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 gains as unexplained cash credit under Section 68 of the Act. The tribunal while dismissing the appeals filed by the Revenue also observed on facts that these shares were purchased by respondent on the floor of Stock Exchange and not from the said broker, deliveries were taken, contract notes were issued and shares were also sold on the floor

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

capital gain is invested in purchasing a residential house or constructing the residential house within the time stipulated therein. Proviso to sub section (1) states that the exemption contemplated under sub section (1) would not be available where an assessee owns a residential house as on the date of the transfer and that the income from the residential house

ASSTT.COMMISSIONER OF INCOME TAX CIRCLE-1, NAGPUR vs. VISHNU GILTS PVT.LT, NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

gains of business. This proposition has been duly re-cognized by the decision of Hon'ble Apex Court and Hon'ble jurisdictional High Court. This view has recently been affirmed by Hon'ble Apex Court in the case of M/s G.S. Homes & Hotels P. Ltd. vs. DCIT in Civil Appeal No.(s) 7379-7380 of 2016 vide order dated

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE -1, NAGPUR vs. M/S RAGHAV FINVEST PVT LTD , NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

gains of business. This proposition has been duly re-cognized by the decision of Hon'ble Apex Court and Hon'ble jurisdictional High Court. This view has recently been affirmed by Hon'ble Apex Court in the case of M/s G.S. Homes & Hotels P. Ltd. vs. DCIT in Civil Appeal No.(s) 7379-7380 of 2016 vide order dated

DY COMMISSIONER OF INCOME TAX , CIRCLE-1, NAGPUR vs. M/S NIHAL GITS PVT.LTD , NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

gains of business. This proposition has been duly re-cognized by the decision of Hon'ble Apex Court and Hon'ble jurisdictional High Court. This view has recently been affirmed by Hon'ble Apex Court in the case of M/s G.S. Homes & Hotels P. Ltd. vs. DCIT in Civil Appeal No.(s) 7379-7380 of 2016 vide order dated

M/S INDOWORTH INDIA LIMITED,NAGPUR vs. ACIT(TDS), CIRCLE 51(1) , NAGPUR

In the result, appeal filed by the assessee for A

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

capital gains. The assessee has failed to deduct the tax at source, therefore the assessee is liable for payment tax and interest U/s. 201(1)/201(1A) of the Act. The Ld. AO passed order U/s. 201(1)/201(1A) on 27/03/2018 which is after a lapse of five years from the end of the relevant assessment year. There

INDOWORTH INDIA LIMITED,NAGPUR vs. ACIT(TDS), CIRCLE 51(1), NAGPUR

In the result, appeal filed by the assessee for A

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

capital gains. The assessee has failed to deduct the tax at source, therefore the assessee is liable for payment tax and interest U/s. 201(1)/201(1A) of the Act. The Ld. AO passed order U/s. 201(1)/201(1A) on 27/03/2018 which is after a lapse of five years from the end of the relevant assessment year. There

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

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

192/- and treating the same as business income, which was claimed as deduction u/s.24 by the assessee. 6. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in deleting the addition made by the Assessing Officer on account of disallowance of capital gain of Rs.17.33.880/- on sale of shares claimed

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

In the result, Revenue’s appeal being ITA no

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

192/- and treating the same as business income, which was claimed as deduction u/s.24 by the assessee. 6. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in deleting the addition made by the Assessing Officer on account of disallowance of capital gain of Rs.17.33.880/- on sale of shares claimed

NITIN MADANLAL KHANDELWAL,AKOLA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - AKOLA, AKOLA

In the result, appeal filed by the assessee stands dismissed

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

192 and claimed deduction u/s 57 of the Act of interest paid of Rs 50,09,820. The resulting loss of Rs 33,14,628 was set off by the appellant against salary income to the extent of Rs 33,14,628. Sufficient opportunity was given by the AO to the appellant during the course of assessment proceedings to furnish

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

192 ITR 0287 (Del. HC) Commissioner of Income Tax –Vs.- Steller Investment Ltd. Notwithstanding that Assessing Officer failed to enquire into genuineness of shareholders, assessment of company could not be revised to assess the amount of share capital in the hands of company. 5. Judgment of High Court of Delhi at New Delhi, dated 14/03/2017 vide ITA No. 169/2017

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

192 ITR 0287 (Del. HC) Commissioner of Income Tax –Vs.- Steller Investment Ltd. Notwithstanding that Assessing Officer failed to enquire into genuineness of shareholders, assessment of company could not be revised to assess the amount of share capital in the hands of company. 5. Judgment of High Court of Delhi at New Delhi, dated 14/03/2017 vide ITA No. 169/2017

G. H. R. EDUCATION FOUNDATION ,NAGPUR vs. CIT EXEMPTION, PUNE

capital under the Companies Act, 2013\" as going concern under section 366 to 374 of Part-1- Chapter XXI of the Companies Act, 2013 read with the companies [Authorized to be Register] Rules, 2014 as amended from time to time, on its incorporation under the Companies Act, 2013 to \"G. H. R. Education Foundation\". The assessee also stated that former

G.H.R. EDUCATION FOUNDATION,NAGPUR vs. CIT EXEMPTION, PUNE

In the result, assessee's appeal being ITA no

capital under the Companies Act, 2013\" as\ngoing concern under section 366 to 374 of Part-1- Chapter XXI of the\nCompanies Act, 2013 read with the companies [Authorized to be Register]\nRules, 2014 as amended from time to time, on its incorporation under the\nCompanies Act, 2013 to \"G. H. R. Education Foundation\". The assessee also\nstated that former

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

capital, reserves and share premium. Therefore, as the company has no option to borrow funds from the outsiders, the shareholders have borrowed funds in their Individual capacities and forwarded same to the company. Even the cash credit limit of the assessee‟s proprietorship concern was used to advance funds to the private limited company. Therefore

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

192/- and\ntreating the same as business income, which was claimed as deduction u/s.24\nby the assessee.\n6. On the facts and in the circumstances of the case and in law, the learned\nCIT(A) has erred in deleting the addition made by the Assessing Officer on\naccount of disallowance of capital gain of Rs.17.33.880/- on sale of shares\nclaimed

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. M/S SHREE AGRAWAL FINANCE INDIA P. LTD.,, NAGPUR

In the result, Revenue's appeal being ITA no

192/- and\ntreating the same as business income, which was claimed as deduction u/s.24\nby the assessee.\n6. On the facts and in the circumstances of the case and in law, the learned\nCIT(A) has erred in deleting the addition made by the Assessing Officer on\naccount of disallowance of capital gain of Rs.17.33.880/- on sale of shares\nclaimed

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. M/S SHREE AGRAWAL FINANCE INDIA P. LTD.,, NAGPUR

In the result, Revenue's appeal being ITA no

192/- and\ntreating the same as business income, which was claimed as deduction u/s.24\nby the assessee.\n6. On the facts and in the circumstances of the case and in law, the learned\nCIT(A) has erred in deleting the addition made by the Assessing Officer on\naccount of disallowance of capital gain of Rs.17.33.880/- on sale of shares\nclaimed