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

D to M are judgements)” 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

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

5 introduction of capital was called. (P-2) [Vol.- III) ii) At page 6 capital gain is derived from immovable property was submitted and explained at the time of hearing. iii) At page 65 66 computation of capital gain is fully disclosed. iv) At page 92 specific query of capital gain is explained. v) At page 95 details of stamp

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

5) TMI 801-CALCUTTA HIGH COURT- The High Court held that lack of enquiry, where enquiry is necessary, can be treated as prejudicial to the interest of the Revenue so as to justify revisional jurisdiction. It was for non inquiry, the validity of action under Section 263 was held justified in a case of non verification of share capital contribution

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

d in this sub-section shall apply where (a) the assessee, 1. owns more than one residential house, other than the new asset, on the date of transfer of the original asset; or 2 (ii) purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset

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

D E R PER K.M. ROY, A.M. The present appeal has been filed by the assessee challenging the impugned order dated 10/08/2017, passed by the learned Commissioner of Income Tax (Appeals)–1, Nagpur, [―learned CIT(A)‖], for the assessment year 2013–14. 2. The assessee has raised following grounds:– ―1. On the facts and circumstances of the case the learned

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

17 to 41 of the impugned order passed by the learned CIT(A), which are reproduced below for ready reference:– “7 Ground Nos. 2 To 10 : The appellant has challenged the addition made by AO of Rs. 5,87,48,683/- as sale proceeds on sale of shares u/s. 68 of the I.T. Act. I have gone through the assessment

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

5. The Authorised Representative of the assessee has made the following written submission:\nThe assessee has e-filed return of income on 14/01/2015 declaring net taxable income at Rs. 32,63,962/-. In the return of income assessee has shown income from Salary, income from house property, income from business and income from other sources. The assessee has also shown

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

Bench: Shri V. Durga Rao

D E R The present appeal has been filed by the assessee challenging the impugned order dated 21/11/2023, passed by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, [“learned CIT(A)”], for the assessment year 2015–16. 2. Following grounds have been raised by the assessee:– “1. Order passed by Addl/Joint Commissioner of Income

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

D E R PER BENCH The aforesaid appeals have been filed by the assessee challenging the impugned orders of even dated 07/08/2021, passed by the learned Commissioner of Income Tax (Appeals)–3, Nagpur, [“learned CIT(A)”], for the assessment year 2010–11, 2011–12, 2013–14 and 2014–15 respectively. ITA no.105/Nag./2021 Assessee’s Appeal

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

D E R PER BENCH The aforesaid appeals have been filed by the assessee challenging the impugned orders of even dated 07/08/2021, passed by the learned Commissioner of Income Tax (Appeals)–3, Nagpur, [“learned CIT(A)”], for the assessment year 2010–11, 2011–12, 2013–14 and 2014–15 respectively. ITA no.105/Nag./2021 Assessee’s Appeal

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

D E R PER BENCH The aforesaid appeals have been filed by the assessee challenging the impugned orders of even dated 07/08/2021, passed by the learned Commissioner of Income Tax (Appeals)–3, Nagpur, [“learned CIT(A)”], for the assessment year 2010–11, 2011–12, 2013–14 and 2014–15 respectively. ITA no.105/Nag./2021 Assessee’s Appeal

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

D E R PER BENCH The aforesaid appeals have been filed by the assessee challenging the impugned orders of even dated 07/08/2021, passed by the learned Commissioner of Income Tax (Appeals)–3, Nagpur, [“learned CIT(A)”], for the assessment year 2010–11, 2011–12, 2013–14 and 2014–15 respectively. ITA no.105/Nag./2021 Assessee’s Appeal

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

D. Sheppard (48 ITR 237) (SC); CIT v Vazir Sultan & Sons (36 ITR 175, 185) (SC); P. H. Divecha v CIT (48 ITR 222) (SC); W.A. Guff v CIT (31 ITR 826) (Bom.); Helen Rubber Industries Ltd. v CIT (36 ITR 544) (Ker.), reversed on another point CIT v Helen Rubber Industries Ltd. (44 ITR 714) (SC); CIT v Shaw

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

D. Sheppard (48 ITR 237) (SC); CIT v Vazir Sultan & Sons (36 ITR 175, 185) (SC); P. H. Divecha v CIT (48 ITR 222) (SC); W.A. Guff v CIT (31 ITR 826) (Bom.); Helen Rubber Industries Ltd. v CIT (36 ITR 544) (Ker.), reversed on another point CIT v Helen Rubber Industries Ltd. (44 ITR 714) (SC); CIT v Shaw

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

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

DAYAL COTSPIN LIMITED,AKOLA vs. ACIT, AKOLA CIRCLE, AKOLA

In the result, appeal filed by the assessee is allowed

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

Gain (LTCG). Please explain in detail all such modes employed by you for providing accommodation entries. Ans. Sir, The modes employed by me for providing accommodation entries against commission are as under: 1. Subscription to share capital at premium:- Sir, in such cases shares of the companies of clients/beneficiaries are subscribed at high premium by the companies floated/managed/controlled