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

property for sale consideration of ` 2,15,00,000, on 18/07/2016. The assessee had computed income from capital gains of ` 1,58,64,162, and claimed exemption under section 54F of the Act amounting to ` 1,58,64,162. The assessee had invested the net sale consideration in construction of residential house

I.T.O. WARD -3(5), NAGPUR vs. SHRI MUKUNDRAO GOVINDRAO MANKAR, KATOL

In the result, Revenue’s appeal is dismissed

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

15,260. The Assessing Officer noted that the assessee acquired a residential flat at Adarsh Co–operative Housing Society and that the major source of payment with regard to the said investment was borrowings from one M/s. Landscaper Realtors Pvt. Ltd. (LRPL) and from his son. The Assessing Officer further noted that the total payment made by the 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

ASSTT.COMMISSIONER OF INCOME TAX CIRCLE-5, NAGPUR vs. THE NIRMAL UJWAL CREDIT CO-OP SOCIETY LTD, NAGPUR

In the result, appeal filed by the Revenue for the assessment year

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

housing project as construction activity and further calculating the income from this construction activity of the appellant at the rate of 8% based on presumption basis of taxation provided in Section 44AD. Hence your Honor is requested to consider the matter in above perspective and kindly delete the additions made by the learned

SHRIRAM NARAYAN TIKDE,NAGPUR vs. INCOME TAX, WARD 4(4) , NAGPUR

Bench: Shri V. Durga Rao

house property against long-term capital gains of Rs.73,041 offered by the assessee. 4. Without prejudice to Ground number 3 above, the assessee submits that, the learned AO and learned CIT(A) erred in not referring the valuation of the property sold i.e situated at Shanti Nagar, Nagpur to DVO as per section 50C(2). 5.The learned AO erred

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 is dismissed

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

section 153A of the Act the Assessing Officer made various additions by examining the Profit & Loss Account, Tax Audit Report and assessed income was computed at ` 8,14,83,740. Claim u/s 24(a) from house property income (i) ` 1,36,709 disallowed Agricultural income has been treated as business (ii) ` 2,52,393 income Dividend income claimed exempt

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

property discovered in the course of search which were not produced or not already disclosed or made known in the course of original assessment." 14. Since the findings of the ITAT are factual, based on the documents placed on record and have not been shown to be perverse by the Revenue and are consistent with the settled legal position

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

property discovered in the course of search which were not produced or not already disclosed or made known in the course of original assessment." 14. Since the findings of the ITAT are factual, based on the documents placed on record and have not been shown to be perverse by the Revenue and are consistent with the settled legal position

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

property discovered in the course of search which were not produced or not already disclosed or made known in the course of original assessment." 14. Since the findings of the ITAT are factual, based on the documents placed on record and have not been shown to be perverse by the Revenue and are consistent with the settled legal position

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

property discovered in the course of search which were not produced or not already disclosed or made known in the course of original assessment." 14. Since the findings of the ITAT are factual, based on the documents placed on record and have not been shown to be perverse by the Revenue and are consistent with the settled legal position

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

property discovered in the course of search which were not produced or not already disclosed or made known in the course of original assessment." 14. Since the findings of the ITAT are factual, based on the documents placed on record and have not been shown to be perverse by the Revenue and are consistent with the settled legal position

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

property discovered in the course of search which were not produced or not already disclosed or made known in the course of original assessment." 14. Since the findings of the ITAT are factual, based on the documents placed on record and have not been shown to be perverse by the Revenue and are consistent with the settled legal position

M/S NEW VIRAJ HOUSING AGENCY,NAGPUR vs. ACIT, CENTRAL CIRCLE-1(1), NAGPUR

In the result, the appeals filed by the assessee for all the three years is allowed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am

2) The authorisation referred to in clause (a) and clause (b) of sub-section (1) shall bedeemed to have been executed, — (a) in the case of search, on the conclusion of search as recorded in the last panchnamadrawn in relation to any person in whose case the warrant of authorisation has beenissued; or (b) in the case of requisition under

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

Section 153A of the Income- tax Act, 1961. 2. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in upholding the additional ground and cancelling the assessment whereas the Delhi High Court in the case of CIT Vs. Anil Kumar Bhatia reported in 352 ITR 493 and the Karnataka High

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

Section 153A of the Income- tax Act, 1961. 2. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in upholding the additional ground and cancelling the assessment whereas the Delhi High Court in the case of CIT Vs. Anil Kumar Bhatia reported in 352 ITR 493 and the Karnataka High

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

2, Amravati dated 20/09/2018; xii) Copy of bank statements and working sheet to explain payment of cost of improvement; xiii) Copy of sample bills & ledger account; 7 SushilaBhauraoDeshmukh ITAno.76/Nag./2022 xiv) Notice for hearing dated 16/02/2022; xv) Assessment order u/s 143(3) r/w section 263 r/w section 144B in assessee‘s case for A.Y. 2017–18, order dated 27/03/2023

SHRI MAHESH DEVDUTTA GUPTA,,NAGPUR vs. ACIT, CENTRAL CIRCLE- 2(3),, NAGPUR

In the result, the addition so made is directed to be deleted and the ground of appeal is allowed

Bench: Shri Vikram Singh Yadav & Shri Yogesh Kumar U.S

2 to 4 and ground No. 7, the ld. AR submitted that these relates to two agreements of leave license and service charges, which were entered into by the assessee in respect of which, the assessee has offered the income under the head “income from house property”, whereas the Assessing Officer has brought the same under head “income from other

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

2,69,000 28/03/2011 4,00,000 purchase 7 Prakash Jiwandas Wanjari ITA no.232/Nag./2022 TOTAL 14,94,000 15,51,306 The AO also in the same Para No. 6 contended that The assessee has submitted that the cash loans were used solely as working capital for agriculture. But on perusal of the assessment records it is seen that