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

84,34,115/- during the previous year relevant to Asstt. Year 2014-2015 and shown book profit at Rs. 2,79,05,115/-. Since the period of holding of the shares is more than one year the capital gain transaction were long term capital of the assessee and exempted U/s. 10(38) of the Income Tax Act, 1961. The assessee

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. [ As per the above said amendment, in sub-section (1) to section 54 of the Act, for the words “constructed, a residential house”, the words “constructed, one residential house” have been substituted w.e.f. 01.04.2015. 5.3.2 In the present case, the assessee purchased more than one residential flat vide two different sale deeds, i.e. two flats and claimed deduction

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

84,83,706/- and Rs.56,54,511/- is unjustified, unsustainable and perverse. 5) The learned A.O. and Hon'ble CIT(A) ought to have accepted the claim of exemption u/s 10(38) and accepted the income declared in return considering facts and evidence on record and without dislodging the same. 6) That on the facts and in the circumstances

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

84, to M/s Varon Auto Cast Ltd., which was valued at ` 4.50 crore, which was more than the valuation of ` 1,91,75,000, 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

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

INCOME TAX OFFICER , WARD -5, AMRAVATI vs. JITENDRA PRANSINGH THAKUR , AMRAVATI

Appeal is dismissed in above terms

Bench: Shri Satbeer Singh Godara & Shri Dr. Dipak P. Ripote

gains recomputation in light of section 50C of the Act. We find no merit in the Revenue’s instant stand as well since the provisions of section 50C of the Act (in case of the vendor of the capital asset concerned) applicable mutatis mutandis in section 56(2)(vii)(b) in the concerned vendee’s case. We accordingly conclude

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

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

Section (2(22)(e) of the Act which defines the expression accumulated profit as under:- Explanation 2:- The expression "accumulated profits" in sub clauses (a),(b), (d) and (e), shall include all profits of the company up to the date of distribution or payment referred to in those clauses, and in sub clause (c) shall include all profits

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

84,568/- and were purchased for collecting daily deposits from the members of the society. The useful life of the machine is only one year and hence debited to revenue account rather than capitalizing in fixed assets. The AO disregarded the submission of the appellant and said that since the pigmy machines had long enduring benefits the same should

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, if not immediately required to be lent to the members, the society cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only. The society is not carrying

LALITA SANJIVREDDY BODKURWAR,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-2, NAGPUR

Appeal is dismissed in above terms

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

section 263 cannot be taken. However in the present case, the AO has not made any informed opinion. He has not collected the entire facts, nor weighed them against any judicial precedents. The Assessing Officer has acted merely as an approver and ignored both his core functions of investigation and adjudication. 6 ITA.No.90/Nag./2020 7. As discussed above

HIMMAT RAMJIBHAI PATEL,NAGPUR vs. ITO WARD 4(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 151A of the Act read with Notification No 18/2022 dated 29.09.2022? 2. Whether on the facts and circumstances of the case, the learned CIT(A) was justified in affirming the order of the assessing officer by allowing only 25% of cost of improvement claimed and disallowed balance 75%. 2 Himmat Ramjibhai Patel ITA no.479/Nag./2024 3. Assessee craves leave

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

In the result, appeal filed by the assessee stands dismissed

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

capital gain. But this is contrary to his claims that as the statutes did not allow KJAPL to borrow from open market, the appellant had no other choice but to take loan in his personal capacity to advance loan to the company. The case of S. A. Builders Ltd. vs CIT Appeal (civil) 5811 of 2006, is not applicable

PRECISION COMPONENT HIGHTECH LTD,NAGPUR vs. ACIT CENTRAL CIRCLE 2(2), NAGPUR

In the result, assessee’s appeal is allowed as above for all the seven years

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

84,990. Aggrieved, the assessee filed appeal before the first appellate authority. 8. The learned CIT(A) confirmed the order passed by the Assessing Officer by rejecting the submissions made by the assessee. The assessee again being aggrieved is in appeal before the Tribunal. 9. The learned Authorised Representative drew our attention to Satisfaction Note under section 153C

PRECISION COMPONENT HIGHTECH LTD,NAGPUR vs. ACIT CENTRAL CIRCLE 2(2), NAGPUR

In the result, assessee’s appeal is allowed as above for all the seven years

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

84,990. Aggrieved, the assessee filed appeal before the first appellate authority. 8. The learned CIT(A) confirmed the order passed by the Assessing Officer by rejecting the submissions made by the assessee. The assessee again being aggrieved is in appeal before the Tribunal. 9. The learned Authorised Representative drew our attention to Satisfaction Note under section 153C

PRECISION COMPONENT HIGHTECH LTD.,NAGPUR vs. ACIT CENTRAL CIRCLE 2(2), NAGPUR

In the result, assessee’s appeal is allowed as above for all the seven years

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

84,990. Aggrieved, the assessee filed appeal before the first appellate authority. 8. The learned CIT(A) confirmed the order passed by the Assessing Officer by rejecting the submissions made by the assessee. The assessee again being aggrieved is in appeal before the Tribunal. 9. The learned Authorised Representative drew our attention to Satisfaction Note under section 153C