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

capital gain and to avoid paying the taxes, which is not related in the case of the assessee. The 6 Shri Nandkumar Khatumal Harchandani ITA no.410/Nag./2019 A.Y. 2014–15 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

ITO- (INTERNATION TAXATION),, NAGPUR vs. SMT. URMILA SHARAN RAMPAL,, NAGPUR

In the result, Revenue’s appeal is dismissed

Bench: Shri P.K. Bansal & Shri Amarjit Singh

91,310. The assessee sold the shares on 29th March 2009 (in the 13th month), therefore, the assessee shown gain from the sale of shares as long term capital gain. The assessee claimed exemption under section

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

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 is not a capital asset. Therefore, the Assessing Officer was of the view that as the land sold at enhanced price more than

M/S RACHANA CONSTRUCTIONS,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), NAGPUR

In the result, assessee’s appeal is allowed

Bench: Shri P.K. Bansal & Shri Amarjit Singh

91,480. The said property was sold on 18th November 2006 for ` 1,08,80,000. Thus, there was gain of ` 71,88,520 which was liable for capital gain under the Act. The Assessing Officer has, therefore, initiated proceedings 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

ASSTT. CIT, CIR- 7, NAGPUR vs. M/S. NEWQUEST CORPORATION LTD., CHANDRAPUR

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2008-2009 The Acit Vs. M/S.Newquest Corporation Ltd. Circle-7, (Now Known As M/S. Avantha Nagpur Holding Ltd. Ballalrpur Paper Mills P.O. Ballarpur, Distt. Chandrapur Pan No.:Aabcb 6134 E Appellant Respondent

gain is on the revenue account? 4. Whether on the facts and in the circumstances of the case and in law the Ld. CIT(A) is right in deleting disallowance of premium payable on zero percent fully redeemable non- convertible marketable debentures of Rs. 3,63,01,370/- without appreciating the fact that the same does not amount

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

In the result, appeal of the Assessee is allowed

Bench: Dr. Manish Borad

capital gain. 7. So far as registration charges are concerned, normally purchaser has to bear the registration charges, but in this case assessee has reimbursed the registration charges to the six buyers. Before me, learned counsel for the assessee has 4 ITA.No.746/NAG/2025 (Ramesh Wasudeorao Nawsalkar) referred to the extract section 30 of Bombay Stamp Act placed at page

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

Gains and Income from other sources & he had been regularly filing his return of income for the last 5 decades. (iii) During the captioned assessment year, the appellant had opted for computation of income U/s. 44AD in respect of his business activity and while filing online return of Income u/s. 139(1) for AY 2016-17, PART A-BS- Balance

M/S INDOWORTH INDIA LIMITED,NAGPUR vs. ACIT(TDS), CIRCLE 51(1) , NAGPUR

In the result, appeal filed by the assessee for A

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

91,26,689. The learned A.R. further submitted that the assessee made provision for interest on share application money for the purposes of accounting whereas the assessee has no liability to pay interest on the share application money. It is usual practice of the assessee to reverse the provision of expenditure of interest, therefore, the assessee has not deducted

INDOWORTH INDIA LIMITED,NAGPUR vs. ACIT(TDS), CIRCLE 51(1), NAGPUR

In the result, appeal filed by the assessee for A

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

91,26,689. The learned A.R. further submitted that the assessee made provision for interest on share application money for the purposes of accounting whereas the assessee has no liability to pay interest on the share application money. It is usual practice of the assessee to reverse the provision of expenditure of interest, therefore, the assessee has not deducted

RUPESH LALDAS DHAKATE,NAGPUR vs. ITO WARD -1, BHANDARA

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao

capital gains taxation under Section 50C of the Income Tax Act. Ruling: The court observed that the execution of the agreement and payment made before the registration date can be considered for the purpose of determining the sale price. The case involved situations where agreements to sell were executed, and payments were made before the actual registration of the sale

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

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

91. Tested on the aforesaid precepts, it would be manifest that AY22-23 would form the first year of the block of 10 AYs and with the maximum period of 10 AYs terminating in AY13-14. We, in this regard also bear in consideration the following instructive passages as appearing in the decision handed down by a ld Judge

M/S MAHESHWARI COAL BENEFICATION& INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

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

91. Tested on the aforesaid precepts, it would be manifest that AY22-23 would form the first year of the block of 10 AYs and with the maximum period of 10 AYs terminating in AY13-14. We, in this regard also bear in consideration the following instructive passages as appearing in the decision handed down by a ld Judge

M/S MAHESHWARI COAL BENEFICATION& INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

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

91. Tested on the aforesaid precepts, it would be manifest that AY22-23 would form the first year of the block of 10 AYs and with the maximum period of 10 AYs terminating in AY13-14. We, in this regard also bear in consideration the following instructive passages as appearing in the decision handed down by a ld Judge

M/S MAHESHWARI COAL BENEFICATION& INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

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

91. Tested on the aforesaid precepts, it would be manifest that AY22-23 would form the first year of the block of 10 AYs and with the maximum period of 10 AYs terminating in AY13-14. We, in this regard also bear in consideration the following instructive passages as appearing in the decision handed down by a ld Judge

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

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

91. Tested on the aforesaid precepts, it would be manifest that AY22-23 would form the first year of the block of 10 AYs and with the maximum period of 10 AYs terminating in AY13-14. We, in this regard also bear in consideration the following instructive passages as appearing in the decision handed down by a ld Judge

SUFALAM INFRA PROJECTS LTD ,NAGPUR vs. PR. CIT (CENTRAL ), NAGPUR

In the result, the departmental appeal is dismissed

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

91 taxman 205(SC) before Hon'ble Supreme Court and it was given retrospective effect from the inception of the section on the reasoning that the proviso was added to remedy ITA NO.97/NAG/2019 & ITA NO. 46/NAG/2021 & CO NO.6/NAG/2023 Sufalam Infra Projects Ltd vrs Pr.CIT (Central) unintended consequences and supply an obvious omission so that the section may be given

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), NAGPUR, NAGPUR vs. M/S. SUFLAM INFRA PROJECT LTD, NAGPUR

In the result, the departmental appeal is dismissed

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

91 taxman 205(SC) before Hon'ble Supreme Court and it was given retrospective effect from the inception of the section on the reasoning that the proviso was added to remedy ITA NO.97/NAG/2019 & ITA NO. 46/NAG/2021 & CO NO.6/NAG/2023 Sufalam Infra Projects Ltd vrs Pr.CIT (Central) unintended consequences and supply an obvious omission so that the section may be given

KETAN CERAMICS PVT. LTD.,,NAGPUR vs. THE ACIT, CENTRAL-CIRCLE-2(3),, NAGPUR

In the result, the appeal of the assessee is partly allowed for statistical purposes

capital of the regular business of the assessee. (5) That for any other ground with kind permission of Hon'ble members at the time of hearing of appeal.” 3. Briefly stated the relevant facts include that the assessee is a company and is engaged in the business of trading, processing of coal, marble, titles, dolomite powder. The assessee filed

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

section 153D dated 29/09/2021 is in mechanical/routine manner without application of mind by Addl.CIT, which is merely a formality, an empty ritual and as such it leads to flagrant violation of the rules of law. 45. The third contention of the learned A.R. is that while granting such mechanical approval dated 29/09/2021 under section 153D for the assessment year