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

Section 68 of the Act. The tribunal while dismissing the appeals filed by the Revenue also observed on facts that these shares were purchased by respondent on the floor of Stock Exchange and not from the said broker, deliveries were taken, contract notes were issued and shares were also sold on the floor of Stock Exchange. The ITAT therefore

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

Section 68 of the Act. The tribunal while dismissing the appeals filed by the Revenue also observed on facts that these shares were purchased by respondent on the floor of Stock Exchange and not from the said broker, deliveries were taken, contract notes were issued and shares were also sold on the floor of Stock Exchange. The ITAT therefore

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

Section 68 of the Act. The tribunal while dismissing the appeals filed by the Revenue also observed on facts that these shares were purchased by respondent on the floor of Stock Exchange and not from the said broker, deliveries were taken, contract notes were issued and shares were also sold on the floor of Stock Exchange. The ITAT therefore

ITO, WARD- 1)1), NAGPUR vs. AXYKNO ENTERPRISES PVT. LTD., NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

purchase bills and that the assessee M/s. Axykno Enterprises Pvt. Ltd. ITA no.47/Nag./2019 is one of the many beneficiaries of the business of accommodation entries run by Shri Praveen Kumar Jain. In view of this, a proposal under section 263 of the Act was sent by the Assessing Officer to the learned Principal Commissioner of Income Tax–1, Nagpur

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

purchases Coal from South Eastern Coal Fields, Gevra- Dipka- Korba (CG) and sell the same to various parties. However, the details of return of income filed under section 139(1) and under section 153A for the assessment year 2014–15 to 2016-17 are given as under:– Due date Income ROI filed Income ROI filed for issue returned under returned

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

purchases Coal from South Eastern Coal Fields, Gevra- Dipka- Korba (CG) and sell the same to various parties. However, the details of return of income filed under section 139(1) and under section 153A for the assessment year 2014–15 to 2016-17 are given as under:– Due date Income ROI filed Income ROI filed for issue returned under returned

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

purchases Coal from South Eastern Coal Fields, Gevra- Dipka- Korba (CG) and sell the same to various parties. However, the details of return of income filed under section 139(1) and under section 153A for the assessment year 2014–15 to 2016-17 are given as under:– Due date Income ROI filed Income ROI filed for issue returned under returned

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

purchases Coal from South Eastern Coal Fields, Gevra- Dipka- Korba (CG) and sell the same to various parties. However, the details of return of income filed under section 139(1) and under section 153A for the assessment year 2014–15 to 2016-17 are given as under:– Due date Income ROI filed Income ROI filed for issue returned under returned

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

purchases Coal from South Eastern Coal Fields, Gevra- Dipka- Korba (CG) and sell the same to various parties. However, the details of return of income filed under section 139(1) and under section 153A for the assessment year 2014–15 to 2016-17 are given as under:– Due date Income ROI filed Income ROI filed for issue returned under returned

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

purchases Coal from South Eastern Coal Fields, Gevra- Dipka- Korba (CG) and sell the same to various parties. However, the details of return of income filed under section 139(1) and under section 153A for the assessment year 2014–15 to 2016-17 are given as under:– Due date Income ROI filed Income ROI filed for issue returned under returned

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

I.T.O. WARD -1, AMRAVATI vs. SHRI SANJAY NANASAHEB BHARSAKALE, AMRAVATI

In the result, the appeal of the department is rejected

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

25] Copy of ledger account of Anish Ghyanchand Mahjan ITO Ward-1 Amravati vs. Sanjay Nanasaheb Bharsakale ITA no.81/Nag./18 26] Copy of ledger account of M.Brahim Musabhai 27] Copy of ledger account of Sagar Girdharji Bundele 28] Copy of ledger account of Vijay Mesare 29] Copy of ledger account of Ramesh Shriram Mesare 30] Copy of ledger account

DY COMMISSIONER OF INCOME TAX , CIRCLE-1, NAGPUR vs. M/S NIHAL GITS PVT.LTD , NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

bogus. 4.6 On perusal of assessment order, the only objection of the A.O. was that the huge share premium amount received by the appellant was not justified and not a rational decision on part of investor companies. In response, the appellant submitted that it had provided detailed justification for share premium received before the A.O. The appellant submitted that

ASSTT.COMMISSIONER OF INCOME TAX CIRCLE-1, NAGPUR vs. VISHNU GILTS PVT.LT, NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

bogus. 4.6 On perusal of assessment order, the only objection of the A.O. was that the huge share premium amount received by the appellant was not justified and not a rational decision on part of investor companies. In response, the appellant submitted that it had provided detailed justification for share premium received before the A.O. The appellant submitted that

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE -1, NAGPUR vs. M/S RAGHAV FINVEST PVT LTD , NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

bogus. 4.6 On perusal of assessment order, the only objection of the A.O. was that the huge share premium amount received by the appellant was not justified and not a rational decision on part of investor companies. In response, the appellant submitted that it had provided detailed justification for share premium received before the A.O. The appellant submitted that

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

bogus. Therefore, it was mandatory for the Revenue to produce A for cross-examination by the assessee on their specific demand in this regard. There may well be instances 18 M/s. N. Kumar Construction Co. Pvt. Ltd. Assessment Year 2012–13 where the reopening may pass muster in light of some facts, but those facts by themselves may turn

RAVINDRA MADANLAL KHANDELWAL,AKOLA vs. DCIT/ACIT CIRCLE , AKOLA

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 loans or capitalization. Your kindness may also appreciate the fact, at the cost of the repetition that the assessee has duly deducted TDS on interest payments. A complete working vis-à-vis loan receipt, repayment, bank statement and TDS returns are enclosed for your kind perusal. These parties have also reported income and claimed benefit of TDS credit