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:

4 – 5) [Vol.-III] B) Assessee during period from December 2013 to January 2014 has sold shares of M/s. Out of City Travel Solutions Ltd. at Bombay Stock Exchange on screen based trading conducted through registered brokers at quoted rates. It is evident from contract note that STT is paid. Brokerage is charged. Service tax on brokerage is also charged

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

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 from Capital Gains and accordingly disallowed benefit

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 10(38) of the Act. 4. (2015) 281 CTR 241 (SC) Andaman Timber Industries –Vs- Commissioner Of Central Excise Not allowing assessee to cross-examine witnesses by adjudicating authority though statements of those witnesses were made as basis of impugned order, amounted in serious flaw which make impugned order nullity as it amounted to violation of principles of natural

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

4,22,500 shares of Swift IT Infrastructure And Services Ltd. on 16/03/2012. Swift IT Infrastructure was none listed company and does not come under the preview of SEBI (ACT). The aforesaid shares were dematerialized with Karvy Stock Broking Limited on 11/03/2013. Later on Company Swift IT Infrastructure Pvt. Ltd was amalgamated with “Parag Shilpa IT Infrastructure and Services Limited

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

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

41,716/- after independently recomputing the capital gains, the order of the AO is not amenable to be revised u/s 263. 4. The Pr. Commissioner of Income Tax-1 grossly erred in holding that the ld.AO ought to have referred the property sold to DVO for valuation and further erroneously basing the revision u/s 263 on the same

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

4. Facts in Brief:– The assessee company is in the business of manufacture of Detonators/Filled shells, Aluminium & Copper Tubes, Fuse Head. The industry is set up at Sawange Village in Nagpur, which is a notified by Government of Maharashtra under Mega Project 2007. The assessee electronically filed its return of income under section 139 of the Income

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

4. Facts in Brief:– The assessee company is in the business of manufacture of Detonators/Filled shells, Aluminium & Copper Tubes, Fuse Head. The industry is set up at Sawange Village in Nagpur, which is a notified by Government of Maharashtra under Mega Project 2007. The assessee electronically filed its return of income under section 139 of the Income

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

4,68,71,095/- ------------------------ Capital Gains taxable u/s 50 : Rs. 1,43,02,426/- In view of the above, I have reasons to believe that income to the tune of Rs.1,43,02,426/- has escaped assessment and it is a fit case for reopening of assessment as envisaged under the provisions of section 148 /147

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:

section 143(3) r.w.s. 147 dated 21.09.2016 for A.Y.2009-10. The grounds of appeal raised by the Revenue are as under : “1. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(Appeals) erred in deleting the addition of Rs 2,90,22,977/- made by the AO as capital gain taxable

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

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

Gain (LTCG). Please explain in detail all such modes employed by you for providing accommodation entries. Ans. Sir, The modes employed by me for providing accommodation entries against commission are as under: 1. Subscription to share capital at premium:- Sir, in such cases shares of the companies of clients/beneficiaries are subscribed at high premium by the companies floated/managed/controlled

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

4. Facts in brief:– The assessee, for the year under consideration, filed its return of income electronically on 31/03/2016, declaring total income at ` 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

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. CIR 1, NAGPUR vs. SHRI MOHAN B. AGRAWAL, NAGPUR

In the result, the appeal filed by the Revenue stands dismissed

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

41 of 87. 6.1 The AR of the appellant In this regard as also placed the reliance in the case of Rabindra Nath Bannerjee vs. Harendra Kumar Chakravarthy reported in 1956 AIR 462 Calcutta. The AR has also relied on the decision of 4 BOM LR 384. 6.2 The said property subsequently has been sold to Shri Balbir Singh Pritam

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