NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

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

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

section 50C deserves to be ignored in the interest of justice. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 6) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant on account of income from house property from the houses owned by the Appellant without providing any cogent reasons for the same and further by ignoring the submissions

NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

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

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

section 50C deserves to be ignored in the interest of justice. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 6) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant on account of income from house property from the houses owned by the Appellant without providing any cogent reasons for the same and further by ignoring the submissions

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

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

House, 425 Mumbai-04). On 6-5-10 the assessee issued che.No.265949 amounting to Rs.20 lakhs being cheque to Daksh Diamonds towards refund of loans. Further, on 22-6- 10 the assessee issued che.No.263943 amounting to Rs.30 lakhs being cheque to Daksh Diamonds towards refund of loans. The transactions were routed through Vijay Bank. The ledger confirmation

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

House, 425 Mumbai-04). On 6-5-10 the assessee issued che.No.265949 amounting to Rs.20 lakhs being cheque to Daksh Diamonds towards refund of loans. Further, on 22-6- 10 the assessee issued che.No.263943 amounting to Rs.30 lakhs being cheque to Daksh Diamonds towards refund of loans. The transactions were routed through Vijay Bank. The ledger confirmation

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

House, 425 Mumbai-04). On 6-5-10 the assessee issued che.No.265949 amounting to Rs.20 lakhs being cheque to Daksh Diamonds towards refund of loans. Further, on 22-6- 10 the assessee issued che.No.263943 amounting to Rs.30 lakhs being cheque to Daksh Diamonds towards refund of loans. The transactions were routed through Vijay Bank. The ledger confirmation

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

House, 425 Mumbai-04). On 6-5-10 the assessee issued che.No.265949 amounting to Rs.20 lakhs being cheque to Daksh Diamonds towards refund of loans. Further, on 22-6- 10 the assessee issued che.No.263943 amounting to Rs.30 lakhs being cheque to Daksh Diamonds towards refund of loans. The transactions were routed through Vijay Bank. The ledger confirmation

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

House, 425 Mumbai-04). On 6-5-10 the assessee issued che.No.265949 amounting to Rs.20 lakhs being cheque to Daksh Diamonds towards refund of loans. Further, on 22-6- 10 the assessee issued che.No.263943 amounting to Rs.30 lakhs being cheque to Daksh Diamonds towards refund of loans. The transactions were routed through Vijay Bank. The ledger confirmation

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

House, 425 Mumbai-04). On 6-5-10 the assessee issued che.No.265949 amounting to Rs.20 lakhs being cheque to Daksh Diamonds towards refund of loans. Further, on 22-6- 10 the assessee issued che.No.263943 amounting to Rs.30 lakhs being cheque to Daksh Diamonds towards refund of loans. The transactions were routed through Vijay Bank. The ledger confirmation

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

2) Khasara No. 21 having an area of 2.48 H 3) 2.51 H out of total area of 4.21 H in Khasara No. 22 4) 0.19 H out of total area of 2.26 H in Khasara No. 23/1 5) 0.24 H out of total area of 1.38 H in Khasara No. 24/1 6) 0.02 Η out of total area

ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

In the result, appeal of the Revenue stands dismissed

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

house property, income from business and income from other sources. The assessee has also shown income from exempt capital gains from transfer of equity shares. 7 Shri Nandkumar Khatumal Harchandani ITA no.410/Nag./2019 A.Y. 2014–15 The assessee has purchased 422500 shares of Swift IT Infrastructure and Services Ltd. by cheque on 16/03/2012 during the previous year relevant to Asstt

SHRI VISHWAKARAMA JEWELLERS ,AKOLA vs. DCIT AKOLA CIRCLE, AKOLA

In the result, assessee’s appeal is allowed

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

house property, (iii) 'profits and gains from business or profession', (iv) 'capital gains' and (v) 'income from other sources cannot at all be adjusted against unexplained investment or expenditure. What is necessary as per Hon'ble Gujarat High Court is that source of acquisition of asset or expenditure should be clearly identifiable. In the case before Hon'ble Gujarat High

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