INCOME TAX OFFICER, WARD 5(3),, NAGPUR vs. M/S. 21ST CENTURY INFRASTRUCTURE (INDIA) PVT. LTD., NAGPUR

In the result, the appeal of the Department is dismissed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am

253 (Mum-ITAT) wherein it is held that it is the prerogative of the board of directors of the company to decide the share premium and it is the wisdom of the shareholders whether they want to subscribe to such heavy share premium The provisions of section 56(2)(viib) of the Act have been specifically inserted by the Finance

LOKMANYA TILAD JANAKALYA SHIKSHAN SANSTHA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -2, NAGPUR

In the result, this appeal by the assessee stands partly allowed

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

gains of business or profession. However as it has already been held by me in ground no. 2 to 4 that assessee is not eligible for exemption u/s 11 this argument of the appellant is not tenable. The requirement to deduct tax at source does not exclude entities which are exempted u/s :11. The intent of the legislature was that

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

2 additions made by the AO. The first addition was made qua\ncash deposited in the bank, amounting to Rs.15,04,35,000. The second\naddition was made with regard to cash introduced via an entry operator i.e.,\none, Mr Vipin Garg. The amount added qua this aspect was pegged at\nRs.1,54,07,100.\n11. Despite these additions, which

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

In the result, all the appeals filed by the assessee are allowed and all\nthe appeals filed by the Revenue are dismissed

2 additions made by the AO. The first addition was made qua\ncash deposited in the bank, amounting to Rs.15,04,35,000. The second\naddition was made with regard to cash introduced via an entry operator i.e.,\none, Mr Vipin Garg. The amount added qua this aspect was pegged at\nRs.1,54,07,100.\n11. Despite these additions, which

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

2 days prior to the deadline\nthereby putting the approving authority under great pressure and not giving\nhim sufficient time to apply his mind; (ii) the final approval must be in\nwriting; (iii) The fact that approval has been obtained, should be mentioned\nin the body of the assessment order.”\n14. During the course of arguments, Id counsel

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

In the result, all the appeals filed by the assessee are allowed and all\nthe appeals filed by the Revenue are dismissed

2 (Del HC) dt.13-7-23,\nconcluded that-\n“7. The Tribunal has via the impugned order set aside the additions made\nqua the income of the asseessee inter alia, on the Gr. that there was no\napplication of mind by the Addl.CIT in granting approval u/s153D.\n8. To be noted, an assessment order was framed qua the asseessee\nu/s153A, rws.143

YRCE EDUCATE PVT. LTD,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(1), NAGPUR

2 days prior to the deadline\nthereby putting the approving authority under great pressure and not giving\nhim sufficient time to apply his mind; (ii) the final approval must be in\nwriting; (iii) The fact that approval has been obtained, should be mentioned\nin the body of the assessment order.”\n14. During the course of arguments, Id counsel

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

In the result, all the appeals filed by the assessee are allowed and all\nthe appeals filed by the Revenue are dismissed

2 days prior to the deadline\nthereby putting the approving authority under great pressure and not giving\nhim sufficient time to apply his mind; (ii) the final approval must be in\nwriting; (iii) The fact that approval has been obtained, should be mentioned\nin the body of the assessment order.”\n14. During the course of arguments, Id counsel

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

In the result, all the appeals filed by the assessee are allowed and all\nthe appeals filed by the Revenue are dismissed

2 days prior to the deadline thereby putting the\napproving authority under great pressure and not giving him sufficient time\nto apply his mind;\n(ii) the final approval must be in writing;\n(iii) The fact that approval has been obtained, should be mentioned in the\nbody of the assessment order.\n14. During the course of arguments, Id counsel

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

In the result, all the appeals filed by the assessee are allowed and all\nthe appeals filed by the Revenue are dismissed

2 SCC 181 (SC) observed as under:\n\"58. An order of approval is also not to be mechanically granted. The same\nshould be done having regard to the materials on record. The explanation\ngiven by the assessee, if any, would be a relevant factor. The approving\n54\nUmesh Sadashiv Thakre

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

In the result, all the appeals filed by the assessee are allowed and all\nthe appeals filed by the Revenue are dismissed

2 of the above approval\nletter merely says that \"Approval is hereby accorded u/s153D to complete\nassessments u/s143(3) rws.153A in the following case on the basis of draft\nassessment orders...” which clearly proves that the Addl.CIT had routinely\ngiven approval to the AO to pass the order only on the basis of contents\nmentioned in the draft assessment order

YRCE EDUCATE PVT. LTD,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(1), NAGPUR

In the result, all the appeals filed by the assessee are allowed and all\nthe appeals filed by the Revenue are dismissed

2 of the above approval\nletter merely says that \"Approval is hereby accorded u/s153D to complete\nassessments u/s143(3) rws.153A in the following case on the basis of draft\nassessment orders...” which clearly proves that the Addl.CIT had routinely\ngiven approval to the AO to pass the order only on the basis of contents\nmentioned in the draft assessment order