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

capital gains as unexplained cash credit under 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

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

capital gains as unexplained cash credit under 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

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

capital gains as unexplained cash credit under 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

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

5,76,88,683/-. Since the period of holding of the shares is more than one year the capital gain transaction were long term capital of the assessee and exempted U/s. 10(38) of the Income Tax Act, 1961. The assessee has submitted chart of capital Gain working and profit on sale of shares account during the course of assessment

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

5. The Authorised Representative of the assessee has made the following written submission:\nThe assessee has e-filed return of income on 14/01/2015 declaring net taxable income at Rs. 32,63,962/-. In the return of income assessee has shown income from Salary, income from house property, income from business and income from other sources. The assessee has also shown

KETAN CERAMICS PVT. LTD.,,NAGPUR vs. THE ACIT, CENTRAL-CIRCLE-2(3),, NAGPUR

In the result, the appeal of the assessee is partly allowed for statistical purposes

capital of the regular business of the assessee. (5) That for any other ground with kind permission of Hon'ble members at the time of hearing of appeal.” 3. Briefly stated the relevant facts include that the assessee is a company and is engaged in the business of trading, processing of coal, marble, titles, dolomite powder. The assessee filed

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

M/S SHREE TRADERS ,BULDHANA vs. ASSISTANT COMMISSIONER OF INCOME TAX, AKOLA CIRCLE, AKOLA

In the result, the appeal of assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

43,552/- of A.Y. 2013-14 against the above said Long Term Capital Gain and Short Term Capital Gain. The AO asked the assessee why the claim of set off of business loss should not be disallowed. The reply of the assessee has been reproduced from pages 3 to 10 of the assessment order. On perusal of the same

UDAYKUMAR VYAS,NAGPUR vs. ITO WARD 1 (5), BSNL RTTC BUILDING

In the result, appeal of the assessee is allowed

Bench: Shri Pawan Singh & Shri Khettra Mohan Royudaykumar Vyas, Ito, Ward – 1(5) Flat No. 402, Lepresting Vs Nagpur Apartment, Plot No. 105- 106, Ramdaspeth, Nagpur. Pan : Aarpv 4578 K Assessee Respondent

section 50C is not applicable. We reverse the order passed by the Ld. CIT(A) and direct the Ld. AO to delete the addition of ₹4,34,43,000/- made on account of long-term capital gain. 10. In the result, appeal of the assessee is allowed. Order pronounced on 21.04.2026 under Rule 34 of Income Tax (Appellate Tribunal) rules

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

5 lakh on account of unexplained deposit. Now, there remains a small deposit of ` 1,000, which is unexplained and this amount can be ascribed out of past savings. Hence, addition of ` 1,000, is also hereby deleted. Thus, ground no.2, is hereby allowed. 11. Ground no.3, relates to the addition on account of capital gain from sale of jewellery

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

5 lakh on account of unexplained deposit. Now, there remains a small deposit of ` 1,000, which is unexplained and this amount can be ascribed out of past savings. Hence, addition of ` 1,000, is also hereby deleted. Thus, ground no.2, is hereby allowed. 11. Ground no.3, relates to the addition on account of capital gain from sale of jewellery

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

5 lakh on account of unexplained deposit. Now, there remains a small deposit of ` 1,000, which is unexplained and this amount can be ascribed out of past savings. Hence, addition of ` 1,000, is also hereby deleted. Thus, ground no.2, is hereby allowed. 11. Ground no.3, relates to the addition on account of capital gain from sale of jewellery

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

5 lakh on account of unexplained deposit. Now, there remains a small deposit of ` 1,000, which is unexplained and this amount can be ascribed out of past savings. Hence, addition of ` 1,000, is also hereby deleted. Thus, ground no.2, is hereby allowed. 11. Ground no.3, relates to the addition on account of capital gain from sale of jewellery

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

In the result, appeal of the assessee is allowed

43,914/- during AY 2009-10. It was submitted that the assessee was co-owner of land located at Mouza Pasodi, named as Pragati Bhawan with two family members. He has sold land by agreement to sale on for Rs. 51,00,000/- with two co-owners of the property and his share in the property

SHRI. ABDULLABHAI HASANALI,,NAGPUR vs. COMMISSIONER OF INCOME-TAX,-II, NAGPUR

In the result, all the appeals of assessee are allowed as indicated above

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

section 47(10). However the revision was made on a different ground that the assessee has claimed deduction u/s. 10(33) on positive income and so the loss is not allowable. (8) Similar issue has been dealt by the Hon'ble Mumbai bench in the case of Shri Kirit Vrajlal Babaria vs. DCIT, 43, Mumbai in ITA No.2939/Mum/2009

ABDULLABHAI HASANALI THROUGH L/H ZOHRABAI,NAGPUR vs. A.C.I.T. CIR-3,, NAGPUR

In the result, all the appeals of assessee are allowed as indicated above

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

section 47(10). However the revision was made on a different ground that the assessee has claimed deduction u/s. 10(33) on positive income and so the loss is not allowable. (8) Similar issue has been dealt by the Hon'ble Mumbai bench in the case of Shri Kirit Vrajlal Babaria vs. DCIT, 43, Mumbai in ITA No.2939/Mum/2009

ABDULLABHAI HASANALI THROUGH L/H ZOHRABAI,NAGPUR vs. A.C.I.T. CIR-3,, NAGPUR

In the result, all the appeals of assessee are allowed as indicated above

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

section 47(10). However the revision was made on a different ground that the assessee has claimed deduction u/s. 10(33) on positive income and so the loss is not allowable. (8) Similar issue has been dealt by the Hon'ble Mumbai bench in the case of Shri Kirit Vrajlal Babaria vs. DCIT, 43, Mumbai in ITA No.2939/Mum/2009

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

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 of the I.T. Act, 1961.” ITA No.364/NAG/2019 & C.O.No.02/NAG/2020 M/s.K S R Transport Company (Cross Appeal) 5.3 The AO finally held in the assessment order under section 143(3) r.w.s 147 as under