VINAY RAMSHARANDAS AGRAWAL,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-II, NAGPUR

In the result, appeal by the assessee stands allowed

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

2) Khasara No. 21 having an area of 2.48 H 3) 2.51 H out of total area of 4.21 H in Khasara No. 22 4) 0.19 H out of total area of 2.26 H in Khasara No. 23/1 5) 0.24 H out of total area of 1.38 H in Khasara No. 24/1 6) 0.02 Η out of total area

ACIT, CIRCLE-4, NAGPUR vs. SHRI VINOD BALBHADRA GOENKA,, NAGPUR

In the result, appeal of the Revenue is dismissed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2014-15 The Acit Vs. Shri Vinod Balbhadra Goenka Circle-4 247, Nandanvan Layout Nagpur Nagpur Pan No.:Aanpg 6841 N Appellant Respondent Revenue By :Shri Piyush Kolhe (Cit-Dr) Assessee By: Shri K.P. Dewani, Adv Date Of Hearing: 28/04/2022 Date Of Pronouncement: 28 /06 /2022 Order Per: Sandeep Gosain, J.M. This Is An Appeal By Revenue Against Order Of Learned Commissioner Of Income Tax (Appeals)-4, Nagpur Dated 30/03/2017 In Appeal No.Cit(A)- 4/198/16-17 For The Assessment Year 2014-15. The Grounds Raised By The Revenue In This Appeal Are As Under:

Section 55(2)(ac) provides quoted rate of shares as cost of acquisition as on 31/01/2018 in certain cases to determine capital gain. H) Recent decision dated 15/01/2021 of Hon’ble Delhi High Court in the case of Smt. Krishna Devi in ITA No.125/2020 fully supports the case of assessee

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

2) of the Act was issued and served on ITBA. Notice under section 142(1) of the Act was issued on 06/06/2019. In response to notice issued, the details called for were uploaded. The assessee filed Income Tax Return, Computation of Income, Balance Sheet, Tax Audit Report, etc. Various details were called for electronically vide notices under section

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

2) of the Act was issued and served on ITBA. Notice under section 142(1) of the Act was issued on 06/06/2019. In response to notice issued, the details called for were uploaded. The assessee filed Income Tax Return, Computation of Income, Balance Sheet, Tax Audit Report, etc. Various details were called for electronically vide notices under section

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

2,25,90,000/- Capital Gain Rs. 4,59,13,200/- Income tax Officer vide order under section 143(3) dated 21/03/2016 determined the income at Rs. 8,34,77,850/- as against the returned income of Rs. 7,90,46,080/-. While framing the order, the A.O. assessed income from aforesaid transactions as Income from Business as against 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

Section 14A(2) was to proceed further to collect material or evidence to determine expenditure, if any, incurred by assessee-But AO instead, relying on Rule 8D applied a formula applicable to assessee who has incurred expenditure by way of interest which is not directly attributable to any particular income or receipt which was not case of present assessee-Tribunal

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

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

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

41 taxmann.com 425 (Guj) held that where assessee duly proved genuineness of sale transaction by bringing on record contract notes of sale and purchase, bank statement of broker and Demat account showing transfer in and out of shares, Assessing Officer was not justified in bringing to tax capital gain arising from sale of shares as unexplained cash credit. Gujarat High

M/S RACHANA CONSTRUCTIONS,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), NAGPUR

In the result, assessee’s appeal is allowed

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

section 2(14), surplus arising on sale of same is not exigible to tax under head long term capital gain. The learned Counsel submitted that it is settled proposition of law that 5 M/s. Rachana Constructions when on the date of purchase and on the date of sale if the character of asset sold is agricultural land, the surplus arising

ASSISTANT COMMISSIONER OF INCOME TAX CHANDRAPUR CIRCLE , CHANDRAPUR vs. M/S CHADDA TRANSPORT , CHANDRAPUR

Appeal is dismissed

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.363/Nag/2019 िनधा"रण वष" / Assessment Year : 2009-10 The Assistant M/S.Chadda Transport, Commissioner Of V Kosara Road, Padoli, Income Tax, S Chandrapur, Chandrapur Circle, Maharashtra – 442401. Chandrapur. Pan: Aaafc8556F Appellant / Revenue Respondent / Assessee Cross Objection No.01/Nag/2020 (Arising Out Of Ita No.363/Nag/2019) िनधा"रण वष" / Assessment Year : 2009-10 M/S.Chadda Transport, The Assistant Kosara Road, Padoli, V Commissioner Of Income Chandrapur, S Tax, Maharashtra – 442401. Chandrapur Circle, Chandrapur. Pan: Aaafc8556F Appellant / Assessee Respondent / Revenue Assessee By Shri Mukesh Agrawal – Ar Revenue By Shri Abhay Y. Mrathe – Sr.Dr Date Of Hearing 30/11/2023 Date Of Pronouncement 27/12/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am:

capital gain taxable u/s 50 of the IT Act. 2. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(Appeal) was right in ignoring the fact that additions made u/s 68 in the original assessment are altogether different from the addition made u/s 50 or 41(2) of the Income

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

gains of business attributable to the business of providing banking and credit facilities to the members of society. Therefore, even if certain expenses are disallowed, it will result in increase in gross taxable income and deduction under section 80P, would be allowable on 100% of such gross taxable income. 5.5 This jurisprudence is also endorsed by the Pune Tribunal

ITO, WARD- 4,, CHANDRAPUR vs. M/S. K.S.R. TRANSPORT COMPANY,, CHANDRAPUR

Appeal is dismissed

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.364/Nag/2019 िनधा"रण वष" / Assessment Year : 2009-10 The Assistant M/S.Ksr Transport, Commissioner Of Income V Padoli Chadda Building, Tax, Chandrapur Circle, S Kosara Road, Chandrapur. Chandrapur. Pan: Aabfk3222D Appellant / Revenue Respondent / Assessee Cross Objection No.02/Nag/2020 (Arising Out Of Ita No.364/Nag/2019) िनधा"रण वष" / Assessment Year : 2009-10 M/S.Ksr Transport, The Assistant Padoli Chadda Building, V Commissioner Of Income Kosara Road, Chandrapur. S Tax, Chandrapur Circle, Pan: Aabfk3222D Chandrapur. Appellant / Assessee Respondent / Revenue Assessee By Shri Mukesh Agrawal – Ar Revenue By Shri Abhay Y. Marathe – Sr.Dr Date Of Hearing 30/11/2023 Date Of Pronouncement 09/01/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Revenue Against The Order Of Ld.Cit(A)-2, Nagpur Dated 28.08.2019 Emanating From

capital gain taxable u/s 50 of the IT Act. 2. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(Appeal) was right in ignoring the fact that additions made u/s 68 in the original assessment are altogether different from the addition made u/s 50 or 41(2) of the Income

LAXMAN PANDURANG DUDHE,NAGPUR vs. PRINCIPAL C.I.T. -2, NAGPUR

In the result, the appeal of the assessee is allowed

Bench: Shri G.D. Agrawal & Shri Mahavir Singh

section 263. 2. Without prejudice to above, the notice and proceedings u/s 263 are invalid as the order passed by AO u/s 143(3) r.w.s. 147 was neither erroneous nor prejudicial to the interest of revenue. 3. The ld.AO having examined the claim of the appellant in relation to the Long Term Capital Gains and further made an addition

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

41,54,590. The case was selected for limited scrutiny through CASS and accordingly, notice u/s 143(2) of the Income Tax Act, 1961 ("the Act") was issued on 20/09/2016, which was duly served on the assessee on 23/09/2016. Subsequently, Notice u/s 142(1) was also issued to the assessee. Further in response to notice

ASSTT. CIT, CIR- 7, NAGPUR vs. M/S. NEWQUEST CORPORATION LTD., CHANDRAPUR

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2008-2009 The Acit Vs. M/S.Newquest Corporation Ltd. Circle-7, (Now Known As M/S. Avantha Nagpur Holding Ltd. Ballalrpur Paper Mills P.O. Ballarpur, Distt. Chandrapur Pan No.:Aabcb 6134 E Appellant Respondent

gain is on the revenue account? 4. Whether on the facts and in the circumstances of the case and in law the Ld. CIT(A) is right in deleting disallowance of premium payable on zero percent fully redeemable non- convertible marketable debentures of Rs. 3,63,01,370/- without appreciating the fact that the same does not amount

DY. C.I.T. CENTRAL CIR2(2), NAGPUR vs. M/S SHREE AGRAWAL COAL INDIA PVT. LTD.,, NAGPUR

In the result, Revenue’s appeal being ITA no

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

41,29,550/-. 11. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of disallowance of bad debts and EMD lapsed amounting to Rs. 3,27,930/-. 12. Any other ground that may be urged at the time of hearing.” 4. Facts in Brief:– During the year