SMT. SEEMA SHAH,VARANASI vs. ITO, WARD-2(2), VARANASI

In the result, appeal of the assessee in ITA No

Bench: Shri Vijay Pal Rao & Shri Ramit Kocharassessment Year: 2014-15 Smt. Seema Shah, Income Tax Officer, B-37/1F 2Kh, Haijnatha, Ward –2(2) V. Birdopur, Varanasi, U.P. Varanasi- 221010,Uttar Pradesh Pan:Aqpps9465C (Appellant) (Respondent)

1) Subject to the provisions of sub-section (2), where, in the case of an assessee being an individual or a Hindu undivided family, the capital gain

GOPI KRISHNA VINOD KUMAR HUF,GORAKHPUR vs. PCIT,, GORAKHPUR

In the result, appeal of the assessee is allowed

Capital Gain. (iii) Documents in support of Exempt income under section 10(38): a. Copy of Purchase Bill from Sanskrit! Vincom Pvt. Ltd., 196 for purchase of shares in Panchshul Marketing Ltd. b. Copy of Balance sheets as on 31.03.2013 & 31.03.2014, 197-200 alongwith Summary of Investments held (wherein the shares bought, had duly been reflected). c. Copy of Bank

VINOD KUMAR SARAF HUF,GORAKHPUR vs. PCIT,, GORAKHPUR

In the result, appeal of the assessee is allowed

Capital Gain. (iii) Documents in support of Exempt income under section 10(38): a. Copy of Purchase Bill from Sanskrit! Vincom Pvt. Ltd., 196 for purchase of shares in Panchshul Marketing Ltd. b. Copy of Balance sheets as on 31.03.2013 & 31.03.2014, 197-200 alongwith Summary of Investments held (wherein the shares bought, had duly been reflected). c. Copy of Bank

ANJU JHUNJHUNWALA,VARANASI vs. PCIT, VARANASI

In the result, appeal of the assessee is allowed

Capital Gain. (iii) Documents in support of Exempt income under section 10(38): a. Copy of Purchase Bill from Sanskrit! Vincom Pvt. Ltd., 196 for purchase of shares in Panchshul Marketing Ltd. b. Copy of Balance sheets as on 31.03.2013 & 31.03.2014, 197-200 alongwith Summary of Investments held (wherein the shares bought, had duly been reflected). c. Copy of Bank

SARVESH KUMAR AGARWAL HUF,VARANASI vs. PCIT,, VARANASI

In the result, appeal of the assessee is allowed

Capital Gain. (iii) Documents in support of Exempt income under section 10(38): a. Copy of Purchase Bill from Sanskrit! Vincom Pvt. Ltd., 196 for purchase of shares in Panchshul Marketing Ltd. b. Copy of Balance sheets as on 31.03.2013 & 31.03.2014, 197-200 alongwith Summary of Investments held (wherein the shares bought, had duly been reflected). c. Copy of Bank

VISHAL KANODIA,VARANASI vs. PCIT,, VARANASI

In the result, appeal of the assessee is allowed

Capital Gain. (iii) Documents in support of Exempt income under section 10(38): a. Copy of Purchase Bill from Sanskrit! Vincom Pvt. Ltd., 196 for purchase of shares in Panchshul Marketing Ltd. b. Copy of Balance sheets as on 31.03.2013 & 31.03.2014, 197-200 alongwith Summary of Investments held (wherein the shares bought, had duly been reflected). c. Copy of Bank

M/S AVANTIKA INFRAVENTURE (P) LTD.,,ALLAHABAD vs. DCIT, CENTRAL CIRCLE,, VARANASI

In the result, the appeals of the assessee for the Assessment Years

Bench: Shri.Vijay Pal Rao & Shri Ramit Kochar

capital borrowed for the purpose of business or profession is to be allowed as a deduction in computing taxable income. The expression "for purposes of business or profession" occurring in Section 36(1)(iii) of the Act is wider in scope than the expression "for the purpose of earning income, profits or gains

M/S AVANTIKA INFRAVENTURE (P) LTD.,,ALLAHABAD vs. DCIT, CENTRAL CIRCLE,, VARANASI

In the result, the appeals of the assessee for the Assessment Years

Bench: Shri.Vijay Pal Rao & Shri Ramit Kochar

capital borrowed for the purpose of business or profession is to be allowed as a deduction in computing taxable income. The expression "for purposes of business or profession" occurring in Section 36(1)(iii) of the Act is wider in scope than the expression "for the purpose of earning income, profits or gains

M/S JAI AMBE AGRICULTURAL INDUSTRIES,VARANASI vs. D.C.I.T., CIRCLE - 2(1), VARANASI

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

Bench: Shri Ramit Kochar & Shri Pavan Kumar Gadaleassessment Year: 2019-2020 M/S Jai Ambe Agricultural The Dcit, Industries, Plot No. 211, V. Circle-2(1), Aayakar Bhawan, M A Marg, Churamanpur, Varanasi- Varanasi-221002,U.P. 221108,U.P. ( The Adi, Cpc, Bengaluru) Pan:Aahfj9428N (Appellant) (Respondent)

1)(ic) clearly stipulates that such income covered u/s 2(24)(x) shall be brought to tax if the same is not brought to tax under the head ‘Profits and Gains from Business or Profession’. There is no dispute that Section 2(24)(x) refers to any sum received by the assessee from his employees as contribution to any provident

SHAMIMUL FATIMA,GORAKHPUR vs. ACIT, RANGE - 02, GORAKHPUR

In the result the appeal of the assessee is allowed

1,40,30,177/-. Which was claim as exemption u/s 54B of ₹ 53,50,300/- and ₹ 93,94,781/- u/s 54F respectively. The Ld. AO noted that flat in which investment was claimed was actually booked prior to two years from the date on which capital gain actual arose to the assessee. It was further noted by him that earlier

N.E. RAILWAY EMPLOYEES MULTI STATE PRIMARY COOPERATIVE BANK LTD.,,GORAKHPUR vs. ACIT, RANGE - 01, GORAKHPUR

In the result, the appeals of the assessee for the assessment years 2009-

Bench: Hon’Ble Sh. Vijay Pal Rao & Hon’Ble Sh. Ramit Kocharay: 2009-10 Ay: 2013-14 Ay: 2014-15 N.E. Railway Employees Multi State V. Acit, Primary Co-Operative Bank Ltd., Range-1, Gorakhpur Railway Colony, Mohaddipur Road, Gorakhpur, U.P. Pan-Aaajn0595P (Appellant) (Respondent) Appellant By: Anil Kumar Pandey, Advocate Respondent By: Sh. A.K. Singh, Sr. D.R. Date Of Hearing: 24.05.2022 Date Of Pronouncement: 09.06.2022 O R D E R

1) the primary object or principal business of which is the transaction of banking business; (2) the paid-up share capital and reserves of which are less than one lakh of rupees; and (3) the bye-laws of which do not permit admission of any other co-operative society as a member: Provided that this sub-clause shall not apply

N.E. RAILWAY EMPLOYEES MULTI STATE PRIMARY COOPARATIVE BANK LTD.,,GORAKHPUR vs. ACIT, RANGE - 01,, GORAKHPUR

In the result, the appeals of the assessee for the assessment years 2009-

Bench: Hon’Ble Sh. Vijay Pal Rao & Hon’Ble Sh. Ramit Kocharay: 2009-10 Ay: 2013-14 Ay: 2014-15 N.E. Railway Employees Multi State V. Acit, Primary Co-Operative Bank Ltd., Range-1, Gorakhpur Railway Colony, Mohaddipur Road, Gorakhpur, U.P. Pan-Aaajn0595P (Appellant) (Respondent) Appellant By: Anil Kumar Pandey, Advocate Respondent By: Sh. A.K. Singh, Sr. D.R. Date Of Hearing: 24.05.2022 Date Of Pronouncement: 09.06.2022 O R D E R

1) the primary object or principal business of which is the transaction of banking business; (2) the paid-up share capital and reserves of which are less than one lakh of rupees; and (3) the bye-laws of which do not permit admission of any other co-operative society as a member: Provided that this sub-clause shall not apply

N.E. RAILWAY EMPLOYEES MULTI STATE PRIMARY CO-OPRATIVE BANK LTD., ,GORAKHPUR vs. ACIT, RANGE - 01,, GORAKHPUR

In the result, the appeals of the assessee for the assessment years 2009-

Bench: Hon’Ble Sh. Vijay Pal Rao & Hon’Ble Sh. Ramit Kocharay: 2009-10 Ay: 2013-14 Ay: 2014-15 N.E. Railway Employees Multi State V. Acit, Primary Co-Operative Bank Ltd., Range-1, Gorakhpur Railway Colony, Mohaddipur Road, Gorakhpur, U.P. Pan-Aaajn0595P (Appellant) (Respondent) Appellant By: Anil Kumar Pandey, Advocate Respondent By: Sh. A.K. Singh, Sr. D.R. Date Of Hearing: 24.05.2022 Date Of Pronouncement: 09.06.2022 O R D E R

1) the primary object or principal business of which is the transaction of banking business; (2) the paid-up share capital and reserves of which are less than one lakh of rupees; and (3) the bye-laws of which do not permit admission of any other co-operative society as a member: Provided that this sub-clause shall not apply

AWADHESH KUMAR,BALLIA vs. ITO, WARD - 2(4), BALLIA

Bench: Shri.Vijay Pal Raoassessment Year: 2016-17 Awadhesh Kumar, V. Income Tax Officer, Arya Samaj Road, Ballia, Ward-2(4), Ballia, U.P. Uttar Pradesh Pan-Athpk1294N (Appellant) (Respondent) Appellant By: Sh. Praveen Godbole, C.A. Respondent By: Sh. A.K. Singh, Sr. Dr Date Of Hearing: 12.10.2022 Date Of Pronouncement: 14.10.2022 O R D E R

1. That in any view of the matter the assessment made on an income of Rs. 14,73,417/- by order dated 28-12-2018 passed u/s 143(3) of the Income Tax Act is bad both on the facts and in law. 2. That in any view of the matter the addition

MANISH JAISWAL,GORAKHPUR vs. ADDL. CIT, (TDS), ALLAHABAD

Bench: Shri Vijay Pal Rao & Shri Ramit Kocharassessment Year: 2016-17 Mr. Manish Jaiswal, Addl.Cit (Tds), Prop. New Manish Medical V. Allahabad-211001, U.P. Agencies Pashupati Market, Gandhi Park, Gorakhpur, U.P. Pan: Akdpj7675D (Appellant) (Respondent)

capital gain in his return of income and has paid tax on the basis of the said return. In this case the appellant had purchased a plot of land for Rs.68,25,000/- during the year consideration from Shri Ashish Jaiswal. As per the provisions of section 194IA, the appellant was liable for deduction of tax @ 1

MEENA DEVI,BALLIA vs. INCOME TAX OFFICER, WARD - 2(4), BALLIA

In the result, appeal of the assessee is allowed

Bench: The Ld. Cit (A) It Was Challenged That Taking The Sale Consideration As Per The Stamp Valuation Authority U/S.50C Is Beyond The Scope Of Section 143(1)(A) & There Is No Such Provision Mentioned In Provision (I) To (Vi) To Make Such An Adjustment. Further, It Was Contended That The Assessee Had Disputed The Valuation U/S.50C Before The Ld. Ao In The Petition For Rectification U/S. 154, However, Same Has Not Been Accepted. However, The Ld. Cit (A) Has Confirmed The Addition On The Ground That The Provision Of Section 50C Is Clear That The Value Has To Be Taken As Per The Stamp Valuation Authority & Therefore, The Ld. Ao Has Rightly Made The Adjustment.

capital gain in the return of income filed. The return filed on 31/08/2019 was 2 Meena Devi processed u/s. 143(1), wherein adjustment was made by taking the value of sale consideration as per Section

GORAKH NATH YADAV,VARANASI vs. ITA, WARD - 3(4), VARANASI

In the result, appeal of the assessee is allowed

capital gain before the ld. AO, 3 Shri Gorakh Nath Yadav has not specified any charge as to under which limb he is initiating the penalty u/s 271(1)(c). Even in the show-cause notice, the charge has not been specified. Now, it is a well settled law that the ld. AO has to specify the charge

MANTRA MAJESTIQUE ASSOCIATES AOP,,VARANASI vs. PCIT, VARANASI

In the result, the appeal of the assessee stands allowed

Bench: Shri. A. D. Jain & Shri T. S. Kapoorassessment Year: 2016-17 Mantra Majestique Associates, V. Pr. Cit Aop Allahabad Flat No.22, S-20/53-1 Sunderam Villa, Varuna Bridge Budha Vihar Colony Varanasi Tan/Pan:Aadam0702H (Appellant) (Respondent) Appellant By: Shri V. K. Jindal, C.A. Respondent By: Smt. Abha Kala Chanda, Cit (Dr) Date Of Hearing: 12 08 2021 Date Of Pronouncement: 01 09 2021 O R D E R

section 143(2) of the Act by the ITO-1(1), Varanasi, for “Limited Scrutiny (Computer Aided Scrutiny Selection)”. Therein, the following issues have been identified for examination: “i. Whether capital gains/loss is genuine and has been correctly shown in the return of income. ii. Whether capital gains/loss on sale of property has been correctly shown in the return