DCIT-CC-2(1), NAGPUR, NAGPUR vs. INDRAKUMAR GHISULAL AGRAWAL, NAGPUR

In the result, appeal by the assessee stands allowed

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy

10(38) of the Act. The Ld. AO concluded the assessment holding that transactions in the purchase and sale of shares are treated as bogus and sham and the entire amount of LTCG of Rs.1,32,68,850/- on sale of shares of M/s GCM Securities Ltd. is disallowed u/s 68 of the Act 1961 and added to total income

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

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

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

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

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

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

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

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

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

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

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

38) are fully satisfied. The view taken by AO is solely based on information of Investigation Wing. All the reference of information of Investigation Wing is general and not to any specific corroborated by evidence on record. The statement of Ajay Kedia referred by AO as on 19.05.2015 and 26.11.2016 are prior to date of search. Such statements were recorded

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

38) thereof) is to be reduced from the net profit, if they are credited to the P&L a/c. The logic of these provisions, in our view, is that an item of receipt which falls under the definition of income', are excluded for the purpose of computing book profit, since the said receipts are exempted under s. 10

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

38) thereof) is to be reduced from the net profit, if they are credited to the P&L a/c. The logic of these provisions, in our view, is that an item of receipt which falls under the definition of income', are excluded for the purpose of computing book profit, since the said receipts are exempted under s. 10

DEPUTY COMMISSIONER OF INCOME TAX , CENTRAL CIRCEL-1(2, NAGPUR vs. M/S. VIBRANT GLOBAL CAPITAL LTD., MUMBAI

In the result, appeal filed by the Revenue is dismissed

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

10,09,988, on account of interest in terms of Rule 8D(2)(ii) of Income Tax Rules, 1962, and further sum of ` 15,89,749, under Rule 8D(2)(iii) of Income Tax Rules, 1962. The average amount of investment to make disallowance under section 14A has been computed by the Assessing Officer at ` 31.79 crore. The Assessing Officer

RAGHAV AGRITECH,NAGPUR vs. ITO WARD 3(4), NAGPUR

In the result, appeal filed by the assessee is allowed

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

38 of the Act can be disallowed for non–deduction of tax at sources when it is undisputedly a capital expenditure and not claimed as a deduction while computing income from projects and gain of business and profession, there cannot be any disallowance in the intimation under section 143(1)(a) of the Act. Hence there is no merit

STELLAR REFRACTORIES PRIVATE LIMITED,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, NAGPUR

In the result, appeal filed by the assessee is partly allowed

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

disallowable, if any, on the above basis and take appropriate action accordingly." Stellar Refractories Pvt. Ltd. ITA no.420/Nag./2022 4. However, we find that the Hon'ble Madras High Court in the case of CIT v. Madras Radiators & Pressing Ltd. [2003] 129 Taxman 709/264 ITR 620, has held that the term "every month" in clause 58 of the Provident Fund

BHAVIKA GUNWANT PATEL,NAGPUR vs. INCOME TAX OFFICER, WARD 4(3), NAGPUR

In the result, appeal filed by the assessee are allowed

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

disallowed the exemption u/s 10(38) and added back to the income of the appellant. The AO also levied commission @3% on such accommodation entry of Rs.9,430/- and added back the same to the income of the appellant u/s 69C of the Act. Based on above addition, the AO also levied penalty u/s 271(1)(c) of Rs.33

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

In the result, assessee' appeal for A

38, Bajiprabhu Nagar, Ramnagar Nagpur 440 001 PAN – AAGPJ8601G v/s Dy. / Asstt. Commissioner of Income Tax Circle-1(3), Nagpur Appellant Respondent Shri Sanjay Dhanraj Jain ITA no.53, to 59/Nag./2024 3 PER K.M. ROY, A.M. ORDER The captioned appeals by the assessee are emanating from the impugned orders of even date 18/02/2022, passed by the learned Commissioner of Income

ASSTT. COMMISSIONER OF INOCME TAX CENTRAL CIRCLE-2(2), NAGPUR vs. SHRI SUDHIR RAMSWAROOP SARDA , NAGPUR

10(38) without appreciating that it was a bogus\naccommodation entry.\n(ii) On the facts and circumstances of the case and in law, the Ld. CIT(A)\nerred in deleting the addition of Rs. 2,52,47,265/- made by the AO on sale\nproceeds of the share u/s 68 of the I.T. Act., without appreciating the fact that

DY. COMMISSIONER OF INCOME TAX- CENTRAL-CIRCLE-2 (1), NAGPUR, NAGPUR vs. JAYMAHAKALI SHIKSHAN SANSTHA, WARDHA

In the result, Revenue’s appeal for A

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

10 Jaymahakali Shikshan Sanstha A.Y. 2017–18, 2018–19 & 2019–20 "28.6 It may be noted that new sub-section (1A) inserted in section 161 of the IT Act, which provides for taxation of the entire income received by trusts at the maximum marginal rates is applicable only in the case of private trusts having profits and gains of business

DY. COMMISSIONER OF INCOME TAX- CENTRAL-CIRCLE-2(1), NAGPUR, NAGPUR vs. JAYMAHAKALI SHIKSHAN SANSTHA, WARDHA

In the result, Revenue’s appeal for A

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

10 Jaymahakali Shikshan Sanstha A.Y. 2017–18, 2018–19 & 2019–20 "28.6 It may be noted that new sub-section (1A) inserted in section 161 of the IT Act, which provides for taxation of the entire income received by trusts at the maximum marginal rates is applicable only in the case of private trusts having profits and gains of business

DY. COMMISSIONER OF INCOME TAX- CENTRAL-CIRCLE-2(1), NAGPUR, NAGPUR vs. JAYMAHAKALI SHIKSHAN SANSTHA, WARDHA

In the result, Revenue’s appeal for A

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

10 Jaymahakali Shikshan Sanstha A.Y. 2017–18, 2018–19 & 2019–20 "28.6 It may be noted that new sub-section (1A) inserted in section 161 of the IT Act, which provides for taxation of the entire income received by trusts at the maximum marginal rates is applicable only in the case of private trusts having profits and gains of business