VGI MARKETING DIVISION,AKOLA vs. INCOME TAX OFFICER, WARD - 3, AKOLA

In the result, appeal by the assessee stands dismissed

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

bogus purchases. The Assessing Officer was directed to reassess the income of the assessee for the relevant assessment years. The assessee

M/S SHREE SAIBABA CONSTRUCTION,,NAGPUR vs. CIT-IV,, NAGPUR

In the result, assessee’s appeal stands allowed

Bench: Shri P.K. Bansal & Shri Amarjit Singh

bogus and non-genuine, the AO was required to disallow 60% of the total URD purchases of Rs. 5.10 crore instead of limiting the disallowance to the purchases in respect of the aforesaid 8 parties examined by her. In this view of the matter, the order dated 30.12.2011 passed by the AO is erroneous. Further, as the same has resulted

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -1(2), NAGPUR vs. VIDARBHA INFOTECH PRIVATE LIMITED, NAGPUR

In the result, appeal by the Revenue is dismissed

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

reassess the income after conducting proper inquiry on. issue of consultancy charges of Rs. 7.50 crores. A notice u/s 148 of IT Act dated 31.03.2021 was served on assessee to file ITR for AY 2016-17. In response to said notice assessee filed return on 26.05.2021 declaring total income ofRs. 6,63,44,360/- which included 4 Vidarbha Infotech

ALFIYA AYAZALI SAYYAD,NAGPUR vs. INCOME TAX OFFICER, WARD-2(2), NAGPUR

In the result, appeal filed by the assessee is allowed

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

bogus purchase. The learned CIT(A) in Para–5.1.4 to 5.1.5 has held as under:– Alfiya Ayazali Sayyad ITA no.206/Nag./2022 3.1.4. The views similar to the above decision of Delhi and Kerala High Courts were expressed by the Allahabad High Court in the case of Sushil Kumar Sharad Kumar 232 ITR 588 (Alld.). Similarly, the Delhi High Court

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

In the result, appeal of the Revenue stands dismissed

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

bogus long term capital gain and to avoid paying taxes and have also been forwarded the details of transactions entered into by the assessee. The learned assessing officer has not any provided the details forwarded by Investigation Wing, Kolkatta as well as statement of persons, whose statement were recorded during the course of investigation made by the Pr. Director

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

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

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

RAMSWROOP AGARWAL,NAGPUR vs. ITO WARD 5(3), NAGPUR

In the result, appeal filed by the assessee is allowed for statistical purposes

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

bogus purchases under section 69C of the Act. 2 Ramswroop Agarwal 3. Whether on the facts and in law, the learned CIT(A) erred in not appreciating that the assessee had furnished a reply on 13/05/2024 thereby, requesting to keep the appeal proceedings in abeyance since, an appeal against reassessment

DAYAL COTSPIN LIMITED,AKOLA vs. ACIT, AKOLA CIRCLE, AKOLA

In the result, appeal filed by the assessee is allowed

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

purchased online. The above two companies are camouflage of companies managed & controlled by Mr. Shirish Shah. All the funds were arranged by Mr. Shirish Shah. The companies allowed their bank accounts with user ID and password to Shirish Shah. By using the bank accounts of various companies including even public limited companies the funds were managed and accommodation entries were

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

bogus long term capital gain and to avoid paying taxes and have also been forwarded the details of transactions entered into by the assessee. The learned assessing officer has not any provided the details forwarded by Investigation Wing, Kolkatta as well as statement of persons, whose statement were recorded during the course of investigation made by the Pr. Director

DY COMMISSIONER OF INOCME TAX , CIRCLE -2, NAGPUR vs. M/S N KUMAR CONSTRUCTION CO .PVT.LTD , NAGPUR

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

Reassessment-Validity-Reopening on the basis of third Party‘s statement- Appellant showing agriculture income-Deposition by A that he was involved in bogus transaction with the appellant and provided ‗accommodation entries‘ in the form of agriculture receipts-Same would constitute reason to believe that income chargeable to tax had escaped assessment-However, it was mandatory for the Revenue

DY COMMISSIONER OF INOCME TAX , CIRCLE -2, NAGPUR vs. M/S N KUMAR CONSTRUCTION CO .PVT.LTD , NAGPUR

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

Reassessment-Validity-Reopening on the basis of third Party‘s statement- Assessee showing agriculture income-Deposition by A that he was involved in bogus transaction with the assessee and provided ‗accommodation entries‘ in the form of agriculture receipts-Same would constitute reason to believe that income chargeable to tax had escaped assessment-However, it was mandatory for the Revenue

PRADEEP DATTATRAYA BANGINWAR,YAVATMAL vs. PRINCIPAL COMMISSIONER OF INCOME TAX-II, NAGPUR

In the result, appeal of the assessee is allowed in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. 28/Nag/2021 "नधा"रण वष" / Assessment Year : 2011-12 Pradeep Dattatraya Banginwar, At- Trimurti Sales, Datta Chowk, Yavatmal-445 001. Pan : Abcpb5111C .......अपीलाथ" / Appellant बनाम / V/S. The Pr. Commissioner Of Income Tax-Ii, Nagpur. ……""यथ" / Respondent Assessee By : Shri P.M. Gandhi, Ca Revenue By : Shri Vitthal Bhosale, Dr सुनवाई क" तार"ख / Date Of Hearing :17.02.2022 घोषणा क" तार"ख / Date Of Pronouncement : 06.04.2022

reassessment proceedings the Pr. CIT called for the records of the assessee. Observing, that the Assessing Officer in the course of assessment proceedings had not verified the details of purchase and sale of shares, numbers of shares, copy of de- mat account which would have revealed the date on which shares were received by the assessee

ASSTT.COMMISSIONER OF INCOME TAX ,CIRCLE-4, NAGPUR vs. SHRI NANDLAL B MALOO, NAGPUR

In the result, assessee’s cross objection is partly allowed

Bench: Shri P.K. Bansal & Shri Amarjit Singh

reassessment proceedings. The assessee further contented that the amount in question is not interest. He argued that there was no corresponding capital appearing in the Balance Sheet of the assessee. In the connection, it is submitted that the assessee still did not explain under what circumstances and for what purpose he received the amount from M/s Nandlal Enterprises

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA INTERNATIONAL INDUSTRIES LTD., NAGPUR

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm Sl.

purchased shares of Grace Income Industries shown to be sourced from Rs.3,78,25,000/- Amber associates Rs.15,00,000/- S. N. Coal & Coke Rs.1,24,25,000/- Kisan Bedi Rs.40,00,000/- R. Subramaniyam Rs.30,00,000/- Virgo Textiles Pvt. Ltd. Rs.1,17,50,000/- Ravi Steel Rs.51,50,000/- Rs.3,78,25,000/- The genuineness, creditworthiness and identity

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA INTERNATIONAL INDUSTRIES LTD., NAGPUR

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm Sl.

purchased shares of Grace Income Industries shown to be sourced from Rs.3,78,25,000/- Amber associates Rs.15,00,000/- S. N. Coal & Coke Rs.1,24,25,000/- Kisan Bedi Rs.40,00,000/- R. Subramaniyam Rs.30,00,000/- Virgo Textiles Pvt. Ltd. Rs.1,17,50,000/- Ravi Steel Rs.51,50,000/- Rs.3,78,25,000/- The genuineness, creditworthiness and identity

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA INTERNATIONAL INDUSTRIES LTD., NAGPUR

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm Sl.

purchased shares of Grace Income Industries shown to be sourced from Rs.3,78,25,000/- Amber associates Rs.15,00,000/- S. N. Coal & Coke Rs.1,24,25,000/- Kisan Bedi Rs.40,00,000/- R. Subramaniyam Rs.30,00,000/- Virgo Textiles Pvt. Ltd. Rs.1,17,50,000/- Ravi Steel Rs.51,50,000/- Rs.3,78,25,000/- The genuineness, creditworthiness and identity

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA INTERNATIONAL INDUSTRIES LTD., NAGPUR

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm Sl.

purchased shares of Grace Income Industries shown to be sourced from Rs.3,78,25,000/- Amber associates Rs.15,00,000/- S. N. Coal & Coke Rs.1,24,25,000/- Kisan Bedi Rs.40,00,000/- R. Subramaniyam Rs.30,00,000/- Virgo Textiles Pvt. Ltd. Rs.1,17,50,000/- Ravi Steel Rs.51,50,000/- Rs.3,78,25,000/- The genuineness, creditworthiness and identity