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65 results for “capital gains”+ Section 17(1)(iv)clear

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Key Topics

Section 153C100Section 143(3)84Section 153A67Addition to Income49Section 6836Section 14822Section 26317Section 143(2)15Section 25012Business Income

SANJAY GULABCHAND GUPTA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX,CIRCLE-4, NAGPUR

In the result, appeal by the assessee stands dismissed

ITA 210/NAG/2023[2017-18]Status: DisposedITAT Nagpur14 Feb 2025AY 2017-18

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

For Appellant: Smt. Veena AgrawalFor Respondent: Shri Abhay Y. Marathe
Section 143(2)Section 54Section 54F

iv) Assessee has claimed benefit spanning across four years. Whereas originally the construction of house as envisaged by the provision of Section 54 must be completed within three years after the transfer of original asses. 1. With respect to above the contraversory is whether deduction u/s 54F is available in respect of Capital Gain arising from sale of more than

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

Showing 1–20 of 65 · Page 1 of 4

9
Search & Seizure8
Capital Gains7

In the result, appeal filed by the assessee is allowed

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

iv) Pato Builders Ltd. v/s DCIT [2024] ITL 1042 (Ranchi) ITA no. 73/Ran./2021, order dated 29/02/2024; and v) Tirupati Buildcon Pvt.Ltd.v/s ACIT, ITA no.74/Jab./2024, order dated 28/06/2024 (Jabalpur–Trib.). 9. The learned Counsel for the assessee precisely raised the undernoted contentions in his meticulous arguments which are summarised below:– ―A) Order u/s 263 has been passed

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

17, 18) [Vol.-I] 10 Vinay Ramsharandas Agrawal ITA no.110/Nag./2023 iii) (2022) 141 taxmann.com 83 (Punjab &Hayana) PCIT vs. Kanin (India) (P-35-37) (36) [Vol.- I] iv) (2022) 145 taxmann.com 618 (Calcutta) PCIT vs. Britannia Industries Ltd. (P-19-24) (24) [Vol.-1] v) (2007) 295 ITR 0282 (SC) CIT vs. Max India

DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

ITA 524/NAG/2024[2014-15]Status: DisposedITAT Nagpur21 Mar 2025AY 2014-15

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

For Appellant: Shri Aryan GroverFor Respondent: Shri Sandipkumar Salunke

iv. Distinction of facts of chapter 6 of the report Details of Jamakharchi companies/ Bogus Clients used for purchasing shares of listed penny stocks for providing Long Term Capital Gain to Beneficiaries. It is submitted that none of the observations referred to in Chapter 6 of the report are directly or indirectly applicable in the case of the assessee

DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

ITA 525/NAG/2024[2015-16]Status: DisposedITAT Nagpur21 Mar 2025AY 2015-16

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

For Appellant: Shri Aryan GroverFor Respondent: Shri Sandipkumar Salunke

iv. Distinction of facts of chapter 6 of the report Details of Jamakharchi companies/ Bogus Clients used for purchasing shares of listed penny stocks for providing Long Term Capital Gain to Beneficiaries. It is submitted that none of the observations referred to in Chapter 6 of the report are directly or indirectly applicable in the case of the assessee

DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

ITA 526/NAG/2024[2016-17]Status: DisposedITAT Nagpur21 Mar 2025AY 2016-17

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

For Appellant: Shri Aryan GroverFor Respondent: Shri Sandipkumar Salunke

iv. Distinction of facts of chapter 6 of the report Details of Jamakharchi companies/ Bogus Clients used for purchasing shares of listed penny stocks for providing Long Term Capital Gain to Beneficiaries. It is submitted that none of the observations referred to in Chapter 6 of the report are directly or indirectly applicable in the case of the assessee

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

ITA 242/NAG/2023[2018-19]Status: DisposedITAT Nagpur09 Sept 2024AY 2018-19

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

For Appellant: Shri Mani JainFor Respondent: Shri Kailash C. Kanojiya
Section 139Section 142(1)Section 143(2)

Gains from Business and Profession" shall be computed in accordance with either cash system of accounting or mercantile system of accounting. As per sub section (1) of section 128 of the 2013 Act a company is compulsorily required to follow mercantile system of accounting. The Appellant being a company is compulsory required to follow mercantile system of accounting with respect

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

ITA 177/NAG/2022[2017-18]Status: DisposedITAT Nagpur09 Sept 2024AY 2017-18

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

For Appellant: Shri Mani JainFor Respondent: Shri Kailash C. Kanojiya
Section 139Section 142(1)Section 143(2)

Gains from Business and Profession" shall be computed in accordance with either cash system of accounting or mercantile system of accounting. As per sub section (1) of section 128 of the 2013 Act a company is compulsorily required to follow mercantile system of accounting. The Appellant being a company is compulsory required to follow mercantile system of accounting with respect

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

In the result, appeal of the Revenue stands dismissed

ITA 411/NAG/2019[2015-16]Status: DisposedITAT Nagpur25 Feb 2025AY 2015-16

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

For Appellant: Shri Manoj G. MoryaniFor Respondent: Shri Sandipkumar Salunke
Section 10(38)Section 68

1), Nagpur v/s Shri Nandkumar Khatumal Harchandani ……………. Respondent 469, Poonam Villa, New Colony Nagpur 440 013 PAN – AATPH2594R Assessee by : Shri Manoj G. Moryani Revenue by : Shri Sandipkumar Salunke Date of Hearing – 21/01/2025 Date of Order – 25/02/2025 O R D E R PER K.M. ROY, A.M. This appeal by the Revenue is directed against the impugned order dated 31/10/2019, passed

M/S MAHESHWARI COAL BENEFICATION& INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

ITA 110/NAG/2024[2011-12]Status: DisposedITAT Nagpur26 Dec 2024AY 2011-12

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

For Appellant: Shri Sunil Kumar AgrawalFor Respondent: Shri Sandipkumar Salunke
Section 153ASection 153CSection 250

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

M/S MAHESHWARI COAL BENEFICATION& INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

ITA 109/NAG/2024[2010-11]Status: DisposedITAT Nagpur26 Dec 2024AY 2010-11

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

For Appellant: Shri Sunil Kumar AgrawalFor Respondent: Shri Sandipkumar Salunke
Section 153ASection 153CSection 250

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

M/S MAHESHWARI COAL BENEFICATION& INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

ITA 108/NAG/2024[2009-10]Status: DisposedITAT Nagpur26 Dec 2024AY 2009-10

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

For Appellant: Shri Sunil Kumar AgrawalFor Respondent: Shri Sandipkumar Salunke
Section 153ASection 153CSection 250

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

ITA 112/NAG/2024[2013-14]Status: DisposedITAT Nagpur26 Dec 2024AY 2013-14

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

For Appellant: Shri Sunil Kumar AgrawalFor Respondent: Shri Sandipkumar Salunke
Section 153ASection 153CSection 250

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

ITA 111/NAG/2024[2012-13]Status: DisposedITAT Nagpur26 Dec 2024AY 2012-13

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

For Appellant: Shri Sunil Kumar AgrawalFor Respondent: Shri Sandipkumar Salunke
Section 153ASection 153CSection 250

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

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

section 50C(1) of the Act must be held to be effective from 1st April 2003, and the same is applicable retrospectively. 9. The learned A.R., in support of his arguments, relied upon the following judicial pronouncements:– 7 Pretam Singh Charan Singh Gujjar ITA no.406/Nag./2023 i) ITO v/s Rustom Fali Mehta, [2023] TaxPub(DT) 2721 (Mum- Trib

A,C.I.T. CENTRAL CIR.- 2(2), NAGPUR vs. SHRI DHARAMPAL R.AGRAWAL, NAGPUR

In the result, Revenue’s appeal being ITA no

ITA 292/NAG/2016[2007-08]Status: DisposedITAT Nagpur15 May 2025AY 2007-08

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

For Appellant: Shri Sachin V. LuthraFor Respondent: Shri Harshad S. Vengurlekar
Section 153ASection 40Section 43B

iv) On the facts and circumstances of the case, the Id. CIT(A) erred in restricting to 10% the addition of Rs.88,30,079/- made by the AO on account of unaccounted purchases. v) The appellant craves to add, amend or delete any of the above grounds.” 15. Grounds raised by the Revenue in its appeal being ITA No. 171/Nag

DY. C.I.T. CENTRAL CIR2(2), NAGPUR vs. M/S SHREE AGRAWAL COAL INDIA PVT. LTD.,, NAGPUR

In the result, Revenue’s appeal being ITA no

ITA 23/NAG/2016[2008-09]Status: DisposedITAT Nagpur15 May 2025AY 2008-09

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

For Appellant: Shri Sachin V. LuthraFor Respondent: Shri Harshad S. Vengurlekar
Section 153ASection 40Section 43B

iv) On the facts and circumstances of the case, the Id. CIT(A) erred in restricting to 10% the addition of Rs.88,30,079/- made by the AO on account of unaccounted purchases. v) The appellant craves to add, amend or delete any of the above grounds.” 15. Grounds raised by the Revenue in its appeal being ITA No. 171/Nag

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

17. At this stage, before considering the multi-fold contentions of the ld. Representatives, we deem it pertinent to take note of the fundamental tests propounded in various judgments relevant for judging the action of the CIT taken u/s 263. The ITAT in the case of Mrs. Khatiza S. Oomerbhoy Vs. ITO, Mumbai, 101 TTJ 1095, analyzed in detail various

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

ITA 391/NAG/2019[2014-15]Status: HeardITAT Nagpur27 Nov 2024AY 2014-15

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

For Appellant: Shri Manoj G. MoryaniFor Respondent: Shri Vikash Agrawal
Section 139(1)Section 143(2)Section 143(3)Section 36(1)(viia)Section 80PSection 80P(2)

17. Even if the AO wish to treat the same as capital expenditure he should have allowed the depreciation to the appellant. The AO did not allow the expenses as well as the depreciation, it clearly indicates the addition is made with the prejudice and unlawful way and therefore needs to be deleted. 18. Further not withstanding anything mentioned

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

17,247 /- (6) Tax Effect 1. Addition u/s 68 for Rs.1.65 crores Rs. 55,00,000/- Total Tax Effect Rs. 55,00,000/- 2. The order u/s 263 of the Income Tax Act, 1961, PCIT(C), dated 8/10/2018 for the Assessment Years 2011-12, 2012-13 & 2013-14 is reproduced below: “ORDER U/S 263 OF INCOME TAX ACT, 1961 Original