DY. COMMISSIONER OF INCOME TAX- CENTRAL-CIRCLE-2 (1), NAGPUR, NAGPUR vs. JAYMAHAKALI SHIKSHAN SANSTHA, WARDHA

In the result, Revenue’s appeal for A

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

gains of business. So far as public charitable and religious trusts are concerned, their business profits are not exempt from tax, except in the cases falling under clause (a) or clause (b) of section 11(4A) of the IT Act. As the maximum marginal rate of tax under the new proviso to section 164(2) applies to the whole

DY. COMMISSIONER OF INCOME TAX- CENTRAL-CIRCLE-2(1), NAGPUR, NAGPUR vs. JAYMAHAKALI SHIKSHAN SANSTHA, WARDHA

In the result, Revenue’s appeal for A

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

gains of business. So far as public charitable and religious trusts are concerned, their business profits are not exempt from tax, except in the cases falling under clause (a) or clause (b) of section 11(4A) of the IT Act. As the maximum marginal rate of tax under the new proviso to section 164(2) applies to the whole

SMS TOLLS AND DEVELOPERS,NAGPUR vs. ITO, WARD 1(5), NAGPUR

In the result, appeal filed by the assessee is partly allowed in terms indicated above

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

Section (2(22)(e) of the Act which defines the expression accumulated profit as under:- Explanation 2:- The expression "accumulated profits" in sub clauses (a),(b), (d) and (e), shall include all profits of the company up to the date of distribution or payment referred to in those clauses, and in sub clause (c) shall include all profits

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

c) Cost of improvement examined at Rs. 1,12,00,000/- was verifiable from the bank account and bills placed on record. i) P- 60-64 Bank Statement ii) P-85-105) Details of Expenses iii) P– 196 – 134 Bills & Vouchers F) It is evident that all the issues have been examined in detail and A.O. has taken possible view

ACIT, CIRCLE-4, NAGPUR vs. SHRI VINOD BALBHADRA GOENKA,, NAGPUR

In the result, appeal of the Revenue is dismissed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2014-15 The Acit Vs. Shri Vinod Balbhadra Goenka Circle-4 247, Nandanvan Layout Nagpur Nagpur Pan No.:Aanpg 6841 N Appellant Respondent Revenue By :Shri Piyush Kolhe (Cit-Dr) Assessee By: Shri K.P. Dewani, Adv Date Of Hearing: 28/04/2022 Date Of Pronouncement: 28 /06 /2022 Order Per: Sandeep Gosain, J.M. This Is An Appeal By Revenue Against Order Of Learned Commissioner Of Income Tax (Appeals)-4, Nagpur Dated 30/03/2017 In Appeal No.Cit(A)- 4/198/16-17 For The Assessment Year 2014-15. The Grounds Raised By The Revenue In This Appeal Are As Under:

13 to 14 months and long term capital gain derived was almost 34 times of investment made. The Hon’ble Court has also taken note of statement of broker as to modus operandi explained by him before Investigation Wing of Dept. The Hon’ble High Court went on to record that if the shares are sold at prevailing market rate

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

capital gain of Rs. 3,11,34,325/earned by the assessee as genuine without considering the fact that Ministry of Corporate Affairs published list of companies declared as shell companies and category marked against Iris Media Works Ltd. was SFIC i.e. Serious Fraud investigation Category and against Trinity Tradelink Limited was ASRC." 1. Based on the information received from Ministry

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

capital gain of Rs. 3,11,34,325/earned by the assessee as genuine without considering the fact that Ministry of Corporate Affairs published list of companies declared as shell companies and category marked against Iris Media Works Ltd. was SFIC i.e. Serious Fraud investigation Category and against Trinity Tradelink Limited was ASRC." 1. Based on the information received from Ministry

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

capital gain of Rs. 3,11,34,325/earned by the assessee as genuine without considering the fact that Ministry of Corporate Affairs published list of companies declared as shell companies and category marked against Iris Media Works Ltd. was SFIC i.e. Serious Fraud investigation Category and against Trinity Tradelink Limited was ASRC." 1. Based on the information received from Ministry

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

In the result, appeal by the assessee stands allowed

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

C) In the regular assessment framed u/s 143(3) reasons for selection under CASS was to verify capital gain declared in the return. Necessary enquiries were made by issue of necessary notice u/s 142(1) wherein details of sources of income, capital introduction and specific detail of capital gain was called and examined. From Notice

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

C. Jhaveri (56 ITR 198 at 203) (SC); Ellerman Lines Ltd versus CIT (82 ITR 913 at 920-1) (SC); K.P. Varghese (131 ITR 597); and UCO Bank versus CIT (237 ITR 89) (SC). The aforesaid amendment carried out by the Finance Act, 2015 to section 2(24) of the Act is applicable prospectively from Assessment Year

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

C. Jhaveri (56 ITR 198 at 203) (SC); Ellerman Lines Ltd versus CIT (82 ITR 913 at 920-1) (SC); K.P. Varghese (131 ITR 597); and UCO Bank versus CIT (237 ITR 89) (SC). The aforesaid amendment carried out by the Finance Act, 2015 to section 2(24) of the Act is applicable prospectively from Assessment Year

TAJSHREE AUTOWHEELS PRIVATE LIMITED,NAGPUR vs. ACIT CIRCLE-4, NAGPUR

In the result, assessee’s appeal is allowed for statistical purposes

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

13. We also like to further draw your attention to the CBDT circular no. 10/2018 dated 31.12.2018 and CBDT Circular no.03/2019 dated 21.01.2019 wherein the position of department on interpretation of provisions of section 56(2)(viia) dealing with the transfer of shares was clarified. The CBDT while explaining the legislative intent behind introduction of provisions of section 56(2

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

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

c. The assessee transferred the shares and same were duly recorded in the name of assessee; d. The shares were appearing in demat account of the assessee; e. The period of holding of shares were more than 1 year; f. Assessee is having Client ID of MPSE Security Limited. g. Delivery of shares from demat account h. Sale proceeds received

M/S FUEL CORPORATION OF INDIA,NAGPUR vs. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1), NAGPUR

In the result, assessee’s appeal is ordered to be allowed

Bench: Shri P.K. Bansal & Shri Amarjit Singh

capital of Shri Nawal Kishor Agrawal FY 2008-09 Rs. 30,00,000 iv) Sundry Creditors not verifiable in Shri Shyam Coal Services Rs.1,21,00,000 8. From the above we find that the nature and manner in which the undisclosed income is earned is amply exhibited. Further we note that there is no query whatsoever having been asked

ITO, WARD-6(1),, NAGPUR vs. THE VIDARBHA PREMIER CO-OP. HOUSING SOCIETY,, NAGPUR

In the result these appeals by the assessee and revenue stand allowed for statistical purposes

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

13) It is not disputed that the Appellant society is carrying on the business of providing credit facilities to its members, and the same is established by the learned CIT(A). That the provisions of Section 80P(2)(a)(i) of the Act besides being applicable to business of banking also applies to the business of providing credit facility

THE VIDHARBHA PREMIER CO-OPERATIVE HOUSING SOCIETY LTD,,NAGPUR vs. TAX RECOVERY OFFICER, RANGE-6, NAGPUR

In the result these appeals by the assessee and revenue stand allowed for statistical purposes

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

13) It is not disputed that the Appellant society is carrying on the business of providing credit facilities to its members, and the same is established by the learned CIT(A). That the provisions of Section 80P(2)(a)(i) of the Act besides being applicable to business of banking also applies to the business of providing credit facility

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

C”, Mumbai vide ITA No. 6108/MUM/2009 in case of ChandrakantBabulal Shah –Vs.- The Assessing Officer, Ward-16 (2)4, Mumbai In view of the above assessee humbly request that claimed made by the assessee is true and correct and same may kindly be allowed.” Ground No. 10 &11 : The assessee has made investment in shares amounting

VASANT CO-OP SHETKARI GINNING & PRESSING FACTORY LTD.,YAVATMAL vs. PRINCIPAL COMMISSIONER OF INCOME TAX-II, NAGPUR

In the result, appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. 29/Nag/2021 "नधा"रण वष" / Assessment Year : 2016-17 The Vasant Co-Op. Shetkari Ginning & Pressing Factory Limited; At. Yavatmal Road, Wani, Tq. Wani, Dist. Yavatmal-440 010 Pan : Aaaat1439M .......अपीलाथ" / Appellant बनाम / V/S. The Pr. Commissioner Of Income Tax-Ii, Nagpur. ……""यथ" / Respondent Assessee By : Shri Pravin Gandhi, Ar Revenue By : Shri Vitthal Bhosale, Dr

2) The amount of capital gain which is not appropriated by the assessee towards the cost and expenses incurred in relation to all or any of the purposes mentioned in clauses (a) to (d) of sub-section (1) within one year before the date on which the transfer of the original asset took place, or which is not utilised