AVANTHA HOLDINGS LIMITED,NEW DELHI vs. A.C.I.T. CIR-5,, NAGPUR

In the result, appeal filed by the assessee is dismissed

section 40(a)(ia) of I.T. Act 1961 cannot be invoked. The reasons for disallowance given by A.O. is unjustified and has correctly being held by CIT(A) to be not a valid reason for not allowing the claim of deduction. It is also noted that at the time of date of redemption due compliance of tax deducted at source

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

DEPUTY COMMISSIONER OF INCOME TAX, NAGPUR vs. AVANTHA HOLDINGS LIMITED, CHANDRAPUR

In the result, appeal filed by the assessee is dismissed

section 40(a)(ia) of I.T. Act\n1961 cannot be invoked. The reasons for disallowance given by A.O. is\nunjustified and has correctly being held by CIT(A) to be not a valid reason for\nnot allowing the claim of deduction. It is also noted that at the time of date of\nredemption due compliance of tax deducted at source

VINAYAK JAGANNATH RAGIT,NAGPUR vs. ITO WARD 3(1), NAGPUR

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 gains arising from sale of immovable property under section 50C at Rs.35,58,500. 4. The learned AO erred

M/S SHREE STEEL CQASTINGS PVT. LTD ,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE -1, NAGPUR

In the result, Assessee’s appeal is partly allowed

Bench: Shri Narender Kumar Choudhrym/S. Shree Steel Castings Dcit, Circle-1, Nagpur Pvt. Ltd., T/38/1, Midc, Vs. Hingna Road, Nagpur. Pan: Aaccs 4071 J (Appellant) (Respondent)

58,244/- to Rs. 82,932/- as disallowance u/sec. 14A of the Act. 5. The Assessee, thus being aggrieved, has preferred the instant appeal mainly challenging the reopening of the proceedings u/sec. 147 of the Act. The Assessee at the outset has claimed that in the reasons recorded dated 08/08/2013, the following issues were mentioned: 4 “(i) earning

DY COMMISSIONER OF INOCME TAX , CIRCLE -2, NAGPUR vs. M/S N KUMAR CONSTRUCTION CO .PVT.LTD , NAGPUR

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

capital gain from sale of shares in view of astronomical difference between the share price of a company with a short span of 6-7 months and made addition to the income of the assessee. But in the case of assessee, the assessee has received the amounts towards booking advance against the sale of property and not received towards share

DY COMMISSIONER OF INOCME TAX , CIRCLE -2, NAGPUR vs. M/S N KUMAR CONSTRUCTION CO .PVT.LTD , NAGPUR

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

58,12,500/- U/s. 68 of the Income Tax Act, 1961. The provision of Section 68 is speak that ―Where any sum is found credited in the books of an appellant maintained nature and source thereof or the explanation offered by him is not, in the opinion of the [Assessing] Officer, satisfactory, the sum so credited may be charged income

SHRI VISHWAKARAMA JEWELLERS ,AKOLA vs. DCIT AKOLA CIRCLE, AKOLA

In the result, assessee’s appeal is allowed

Bench: Shri Narender Kumar Choudhry & Shri K.M. Roy, Accountant, Member

58,55,236 Undisclosed investment in platinum jewellery ` 62,993 Total undisclosed investment ` 69,37,859 5. The learned CIT(A) partially allowed the appeal by holding as follows:– “Accordingly, the arguments of the appellant that the surrendered income is to be treated as its business income is not acceptable and the additions made u/s 69B is upheld. However

TAJSHREE AUTOWHEELS PRIVATE LIMITED,NAGPUR vs. ACIT CIRCLE-4, NAGPUR

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

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

gains by understatement of the consideration. This was real object and purpose of the enactment of sub-section (2) and the interpretation of this sub-section must fall in line with the advancement of that object and purpose. We must, therefore, accept as the underlying assumption of subsection (2) that there is understatement of consideration in respect of the transfer

PRECISION COMPONENT HIGHTECH LTD,NAGPUR vs. ACIT CENTRAL CIRCLE 2(2), NAGPUR

In the result, assessee’s appeal is allowed as above for all the seven years

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

58, Hingna Road, MIDC Industrial Area ……………. Appellant Hingna, Nagpur 440 016 PAN–AABCP8042P v/s Asstt. Commissioner of Income Tax ……………. Respondent Central Circle–2(2), Nagpur Assessee by : Ms. Shikha Loya Revenue by : Shri Kailash C. Kanojiya Date of Hearing – 26/08/2024 Date of Order – 02/09/2024 O R D E R PER K.M. ROY, A.M. The captioned appeals have been filed

PRECISION COMPONENT HIGHTECH LTD.,NAGPUR vs. ACIT CENTRAL CIRCLE 2(2), NAGPUR

In the result, assessee’s appeal is allowed as above for all the seven years

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

58, Hingna Road, MIDC Industrial Area ……………. Appellant Hingna, Nagpur 440 016 PAN–AABCP8042P v/s Asstt. Commissioner of Income Tax ……………. Respondent Central Circle–2(2), Nagpur Assessee by : Ms. Shikha Loya Revenue by : Shri Kailash C. Kanojiya Date of Hearing – 26/08/2024 Date of Order – 02/09/2024 O R D E R PER K.M. ROY, A.M. The captioned appeals have been filed

PRECISION COMPONENT HIGHTECH LTD.,NAGPUR vs. ACIT CENTRAL CIRCLE 2(2), NAGPUR

In the result, assessee’s appeal is allowed as above for all the seven years

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

58, Hingna Road, MIDC Industrial Area ……………. Appellant Hingna, Nagpur 440 016 PAN–AABCP8042P v/s Asstt. Commissioner of Income Tax ……………. Respondent Central Circle–2(2), Nagpur Assessee by : Ms. Shikha Loya Revenue by : Shri Kailash C. Kanojiya Date of Hearing – 26/08/2024 Date of Order – 02/09/2024 O R D E R PER K.M. ROY, A.M. The captioned appeals have been filed

PRECISION COMPONENT HIGHTECH LTD.,NAGPUR vs. ACIT CENTRAL CIRCLE 2(2), NAGPUR

In the result, assessee’s appeal is allowed as above for all the seven years

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

58, Hingna Road, MIDC Industrial Area ……………. Appellant Hingna, Nagpur 440 016 PAN–AABCP8042P v/s Asstt. Commissioner of Income Tax ……………. Respondent Central Circle–2(2), Nagpur Assessee by : Ms. Shikha Loya Revenue by : Shri Kailash C. Kanojiya Date of Hearing – 26/08/2024 Date of Order – 02/09/2024 O R D E R PER K.M. ROY, A.M. The captioned appeals have been filed

PRECISION COMPONENT HIGHTECH LTD,NAGPUR vs. ACIT CENTRAL CIRCLE 2(2), NAGPUR

In the result, assessee’s appeal is allowed as above for all the seven years

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

58, Hingna Road, MIDC Industrial Area ……………. Appellant Hingna, Nagpur 440 016 PAN–AABCP8042P v/s Asstt. Commissioner of Income Tax ……………. Respondent Central Circle–2(2), Nagpur Assessee by : Ms. Shikha Loya Revenue by : Shri Kailash C. Kanojiya Date of Hearing – 26/08/2024 Date of Order – 02/09/2024 O R D E R PER K.M. ROY, A.M. The captioned appeals have been filed

PRECISION COMPONENT HIGHTECH LTD,NAGPUR vs. ACIT CENTRAL CIRCLE 2(2), NAGPUR

In the result, assessee’s appeal is allowed as above for all the seven years

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

58, Hingna Road, MIDC Industrial Area ……………. Appellant Hingna, Nagpur 440 016 PAN–AABCP8042P v/s Asstt. Commissioner of Income Tax ……………. Respondent Central Circle–2(2), Nagpur Assessee by : Ms. Shikha Loya Revenue by : Shri Kailash C. Kanojiya Date of Hearing – 26/08/2024 Date of Order – 02/09/2024 O R D E R PER K.M. ROY, A.M. The captioned appeals have been filed

PRECISION COMPONENT HIGHTECH LTD,NAGPUR vs. ACIT CENTRAL CIRCLE 2(2), NAGPUR

In the result, assessee’s appeal is allowed as above for all the seven years

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

58, Hingna Road, MIDC Industrial Area ……………. Appellant Hingna, Nagpur 440 016 PAN–AABCP8042P v/s Asstt. Commissioner of Income Tax ……………. Respondent Central Circle–2(2), Nagpur Assessee by : Ms. Shikha Loya Revenue by : Shri Kailash C. Kanojiya Date of Hearing – 26/08/2024 Date of Order – 02/09/2024 O R D E R PER K.M. ROY, A.M. The captioned appeals have been filed

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

MISS FATEMA SHOEB HUSSAIN,,NAGPUR vs. ITO, WARD- 2(4),, NAGPUR

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

58,05,622 Unexplained credit ` 12,59,000 2007–08 Tour & Travel Ticket booking ` 6,01,915 business income ` 18,60,915 ` 18,60,915 2008–09 Re: Maria Unexplained credit ` 25,63,755 Construction in Bank Estimated business ` 6,51,850 income Unexplained ` 15,60,000 Investment Unexplained credit in bank a/c ` 33,01,509 ` 33,01,509 (reduced