DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. M/S SHREE AGRAWAL FINANCE INDIA P. LTD.,, NAGPUR

In the result, Revenue’s appeal is dismissed

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

purchase of land treated unexplained ` 4,42,000 (xi) Total:- ` 8,06,23,989 4 Shree Agarwal Finance India Pvt. Ltd. ITA no.176/Nag./2016 The assessee being aggrieved by the additions so made by the Assessing Officer carried the matter before the first appellate authority. 4. During the appellate proceedings, the learned CIT(A) considering the facts of the case

DCIT CC 1(1), NAGPUR, NAGPUR vs. BRINDESH GOVERDHANDAS AGRAWAL, NAGPUR

In the result, appeal by the Revenue stands dismissed

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

unexplained investment under section 69 of the Act. The assessee being aggrieved by the assessment order passed by the Assessing Officer under section 143(3) r/w section 153C of the Act, the assessee carried the matter before the first appellate authority. 5. Before the learned CIT(A), the assessee made following submissions to counter the addition made by the Assessing

DY. COMMISSIONER OF INCOME TAX EXEMPTION CIRCLE NAGPUR, NAGPUR vs. VIDHARBHA BAHUUDESHIYA SHIKSHAN SANSTHA, NAGPUR, NAGPUR

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri R. K. Pandaassessment Year : 2017-18

bogus purchase and sale transactions wherein only invoices were raised and there was no actual movement / delivery of goods. Further, Shri Rajesh G. Mehta in his statement had also provided the details of the entities controlled and managed by him and the company M/s. Aneri Fincap Ltd was one of the entities controlled and managed by Shri Rajesh G. Mehta

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

investment in construction of building. In the meantime the Hon'ble PCIT 1, Nagpur vide order u/s 263 of IT Act dated 23/02/2021held that the assessment order passed u/s 143(3) on 17/10/2016 is erroneous and prejudicial to the interest of revenue as the AO has not looked into genuineness of Consultancy Charges of Rs. 7.50 crores paid

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

purchasing and investing in gold. With the business being highly under debt stress and lockdowns, it is becoming very difficult to even fulfill daily fixed cost like EMI, salaries and therefore, it is our humble request that any further tax demand will certainly push assessee in a deeper financial trouble as the business is 19 Ravindra Madanlal Khandelwal ITA no.375/Nag

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

invest with such hefty premium and his reliance on case of jurisdictional High Court In Major Metals Pvt Ltd Vs. Union of India 207 Taxmann 185 in support of his contention. d. Ld. CIT (Appeals) erred in appreciating the AO's point of view regarding furnishing of corroborative evidences during assessment proceedings and further, during appellate proceedings, which has already

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

unexplained cash credit under 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

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

unexplained cash credit under 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

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

unexplained cash credit under 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

M/S SHREE AGRAWAL COAL INDIA PVT. LTD,NAGPUR vs. A,C.I.T CENT CIR. 1(2), NAGPUR

In the result, assessee’s appeal stands allowed

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

Investment in land ` 75,000 3. Agricultural treated as business income ` 1,93,083 4. Deemed Dividend u/s 2(22)(e) ` 5,80,89,178 5. Deemed Dividend u/s 2(22)(d) ` 7,69,50,670 Share application & premium treated 6. ` 3,70,00,000 unexplained ` 6,15,49,178 7. Unsecured loans treated unexplained

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

unexplained credit" iii. CIT v. Goa Sponge and power Ltd (Tax Appeal 16 of 2012) (Bombay High Court) wherein it has been held as under: "Once the authorities have got all the details, including the names and addresses of the shareholders, their PAN/GIR number, so also the name of the Bank from which the alleged Investor received money as share

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

unexplained credit" iii. CIT v. Goa Sponge and power Ltd (Tax Appeal 16 of 2012) (Bombay High Court) wherein it has been held as under: "Once the authorities have got all the details, including the names and addresses of the shareholders, their PAN/GIR number, so also the name of the Bank from which the alleged Investor received money as share

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

unexplained credit" iii. CIT v. Goa Sponge and power Ltd (Tax Appeal 16 of 2012) (Bombay High Court) wherein it has been held as under: "Once the authorities have got all the details, including the names and addresses of the shareholders, their PAN/GIR number, so also the name of the Bank from which the alleged Investor received money as share

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

Investments (P) Ltd. 5] (1973) 90 ITR 0396 (Bom HC) Commissioner of Income Tax vs. U.M.Shah 6] (2000) 245 ITR 0160 (M.P HC) Commissioner of Income Tax vs. Metachem Industries 7] (2003) 180 CTR 0166 (Raj. HC) Kamal Motors vs. Commissioner of Income Tax ITO Ward-1 Amravati vs. Sanjay Nanasaheb Bharsakale ITA no.81/Nag./18

DY. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1), NAGPUR vs. SHRI SANJAY GAURISHANKAR AGRAWAL , NAGPUR

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

purchase of these shares was made by cheque bearing 8 Shri Sanjay Gaurishankar Agrawal ITA no.109/Nag./2019 no.371452, drawn on Nagpur Nagrik Sahakari Bank Ltd. Investment in shares is duly shown in the Balance Sheet of the assessee for the relevant previous year. The shares of Esaar (India) Ltd. are duly listed on Bombay Stock Exchange. Delivery of shares

RAJESH SARDA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(2), NAGPUR

In the result, the addition of undisclosed income under section 68 is deleted

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy(Physical Hearing) Rajesh Sarda, Acit, Central Circle – 2(2), Nagpur 14, Daga Lay–Out, Ambazari Road, Vs Aayakar Bhawan, Civil Lines, Nagpur – 440033. Maharashtra – 440001. [Pan: Ahaps4925M] Appellant / Assessee Respondent / Revenue Assessee By Shri K.P. Dewani, Advocate Revenue By Shri Pankaj Kumar, Cit–Dr Date Of Hearing 16.02.2026 Date Of Pronouncement 24.02.2026 Order Under Section 254(1) Of Income Tax Act

purchased shares of more than 30 companies which were shown as investment as on 31.03.2013 in the balance sheet of the assessee. The investment in shares of Kailash Auto Finance and Premier Capital Services Ltd. at `. 60,00,000/– is a part of total investment held by assessee, with other different shares. The allotment of shares from various companies

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

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), NAGPUR vs. M/S. RADHA RADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

purchasers of the flats. It is beyond the concept of preponderance and human probabilities that a businessman has ventured into a commercial venture only to make loos. [iv] Although such amended provision from 01.10.2014 with reference to Valuation Officer does not require rejection of books of accounts, but there must be some compelling circumstances to refer the valuation particularly when