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

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

81,229 (Coat as on 25/04/2007 – ` 10,80,000) Expenses on Transfer 1,61,000 Capital Gain 57,07,771 Less: Exemption: Under section

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

DY. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1), NAGPUR vs. SHRI SANJAY GAURISHANKAR AGRAWAL , NAGPUR

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

81,283/ thus a total receipt of Rs.95,60,988/- against which total long term capital gain of Rs.94,60,988.70 has been claimed by assessee as exempt u/s 10(38) of IT Act 1961 in A.Y 2014-15. ii) The claim of the assessee of exempt LTCG amounting to Rs. 94,60,988.70/- was not allowed by the assessing

PRITAM SINGH CHARAN SINGH GUJJAR,NAGPUR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4,, NAGPUR

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao

gains under this anti-avoidance provision. In our humble understanding, it is a case of a curative amendment to take care of unintended consequences of the scheme of Section 50C. It makes perfect sense, and truly reflects a very pragmatic approach full of compassion and fairness, that just because there is a small variation between the stated sale consideration

SHREE MAYA REAL ESTATE PVT. LTD.,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR

In the result, appeal filed by the assessee is allowed

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

gains under this anti-avoidance provision. In our humble understanding, it is a case of a curative amendment to take care of unintended consequences of the scheme of Section 50C. It makes perfect sense, and truly reflects a very pragmatic approach full of compassion and fairness, that just because there is a small variation between the stated sale consideration

SHREE MAYA REAL ESTATE PVT. LTD.,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR

In the result, appeal filed by the assessee is allowed

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

gains under this anti-avoidance provision. In our humble understanding, it is a case of a curative amendment to take care of unintended consequences of the scheme of Section 50C. It makes perfect sense, and truly reflects a very pragmatic approach full of compassion and fairness, that just because there is a small variation between the stated sale consideration

SHRIRAM NARAYAN TIKDE,NAGPUR vs. INCOME TAX, WARD 4(4) , NAGPUR

Bench: Shri V. Durga Rao

section 54 by making investment of Rs.17,00,000 in construction of new residential property at Janaki Nagar, within prescribed period of time. The capital gains computation as per assessee is as under: 2.1 Particulars Amount Amount Sale of Residential Property 14,50,000.00 a. Consideration Received 20,56,000.00 20,56,000.00 b. Stamp Valuation U/s 54C (Whichever

VIDHARBHA KONKAN GRAMIN BANK ,NAGPUR vs. INCOME TAX OFFICER WARD 1(5) , NAGPUR

In the result, appeal filed by the assessee for A

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

81,436, by making addition of ` 97,06,79,200, as disallowance under the provisions for bad and doubtful debt under section 36(1)(viia) of the Act, ` 17,39,54,837, as addition on account of interest accrued but not due on Government and other securities, ` 2,68,07,020, as disallowance on account of deduction under section

VIDHARBHA KONKAN GRAMIN BANK ,NAGPUR vs. INCOME TAX OFFICER WARD 1(5) , NAGPUR

In the result, appeal filed by the assessee for A

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

81,436, by making addition of ` 97,06,79,200, as disallowance under the provisions for bad and doubtful debt under section 36(1)(viia) of the Act, ` 17,39,54,837, as addition on account of interest accrued but not due on Government and other securities, ` 2,68,07,020, as disallowance on account of deduction under section

SYED YUNUS SYED RASUL ,AMRAVATI vs. INCOME TAX OFFICER, WARD-4, AMRAVATI

In the result, Assessee’s appeal is allowed

Bench: Shri Narender Kumar Choudhrysyed Yunus Syed Rasul, Ito, Ward-4, Amravati. Gawalipura, Chandani Chowk, Vs. Amravati - 444601. Pan: Bkapr 1095 K (Appellant) (Respondent)

81,300/- on sale of the said land in the hands of Assessee. Consequently, the reasons for reopening of the case were recorded and the case of the Assessee was reopened by issuing notice dated 25/03/2019 u/sec. 148 of the Act. Thereafter, a notice u/sec. 142(1) of the Act along with questionnaire was issued on 27/08/2019. In response

SUBHASHCHAND CHANDAK (HUF),NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, NAGPUR

In the result, appeal filed by the assessee is dismissed

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

Capital Gain, which is against the provision of law. 2. The Assessing Officer has not assumed proper jurisdiction u/s.148 to assess the assessee u/s.147 read with section 143(3). Hence, the order passed by the Assessing Officer is bad in law. 3. The order passed by Assessing Officer is against the principle laid down by the Supreme Court, Bombay High

RAMESH WASUDEORAO NAWSALKAR,AMRAVATI vs. DCIT AMRAVATI CIRCLE, AMRAVATI

In the result, appeal of the Assessee is allowed

Bench: Dr. Manish Borad

81,960/- in the return of income for A.Y.2014-15 filed on 28.07.2014. During the year under consideration, assessee sold plots for a consideration of ₹1,30,44,126/- and apart from the other expenses towards cost of acquisition, the assessee also claimed brokerage expenses and registration charges. During the course of assessment proceedings carried

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

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

capital, reserves and share premium. Therefore, as the company has no option to borrow funds from the outsiders, the shareholders have borrowed funds in their Individual capacities and forwarded same to the company. Even the cash credit limit of the assessee‟s proprietorship concern was used to advance funds to the private limited company. Therefore

MISS FATEMA SHOEB HUSSAIN,,NAGPUR vs. ITO, WARD- 2(4),, NAGPUR

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

81,22,454 Relating to Travel Income from travel ` 1,02,030 business business Unexplained sale ` 23,23,334 transaction ` 24,25,364 ` 1,05,47,818 ` 1,05,47,818 Unexplained credit ` 39,82,675 in bank Relating to Maria Construction Estimated business ` 4,07,700 income 2009–10 ` 43,90,373 Relating to Travel Unexplained credit

M/S. FATEMA SHOEB HUSSAIN,,NAGPUR vs. ITO, WARD- 2(4),, NAGPUR

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

81,22,454 Relating to Travel Income from travel ` 1,02,030 business business Unexplained sale ` 23,23,334 transaction ` 24,25,364 ` 1,05,47,818 ` 1,05,47,818 Unexplained credit ` 39,82,675 in bank Relating to Maria Construction Estimated business ` 4,07,700 income 2009–10 ` 43,90,373 Relating to Travel Unexplained credit

M/S. FATEMA SHOEB HUSSAIN,,NAGPUR vs. ITO, WARD- 2(4),, NAGPUR

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

81,22,454 Relating to Travel Income from travel ` 1,02,030 business business Unexplained sale ` 23,23,334 transaction ` 24,25,364 ` 1,05,47,818 ` 1,05,47,818 Unexplained credit ` 39,82,675 in bank Relating to Maria Construction Estimated business ` 4,07,700 income 2009–10 ` 43,90,373 Relating to Travel Unexplained credit

M/S. FATEMA SHOEB HUSSAIN,,NAGPUR vs. ITO, WARD- 2(4),, NAGPUR

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

81,22,454 Relating to Travel Income from travel ` 1,02,030 business business Unexplained sale ` 23,23,334 transaction ` 24,25,364 ` 1,05,47,818 ` 1,05,47,818 Unexplained credit ` 39,82,675 in bank Relating to Maria Construction Estimated business ` 4,07,700 income 2009–10 ` 43,90,373 Relating to Travel Unexplained credit