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

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

capital and of the general reserves of the specified entity, no allowance under this clause shall be made in respect of such excess." 11. For computing the income under the head 'business income certain deductions are allowed from such business income and one such deduction is laid down in section 36(1) (vii) of the Act. The said section provides

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

capital and of the general reserves of the specified entity, no allowance under this clause shall be made in respect of such excess." 11. For computing the income under the head 'business income certain deductions are allowed from such business income and one such deduction is laid down in section 36(1) (vii) of the Act. The said section provides

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

capital gain of Rs.83,85,792/- has to be charged to tax which is added to the returned income of the assessee. Penalty proceedings under section 27(1)(c) of the Income Tax Act, 1961 for concealment of income by furnishing inaccurate particulars of income are hereby initiated.” 4. The appellant filed an appeal before

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

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

section 271(1)(c), observed as under:– “5.1 This appeal is being directed against the order u/s 271(1)(c) of the Act. In this case, the assessment was completed u/s 143(3) r.w.s. 147 of the IT Act, 1961 by assessing income of Rs.5,06,427/-. In this case, information was shared by DDIT(Inv.), Unit-8(2), Mumbai

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

section 271(1)(c) of the Act. Aggrieved, the assessee carried the matter before the first appellate authority. 6. The learned CIT(A) stated in his order that the learned Authorised Representative has filed explanation for the deposits in the bank account which is summarised in the table below:– Source explained by the appellant Total Bank Account Receipts S.no. details

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

section 271(1)(c) of the Act. Aggrieved, the assessee carried the matter before the first appellate authority. 6. The learned CIT(A) stated in his order that the learned Authorised Representative has filed explanation for the deposits in the bank account which is summarised in the table below:– Source explained by the appellant Total Bank Account Receipts S.no. details

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

section 271(1)(c) of the Act. Aggrieved, the assessee carried the matter before the first appellate authority. 6. The learned CIT(A) stated in his order that the learned Authorised Representative has filed explanation for the deposits in the bank account which is summarised in the table below:– Source explained by the appellant Total Bank Account Receipts S.no. details

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

section 271(1)(c) of the Act. Aggrieved, the assessee carried the matter before the first appellate authority. 6. The learned CIT(A) stated in his order that the learned Authorised Representative has filed explanation for the deposits in the bank account which is summarised in the table below:– Source explained by the appellant Total Bank Account Receipts S.no. details

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

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

271 Cr. The work-in-progress (WIP) as on the date of search was at Rs 153.58 Cr. During the post search proceedings, the statement was recorded on 09.12.2014, wherein Mr. Rajesh Agarwal (partner), reply to (Q No. 29), stated that the average construction cost of the project is Rs 1200/- to Rs. 1500/- per sq.ft. without any supporting evidences

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

271 Cr. The work-in-progress (WIP) as on the date of search was at Rs 153.58 Cr. During the post search proceedings, the statement was recorded on 09.12.2014, wherein Mr. Rajesh Agarwal (partner), reply to (Q No. 29), stated that the average construction cost of the project is Rs 1200/- to Rs. 1500/- per sq.ft. without any supporting evidences

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

271 Cr. The work-in-progress (WIP) as on the date of search was at Rs 153.58 Cr. During the post search proceedings, the statement was recorded on 09.12.2014, wherein Mr. Rajesh Agarwal (partner), reply to (Q No. 29), stated that the average construction cost of the project is Rs 1200/- to Rs. 1500/- per sq.ft. without any supporting evidences

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

271 Cr. The work-in-progress (WIP) as on the date of search was at Rs 153.58 Cr. During the post search proceedings, the statement was recorded on 09.12.2014, wherein Mr. Rajesh Agarwal (partner), reply to (Q No. 29), stated that the average construction cost of the project is Rs 1200/- to Rs. 1500/- per sq.ft. without any supporting evidences

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

271 Cr. The work-in-progress (WIP) as on the date of search was at Rs 153.58 Cr. During the post search proceedings, the statement was recorded on 09.12.2014, wherein Mr. Rajesh Agarwal (partner), reply to (Q No. 29), stated that the average construction cost of the project is Rs 1200/- to Rs. 1500/- per sq.ft. without any supporting evidences

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

271 Cr. The work-in-progress (WIP) as on the date of search was at Rs 153.58 Cr. During the post search proceedings, the statement was recorded on 09.12.2014, wherein Mr. Rajesh Agarwal (partner), reply to (Q No. 29), stated that the average construction cost of the project is Rs 1200/- to Rs. 1500/- per sq.ft. without any supporting evidences

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