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

DAYAL AGRO PRODUCTS LTD,AKOLA vs. JCIT, AKOLA RANGE, AKOLA

In the result, the assessee’s appeal is allowed

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

74 of the I.T. Act, 1961, short term capital loss can be carried forward for maximum period of 8 years, to be set off against future capital short term gain. Bu, till 2018-19 no such set off has been claimed and the carried forward loss must not have for set off after assessment year 2018-19. Thus, the loss

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

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

74 of the Paper Book. 2. With respect to Aadhar Ventures India Limited, the assessee submits the following : i. The Aadhar Ventures India Limited is assessed to tax vide PAN – AABCP4155F. The assessee encloses herewith the details of PAN card of Aadhar Ventures India Limited which is on Page-395 of paper book. The postal address of company is 574/577

LOKMANYA TILAD JANAKALYA SHIKSHAN SANSTHA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -2, NAGPUR

In the result, this appeal by the assessee stands partly allowed

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

capital of that concern. 7 ii) The exemption will also not be denied where the aggregate of the income and value of property diverted in favour of the specified person does not exceed Rs. 1,000/- iii) The second proviso to clause (c) of sub-section (1) of section 13 provides one exception. In the case of a religious trust

SHIVPRASAD SHEVADE,NAGPUR vs. ITO WARD 4(4), BSNL RTTC BUILDING, NAGPUR

In the result, grounds of appeal raised by assessee are allowed

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy(Physical Hearing) Shivprasad Shevade, Ito, Ward-4(4), Plot No. 80, Attadeep Nagar, Vs Bsnl Rttc Building, Seminary Near Juni Vasti Manewada, Nagpur, Hills, Nagpur, Nagpur, Maharashtra – 440027. Mharashtra–440033. [Pan: Eqops0368M] Appellant / Assessee Respondent / Revenue

74,000/- treating the entire amount of sale consideration as short-term capital gains, without appreciating the fact that: • The land in question had been sold in earlier years, • Possession had already been handed over prior to FY 2014-15; • Only the registered deeds were executed in FY 2014-15: • Consideration was received in earlier years; • Appellant had no role

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

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

gains and interest etc. The return of income u/s. 139(1) was filed on 17-02-2012 declaring total income of Rs. 10,36,730/-. Intimation u/s. 143(1) was issued on 7-6-2012 accepting the returned income. A search action u/s. 132 of the Income Tax Act, 1961 was conducted on 26-7-2016 in the case

THE VIDHARBHA PREMIER CO-OPERATIVE HOUSING SOCIETY LTD,,NAGPUR vs. TAX RECOVERY OFFICER, RANGE-6, NAGPUR

In the result these appeals by the assessee and revenue stand allowed for statistical purposes

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

74,65,925.00 as interest on investment made in various co-operative banks is ancillary and incidental to carrying on the business of providing credit facilities to its members, and as such, exempt under the provisions of section 80P(2)(a)(i). The Appellant Assessee deposited surplus funds available with it in co- operative banks and earns interest thereon

ITO, WARD-6(1),, NAGPUR vs. THE VIDARBHA PREMIER CO-OP. HOUSING SOCIETY,, NAGPUR

In the result these appeals by the assessee and revenue stand allowed for statistical purposes

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

74,65,925.00 as interest on investment made in various co-operative banks is ancillary and incidental to carrying on the business of providing credit facilities to its members, and as such, exempt under the provisions of section 80P(2)(a)(i). The Appellant Assessee deposited surplus funds available with it in co- operative banks and earns interest thereon

M/S NAVAL K AGARWAL,NAGPUR vs. ASSTT.COMMISSIONER OF INCOME-TAX CENTRAL CIRCLE-1(1), NAGPUR

In the result, this appeal by the assessee is allowed

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

gainfully refer to the provisions of section 271AAA : “271AAA. Penalty where search has been initiated.—(1) The Assessing Officer may, notwithstanding anything contained in any other provisions of this Act, direct that, in a case where search has been initiated under section 132 on or after the 1st day of June, 2007, the assessee shall pay by way of penalty

M/S FUEL CORPORATION OF INDIA,NAGPUR vs. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1), NAGPUR

In the result, assessee’s appeal is ordered to be allowed

Bench: Shri P.K. Bansal & Shri Amarjit Singh

gainfully refer to the provisions of section 271AAA : “271AAA. Penalty where search has been initiated.—(1) The Assessing Officer may, notwithstanding anything contained in any other provisions of this Act, direct that, in a case where search has been initiated under section 132 on or after the 1st day of June, 2007, the assessee shall pay by way of penalty

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

74,41,705/- (3) Tax Effect 1. On the facts and circumstances of the case and in Rs. 41,41,644/- law, the Ld. CIT(A) has erred in deleting the addition of Rs. 75,59,132/- made by the AO towards difference in cost of investment in the property based on Department Valuer's Report. Total Tax Effect

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

74,41,705/- (3) Tax Effect 1. On the facts and circumstances of the case and in Rs. 41,41,644/- law, the Ld. CIT(A) has erred in deleting the addition of Rs. 75,59,132/- made by the AO towards difference in cost of investment in the property based on Department Valuer's Report. Total Tax Effect

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

74,41,705/- (3) Tax Effect 1. On the facts and circumstances of the case and in Rs. 41,41,644/- law, the Ld. CIT(A) has erred in deleting the addition of Rs. 75,59,132/- made by the AO towards difference in cost of investment in the property based on Department Valuer's Report. Total Tax Effect

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

74,41,705/- (3) Tax Effect 1. On the facts and circumstances of the case and in Rs. 41,41,644/- law, the Ld. CIT(A) has erred in deleting the addition of Rs. 75,59,132/- made by the AO towards difference in cost of investment in the property based on Department Valuer's Report. Total Tax Effect

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

74,41,705/- (3) Tax Effect 1. On the facts and circumstances of the case and in Rs. 41,41,644/- law, the Ld. CIT(A) has erred in deleting the addition of Rs. 75,59,132/- made by the AO towards difference in cost of investment in the property based on Department Valuer's Report. Total Tax Effect

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

74,41,705/- (3) Tax Effect 1. On the facts and circumstances of the case and in Rs. 41,41,644/- law, the Ld. CIT(A) has erred in deleting the addition of Rs. 75,59,132/- made by the AO towards difference in cost of investment in the property based on Department Valuer's Report. Total Tax Effect

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

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

gains and interest etc. The return of income u/s. 139(1) was filed on 17-02-2012 declaring total income of Rs. 10,36,730/-. Intimation u/s. 143(1) was issued on 7-6-2012 accepting the returned income. A search action u/s. 132 of the Income Tax Act, 1961 was conducted on 26-7-2016 in the case