M/S. L.B. KUNJIR,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 7, PUNE, PUNE

In the result, the two appeals filed by the assessee are allowed and the three appeals filed by Revenue are dismissed

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

69A to 69D and levy of higher rate of tax u/s 115BBE, following factors are required to be considered-  Whether nature of income is clearly explained during the survey or during assessment proceedings.  Whether income can be classified under a particular head of income based on nature so as to demonstrate that it is flowing from one of the specific

M/S. L.B. KUNJIR,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 7, PUNE, PUNE

In the result, the two appeals filed by the assessee are allowed and the three appeals filed by Revenue are dismissed

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

69A to 69D and levy of higher rate of tax u/s 115BBE, following factors are required to be considered-  Whether nature of income is clearly explained during the survey or during assessment proceedings.  Whether income can be classified under a particular head of income based on nature so as to demonstrate that it is flowing from one of the specific

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-7, PUNE vs. LB KUNJIR, PUNE

In the result, the two appeals filed by the assessee are allowed and the three appeals filed by Revenue are dismissed

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

69A to 69D and levy of higher rate of tax u/s 115BBE, following factors are required to be considered-  Whether nature of income is clearly explained during the survey or during assessment proceedings.  Whether income can be classified under a particular head of income based on nature so as to demonstrate that it is flowing from one of the specific

MR. ASHWIN RAJENDRA BADE,KOLHAPUR vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE, KOLHAPUR, KOLHAPUR

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

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita. No.1892/Pun/2024 Assessment Year : 2019-20

69A with the applicability of section 115BBE. I am also satisfied that section 271AAC is attractable in the present case. Hence, penalty u/s.271AAC is initiated on this ground. 6. Subject to the above, the total income of the assessee is recomputed as below : Income from business after Rs.1,00,56,640/- depreciation

INCOME TAX OFFICER, PUNE vs. SAGAR CONSTRUCTION COMPANY, PUNE

In the result, the appeal filed by the Revenue is dismissed and the CO filed by the assessee is allowed

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

69A of the Act read with section 115BBE made addition to the total income of the assessee. We find the CIT(A) / NFAC quashed the re-assessment proceedings holding that the proper course of action before the Assessing Officer should have been u/s 153C of the Act. He also deleted the addition on merit by holding that the said addition

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

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

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

VIVEK NATHURAM GAVHANE,PUNE vs. THE PR. COMMISSIONER OF INCOME TAX, CENTRAL, PUNE

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

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.849/Pun/2025 Assessment Year : 2020-21

69A of the Act at Rs.39,82,750/- and 15,60,000/- respectively and assessed income at Rs.1,54,87,170/-. 3. Thereafter, assessment records were examined by ld. PCIT within the powers conferred u/s.263 of the Act and he observed that on certain immovable properties the assessee has shown rental income during the year and has claimed depreciation

R B DIAMOND HOUSE,JALGAON vs. PNE-C-1, RANGE -25, CIRCLE -1, OFFICE OF THE COMMISSIONER OF INCOME TAX- JALGAON

In the result, the appeal of the assessee is allowed for statistical\npurposes

Section 69A.\nGround No. 6: Interest Disallowance Rs.1,54,43,569/-\n6.\nOn the facts and in the circumstances of the case and in law, the\nlearned Commissioner of Income Tax (Appeals) ought to have\nconsidered and deleted the disallowance of Rs.1,54,43,569/-\nbeing\ninterest on Cash Credit facility as the Cash Credit facility was\nproperly reflected

ACIT, CIRCLE-2, PUNE, PUNE vs. BHIKSHU GRANIMART, PUNE

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

Bench: Shri R. K. Panda & Shri Vinay Bhamoreassessment Year : 2017-18

69A of the Income Tax Act, 1961 and taxed accordingly. Penalty proceedings u/s 271AAC are hereby initiated since the income of the assessee includes income chargeable to tax under the provisions of section 115BBE of the Income Tax Act, 1961.” 7. In appeal, the Ld. CIT(A) / NFAC deleted all the additions made by the Assessing Officer

SACHIN RAMDAS MOHITE,,SATARA vs. PR. COMMISSIONER OF INCOME-TAX-3,, PUNE

Appeal is allowed in above terms

Bench: Shri S.S. Godara, Jm & Shri G.D. Padmahshali, Am

depreciation and investment allowance as referred to in sections 32 and 32A respectively, Commissioner was justified in invoking revision u/s 263. 4.5. Similarly, Hon'ble High Court of Allahabad had held in the case of Swarup Vegetable Products Vs. CIT (54 taxmann.com 175) that it is beyond dispute that u/ s 263, the Commissioner does have power to set aside

DHAS KISHOR RAMCHANDRA, AURANGABAD vs. DWARKAPRASAD BHIKULAL SONI, JALNA

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

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

depreciation. Consequently, this element to determine the valuation of the unquoted equity shares is to be considered in a broader way. 5.2.6 Further while determining the deeming income under the Income Tax Act, various concepts are there such as Safe Harbor Rule, Section 50C etc for dealing with the practical difficulties and uncertainties. However, the section 50CA is silent

ASSISTANT COMMISSIONER OF INCOME-TAX, JALNA CIRCLE,, JALNA vs. SANJAY DEVENDRAPARSAD RAI,, JALNA

In the result, appeal of the Revenue is dismissed

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.801/Pun/2018 िनधा"रण वष" / Assessment Year : 2014-15 The Asst. Commissioner Of Sanjay Devendraprasad Rai, Income Tax, Jalna Circle, Vs Prop. Shivshakti Services, 343, Jalna. Manik Nagar, Lakkadkot, Jalna – 431 203. Pan: Akqpr 3680 K Appellant/ Assessee Respondent /Revenue Cross Objection No.17/Pun/2021 (Arising Out Of Ita No.801/Pun/2018) िनधा"रणवष" / Assessment Year : 2014-15 Sanjay Devendraprasad Rai, The Asst. Commissioner Of Prop. Shivshakti Services, 343, Vs Income Tax, Jalna Circle, Manik Nagar, Lakkadkot, Jalna. Jalna – 431 203. Pan: Akqpr 3680 K Appellant/ Assessee Respondent / Revenue Assessee By Dr.Prayag Jha & Shri Prateek Jha – Ar’S Revenue By Shri Ramnath P Murkunde – Dr Date Of Hearing 12/04/2023 Date Of Pronouncement 23/06/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Filed By The Revenue & Cross Appeal Of Assessee Are Directed Against The Common Order Of Ld.Commissioner Of Income Tax (Appeal)-1,[Ld.Cit(A)], Pune Dated 05.02.2018 For

depreciation of Rs.59,01,774/- on account of subsidy received to that extent. viii) On the facts & in the circumstances of the case, the Ld. CIT(A), Aurangabad has erred in reducing the capital subsidy received from the profits for computation of book profits u/s 115JB of the IT Act. ix) On the facts & in the circumstances of the case

AMOL CHIMANRAO PATIL,JALGAON vs. INCOME TAX OFFICER, WRD-2(3), JALGAON, JALGAON

Appeal is allowed for statistical purposes in above terms

Bench: Shri Satbeer Singh Godara & Shri Inturi Rama Rao

depreciation, agricultural income and that u/s. 69A; as the case may be. 4. Mr. Murkunde vehemently argued during the course of hearing that the assessee has neither filed all the relevant details before the Assessing Officer nor in the lower appellate proceedings. 5. Faced with this situation, we invited the Revenue’s attention to the CIT(A) findings in paragraph

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

depreciation allowance or any other allowance under\nthis Act has been computed;\n(ca) where a return of income has not been furnished by the assessee or a\nreturn of income has been furnished by him and on the basis of information\nor document received from the prescribed income-tax authority, under sub-\nsection (2) of section 133C

NATHARAM PANAJI CHOUDHARY,PUNE vs. I.T.O. WARD 8(1), PUNE, PUNE

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

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

depreciation allowance or any other allowance has been computed under the provisions of the Act. 4.3.2 Action under section 147 is permissible even if the Assessing officer gathers his reasons to believe from the very same record as has been the subject matter of the completed assessment proceedings. There might indeed be a presumption that the assessment proceedings have been