MAHARASHTRA STATE WAREHOUSING CORPORATION,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 14,, PUNE

In the result, all the appeals of assessee are allowed

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

losses in the return of income. The ld. AR further submitted that the provisions of section 153(3) clearly states that the time limit as set out in sub-section (1) and sub- section (2) for the completion of assessment, reassessment

MAHARASHTRA STATE WAREHOUSING CORPORATION,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 14,, PUNE

In the result, all the appeals of assessee are allowed

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

losses in the return of income. The ld. AR further submitted that the provisions of section 153(3) clearly states that the time limit as set out in sub-section (1) and sub- section (2) for the completion of assessment, reassessment

POONAWALLA SHARES & SECURITIES PVT.LTD,PUNE vs. ASSISTANT COMMISSIONER OF WEALTH-TAX, CIRCLE-4, PUNE

Appeal is partly allowed in above terms

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपीलसं. / Ita No.380/Pun/2020 िनधा"रण वष" / Assessment Year : 2016-17 Poonawalla Shares & Securities The Assistant Pvt. Ltd., Vs Commissioner Of Income 16-B,/1, Sarosh Bhavan, Tax, Dr.Ambedkar Road, Circle-4, Pune. Pune – 411001 Pan: Aaacp 6087 H Appellant/ Assessee Respondent /Revenue Assessee By Shri Percy Pardiwala – Ar Revenue By Shri M.G.Jasnani – Dr Date Of Hearing 08/07/2022 Date Of Pronouncement 29/07/2022 आदेश/ Order Per S.S.Godara, Jm: This Assessee’S Appeal For Assessment Year 2016-17 Is Directed Against The Commissioner Of Income Tax(Appeals)-3, Pune’S Order Dated 11.12.2019 Passed In Case No.Pn/Cit(A)-3/Cir 4/193/2018-19/428, In Proceedings U/S.143(3) Of The Income Tax Act, 1961 [In Short “The Act”].

reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001.]” 5.5 If the provisions of law contained under section 14A and diction of section 14A is perused

KALPESH RATILAL GARDHARIA,KOLHAPUR vs. ITO WARD- 2(3), KOLHAPUR

In the result, the grounds on merit are allowed for statistical purposes

Bench: Shri Partha Sarathi Chaudhury

set-off of the loss of Rs. Rs. 40,42,043 in the reassessment proceedings is entitled to invoke provisions

RAJARSHI SHAHU SHIKSHAN SANSTHA INAM DHAMANI,SANGLI vs. ITO EXEMPTION, KOLHAPUR, KOLHAPUR

In the result, all the appeals filed by the assessee are partly allowed as per terms indicated hereinabove

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1121 To 1126/Pun/2024 Assessment Years : 2012-13 To 2017-18

set- off of any other LOSS was also introduced from AY 2017-18 only. As such, for all years till AY 2016-17, the 'reasons' formed for the belief of 'escapement of income' were specious and leading to a NULLITY. Appellant relies on CBDT Circular No. 11/2019 dated 19/6/2019 clarifying the scheme of Section 115BBE in this regard (copy enclosed

RAJARSHI SHAHU SHIKSHAN SANSTHA INAM DHAMANI,SANGLI vs. ITO EXEMPTION, KOLHAPUR

In the result, all the appeals filed by the assessee are partly allowed as per terms indicated hereinabove

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1121 To 1126/Pun/2024 Assessment Years : 2012-13 To 2017-18

set- off of any other LOSS was also introduced from AY 2017-18 only. As such, for all years till AY 2016-17, the 'reasons' formed for the belief of 'escapement of income' were specious and leading to a NULLITY. Appellant relies on CBDT Circular No. 11/2019 dated 19/6/2019 clarifying the scheme of Section 115BBE in this regard (copy enclosed

RAJARSHI SHAHU SHIKSHAN SANSTHA INAM DHAMANI,SANGLI vs. ITO EXEMPTION, KOLHAPUR, KOLHAPUR

In the result, all the appeals filed by the assessee are partly allowed as per terms indicated hereinabove

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1121 To 1126/Pun/2024 Assessment Years : 2012-13 To 2017-18

set- off of any other LOSS was also introduced from AY 2017-18 only. As such, for all years till AY 2016-17, the 'reasons' formed for the belief of 'escapement of income' were specious and leading to a NULLITY. Appellant relies on CBDT Circular No. 11/2019 dated 19/6/2019 clarifying the scheme of Section 115BBE in this regard (copy enclosed

RAJARSHI SHAHU SHIKSHAN SANSTHA INAM DHAMANI,SANGLI vs. ITO EXEMPTION , KOLHAPUR, KOLHAPUR

In the result, all the appeals filed by the assessee are\npartly allowed as per terms indicated hereinabove

set-\noff of any other LOSS was also introduced from AY 2017-18 only. As\nsuch, for all years till AY 2016-17, the 'reasons' formed for the belief\nof 'escapement of income' were specious and leading to a NULLITY.\nAppellant relies on CBDT Circular No. 11/2019 dated_19/6/2019\nclarifying the scheme of Section 115BBE in this regard (coру\nenclosed

RAJARSHI SHAHU SHIKSHAN SANSTHA INAM DHAMANI,SANGLI vs. ITO EXEMPTION, KOLHAPUR

In the result, all the appeals filed by the assessee are\npartly allowed as per terms indicated hereinabove

set-\noff of any other LOSS was also introduced from AY 2017-18 only. As\nsuch, for all years till AY 2016-17, the 'reasons' formed for the belief\nof 'escapement of income' were specious and leading to a NULLITY.\nAppellant relies on CBDT Circular No. 11/2019 dated_19/6/2019\nclarifying the scheme of Section 115BBE in this regard (coру\nenclosed

RAJARSHI SHAHU SHIKSHAN SANSTHA INAM DHAMANI,SANGLI vs. ITO EXEMPTION, KOLHAPUR, KOLHAPUR

In the result, all the appeals filed by the assessee are\npartly allowed as per terms indicated hereinabove

set-\noft of any other LOSS was also introduced from AY 2017-18 only. As\nsuch, for all years till AY 2016-17, the 'reasons' formed for the belief\nof 'escapement of income' were specious and leading to a NULLITY.\nAppellant relies on CBDT Circular No. 11/2019 dated_19/6/2019\nclarifying the scheme of Section 115BBE in this regard (coру\nenclosed

CAPGEMINI TECHNOLOGY SERVICES INDIA LIMITED ( SUCCESSOR OF ARICENT TECHNOLOGIES HOLDINGS LIMITED),PUNE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1(1), PUNE, PUNE

In the result, the appeal of the assessee is allowed

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

set out in Section 270AA(4) of the Act.‖ 27. In the present case, neither in the assessment order dated 22.09.2022 nor in the subsequent show-cause notices, the Assessing Officer has specified that the case of the petitionercompany is covered under which part of sub-section (9) of Section 270A of the Act. Even in the impugned order dated

DEPUTY COMMISSIONER OF INCOME TAX, NASHIK vs. CHAKRADHAR CONTRACTORS AND ENGINEERS PRIVATE LIMITED, JALGAON

In the result, both the appeals of the Revenue are

Bench: Shri Rama Kanta Panda & Shri Vinay Bhamore

loss, the amount of tax calculated on the under- reported income as if it were the total income; (c) in any other case determined in accordance with the formula- (X-Y) where, 15 ITA.Nos.1939 & 1940/PUN./2024 X = the amount of tax calculated on the under- reported income as increased by the total income determined under clause

DEPUTY COMMISSIONER OF INCOME TAX, NASHIK vs. CHAKRAHAR CONTRACTORS AND ENGINEERS PRIVATE LIMITED, JALGAON

In the result, both the appeals of the Revenue are

Bench: Shri Rama Kanta Panda & Shri Vinay Bhamore

loss, the amount of tax calculated on the under- reported income as if it were the total income; (c) in any other case determined in accordance with the formula- (X-Y) where, 15 ITA.Nos.1939 & 1940/PUN./2024 X = the amount of tax calculated on the under- reported income as increased by the total income determined under clause

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

set off of profit on trading in derivatives against brought forward losses. 3. That the order dated 15.05.2024 passed u/s 250 of the Act by the National Faceless Appeal Centre (NFAC), Delhi is against law and facts on the file in as much as he was not justified to uphold the action of the Ld. Assessing Officer in passing

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

set off of profit on trading in derivatives against brought forward losses. 3. That the order dated 15.05.2024 passed u/s 250 of the Act by the National Faceless Appeal Centre (NFAC), Delhi is against law and facts on the file in as much as he was not justified to uphold the action of the Ld. Assessing Officer in passing

ASSISTANT COMMISSIONER OF INCOME TAX vs. M/S. RDS CONSTRUCTION CO.,, KOLHAPUR

In the result, the appeal of the Revenue in ITA No

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं. / Ita Nos.2731 To 2733/Pun/2016 िनधा"रण वष" / Assessment Years : 2008-09, 2010-11 & 2012-13 Acit, Circle-2, .......अपीलाथ" / Appellant Kolhapur. बनाम / V/S. M/S. Rds Construction Co., 233/3, Malati Towers, Tarabai Park, Kolhapur-416003. Pan : Aabfr4457M ……""यथ" / Respondent Revenue By : Shri Sanjeev Ghai Assessee By : Shri Nikhil Pathak सुनवाई क" तारीख / Date Of Hearing : 11.03.2019 घोषणा क" तारीख / Date Of Pronouncement : 08.05.2019 आदेश / Order Per D. Karunakara Rao, Am: There Are Three Appeals Under Consideration. Ita Nos.2731 & 2732/Pun/2016 Filed By The Revenue Are Against The Common Orders Of Cit(A)-2, Kolhapur Dated 26.09.2016 U/S 271(1)(C) Of The Act For The Assessment Years 2008-09 & 2010-11 Respectively.

reassessment order as well as in the penalty order is fully objectionable and there is no consistency as evident from the relevant paragraphs extracted above. Further ld. Counsel submitted that in the case of bogus purchases the correct limb should have been mentioned for furnishing of inaccurate particulars. The ld. Counsel relied heavily on the Co-ordinate Benches decision

ASSISTANT COMMISSIONER OF INCOME TAX vs. M/S. RDS CONSTRUCTION CO.,, KOLHAPUR

In the result, the appeal of the Revenue in ITA No

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं. / Ita Nos.2731 To 2733/Pun/2016 िनधा"रण वष" / Assessment Years : 2008-09, 2010-11 & 2012-13 Acit, Circle-2, .......अपीलाथ" / Appellant Kolhapur. बनाम / V/S. M/S. Rds Construction Co., 233/3, Malati Towers, Tarabai Park, Kolhapur-416003. Pan : Aabfr4457M ……""यथ" / Respondent Revenue By : Shri Sanjeev Ghai Assessee By : Shri Nikhil Pathak सुनवाई क" तारीख / Date Of Hearing : 11.03.2019 घोषणा क" तारीख / Date Of Pronouncement : 08.05.2019 आदेश / Order Per D. Karunakara Rao, Am: There Are Three Appeals Under Consideration. Ita Nos.2731 & 2732/Pun/2016 Filed By The Revenue Are Against The Common Orders Of Cit(A)-2, Kolhapur Dated 26.09.2016 U/S 271(1)(C) Of The Act For The Assessment Years 2008-09 & 2010-11 Respectively.

reassessment order as well as in the penalty order is fully objectionable and there is no consistency as evident from the relevant paragraphs extracted above. Further ld. Counsel submitted that in the case of bogus purchases the correct limb should have been mentioned for furnishing of inaccurate particulars. The ld. Counsel relied heavily on the Co-ordinate Benches decision

ASSISTANT COMMISSIONER OF INCOME TAX vs. M/S. RDS CONSTRUCTION CO.,, KOLHAPUR

In the result, the appeal of the Revenue in ITA No

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं. / Ita Nos.2731 To 2733/Pun/2016 िनधा"रण वष" / Assessment Years : 2008-09, 2010-11 & 2012-13 Acit, Circle-2, .......अपीलाथ" / Appellant Kolhapur. बनाम / V/S. M/S. Rds Construction Co., 233/3, Malati Towers, Tarabai Park, Kolhapur-416003. Pan : Aabfr4457M ……""यथ" / Respondent Revenue By : Shri Sanjeev Ghai Assessee By : Shri Nikhil Pathak सुनवाई क" तारीख / Date Of Hearing : 11.03.2019 घोषणा क" तारीख / Date Of Pronouncement : 08.05.2019 आदेश / Order Per D. Karunakara Rao, Am: There Are Three Appeals Under Consideration. Ita Nos.2731 & 2732/Pun/2016 Filed By The Revenue Are Against The Common Orders Of Cit(A)-2, Kolhapur Dated 26.09.2016 U/S 271(1)(C) Of The Act For The Assessment Years 2008-09 & 2010-11 Respectively.

reassessment order as well as in the penalty order is fully objectionable and there is no consistency as evident from the relevant paragraphs extracted above. Further ld. Counsel submitted that in the case of bogus purchases the correct limb should have been mentioned for furnishing of inaccurate particulars. The ld. Counsel relied heavily on the Co-ordinate Benches decision