M/S FUEL CORPORATION OF INDIA,NAGPUR vs. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1), NAGPUR

In the result, assessee’s appeal is ordered to be allowed

Bench: Shri P.K. Bansal & Shri Amarjit Singh

gainfully refer to the provisions of section 271AAA : “271AAA. Penalty where search has been initiated.—(1) The Assessing Officer may, notwithstanding anything contained in any other provisions of this Act, direct that, in a case where search has been initiated under section 132 on or after the 1st day of June, 2007, the assessee shall pay by way of penalty

NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

In the result, appeal filed by the assessee is partly allowed

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

capital gains on the sale of jewellery ought to be assessed based on the period of holding and in accordance with the provisions of the Income Tax Act, 1961 in the interest of justice. 4) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant by an amount of Rs. 68,568 on account of interest income

NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

In the result, appeal filed by the assessee is partly allowed

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

capital gains on the sale of jewellery ought to be assessed based on the period of holding and in accordance with the provisions of the Income Tax Act, 1961 in the interest of justice. 4) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant by an amount of Rs. 68,568 on account of interest income

NARESH VASANTRAJ TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

In the result, appeal filed by the assessee is partly allowed

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

capital gains on the sale of jewellery ought to be assessed based on the period of holding and in accordance with the provisions of the Income Tax Act, 1961 in the interest of justice. 4) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant by an amount of Rs. 68,568 on account of interest income

NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

In the result, appeal filed by the assessee is partly allowed

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

capital gains on the sale of jewellery ought to be assessed based on the period of holding and in accordance with the provisions of the Income Tax Act, 1961 in the interest of justice. 4) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant by an amount of Rs. 68,568 on account of interest income

SHRI RAJESH MOOLCHAND DAYARAMANI,,NAGPUR vs. ACIT-CIRCLE-8,, NAGPUR

In the result, assessee’s appeal is allowed

Bench: Shri P.K. Bansal & Shri Amarjit Singh

271(1)(c) of the Act were initiated on two grounds:– i) Assessee had claimed exemption under section 54 of the Act, when he was not eligible to do so; ii) Assessee had furnished inaccurate details of sale consideration received for one of the properties for the purpose of calculation of capital gain

ABDULLABHAI HASANALI THROUGH L/H ZOHRABAI,NAGPUR vs. A.C.I.T. CIR-3,, NAGPUR

In the result, all the appeals of assessee are allowed as indicated above

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

271(1) (c). (7) That for any other ground with kind permission of Hon'ble members at the time of hearing of appeal. 3. From the above it is evident the core issue relates to the correctness of allowing by Assessing Officer the assessee’s claim of set off of brought forwarded long term capital loss relating to (sale

ABDULLABHAI HASANALI THROUGH L/H ZOHRABAI,NAGPUR vs. A.C.I.T. CIR-3,, NAGPUR

In the result, all the appeals of assessee are allowed as indicated above

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

271(1) (c). (7) That for any other ground with kind permission of Hon'ble members at the time of hearing of appeal. 3. From the above it is evident the core issue relates to the correctness of allowing by Assessing Officer the assessee’s claim of set off of brought forwarded long term capital loss relating to (sale

SHRI. ABDULLABHAI HASANALI,,NAGPUR vs. COMMISSIONER OF INCOME-TAX,-II, NAGPUR

In the result, all the appeals of assessee are allowed as indicated above

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

271(1) (c). (7) That for any other ground with kind permission of Hon'ble members at the time of hearing of appeal. 3. From the above it is evident the core issue relates to the correctness of allowing by Assessing Officer the assessee’s claim of set off of brought forwarded long term capital loss relating to (sale

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

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

section 147 would be\nillegal and bad in law. In the facts of present case on perusal of reasons\nrecorded it is evident that reopening is sought only for verification of\ntransaction declared as long term capital gain which is impressible. I therefore\nhold that reasons recorded for making verification of income no valid reasons

BHAVIKA GUNWANT PATEL,NAGPUR vs. INCOME TAX OFFICER, WARD 4(3), NAGPUR

In the result, appeal filed by the assessee are allowed

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

capital gain and claimed the same as exempt for taxation purpose as per the provisions of section 10(38) of the Act. Subsequently, the case was re–opened by the Assessing Officer. On the basis of information available on record and other details, the Assessing Officer has calculated @ 3% of commission and accommodation of ` 3,14,267, i.e., sale price

SMT . RAJANI SURENDRA ADAMANE ,NAGPUR vs. INCOME TAX OFFICER WARD 6(1), NAGPUR

In the result, Assessee’s appeal is allowed in the aforesaid terms

Bench: Shri Narender Kumar Choudhrysmt. Rajani Surendra Ito, Ward-4(4), Nagpur Adamane, Plot No.30, Near Ghodke School Surendra Vs. Nagar, Hudkeshwar Road, Nagpur-440024. Pan: Alapa 9897 L (Appellant) (Respondent)

271 (Mad), though this case was decided in relation to Section 54 of the Act, the said Section is pari materia of Section 54F(1) of the Act. Likewise, the Punjab & Haryana High Court in the case of CIT Vs. Gurnam Singh, (2010) 327 ITR 278 took the same view while discussing the provisions of Section

DCIT CIRCLE-2, NAGPUR vs. M/S TRISTER RETAIL CONCEPTS PRIVATE LIMITED, NAGPUR

In the result, department’s appeal stands dismissed

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

section 271(1)(c) and hence it is a fit case for levy of penalty u/s 271(1)(c). Further on perusal of profit & Loss account assessee has claimed loss on Sale of Fixed Assets of Rs.4,02,50,000/- which resulted in loss of Rs.4,20,81,645/-. During the course of assessment proceedings by issuing show cause notice

SHRI PRAVEEN MANOHAR GHODKHANDE,,NAGPUR vs. ITO, WARD- 1(2),, NAGPUR

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

section 271(1)(c) would come into play and the appellant is found liable for penalty for furnishing inaccurate particulars of his income. The factual information given by him has not been found to be correct with regard to purchase of another house property within prescribed period. 4.4. After perusal of entire material on records, AO is found justified

NARESHCHANDRA KAWALE,NAGPUR vs. ACIT CIRCLE 5 NAGPUR, NAGPUR

In the result, appeal of the assessee is allowed

271, alleging bogus long-term capital gains or short-term capital losses due to a syndicate's collusive transactions on the stock exchange.", "held": "The Tribunal, following a decision of the Hon'ble Jurisdictional High Court in a similar case, held that the assessment should have been made under section

PRAMOD AGRAWAL ,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-2, NAGPUR

Accordingly, the grounds of appeal 2 & 3 are dismissed

Bench: Sh. Vikram Singh Yadav & Sh. Yogesh Kumar U.S.Sh. Pramod Agrawal (Huf) Pr. Cit-2, 301, Sai Ankur Apartments Nagpur-440 001 Ramdaspeth Vs. Nagpur-440 010 Pan:Aaihp 2699N (Respondent) (Appellant)

capital gains in respect of Penny Stock basis information received from the Investigation wing, it would be expected from the Assessing officer to not just call for the information and documentation from the assessee but to independently verify the same and corroborate with other material and documentation available on record and carry out further enquiries, if any which has clearly

DAYAL AGRO PRODUCTS LTD,AKOLA vs. JCIT, AKOLA RANGE, AKOLA

In the result, the assessee’s appeal is allowed

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

section 250 of the Income Tax Act, 1961 ("the Act") by the learned Commissioner of Income Tax, (Appeals)-1, Nagpur, [“learned CIT”], for the assessment year 2010-11. Dayal Agro Products Ltd vs. JCIT, Akola ITA no.201/Nag./2017 2. The assessee has raised the following grounds of appeal:– “1. That on the facts and in the circumstances of the 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