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

gain and not to deem the asset as short-term capital asset. Section 50 does not convert a long-term capital asset into a short-term capital asset. Though section 50 was enacted with the object of denying multiple benefits to owners of depreciable

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.

short term capital gains of Rs 20,36,683/- as shown in the return of income ought to have been accepted by Assessing Officer. f. The Ld. CIT(A) has erred in law and in facts in disallowing the deduction claimed by the appellant under the head business income. 3. The Ld. CIT(A) has erred

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.

short term capital gains of Rs 20,36,683/- as shown in the return of income ought to have been accepted by Assessing Officer. f. The Ld. CIT(A) has erred in law and in facts in disallowing the deduction claimed by the appellant under the head business income. 3. The Ld. CIT(A) has erred

PRADEEP KISANLAL BOOB,NASHIK vs. ACIT, CIRCLE 1, NASHIK, NASHIK

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

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.189/Pun/2024 Assessment Year : 2019-20

short term capital gain whether it has arisen from sale of capital asset or from sale of depreciable asset as provided

CAPGEMINI TECHNOLOGY SERVICES INDIA LIMITED, (EARLIER KNOWN AS IGATE GLOBAL SOLUTIONS LTD),,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 11,, PUNE

In the result, the appeal of Revenue is partly allowed

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Ravi

depreciation @ 25% on written down value of the goodwill at Rs.14,112,506/-. Thus, ground No. 5 raised by the assessee is allowed for statistical purpose. 21. Ground No. 6 raised by the assessee challenging the action of CIT(A) in confirming the denial of carry forward of long term capital loss in the facts and circumstances of the case

ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 11,, PUNE vs. IGATE GLOBAL SOLUTIONS LTD,, PUNE

In the result, the appeal of Revenue is partly allowed

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Ravi

depreciation @ 25% on written down value of the goodwill at Rs.14,112,506/-. Thus, ground No. 5 raised by the assessee is allowed for statistical purpose. 21. Ground No. 6 raised by the assessee challenging the action of CIT(A) in confirming the denial of carry forward of long term capital loss in the facts and circumstances of the case

M/S. CHAKRABARTY MEDICAL CENTRE,,PUNE vs. INCOME-TAX OFFICER,,

In the result, appeal of assessee is allowed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.1137/Pun/2016 यििाारण वषा / Assessment Year : 2008-09 M/S. Chakrabarty Medical Centre, C-802, Palmdale, California Apartments, Nibm, Undri Road, अऩीऱाथी/Appellant Pune – 411060 …. Pan: Aabfc5809Q Vs. The Income Tax Officer, …. प्रत्यथी / Respondent Ward 1, Ahmednagar अऩीऱाथी की ओर से / Appellant By : Shri Nikhil Pathak प्रत्यथी की ओर से / Respondent By : Shri Sanjeev Ghei

depreciable asset, gain arising was to be assessed under section 50 of the Act and the short term capital gain

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

short term capital loss in their books of accounts. YICL was incorporated in January, 1983 as an unlisted company under the name of Yamini Investments Company Ltd. and subsequently converted into public limited company and listed on BSE in January, 1984. The trading of equity shares in the scrip was earlier suspended and the suspension was revoked w.e.f

NAWAB PASHASAHEB JAMADAR,LATUR vs. THE INCOME TAX OFFICER, WARD-1, LATUR

In the result, the appeal is partly allowed for statistical purposes

Bench: Shri R.S. Syalआयकर अपीऱ सं. /Ita No.731/Pun/2023 निर्धारण वषा / Assessment Year : 2014-15 Nawab Pashasaheb Jamadar, Vs. Ito, Ward-1, Global Panacea Hospital, Latur Gross Golden Jubilee, B-Block, Mahaeboob Nagar, Ambajogai Road, Latur – 413 512, Maharashtra Pan : Aaopj3902E Appellant Respondent

capital gain in respect of depreciable asset as short term capital gain. The ambit of section 50 is limited to the treatment

RAJENDRA L.AGARWAL,,PUNE vs. INCOME-TAX OFFICER, (INTERNATIONAL TAXATION -I),, PUNE

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं आयकर अपील सं. / Ita No. 2330/Pun/2017 आयकर अपील सं आयकर अपील सं िनधा"रण वष" / Assessment Year : 2012-13 िनधा"रण वष" िनधा"रण वष" िनधा"रण वष"

gain of Rs. 8,39,15,000/- has been disallowed and added to the income of the assessee. Penalty, proceedings u/s. 271(1) (c) are initiated separately for furnishing in accurate particulars of income.” Therefore, AO suspected the purchase and sale transaction of shares which gave rise to the short term capital loss of Rs.8.39 Crore and treated the same

PRIDE AND EXPERT PROPERTIES PRIVATE LIMITED,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1 (1) , PUNE

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

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury

depreciation has been claimed by the assessee in earlier years, short term capital gain arises and not long term capital

INCOME-TAX OFFICER, WARD - 2(3),, SOLAPUR vs. SHRI. ULHAS MALLIKARJUN PATIL,, SOLAPUR

Appeal is partly allowed for statistical purpose in above terms

Bench: Shri S.S.Godara & Shri Inturi Rama Raoआयकर अपीलसं. / Ita No.1751/Pun/2018 िनधा"रणवष" / Assessment Year : 2013-14 The Income Tax Officer, Shri Ulhas Mallikarjun Patil, Ward-2(3), Solapur, Vs Block No.3, Sunandan . Complex, Near Dayanand College, Ravivar Peth, Solapur – 413004. Pan: Akepp 1943 P Appellant/ Assessee Respondent /Revenue Assessee By Shri Krishna V Gujarathi – Ar Revenue By Shri Ramnath P Murkunde – Dr Date Of Hearing 05/09/2022 Date Of Pronouncement 06/09/2022 आदेश/ Order Per S.S.Godara, Jm: This Revenue’S Appeal For Assessment Year 2013-14 Is Directed Against The Commissioner Of Income Tax(Appeals)-7, Pune’S Order Dated 31.08.2018 Passed In Case No.Pn/Cit(A)-7/Wd- 2(3)/10434/2016-147, In Proceedings U/S.143(3) Of The Income Tax Act, 1961 [In Short “The Act”].

depreciation on school building. The ,AO treated the gain arising from sale of building as short term capital gain by invoking

M/S. BILCARE LIMITED,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), PUNE

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

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.273/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 Dcit, Central Circle-2(2), Vs. M/S. Bilcare Limited, Pune. 601, Icc Trade Tower, Pune- 411016. Pan : Aabcb2242F Appellant Respondent आयकर अपीऱ सं. / Ita No.334/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 M/S. Bilcare Limited, Vs. Dcit, Central Circle- 6Th Floor, B Wing, Icc 2(2), Pune. Trade Tower, Senapati Bapat Road, Pune- 411006. Pan : Aabcb2242F Appellant Respondent

gains arising from the transfer of short-term capital assets: [Provided that in a case where goodwill of a business or profession forms part of a block of asset for the assessment year beginning on the 1st day of April, 2020 and depreciation

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), PUNE vs. M/S. BILCARE LIMITED, PUNE

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

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.273/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 Dcit, Central Circle-2(2), Vs. M/S. Bilcare Limited, Pune. 601, Icc Trade Tower, Pune- 411016. Pan : Aabcb2242F Appellant Respondent आयकर अपीऱ सं. / Ita No.334/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 M/S. Bilcare Limited, Vs. Dcit, Central Circle- 6Th Floor, B Wing, Icc 2(2), Pune. Trade Tower, Senapati Bapat Road, Pune- 411006. Pan : Aabcb2242F Appellant Respondent

gains arising from the transfer of short-term capital assets: [Provided that in a case where goodwill of a business or profession forms part of a block of asset for the assessment year beginning on the 1st day of April, 2020 and depreciation

TRIMBAK HATCHERIES PVT. LTD.,,NASHIK vs. ASSISTATN COMMISSIONER OF INCOME-TAX,, NASHIK

In the result, the appeal of the assessee is dismissed

Bench: Shri D. Karunakara Rao, Am & Shri S. S. Viswanethra Ravi, Jm आयकर अपील सं. / Ita No.951/Pun/2017 िनधा"रण वष" / Assessment Year : 2008-09 Trimbak Hatcheries Pvt. Ltd., Flat No.4 & 5, Anandkunj Apartment, Old Gangapur Naka, Gangapur Road, Nashik – 422005. .......अपीलाथ" / Appellant Pan : Aabct0456H बनाम / V/S. Acit, Circle-1, ……""यथ" / Respondent Nashik. Assessee By : Shri Kishor Phadke Revenue By : Shri Pankaj Garg सुनवाई क" तारीख / Date Of Hearing : 05.11.2019 घोषणा क" तारीख / Date Of Pronouncement : 06.11.2019 आदेश / Order Per D. Karunakara Rao, Am: This Appeal Is Filed By The Assessee Against The Order Of Cit(A)-1, Nashik Dated 13.02.2017 For The Assessment Year 2008-09. 2. The Grounds Raised By The Assessee Are As Under :- “1. The Learned Cit(A)-1, Nasik & The Learned Ao Erred In Law & On Facts In Not Allowing Set-Off Of Brought Forward Business Loss Amounting To Rs. 1,98,42,328/- Against The Short Term Capital Gain Arising From Sale Of Building & Other Depreciable Assets, Which Were Used For Carrying Out Business Activities. 2. The Learned Cit(A)-1, Nasik & The Learned Ao Erred In Law & On Facts In Not Allowing Set-Off Of Brought Forward Business Loss Against The Long Term Capital Gain Arising From Sale Of Land, Which Was Distressed Sale. 3. The Appellant Craves Leave To Add / Modify / Alter / Delete All Or Any Of The Grounds Of Appeal.”

depreciation against short long term capital gains arising from sale of building and other depreciable assets used for carrying out business

ASST. CIT, CIRCLE-6, PUNE vs. SAKAL PAPERS LIMITED,, PUNE

In the result, appeal of the Revenue in ITA No

Bench: Shri R.S. Syal, Vp & Shri Partha Sarathi Chaudhury, Jm

short term and long term capital gains shown by the assessee be not treated as ‘business income’, an elaborate submission was made by the assessee before the Assessing Officer and relevant parts of the submission needs to be mentioned herein below. “There are no such specific provisions for conversion of stock-in-trade into capital assets. Position, however

BAJAJ HOUSING FINANCE LIMITED,PUNE vs. ITO, WARD-8(1), PUNE, PUNE

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

Bench: Dr.Manish Borad

short term capital gain’. It is not the case of Revenue that ld. AO has detected this transaction to have been taxed under wrong head but the assessee itself has offered it as income from ‘capital gain’ as has been originally declared it as ‘business income’ in the books. It is clearly a case of re-classification of income

M/S ADVIK HI-TECH PVT LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 8,, PUNE

In the result, appeal of the Revenue in ITA No

Bench: Shri R.S.Syal, Vp & Shri Partha Sarathi Chaudhury, Jm आयकर अपीऱ सं. / Ita No. 1578/Pun/2017 नििाारण वषा / Assessment Year : 2011-12 M/S. Advik Hi-Tech Pvt. Ltd. Gat No.357/99, Chakan Talegaon Road, Vill- Kharabwadi, Tal. Khed, Chakan, Pune-410 501 Pan : Aacca3106E .......अऩीऱाथी / Appellant बिाम / V/S. The Deputy Commissioner Of Income Tax, Circle-8, Pune.

short term capital gain as claimed by assessee. 2. The learned AO erred (learned CIT(A) in confirming) in disallowing expenses of Rs.2,52,000/- incurred on Repair of Existing Toilet Block treating as Capital Expenditure and merely allowing depreciation

DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 8,, PUNE vs. M/S. ADVIK HI-TECH PVT.LTD,, PUNE

In the result, appeal of the Revenue in ITA No

Bench: Shri R.S.Syal, Vp & Shri Partha Sarathi Chaudhury, Jm आयकर अपीऱ सं. / Ita No. 1578/Pun/2017 नििाारण वषा / Assessment Year : 2011-12 M/S. Advik Hi-Tech Pvt. Ltd. Gat No.357/99, Chakan Talegaon Road, Vill- Kharabwadi, Tal. Khed, Chakan, Pune-410 501 Pan : Aacca3106E .......अऩीऱाथी / Appellant बिाम / V/S. The Deputy Commissioner Of Income Tax, Circle-8, Pune.

short term capital gain as claimed by assessee. 2. The learned AO erred (learned CIT(A) in confirming) in disallowing expenses of Rs.2,52,000/- incurred on Repair of Existing Toilet Block treating as Capital Expenditure and merely allowing depreciation