SHRI VISHWAKARAMA JEWELLERS ,AKOLA vs. DCIT AKOLA CIRCLE, AKOLA

In the result, assessee’s appeal is allowed

Bench: Shri Narender Kumar Choudhry & Shri K.M. Roy, Accountant, Member

income from house property, (iii) 'profits and gains from business or profession', (iv) 'capital gains' and (v) 'income from other

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

Income Tax Capital gains-Vis-à-vis business income-Transactions in shares held as investment-Give rise to capital gains

M/S SHREE TRADERS ,BULDHANA vs. ASSISTANT COMMISSIONER OF INCOME TAX, AKOLA CIRCLE, AKOLA

In the result, the appeal of assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

gain earned thereon is nothing but profits from business which can be set off of carry forward business loss determined in earlier year i.e. A.Y. 2013-14. 5. According to the AO, the assessee has shown business loss of Rs.54,47,074/- in the computation of income and claimed set off of business loss against the capital

ASSTT.COMMISSIONER OF INCOME TAX CIRCLE-5, NAGPUR vs. THE NIRMAL UJWAL CREDIT CO-OP SOCIETY LTD, NAGPUR

In the result, appeal filed by the Revenue for the assessment year

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

Gains of Business and Profession. The deposits collected by the society are not surplus funds but construed as Working Capital for it. Being working capital funds, the interest earned on it is also business income

ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

business and income from other sources. The assessee has also shown income from exempt capital gains from transfer of equity

DY. COMMISSIONER OF INCOME TAX, CIRCLE-3, NAGPUR, NAGPUR vs. VINODKUMAR RAJENDRALAL KOCHHAR, KAMPTEE

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

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

Business, Income from Capital Gains and Income from other sources & he had been regularly filing his return of income for the last

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

income hence report of DDIT Inv Kolkata is not applicable Ab Initio. b. On perusal of the Judgement, it is seen that they have relied upon the investigation report of the DDIT Inv Kolkata wherein the detailed modus operandi has been given in case of penny stock transaction. C. On perusal of the investigation report of the DDIT Inv Kolkata

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

income hence report of DDIT Inv Kolkata is not applicable Ab Initio. b. On perusal of the Judgement, it is seen that they have relied upon the investigation report of the DDIT Inv Kolkata wherein the detailed modus operandi has been given in case of penny stock transaction. C. On perusal of the investigation report of the DDIT Inv Kolkata

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

income hence report of DDIT Inv Kolkata is not applicable Ab Initio. b. On perusal of the Judgement, it is seen that they have relied upon the investigation report of the DDIT Inv Kolkata wherein the detailed modus operandi has been given in case of penny stock transaction. C. On perusal of the investigation report of the DDIT Inv Kolkata

SANJAY GULABCHAND GUPTA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX,CIRCLE-4, NAGPUR

In the result, appeal by the assessee stands dismissed

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

Income from Firm) was not adjusted as it was the Loss carried forward from Specified business. Assessing Officer further disallowed the claim u/s 54F arising on Sale of Factory at Rs.2,15,00,000/- on which Assessee had Capital Gain

SUSHILA BHAURAO DESHMUKH,AMRAVATI vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, NAGPUR

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durgarao & Shrik.M. Roy, Accountant, Member

capital gain and deductions claimed u/s 80C; xi) Reply to ITO, Ward–2, Amravati dated 20/09/2018; xii) Copy of bank statements and working sheet to explain payment of cost of improvement; xiii) Copy of sample bills & ledger account; 7 SushilaBhauraoDeshmukh ITAno.76/Nag./2022 xiv) Notice for hearing dated 16/02/2022; xv) Assessment order u/s 143(3) r/w section 263 r/w section 144B

ECONOMIC EXPLOSIVES LIMITED,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1 (2), NAGPUR

In the result, appeal for the assessment year 2018–19 filed by the assessee is partly allowed

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

capital receipt and deducted the same while computing the income under the head 'Profit and Gains of Business or Profession

ECONOMIC EXPLOSIVES LIMITED,NAGPUR vs. NATIONAL E ASSESSMENT CENTRE, NEW DELHI

In the result, appeal for the assessment year 2018–19 filed by the assessee is partly allowed

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

capital receipt and deducted the same while computing the income under the head 'Profit and Gains of Business or Profession

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

In the result, appeal filed by the assessee is dismissed

income under the head \"Capital Gain\" and not under the head \"Business Income”. Since the issue is covered by the decision

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

In the result, appeal filed by the assessee is dismissed

income under the head \"Capital Gain\" and not under the head \"Business Income”. Since the issue is covered by the decision

DY. C.I.T. CIR-.2, NAGPUR vs. SHRI GOVINDDAS GOVERDHAN DAGA, NAGPUR

In the result, cross-objection filed by the assessee stands dismissed

income of Rs. 25,66,840/-\nincluding Rs. 16,36,74,245/-, being Long Term Capital Gain on sale of shares\nof M/s MV Pvt. Ltd.\n2. It is noticed from the calculation of capital gain statement that you have sold\nshares of M/s M.V. Pvt Ltd. for total consideration of Rs. 16,45,46,955/- on\n31/12/2011

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

In the result, appeal filed by the assessee is dismissed

income\nunder the head \"Capital Gain\" and not under the head \"Business Income”.\nSince the issue is covered by the decision

ASSTT.COMMISSIONER OF INCOME TAX CIRCLE-5, NAGPUR vs. THE NIRMAL UJWAL CREDIT CO-OP SOCIETY LTD, NAGPUR

In the result, appeal for the A

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

Business expenditure-Allowability-Apportionment against professional income and capital gains vis-à-vis rule of consistency-Principle accepted by the Revenue