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

Unexplained cash credits u/s 68 ` 12,00,000 - Interest on unsecured loans ` 3,99,600 ` 4,42,757 ` 2,68,490 disallowed

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

Unexplained cash credits u/s 68 ` 12,00,000 - Interest on unsecured loans ` 3,99,600 ` 4,42,757 ` 2,68,490 disallowed

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

Unexplained cash credits u/s 68 ` 12,00,000 - Interest on unsecured loans ` 3,99,600 ` 4,42,757 ` 2,68,490 disallowed

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

Unexplained cash credits u/s 68 ` 12,00,000 - Interest on unsecured loans ` 3,99,600 ` 4,42,757 ` 2,68,490 disallowed

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

disallowing on interest expenses of Rs.97,66,208/–. 4. Appellant craves leave to add or alter any other ground that may be taken at the time of hearing.” 3. Ground no.1, relates to unexplained cash credits

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

unexplained cash credits under section 68 of the Income Tax Act, 1961. 4. Whether on the facts and circumstances of the case, the Commissioner of Income Tax Appeals was justified in affirming disallowance

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

unexplained cash credit u/s 68 of the Act merely by relying on the fact that four (4) out of the six (6) loans were repaid by the assessee during the relevant year and the other two loans were repaid by the assessee during the subsequent financial years. 3. On the facts and circumstances of the case

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

In the result, assessee' appeal for A

unexplained cash credit may kindly be deleted. The ground of appeal may be allowed.\" The learned Counsel for the assessee further submitted that the learned CIT(A) did not consider the evidence brought on record to justify the genuineness and creditworthiness of the company and further objections raised with regard to the statements relied upon by the Assessing Officer while

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

disallowed u/s 68 of the Act 1961 and added to total income of the assessee. Ld. AO also made addition of Rs.4,12,466/- as 3% of sale consideration as unexplained expenditure by invoking the provisions of section 69C of Act. (Indrakumar Ghisulal Agrawal) 4. Being aggrieved, assessee carried the matter before the Ld.CIT(A), who after considering the assessment

I.T.O. WARD -1, AMRAVATI vs. SHRI SANJAY NANASAHEB BHARSAKALE, AMRAVATI

In the result, the appeal of the department is rejected

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

cash credit and on account of unexplained payments for purchases made outside the books can be made once the net profit rate is applied on contract receipts of an assessee for estimating his income from contract work". The Hon'ble High Court of Allahabad in the case of CIT vs. Banwarilal Banshidhar, (1998) 229 ITR 0229 had taken a similar

GAJANAND FINANCIAL CONSULTANCY PRIVATE LIMITED,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL) NAGPUR, NAGPUR

In the result, assessee’s appeal is allowed

Bench: Shri Narender Kumar Choudhry & Shri K.M. Roy, Accountant, Member

unexplained cash credit on protective basis. Thus, the addition was sustained on the ground of re– opening. 2. Meanwhile, the learned Principal Commissioner of Income Tax (“the learned PCIT"), in exercise of power of assuming jurisdiction conferred upon her under section 263 of the Act, issued notice dated 22/11/2023. The key observations in the notice are narrated below

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

In the result, assessee' appeal for A

disallowance whatsoever is made in the\nsame. Further, no notice u/s 143(2) of the Income Tax Act was issued for\nconducting assessment. In view of above, assessment of the appellant is\ncompleted and had attained finality. The assessment was not abated at the\ntime of initiation of search action u/s 132 of the Act and as a result

KRISHNA LAXMANRAO GABHANE,AMRAVATI vs. I.T.O., WARD - 2, AMRAVATI

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

Bench: Shri V. Durga Rao

cash credit u/sec.68, unexplained expenditure u/sec.69C; disallowing expenses on account of Majuri expenses, salary expenses, transportation expense, job-work expenses

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

unexplained cash\ncredit within the meaning of section 68 of the Income Tax Act.\nIn view of above submission and facts of the case, the satisfactory explanation\nwas furnished to AO with respect to the genuineness and creditworthiness of\nthe unsecured loan and thus the addition made treating the same as\nunexplained cash credit may kindly be deleted. The ground

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

In the result, assessee' appeal for A

unexplained cash\ncredit within the meaning of section 68 of the Income Tax Act.\n\nIn view of above submission and facts of the case, the satisfactory explanation\nwas furnished to AO with respect to the genuineness and creditworthiness of\nthe unsecured loan and thus the addition made treating the same as\nunexplained cash credit may kindly be deleted

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

unexplained cash\ncredit within the meaning of section 68 of the Income Tax Act.\nIn view of above submission and facts of the case, the satisfactory explanation\nwas furnished to AO with respect to the genuineness and creditworthiness of\nthe unsecured loan and thus the addition made treating the same as\nunexplained cash credit may kindly be deleted. The ground

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

unexplained cash\ncredit within the meaning of section 68 of the Income Tax Act.\n\nIn view of above submission and facts of the case, the satisfactory explanation\nwas furnished to AO with respect to the genuineness and creditworthiness of\nthe unsecured loan and thus the addition made treating the same as\nunexplained cash credit may kindly be deleted

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

cash\nfound during the course of search even though all the afore-mentioned items\nwere found by him as duly explained.\n(4) That the learned CIT(A) erred in law and on facts in not allowing the\ntelescoping of other addition made from the amount remaining out of\nsurrender after the adjustment of unexplained cash, ornaments & jewellery