SANJAY GULABCHAND GUPTA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX,CIRCLE-4, NAGPUR

In the result, appeal by the assessee stands dismissed

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

47,915/- (Income from Firm) was not adjusted as it was the Loss carried forward from Specified business. Assessing Officer further disallowed the claim u/s 54F arising on Sale of Factory at Rs.2,15,00,000/- on which Assessee had Capital Gain at Rs. 1,58,64,162/-. This Capital Gain was claimed exempt u/s 54F. This Capital Gain

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 gains shall be chargeable to income-tax as income of the previous year in which the certificate of completion for the whole or part of the project is issued by the competent authority; and for the purposes of section 48, the stamp duty value, on the date of issue of the said certificate, of his share, being land

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

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

section 2(47) of the Act are satisfied, by inferring so, such possession constitutes transfer u/s. 2(47) of the Act, determined Long Term Capital Gain

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

section 2(47) of the Act are satisfied, by inferring so, such possession constitutes transfer u/s. 2(47) of the Act, determined Long Term Capital Gain

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

47,074/- which is a loss as per the computation of income for the year under consideration and sought set off of this business loss against the capital gain income shown. According to the AO, no business income could be set off against carry forward business loss for A.Y. 2013-14 within the meaning of section

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

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

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

47,052 Net Sale Consideration *18,459 16,45,46,955 16,45,65,414 Capital Gains *15,354 16,36,74,245 16,36,89,599 3. The assessee has claimed deduction u/s 54F, being investment made in "Capital Gain Scheme” for an amount of Rs. 15,78,88.855/- 4. The assessee, had applied for withdrawal of sum deposited

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

SHRI DHIRAJ RAMBHAU LINGADE L/H OF LATE SMT. MEENAKSHI RAMBHAU MLINGADE,,BULDHANA vs. A.C.I.T. , AKOLA CIRCLE, AKOLA

In the result the appeal of the Assessee is allowed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2012-13 Shri Dhiraj Rambhau Lingade Vs. The Acit L/H Of Late Smt. Meenakshi Rambhau Lingade Akola Circle Buldhana Akola Pan No.:Abopl 3689 P Appellant Respondent Assessee By: Shri S.C. Thakar, Adv. Shri Kapil Hirani, Adv Revenue By :Smt. Agnes P Thomas (Cit-Dr) Date Of Hearing: 27/04/2022 Date Of Pronouncement: 8 /6/2022 Order Per: Sandeep Gosain, J.M.

section 54F as well. 2.2 The AO treated the transaction of sale of plot as trading income on various grounds enumerated at para 3.3 of the assessment order, a view which has been confirmed by the first appellate authority. 2.3 The Ld. AR during the course of hearing strongly opposed the action of the AO of treating the transaction

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

Capital Gains under section 50 of the I.T. Act which is worked out as under: Existing liability of the seller Rs.6,98,37,407/- Less: WDV of the Vehicles Rs. 4,66,47

SHRI PRALHAD CHODHARY ,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -1(3), NAGPUR

In the result, appeal of the assessee is allowed

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.164/Nag/2019 िनधा"रण वष" / Assessment Year : 2007-08 Shri Pralhadchodhary, The Assistant Commissioner Choudhary Bhawan, V Of Income Tax, Central Sakkardara, S Circle-1(3), Nagpur. Nagpur – 440032. Pan: Ahepc0847Q Appellant/ Assessee Respondent/Revenue Assessee By Shri Umang Agrawal – Ar Revenue By Shri Kailash G. Kanojiya – Cit(Dr) Date Of Hearing 23/01/2024 Date Of Pronouncement 25/01/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Common Order Of Ld.Commissioner Of Income Tax(Appeals)-1, Nagpur Dated 18.03.2013 Emanating From Assessment Order Under Section 153C R.W.S143(3) Dated 29.12.2010 For A.Y.2007-08. The Grounds Of Appeal Raised By The Assessee Are As Under : Shri Pralhad Chodhary [A]

section 153C r.w.s143(3) dated 29.12.2010 for A.Y.2007-08. The grounds of appeal raised by the Assessee are as under : Shri Pralhad Chodhary [A] “1. The learned CIT (Appeals) erred in holding that the capital gain arose u/s 2(47

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

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

section 2(47), such receipt cannot be taxed under the head “Capital Gains”. Further, the Ld. AO has brought the amount

SMT SNEHA PUROHIT ,NAGPUR vs. THE ASSTT COMMISSIONER OF INCOME TAX (CIRCLE -4), NAGPUR

Bench: Shri Satbeer Singh Godara & Shri Gd Padmahshali

capital gains of Rs.29,47,906/- each in their respective hands after invoking Section 50C of the Act. We sought

SMT. ANJALI PUROHIT ,NAGPUR vs. THE ASSTT. COMMISSIONER OF INCOME TAX (CIRCLE-4), NAGPUR

Bench: Shri Satbeer Singh Godara & Shri Gd Padmahshali

capital gains of Rs.29,47,906/- each in their respective hands after invoking Section 50C of the Act. We sought