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

143(3) of I.T. Act, 1961 was completed on 18.12.2019 and the returned income accepted. During the audit, Internal Audit party has raised audit objection that, 'the assessee has shown taxable long term capital gain on sale of land at Rs. 12,65,15,507/ As per computation given in the return for working out capital gain the full value

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

section 143(2) and 142(1) of the Income Tax Act, 1961 ("the Act") were issued. In response to various notices, assessee has duly complied the notices from time to time. 4. During the assessment year under consideration, the assessee had transferred an immovable property for sale consideration of ` 2,15,00,000, on 18/07/2016. The assessee had computed income

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

143(2) of the Act was issued and served on ITBA. Notice under section 142(1) of the Act was issued on 06/06/2019. In response to notice issued, the details called for were uploaded. The assessee filed Income Tax Return, Computation of Income, Balance Sheet, Tax Audit Report, etc. Various details were called for electronically vide notices under section

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

143(2) of the Act was issued and served on ITBA. Notice under section 142(1) of the Act was issued on 06/06/2019. In response to notice issued, the details called for were uploaded. The assessee filed Income Tax Return, Computation of Income, Balance Sheet, Tax Audit Report, etc. Various details were called for electronically vide notices under section

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

2,25,90,000/- Capital Gain Rs. 4,59,13,200/- Income tax Officer vide order under section 143(3) dated

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

gains by understatement of the consideration. This was real object and purpose of the enactment of sub-section (2) and the interpretation of this sub-section must fall in line with the advancement of that object and purpose. We must, therefore, accept as the underlying assumption of subsection (2) that there is understatement of consideration in respect of the transfer

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

2,79,05,115/-. Since the period of holding of the shares is more than one year the capital gain transaction were long term capital of the assessee and exempted U/s. 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

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

2,79,05,115/-. Since the period of holding of the shares is more than one year the capital gain transaction were long term capital of the assessee and exempted U/s. 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

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

143(3) of the Act on 31-12-2018, the learned assessing officer disallowed the claim of the assessee for deduction under section 54F of the Act against the capital gain on transfer of long term capital asset, on the ground that the assessee owned interest in more than one residential properties and therefore, he was not entitled for deduction

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

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

143(2) within the\nstipulated period which in the case of the assessee had already expired. It is\nnot the case of the revenue that during the coarse of proceedings under section\n147 it had come across any material relating to the items as mentioned in his\nreason to believe suggesting escapement of income under any of those heads,\nThere

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR vs. M/S. AAKAR HOTELS, NAGPUR

In the result, appeal of the revenue is dismissed

143 & 147/148.\n27.\nSection 153A and 153C starts with non-obstante clause. The\nprocedure for_assessment/reassessment in Section 153A, 153C in\ncases of search or requisition has an overriding effect to the regular\nprovisions for assessment or reassessment under Sections 139, 147,\n148, 149, 151 & 153.\n28.\nThe language of explanation 2 to new Section 148 is akin to\nSection

ATUL MANOHARRAO YAMSANWAR,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE 2(1), NAGPUR

143(2) of the Act were also issued by the ACIT- 1(1) on various dates in the year 2020, which were duly attended by the assessee. The cases were handled by the ACIT-1(1) for good one year and then transferred to ACIT-2(1) vide order dated 22/01/2021 passed under section 127 of the Act, after which

UMESH SADASHIV THAKRE ,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(1), NAGPUR

143(2) of the Act were also issued by the ACIT- 1(1) on various dates in the year 2020, which were duly attended by the assessee. The cases were handled by the ACIT-1(1) for good one year and then transferred to ACIT-2(1) vide order dated 22/01/2021 passed under section 127 of the Act, after which

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

section 250 of the Income Tax Act, 1961 ("the Act") by the learned Commissioner of Income Tax (Appeals), Nagpur [“learned CIT(A)”], for the assessment year 2016-17. 2. The grounds of appeal raised by the department are as follows: [1] The learned CIT(A) erred in quashing the impugned order dated 30.03.2022 u/s 147 r.w.s. 144 B without

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

143(2) was issued and served upon the appellant. During the assessment proceedings, the counsel fo the appellant, Shri Kailash M. Jogani, Chartered Accountat and Authorised Representative (AR) of the appellant attended the proceedings from time-to-time and submitted the documents as and when called for. 3. The AO asked the appellant to furnish computation of Income, Audit Report

VIDHARBHA KONKAN GRAMIN BANK ,NAGPUR vs. INCOME TAX OFFICER WARD 1(5) , NAGPUR

In the result, appeal filed by the assessee for A

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

143(1) of the Income Tax Act, 1961 ("the Act") and selected for scrutiny under CASS. The Assessing Officer made assessment on total income of ` 50,81,436, by making addition of ` 97,06,79,200, as disallowance under the provisions for bad and doubtful debt under section 36(1)(viia) of the Act, ` 17,39,54,837, as addition

VIDHARBHA KONKAN GRAMIN BANK ,NAGPUR vs. INCOME TAX OFFICER WARD 1(5) , NAGPUR

In the result, appeal filed by the assessee for A

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

143(1) of the Income Tax Act, 1961 ("the Act") and selected for scrutiny under CASS. The Assessing Officer made assessment on total income of ` 50,81,436, by making addition of ` 97,06,79,200, as disallowance under the provisions for bad and doubtful debt under section 36(1)(viia) of the Act, ` 17,39,54,837, as addition

ASSISTANT COMMISSIONER OF INCOME TAX CHANDRAPUR CIRCLE , CHANDRAPUR vs. M/S CHADDA TRANSPORT , CHANDRAPUR

Appeal is dismissed

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.363/Nag/2019 िनधा"रण वष" / Assessment Year : 2009-10 The Assistant M/S.Chadda Transport, Commissioner Of V Kosara Road, Padoli, Income Tax, S Chandrapur, Chandrapur Circle, Maharashtra – 442401. Chandrapur. Pan: Aaafc8556F Appellant / Revenue Respondent / Assessee Cross Objection No.01/Nag/2020 (Arising Out Of Ita No.363/Nag/2019) िनधा"रण वष" / Assessment Year : 2009-10 M/S.Chadda Transport, The Assistant Kosara Road, Padoli, V Commissioner Of Income Chandrapur, S Tax, Maharashtra – 442401. Chandrapur Circle, Chandrapur. Pan: Aaafc8556F Appellant / Assessee Respondent / Revenue Assessee By Shri Mukesh Agrawal – Ar Revenue By Shri Abhay Y. Mrathe – Sr.Dr Date Of Hearing 30/11/2023 Date Of Pronouncement 27/12/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am:

section 143(3) r.w.s. 147 dated 21.09.2016 for A.Y.2009-10. The grounds of appeal raised by the Revenue are as under : “1. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(Appeals) erred in deleting the addition of Rs 2,90,22,977/- made by the AO as capital gain