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. The details of transactions entered into by the assessee were also forwarded to the Assessing Officer. We also noticed that he learned CIT(A) has righly observed the all facts with respect to the transaction and also explained all the issues. We have gone through the impugned order passed by the learned

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

capital gain in accordance with law. 21. In the result, appeal filed by the assessee for the assessment year 2011–12 is partly allowed. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 ITA no.107/Nag./2021 Assessee’s Appeal – A.Y. 2013–14 22. The assessee has raised following grounds:– “1) On the facts and circumstances of the case and in law, the entire

NARESH VASANTRAJ 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

capital gain in accordance with law. 21. In the result, appeal filed by the assessee for the assessment year 2011–12 is partly allowed. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 ITA no.107/Nag./2021 Assessee’s Appeal – A.Y. 2013–14 22. The assessee has raised following grounds:– “1) On the facts and circumstances of the case and in law, the entire

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

capital gain in accordance with law. 21. In the result, appeal filed by the assessee for the assessment year 2011–12 is partly allowed. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 ITA no.107/Nag./2021 Assessee’s Appeal – A.Y. 2013–14 22. The assessee has raised following grounds:– “1) On the facts and circumstances of the case and in law, the entire

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

capital gain in accordance with law. 21. In the result, appeal filed by the assessee for the assessment year 2011–12 is partly allowed. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 ITA no.107/Nag./2021 Assessee’s Appeal – A.Y. 2013–14 22. The assessee has raised following grounds:– “1) On the facts and circumstances of the case and in law, the entire

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

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

M/S. DATTA DAIRY PRODUCTS PVT. LTD.,BULDHANA vs. ITO, WARD-1, , KHAMGAON

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

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

capital gain arose in favour of Assessee and hence the said amount of advance of Rs.22,00,000/- is not taxable. Thirdly Section 51

SHRIRAM NARAYAN TIKDE,NAGPUR vs. INCOME TAX, WARD 4(4) , NAGPUR

Bench: Shri V. Durga Rao

Capital Gain Reference to DVO for calculating fair market value of property sold of 2.2 Shanti Nagar  During the period assesseee had sold his inherited residential property on 06.11.2007 for Rs. 14,50,000/-, such property is situated at Shantinagar Nagpur. The same was inherited to assessee on demise of his mother namely Late Laxmibai Narayan Tidke. The stamp duty

SANJAY MOTIRAMJI MULEY,NAGPUR vs. ITO WARD (4)(3), NAGPUR

In the result, assessee’s appeal is allowed for statistical purposes

Bench: Shri Pavan Kumar Gadalesanjay Motiramji Muley, Ward No.7, Mahajan Pura ……………. Appellant Bhandara Road, Pardi Nagpur 440008. Pan – Akdpm6463G V/S Income Tax Officer ……………. Respondent Ward–4(4), Nagpur Assessee By : Ms. Alfiya Rozie.Ar Revenue By :Shri Surjit Kumar Saha.Sr.Dr

capital gains of Rs.39,51,400/- and passed the assessment order dated 11/12/2012, under section 144 r/w section 147 of the Act. Aggrieved

SMS TOLLS AND DEVELOPERS,NAGPUR vs. ITO, WARD 1(5), NAGPUR

In the result, appeal filed by the assessee is partly allowed in terms indicated above

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

51,100/- as current years proportionate profit up-to the date of advances u/s 2(22)(e) of the I. T. Act. The appellant contended that for the purpose of deemed dividend, only accumulated profit should be worked out without considering current year's profit as the same is accrued only on 31st march i.e. year end of that year

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 to tax under the residuary head “Income from Other Sources”, without establishing how such advance assumes the character of income. It is pertinent to note that (Shashi Vasant Shastri) an advance received in the course of a proposed sale

SYED YUNUS SYED RASUL ,AMRAVATI vs. INCOME TAX OFFICER, WARD-4, AMRAVATI

In the result, Assessee’s appeal is allowed

Bench: Shri Narender Kumar Choudhrysyed Yunus Syed Rasul, Ito, Ward-4, Amravati. Gawalipura, Chandani Chowk, Vs. Amravati - 444601. Pan: Bkapr 1095 K (Appellant) (Respondent)

51,00,000/- in which the Assessee had 1/4th share, which resulted into earning of short term capital gain of Rs.8,81,300/- on sale of the said land in the hands of Assessee. Consequently, the reasons for reopening of the case were recorded and the case of the Assessee was reopened by issuing notice dated 25/03/2019 u/sec

INDOWORTH INDIA LIMITED,NAGPUR vs. ACIT(TDS), CIRCLE 51(1), NAGPUR

In the result, appeal filed by the assessee for A

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

51(1), Nagpur / DCIT / ACIT, Circle–3, Nagpur Assessee by : Shri R.K. Ganeriwal Revenue by : Shri Abhay Y. Marathe Date of Hearing – 19/09/2024 Date of Order – 23/09/2024 O R D E R PER K.M. ROY, A.M. The present appeals have been filed by the assessee challenging the impugned orders of even date 20/03/2023, passed by the learned Commissioner of Income

M/S INDOWORTH INDIA LIMITED,NAGPUR vs. ACIT(TDS), CIRCLE 51(1) , NAGPUR

In the result, appeal filed by the assessee for A

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

51(1), Nagpur / DCIT / ACIT, Circle–3, Nagpur Assessee by : Shri R.K. Ganeriwal Revenue by : Shri Abhay Y. Marathe Date of Hearing – 19/09/2024 Date of Order – 23/09/2024 O R D E R PER K.M. ROY, A.M. The present appeals have been filed by the assessee challenging the impugned orders of even date 20/03/2023, passed by the learned Commissioner of Income

G. H. R. EDUCATION FOUNDATION ,NAGPUR vs. CIT EXEMPTION, PUNE

capital under the Companies Act, 2013\" as going concern under section 366 to 374 of Part-1- Chapter XXI of the Companies Act, 2013 read with the companies [Authorized to be Register] Rules, 2014 as amended from time to time, on its incorporation under the Companies Act, 2013 to \"G. H. R. Education Foundation\". The assessee also stated that former

G.H.R. EDUCATION FOUNDATION,NAGPUR vs. CIT EXEMPTION, PUNE

In the result, assessee's appeal being ITA no

capital under the Companies Act, 2013\" as\ngoing concern under section 366 to 374 of Part-1- Chapter XXI of the\nCompanies Act, 2013 read with the companies [Authorized to be Register]\nRules, 2014 as amended from time to time, on its incorporation under the\nCompanies Act, 2013 to \"G. H. R. Education Foundation\". The assessee also\nstated that former

RAVINDRA MADANLAL KHANDELWAL,AKOLA vs. DCIT/ACIT CIRCLE , AKOLA

In the result, appeal filed by the assessee is allowed for statistical purposes

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

gain. Therefore such an advance was clearly given by the assessee for the purpose of commercial expediency. • 4.4 As far as interest expenses vis-a- vis section 57 is concerned. The assessee wishes to submit that, the section 57(iii), lays down 17 Ravindra Madanlal Khandelwal ITA no.375/Nag./2024 following conditions for claim of expenditure. o The expenditure must have