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

section (2) explains if the net result of the computation under any head of income, other than “Capital gains”, is a loss in respect of any assessment year such loss be set off against income under any head under capital gain assessable for that year. We note that the provisions u/s. 71

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

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. 6,11,73,521/- Less: WDV of the Vehicles : Rs. 4,68,71

RUPESH LALDAS DHAKATE,NAGPUR vs. ITO WARD -1, BHANDARA

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao

capital gains taxation under Section 50C of the Income Tax Act. Ruling: The court observed that the execution of the agreement and payment made before the registration date can be considered for the purpose of determining the sale price. The case involved situations where agreements to sell were executed, and payments were made before the actual registration of the sale

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

capital gains' and (v) 'income from other sources cannot at all be adjusted against unexplained investment or expenditure. What is necessary as per Hon'ble Gujarat High Court is that source of acquisition of asset or expenditure should be clearly identifiable. In the case before Hon'ble Gujarat High Court the source of gold confiscated was not identifiable and hence

NIRMALKUMAR AGRAWAL HUF,NAGPUR vs. INCOME TAX OFFICER, WARD-2, BHANDARA

In the result, assessee’s appeal stands allowed

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

capital gain your all bank accounts. and unsecured loan advanced. Pg.5, Para–3.2 Notice u/s 142(1) dt. 29/10/2022 – Point 2. Pg.4, Para–3 • As stated by the assessee during • Please furnish agreement • There is no written assessment / contract depicting agreement / contract proceedings that terms and conditions of for loan taken from there was no loan taken from NAPL

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

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCEL-2(1), NAGPUR vs. M/S. METROCITY HOMES, NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

capital account of Shri Prashant Bongirwar, the common partner in both the firms. Hence, no addition ought to have been 9 M/s. Metrocity Homes A.Y. 2017–18 made on account of unexplained expenditure by the assessee. The assessee had mentioned the same during the assessment proceedings but had not been considered by the learned A.O while passing the assessment order

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1),NAGPUR, NAGPUR vs. M/S. RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

Gain on sale of unquoted to the tune of Rs. 1.62crores during A.Y. 2014-15. Further, the AO has also stated that returned income for A.Υ. 2010-11 is Rs. 1.56 crores and for A.Y. 2013-14 is Rs. 1.99 lakhs. The AO has also stated the source Rs. 21.47 crores of fund advanced to the appellant

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), NAGPUR vs. M/S. RADHA MADHAV DEVELOPER , NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

Gain on sale of unquoted to the tune of Rs. 1.62crores during A.Y. 2014-15. Further, the AO has also stated that returned income for A.Υ. 2010-11 is Rs. 1.56 crores and for A.Y. 2013-14 is Rs. 1.99 lakhs. The AO has also stated the source Rs. 21.47 crores of fund advanced to the appellant

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), NAGPUR vs. M/S. RADHA RADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

Gain on sale of unquoted to the tune of Rs. 1.62crores during A.Y. 2014-15. Further, the AO has also stated that returned income for A.Υ. 2010-11 is Rs. 1.56 crores and for A.Y. 2013-14 is Rs. 1.99 lakhs. The AO has also stated the source Rs. 21.47 crores of fund advanced to the appellant

ASSTT.COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1), NAGPUR vs. M/S RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

Gain on sale of unquoted to the tune of Rs. 1.62crores during A.Y. 2014-15. Further, the AO has also stated that returned income for A.Υ. 2010-11 is Rs. 1.56 crores and for A.Y. 2013-14 is Rs. 1.99 lakhs. The AO has also stated the source Rs. 21.47 crores of fund advanced to the appellant

ASSTT.COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1), NAGPUR vs. M/S RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

Gain on sale of unquoted to the tune of Rs. 1.62crores during A.Y. 2014-15. Further, the AO has also stated that returned income for A.Υ. 2010-11 is Rs. 1.56 crores and for A.Y. 2013-14 is Rs. 1.99 lakhs. The AO has also stated the source Rs. 21.47 crores of fund advanced to the appellant

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), NAGPUR vs. M/S. RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

Gain on sale of unquoted to the tune of Rs. 1.62crores during A.Y. 2014-15. Further, the AO has also stated that returned income for A.Υ. 2010-11 is Rs. 1.56 crores and for A.Y. 2013-14 is Rs. 1.99 lakhs. The AO has also stated the source Rs. 21.47 crores of fund advanced to the appellant

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

Section 68 is applicable in the case of the assessee. On the above mentioned preposition assessee placed reliance on following judgments 22 M/s. N. Kumar Construction Co. Pvt. Ltd. Assessment Year 2012–13 1) Order of the Hon‘ble Income Tax Appellate Tribunal, Delhi Bench ‗SMC‘ New Delhi dated 25/06/2018 vide appeal ITA No. 3133/Del/2018 in case of Moti Adhesives