई क" तारीख / Date Of Hearing : 29.10.2021 घोषणा क" तारीख / Date Of Pronouncement : 06.12.2021 आदेश / Order Per Inturi Rama Rao, Am: These Are The Cross Appeals Filed By The Revenue As Well As By The Assessee Directed Against The Common Orders Of Ld. Commissioner Of Income

1), Pune (‘the Assessing Officer’) vide order dated 31.03.2015 passed u/s 143(3) r.w.s. 153A of the Act for the assessment year 2011-12 by adding back the income disclosed u/s 132(4) for the purpose of assessment of book profits for the ITA Nos.2783 & 2784/PUN/2016 purpose of computing the tax liability u/s 115JB of the Act, the Assessing Officer

ASSISTANT COMMISSIONER OF INCOME TAX vs. M/S. ISMT LIMITED,, PUNE

Bench: Shri Inturi Rama Rao, Am & Shri S. S. Viswanethra Ravi, Jm आयकर अपील सं. / Ita Nos.2751 & 2752/Pun/2016 िनधा"रण वष" / Assessment Years : 2011-12 & 2012-13 Acit, Central Circle- 2(1), .......अपीलाथ" / Appellant Pune. बनाम / V/S. M/S. Ismt Limited, 2Nd Floor, Lunkad Towers, Viman Nagar, Pune-411014. ……""यथ" / Respondent Pan : Aaacj9917A आयकर अपील सं. / Ita Nos.2783 & 2784/Pun/2016 िनधा"रण वष" / Assessment Years : 2011-12 & 2012-13 M/S. Ismt Limited, 2Nd Floor, Lunkad Towers, Viman Nagar, Pune-411014. .......अपीलाथ" / Appellant Pan : Aaacj9917A बनाम / V/S. Dcit, Central Circle- 2(1), ……""यथ" / Respondent Pune. Revenue By : Shri Deepak Garg Assessee By : Shri Rajan Vora Shri Rajendra Agiwal सुनवाई क" तारीख / Date Of Hearing : 29.10.2021 घोषणा क" तारीख / Date Of Pronouncement : 06.12.2021 आदेश / Order Per Inturi Rama Rao, Am: These Are The Cross Appeals Filed By The Revenue As Well As By The Assessee Directed Against The Common Orders Of Ld. Commissioner Of Income

1), Pune (‘the Assessing Officer’) vide order dated 31.03.2015 passed u/s 143(3) r.w.s. 153A of the Act for the assessment year 2011-12 by adding back the income disclosed u/s 132(4) for the purpose of assessment of book profits for the ITA Nos.2783 & 2784/PUN/2016 purpose of computing the tax liability u/s 115JB of the Act, the Assessing Officer

ISMT LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX,,

Bench: Shri Inturi Rama Rao, Am & Shri S. S. Viswanethra Ravi, Jm आयकर अपील सं. / Ita Nos.2751 & 2752/Pun/2016 िनधा"रण वष" / Assessment Years : 2011-12 & 2012-13 Acit, Central Circle- 2(1), .......अपीलाथ" / Appellant Pune. बनाम / V/S. M/S. Ismt Limited, 2Nd Floor, Lunkad Towers, Viman Nagar, Pune-411014. ……""यथ" / Respondent Pan : Aaacj9917A आयकर अपील सं. / Ita Nos.2783 & 2784/Pun/2016 िनधा"रण वष" / Assessment Years : 2011-12 & 2012-13 M/S. Ismt Limited, 2Nd Floor, Lunkad Towers, Viman Nagar, Pune-411014. .......अपीलाथ" / Appellant Pan : Aaacj9917A बनाम / V/S. Dcit, Central Circle- 2(1), ……""यथ" / Respondent Pune. Revenue By : Shri Deepak Garg Assessee By : Shri Rajan Vora Shri Rajendra Agiwal सुनवाई क" तारीख / Date Of Hearing : 29.10.2021 घोषणा क" तारीख / Date Of Pronouncement : 06.12.2021 आदेश / Order Per Inturi Rama Rao, Am: These Are The Cross Appeals Filed By The Revenue As Well As By The Assessee Directed Against The Common Orders Of Ld. Commissioner Of Income

1), Pune (‘the Assessing Officer’) vide order dated 31.03.2015 passed u/s 143(3) r.w.s. 153A of the Act for the assessment year 2011-12 by adding back the income disclosed u/s 132(4) for the purpose of assessment of book profits for the ITA Nos.2783 & 2784/PUN/2016 purpose of computing the tax liability u/s 115JB of the Act, the Assessing Officer

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

153A of the Act, the assessee filed its return of income 20 IT(SS)A Nos.23 to 25/PUN/2024 on 17.11.2021 declaring total income of Rs.25,99,290/-. Statutory notices u/s 143(2) and 142(1) of the Act were issued and served on the assessee, in response to which the assessee filed the requisite details from time to time

DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -1 (3),, PUNE vs. M/S. CHAUDHARY ATTARSINGH YADAV MEMORIAL EDUCATIONAL TRUST,, PUNE

In the result, appeal of the Revenue is allowed

Bench: Shri Partha Sarathi Chaudhury, Jm & Dr. Dipak P. Ripote, Am

1. Whether on the facts and circumstances of the case and in law, the ld. CIT(A) was correct in granting exemption u/s 11 of the Act, without appreciating the fact that the ITAT Pune order cancelling the order of the CIT (Central) Pune u/s 12AA(3) has no connection with the violation made by the assessee