SHABBIR AHMED AHMED ALI,NAGPUR vs. NATIONAL E ASSESMENT CENTRY, DELHI

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

80,50,000. Accordingly, notice under section 142(1) of the Act was issued to the assessee. The assessee furnished his reply along with its enclosures. The Assessing Officer, on a perusal of assessee’s reply, it was observed that the assessee has sold the said immovable property during the year under consideration and worked out capital gain

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 from Business and Profession" shall be computed in accordance with either cash system of accounting or mercantile system of accounting. As per sub section (1) of section 128 of the 2013 Act a company is compulsorily required to follow mercantile system of accounting. The Appellant being a company is compulsory required to follow mercantile system of accounting with respect

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 from Business and Profession" shall be computed in accordance with either cash system of accounting or mercantile system of accounting. As per sub section (1) of section 128 of the 2013 Act a company is compulsorily required to follow mercantile system of accounting. The Appellant being a company is compulsory required to follow mercantile system of accounting with respect

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

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]

80,20,000 2 Anil Shankar Palewar [A] 3) The sale of impugned property resulted in Long Term Capital Gain of Rs.71,15,365. 4) The Appellant claimed exemption under section

MAROTRAO LAXMAN KHADSE,NAGPUR vs. INCOME TAX OFFICER, WARD 3(4), NAGPUR

In the result, appeal of the assessee is allowed for statistical purpose

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.187/Nag/2022 िनधा"रण वष" / Assessment Year : 2014-15 Marotrao Laxman Khadse, The Income Tax Address: 4, Ward No.1, Vs Officer, Ward-3(4), Hdkeshwar, District: Nagpur. Nagpur. Maharashtra – 440034. Pan: Cropk0636B Appellant/ Assessee Respondent/Revenue Assessee By None. Revenue By Shri Abhay Y. Marathe– Sr.Dr Date Of Hearing 23/02/2024 Date Of Pronouncement 28/02/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Order Of Ld.Commissioner Of Income Tax(Appeals)[Nfac],Under Section 250 Of The Income Tax Act, 1961 Dated 26.04.2022 Emanating From The Order Under Section 143(3) R.W.S 147 Of The Act, 1961 Dated 16.12.2019. The Grounds Of Appeal Raised By The Assessee Are As Under : Marotrao Laxman Khadse [A]

capital gain of Rs.2,37,809/- by taking sale consideration at Rs.70,00,000/-. Assessee also claimed exemption under section 54B of Rs.40,80

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

gains of business. This proposition has been duly re-cognized by the decision of Hon'ble Apex Court and Hon'ble jurisdictional High Court. This view has recently been affirmed by Hon'ble Apex Court in the case of M/s G.S. Homes & Hotels P. Ltd. vs. DCIT in Civil Appeal No.(s) 7379-7380 of 2016 vide order dated

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

gains of business. This proposition has been duly re-cognized by the decision of Hon'ble Apex Court and Hon'ble jurisdictional High Court. This view has recently been affirmed by Hon'ble Apex Court in the case of M/s G.S. Homes & Hotels P. Ltd. vs. DCIT in Civil Appeal No.(s) 7379-7380 of 2016 vide order dated

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

gains of business. This proposition has been duly re-cognized by the decision of Hon'ble Apex Court and Hon'ble jurisdictional High Court. This view has recently been affirmed by Hon'ble Apex Court in the case of M/s G.S. Homes & Hotels P. Ltd. vs. DCIT in Civil Appeal No.(s) 7379-7380 of 2016 vide order dated

SMS TOLLS AND DEVELOPERS,NAGPUR vs. ITO, WARD 1(5), NAGPUR

In the result, appeal filed by the assessee is partly allowed in terms indicated above

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

80,633/-] and in such an event, there would have been no occasion for making any addition u/s 2(22)(e) of the Act. The Ld. DR in order to support the action of the AO/Ld. CIT(A) has heavily relied on the Explanation-2 to Section (2(22)(e) of the Act which defines the expression accumulated profit

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

In the result, appeal for the A

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

gains of business attributable to the business of providing banking and credit facilities to the members of society. Therefore, even if certain expenses are disallowed, it will result in increase in gross taxable income and deduction under section 80P, would be allowable on 100% of such gross taxable income. 5.5 This jurisprudence is also endorsed by the Pune Tribunal

MULCHAND JAGANATH RAGIT,NAGPUR vs. ITO WARD 3(4), NAGPUR

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

Bench: Shri Pavan Kumar Gadale

section 45 r.w.s50C at Rs. 11,54,870. 4. The learned AO erred in not providing complete benefit of deduction towards cost of acquisition, improvement, and indexation thereon while computing the long-term capital gain. 5. The Appellant prays leave of the Hon'ble Tribunal to add, amend, alter any of the Grounds of Appeal.” 2. The Ld.AR submitted that

DY. COMMISSIONER OF INCOME TAX, CIRCLE-3, NAGPUR, NAGPUR vs. VINODKUMAR RAJENDRALAL KOCHHAR, KAMPTEE

In the result, the appeal filed by the department is dismissed

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

80,874/- by making the following additions: a) Addition of Closing Balance of Proprietors Capital Account U/s. 68 of Income Tax Act amounting to Rs. 2,56,10,454/-." 4. Procedure in Appeal: The appellant filed submissions dated 20/02/2023 upon enablement of filing online response. 5. Reasons of additions made by the Assessing Officer (AO): The facts of the case

SHASHI VASANT SHASTRI,NAGPUR vs. ASSISSTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(1), NAGPUR

In the result, appeal filed by the assessee stands allowed

Bench: Shri Pawan Singh & Shri Khettra Mohan Royshashi Vasant Shastri, Acit, Central Circle– 2(1) 186, Induyash Apartment, Vs Nagpur 1St Floor, Dharampeth North Bazar Road, Ramnagar Square, Nagpur. Pan : Atbps 5695 M Assessee Respondent Assessee By : Ms. Veena Agrawal, Ca Revenue By : Shri Surjit Kumar Saha, Sr. Dr Date Of Hearing : 26.02.2026 Date Of Pronouncement : 27.03.2026

capital gains arose thereon was not offered to tax and has escaped assessment. Accordingly, case was reopened u/s. 147 and issued notice u/s. 148 of the Act and served upon the assessee. In response thereto, assessee filed return of income. Ld. AO completed the assessment u/s. 143(3) r.w.s. 147 of the Act making the addition

M/S UNIVERSAL DRINKS PVT . LTD.,,NAGPUR vs. A,C.I.T CIR. -2, NAGPUR

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

80,77,605. The assessee has considered net gain as part of book profit, whereas the Assessing Officer is only considering the gross gain on sale of share without deduction of the amount of capital gain. The learned A.R. vehemently submitted that the computation by the Assessing Officer is incorrect and the book profit should be considered

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

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

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

In the result, assessee' appeal for A

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

TAJSHREE AUTOWHEELS PRIVATE LIMITED,NAGPUR vs. ACIT CIRCLE-4, NAGPUR

In the result, assessee’s appeal is allowed for statistical purposes

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

gains by understatement of the consideration. This was real object and purpose of the enactment of sub-section (2) and the interpretation of this sub-section must fall in line with the advancement of that object and purpose. We must, therefore, accept as the underlying assumption of subsection (2) that there is understatement of consideration in respect of the transfer