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

capital gain and business income as provided in section 45(2) of the Income Tax Act, 1961. It is respectfully

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

45 declares that it cannot be taken as income if section 54E is attracted. Hence capital gains which is not chargeable even as deemed income because of section 54E, cannot be brought to tax as part of the book profit under the Explanation to section 115J.” (underlined, bold and italics for emphasis) From the above finding of the Special Bench

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

45 declares that it cannot be taken as income if section 54E is attracted. Hence capital gains which is not chargeable even as deemed income because of section 54E, cannot be brought to tax as part of the book profit under the Explanation to section 115J.” (underlined, bold and italics for emphasis) From the above finding of the Special Bench

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

2(47)", "Section 45" ], "issues": "Whether the sale of hotel property by a partnership firm, where the land lease was held by individual partners, constitutes a transfer of a capital asset by the firm for the purpose of long-term capital gains

JEETENDRA CHANDRAKANT NAYAK,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOM TAX(OSD), NAGPUR

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

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

45; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or construction, as the case may be, the cost shall be reduced by the amount of the capital gain. [ As per the above said amendment, in sub-section (1) to section

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 -1(3), NAGPUR vs. SHRI ASHOK VASANTRAI TRIVEDI , NAGPUR

In the result, the appeal of Revenue is dismissed

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

2(47) r.w.s. 45 which indicates that the capital gain is taxable in the year in which such transactions are entered. He submits that the CIT(A) has failed to appreciate that in terms of section

ACIT-CENTRAL CIRCLE -1(3), NAGPUR vs. SHRI AJAY VASANTRAI TRIVEDI , NAGPUR

In the result, the appeal of Revenue is dismissed

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

2(47) r.w.s. 45 which indicates that the capital gain is taxable in the year in which such transactions are entered. He submits that the CIT(A) has failed to appreciate that in terms of section

ANIL SHANKAR PALEWAR,NAGPUR vs. INCOME TAX OFFICER, WARD-5(1), NAGPUR

In the result, appeal of the assessee is allowed

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.36/Nag/2022 िनधा"रण वष" / Assessment Year : 2015-16 Anil Shankar Palewar, The Income Tax Officer, Plot No.219, Suyog Nagar, V Ward-5(1), Nagpur. Nagpur – 440015. S Pan: Abzpp 8221 A Appellant / Assessee Respondent / Revenue Assessee By Shri Kapil Hirani – Ar Revenue By Smt. Rashmi Mathur – Sr.Dr Date Of Hearing 26/10/2023 Date Of Pronouncement 31/10/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Is Filed Against The Order Of Ld. Commissioner Of Income Tax[Nfac], Delhi Dated 26.12.2021Under Section 250 Of The Act, 1961 For The Assessment Year 2015-16. The Assessee Has Raised Following Grounds Of Appeal : “1) On The Facts & Circumstances Of The Case & In Law, The Ld. Ao Grossly Erred In Disallowing & The Ld. Cit(A) Nfac, Delhi Grossly Erred In Confirming The Denial Of Benefit Of Exemption Under Section 54Ec Of The Income Tax Act, 1961 As Claimed By The Appellant In His Return Of Income. The Exemption Under Section 54Ec Anil Shankar Palewar [A]

2 Anil Shankar Palewar [A] 3) The sale of impugned property resulted in Long Term Capital Gain of Rs.71,15,365. 4) The Appellant claimed exemption under section 54F for an amount of Rs.24,78,917 which is accepted by the AO and is undisputed. 5) The Appellant invested an amount of Rs. 45

MANISHA ASHUTOSH SHEWALKAR,NAGPUR vs. INCOME TAX OFFICER WARD 5(3), NAGPUR

In the result, assessee’s appeal stands allowed

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

gain under section 45 of the Act, transfer of capital asset is sine qua non which is conspicuously absent here. Hence the entire addition of ` 1,11,50,582, is directed to be deleted. Thus, the impugned order passed by the learned CIT(A) is hereby set aside and the grounds raised by the assessee are allowed

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE -1, NAGPUR vs. M/S RAGHAV FINVEST PVT LTD , NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

gains chargeable to tax under section 45 are, defined to be income. The amounts received on issue of share capital including the premium is undoubtedly on capital account. Share premium have been made taxable by a legal fiction under section 56(2

DY COMMISSIONER OF INCOME TAX , CIRCLE-1, NAGPUR vs. M/S NIHAL GITS PVT.LTD , NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

gains chargeable to tax under section 45 are, defined to be income. The amounts received on issue of share capital including the premium is undoubtedly on capital account. Share premium have been made taxable by a legal fiction under section 56(2

ASSTT.COMMISSIONER OF INCOME TAX CIRCLE-1, NAGPUR vs. VISHNU GILTS PVT.LT, NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

gains chargeable to tax under section 45 are, defined to be income. The amounts received on issue of share capital including the premium is undoubtedly on capital account. Share premium have been made taxable by a legal fiction under section 56(2

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

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

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 by you on\n31/12/2008 for value of Rs. 647,028/-\n3.\nIn this regard you are requested to submit following information regarding\nM/s

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), NAGPUR vs. M/S. RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

2,00,00,000/- M/s Blue View Tradecom Pvt. Ltd. Rs. 3,00,00,000/- ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 M/s Raj Laxmi Dealcom Pvt. Ltd. Rs. 1,00,00,000/- -------------------- Total Rs. 6,00,00,000/- Α.Υ. 2015-16 M/s Umang Trading

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), NAGPUR vs. M/S. RADHA MADHAV DEVELOPER , NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

2,00,00,000/- M/s Blue View Tradecom Pvt. Ltd. Rs. 3,00,00,000/- ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 M/s Raj Laxmi Dealcom Pvt. Ltd. Rs. 1,00,00,000/- -------------------- Total Rs. 6,00,00,000/- Α.Υ. 2015-16 M/s Umang Trading

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1),NAGPUR, NAGPUR vs. M/S. RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

2,00,00,000/- M/s Blue View Tradecom Pvt. Ltd. Rs. 3,00,00,000/- ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 M/s Raj Laxmi Dealcom Pvt. Ltd. Rs. 1,00,00,000/- -------------------- Total Rs. 6,00,00,000/- Α.Υ. 2015-16 M/s Umang Trading

ASSTT.COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1), NAGPUR vs. M/S RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

2,00,00,000/- M/s Blue View Tradecom Pvt. Ltd. Rs. 3,00,00,000/- ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 M/s Raj Laxmi Dealcom Pvt. Ltd. Rs. 1,00,00,000/- -------------------- Total Rs. 6,00,00,000/- Α.Υ. 2015-16 M/s Umang Trading