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 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

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

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

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

47[any consideration received in cash or by a cheque or draft or by any other mode] shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of the capital asset : Provided that the provisions of this sub-section shall not apply where the assessee transfers his share

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

gains by understatement of the consideration. This was real object and purpose of the enactment of sub-section (2) and the interpretation of this sub-section must fall in line with the advancement of that object and purpose. We must, therefore, accept as the underlying assumption of subsection (2) that there is understatement of consideration in respect of the transfer

ACIT-CENTRAL CIRCLE -1(3), NAGPUR vs. SHRI AJAY VASANTRAI TRIVEDI , NAGPUR

In the result, the appeal of Revenue is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

section 2(47) of the Act are satisfied, by inferring so, such possession constitutes transfer u/s. 2(47) of the Act, determined Long Term Capital Gain

ACIT, CENTRAL CIRCLE -1(3), NAGPUR vs. SHRI ASHOK VASANTRAI TRIVEDI , NAGPUR

In the result, the appeal of Revenue is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

section 2(47) of the Act are satisfied, by inferring so, such possession constitutes transfer u/s. 2(47) of the Act, determined Long Term Capital Gain

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

capital and of the general reserves of the specified entity, no allowance under this clause shall be made in respect of such excess." 11. For computing the income under the head 'business income certain deductions are allowed from such business income and one such deduction is laid down in section 36(1) (vii) of the Act. The said section provides

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

capital and of the general reserves of the specified entity, no allowance under this clause shall be made in respect of such excess." 11. For computing the income under the head 'business income certain deductions are allowed from such business income and one such deduction is laid down in section 36(1) (vii) of the Act. The said section provides

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

47,12,803/- [Rs. 2,65,00,000/- + Rs. 82,12,803/-] as discussed in Para-5 and 6 above are deleted, and the Ground No. 1 is allowed. 7.0 Ground No. 2 : This addition made pertains to prior period adjustment of Rs. 23,86,382/-. During the year under consideration, the appellant has incurred certain expenditure

M/S SHREE TRADERS ,BULDHANA vs. ASSISTANT COMMISSIONER OF INCOME TAX, AKOLA CIRCLE, AKOLA

In the result, the appeal of assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

47,074/- which is a loss as per the computation of income for the year under consideration and sought set off of this business loss against the capital gain income shown. According to the AO, no business income could be set off against carry forward business loss for A.Y. 2013-14 within the meaning of section

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

section 2(24)(xvi)." ii. CBDT vide its Instruction No. 2/2015 dated 29/01/2015 has accepted the aforesaid decision of Hon'ble Bombay High Court and clarified the same as under. "In reference to the above cited subject, I am directed to draw your attention to the decision of the High Court of Bombay in the case of Vodafone India Services

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

section 2(24)(xvi)." ii. CBDT vide its Instruction No. 2/2015 dated 29/01/2015 has accepted the aforesaid decision of Hon'ble Bombay High Court and clarified the same as under. "In reference to the above cited subject, I am directed to draw your attention to the decision of the High Court of Bombay in the case of Vodafone India Services

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

section 2(24)(xvi)." ii. CBDT vide its Instruction No. 2/2015 dated 29/01/2015 has accepted the aforesaid decision of Hon'ble Bombay High Court and clarified the same as under. "In reference to the above cited subject, I am directed to draw your attention to the decision of the High Court of Bombay in the case of Vodafone India Services

DY. C.I.T. CIR-.2, NAGPUR vs. SHRI GOVINDDAS GOVERDHAN DAGA, NAGPUR

In the result, cross-objection filed by the assessee stands dismissed

2,500\n6,47,028\n6,49,528\nIndexed Acquisition Cost\n₹3,105\n*8,72,710\n8,75,815\nSale Date\n31/12/20111\n31/12/2011\nSales Consideration\n*18,459\n17,31,94,4007\n17,32,12,466\nSelling Expenses\n₹0\n*86,47,052\n86,47,052\nNet Sale Consideration

ITO, WARD- 4,, CHANDRAPUR vs. M/S. K.S.R. TRANSPORT COMPANY,, CHANDRAPUR

Appeal is dismissed

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.364/Nag/2019 िनधा"रण वष" / Assessment Year : 2009-10 The Assistant M/S.Ksr Transport, Commissioner Of Income V Padoli Chadda Building, Tax, Chandrapur Circle, S Kosara Road, Chandrapur. Chandrapur. Pan: Aabfk3222D Appellant / Revenue Respondent / Assessee Cross Objection No.02/Nag/2020 (Arising Out Of Ita No.364/Nag/2019) िनधा"रण वष" / Assessment Year : 2009-10 M/S.Ksr Transport, The Assistant Padoli Chadda Building, V Commissioner Of Income Kosara Road, Chandrapur. S Tax, Chandrapur Circle, Pan: Aabfk3222D Chandrapur. Appellant / Assessee Respondent / Revenue Assessee By Shri Mukesh Agrawal – Ar Revenue By Shri Abhay Y. Marathe – Sr.Dr Date Of Hearing 30/11/2023 Date Of Pronouncement 09/01/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Revenue Against The Order Of Ld.Cit(A)-2, Nagpur Dated 28.08.2019 Emanating From

section 50 of the I.T. Act which is worked out as under: Existing liability of the seller Rs.6,98,37,407/- Less: WDV of the Vehicles Rs. 4,66,47,500/- ITA No.364/NAG/2019 & C.O.No.02/NAG/2020 M/s.K S R Transport Company (Cross Appeal) Capital Gains taxable u/s 50 Rs. 2

SHRI PRALHAD CHODHARY ,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -1(3), NAGPUR

In the result, appeal of the assessee is allowed

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.164/Nag/2019 िनधा"रण वष" / Assessment Year : 2007-08 Shri Pralhadchodhary, The Assistant Commissioner Choudhary Bhawan, V Of Income Tax, Central Sakkardara, S Circle-1(3), Nagpur. Nagpur – 440032. Pan: Ahepc0847Q Appellant/ Assessee Respondent/Revenue Assessee By Shri Umang Agrawal – Ar Revenue By Shri Kailash G. Kanojiya – Cit(Dr) Date Of Hearing 23/01/2024 Date Of Pronouncement 25/01/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Common Order Of Ld.Commissioner Of Income Tax(Appeals)-1, Nagpur Dated 18.03.2013 Emanating From Assessment Order Under Section 153C R.W.S143(3) Dated 29.12.2010 For A.Y.2007-08. The Grounds Of Appeal Raised By The Assessee Are As Under : Shri Pralhad Chodhary [A]

section 153C r.w.s143(3) dated 29.12.2010 for A.Y.2007-08. The grounds of appeal raised by the Assessee are as under : Shri Pralhad Chodhary [A] “1. The learned CIT (Appeals) erred in holding that the capital gain arose u/s 2(47

ASSISTANT 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

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

2,00,00,000/- M/s Blue View Tradecom Pvt. Ltd. Rs. 3,00,00,000/- ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 M/s Raj Laxmi Dealcom Pvt. Ltd. Rs. 1,00,00,000/- -------------------- Total Rs. 6,00,00,000/- Α.Υ. 2015-16 M/s Umang Trading

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1),NAGPUR, NAGPUR vs. M/S. RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

2,00,00,000/- M/s Blue View Tradecom Pvt. Ltd. Rs. 3,00,00,000/- ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 M/s Raj Laxmi Dealcom Pvt. Ltd. Rs. 1,00,00,000/- -------------------- Total Rs. 6,00,00,000/- Α.Υ. 2015-16 M/s Umang Trading