ACIT, CIRCLE-4, NAGPUR vs. SHRI VINOD BALBHADRA GOENKA,, NAGPUR
In the result, appeal of the Revenue is dismissed
ITA 204/NAG/2017[2014-15]Status: DisposedITAT Nagpur28 Jun 2022AY 2014-15
Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2014-15 The Acit Vs. Shri Vinod Balbhadra Goenka Circle-4 247, Nandanvan Layout Nagpur Nagpur Pan No.:Aanpg 6841 N Appellant Respondent Revenue By :Shri Piyush Kolhe (Cit-Dr) Assessee By: Shri K.P. Dewani, Adv Date Of Hearing: 28/04/2022 Date Of Pronouncement: 28 /06 /2022 Order Per: Sandeep Gosain, J.M. This Is An Appeal By Revenue Against Order Of Learned Commissioner Of Income Tax (Appeals)-4, Nagpur Dated 30/03/2017 In Appeal No.Cit(A)- 4/198/16-17 For The Assessment Year 2014-15. The Grounds Raised By The Revenue In This Appeal Are As Under:
For Appellant: Shri K.P. Dewani, AdvFor Respondent: Shri Piyush Kolhe (CIT-DR)
Section 10(38)Section 131Section 68Section 69C
section 68 of I.T. Act 1961 referring to various judgements and case laws and concluded that sale proceeds of shares is liable to be assessed as unexplained cash credit u/s 68 of I.T. Act 1961. Assessing Officer accordingly made addition at Rs.5,73,42,518/- being sale proceeds of shares to the income declared.
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ACIT, CIRCLE-4, NAGPUR
