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

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

72 of the Act. 7. Further, the provisions under sub-section (2) of section 71 of the Act allows set off loss from one head against income from another. Sub- section (2) explains if the net result of the computation under any head of income, other than “Capital gains

DY. C.I.T. CIR-.2, NAGPUR vs. SHRI GOVINDDAS GOVERDHAN DAGA, NAGPUR

In the result, cross-objection filed by the assessee stands dismissed

72,710\n8,75,815\nSale Date\n31/12/20111\n31/12/2011\nSales Consideration\n*18,459\n17,31,94,4007\n17,32,12,466\nSelling Expenses\n₹0\n*86,47,052\n86,47,052\nNet Sale Consideration\n*18,459\n16,45,46,955\n16,45,65,414\nCapital Gains

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

section 43CA cannot be applied in the appellant's case since the property has certain disadvantages. All these facts have been carefully considered by the DVO while determining the market value and therefore, no further relief can be given on this account. The appellant's AR has also referred to certain judicial decisions in support of the arguments

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

section 43CA cannot be applied in the appellant's case since the property has certain disadvantages. All these facts have been carefully considered by the DVO while determining the market value and therefore, no further relief can be given on this account. The appellant's AR has also referred to certain judicial decisions in support of the arguments

DY COMMISSIONER OF INCOME TAX , CIRCLE-1, NAGPUR vs. M/S NIHAL GITS PVT.LTD , NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

72 ITR 612 (SC), Aluminium Corpn.of India Ltd. v. CIT [1972] 86 ITR 11 (SC) and CIT v. Panipat Woollen & General Mills Co. Ltd. [1976] 103 ITR 66 (SC). 4.8 During the course of appellate proceedings, the appellant was asked about applicability of provisions of section 56(2)(viib) of the Act. The appellant submitted that the aforesaid provision

ASSTT.COMMISSIONER OF INCOME TAX CIRCLE-1, NAGPUR vs. VISHNU GILTS PVT.LT, NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

72 ITR 612 (SC), Aluminium Corpn.of India Ltd. v. CIT [1972] 86 ITR 11 (SC) and CIT v. Panipat Woollen & General Mills Co. Ltd. [1976] 103 ITR 66 (SC). 4.8 During the course of appellate proceedings, the appellant was asked about applicability of provisions of section 56(2)(viib) of the Act. The appellant submitted that the aforesaid provision

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE -1, NAGPUR vs. M/S RAGHAV FINVEST PVT LTD , NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

72 ITR 612 (SC), Aluminium Corpn.of India Ltd. v. CIT [1972] 86 ITR 11 (SC) and CIT v. Panipat Woollen & General Mills Co. Ltd. [1976] 103 ITR 66 (SC). 4.8 During the course of appellate proceedings, the appellant was asked about applicability of provisions of section 56(2)(viib) of the Act. The appellant submitted that the aforesaid provision

INCOME TAX OFFICER , WARD -5, AMRAVATI vs. JITENDRA PRANSINGH THAKUR , AMRAVATI

Appeal is dismissed in above terms

Bench: Shri Satbeer Singh Godara & Shri Dr. Dipak P. Ripote

gains recomputation in light of section 50C of the Act. We find no merit in the Revenue’s instant stand as well since the provisions of section 50C of the Act (in case of the vendor of the capital asset concerned) applicable mutatis mutandis in section 56(2)(vii)(b) in the concerned vendee’s case. We accordingly conclude

A,C.I.T. CENTRAL CIR.- 2(2), NAGPUR vs. SHRI DHARAMPAL R.AGRAWAL, NAGPUR

In the result, Revenue’s appeal being ITA no

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

capital gain of Rs.17.33.880/- on sale of shares claimed exempt u/s.10(38). 7. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in deleting the addition made by the Assessing Officer on account of disallowance of legal and professional charges of Rs. 2,25,310/-. 8. On the facts

DY. C.I.T. CENTRAL CIR2(2), NAGPUR vs. M/S SHREE AGRAWAL COAL INDIA PVT. LTD.,, NAGPUR

In the result, Revenue’s appeal being ITA no

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

capital gain of Rs.17.33.880/- on sale of shares claimed exempt u/s.10(38). 7. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in deleting the addition made by the Assessing Officer on account of disallowance of legal and professional charges of Rs. 2,25,310/-. 8. On the facts

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

72,68,000, was made on account of alleged commission income.\nA survey action under section 133A of the Act was also carried out at the\nofficial premises of assessee i.e., M/s. SNJ & Associates, (a Partnership Firm\nin which Shri Sanjay Jain, who is a Chartered Accountant, is also a Partner)\nsituated at 1st Floor, Mangalam Icon, Ramnagar Square, Nagpur

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

72,32,292, as interest expenses, which were asserted to be incurred for earning income from other sources, but were not recorded in the Profit & Loss Account of the business. The Assessing Officer disallowed this expenditure on the grounds that the expenditure claimed was not reflected in the Profit & Loss Account, which is a standard practice for legitimate business expenses

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

In the result, assessee' appeal for A

72,68,000, was made on account of alleged commission income. A survey action under section 133A of the Act was also carried out at the official premises of assessee i.e., M/s. SNJ & Associates, (a Partnership Firm in which Shri Sanjay Jain, who is a Chartered Accountant, is also a Partner) situated at 1st Floor, Mangalam Icon, Ramnagar Square, Nagpur

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

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

72,68,000, was made on account of alleged commission income.\nA survey action under section 133A of the Act was also carried out at the\nofficial premises of assessee i.e., M/s. SNJ & Associates, (a Partnership Firm\nin which Shri Sanjay Jain, who is a Chartered Accountant, is also a Partner)\nsituated at 1st Floor, Mangalam Icon, Ramnagar Square, Nagpur