DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

exempt LTCG or bogus LTCL / STCL. Nowhere in the report it is stated that investors have entered the transaction to earn bogus STCG. e. Thus, merely making assumption that since assesse has traded in the penny stock, whatever earned, or loss incurred are bogus is bad in law and violation of natural justice to the assesse. f. Notwithstanding above

DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

exempt LTCG or bogus LTCL / STCL. Nowhere in the report it is stated that investors have entered the transaction to earn bogus STCG. e. Thus, merely making assumption that since assesse has traded in the penny stock, whatever earned, or loss incurred are bogus is bad in law and violation of natural justice to the assesse. f. Notwithstanding above

DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

exempt LTCG or bogus LTCL / STCL. Nowhere in the report it is stated that investors have entered the transaction to earn bogus STCG. e. Thus, merely making assumption that since assesse has traded in the penny stock, whatever earned, or loss incurred are bogus is bad in law and violation of natural justice to the assesse. f. Notwithstanding above

ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

exempt u/s. 10(38) of the Act. Tribunal further observed that the assessee had submitted all documentary evidences in support of sale and purchase of shares. The ITAT also took note of the fact that the entire transaction was through banking channel and the rejection by the AO as well as the CIT(A) treating the transaction as bogus

VIKRAM AGRAWAL,NAGPUR vs. ITO WARD 4(4), NAGPUR

In the result, appeal is dismissed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

bogus purchase by assessee received by DRI from CCE which was passed on to revenue authorities was 'tangible material outside record' to initiate valid reassessment proceedings." 6.2.5 I have perused the matter and it is seen from the assessment order that the proper procedure was followed and no infirmity in law. The Assessing Officer should have reason to believe that

VIKRAM AGRAWAL,NAGPUR vs. ITO WARD 4 (4), NAGPUR

In the result, appeal is dismissed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

bogus purchase by assessee received by DRI from CCE which was passed on to revenue authorities was 'tangible material outside record' to initiate valid reassessment proceedings." 6.2.5 I have perused the matter and it is seen from the assessment order that the proper procedure was followed and no infirmity in law. The Assessing Officer should have reason to believe that

VIKRAM AGRAWAL,NAGPUR vs. ITO WARD 4(4), NAGPUR

In the result, appeal is dismissed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

bogus purchase by assessee received by DRI from CCE which was passed on to revenue authorities was 'tangible material outside record' to initiate valid reassessment proceedings." 6.2.5 I have perused the matter and it is seen from the assessment order that the proper procedure was followed and no infirmity in law. The Assessing Officer should have reason to believe that

DY. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1), NAGPUR vs. SHRI SANJAY GAURISHANKAR AGRAWAL , NAGPUR

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Bogus LTCG Claim (Penny Stock) During the assessment proceedings, it was noticed that assessee had declared long term capital gains of Rs.94,60,989/- and claimed the same as being exempt U/s 10(38) of IT Act 1961. The assessee was asked to submit the details of the long-term capital gain along with documentary evidence of the purchase

RAJESH SARDA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(2), NAGPUR

In the result, the addition of undisclosed income under section 68 is deleted

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy(Physical Hearing) Rajesh Sarda, Acit, Central Circle – 2(2), Nagpur 14, Daga Lay–Out, Ambazari Road, Vs Aayakar Bhawan, Civil Lines, Nagpur – 440033. Maharashtra – 440001. [Pan: Ahaps4925M] Appellant / Assessee Respondent / Revenue Assessee By Shri K.P. Dewani, Advocate Revenue By Shri Pankaj Kumar, Cit–Dr Date Of Hearing 16.02.2026 Date Of Pronouncement 24.02.2026 Order Under Section 254(1) Of Income Tax Act

exempt under section 10(38). The AO prepared summary of working of capital gain in respect of both the scrips. The AO recorded that assessee purchased 40000 share of Premier Capital Services Ltd. in August, 2012 and sold the same scrip during May and June, 2014 and have shown capital gain of `. 8.42 crore. Similarly, for Kailash Auto Finance

ASSTT. COMMISSIONER OF INOCME TAX CENTRAL CIRCLE-2(2), NAGPUR vs. SHRI SUDHIR RAMSWAROOP SARDA , NAGPUR

exemption and treated the sale consideration of Rs. 2,52,47,265/- as unexplained cash credits under Section 68 of the Income Tax Act, 1961, alleging the transaction was a bogus accommodation entry. The CIT(A) deleted this addition, finding the AO's action unsustainable.", "held": "The Tribunal held that the Assessing Officer primarily relied on a general report from

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant Mmber

bogus, when, on the date of search i.e., 11/07/2019, for the assessment year 2014-15 had already been unabated / completed, since scrutiny assessment under section 143(3) had been completed on 18/08/2016 (prior to the date of search) and no assessment was pending for the assessment year 2014-15 on the date of search i.e., 11/07/2019 and also, there

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P. LTD,BILASPUR vs. ACIT CENTRAL CIRCLE-1(1), NAGPUR

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant Mmber

bogus, when, on the date of search i.e., 11/07/2019, for the assessment year 2014-15 had already been unabated / completed, since scrutiny assessment under section 143(3) had been completed on 18/08/2016 (prior to the date of search) and no assessment was pending for the assessment year 2014-15 on the date of search i.e., 11/07/2019 and also, there

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant Mmber

bogus, when, on the date of search i.e., 11/07/2019, for the assessment year 2014-15 had already been unabated / completed, since scrutiny assessment under section 143(3) had been completed on 18/08/2016 (prior to the date of search) and no assessment was pending for the assessment year 2014-15 on the date of search i.e., 11/07/2019 and also, there

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant Mmber

bogus, when, on the date of search i.e., 11/07/2019, for the assessment year 2014-15 had already been unabated / completed, since scrutiny assessment under section 143(3) had been completed on 18/08/2016 (prior to the date of search) and no assessment was pending for the assessment year 2014-15 on the date of search i.e., 11/07/2019 and also, there

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant Mmber

bogus, when, on the date of search i.e., 11/07/2019, for the assessment year 2014-15 had already been unabated / completed, since scrutiny assessment under section 143(3) had been completed on 18/08/2016 (prior to the date of search) and no assessment was pending for the assessment year 2014-15 on the date of search i.e., 11/07/2019 and also, there

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant Mmber

bogus, when, on the date of search i.e., 11/07/2019, for the assessment year 2014-15 had already been unabated / completed, since scrutiny assessment under section 143(3) had been completed on 18/08/2016 (prior to the date of search) and no assessment was pending for the assessment year 2014-15 on the date of search i.e., 11/07/2019 and also, there

SHRI GO0VINDDAS GOVARDHANDAS DAGA,NAGPUR vs. A.C.I.T. CIRCLE 2, NAGPUR

In the result, appeal filed by the Revenue for A

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

bogus claim of Rs. 175 lakhs u/s. 35(1)(ii) of the Act. Thus, taking into consideration all these cumulative factors, the Ld. AO has disallowed the claim of deduction of Rs. 175 lakhs u/s. 35(1) (ii) of the Act. 4. On appeal, the learned CIT(A) dismissed the appeal of the assessee by confirming the order passed

DY. C.I.T. CIR-.2, NAGPUR vs. SHRI GOVINDDAS GOVERDHAN DAGA, NAGPUR

In the result, appeal filed by the Revenue for A

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

bogus claim of Rs. 175 lakhs u/s. 35(1)(ii) of the Act. Thus, taking into consideration all these cumulative factors, the Ld. AO has disallowed the claim of deduction of Rs. 175 lakhs u/s. 35(1) (ii) of the Act. 4. On appeal, the learned CIT(A) dismissed the appeal of the assessee by confirming the order passed