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

section 10(38) were being misused by the beneficiaries of bogus long term capital gain and to avoid paying taxes and have also been forwarded the details of transactions entered into by the assessee. The learned assessing officer has not any provided the details forwarded by Investigation Wing, Kolkatta as well as statement of persons, whose statement were recorded during

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

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

133(6) dated 15/10/2013,\nwhich reads as under:-\n\"Please refer to the return of income filed by you for A.Y. 2012-13, on\n31/07/2012 under PANAAWPD9591R declaring total 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

MANISHA ASHUTOSH SHEWALKAR,NAGPUR vs. INCOME TAX OFFICER WARD 5(3), NAGPUR

In the result, assessee’s appeal stands allowed

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

Gain Tax stating that the asset sold is not a capital asset. Therefore, the Assessing Officer was of the view that as the land sold at enhanced price more than the normal, sale of prevailing sales can be regarded as capital assets. Thus, the assessee’s case was reopened under section 147 of the Income

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

gain. Therefore such an advance was clearly given by the assessee for the purpose of commercial expediency. • 4.4 As far as interest expenses vis-a- vis section 57 is concerned. The assessee wishes to submit that, the section 57(iii), lays down 17 Ravindra Madanlal Khandelwal ITA no.375/Nag./2024 following conditions for claim of expenditure. o The expenditure must have

ANANT RAMRAO CHAVAN,AMRAVATI vs. INCOME TAX OFFICER, WARD-1, AMRAVATI

In the result, appeal filed by the assessee is allowed for statistical purposes

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

capital gain assessed at ` 96,90,000, and demand raised of ` 32,48,488, vide order passed under section 143(3) r/w section 147 of the Act. 3 Anant Ramrao Chavhan 4. It is noted that the date of service of assessment order was 19/01/2020; and the appeal filed before the learned CIT(A) is 10/12/2021. Thus, there

M/S SHREE STEEL CQASTINGS PVT. LTD ,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE -1, NAGPUR

In the result, Assessee’s appeal is partly allowed

Bench: Shri Narender Kumar Choudhrym/S. Shree Steel Castings Dcit, Circle-1, Nagpur Pvt. Ltd., T/38/1, Midc, Vs. Hingna Road, Nagpur. Pan: Aaccs 4071 J (Appellant) (Respondent)

133(6) of the Act to such companies, which were returned back ‘unserved’ and, therefore, the AO apprised the Assessee about these facts. 3. The Assessee in response to the notice dated 04/12/2013, replied on dated 12/03/2014 stating that addresses of such companies having been changed and therefore it is providing new addresses. 4. The AO therefore issued notices

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

capital gain from sale of shares in view of astronomical difference between the share price of a company with a short span of 6-7 months and made addition to the income of the appellant. But in the case of appellant, the appellant has received the amounts towards booking advance against the sale of property and not received towards share

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

In the result, assessee’s appeal stands allowed

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

capital gain and income from other sources. The Finance Intelligence Unit (FIU) had credible information which indicated that Navdurga Advisory Private Limited (NAPL) was a shell company and consequent 3 Nirmalkumar Agrawal (HUF) ITA no.242/Nag./2025 transactions with this company were suspicious or sham entries. It was also conveyed that high value transactions were undertaken by the assessee with NAPL

INCOME TAX OFFICER, WARD 5(3),, NAGPUR vs. M/S. 21ST CENTURY INFRASTRUCTURE (INDIA) PVT. LTD., NAGPUR

In the result, the appeal of the Department is dismissed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am

133(6) notice. 1.3 The sanctity and veracity of the documents as well as the assessee’s submissions were accepted by the AO and no addition is made under section 68 to 69D. The learned AO made addition under the head income from other sources. 1.4 During the assessment proceedings, the AO directed assessee to substantiate share premium

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

Section 68 is applicable in the case of the assessee. On the above mentioned preposition assessee placed reliance on following judgments 22 M/s. N. Kumar Construction Co. Pvt. Ltd. Assessment Year 2012–13 1) Order of the Hon‘ble Income Tax Appellate Tribunal, Delhi Bench ‗SMC‘ New Delhi dated 25/06/2018 vide appeal ITA No. 3133/Del/2018 in case of Moti Adhesives

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

section 68 has held that if (a) the assessee has furnished the Name, Address, PAN no and Share Application Form to prove that the shares were allotted to the applicants and (b) the bank statement show that money was received through banking channels and there were no immediate withdrawals to suggest that the share application amounts have been returned back

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

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

section 68 has held that if (a) the assessee has furnished the Name, Address, PAN no and Share Application Form to prove that the shares were allotted to the applicants and (b) the bank statement show that money was received through banking channels and there were no immediate withdrawals to suggest that the share application amounts have been returned back

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

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

section 68 has held that if (a) the assessee has furnished the Name, Address, PAN no and Share Application Form to prove that the shares were allotted to the applicants and (b) the bank statement show that money was received through banking channels and there were no immediate withdrawals to suggest that the share application amounts have been returned back

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

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

section 68 has held that if (a) the assessee has furnished the Name, Address, PAN no and Share Application Form to prove that the shares were allotted to the applicants and (b) the bank statement show that money was received through banking channels and there were no immediate withdrawals to suggest that the share application amounts have been returned back

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

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

section 68 has held that if (a) the assessee has furnished the Name, Address, PAN no and Share Application Form to prove that the shares were allotted to the applicants and (b) the bank statement show that money was received through banking channels and there were no immediate withdrawals to suggest that the share application amounts have been returned back

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

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

section 68 has held that if (a) the assessee has furnished the Name, Address, PAN no and Share Application Form to prove that the shares were allotted to the applicants and (b) the bank statement show that money was received through banking channels and there were no immediate withdrawals to suggest that the share application amounts have been returned back

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

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

gainful to consider the assessment order dated 30/12/2016, to have a clear understanding of the case. “ASSESSMENT ORDER Return of income U/s 139(1) of the I.T. Act, 1961 was filed on 22/09/2014 by the assessee showing total income of Rs.3,74,72,758/- 2. A Search and seizure operations u/s.132 of the Income-tax Act, 1961, was conducted

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

In the result, the departmental appeal is dismissed

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

gainful to consider the assessment order dated 30/12/2016, to have a clear understanding of the case. “ASSESSMENT ORDER Return of income U/s 139(1) of the I.T. Act, 1961 was filed on 22/09/2014 by the assessee showing total income of Rs.3,74,72,758/- 2. A Search and seizure operations u/s.132 of the Income-tax Act, 1961, was conducted

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCEL-2(1), NAGPUR vs. M/S. METROCITY HOMES, NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

133 The addition to total income of Rs. 10,00,000/- has been made on account of document found and impounded from the business premises of M/s Tirupati Developers framed as unexplained expenditure u/s 69C as per Para 10 of Assessment order. The transactions are duly accounted in the books of Tirupati Developers through the capital account of Shri Prashant