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

Capital Gain to Beneficiaries. It is submitted that none of the observations referred to in Chapter 6 of the report are directly or indirectly applicable in the case of the assessee. The assessment order dose not refer to any indulgence of the assessee in any of the activities described in Chapter 6 and hence the case of the assessee

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

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR vs. M/S. AAKAR HOTELS, NAGPUR

In the result, appeal of the revenue is dismissed

section 148 of the Act, assessee filed NIL return of income\nfor the year under consideration i.e. A. Y. 2016-17. Assessing Officer concluded the assessment\nvide assessment order dated 24.08.2021 and assessed total income at Rs.2,67,14,897/- by making\naddition of Rs.2,67,14,897/- on account of Long Term Capital Gain (In short “LTCG”) arising\nout

DAYAL COTSPIN LIMITED,AKOLA vs. ACIT, AKOLA CIRCLE, AKOLA

In the result, appeal filed by the assessee is allowed

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

Gain (LTCG). Please explain in detail all such modes employed by you for providing accommodation entries. Ans. Sir, The modes employed by me for providing accommodation entries against commission are as under: 1. Subscription to share capital at premium:- Sir, in such cases shares of the companies of clients/beneficiaries are subscribed at high premium by the companies floated/managed/controlled

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

capital 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

capital 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

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

capital 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

capital 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

capital 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

capital 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

capital 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

DY. COMMISSIONER OF INCOME TAX- CENTRAL-CIRCLE-2 (1), NAGPUR, NAGPUR vs. JAYMAHAKALI SHIKSHAN SANSTHA, WARDHA

In the result, Revenue’s appeal for A

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

gains of business. So far as public charitable and religious trusts are concerned, their business profits are not exempt from tax, except in the cases falling under clause (a) or clause (b) of section 11(4A) of the IT Act. As the maximum marginal rate of tax under the new proviso to section 164(2) applies to the whole

DY. COMMISSIONER OF INCOME TAX- CENTRAL-CIRCLE-2(1), NAGPUR, NAGPUR vs. JAYMAHAKALI SHIKSHAN SANSTHA, WARDHA

In the result, Revenue’s appeal for A

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

gains of business. So far as public charitable and religious trusts are concerned, their business profits are not exempt from tax, except in the cases falling under clause (a) or clause (b) of section 11(4A) of the IT Act. As the maximum marginal rate of tax under the new proviso to section 164(2) applies to the whole

DY. COMMISSIONER OF INCOME TAX- CENTRAL-CIRCLE-2(1), NAGPUR, NAGPUR vs. JAYMAHAKALI SHIKSHAN SANSTHA, WARDHA

In the result, Revenue’s appeal for A

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

gains of business. So far as public charitable and religious trusts are concerned, their business profits are not exempt from tax, except in the cases falling under clause (a) or clause (b) of section 11(4A) of the IT Act. As the maximum marginal rate of tax under the new proviso to section 164(2) applies to the whole

ATUL MANOHARRAO YAMSANWAR,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE 2(1), NAGPUR

249 TO 256 AND ITA 259 ΤΟ 263/ΝAG/2022 ATUL YAMSANWAR (PAN: ΑΑΕPY4543Q) 31 Umesh Sadashiv Thakre Α.Υ. 2016-17, 2017-18, 2018-19, 2019-20 & 2020-21 5 ITA/238 & 264/NAG/2022 VISHWAS CHAKNALWAR (PAN: ABDPC0828J) 6 Ν.Α. M/S A V REALITIES (PAN: ABFFA9554M) 2. With respect to the abovementioned cases, it is submitted that during the previous

UMESH SADASHIV THAKRE ,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(1), NAGPUR

249 TO 256 AND ITA 259 ΤΟ 263/ΝAG/2022 ATUL YAMSANWAR (PAN: ΑΑΕPY4543Q) 5 ITA/238 & 264/NAG/2022 VISHWAS CHAKNALWAR (PAN: ABDPC0828J) 6 Ν.Α. M/S A V REALITIES (PAN: ABFFA9554M) 2. With respect to the abovementioned cases, it is submitted that during the previous hearing on 18/02/2025, this office had filed written submission wherein confidential letters having F.No. Addl

ATUL MANOHARRAO YAMSANWAR,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE 2(1), NAGPUR

249 TO 256 AND ITA 259\nΤΟ 263/ΝAG/2022\n30\nUmesh Sadashiv Thakre Α.Υ. 2016-17, 2017-18, 2018-19, 2019-20 & 2020-21\n5\nITA/238 & 264/NAG/2022\n6\nΝ.Α.\nVISHWAS CHAKNALWAR\n(PAN: ABDPC0828J)\nM/S A V REALITIES\n(PAN: ABFFA9554M)\n2. With respect to the abovementioned cases, it is submitted that during the\nprevious hearing