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

245–H, Rajlaxmi Marg ……………. Respondent Near GPO, Nagpur 440 001 PAN – ADNPG0426G Assessee by : Shri Aryan Grover Revenue by : Shri Sandipkumar Salunke Date of Hearing – 12/02/2025 Date of Order – 21/03/2025 O R D E R PER K.M. ROY, A.M. Instant appeals by the Department are emanating from the impugned order dated 30/07/2024, passed by the learned Commissioner of Income

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

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

245/-, being Long Term Capital Gain on sale of shares\nof M/s MV Pvt. Ltd.\n2. It is noticed from the calculation of capital gain statement that you have sold\nshares of M/s M.V. Pvt Ltd. for total consideration of Rs. 16,45,46,955/- on\n31/12/2011. It is also noticed that the shares were purchased by you on\n31/12/2008

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

245) (Bombay High Court) wherein it has been held as: "Further it was a submission on behalf of the Revenue that such large amount of share premium gives rise to suspicion on the genuineness (identity) of the shareholders i.e. they are bogus. The Apex Court in Lovely Exports (P.) Ltd. (supra) in the context to the pre-amended Section

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

245) (Bombay High Court) wherein it has been held as: "Further it was a submission on behalf of the Revenue that such large amount of share premium gives rise to suspicion on the genuineness (identity) of the shareholders i.e. they are bogus. The Apex Court in Lovely Exports (P.) Ltd. (supra) in the context to the pre-amended 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

245) (Bombay High Court) wherein it has been held as: "Further it was a submission on behalf of the Revenue that such large amount of share premium gives rise to suspicion on the genuineness (identity) of the shareholders i.e. they are bogus. The Apex Court in Lovely Exports (P.) Ltd. (supra) in the context to the pre-amended Section

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

gains and interest etc. The return of income u/s. 139(1)\nwas filed on 17-02-2012 declaring total income of Rs. 10,36,730/-. Intimation\nu/s. 143(1) was issued on 7-6-2012 accepting the returned income. A search\naction u/s. 132 of the Income Tax Act, 1961 was conducted on 26-7-2016 in\nthe case

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

In the result, assessee' appeal for A

gains and interest etc. The return of income u/s. 139(1) was filed on 17-02-2012 declaring total income of Rs. 10,36,730/-. Intimation u/s. 143(1) was issued on 7-6-2012 accepting the returned income. A search action u/s. 132 of the Income Tax Act, 1961 was conducted on 26-7-2016 in the case

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

capital gain from sale of shares in view of astronomical difference between the share price of a company with a short span of 6-7 months and made addition to the income of the appellant. But in the case of appellant, the appellant has received the amounts towards booking advance against the sale of property and not received towards share

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

245 ITR 0160 (MP H.C.) Commissioner of Income Tax –Vs.- Metachem Industries 19 M/s. N. Kumar Construction Co. Pvt. Ltd. Assessment Year 2012–13 Once the firm has satisfactorily explained that the credit entries in the name of its partners represent the amount invested by them the burden of proof stood discharged and the amount cannot be treted as income

SHILP GROVER,NAGPUR vs. ITO, WARD 2(3), NAGPUR, NAGPUR

In the result, assessee’s appeals for A

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

245–H, Rajlaxmi Marg ……………. Appellant Civil Lines, Nagpur 440 001 PAN – AEPPG1324L v/s Income Tax Officer ……………. Respondent Ward–2(3), Nagpur Assessee by : Shri Aryan Grover Revenue by : Shri Abhay Y. Marathe Date of Hearing – 12/02/2025 Date of Order – 21/03/2025 O R D E R PER K.M. ROY, A.M. Instant appeals by the assessee are against the impugned orders dated

SHILP GROVER,NAGPUR vs. ITO- WARD 2(3), NAGPUR

In the result, assessee’s appeals for A

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

245–H, Rajlaxmi Marg ……………. Appellant Civil Lines, Nagpur 440 001 PAN – AEPPG1324L v/s Income Tax Officer ……………. Respondent Ward–2(3), Nagpur Assessee by : Shri Aryan Grover Revenue by : Shri Abhay Y. Marathe Date of Hearing – 12/02/2025 Date of Order – 21/03/2025 O R D E R PER K.M. ROY, A.M. Instant appeals by the assessee are against the impugned orders dated

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

gains and interest etc. The return of income u/s. 139(1)\nwas filed on 17-02-2012 declaring total income of Rs. 10,36,730/-. Intimation\nu/s. 143(1) was issued on 7-6-2012 accepting the returned income. A search\naction u/s. 132 of the Income Tax Act, 1961 was conducted on 26-7-2016 in\nthe case

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

In the result, assessee' appeal for A

gains and interest etc. The return of income u/s. 139(1)\nwas filed on 17-02-2012 declaring total income of Rs. 10,36,730/-. Intimation\nu/s. 143(1) was issued on 7-6-2012 accepting the returned income. A search\naction u/s. 132 of the Income Tax Act, 1961 was conducted on 26-7-2016 in\nthe case

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

245 ITR 160 (MP) the Hon'ble HC has held as under: "Once it is established that the amount has been invested by a particular person, be he a partner or an individual, then the responsibility of the assessee-firm is over. The assessee- firm cannot ask that person who makes investment whether the money invested is properly taxed

ASSTT.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

245 ITR 160 (MP) the Hon'ble HC has held as under: "Once it is established that the amount has been invested by a particular person, be he a partner or an individual, then the responsibility of the assessee-firm is over. The assessee- firm cannot ask that person who makes investment whether the money invested is properly taxed

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

245 ITR 160 (MP) the Hon'ble HC has held as under: "Once it is established that the amount has been invested by a particular person, be he a partner or an individual, then the responsibility of the assessee-firm is over. The assessee- firm cannot ask that person who makes investment whether the money invested is properly taxed

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

245 ITR 160 (MP) the Hon'ble HC has held as under: "Once it is established that the amount has been invested by a particular person, be he a partner or an individual, then the responsibility of the assessee-firm is over. The assessee- firm cannot ask that person who makes investment whether the money invested is properly taxed

ASSTT.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

245 ITR 160 (MP) the Hon'ble HC has held as under: "Once it is established that the amount has been invested by a particular person, be he a partner or an individual, then the responsibility of the assessee-firm is over. The assessee- firm cannot ask that person who makes investment whether the money invested is properly taxed