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17 results for “capital gains”+ Revision u/s 263clear

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Mumbai279Delhi238Chennai139Jaipur85Bangalore80Indore73Kolkata61Chandigarh60Ahmedabad59Rajkot40Raipur34Surat34Panaji33Hyderabad32Visakhapatnam24Pune21Nagpur17Lucknow15Cuttack11Dehradun9Agra7Patna7Cochin7Amritsar7Jodhpur6Ranchi4Jabalpur3Guwahati1

Key Topics

Section 26351Section 143(3)23Addition to Income11Section 1476Section 1456Section 142A6Section 1485Section 50C5Revision u/s 2634Section 54E

VINAY RAMSHARANDAS AGRAWAL,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-II, NAGPUR

In the result, appeal by the assessee stands allowed

ITA 110/NAG/2023[2017-18]Status: DisposedITAT Nagpur21 Mar 2025AY 2017-18

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

For Appellant: Shri Kishore P. DewaniFor Respondent: Shri Sandipkumar Salunke
Section 143(3)Section 263

revision of assessment proposed by the ACIT, Circle–3, Nagpur, vide letter dated 30/08/2021, which reads as under:– 12 Vinay Ramsharandas Agrawal ITA no.110/Nag./2023 “Respected Madam, Sub.:-Proposal for remedial action U/s 263 for reopening of assessment in the case of VinayAgrawal, PAN ABGPA3839E,A.Y.2017-18-Approval U/s 263 of the I. Tax Act-reg Kindly refer to the subject above

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

In the result, appeal filed by the assessee is allowed

3
Deduction2
Capital Gains2
ITA 76/NAG/2022[2017-18]Status: DisposedITAT Nagpur20 Sept 2024AY 2017-18

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

For Appellant: ShriK.P. DewaniFor Respondent: Shri Sandeep Salunke
Section 143(3)Section 263Section 263(1)Section 54BSection 54E

capital gain is Rs.170.72lacs. Exemption u/s 54EC is Rs.50lacs and balance amount is allowed u/s 54B. K) Order passed u/s 263 of I.T. Act 1961 does not indicate as to what enquiry has not been made on the facts and evidence on record. In show cause notice and in order passed u/s 263 no inquiries as are required is specified

NIRMALKUMAR AGRAWAL HUF,NAGPUR vs. INCOME TAX OFFICER, WARD-2, BHANDARA

In the result, assessee’s appeal stands allowed

ITA 242/NAG/2025[2018-19]Status: DisposedITAT Nagpur22 Sept 2025AY 2018-19

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

For Appellant: Shri Rohan Loya a/wFor Respondent: Shri Pankaj Kumar
Section 139(1)Section 143(1)(a)Section 144BSection 147Section 148Section 263

revised u/s 263 of the Act. Accordingly, in exercise of powers vested in me u/s 263 of the Act the above said reassessment order dated 24.03.2023 passed by AO u/s 147 read with 5 Nirmalkumar Agrawal (HUF) ITA no.242/Nag./2025 section 144B of the Act for A.Y. 2018-19 in the case of the assessee is set aside, with

SUFALAM INFRA PROJECTS LTD ,NAGPUR vs. PR. CIT (CENTRAL ), NAGPUR

In the result, the departmental appeal is dismissed

ITA 97/NAG/2019[2014-15]Status: DisposedITAT Nagpur29 Jul 2024AY 2014-15

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

For Appellant: Shri Kapil Hirani, Adv &For Respondent: Shri Kailash C. Kanojiya, CTI DR
Section 143(3)Section 263Section 68

revision of orders prejudicial to revenue. The existing provisions contained in sub-section (1) of section 263 of the Income tax Act provides that if the Principal Commissioner or Commissioner considers that any Order passed by the Assessing Officer is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), NAGPUR, NAGPUR vs. M/S. SUFLAM INFRA PROJECT LTD, NAGPUR

In the result, the departmental appeal is dismissed

ITA 46/NAG/2021[2014-15]Status: DisposedITAT Nagpur29 Jul 2024AY 2014-15

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

For Appellant: Shri Kapil Hirani, Adv &For Respondent: Shri Kailash C. Kanojiya, CTI DR
Section 143(3)Section 263Section 68

revision of orders prejudicial to revenue. The existing provisions contained in sub-section (1) of section 263 of the Income tax Act provides that if the Principal Commissioner or Commissioner considers that any Order passed by the Assessing Officer is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee

SAN FINANCE CORPORATION,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, NAGPUR

In the result, appeal filed by the assessee is dismissed

ITA 40/NAG/2022[2017-18]Status: DisposedITAT Nagpur11 Jul 2024AY 2017-18

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

For Appellant: Shri Mukesh AgrawalFor Respondent: Shri Kailash C. Kanojiya
Section 143(3)Section 263

u/s 263 of the Act dated 11.03.2022 setting aside the original Assessment Order dated 19.12.2019 and directing fresh assessment to examine issue on which the then Ld. AO has already applied it mind during the original assessment proceedings makes the present revision a mere change opinion, not being permissible under the Income Tax Act, 1961.” 3. Brief facts

VIKAS GUPTA ,INDORE vs. PR. COMMISSIONER OF INCOME TAX (CENTRAL), NAGPUR, NAGPUR

In the result, assessee’s appeal stands allowed

ITA 186/NAG/2024[2016-17]Status: DisposedITAT Nagpur21 Mar 2025AY 2016-17

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

For Appellant: Ms. Neha JainFor Respondent: Shri Sandipkumar Salunke
Section 132Section 139(1)Section 143(3)Section 153ASection 263

revision under section 263 is challenged in appeal, then, on the items which are subject matter of appeal, no power under section 263 could be exercised by the ld. Commissioner. We may elaborate 7 Vikas Gupta ITA no.186/Nag./2024 further, for example- an assessment order was passed, it contains five issues, which were challenged before

RAJENDRA G MISHRA,NAGPUR vs. PR. CIT-2, NAGPUR

Appeal is dismissed in above terms

ITA 94/NAG/2020[2015-16]Status: DisposedITAT Nagpur26 Oct 2023AY 2015-16

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Abhay AgrawalFor Respondent: Shri Kailash G. Kanojiya, CIT-DR
Section 143(3)Section 263(1)Section 54

revision proceedings u/s 263 of the I.T. Act, 1961, the assessee’s counsel was confronted with the facts of the case. The counsel has stated that. evidence for expenses claimed on improvement of the property in question is not available with him. He was not able to provide any other evidence to support his claim. Under these circumstances, the assessee

PRITAM SINGH CHARAN SINGH GUJJAR,NAGPUR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4,, NAGPUR

In the result, appeal filed by the assessee is allowed

ITA 406/NAG/2023[2015-16]Status: DisposedITAT Nagpur18 Sept 2024AY 2015-16

Bench: Shri V. Durga Rao

For Appellant: Shri Bhavesh MoryaniFor Respondent: Shri Abhay Y. Marathe
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 234ASection 48Section 50C

revision or no reference has been made before any other authority, court or the High Court, the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clause (i) of sub- section

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

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

ITA 47/NAG/2021[2011-12]Status: DisposedITAT Nagpur29 Jul 2024AY 2011-12

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

Section 142ASection 145

263 in case of appellant is doubt, because of the close connection and proximity of the business transaction. [iii] The sale of flats in the project was never doubted or questioned by the department and the sales as per books of account were duly accepted. Therefore, if at all the appellant has made such huge unexplained expenditure, he must have

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

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

ITA 140/NAG/2021[2018-19]Status: DisposedITAT Nagpur29 Jul 2024AY 2018-19

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

Section 142ASection 145

263 in case of appellant is doubt, because of the close connection and proximity of the business transaction. [iii] The sale of flats in the project was never doubted or questioned by the department and the sales as per books of account were duly accepted. Therefore, if at all the appellant has made such huge unexplained expenditure, he must have

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

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

ITA 48/NAG/2021[2012-13]Status: DisposedITAT Nagpur29 Jul 2024AY 2012-13

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

Section 142ASection 145

263 in case of appellant is doubt, because of the close connection and proximity of the business transaction. [iii] The sale of flats in the project was never doubted or questioned by the department and the sales as per books of account were duly accepted. Therefore, if at all the appellant has made such huge unexplained expenditure, he must have

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

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

ITA 26/NAG/2020[2014-15]Status: DisposedITAT Nagpur29 Jul 2024AY 2014-15

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

Section 142ASection 145

263 in case of appellant is doubt, because of the close connection and proximity of the business transaction. [iii] The sale of flats in the project was never doubted or questioned by the department and the sales as per books of account were duly accepted. Therefore, if at all the appellant has made such huge unexplained expenditure, he must have

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

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

ITA 27/NAG/2020[2015-16]Status: DisposedITAT Nagpur29 Jul 2024AY 2015-16

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

Section 142ASection 145

263 in case of appellant is doubt, because of the close connection and proximity of the business transaction. [iii] The sale of flats in the project was never doubted or questioned by the department and the sales as per books of account were duly accepted. Therefore, if at all the appellant has made such huge unexplained expenditure, he must have

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

ITA 49/NAG/2021[2013-14]Status: DisposedITAT Nagpur29 Jul 2024AY 2013-14

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

Section 142ASection 145

263 in case of appellant is doubt, because of the close connection and proximity of the business transaction. [iii] The sale of flats in the project was never doubted or questioned by the department and the sales as per books of account were duly accepted. Therefore, if at all the appellant has made such huge unexplained expenditure, he must have

LALITA SANJIVREDDY BODKURWAR,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-2, NAGPUR

Appeal is dismissed in above terms

ITA 90/NAG/2020[2015-16]Status: DisposedITAT Nagpur12 Oct 2023AY 2015-16

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

For Appellant: Shri Abhay Agrawal, AdvocateFor Respondent: Shri Kailash Kanojiya, Sr. DR
Section 143(3)Section 263

capital gains shown by the assesses in the return of income, and had accepted the claim of the assessee; thus the order cannot be termed as erroneous. 3. Whether on the facts and circumstances, the learned CIT erred in not appreciating that, the AO has accepted assessee's claim which was one of the possible views supported by judicial precedents

SHRI AMJAD AHMED SHEIKH,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-2, NAGPUR

In the result, appeal filed by the assessee is dismissed

ITA 18/NAG/2021[2014-15]Status: DisposedITAT Nagpur13 Aug 2024AY 2014-15

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

For Appellant: Shri Rachit ThakarFor Respondent: Shri Kailash C. Kanojiya
Section 142(1)Section 143(2)Section 143(3)Section 147Section 148Section 263

u/s. 263 shall be finalized on merits.” 5. However, there was no response by the assessee and thereafter the learned PCIT has elaborately dealt with the issue in the impugned order and held as under:– “6. Decision of the PCIT:- Shri Amjad Ahmed Sheikh ITA no.18/Nag./2021 I have considered the materials available on the records and after giving