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

capital gain and paper work has been got up and done merely to give the colour of authenticity to the transactions and creating façade of legitimate transactions and so allegation made against the assessee is denied in toto.\nIt is pertinent to note that the assessee has purchased the shares of Unlisted Company named Swift IT Infrastructure & Services Limited about

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

gain on transfer of long term capital asset, on the ground that the assessee owned interest in more than one residential properties and therefore, he was not entitled for deduction under section 54F of the Act. The learned assessing officer relied on the decision of the Hon’ble Karnataka High Court in the case of M.J. Siwani

ANIL SHANKAR PALEWAR,NAGPUR vs. INCOME TAX OFFICER, WARD-5(1), NAGPUR

In the result, appeal of the assessee is allowed

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.36/Nag/2022 िनधा"रण वष" / Assessment Year : 2015-16 Anil Shankar Palewar, The Income Tax Officer, Plot No.219, Suyog Nagar, V Ward-5(1), Nagpur. Nagpur – 440015. S Pan: Abzpp 8221 A Appellant / Assessee Respondent / Revenue Assessee By Shri Kapil Hirani – Ar Revenue By Smt. Rashmi Mathur – Sr.Dr Date Of Hearing 26/10/2023 Date Of Pronouncement 31/10/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Is Filed Against The Order Of Ld. Commissioner Of Income Tax[Nfac], Delhi Dated 26.12.2021Under Section 250 Of The Act, 1961 For The Assessment Year 2015-16. The Assessee Has Raised Following Grounds Of Appeal : “1) On The Facts & Circumstances Of The Case & In Law, The Ld. Ao Grossly Erred In Disallowing & The Ld. Cit(A) Nfac, Delhi Grossly Erred In Confirming The Denial Of Benefit Of Exemption Under Section 54Ec Of The Income Tax Act, 1961 As Claimed By The Appellant In His Return Of Income. The Exemption Under Section 54Ec Anil Shankar Palewar [A]

section 54EC Anil Shankar Palewar [A] as claimed deserves to be allowed as per law and in the interest of natural justice. 2) The Appellant craves leave to add, amend, alter, vary and / or withdraw the above ground of appeal with the kind permission of the Hon’ble Tribunal.” Submission of ld.AR : 2 The ld.Authorised Representative(ld.AR) of the assessee

RAVINDRA MADANLAL KHANDELWAL,AKOLA vs. DCIT/ACIT CIRCLE , AKOLA

In the result, appeal filed by the assessee is allowed for statistical purposes

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

capital, reserves and share premium. Therefore, as the company has no option to borrow funds from the outsiders, the shareholders have borrowed funds in their Individual capacities and forwarded same to the company. Even the cash credit limit of the assessee‟s proprietorship concern was used to advance funds to the private limited company. Therefore

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P. LTD,BILASPUR vs. ACIT CENTRAL CIRCLE-1(1), NAGPUR

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

302 CTR 177 (SC), wherein it has been held that any material or evidence found/ collected in survey, which has been simultaneously made at the premises of a connected person, can be utilised while making the Block Assessment in respect of an assessee u/s158BB rws.158BH. He, therefore, confirmed the addition of Rs.75 lakhs in respect of the share capital/ share

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

302 CTR 177 (SC), wherein it has been held that any material or evidence found/ collected in survey, which has been simultaneously made at the premises of a connected person, can be utilised while making the Block Assessment in respect of an assessee u/s158BB rws.158BH. He, therefore, confirmed the addition of Rs.75 lakhs in respect of the share capital/ share

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

302 CTR 177 (SC), wherein it has been held that any material or evidence found/ collected in survey, which has been simultaneously made at the premises of a connected person, can be utilised while making the Block Assessment in respect of an assessee u/s158BB rws.158BH. He, therefore, confirmed the addition of Rs.75 lakhs in respect of the share capital/ share

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

302 CTR 177 (SC), wherein it has been held that any material or evidence found/ collected in survey, which has been simultaneously made at the premises of a connected person, can be utilised while making the Block Assessment in respect of an assessee u/s158BB rws.158BH. He, therefore, confirmed the addition of Rs.75 lakhs in respect of the share capital/ share

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

302 CTR 177 (SC), wherein it has been held that any material or evidence found/ collected in survey, which has been simultaneously made at the premises of a connected person, can be utilised while making the Block Assessment in respect of an assessee u/s158BB rws.158BH. He, therefore, confirmed the addition of Rs.75 lakhs in respect of the share capital/ share

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

302 CTR 177 (SC), wherein it has been held that any material or evidence found/ collected in survey, which has been simultaneously made at the premises of a connected person, can be utilised while making the Block Assessment in respect of an assessee u/s158BB rws.158BH. He, therefore, confirmed the addition of Rs.75 lakhs in respect of the share capital/ share