THE VIDHARBHA PREMIER CO-OPERATIVE HOUSING SOCIETY LTD,,NAGPUR vs. TAX RECOVERY OFFICER, RANGE-6, NAGPUR

In the result these appeals by the assessee and revenue stand allowed for statistical purposes

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

House property income was duly offered for taxation. 25) That the words 'attributable to' used in the provision of section

SHRI RAJESH DAYARAMANI,,NAGPUR vs. ACIT, CIR-8,, NAGPUR

In the result, assessee’s appeal is allowed

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

25,000/- in the construction of residential house after the transfer of capital assets. The A.O. was of the view that the deduction u/s 54 is available to the assessee against construction of house property, if the same is constructed after the transfer of capital asset and the same should be completed within three years from the date of transfer

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

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

25,441/- and restricting the same to Rs. 22,146/-. On the facts and in the circumstances of the case the action of the learned authorities is unjustified. (7) That the learned CIT(A) erred in law and on facts in confirming and upholding the action of AO in determining income from other sources at Rs. 30,34,619/-instead

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 24 of the Act to the extent of 30% is allowable on such income and so the net addition may be restricted to ` 88,309, as income from house property. Upon careful consideration and analysis of the material and evidence on record, the addition is restricted to ` 88,309, as income from house property and ` 25

NARESH VASANTRAJ 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 24 of the Act to the extent of 30% is allowable on such income and so the net addition may be restricted to ` 88,309, as income from house property. Upon careful consideration and analysis of the material and evidence on record, the addition is restricted to ` 88,309, as income from house property and ` 25

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 24 of the Act to the extent of 30% is allowable on such income and so the net addition may be restricted to ` 88,309, as income from house property. Upon careful consideration and analysis of the material and evidence on record, the addition is restricted to ` 88,309, as income from house property and ` 25

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 24 of the Act to the extent of 30% is allowable on such income and so the net addition may be restricted to ` 88,309, as income from house property. Upon careful consideration and analysis of the material and evidence on record, the addition is restricted to ` 88,309, as income from house property and ` 25

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 24 of the Act. The CIT(A) has correctly deleted the additions made by the Assessing Officer which were based on the remand report. Therefore, the disallowance of income from house property of ` 3,18,989 as business income and the addition of ` 1,36,709, made by the Assessing Officer are held to be unjustified. Accordingly, these additions

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

25,00,000, and claimed exemption under section 54B of the Act on account of purchase of new agriculture land of `1,73,32,940. In lieu thereof, the assessee also claimed exemption under section 54ECof the Act at `50,00,000, for purchase of REC Bonds. Since, the land sold is a piece of plot with residential house property

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-2, NAGPUR vs. M/S SAS DEVELOPERS & ENGINEERS `, NAGPUR

In the result, the appeal filed by department is dismissed

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

section 24(b) of the Income Tax Act, 1961. 4.18 On the above mentioned preposition, assessee placed reliance on following judgments – 1. (2009) 313 ITR 0340 (Bom. HC) Commissioner of Income Tax -Vs- Reliance Utilities & Power Ltd. 2. (2013) 88 DTR 0151 (Mum. ITAT) Windermere Properties (P) Ltd. –vs- Deputy Commissioner of Income Tax. 3. Judgment of Hon’ble ITAT

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. SMT. ANJU A. SARAF, NAGPUR

In the result, all the appeals of the revenue, cross objections of the assessee are dismissed and appeals filed by the assessee are allowed

Bench: Shrisandeepgosain & Shriarunkhodpia

house is not taxable u/s 23(4)(b) . Without prejudice to our above submission, the Ld. AO has grossly erred in estimating the annual letting value (ALV) of flat. The AO on the basis of monthly rent of Rs 7,91,805/- received by the appellant from commercial property in Prestige Obelisk, Bangalore estimated the monthly rent of Flat

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. SMT. ANJU A. SARAF, NAGPUR

In the result, all the appeals of the revenue, cross objections of the assessee are dismissed and appeals filed by the assessee are allowed

Bench: Shrisandeepgosain & Shriarunkhodpia

house is not taxable u/s 23(4)(b) . Without prejudice to our above submission, the Ld. AO has grossly erred in estimating the annual letting value (ALV) of flat. The AO on the basis of monthly rent of Rs 7,91,805/- received by the appellant from commercial property in Prestige Obelisk, Bangalore estimated the monthly rent of Flat

SMT. ANJU SARAF,,NAGPUR vs. A,C.I.T CENT CIR. 2(2), NAGPUR

In the result, all the appeals of the revenue, cross objections of the assessee are dismissed and appeals filed by the assessee are allowed

Bench: Shrisandeepgosain & Shriarunkhodpia

house is not taxable u/s 23(4)(b) . Without prejudice to our above submission, the Ld. AO has grossly erred in estimating the annual letting value (ALV) of flat. The AO on the basis of monthly rent of Rs 7,91,805/- received by the appellant from commercial property in Prestige Obelisk, Bangalore estimated the monthly rent of Flat

SMT. ANJU SARAF,,NAGPUR vs. A,C.I.T CENT CIR. 2(2), NAGPUR

In the result, all the appeals of the revenue, cross objections of the assessee are dismissed and appeals filed by the assessee are allowed

Bench: Shrisandeepgosain & Shriarunkhodpia

house is not taxable u/s 23(4)(b) . Without prejudice to our above submission, the Ld. AO has grossly erred in estimating the annual letting value (ALV) of flat. The AO on the basis of monthly rent of Rs 7,91,805/- received by the appellant from commercial property in Prestige Obelisk, Bangalore estimated the monthly rent of Flat

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. SMT. ANJU SARAF, NAGPUR

In the result, all the appeals of the revenue, cross objections of the assessee are dismissed and appeals filed by the assessee are allowed

Bench: Shrisandeepgosain & Shriarunkhodpia

house is not taxable u/s 23(4)(b) . Without prejudice to our above submission, the Ld. AO has grossly erred in estimating the annual letting value (ALV) of flat. The AO on the basis of monthly rent of Rs 7,91,805/- received by the appellant from commercial property in Prestige Obelisk, Bangalore estimated the monthly rent of Flat

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. SMT. ANJU SARAF, NAGPUR

In the result, all the appeals of the revenue, cross objections of the assessee are dismissed and appeals filed by the assessee are allowed

Bench: Shrisandeepgosain & Shriarunkhodpia

house is not taxable u/s 23(4)(b) . Without prejudice to our above submission, the Ld. AO has grossly erred in estimating the annual letting value (ALV) of flat. The AO on the basis of monthly rent of Rs 7,91,805/- received by the appellant from commercial property in Prestige Obelisk, Bangalore estimated the monthly rent of Flat

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