SANJAY GULABCHAND GUPTA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX,CIRCLE-4, NAGPUR

In the result, appeal by the assessee stands dismissed

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

142(1) of the Income Tax Act, 1961 ("the Act") were issued. In response to various notices, assessee has duly complied the notices from time to time. 4. During the assessment year under consideration, the assessee had transferred an immovable property for sale consideration of ` 2,15,00,000, on 18/07/2016. The assessee had computed income from capital gains

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

house property constructed on the said land. The AO has failed to verify the above issue and also whether the said land was used by the assessee. for agricultural purpose in the two years immediately preceding the date on which the transfer took place. The assessee has provided 7/12 extracts for FY 1980-81, 2011-12, 2016-17, and from

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

142(1) was also issued to the assessee. Further in response to notice u/s 143(1) of the Act, the assessee filed the details/documents called for and discussed the case. The assessee sold the plot of land being Plot No. 95, Mouza, Street No. 3 Pretam Singh Charan Singh Gujjar ITA no.406/Nag./2023 160/27, City survey No.586, in the layout

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

House Property, Income from Business, Income from Capital Gains and Income from other sources. 2. That the assessee has during the captioned assessment year opted for computation of his income U/s. 44AD in respect of his business activity. That the assessee while filing his return of Income u/s. 139(1) has filled the PART A-BS - Balance Sheet

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

142(1) of the Act were issued, calling for information to the assessee from time to time and served upon assessee. The Assessing Officer examined the impounded documents and found that page no.6 to 24 of Annexure A– 2/35 is copy of sale deed dated 31/05/2016 of land at Khasra no.83, Mouza Dongargaon, P.S.K. 73, having area of 2.63 hectares

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

142(1) of the Act were issued, calling for information to the assessee from time to time and served upon assessee. The Assessing Officer examined the impounded documents and found that page no.6 to 24 of Annexure A– 2/35 is copy of sale deed dated 31/05/2016 of land at Khasra no.83, Mouza Dongargaon, P.S.K. 73, having area of 2.63 hectares

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

properties. The assesse has maintained regular\nbooks of accounts and books of account audited as per provision of section\n44AB of the Income Tax Act, 1961. The assessee has obtained Audit Report\nand audited Balance Sheet, Profit & Loss A/c. and schedule within specified\ntime limit and submitted alongwith return of income. The assessee encloses\nherewith copy of audited Balance Sheet

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

142(1) of the Act, the assessee submitted list of lenders, their PAN, address, ledger confirmation of most of the debtors, interest payment details, details of TDS deducted on interest and the TDS returns of the assessee. However, the assessee did not submitted tax returns and Bank Statements of the lender making it 3 Ravindra Madanlal Khandelwal ITA no.375/Nag./2024

VINAY RAMSHARANDAS AGRAWAL,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-II, NAGPUR

In the result, appeal by the assessee stands allowed

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

142(1) of Act, on 16/09/2019. In the aforesaid notice, the assessee was called upon to provide details regarding the source of income as mentioned in Para–1 of the said notice. At Para–4, the assessee was called upon to explain sale consideration of property reported in Schedule CG of the return of income at less than the sale

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

142(1) of the Act, filed detailed submissions/reply along with connected documents as sought by the Assessing Officer in the above notice. 7. There was a search and seizure operation was also conducted under section 132(1) of the Act on RKTC Group, Korba, and Suresh Agrawal, Director of Rashi Steel & Power Pvt. Ltd., Kolkata, on 22/01/2019, and thereafter

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

142(1) of the Act, filed detailed submissions/reply along with connected documents as sought by the Assessing Officer in the above notice. 7. There was a search and seizure operation was also conducted under section 132(1) of the Act on RKTC Group, Korba, and Suresh Agrawal, Director of Rashi Steel & Power Pvt. Ltd., Kolkata, on 22/01/2019, and thereafter

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

142(1) of the Act, filed detailed submissions/reply along with connected documents as sought by the Assessing Officer in the above notice. 7. There was a search and seizure operation was also conducted under section 132(1) of the Act on RKTC Group, Korba, and Suresh Agrawal, Director of Rashi Steel & Power Pvt. Ltd., Kolkata, on 22/01/2019, and thereafter

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

142(1) of the Act, filed detailed submissions/reply along with connected documents as sought by the Assessing Officer in the above notice. 7. There was a search and seizure operation was also conducted under section 132(1) of the Act on RKTC Group, Korba, and Suresh Agrawal, Director of Rashi Steel & Power Pvt. Ltd., Kolkata, on 22/01/2019, and thereafter

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

142(1) of the Act, filed detailed submissions/reply along with connected documents as sought by the Assessing Officer in the above notice. 7. There was a search and seizure operation was also conducted under section 132(1) of the Act on RKTC Group, Korba, and Suresh Agrawal, Director of Rashi Steel & Power Pvt. Ltd., Kolkata, on 22/01/2019, and thereafter

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

142(1) of the Act, filed detailed submissions/reply along with connected documents as sought by the Assessing Officer in the above notice. 7. There was a search and seizure operation was also conducted under section 132(1) of the Act on RKTC Group, Korba, and Suresh Agrawal, Director of Rashi Steel & Power Pvt. Ltd., Kolkata, on 22/01/2019, and thereafter

DCIT-CC-1(3), NAGPUR, NAGPUR vs. R.B.S.D. AND F.N. DAS(EXPORT FIRM), VIZIANAGRAM

In the result, appeal filed by the Revenue is dismissed

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

house U/s. 69C on addition of ` 74,51,358, and to make addition under section 37. 15. We have gone through order of the learned CIT(A) as well as details submitted we also found that the provisions of section 69C of the Act are not applicable in the case of the assessee. The Assessing Officer has neither during entire

SHABBIR AHMED AHMED ALI,NAGPUR vs. NATIONAL E ASSESMENT CENTRY, DELHI

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

property on 02/05/2017 situated at House No.61, Nagsen Co. Op. House Mortgage Society Ltd., City Survey No.659 of Mouza Mankapur, Nagpur at ` 80,50,000. Accordingly, notice under section 142(1

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

house property', in respect of which there was a sharp divergence of opinion amongst the High Courts, was clarificatory and declaratory in nature and consequently retrospective. Similarly, in Brij Mohan Das Laxman Das v. CIT (1997) 90 Taxman 41 (SC), explanation 2 added to section 40of the Act was held to be declaratory in nature and, therefore, retrospective. (Reference Page

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

house property', in respect of which there was a sharp divergence of opinion amongst the High Courts, was clarificatory and declaratory in nature and consequently retrospective. Similarly, in Brij Mohan Das Laxman Das v. CIT (1997) 90 Taxman 41 (SC), explanation 2 added to section 40of the Act was held to be declaratory in nature and, therefore, retrospective. (Reference Page