ZIM LABORATORIES LIMITED ,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -2(1), NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

56,63,908/ made by the AO being excess commission paid to sister concerns without going into the merits of the case. 2. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in deleting the disallowance of depreciation of Rs. 14,33,776/- on air handling system purchased from M/s Real Traders being

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

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA GLOBAL RESOURCES LTD(EAELIER KNOWN AS GUPTA COALFIELDS & WASHHERIES LTD), NAGPUR

In the result, cross objections No

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

purchases and sales were bogus. Therefore, on the facts of case and in absence of displacing the finding of the CIT(A) and the fact that the assessee showed profit from these transactions, there is no such error in the order of the CIT(A) which requires correction. Respectfully following the above decisions, facts of the case and the evidence

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

In the result, cross objections No

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

purchases and sales were bogus. Therefore, on the facts of case and in absence of displacing the finding of the CIT(A) and the fact that the assessee showed profit from these transactions, there is no such error in the order of the CIT(A) which requires correction. Respectfully following the above decisions, facts of the case and the evidence

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA GLOBAL RESOURCES LTD(EAELIER KNOWN AS GUPTA COALFIELDS & WASHHERIES LTD), NAGPUR

In the result, cross objections No

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

purchases and sales were bogus. Therefore, on the facts of case and in absence of displacing the finding of the CIT(A) and the fact that the assessee showed profit from these transactions, there is no such error in the order of the CIT(A) which requires correction. Respectfully following the above decisions, facts of the case and the evidence

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

In the result, cross objections No

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

purchases and sales were bogus. Therefore, on the facts of case and in absence of displacing the finding of the CIT(A) and the fact that the assessee showed profit from these transactions, there is no such error in the order of the CIT(A) which requires correction. Respectfully following the above decisions, facts of the case and the evidence

ASSTT.C,I,.T, CENTRAL CIR, -2(3), NAGPUR vs. M/S GUPTA COALFIELDS & WASHERIES LTD., NAGPUR

In the result, cross objections No

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

purchases and sales were bogus. Therefore, on the facts of case and in absence of displacing the finding of the CIT(A) and the fact that the assessee showed profit from these transactions, there is no such error in the order of the CIT(A) which requires correction. Respectfully following the above decisions, facts of the case and the evidence

ASTT.COMMISSIONER OF INCOME TAX,CENTRAL CIR 2(3) R, NAGPUR vs. M GUPTA COALFIELDS & WASHERIES LTD., NAGPUR

In the result, cross objections No

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

purchases and sales were bogus. Therefore, on the facts of case and in absence of displacing the finding of the CIT(A) and the fact that the assessee showed profit from these transactions, there is no such error in the order of the CIT(A) which requires correction. Respectfully following the above decisions, facts of the case and the evidence

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

In the result, cross objections No

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

purchases and sales were bogus. Therefore, on the facts of case and in absence of displacing the finding of the CIT(A) and the fact that the assessee showed profit from these transactions, there is no such error in the order of the CIT(A) which requires correction. Respectfully following the above decisions, facts of the case and the evidence

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

In the result, cross objections No

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

purchases and sales were bogus. Therefore, on the facts of case and in absence of displacing the finding of the CIT(A) and the fact that the assessee showed profit from these transactions, there is no such error in the order of the CIT(A) which requires correction. Respectfully following the above decisions, facts of the case and the evidence

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

In the result, cross objections No

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

purchases and sales were bogus. Therefore, on the facts of case and in absence of displacing the finding of the CIT(A) and the fact that the assessee showed profit from these transactions, there is no such error in the order of the CIT(A) which requires correction. Respectfully following the above decisions, facts of the case and the evidence

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA GLOBAL RESOURCES LTD(EAELIER KNOWN AS GUPTA COALFIELDS 7 WASHHERIES LTD), NAGPUR

In the result, cross objections No

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

purchases and sales were bogus. Therefore, on the facts of case and in absence of displacing the finding of the CIT(A) and the fact that the assessee showed profit from these transactions, there is no such error in the order of the CIT(A) which requires correction. Respectfully following the above decisions, facts of the case and the evidence

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA GLOBAL RESOURCES LTD(EAELIER KNOWN AS GUPTA COALFIELDS & WASHHERIES LTD), NAGPUR

In the result, cross objections No

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

purchases and sales were bogus. Therefore, on the facts of case and in absence of displacing the finding of the CIT(A) and the fact that the assessee showed profit from these transactions, there is no such error in the order of the CIT(A) which requires correction. Respectfully following the above decisions, facts of the case and the evidence

RAMKRUSHNA ZILBAJI THAKRE ,NAGPUR vs. INCOME TAX OFFICER , WRAD -4(4), NAGPUR

In the result, appeal of the assessee is allowed

56. This being agricultural land which is deemed capital asset, the proceeds there of would be taxable in hands of seller of land who is spouse of the petitioner. It requires to be understood that the said account being held jointly, both holder are jointly responsible for any transaction therein unless denied by anyone. In instant case, the other

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