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

9) initiated separately for misreporting of income. 5. After perusal of uploaded documents, the total income of assessee is computed as under:– Amount in (`) Particulars Nil Income as per section 143(1) Addition as discussed in Para–3 (specified 92,47,915 business loss set off disallowed) Addition as discussed in para–4 1,58,64,162 (deduction

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

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

1-4-1997 by using the expression “owned wholly or partly”. Since no such words are expressively mentioned in Section 54F, in our considered view the word “own” in section 54F would include only the case where a residential house is fully or wholly owned by assessee and consequently would not include a residential house partly owned by the assessee

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

9. 29/12/2010 1,00,000 to ADIT M. For flat 10. 10/02/2011 3,00,000 10/02/2011 3,01,306 purchase 11. 03/03/2011 35,000 For flat 12. 28/03/2011 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

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

section 263 of the Act is not in 8 SushilaBhauraoDeshmukh ITAno.76/Nag./2022 accordance with law. The learned Counsel for the assessee, in support of these arguments, placed reliance on the following judicial pronouncements:– i) Dreams Business Solutions Pvt. Ltd. v/s PCIT(Del. Trib.) 2023 ITL 4669, ITAno.382/Del./2021, order dated 04/08/2023; ii) ITO v/s D.G. Housing Projects

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

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

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

9 M/s. Shree Agarwal Coal India Pvt. Ltd.& Group Cases "37. On a conspectus of Section 153A(1) of the Act, read with the provisos thereto, and in the light of the law explained in the aforementioned decisions, the legal position that emerges is as under: i. Once a search takes place under Section 132 of the Act, notice under

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

9 M/s. Shree Agarwal Coal India Pvt. Ltd.& Group Cases "37. On a conspectus of Section 153A(1) of the Act, read with the provisos thereto, and in the light of the law explained in the aforementioned decisions, the legal position that emerges is as under: i. Once a search takes place under Section 132 of the Act, notice under

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

9. In view of the valuation as per DVO being lower than the stamp duty valuation, the comparison has to be made between actual sale price and the valuation as per DVO. The difference is ` 57,68,020. Such difference is Shree Maya Real Estate Pvt. Ltd. ITA no.227–228/Nag./2022 6.99% of the actual sale price. The difference within

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

9. In view of the valuation as per DVO being lower than the stamp duty valuation, the comparison has to be made between actual sale price and the valuation as per DVO. The difference is ` 57,68,020. Such difference is Shree Maya Real Estate Pvt. Ltd. ITA no.227–228/Nag./2022 6.99% of the actual sale price. The difference within

SHRI SUBUR KUMAR BANERJEE,,NAGPUR vs. A.C.I.T. (OSD) O/O C.I.T.-1, NAGPUR

In the result, assessee’s appeal is allowed

Bench: Shri Sandeep Gosain & Shri Arun Khodpia

property viz. flat no.3502, 3603 (A,B,C) / 3601, 3604 (A&B). The learned CIT(A) also given a finding that the assessee has taken loan from DCB Bank for repayment of this housing loan and stated that the borrower namely Mrs. Subra Subir Kumar Banerjee, have jointly been granted business loan. The learned Counsel Shri Subir Kumar Banerjee

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

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

1. To highlight the factum that the loans were duly repaid through the banking channel, the assessee had also submitted the bank statements before the AO. The same is attached herewith again as Annexure 2 for ease of reference. e) Quantum of interest paid and rate of interest:- The assessee has also submitted the details with respect to interest rate

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

section 9 ITANo.143/Nag/2017 263, has also returned a finding that facilities provided are integral part of the house property being let out and such facilities are to be provided where the property is to be let out. Therefore, the facilities are incidental and ancillary to the predominate nature of transaction being letting out of the premises. In case