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

property being land or building or both, shares and securities, loans and advances, deposits in bank account.” “Section 153C. Assessment of income of any other person- (1) Notwithstanding anything contained in sec139, 147, 148, 149, 151 and 153, where the AO is satisfied that,- (a) any money, bullion, jewellery or other valuable article or thing, seized or requisitioned, belongs

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

property being land or building or both, shares and securities, loans and advances, deposits in bank account.” “Section 153C. Assessment of income of any other person- (1) Notwithstanding anything contained in sec139, 147, 148, 149, 151 and 153, where the AO is satisfied that,- (a) any money, bullion, jewellery or other valuable article or thing, seized or requisitioned, belongs

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

property being land or building or both, shares and securities, loans and advances, deposits in bank account.” “Section 153C. Assessment of income of any other person- (1) Notwithstanding anything contained in sec139, 147, 148, 149, 151 and 153, where the AO is satisfied that,- (a) any money, bullion, jewellery or other valuable article or thing, seized or requisitioned, belongs

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

property being land or building or both, shares and securities, loans and advances, deposits in bank account.” “Section 153C. Assessment of income of any other person- (1) Notwithstanding anything contained in sec139, 147, 148, 149, 151 and 153, where the AO is satisfied that,- (a) any money, bullion, jewellery or other valuable article or thing, seized or requisitioned, belongs

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

property as on the date of transfer. The authorized representative vehemently submitted that only one house was under the exclusive ownership of the appellant. The rests two houses were under the joint ownership. He pleaded that the “joint ownership” cannot be equated to “exclusive ownership” and as such the assessee was owner of only one residential house

SHRI PRAKASH JIWANDAS WANJARI,NAGPUR vs. JOINT COMMISSIONER OF INCOME TAX, NAGPUR

In the result, we are of the considered view that the case on hand does not warrant levy of penalty under Section 271D of the Act

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

b) or clause (c) of sub-section (2) of section 273, no penalty shall be imposable on the person or the assessee, as the case may be, for any failure referred to in the said provisions if he proves that there was reasonable cause for the said failure. From the above reading of provisions of Section 273B, it is clear

SUSHILA BHAURAO DESHMUKH,AMRAVATI vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, NAGPUR

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durgarao & Shrik.M. Roy, Accountant, Member

b) Exemption u/s 54EC was granted as earnest money received was deposited for purchase of bond and same is in accordance with judicial view rendered by Hon'ble Jurisdictional High Court in the case of CIT, Pune Vs. Subhash Vinayak Supnekar in ITA No. 1009 of 2014 vide judgement dated 14/12/2016. c) Cost of improvement examined at Rs. 1

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

Housing Society, Gittikhadan, Nagpur, for a sale consideration of ` 37,00,000. The market value of the property was shown at ` 40,22,000, for stamp duty purposes. The Assessing Officer adopted the stamp duty valuation for computing profit and gains arising on sale of property by the assessee. The Assessing officer has not brought any evidence on record

A,C.I.T. CENTRAL CIR.- 2(2), NAGPUR vs. SHRI DHARAMPAL R.AGRAWAL, NAGPUR

In the result, Revenue's appeal being ITA no

Housing Development Co. Vs\nDCIT, have affirmed the scope of the Assessing Officer to assess the total\nincome in the proceedings u/s. 153A of the Income Tax Act.\n3 On the facts and circumstances of the case and in law, the learned CIT(A)\nfailed to appreciate that the Assessing Officer is required to assess or re-\nassess the total

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. M/S SHREE AGRAWAL FINANCE INDIA P. LTD.,, NAGPUR

In the result, Revenue's appeal being ITA no

Housing Development Co. Vs\nDCIT, have affirmed the scope of the Assessing Officer to assess the total\nincome in the proceedings u/s. 153A of the Income Tax Act.\n3 On the facts and circumstances of the case and in law, the learned CIT(A)\nfailed to appreciate that the Assessing Officer is required to assess or re-\nassess the total

DY. C.I.T. CENTRAL CIR2(2), NAGPUR vs. M/S SHREE AGRAWAL COAL INDIA PVT. LTD.,, NAGPUR

In the result, Revenue’s appeal being ITA no

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

13. Any other ground that may be urged at the time of hearing." 17. Grounds raised by the Revenue in its appeal being ITA no.292/Nag./ 2016, for the assessment year 2007-08 are as follows:– “1. On the facts and circumstances of the case and in law, the learned CIT(A) erred in holding that the notice and action

A,C.I.T. CENTRAL CIR.- 2(2), NAGPUR vs. SHRI DHARAMPAL R.AGRAWAL, NAGPUR

In the result, Revenue’s appeal being ITA no

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

13. Any other ground that may be urged at the time of hearing." 17. Grounds raised by the Revenue in its appeal being ITA no.292/Nag./ 2016, for the assessment year 2007-08 are as follows:– “1. On the facts and circumstances of the case and in law, the learned CIT(A) erred in holding that the notice and action

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

property of the tax payer, however, same can be easily fetched by the department by issue of summons. j) Copy of documentary evidences to substantiate genuineness of the lenders:- The fact that the transaction was indeed in a realm of a loan, is apparent from the fact that almost all the loans borrowed from the third parties were repaid

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. M/S SHREE AGRAWAL FINANCE INDIA P. LTD.,, NAGPUR

In the result, Revenue's appeal being ITA no

Housing Development Co. Vs\nDCIT, have affirmed the scope of the Assessing Officer to assess the total\nincome in the proceedings u/s. 153A of the Income Tax Act.\n3 On the facts and circumstances of the case and in law, the learned CIT(A)\nfailed to appreciate that the Assessing Officer is required to assess or re-\nassess the total

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

b) The transaction was buyers dominated transactions and the sale deed was required to be done as per the convenience and comfort of the buyer. c) The property was having lot of litigation and disputes and any denial or rejection could have been fatal to the interest of the Assessee.” 8. We have given a thoughtful consideration to the arguments

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

b) The transaction was buyers dominated transactions and the sale deed was required to be done as per the convenience and comfort of the buyer. c) The property was having lot of litigation and disputes and any denial or rejection could have been fatal to the interest of the Assessee.” 8. We have given a thoughtful consideration to the arguments

INCOME TAX OFFICER WARD 2(1), THIRD FLOOR, AAYAKAR BHAVAN vs. N KUMAR HOUSING AND INFRASTRUCTURE PVT. LTD, SEVENTH FLOOR

In the result, appeal by the Revenue stands dismissed

Housing & Infrastructure Pvt Ltd doing\nbusiness in real estate for development and construction of land and buildings.\nIt is practice in this line of business in which assessee company received\nadvance against booking of property from various parties and shown under the\nhead \"booking advance against property”. During the previous year relevant to\nAsstt Year 2020-2021, assessee

VIJAY VINOD DURAGKAR,NAGPUR vs. INCOME TAX OFFICER WARD 4(4), NAGPUR

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

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

house property”, “income from business & profession” and “income from other sources”. The case was re–opened and notice under section 148 of the Income Tax Act, 1961 ("the Act") was issued on 20/03/2020. The assessee, while 3 Vijaya Vinod Duragkar responding to the notice under section 148 of the Act, vide her letter dated 30/03/2021, submitted that she having already