SHRI MANOJ CHAINSUKH ASAWA,,NAGPUR vs. THE ITO-WARD-4(1),, NAGPUR

In the result, the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri G.D. Agrawal & Shri Mahavir Singh

unexplained cash credits. According to the Assessing Officer, these cash sales are cash credits and, for this, he has recorded the following reason in paragraph 11, which reads as under :- “11. The cash sales of the assessee are not genuine and can be termed as introduction of unaccounted money under the garb of cash sales. The reasons for such

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

unexplained cash credit under section 68 of the Act and ` 3,99,600, on account of interest paid on such bogus unsecured loans. 5 Maheshwari Coal Beneficatgion & Infrastructure Pvt. Ltd. A.Y. 2014–15 to 2020–21 9. On appeal, the learned CIT(A), without going on to the merits of the issues involved, simply dismissed the appeal filed

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

unexplained cash credit under section 68 of the Act and ` 3,99,600, on account of interest paid on such bogus unsecured loans. 5 Maheshwari Coal Beneficatgion & Infrastructure Pvt. Ltd. A.Y. 2014–15 to 2020–21 9. On appeal, the learned CIT(A), without going on to the merits of the issues involved, simply dismissed the appeal filed

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

unexplained cash credit under section 68 of the Act and ` 3,99,600, on account of interest paid on such bogus unsecured loans. 5 Maheshwari Coal Beneficatgion & Infrastructure Pvt. Ltd. A.Y. 2014–15 to 2020–21 9. On appeal, the learned CIT(A), without going on to the merits of the issues involved, simply dismissed the appeal filed

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

unexplained cash credit under section 68 of the Act and ` 3,99,600, on account of interest paid on such bogus unsecured loans. 5 Maheshwari Coal Beneficatgion & Infrastructure Pvt. Ltd. A.Y. 2014–15 to 2020–21 9. On appeal, the learned CIT(A), without going on to the merits of the issues involved, simply dismissed the appeal filed

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

unexplained cash credit under section 68 of the Act and ` 3,99,600, on account of interest paid on such bogus unsecured loans. 5 Maheshwari Coal Beneficatgion & Infrastructure Pvt. Ltd. A.Y. 2014–15 to 2020–21 9. On appeal, the learned CIT(A), without going on to the merits of the issues involved, simply dismissed the appeal filed

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

unexplained cash credit under section 68 of the Act and ` 3,99,600, on account of interest paid on such bogus unsecured loans. 5 Maheshwari Coal Beneficatgion & Infrastructure Pvt. Ltd. A.Y. 2014–15 to 2020–21 9. On appeal, the learned CIT(A), without going on to the merits of the issues involved, simply dismissed the appeal filed

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

unexplained cash credit under section 68 1.1. The assessee‟s proprietorship concern is almost 5 decades old concern. Considering the new model of business, it was decided to incorporate a new private limited company. Accordingly, a new private limited concern, named M/s Khandelwal Jewellers Akola Private Limited („KJAPL‟) was formed, wherein all the shares are held by the assessee

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-4, NAGPUR, NAGPUR vs. SHIKHA INDRAKUMAR AGRAWAL, NAGPUR

In the result, appeal by the assessee stands allowed

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy

unexplained cash credit under section 68 of the Income-tax Act, 1961 merely on the basis of general reports of the Investigation Wing or on the theory of human probabilities. The Tribunal further held that in the absence of any direct evidence linking the assessee with alleged price manipulation or accommodation entries, the addition made by the Assessing Officer

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

purchases made outside the books can be made once the net profit rate is applied on contract receipts of an assessee for estimating his income from contract work". The Hon'ble High Court of Allahabad in the case of CIT vs. Banwarilal Banshidhar, (1998) 229 ITR 0229 had taken a similar view and held that "where income is assessed

DCIT-CC-2(1), NAGPUR, NAGPUR vs. INDRAKUMAR GHISULAL AGRAWAL, NAGPUR

In the result, appeal by the assessee stands allowed

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy

unexplained cash credit u/s. 68 of the Act, merely on the basis of general reports of the Investigation Wing or on the theory of human probabilities. The Tribunal further held that in absence of any direct evidence linking the assessee with alleged price manipulation or accommodation (Indrakumar Ghisulal Agrawal) entries, the addition made by the Ld. AO was unsustainable

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 appellant on their specific demand in this regard. There may well be instances where the reopening may pass muster in light of some facts, but those facts 21 M/s. N. Kumar Construction Co. Pvt. Ltd. A.Y. 2010–11 by themselves may turn

NIKITA SHANKARLAL TANWANI,CHHINDWARA vs. ASSISTANT COMMISSIONER OF INCOME TAX, NAGPUR

In the result, assessee’s appeal is partly allowed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2018-19 Ms. Nikita Shankar Lal Tanwani Vs. The Acit Near Shankar Mandir, Shankar Central Circle 2(1) Nagar, Pandhuna Pandhurna Nagpur Chhindwara – 480 334 (M.P.) Pan No.:Borpt 4644 F Appellant Respondent Assessee By: Shri Manoj G. Moryani, Adv. & Shri Bhavesh Moryani, Adv Revenue By :Shri Piyush Kolhe (Cit-Dr) Date Of Hearing: 28/04/2022 Date Of Pronouncement: 8 /62022 Order Per: Sandeep Gosain, J.M. The Captioned Appeal Has Been Filed By The Assessee Challenging The Impugned Order Dated 8Th October 2021, Passed By The Commissioner Of Income Tax (Appeals)–3, Nagpur, [In Short “The Learned Cit(A)”] Under Section 250 Of The Income Tax Act, 1961 (In Short "The Act") For The Assessment Year 2018-19. The Present Appeal Has Been Filed On The Following Grounds:- 2. “1. The Commissioner Of Income Tax (Appeals)-3, Nagpur Erred In Confirming Addition, Therefore Order Passed Is Illegal, Invalid & Bad In Law.

credit. Similarly, the AO has correctly held that the business income of Rs.14,57,200/- shown by the appellant in her unexplained money u/s 69A of the Act. Therefore, the grounds of appeal no.2, 3, 4 and 5 are “dismissed”. 6.1 The assessee being aggrieved with the order so passed by the learned CIT(A), filed appeal before the Tribunal

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

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

cash credit as per plain reading of aforesaid provision of section 68 is not at all applicable in the case of the assessee, when the assessee has submitted each and every detail with respect of sale purchase of shares. The assessee also respectfully submitted that claim made by the assessee may kindly be allowed on account of following reasons

ANKIT SHANKARLAL TANWANI,CHHINDWARA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR

In the result, assessee’s appeal is partly allowed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2018-19 Shri Ankit Shankar Lal Tanwani Vs. The Acit Near Shankar Mandir, Shankar Central Circle 2(1) Nagar, Pandhuna Pandhurna Nagpur Chhindwara – 480 334 (M.P.) Pan No.:Biapt 4756 R Appellant Respondent Assessee By: Shri Manoj G. Moryani, Adv. & Shri Bhavesh Moryani, Adv Revenue By :Shri Piyush Kolhe (Cit-Dr) Date Of Hearing: 28/04/2022 Date Of Pronouncement: 8 / 6 /2022 Order Per: Sandeep Gosain, J.M. The Captioned Appeal Has Been Filed By The Assessee Challenging The Impugned Order Dated 8Th October 2021, Passed By The Commissioner Of Income Tax (Appeals)–3, Nagpur, [In Short “The Learned Cit(A)”] Under Section 250 Of The Income Tax Act, 1961 (In Short "The Act") For The Assessment Year 2018-19. The Present Appeal Has Been Filed On The Following Grounds:- 2. “1. The Commissioner Of Income Tax (Appeals)-3, Nagpur Erred In Confirming Addition, Therefore Order Passed Is Illegal, Invalid & Bad In Law.

credit. Similarly, the AO has correctly held that the business income of Rs.9,78,000/- shown by the appellant is his unexplained money u/s 69A of the Act. Therefore, the grounds of appeal No.2,3,4 & 5 are dismissed.” 6.1 The assessee once again being unsuccessful, filed appeal before the Tribunal. 6 ITA153/NAG/2021 Ankit Shankarlal Tanwani vs ACIT, Central Circle

ASSISTANT COMMISSIONER OF INCOME TAX , CENTAL CIRCLE -2(2) , NAGPUR vs. SHRI NARENDRA MAGANMAL KOTHARI , NAGPUR

Accordingly, the grounds raised by the Revenue are dismissed

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

unexplained cash credit u/s. 68 of the I. T. Act without appreciating the fact that the assessee has filed to establish the genuineness for the transaction to the satisfaction of the AO thereby ignoring the Apex Court decision in the case Pavankumar M. Sanghvi Vs. Income Tax Officer (Special leave to appeal

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

unexplained credit U/s. 68 of the Income Tax Act; 14. The whole assessment is based on suspicion and surmise on the basis of statement recorded during the search and survey action of Shri Shirish Chandrakant Shah which were not confronted to the assessee; 15. The order of the assessing officer is arbitrary and without affording the reasonable opportunity

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -2(2), NAGPUR vs. SMT. SMITA KOTHARI , NAGPUR

In the result, this appeal of the revenue is dismissed

Bench: Shri Sandeep Gosain, Jm & Shri O.P. Kant, Am Assessment Year: 2013-14 A.C.I.T., Vs. Smt. Chandana Kothari, Central Circle-2(2), Kothari Bhawan, Naik Lane, Nagpur. Itwari, Nagpur-440002. Pan No.: Ambpk 2497 G Appellant Respondent Assessment Year: 2013-14 A.C.I.T., Vs. Smt. Smita Kothari, Central Circle-2(2), Kothari Bhawan, Naik Lane, Nagpur. Itwari, Nagpur-440002. Pan No.: Alnpk 1191 N Appellant Respondent Assessment Year: 2013-14 A.C.I.T., Vs. Smt. Sunita Suresh Kothari, Central Circle-2(2), Kothari Bhawan, Naik Lane, Nagpur. Itwari, Nagpur-440002. Pan No.: Affpk 2282 L Appellant Respondent Assessment Year: 2013-14 A.C.I.T., Vs. Smt. Seema Kothari, Central Circle-2(2), Kothari Bhawan, Naik Lane, Nagpur. Itwari, Nagpur-440002. Pan No.: Alnpk 1190 P Appellant Respondent Assessment Year: 2015-16 A.C.I.T., Vs. M/S Karan Kothari Aabhushan

cash credit u/s 68 on account of unexplained unsecured loan. I have gone through the assessment order, the grounds of appeal, the submission made by the appellant. The appellant has made a detailed submission rebutting the contentions of the 5 ITA 142/NAG/2019_ ACIT Vs Smt. Chandana Kothari & Ors. Appeals Assessing Officer (AO) by establishing the facts and agitating the incorrect