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

3,11,34,325 under section 68 of the Income Tax Act, 1961 ("the Act") holding short term capital gain

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

3,11,34,325 under section 68 of the Income Tax Act, 1961 ("the Act") holding short term capital gain

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

3,11,34,325 under section 68 of the Income Tax Act, 1961 ("the Act") holding short term capital gain

SANJAY GULABCHAND GUPTA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX,CIRCLE-4, NAGPUR

In the result, appeal by the assessee stands dismissed

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

section (1), shall be deemed to be income chargeable under the head "Capital gains" relating to long-term capital assets of the previous year in which such residential house is purchased or constructed. (3

SHRI DEEPAK SURESH GADGE,,NAGPUR vs. DY. CIT, CIRCLE-1 , NAGPUR

In the result, appeal filed by the assessee partly allowed

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

Capital Gain Rs. 4,59,13,200/- Income tax Officer vide order under section 143(3) dated 21/03/2016 determined the income

ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

In the result, appeal of the Revenue stands dismissed

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

capital gain declared by assessee as such and accept the same. 3. I.T.A. No. 3801/Mum/2011 (ITAT, Mumbai) Ms. Farrah Marker –Vs- Income Tax Officer In this factual and legal matrix of the case, as discussed above, we find that the addition under section

ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

section 10(38) were being misused by the beneficiaries of bogus long term capital gain and to avoid paying taxes and have also been forwarded the details of transactions entered into by the assessee. The learned assessing officer has not any provided the details forwarded by Investigation Wing, Kolkatta as well as statement of persons, whose statement were recorded during

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

section 54F in respect of capital gain arising from sale of asset was to be rejected. 8. The authorized representative of the assessee however submitted that both the residential houses at Sr. Nos. 2 and 3

RAJESH SARDA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(2), NAGPUR

In the result, the addition of undisclosed income under section 68 is deleted

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy(Physical Hearing) Rajesh Sarda, Acit, Central Circle – 2(2), Nagpur 14, Daga Lay–Out, Ambazari Road, Vs Aayakar Bhawan, Civil Lines, Nagpur – 440033. Maharashtra – 440001. [Pan: Ahaps4925M] Appellant / Assessee Respondent / Revenue Assessee By Shri K.P. Dewani, Advocate Revenue By Shri Pankaj Kumar, Cit–Dr Date Of Hearing 16.02.2026 Date Of Pronouncement 24.02.2026 Order Under Section 254(1) Of Income Tax Act

section 10(38). The AO prepared summary of working of capital gain in respect of both the scrips. The AO recorded that assessee purchased 40000 share of Premier Capital Services Ltd. in August, 2012 and sold the same scrip during May and June, 2014 and have shown capital gain of `. 8.42 crore. Similarly, for Kailash Auto Finance

SHABBIR AHMED AHMED ALI,NAGPUR vs. NATIONAL E ASSESMENT CENTRY, DELHI

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

3. The addition made by Assessing Officer is on account of long term capital gain arising from transfer of residential property. 4. Facts in Brief:– In the present case, the assessee is an individual who filed his return of income for the year under consideration electronically on 30/08/2018, declaring total income at ` 17,040, and the said return of income

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

3. During the course of search and assessment proceedings of Mr. Shirish Shah the following modus operandi was found:  Sale/Purchase of the Shares of the companies controlled by Shirish Shah, for the purpose of introducing the unaccounted income of the Beneficiary in the form of Long Term Capital Gain or Short Term Capital Gain, receipt and payment of cash against

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

section 153D becomes an empty formality without due process of law and, thus, not sustainable. This is nothing but an approval by way of mere mechanical exercise accepting the draft assessment order without any independent application of mind by the Addl.CIT. Following case laws are relied on:- (i) Sahara India (Firm) Luck v. CIT (2008) 169 Taxman

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

section 153D becomes an empty formality without due process of law and, thus, not sustainable. This is nothing but an approval by way of mere mechanical exercise accepting the draft assessment order without any independent application of mind by the Addl.CIT. Following case laws are relied on:- (i) Sahara India (Firm) Luck v. CIT (2008) 169 Taxman

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

3) has to be\nquashed, thus ordered accordingly. The Gr. raised by the Assessee is\naccordingly allowed”.\n14. In this appeal, we are required to examine whether any substantial que\nof law arises for our consideration.\n15. Having regard to the findings returned by the Trib, which are findings of\nfact, in our view, no substantial que of law arises

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

3) has to be\nquashed, thus ordered accordingly. The Gr. raised by the Assessee is\naccordingly allowed”.\n14. In this appeal, we are required to examine whether any substantial que\nof law arises for our consideration.\n15. Having regard to the findings returned by the Trib, which are findings of\nfact, in our view, no substantial que of law arises

M/S SHREE TRADERS ,BULDHANA vs. ASSISTANT COMMISSIONER OF INCOME TAX, AKOLA CIRCLE, AKOLA

In the result, the appeal of assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

capital gain assessable under A.Y. 2014-15 in terms of sub-section (1) of section 72 of the Act which in our opinion, is justified. Therefore, we find no infirmity in the order of CIT(A) and it is upheld. Thus, ground Nos. 1 to 3

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