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

section 68 of the Income Tax Act, 1961 ("the Act") holding short term capital gain considered to be not genuine. 5

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

section 68 of the Income Tax Act, 1961 ("the Act") holding short term capital gain considered to be not genuine. 5

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

section 68 of the Income Tax Act, 1961 ("the Act") holding short term capital gain considered to be not genuine. 5

SUSHILA BHAURAO DESHMUKH,AMRAVATI vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, NAGPUR

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durgarao & Shrik.M. Roy, Accountant, Member

capital gain; and (ii) investment in immovable property. The Assessing Officer after making enquiries and examination concluded assessment under section 143(3) of the Act on 21/09/2019, accepting the income as per return filed by assessee. 4. The learned PCIT invoked jurisdiction under section 263 of the Act. The learned PCIT on a perusal of the record observed that

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

capital gains of ` 1,58,64,162, and claimed exemption under section 54F of the Act amounting to ` 1,58,64,162. The assessee had invested the net sale consideration in construction of residential house on 6th floor of his existing premises. 5

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

section 143(3) dated 21/03/2016 determined the income at Rs. 8,34,77,850/- as against the returned income of Rs. 7,90,46,080/-. While framing the order, the A.O. assessed income from aforesaid transactions as Income from Business as against income from Capital Gains and accordingly disallowed benefit of indexation claimed by the assessee amounting to Rs.44

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

gain transaction were long term capital transaction and the assessee has claimed exemption under section 10(38) of Income Tax Act, 1961 (“the Act”). 5

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

section 54F, where assessee on date of sale of long term capital asset owns a residential house even jointly with another person, his claim for deduction of capital gain arising from sale of asset has to be rejected. 5

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

capital gain and to avoid paying the taxes, which is not related in the case of the assessee. The Assessing Officer relied on statement recorded behind the back of the assessee and no opportunity to cross examine has been granted to the assessee. The Assessing Officer has not accepted the contention of the assessee and made addition under section

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 (1) of Sec. 139 in a bank account maintained under the Capital Gain Account Scheme, 1988 (CGAS) with a specified bank, and the same shall thereafter within the specified time period be utilized for all or any of the aforementioned purposes. 13. As is discernible from Sec. 54G of the Act, the availability of deduction therein contemplated would

RAJESH SARDA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(2), NAGPUR

In the result, the addition of undisclosed income under section 68 is deleted

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy(Physical Hearing) Rajesh Sarda, Acit, Central Circle – 2(2), Nagpur 14, Daga Lay–Out, Ambazari Road, Vs Aayakar Bhawan, Civil Lines, Nagpur – 440033. Maharashtra – 440001. [Pan: Ahaps4925M] Appellant / Assessee Respondent / Revenue Assessee By Shri K.P. Dewani, Advocate Revenue By Shri Pankaj Kumar, Cit–Dr Date Of Hearing 16.02.2026 Date Of Pronouncement 24.02.2026 Order Under Section 254(1) Of Income Tax Act

section 10(38). The AO prepared summary of working of capital gain in respect of both the scrips. The AO recorded that assessee purchased 40000 share of Premier Capital Services Ltd. in August, 2012 and sold the same scrip during May and June, 2014 and have shown capital gain of `. 8.42 crore. Similarly, for Kailash Auto Finance

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

5 ITA No. 376/NAG/2017, A.Y. 2014-15 the provisions of section 71 of the Act. Such loss which has not been set off, the whole loss shall be carried forward to the following assessment year in accordance with the clause (i) and (ii) to sub-section (1) of section 72 of the Act. 7. Further, the provisions under sub-section

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

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 45(1) of the Act, the transfer of capital asset would attract the capital gain tax, is not depend upon the receipt of consideration. Further, he argued that the CIT(A) erred in holding the assessee is correctly declared the capital gains on sale of immovable property in the A.Y. 2018-19 and supported the order

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 45(1) of the Act, the transfer of capital asset would attract the capital gain tax, is not depend upon the receipt of consideration. Further, he argued that the CIT(A) erred in holding the assessee is correctly declared the capital gains on sale of immovable property in the A.Y. 2018-19 and supported the order

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

section 50C is thus bad in law and the same deserves to be ignored for calculation of capital gains in the interest of justice. 5

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

section 50C is thus bad in law and the same deserves to be ignored for calculation of capital gains in the interest of justice. 5

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

section 50C is thus bad in law and the same deserves to be ignored for calculation of capital gains in the interest of justice. 5