ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

capital gain and to avoid paying the taxes, which is not related in the case of the assessee. The Assessing Officer relied on statement recorded behind the back of the assessee and no opportunity to cross examine has been granted to the assessee. The Assessing Officer has not accepted the contention of the assessee and made addition under section

JEETENDRA CHANDRAKANT NAYAK,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOM TAX(OSD), NAGPUR

In the result, the appeal filed by the assessee is allowed

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

capital gain is invested in purchasing a residential house or constructing the residential house within the time stipulated therein. Proviso to sub section (1) states that the exemption contemplated under sub section (1) would not be available where an assessee owns a residential house as on the date of the transfer and that the income from the residential house

RAJESH SARDA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(2), NAGPUR

In the result, the addition of undisclosed income under section 68 is deleted

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy(Physical Hearing) Rajesh Sarda, Acit, Central Circle – 2(2), Nagpur 14, Daga Lay–Out, Ambazari Road, Vs Aayakar Bhawan, Civil Lines, Nagpur – 440033. Maharashtra – 440001. [Pan: Ahaps4925M] Appellant / Assessee Respondent / Revenue Assessee By Shri K.P. Dewani, Advocate Revenue By Shri Pankaj Kumar, Cit–Dr Date Of Hearing 16.02.2026 Date Of Pronouncement 24.02.2026 Order Under Section 254(1) Of Income Tax Act

section 10(38). The AO prepared summary of working of capital gain in respect of both the scrips. The AO recorded that assessee purchased 40000 share of Premier Capital Services Ltd. in August, 2012 and sold the same scrip during May and June, 2014 and have shown capital gain of `. 8.42 crore. Similarly, for Kailash Auto Finance

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

section 50C deserves to be ignored in the interest of justice. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 6) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant on account of income from house property from the houses owned by the Appellant without providing any cogent reasons for the same and further by ignoring the submissions

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

section 50C deserves to be ignored in the interest of justice. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 6) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant on account of income from house property from the houses owned by the Appellant without providing any cogent reasons for the same and further by ignoring the submissions

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

section 50C deserves to be ignored in the interest of justice. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 6) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant on account of income from house property from the houses owned by the Appellant without providing any cogent reasons for the same and further by ignoring the submissions

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

section 50C deserves to be ignored in the interest of justice. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 6) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant on account of income from house property from the houses owned by the Appellant without providing any cogent reasons for the same and further by ignoring the submissions

ECONOMIC EXPLOSIVES LIMITED,NAGPUR vs. NATIONAL E ASSESSMENT CENTRE, NEW DELHI

In the result, appeal for the assessment year 2018–19 filed by the assessee is partly allowed

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

gains was not intended to be restricted. Subsequently also when that section was replaced by section 115J, the object was to introduce the provision whereby every company will have to pay a minimum corporate tax on the profits declared by it in its own accounts. These profits can only be those which are assessable as income under

ECONOMIC EXPLOSIVES LIMITED,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1 (2), NAGPUR

In the result, appeal for the assessment year 2018–19 filed by the assessee is partly allowed

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

gains was not intended to be restricted. Subsequently also when that section was replaced by section 115J, the object was to introduce the provision whereby every company will have to pay a minimum corporate tax on the profits declared by it in its own accounts. These profits can only be those which are assessable as income under

MANISHA ASHUTOSH SHEWALKAR,NAGPUR vs. INCOME TAX OFFICER WARD 5(3), NAGPUR

In the result, assessee’s appeal stands allowed

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

75,000, as determined by the Stamp Duty authority. For the assessment year 2014–15, the assessee had filed her return of income, but has not offered the Capital Gain Tax stating that the asset sold is not a capital asset. Therefore, the Assessing Officer was of the view that as the land sold at enhanced price more than

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

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

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\n*15,354\n16,36,74,245\n16,36,89,599\n3.\nThe assessee

SIMA RAVISINGH KACHHAWAH,UMRER vs. ITO WARD 3(4), NAGPUR

In the result, appeal filed by the assessee is allowed for statistical purposes

Bench: Shripavan Kumar Gadalesima Ravisingh Kachhawah, Girad Road, Om Nagar Umrer, ……………. Appellant Nagpur- 441203 Maharastra, Pan – Aqmpk2899K V/S Income Tax Officer ……………. Respondent Ward–3(4), Nagpur Assessee By: Shri.D.P. Lohiya.Ar Revenue By :Shri Surjit Kumar Saha.Sr.Dr

75,600 claimed under Section 80C. This addition was made despite the assessee having declared the entire transaction value/gross receipts of Rs. 33,25,470/- as turnover under Section 44AD from the real estate business in the return of income. The addition was unjustifiably made under Section 50C as Long-Term Capital Gain

ANIL SHANKAR PALEWAR,NAGPUR vs. INCOME TAX OFFICER, WARD-5(1), NAGPUR

In the result, appeal of the assessee is allowed

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.36/Nag/2022 िनधा"रण वष" / Assessment Year : 2015-16 Anil Shankar Palewar, The Income Tax Officer, Plot No.219, Suyog Nagar, V Ward-5(1), Nagpur. Nagpur – 440015. S Pan: Abzpp 8221 A Appellant / Assessee Respondent / Revenue Assessee By Shri Kapil Hirani – Ar Revenue By Smt. Rashmi Mathur – Sr.Dr Date Of Hearing 26/10/2023 Date Of Pronouncement 31/10/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Is Filed Against The Order Of Ld. Commissioner Of Income Tax[Nfac], Delhi Dated 26.12.2021Under Section 250 Of The Act, 1961 For The Assessment Year 2015-16. The Assessee Has Raised Following Grounds Of Appeal : “1) On The Facts & Circumstances Of The Case & In Law, The Ld. Ao Grossly Erred In Disallowing & The Ld. Cit(A) Nfac, Delhi Grossly Erred In Confirming The Denial Of Benefit Of Exemption Under Section 54Ec Of The Income Tax Act, 1961 As Claimed By The Appellant In His Return Of Income. The Exemption Under Section 54Ec Anil Shankar Palewar [A]

section 54EC Anil Shankar Palewar [A] as claimed deserves to be allowed as per law and in the interest of natural justice. 2) The Appellant craves leave to add, amend, alter, vary and / or withdraw the above ground of appeal with the kind permission of the Hon’ble Tribunal.” Submission of ld.AR : 2 The ld.Authorised Representative(ld.AR) of the assessee

VIRAMBHAI HARGOVANBHAI PATEL,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, DELHI

In the result appeal of the Revenue is dismissed

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

75,000/- for stamp duty levy. The fair market value as determined by the Departmental Valuation Officer is Rs. 62,12,200/- which is more than the fair market value determined by the appellant's Valuation Officer. Accordingly, AO added the difference between the fair market value to the total income. Since the purchase consideration is below the stamp valuation

RAVINDRA KHANDELWAL,AKOLA vs. ASSISTANT COMMISSIONER OF INCOME TAX - CIRCLE AKOLA , 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

75 lakh as unexplained cash credit under section 68 of the Act. 9. The next issue which arose out of ground no.4, relates to interest under section 36)\(1)(iii) of the Act. 10. The Assessing Officer disallowed a part of the interest considering it as interest on capital not borrowed for the purpose of business on proportionate basis

DILIP JAIKUMAR CHANDAK,AMRAVATI vs. ITO WARD-1, AMRAVATI

In the result, appeal by the assessee is allowed for statistical purposes

Bench: Justice (Retd.) C.V. Bhadang & Shri R.K. Panda

section 155(15) by adopting the fair market value determined by the DVO and reduced the indexed cost of acquisition of the property from ` 86,37,190 adopted by the assessee to ` 11,35,050 resulting in addition of ` 75,02,140 on account of long-term capital gains

ASSTT.COMMISSIONER OF INCOME TAX CIRCLE-5, NAGPUR vs. THE NIRMAL UJWAL CREDIT CO-OP SOCIETY LTD, NAGPUR

In the result, appeal filed by the Revenue for the assessment year

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

capital gains; view of the Tribunal in allowing the assessee‘s appeal on the principle of consistency cannot in the present facts be faulted with.‖ 17 The Nirmal Ujwal Credit Co–operative Society Ltd. A.Y. 2012–13 10. The learned Counsel further submitted that the issue is also covered by the following case laws of the Hon’ble High Court

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

gain on shares held as taxable, without discussing anything on merit.. 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 of Rs.58,53,382/- on account of credits in capital account, without discussing anything on merit