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

57,347/- as genuine, when SEBI had imposed fine on the assessee for disclosure lapses with regard to trading in the shares of Pro Fin Capital Services Ltd. and the observation of the Assessing Officer that, what is apparent cannot be considered as real in 3 Naresh Laxminarayan Grover ITA no.524, 525 & 526/Nag./2024 the case of the assessee

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 49(1)(ii)(b) of the Act conspicuously omits the expression ‗otherwise‘ though it covers ‗distribution of assets on the dissolution of firm‘. In other words, the deeming provision, whereby the cost of previous owner is taken as cost of acquisition by the person who acquired the property, is not made applicable to cases where a partner received property

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

capital gain and paper work has been got up and done merely to give the colour of authenticity to the transactions and creating façade of legitimate transactions and so allegation made against the assessee is denied in toto. It is pertinent to note that the assessee has purchased the shares of Unlisted Company named Swift IT Infrastructure & Services Limited about

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

capital gain and paper work has been got up and done merely to give the colour of authenticity to the transactions and creating façade of legitimate transactions and so allegation made against the assessee is denied in toto.\nIt is pertinent to note that the assessee has purchased the shares of Unlisted Company named Swift IT Infrastructure & Services Limited about

SHABBIR AHMED AHMED ALI,NAGPUR vs. NATIONAL E ASSESMENT CENTRY, DELHI

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

Capital Gain 57,07,771 Less: Exemption: Under section 54 –invested in Residential Property jointly with 05 Other co–purchasers

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

capital 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

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

section 57(iii), i.e that Expenditure should not be capital in nature; and Expenditure must be laid out wholly and solely for the purpose of earning such income. The appellant submitted that since, the expense claimed by the Appellant is for the interest paid on the loans taken, the question of it being a capital expenditure doesn't arise

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

57 ITR 306, wherein, it held that interest earned on securities held as stock-in-trade is in the nature of business income although taxable under a different head “Interest on securities”. 6. By considering above, the issue for our consideration is as to whether the brought forward business loss could be set off against the capital gain earned

MANISHA ASHUTOSH SHEWALKAR,NAGPUR vs. INCOME TAX OFFICER WARD 5(3), NAGPUR

In the result, assessee’s appeal stands allowed

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

capital gain towards 25% share in the said land. 4. On appeal, the learned CIT(A) confirmed the assessment order passed by the Assessing Officer. Consequent upon passing of the impugned order, the assessee is in further appeal before the Tribunal. 5. Before us, the learned Counsel for the assessee reiterated the arguments put forth before the authorities below. Following

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

SHREE MAYA REAL ESTATE PVT. LTD.,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR

In the result, appeal filed by the assessee is allowed

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

gains under this anti-avoidance provision. In our humble understanding, it is a case of a curative amendment to take care of unintended consequences of the scheme of Section 50C. It makes perfect sense, and truly reflects a very pragmatic approach full of compassion and fairness, that just because there is a small variation between the stated sale consideration

SHREE MAYA REAL ESTATE PVT. LTD.,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR

In the result, appeal filed by the assessee is allowed

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

gains under this anti-avoidance provision. In our humble understanding, it is a case of a curative amendment to take care of unintended consequences of the scheme of Section 50C. It makes perfect sense, and truly reflects a very pragmatic approach full of compassion and fairness, that just because there is a small variation between the stated sale consideration

PRITAM SINGH CHARAN SINGH GUJJAR,NAGPUR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4,, NAGPUR

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao

gains under this anti-avoidance provision. In our humble understanding, it is a case of a curative amendment to take care of unintended consequences of the scheme of Section 50C. It makes perfect sense, and truly reflects a very pragmatic approach full of compassion and fairness, that just because there is a small variation between the stated sale consideration

DY. COMMISSIONER OF INCOME TAX, CIRCLE-3, NAGPUR, NAGPUR vs. VINODKUMAR RAJENDRALAL KOCHHAR, KAMPTEE

In the result, the appeal filed by the department is dismissed

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

Gains and Income from other sources & he had been regularly filing his return of income for the last 5 decades. (iii) During the captioned assessment year, the appellant had opted for computation of income U/s. 44AD in respect of his business activity and while filing online return of Income u/s. 139(1) for AY 2016-17, PART A-BS- Balance

PRABODH SADASHIV SADAVARTEM(HUF),NAGPUR vs. I.T.O.(TDS) WARD -1(4), NAGPUR

In the result, the appeal of assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

capital gains at Rs. 24,57,440/- and claimed the exemption u/s 54B of the Act, treating such transactions as sale of agricultural lands. However, on perusal of the sale-deeds the AO found that the assessee had sold the plots of land and not the agricultural lands. Thus, the AO conceived that the deduction claimed by the assessee

SHRI PRABODH SADASHIV SADAVARTE (HUF), NAGPUR vs. INCOME TAX OFFICER,WARD-1(4),, NAGPUR

In the result, the appeal of assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

capital gains at Rs. 24,57,440/- and claimed the exemption u/s 54B of the Act, treating such transactions as sale of agricultural lands. However, on perusal of the sale-deeds the AO found that the assessee had sold the plots of land and not the agricultural lands. Thus, the AO conceived that the deduction claimed by the assessee

M/S TAWARI TRADERS ,BULDHANA vs. INCOME TAX OFFICER WARD -2, KHAMGAON

In the result, appeal by the assessee stands dismissed

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

capital of partner is interest bearing funds for the firm. 7.6 In conclusion, the AO erred in not considering that interest free advances were out of interest free loan availed by the appellant. Consequently, the interest of Rs.5,30,902 i.e., 15% of Rs.35,39,351 (interest free advances) deserves to be deleted from the total addition of Rs.9

NEELAM JANARDHAN RACHALWAR,CHIMUR vs. ITO WARD-2, CHANDRAPUR, CHANDRAPUR

In the result, Assessee’s appeal is allowed

Bench: Shri Narender Kumar Choudhryneelam Janardhan Ito, Ward-2, Chandrapur Rachalwar, Sai Mandir Road, Tilak Ward, Chimur, Vs. Chandrapur, Maharashtra Pan: Adqpr 7539 E (Appellant) (Respondent)

57 days in filing the present appeal, is hereby condoned. 5. Coming to the merits of the case, it is observed that the Assessing Officer (AO) vide assessment order dated 27/12/2019 u/sec. 147 r.w.s. 143(3) of the Act has made the addition of Rs.36,13,000/- on account of difference between the consideration shown by the Assessee