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

22,50,00,000 Capital Gain b Deduction u/s 48 (i) Cost of acquisition with indexation 1,10,53,125 (ii) Cost of improvement with 7,72,61,368 indexation (iii) Expenditure wholly and exclusively 1,01,70,000 in connection with transfer Total Deductions 9,84,84,493 Long Term Capital Gains on sale of above

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

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 of Stock Exchange. The ITAT therefore

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

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 of Stock Exchange. The ITAT therefore

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

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 of Stock Exchange. The ITAT therefore

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

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

Gains of Business or Profession' under the normal provisions of the Act. However, while computing the book profit under the MAT provisions of the Act, the assessee did not correspondingly reduce the book profit. 9. The Assessing Officer while computing the book profit has not made any downward adjustments to the book profit on account of sales tax subsidy relying

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

Gains of Business or Profession' under the normal provisions of the Act. However, while computing the book profit under the MAT provisions of the Act, the assessee did not correspondingly reduce the book profit. 9. The Assessing Officer while computing the book profit has not made any downward adjustments to the book profit on account of sales tax subsidy relying

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

22,160 Vidarbha Konkan Gramin Bank A.Y. 2014–15 & 2015–16 on account of bad debts written–off under section 41(4) of the Act claimed by the assessee Bank. The assessee being not satisfied with the order passed by the Assessing Officer, filed appeal before the first appellate authority. 3. Aggrieved, the assessee carried the matter in appeal before

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

22,160 Vidarbha Konkan Gramin Bank A.Y. 2014–15 & 2015–16 on account of bad debts written–off under section 41(4) of the Act claimed by the assessee Bank. The assessee being not satisfied with the order passed by the Assessing Officer, filed appeal before the first appellate authority. 3. Aggrieved, the assessee carried the matter in appeal before

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

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

D E R PER K.M. ROY, A.M. This appeal by the assessee is emanating from the impugned order dated 15/02/2023, passed by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, [“learned CIT(A)”], for the assessment year 2014–15. 2. The assessee has raised following grounds:– “1. On the facts and circumstances

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

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 by the learned Commissioner of Income Tax (Appeals)-3, Nagpur [“learned CIT(A)], for the assessment year 2015-2016. 2. Following grounds have been raised by the Revenue:- “I On the facts and in the circumstances of the case

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

22,500 shares of Swift IT Infrastructure And Services Ltd. on 16/03/2012. Swift IT Infrastructure was none listed company and does not come under the preview of SEBI (ACT). The aforesaid shares were dematerialized with Karvy Stock Broking Limited on 11/03/2013. Later on Company Swift IT Infrastructure Pvt. Ltd was amalgamated with “Parag Shilpa IT Infrastructure and Services Limited

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

22 May, 2023. The brief facts and the ratio of the judgment is reproduced below : “2. Briefly stated, facts of the case are that the assessee is an individual and filed return of income for the year under consideration on 23-3-2017 declaring total income of Rs. 11,84,37,909. The return of income filed by the assessee

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

22,70,420/-. The scrutiny assessment in this case was completed on 25/08/2018, u/s 143(3) of I. T. Act, 1961, by accepting the returned income. ii) Subsequently, AO noticed that there was a difference of Rs. 2,32,88,412/-, in the closing capital as on 31.03.2015 & opening capital as 01.04.2015. Since, the capital had actually increased from

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

D E R PER K.M. ROY, A.M. The captioned appeal has been filed by the Revenue challenging the impugned order dated 26/09/2019, passed by the learned Commissioner of Income Tax (Appeals)–1, Nagpur [“learned CIT(A)”] for the assessment year 2014–15. 2. The Revenue has raised following grounds:– “1. Whether on the facts and in the circumstances

SHABBIR AHMED AHMED ALI,NAGPUR vs. NATIONAL E ASSESMENT CENTRY, DELHI

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 17/02/2023, passed by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, [“learned CIT(A)”], for the assessment year 2018–19. 2. In its appeal, the assessee has raised following grounds:– “Ground No.1 That the Lower

ASSTT.COMMISSIONER OF INCOME TAX CIRCLE-5, NAGPUR vs. THE NIRMAL UJWAL CREDIT CO-OP SOCIETY LTD, NAGPUR

In the result, appeal filed by the Revenue for the assessment year

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

capital gains; view of the Tribunal in allowing the assessee‘s appeal on the principle of consistency cannot in the present facts be faulted with.‖ 17 The Nirmal Ujwal Credit Co–operative Society Ltd. A.Y. 2012–13 10. The learned Counsel further submitted that the issue is also covered by the following case laws of the Hon’ble High Court