DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

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

Capital Gain to Beneficiaries. It is submitted that none of the observations referred to in Chapter 6 of the report are directly or indirectly applicable in the case of the assessee. The assessment order dose not refer to any indulgence of the assessee in any of the activities described in Chapter 6 and hence the case of the assessee

DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

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

Capital Gain to Beneficiaries. It is submitted that none of the observations referred to in Chapter 6 of the report are directly or indirectly applicable in the case of the assessee. The assessment order dose not refer to any indulgence of the assessee in any of the activities described in Chapter 6 and hence the case of the assessee

SUSHILA BHAURAO DESHMUKH,AMRAVATI vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, NAGPUR

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durgarao & Shrik.M. Roy, Accountant, Member

capital gain and deductions claimed u/s 80C; xi) Reply to ITO, Ward–2, Amravati dated 20/09/2018; xii) Copy of bank statements and working sheet to explain payment of cost of improvement; xiii) Copy of sample bills & ledger account; 7 SushilaBhauraoDeshmukh ITAno.76/Nag./2022 xiv) Notice for hearing dated 16/02/2022; xv) Assessment order u/s 143(3) r/w section 263 r/w section 144B

SANJAY GULABCHAND GUPTA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX,CIRCLE-4, NAGPUR

In the result, appeal by the assessee stands dismissed

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

Capital gain but remaining in the time frame stipulated in Section 54F, deduction u/s 54F cannot be denied. The appellant also stated that it is on record and admitted fact that construction started in Asst Year 2015-16 and culminated in Asst Year 2017-18. In course of this period the Assessee claimed exemption u/s 54F for gain

SHRI DEEPAK SURESH GADGE,,NAGPUR vs. DY. CIT, CIRCLE-1 , NAGPUR

In the result, appeal filed by the assessee partly allowed

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

Capital Gain Rs. 4,59,13,200/- Income tax Officer vide order under section 143(3) dated 21/03/2016 determined the income at Rs. 8

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

In the result, appeal of the Revenue stands dismissed

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

section 10(38) were being misused by the beneficiaries of bogus long term capital gain and to avoid paying taxes and have also been forwarded the details of transactions entered into by the assessee. The learned assessing officer has not any provided the details forwarded by Investigation Wing, Kolkatta as well as statement of persons, whose statement were recorded during

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

section 54F in respect of capital gain arising from sale of asset was to be rejected. 8. The authorized representative

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

capital gain, however, in the return of income filed in response to notice under section 153A, the assessee claimed such income as exempt income. Rajesh Sarda (AY2015-16) ITA 44/Nag/2022 8

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 of the Act relates to current year loss

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 gains on the sale of jewellery ought to be assessed based on the period of holding and in accordance with the provisions of the Income Tax Act, 1961 in the interest of justice. 4) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant by an amount of Rs. 68,568 on account of interest income

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 gains on the sale of jewellery ought to be assessed based on the period of holding and in accordance with the provisions of the Income Tax Act, 1961 in the interest of justice. 4) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant by an amount of Rs. 68,568 on account of interest income

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 gains on the sale of jewellery ought to be assessed based on the period of holding and in accordance with the provisions of the Income Tax Act, 1961 in the interest of justice. 4) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant by an amount of Rs. 68,568 on account of interest income

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 gains on the sale of jewellery ought to be assessed based on the period of holding and in accordance with the provisions of the Income Tax Act, 1961 in the interest of justice. 4) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant by an amount of Rs. 68,568 on account of interest income

ACIT, CENTRAL CIRCLE -1(3), NAGPUR vs. SHRI ASHOK VASANTRAI TRIVEDI , NAGPUR

In the result, the appeal of Revenue is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

section 45(1) of the Act, the transfer of capital asset would attract the capital gain tax, is not depend upon the receipt of consideration. Further, he argued that the CIT(A) erred in holding the assessee is correctly declared the capital gains on sale of immovable property in the A.Y. 2018-19 and supported the order

ACIT-CENTRAL CIRCLE -1(3), NAGPUR vs. SHRI AJAY VASANTRAI TRIVEDI , NAGPUR

In the result, the appeal of Revenue is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

section 45(1) of the Act, the transfer of capital asset would attract the capital gain tax, is not depend upon the receipt of consideration. Further, he argued that the CIT(A) erred in holding the assessee is correctly declared the capital gains on sale of immovable property in the A.Y. 2018-19 and supported the order

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

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

8. In the return of income, the assessee claimed the Sales Tax Subsidy as capital receipt and deducted the same while computing the income under the head 'Profit and Gains of Business or Profession' under the normal provisions of the Act. However, while computing the book profit under the MAT provisions of the Act, the assessee did not correspondingly reduce

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

8. In the return of income, the assessee claimed the Sales Tax Subsidy as capital receipt and deducted the same while computing the income under the head 'Profit and Gains of Business or Profession' under the normal provisions of the Act. However, while computing the book profit under the MAT provisions of the Act, the assessee did not correspondingly reduce