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

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

VASANT CO-OP SHETKARI GINNING & PRESSING FACTORY LTD.,YAVATMAL vs. PRINCIPAL COMMISSIONER OF INCOME TAX-II, NAGPUR

In the result, appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. 29/Nag/2021 "नधा"रण वष" / Assessment Year : 2016-17 The Vasant Co-Op. Shetkari Ginning & Pressing Factory Limited; At. Yavatmal Road, Wani, Tq. Wani, Dist. Yavatmal-440 010 Pan : Aaaat1439M .......अपीलाथ" / Appellant बनाम / V/S. The Pr. Commissioner Of Income Tax-Ii, Nagpur. ……""यथ" / Respondent Assessee By : Shri Pravin Gandhi, Ar Revenue By : Shri Vitthal Bhosale, Dr

section 263 of the IT Act, 1961. 3) Assessee craves leave to add, alter or amend any of the grounds of appeal.” 3 The Vasant Co-Op. Shetkari Ginning & Pressing Factory Limited Vs. Pr. CIT 2. Succinctly stated, the assessee company which is engaged in the business of cotton ginning and pressing had e-filed its return of income

LOKMANYA TILAD JANAKALYA SHIKSHAN SANSTHA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -2, NAGPUR

In the result, this appeal by the assessee stands partly allowed

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

gains of business or profession. However as it has already been held by me in ground no. 2 to 4 that assessee is not eligible for exemption u/s 11 this argument of the appellant is not tenable. The requirement to deduct tax at source does not exclude entities which are exempted u/s :11. The intent of the legislature was that

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

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

capital asset is neither allowable as loss not it can be brought to tax as gain. In the case of assessee it is noted that in respect to same loan loss arising on account of foreign exchange fluctuation at Rs.3,57,69,667/- was not claimed/allowed while determining income from business in immediately preceding year. The above fact

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

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

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

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

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

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 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

M/S. HARIHAR INFRASTUCTURE DEVELOPMENT CORPORATION LTD.,,NAGPUR vs. THE DY.CIT, CIRCLE- 1,, NAGPUR

In the result, appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. 60/Nag/2015 "नधा"रण वष" / Assessment Year : 2010-11 M/S. Harihar Infrastructure Development Corporation Ltd.; G-3, Amar Palace, Opp. Patwardhan Ground, Dhantoli, Nagpur-12. Pan : Aabch9888H .......अपीलाथ" / Appellant बनाम / V/S. The Deputy Commissioner Of Income Tax, Circle-1, Nagpur. ……""यथ" / Respondent Assessee By : Shri S. Shriram, Ar Revenue By : Shri Pradeep Headoo, Dr

46 of MOA, at Page 2 of APB, wherein carrying out of agricultural activities by the assessee company was clearly stated to be one of its objects. 10. On the basis of aforesaid facts, we find that it has been the claim of the assessee before the lower authorities as well as before us, that no adverse inferences as regards

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