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

Section 68 of the Act. The tribunal while dismissing the appeals filed by the Revenue also observed on facts that these shares were purchased by respondent on the floor of Stock Exchange and not from the said broker, deliveries were taken, contract notes were issued and shares were also sold on the floor of Stock Exchange. The ITAT therefore

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

Section 68 of the Act. The tribunal while dismissing the appeals filed by the Revenue also observed on facts that these shares were purchased by respondent on the floor of Stock Exchange and not from the said broker, deliveries were taken, contract notes were issued and shares were also sold on the floor of Stock Exchange. The ITAT therefore

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

capital gains of ` 1,58,64,162, and claimed exemption under section 54F of the Act amounting to ` 1,58,64,162. The assessee had invested the net sale consideration in construction of residential house on 6th floor of his existing premises. 5. The Assessing Officer referred to the provisions of section 54F and observed that the deduction is allowable

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

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

36 Shri Nandkumar Khatumal Harchandani ITA no.410/Nag./2019 A.Y. 2014–15 without any basis. The AO has made certain assumptions on the basis of Investigation Wing report received by him, without adducing any direct evidences that supports his assumptions. The AO has also ignored the evidences furnished by the assessee which is unfortunate, and which makes the assessment untenable

ASSTT.COMMISSIONER OF INCOME TAX CIRCLE-5, NAGPUR vs. THE NIRMAL UJWAL CREDIT CO-OP SOCIETY LTD, NAGPUR

In the result, appeal for the A

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

36(i)(viia) and absence of any such mandate in the State Act, I am of considered opinion that the provision made by the appellant cannot be allowed as an revenue expenditure. 5.1 The other submission which the AR has articulated during the appellate proceedings, pertains to the allowance of deduction under section 80P on the extended income

ECONOMIC EXPLOSIVES LIMITED,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1 (2), NAGPUR

In the result, appeal for the assessment year 2018–19 filed by the assessee is partly allowed

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

Gains from Business and Profession" shall be computed in accordance with either cash system of accounting or mercantile system of accounting. As per sub section (1) of section 128 of the 2013 Act a company is compulsorily required to follow mercantile system of accounting. The Appellant being a company is compulsory required to follow mercantile system of accounting with respect

ECONOMIC EXPLOSIVES LIMITED,NAGPUR vs. NATIONAL E ASSESSMENT CENTRE, NEW DELHI

In the result, appeal for the assessment year 2018–19 filed by the assessee is partly allowed

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

Gains from Business and Profession" shall be computed in accordance with either cash system of accounting or mercantile system of accounting. As per sub section (1) of section 128 of the 2013 Act a company is compulsorily required to follow mercantile system of accounting. The Appellant being a company is compulsory required to follow mercantile system of accounting with respect

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

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

36,74,245/-, being Long Term Capital Gain on sale of shares\nof M/s MV Pvt. Ltd.\n2. It is noticed from the calculation of capital gain statement that you have sold\nshares of M/s M.V. Pvt Ltd. for total consideration of Rs. 16,45,46,955/- on\n31/12/2011. It is also noticed that the shares were purchased

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

36(1)(iii) because in section 37 also the expression used is 'for the purpose of business'. It has been consistently held in decisions relating to section 37 that the expression 'for the purpose of business' includes 16 Ravindra Madanlal Khandelwal ITA no.375/Nag./2024 expenditure voluntarily incurred for commercial expediency, and it is immaterial if a third party also benefits

M/S. DATTA DAIRY PRODUCTS PVT. LTD.,BULDHANA vs. ITO, WARD-1, , KHAMGAON

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

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

capital gain at Rs 1,20,36,356/- as follows:- Consideration Rs. 1,77,00,000/- Less: Net worth of unit Rs. 56,63,643/- Rs. 1,20,36,356/- Learned C.L.T.(A) considering the fact the transaction was cancelled, MOU and agreement became ineffective and the Khamgaon Urban Coop. Bank took possession of the property as provided in section

PRITAM SINGH CHARAN SINGH GUJJAR,NAGPUR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4,, NAGPUR

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao

gains arising on sale of property by the assessee. The Assessing officer has not brought any evidence on record to show that the assessee has received any money other than the sale consideration mentioned in the sale deed. The Assessing officer worked out the difference in sale consideration shown by assessee and market value of the property for stamp duty

SHREE MAYA REAL ESTATE PVT. LTD.,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR

In the result, appeal filed by the assessee is allowed

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

section 43CA cannot be applied in the appellant's case since the property has certain disadvantages. All these facts have been carefully considered by the DVO while determining the market value and therefore, no further relief can be given on this account. The appellant's AR has also referred to certain judicial decisions in support of the arguments

SHREE MAYA REAL ESTATE PVT. LTD.,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR

In the result, appeal filed by the assessee is allowed

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

section 43CA cannot be applied in the appellant's case since the property has certain disadvantages. All these facts have been carefully considered by the DVO while determining the market value and therefore, no further relief can be given on this account. The appellant's AR has also referred to certain judicial decisions in support of the arguments

SHRI JAGDISH SUBHARAM CHITADE vs. A.C.I.T CIR.-3, NAGPUR

Appeal is dismissed

Bench: Shri S.S.Godara & Shri Dr.Dipak P. Ripoteआयकर अपीलसं. / Ita No.483/Nag/2016 िनधा"रणवष" / Assessment Year : 2012-13 Jagdish Subharam Chitade, The Assistant H.No.36, Godhani Bokhara, Dist. Vs. Commissioner Of Income Nagpur. Tax, Circle-3, Nagpur. Pan: Asppc 6752 Q Appellant/ Assessee Respondent /Revenue Assessee By None. Revenue By Shri G.J.Ninawe – Dr Date Of Hearing 15/11/2022 Date Of Pronouncement 10/01/2023 आदेश/ Order Per S.S.Godara, Jm: This Assessee’S Appeal For Assessment Year 2012-13 Is Directed Against The Commissioner Of Income Tax(Appeal)-2, Nagpur’S Dated 09.05.2016 In Case No.Cit(A)-2/111/2015-16, In Proceedings U/S.143(3) Of The Income Tax Act, 1961 [In Short “The Act”].

36, Godhani Bokhara, Dist. Vs. Commissioner of Income Nagpur. Tax, Circle-3, Nagpur. PAN: ASPPC 6752 Q Appellant/ Assessee Respondent /Revenue Assessee by None. Revenue by Shri G.J.Ninawe – DR Date of hearing 15/11/2022 Date of pronouncement 10/01/2023 आदेश/ ORDER Per S.S.Godara, JM: This assessee’s appeal for Assessment Year 2012-13 is directed against the Commissioner of Income Tax(Appeal

NITIN MADANLAL KHANDELWAL,AKOLA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - AKOLA, AKOLA

In the result, appeal filed by the assessee stands dismissed

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

36;] (ii) in the case of income of the nature referred to in clauses (ii) and (iii) of sub-section (2) of section 56, deductions, so far as may be, in accordance with the provisions of sub-clause (ii) of clause (a) and clause (c) of section 30, section 31 and [sub-sections (1) [***] and (2)] of section

M/S TAWARI TRADERS ,BULDHANA vs. INCOME TAX OFFICER WARD -2, KHAMGAON

In the result, appeal by the assessee stands dismissed

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

36(1)(iii) of the Act, while dealing with the issue, vide Para–7.0 to 7.4 / Page–11 to 13, held that interest amount attributable to the interest free advances shall be allowed to the assessee. The findings of the learned CIT(A) are as under:– “7.0 Ground No. 2: The appellant has challenged the addition made