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

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

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

2,79,05,115/-. 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

In the result, appeal of the Revenue stands dismissed

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

2,79,05,115/-. 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

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

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

gain on shares held as taxable, without discussing anything on merit.. 7. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in deleting the addition made by the Assessing Officer of Rs.58,53,382/- on account of credits in capital account, without discussing anything on merit

A,C.I.T. CENTRAL CIR.- 2(2), NAGPUR vs. SHRI DHARAMPAL R.AGRAWAL, NAGPUR

In the result, Revenue’s appeal being ITA no

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

gain on shares held as taxable, without discussing anything on merit.. 7. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in deleting the addition made by the Assessing Officer of Rs.58,53,382/- on account of credits in capital account, without discussing anything on merit

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

46,389/- 11,34,51,562/- The Lender companies pertaining to AY 2015-16 had the following financials: Umang Trading Pvt. Ltd. Surendra Fiscal Services Pvt. Ltd. Share Capital 18,43,80,000/- 7,77,00,000/- Reserves & Surplus 42,45,39,674/- 158,33,78,983/- 8.3 The appellant submitted that it has through confirmation of accounts, bank statements

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

46,389/- 11,34,51,562/- The Lender companies pertaining to AY 2015-16 had the following financials: Umang Trading Pvt. Ltd. Surendra Fiscal Services Pvt. Ltd. Share Capital 18,43,80,000/- 7,77,00,000/- Reserves & Surplus 42,45,39,674/- 158,33,78,983/- 8.3 The appellant submitted that it has through confirmation of accounts, bank statements

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

46,389/- 11,34,51,562/- The Lender companies pertaining to AY 2015-16 had the following financials: Umang Trading Pvt. Ltd. Surendra Fiscal Services Pvt. Ltd. Share Capital 18,43,80,000/- 7,77,00,000/- Reserves & Surplus 42,45,39,674/- 158,33,78,983/- 8.3 The appellant submitted that it has through confirmation of accounts, bank statements

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

46,389/- 11,34,51,562/- The Lender companies pertaining to AY 2015-16 had the following financials: Umang Trading Pvt. Ltd. Surendra Fiscal Services Pvt. Ltd. Share Capital 18,43,80,000/- 7,77,00,000/- Reserves & Surplus 42,45,39,674/- 158,33,78,983/- 8.3 The appellant submitted that it has through confirmation of accounts, bank statements

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

46,389/- 11,34,51,562/- The Lender companies pertaining to AY 2015-16 had the following financials: Umang Trading Pvt. Ltd. Surendra Fiscal Services Pvt. Ltd. Share Capital 18,43,80,000/- 7,77,00,000/- Reserves & Surplus 42,45,39,674/- 158,33,78,983/- 8.3 The appellant submitted that it has through confirmation of accounts, bank statements

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

46,389/- 11,34,51,562/- The Lender companies pertaining to AY 2015-16 had the following financials: Umang Trading Pvt. Ltd. Surendra Fiscal Services Pvt. Ltd. Share Capital 18,43,80,000/- 7,77,00,000/- Reserves & Surplus 42,45,39,674/- 158,33,78,983/- 8.3 The appellant submitted that it has through confirmation of accounts, bank statements

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

DY. COMMISSIONER OF INCOME TAX- CENTRAL-CIRCLE-2(1), NAGPUR, NAGPUR vs. JAYMAHAKALI SHIKSHAN SANSTHA, WARDHA

In the result, Revenue’s appeal for A

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

gains of business. So far as public charitable and religious trusts are concerned, their business profits are not exempt from tax, except in the cases falling under clause (a) or clause (b) of section 11(4A) of the IT Act. As the maximum marginal rate of tax under the new proviso to section 164(2) applies to the whole

DY. COMMISSIONER OF INCOME TAX- CENTRAL-CIRCLE-2(1), NAGPUR, NAGPUR vs. JAYMAHAKALI SHIKSHAN SANSTHA, WARDHA

In the result, Revenue’s appeal for A

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

gains of business. So far as public charitable and religious trusts are concerned, their business profits are not exempt from tax, except in the cases falling under clause (a) or clause (b) of section 11(4A) of the IT Act. As the maximum marginal rate of tax under the new proviso to section 164(2) applies to the whole

DY. COMMISSIONER OF INCOME TAX- CENTRAL-CIRCLE-2 (1), NAGPUR, NAGPUR vs. JAYMAHAKALI SHIKSHAN SANSTHA, WARDHA

In the result, Revenue’s appeal for A

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

gains of business. So far as public charitable and religious trusts are concerned, their business profits are not exempt from tax, except in the cases falling under clause (a) or clause (b) of section 11(4A) of the IT Act. As the maximum marginal rate of tax under the new proviso to section 164(2) applies to the whole

NITIN MADANLAL KHANDELWAL,AKOLA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - AKOLA, AKOLA

In the result, appeal filed by the assessee stands dismissed

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

capital gain. But this is contrary to his claims that as the statutes did not allow KJAPL to borrow from open market, the appellant had no other choice but to take loan in his personal capacity to advance loan to the company. The case of S. A. Builders Ltd. vs CIT Appeal (civil) 5811 of 2006, is not applicable