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

capital gain which is not utilised by the assessee for the purchase of the new asset before the date of furnishing the return of income under section 139, shall be deposited by him before furnishing such return [such deposit being made in any case not later than the due date applicable in the case of the assessee for furnishing

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

Capital Gain Rs. 4,59,13,200/- Income tax Officer vide order under section 143(3) dated 21/03/2016 determined the income

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

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

capital gain and paper work has been got up and done merely to give the colour of authenticity to the transactions and creating façade of legitimate transactions and so allegation made against the assessee is denied in toto. It is pertinent to note that the assessee has purchased the shares of Unlisted Company named Swift IT Infrastructure & Services Limited about

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

capital gain and paper work has been got up and done merely to give the colour of authenticity to the transactions and creating façade of legitimate transactions and so allegation made against the assessee is denied in toto. It is pertinent to note that the assessee has purchased the shares of Unlisted Company named Swift IT Infrastructure & Services Limited about

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

200/-. Applying indexation, the indexed cost of acquisition works out to Rs.30,69,408/- [2131200 X 1023/711]. Accordingly, the long term capital gain works out to Rs.83.89.792/- [11455200 – 3069408]. 7. On perusal of the return of income of the assessee, it is seen that the assessee has shown income from house properties as under; Sr. Address of Property Whether

VIRAMBHAI HARGOVANBHAI PATEL,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, DELHI

In the result appeal of the Revenue is dismissed

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

200/- i.e., Rs. 3,56,100/- u/s 56(2)(x) of the I.T.Act, 1961. Hence, the grounds of appeal raised by the appellant are dismissed.” 8. In the result, the appeal filed by the appellant is dismissed. 7. We have given a thoughtful consideration to the rival arguments made and perused the material available on record. Before us, the sole

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

200 shares @ ` 190 each to the total income of the assessee. The assessee being not satisfied with the assessment 4 M/s. Raghav Finvest Pvt. Ltd. ITA no.121/Nag./2020 order of the Assessing Officer, carried the matter before the first appellate authority. 5. The learned CIT(A) deleted the addition made by the Assessing Officer by observing as follows

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

200 shares @ ` 190 each to the total income of the assessee. The assessee being not satisfied with the assessment 4 M/s. Raghav Finvest Pvt. Ltd. ITA no.121/Nag./2020 order of the Assessing Officer, carried the matter before the first appellate authority. 5. The learned CIT(A) deleted the addition made by the Assessing Officer by observing as follows

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

200 shares @ ` 190 each to the total income of the assessee. The assessee being not satisfied with the assessment 4 M/s. Raghav Finvest Pvt. Ltd. ITA no.121/Nag./2020 order of the Assessing Officer, carried the matter before the first appellate authority. 5. The learned CIT(A) deleted the addition made by the Assessing Officer by observing as follows

MRS. DEVYANI AJIT MULIK,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCEL-1, NAGPUR

In the result, the appeal of the assessee is allowed

Bench: Shri S.S.Godara & Dr. Dipak P. Ripote

200/- for the purpose of section 50C of the Act. Accordingly, AO made addition of Rs.2,35,08,703/- as the difference between long term capital gain

M/S. HARIHAR INFRASTUCTURE DEVELOPMENT CORPORATION LTD.,,NAGPUR vs. THE DY.CIT, CIRCLE- 1,, 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. 60/Nag/2015 "नधा"रण वष" / Assessment Year : 2010-11 M/S. Harihar Infrastructure Development Corporation Ltd.; G-3, Amar Palace, Opp. Patwardhan Ground, Dhantoli, Nagpur-12. Pan : Aabch9888H .......अपीलाथ" / Appellant बनाम / V/S. The Deputy Commissioner Of Income Tax, Circle-1, Nagpur. ……""यथ" / Respondent Assessee By : Shri S. Shriram, Ar Revenue By : Shri Pradeep Headoo, Dr

gain on sale of agricultural land is exempt u/s.2(1A) of I.T.Act, 1961. 3. The addition made by the AO at Rs.31,45,251/- in the assessment framed as business income is unjustified, unwarranted and bad in law. 3 M/s. Harihar Infrastructure Development Corporation Ltd. Vs. DCIT, Circle-1, Nagpur 4. In the facts and circumstances of the case

M/S TAWARI TRADERS ,BULDHANA vs. INCOME TAX OFFICER WARD -2, KHAMGAON

In the result, appeal by the assessee stands dismissed

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

capital of partner is interest bearing funds for the firm. 7.6 In conclusion, the AO erred in not considering that interest free advances were out of interest free loan availed by the appellant. Consequently, the interest of Rs.5,30,902 i.e., 15% of Rs.35,39,351 (interest free advances) deserves to be deleted from the total addition of Rs.9

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

200 under section 36(1)(viia) is therefore upheld and confirmed. Ground no. 1 is dismissed. 7.0 Ground No.2: Addition of the interest accrued but not due on securities amounting to Rs.17,39,54,837/-. The appellant had claimed deduction in respect of the interest accrued but not due on the Government and other approved securities. It is argued that

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

200 under section 36(1)(viia) is therefore upheld and confirmed. Ground no. 1 is dismissed. 7.0 Ground No.2: Addition of the interest accrued but not due on securities amounting to Rs.17,39,54,837/-. The appellant had claimed deduction in respect of the interest accrued but not due on the Government and other approved securities. It is argued that

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

MISS FATEMA SHOEB HUSSAIN,,NAGPUR vs. ITO, WARD- 2(4),, NAGPUR

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

200 income 2006–07 Unexplained ` 12,70,000 Investment Unexplained ` 3,00,000 receipt ` 37,31,700 Smt. Fatema Shoeb Hussain A.Y. 2004–05, 2005–06, 2006–07, 2007–08 & 2008–09 Relating to Travel Unexplained credit ` 15,85,682 Commission 36,380 income Income from ticket 4,51,860 booking

M/S. FATEMA SHOEB HUSSAIN,,NAGPUR vs. ITO, WARD- 2(4),, NAGPUR

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

200 income 2006–07 Unexplained ` 12,70,000 Investment Unexplained ` 3,00,000 receipt ` 37,31,700 Smt. Fatema Shoeb Hussain A.Y. 2004–05, 2005–06, 2006–07, 2007–08 & 2008–09 Relating to Travel Unexplained credit ` 15,85,682 Commission 36,380 income Income from ticket 4,51,860 booking

M/S. FATEMA SHOEB HUSSAIN,,NAGPUR vs. ITO, WARD- 2(4),, NAGPUR

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

200 income 2006–07 Unexplained ` 12,70,000 Investment Unexplained ` 3,00,000 receipt ` 37,31,700 Smt. Fatema Shoeb Hussain A.Y. 2004–05, 2005–06, 2006–07, 2007–08 & 2008–09 Relating to Travel Unexplained credit ` 15,85,682 Commission 36,380 income Income from ticket 4,51,860 booking

MISS FATEMA SHOEB HUSSAIN,,NAGPUR vs. ITO, WARD- 2(4),, NAGPUR

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

200 income 2006–07 Unexplained ` 12,70,000 Investment Unexplained ` 3,00,000 receipt ` 37,31,700 Smt. Fatema Shoeb Hussain A.Y. 2004–05, 2005–06, 2006–07, 2007–08 & 2008–09 Relating to Travel Unexplained credit ` 15,85,682 Commission 36,380 income Income from ticket 4,51,860 booking