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

23 Naresh Laxminarayan Grover ITA no.524, 525 & 526/Nag./2024 9. We have carefully analysed the detailed contentions. The facts cited by the Assessing Officer are illusory and baseless. It is surprising that when the assessee has paid tax on short term capital gain under section 111A @15%, the Assessing Officer is reclassifying the same to be taxed under section

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

23 Naresh Laxminarayan Grover ITA no.524, 525 & 526/Nag./2024 9. We have carefully analysed the detailed contentions. The facts cited by the Assessing Officer are illusory and baseless. It is surprising that when the assessee has paid tax on short term capital gain under section 111A @15%, the Assessing Officer is reclassifying the same to be taxed under section

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

10(38) of the Income Tax Act, 1961. The assessee has submitted chart of capital Gain working and profit on sale of shares account during the course of assessment proceedings as well as in the return of income, which is on Page-8 of the Paper Book (Part-I) All the transaction of sale purchase of shares was made through

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

10(38) of the Income Tax Act, 1961. The assessee has submitted chart of capital Gain working and profit on sale of shares account during the course of assessment proceedings as well as in the return of income, which is on Page-8 of the Paper Book (Part-I) . All the transaction of sale purchase of shares was made through

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

gains received or accruing as a result of the transfer of the original asset; (b) "long-term specified asset" for making any investment under this section during the period commencing from the 1st day of April, 2006 and ending with the 31st day of March, 2007, means any bond, redeemable after three years and issued on or after

SHRI DEEPAK SURESH GADGE,,NAGPUR vs. DY. CIT, CIRCLE-1 , NAGPUR

In the result, appeal filed by the assessee partly allowed

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

10 Shri Deepak Gadge asset on the dissolution of the firm or otherwise‘ for the purpose of determining the cost of acquisition of the property by the partner, the legislature had covered in the cases of dissolution of a partnership firm. The provisions of section 49(1)(ii)(b) of the Act conspicuously omits the expression ‗otherwise‘ though it covers

G. H. R. EDUCATION FOUNDATION ,NAGPUR vs. CIT EXEMPTION, PUNE

capital under the Companies Act, 2013\" as going concern under section 366 to 374 of Part-1- Chapter XXI of the Companies Act, 2013 read with the companies [Authorized to be Register] Rules, 2014 as amended from time to time, on its incorporation under the Companies Act, 2013 to \"G. H. R. Education Foundation\". The assessee also stated that former

JEETENDRA CHANDRAKANT NAYAK,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOM TAX(OSD), NAGPUR

In the result, the appeal filed by the assessee is allowed

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

capital gain. [ As per the above said amendment, in sub-section (1) to section 54 of the Act, for the words “constructed, a residential house”, the words “constructed, one residential house” have been substituted w.e.f. 01.04.2015. 5.3.2 In the present case, the assessee purchased more than one residential flat vide two different sale deeds, i.e. two flats and claimed deduction

G.H.R. EDUCATION FOUNDATION,NAGPUR vs. CIT EXEMPTION, PUNE

In the result, assessee's appeal being ITA no

capital under the Companies Act, 2013\" as\ngoing concern under section 366 to 374 of Part-1- Chapter XXI of the\nCompanies Act, 2013 read with the companies [Authorized to be Register]\nRules, 2014 as amended from time to time, on its incorporation under the\nCompanies Act, 2013 to \"G. H. R. Education Foundation\". The assessee also\nstated that former

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

10 of sub-section (1) of section 43 of the Act is outside the scope of sub-clause (xviii) of clause (24) of section 2 of the Act. In other words, subsidies which are subject to adjustments against the cost of assets, then, such subsidies cannot be treated as income but, capital receipt. Therefore, impugned subsidy which is adjusted against

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

10 of sub-section (1) of section 43 of the Act is outside the scope of sub-clause (xviii) of clause (24) of section 2 of the Act. In other words, subsidies which are subject to adjustments against the cost of assets, then, such subsidies cannot be treated as income but, capital receipt. Therefore, impugned subsidy which is adjusted against

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

10. We further noticed that the Assessing Officer has primarily placed reliance on the report given by the Investigation Wing of the Income Tax Department, Kolkata to arrive at the conclusion that the long term capital gain reported by the assessee is bogus in nature. We further noticed that the Investigation Report prepared by Investigation Wing, Kolkata is general

SHABBIR AHMED AHMED ALI,NAGPUR vs. NATIONAL E ASSESMENT CENTRY, DELHI

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

10,80,000) Indexed cost of improvement with indexation 23,62,575 Expenses on Transfer 1,61,000 48,00,784 32,49,216 Capital Gain Less: Exemption: Under section

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

23,470/-. Case was selected for scrutiny, statutory notices u/s 143(2) & 142(1) of the Act were issued and duly served upon the assessee. Ld.Assessing Officer (AO) noticed that assessee had declared long term capital gain (LTCG) of Rs.1,32,68,850/- and claimed the same as being exempt u/s 10(38) of Act in respect to sale

NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

In the result, appeal filed by the assessee is partly allowed

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

10. We have heard both the parties and perused the material available on record and find substantial merit in the submissions of the learned Counsel for the assessee. Since the Mother of the assessee has expired long ago and sufficient evidences have been filed by the assessee to demonstrate the transaction, we set aside the impugned order passed

NARESH VASANTRAJ TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

In the result, appeal filed by the assessee is partly allowed

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

10. We have heard both the parties and perused the material available on record and find substantial merit in the submissions of the learned Counsel for the assessee. Since the Mother of the assessee has expired long ago and sufficient evidences have been filed by the assessee to demonstrate the transaction, we set aside the impugned order passed

NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

In the result, appeal filed by the assessee is partly allowed

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

10. We have heard both the parties and perused the material available on record and find substantial merit in the submissions of the learned Counsel for the assessee. Since the Mother of the assessee has expired long ago and sufficient evidences have been filed by the assessee to demonstrate the transaction, we set aside the impugned order passed

NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

In the result, appeal filed by the assessee is partly allowed

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

10. We have heard both the parties and perused the material available on record and find substantial merit in the submissions of the learned Counsel for the assessee. Since the Mother of the assessee has expired long ago and sufficient evidences have been filed by the assessee to demonstrate the transaction, we set aside the impugned order passed