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

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

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

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) 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

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

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

section 54 –invested in Residential Property jointly with 05 Other co–purchasers. The assessee’s shares comes to 1/6th in purchase consideration of residential property (1/6th of ` 85,01,000) 14,16,833 Long Term Capital Gain 42

NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

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

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

capital gain in accordance with law. 21. In the result, appeal filed by the assessee for the assessment year 2011–12 is partly allowed. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 ITA no.107/Nag./2021 Assessee’s Appeal – A.Y. 2013–14 22. The assessee has raised following grounds:– “1) On the facts and circumstances of the case and in law, the entire

NARESH VASANTRAJ TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

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

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

capital gain in accordance with law. 21. In the result, appeal filed by the assessee for the assessment year 2011–12 is partly allowed. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 ITA no.107/Nag./2021 Assessee’s Appeal – A.Y. 2013–14 22. The assessee has raised following grounds:– “1) On the facts and circumstances of the case and in law, the entire

NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

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

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

capital gain in accordance with law. 21. In the result, appeal filed by the assessee for the assessment year 2011–12 is partly allowed. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 ITA no.107/Nag./2021 Assessee’s Appeal – A.Y. 2013–14 22. The assessee has raised following grounds:– “1) On the facts and circumstances of the case and in law, the entire

NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

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

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

capital gain in accordance with law. 21. In the result, appeal filed by the assessee for the assessment year 2011–12 is partly allowed. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 ITA no.107/Nag./2021 Assessee’s Appeal – A.Y. 2013–14 22. The assessee has raised following grounds:– “1) On the facts and circumstances of the case and in law, the entire

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR vs. M/S. AAKAR HOTELS, NAGPUR

In the result, appeal of the revenue is dismissed

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

gains' is that there should be a capital asset, Then the capital asset is to be transferred within the meaning of section 2(47) of the Act and it is chargeable to tax as per section 45 of the Act. xiii. Here Sec 2(47) of IT Act is quoted below for reference :- Section 2(47) in The Income

SHRI SANKET NANDLAL SARAF,,NAGPUR vs. I.T.O. WARD 1(4), NAGPUR

In the result, appeal of the assessee is allowed

42,000/- under the capital gain, to which the CIT(A) confirmed the same, therefore, the addition made by the AO and confirmed by the CIT(A) deserves to be deleted. 5. Ld AR of the assessee at the outset has submitted that the case of assessee is entirely covered by judicial pronouncements of ITAT in the case

SHRI RAJESH DAYARAMANI,,NAGPUR vs. ACIT, CIR-8,, NAGPUR

In the result, assessee’s appeal is allowed

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

42,44,840 under 3. section 54F of the Act. 4. The assessee has sold the property located at Kamptee and surplus arising on sale was shown as long term capital gain

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

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

42 ACIT, CIRCLE-7, NAGPUR VS M/s. Newquest Corporation Ltd. (Now known as Avantha Holdings Ltd) Court in the case of TriveniEngineerng Works vs CIT(A) (supra) deleted the addition made by the AO by observing as under:- 8. Considering the above facts and clear legal position, the addition made of Rs. 151.54 lacs, being net foreign exchange fluctuation gain

MAROTRAO LAXMAN KHADSE,NAGPUR vs. INCOME TAX OFFICER, WARD 3(4), NAGPUR

In the result, appeal of the assessee is allowed for statistical purpose

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.187/Nag/2022 िनधा"रण वष" / Assessment Year : 2014-15 Marotrao Laxman Khadse, The Income Tax Address: 4, Ward No.1, Vs Officer, Ward-3(4), Hdkeshwar, District: Nagpur. Nagpur. Maharashtra – 440034. Pan: Cropk0636B Appellant/ Assessee Respondent/Revenue Assessee By None. Revenue By Shri Abhay Y. Marathe– Sr.Dr Date Of Hearing 23/02/2024 Date Of Pronouncement 28/02/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Order Of Ld.Commissioner Of Income Tax(Appeals)[Nfac],Under Section 250 Of The Income Tax Act, 1961 Dated 26.04.2022 Emanating From The Order Under Section 143(3) R.W.S 147 Of The Act, 1961 Dated 16.12.2019. The Grounds Of Appeal Raised By The Assessee Are As Under : Marotrao Laxman Khadse [A]

capital gain shall not be calculated as per section 50C of the Act. Subsequently, AO referred the issue to the valuation officer of the Income Tax Department. The DVO vide his report dated 14.11.2019, arrived at the value of the land as on 30.12.2013 at Rs.1,42

SMS TOLLS AND DEVELOPERS,NAGPUR vs. ITO, WARD 1(5), NAGPUR

In the result, appeal filed by the assessee is partly allowed in terms indicated above

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

Section (2(22)(e) of the Act which defines the expression accumulated profit as under:- Explanation 2:- The expression "accumulated profits" in sub clauses (a),(b), (d) and (e), shall include all profits of the company up to the date of distribution or payment referred to in those clauses, and in sub clause (c) shall include all profits

SHASHI VASANT SHASTRI,NAGPUR vs. ASSISSTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(1), NAGPUR

In the result, appeal filed by the assessee stands allowed

Bench: Shri Pawan Singh & Shri Khettra Mohan Royshashi Vasant Shastri, Acit, Central Circle– 2(1) 186, Induyash Apartment, Vs Nagpur 1St Floor, Dharampeth North Bazar Road, Ramnagar Square, Nagpur. Pan : Atbps 5695 M Assessee Respondent Assessee By : Ms. Veena Agrawal, Ca Revenue By : Shri Surjit Kumar Saha, Sr. Dr Date Of Hearing : 26.02.2026 Date Of Pronouncement : 27.03.2026

capital gains were not attracted in the absence of transfer, and the Assessing Officer (Shashi Vasant Shastri) was not justified in bringing the said amount to tax under the head “Income from Other Sources” without any legal basis, therefore, she prayed for deletion of the addition of ₹94,76,000/-. 5. Ld. Departmental Representation (DR) supported the orders of lower

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

In the result, appeal filed by the Revenue for the assessment year

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

42,11,060/- being 8% of the Closing WIP as shown in Profit & Loss Account amounting to Rs. 1,05,26,38,260/-. 16. The another important aspect which deserves to be appreciated is that the Assessing Officer has erred in drawing reference from section 44AD. Section 44AD is a section for presumptive taxation, where in the statute has provided

SHRI RAJESH MOOLCHAND DAYARAMANI,,NAGPUR vs. ACIT-CIRCLE-8,, NAGPUR

In the result, assessee’s appeal is allowed

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

section 54F of the Act amounting to ` 42,44,846 and after deducting indexed cost of acquisition, had offered ` 38,48,320 as taxable long term capital gain

FAIZ ZAKIR VALI,NAGPUR vs. ASSISTANT 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

capital gain. (5). The assessee pleas to add/amend/alter/change any ground of appeal during the course of appellate proceeding.” 3. The learned A.R., upon her argument by pointing out that the addition is not permissible in line with the judgment of the Hon’ble Supreme Court in PCIT v/s Abhisar Buildwell