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

BOGUS LONG TERM CAPITAL GAINS and same were claimed as exempt u/s 10(3) of the Act thereby not paying any taxes on such gains. However, in the instant case of the assessee, the assessee has earned SHORT TERM CAPITAL GAINS and same is offered to tax in its return of income. Accordingly, the primary fact involved in itself

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

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

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

Short Term Capital Gain, receipt and payment of cash against such purchase and sale of shares.  The records of transactions for the purpose of giving the entries of bogus

DY. C.I.T. CIR-.5, NAGPUR vs. M/S AVANTHA HOLDINGS LTD.,, CHANDRAPUR

In the result, appeal filed by the assessee is dismissed

bogus and inflated. Thus, the Id. CIT(A) allowed this expenditure in terms of provision of Section 30 of the I.T. Act. Taking into consideration the above facts and circumstances of the case, we find that the Department has not filed any supporting evidence/ rebuttal against the written submission Id. AR of the assessee except arguing that

AVANTHA HOLDINGS LIMITED,NEW DELHI vs. A.C.I.T. CIR-5,, NAGPUR

In the result, appeal filed by the assessee is dismissed

bogus and inflated. Thus, the Id. CIT(A) allowed this expenditure in terms of provision of Section 30 of the I.T. Act. Taking into consideration the above facts and circumstances of the case, we find that the Department has not filed any supporting evidence/ rebuttal against the written submission Id. AR of the assessee except arguing that

DEPUTY COMMISSIONER OF INCOME TAX, NAGPUR vs. AVANTHA HOLDINGS LIMITED, CHANDRAPUR

In the result, appeal filed by the assessee is dismissed

bogus and inflated. Thus, the Id. CIT(A) allowed this expenditure\nin terms of provision of Section 30 of the I.T. Act. Taking into consideration\nthe above facts and circumstances of the case, we find that the Department\nhas not filed any supporting evidence/ rebuttal against the written submission\nId. AR of the assessee except arguing that

DAYAL AGRO PRODUCTS LTD,AKOLA vs. JCIT, AKOLA RANGE, AKOLA

In the result, the assessee’s appeal is allowed

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

bogus and sham. The AO has primarily swayed by the fact that within a short span of time, shares costing Rs.4.10 crores were disposed at Rs.42 lakh only. Basically, he is doubting the amount of consideration because such amount is very low and the same is not backed up by any corroborative evidence as to the independent fair valuation

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

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

gain from sale of shares in view of astronomical difference between the share price of a company with a short span of 6-7 months and made addition to the income of the appellant. But in the case of appellant, the appellant has received the amounts towards booking advance against the sale of property and not received towards share

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

VISHNUKUMAR RAMSWAROOP AGRAWAL,NAGPUR vs. ITO WARD-4(1), NAGPUR

In the result, appeal of the Assessee is allowed

Bench: Dr. Manish Borad

short, 'the Act') which is arising out of assessment order dated 26.12.2016 passed u/s. 143(3) of the Act by ITO, Ward-4(1), Nagpur, for the Assessment Year 2014-15 (A.Y.) 2. The grounds raised by the assessee are challenging the addition for unexplained cash credit u/s. 68 of the Act at 2 ITA.No.619/NAG/2024 (Vishnukumar Ramswaroop Agrawal

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

terms that he has not perused the assessment records before granting such mechanical approval on 29/09/2021, as only on the basis of letter dated 29/09/2021 by the Assessing Officer for seeking approval from him. 51. It is submitted that there is one more glaring mistake by the Addl.CIT is that the approval has been granted for assessment u/s143(3) r.w.s

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

terms that he has not perused the assessment records before granting such mechanical approval on 29/09/2021, as only on the basis of letter dated 29/09/2021 by the Assessing Officer for seeking approval from him. 51. It is submitted that there is one more glaring mistake by the Addl.CIT is that the approval has been granted for assessment u/s143(3) r.w.s

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

terms that he has not perused the assessment records before granting such mechanical approval on 29/09/2021, as only on the basis of letter dated 29/09/2021 by the Assessing Officer for seeking approval from him. 51. It is submitted that there is one more glaring mistake by the Addl.CIT is that the approval has been granted for assessment u/s143(3) r.w.s

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

terms that he has not perused the assessment records before granting such mechanical approval on 29/09/2021, as only on the basis of letter dated 29/09/2021 by the Assessing Officer for seeking approval from him. 51. It is submitted that there is one more glaring mistake by the Addl.CIT is that the approval has been granted for assessment u/s143(3) r.w.s

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

terms that he has not perused the assessment records before granting such mechanical approval on 29/09/2021, as only on the basis of letter dated 29/09/2021 by the Assessing Officer for seeking approval from him. 51. It is submitted that there is one more glaring mistake by the Addl.CIT is that the approval has been granted for assessment u/s143(3) r.w.s

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

terms that he has not perused the assessment records before granting such mechanical approval on 29/09/2021, as only on the basis of letter dated 29/09/2021 by the Assessing Officer for seeking approval from him. 51. It is submitted that there is one more glaring mistake by the Addl.CIT is that the approval has been granted for assessment u/s143(3) r.w.s