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

E)A.O. after examining the capital gain declared in the return and on being satisfied accepted the capital gain as shown in the return. Computation of capital gain to be assessed to tax is ministerial act and same has been accepted by A.O. after due application of mind. On facts it cannot be said that there is lack of enquiry

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

22 Naresh Laxminarayan Grover ITA no.524, 525 & 526/Nag./2024 e. Thus, merely making assumption that since assessee has traded in the penny stock, whatever earned or loss incurred are bogus is bad in law and violation of natural justice to the assessee. f. Further, scrips traded by the assessee in the given financial year are not mentioned in DDIT

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

22 Naresh Laxminarayan Grover ITA no.524, 525 & 526/Nag./2024 e. Thus, merely making assumption that since assessee has traded in the penny stock, whatever earned or loss incurred are bogus is bad in law and violation of natural justice to the assessee. f. Further, scrips traded by the assessee in the given financial year are not mentioned in DDIT

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

22 Naresh Laxminarayan Grover ITA no.524, 525 & 526/Nag./2024 e. Thus, merely making assumption that since assessee has traded in the penny stock, whatever earned or loss incurred are bogus is bad in law and violation of natural justice to the assessee. f. Further, scrips traded by the assessee in the given financial year are not mentioned in DDIT

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

e cannot make claim of double deduction towards investment of sale proceeds arising out in two different assets in two different assessment years under two different provisions against the construction of same residential property. Since the construction as contemplated in Section 54F of the Act could happen only once and that has already happened in the preceding assessment years

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

E),dated March 31, 2015 after vide public consultations. The ICDS-VII relating to Government grants provides that all Government grants except relating to depreciable asset shall be recognized as income in accordance with the provisions of the said ICDS. The existing provisions of Explanation 10 to clause (1) of section 43 of the Income-tax Act already contained

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

E),dated March 31, 2015 after vide public consultations. The ICDS-VII relating to Government grants provides that all Government grants except relating to depreciable asset shall be recognized as income in accordance with the provisions of the said ICDS. The existing provisions of Explanation 10 to clause (1) of section 43 of the Income-tax Act already contained

ACIT, CIRCLE-4, NAGPUR vs. SHRI VINOD BALBHADRA GOENKA,, NAGPUR

In the result, appeal of the Revenue is dismissed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2014-15 The Acit Vs. Shri Vinod Balbhadra Goenka Circle-4 247, Nandanvan Layout Nagpur Nagpur Pan No.:Aanpg 6841 N Appellant Respondent Revenue By :Shri Piyush Kolhe (Cit-Dr) Assessee By: Shri K.P. Dewani, Adv Date Of Hearing: 28/04/2022 Date Of Pronouncement: 28 /06 /2022 Order Per: Sandeep Gosain, J.M. This Is An Appeal By Revenue Against Order Of Learned Commissioner Of Income Tax (Appeals)-4, Nagpur Dated 30/03/2017 In Appeal No.Cit(A)- 4/198/16-17 For The Assessment Year 2014-15. The Grounds Raised By The Revenue In This Appeal Are As Under:

Capital Gains."  Sri DolarraiHemani v. ITO (ITA 19/Kol/2014) (Kolkata Tribunal) wherein it has been held as under: "2.9.5.We find that the similar issue had been adjudicated by the co- ordinate bench of this tribunal in the case of DCIT vs Sunita Khemka in ITA Nos. 714 to 718/Kol/2011 dated 28.10.2015 and in the case of ITO vs Rajkumar Agarwal

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

E R PER K.M. ROY, A.M. These appeals are filed by the assessee challenging the impugned orders of even date 09/10/2018, passed by the learned Commissioner of Income Tax (Appeals)–1, Nagpur, [“learned CIT(A)”], for the assessment year 2014–15 and 2015–16 respectively. Vidarbha Konkan Gramin Bank A.Y. 2014–15 & 2015–16 ITA no.7/Nag./2019 Assessee’s Appeal

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

E R PER K.M. ROY, A.M. These appeals are filed by the assessee challenging the impugned orders of even date 09/10/2018, passed by the learned Commissioner of Income Tax (Appeals)–1, Nagpur, [“learned CIT(A)”], for the assessment year 2014–15 and 2015–16 respectively. Vidarbha Konkan Gramin Bank A.Y. 2014–15 & 2015–16 ITA no.7/Nag./2019 Assessee’s Appeal

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

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

e-filing Portal of Income Tax Appellate Tribunal was new, hence there was some technical problem while online submission of Appeal. 3) In such circumstances, a delay of 446 days has occurred in filling of the appeal. The appellant submits that the delay is unintentional and bonafide. The delay may kindly be condoned in the interest of justice, failing which

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

e-filed return of income on 29/03/2016 declaring net taxable income at Rs. 76,94,280/-. 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 income from exempt capital gains from transfer of equity shares. 7 Shri Nandkumar Khatumal Harchandani

VASANT CO-OP SHETKARI GINNING & PRESSING FACTORY LTD.,YAVATMAL vs. PRINCIPAL COMMISSIONER OF INCOME TAX-II, NAGPUR

In the result, appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. 29/Nag/2021 "नधा"रण वष" / Assessment Year : 2016-17 The Vasant Co-Op. Shetkari Ginning & Pressing Factory Limited; At. Yavatmal Road, Wani, Tq. Wani, Dist. Yavatmal-440 010 Pan : Aaaat1439M .......अपीलाथ" / Appellant बनाम / V/S. The Pr. Commissioner Of Income Tax-Ii, Nagpur. ……""यथ" / Respondent Assessee By : Shri Pravin Gandhi, Ar Revenue By : Shri Vitthal Bhosale, Dr

section 263 of the IT Act, 1961. 3) Assessee craves leave to add, alter or amend any of the grounds of appeal.” 3 The Vasant Co-Op. Shetkari Ginning & Pressing Factory Limited Vs. Pr. CIT 2. Succinctly stated, the assessee company which is engaged in the business of cotton ginning and pressing had e-filed its return of income

THE VIDHARBHA PREMIER CO-OPERATIVE HOUSING SOCIETY LTD,,NAGPUR vs. TAX RECOVERY OFFICER, RANGE-6, NAGPUR

In the result these appeals by the assessee and revenue stand allowed for statistical purposes

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

22-11-2016 Date of Pronouncement : 9/1/2017. O R D E R. PER SHAMIM YAHYA, A.M. : These are cross appeals by the assessee and Revenue emanating out of order of learned CIT(Appeals)-II, Nagpur dated 28-02-2012 and pertain to assessment year 2009-10. Grounds of appeal in Revenue’s appeal read as under: 1. On the facts

ITO, WARD-6(1),, NAGPUR vs. THE VIDARBHA PREMIER CO-OP. HOUSING SOCIETY,, NAGPUR

In the result these appeals by the assessee and revenue stand allowed for statistical purposes

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

22-11-2016 Date of Pronouncement : 9/1/2017. O R D E R. PER SHAMIM YAHYA, A.M. : These are cross appeals by the assessee and Revenue emanating out of order of learned CIT(Appeals)-II, Nagpur dated 28-02-2012 and pertain to assessment year 2009-10. Grounds of appeal in Revenue’s appeal read as under: 1. On the facts

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

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 income from exempt capital gains from transfer of equity shares.\nThe assessee has purchased 422500 shares

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. [ As per the above said amendment, in sub-section (1) to section 54 of the Act, for the words “constructed, a residential house”, the words “constructed, one residential house” have been substituted w.e.f. 01.04.2015. 5.3.2 In the present case, the assessee purchased more than one residential flat vide two different sale deeds, i.e. two flats and claimed deduction