BABULAL ROSHANLAL PATNI,NAGPUR vs. DCIT, CENCIR 1(2), NAGPUR

In the result, appeals of the assessee’s are allowed

Bench: Shri V. Durga Rao

property was for Rs.2,28,50,000/- of which Rs.70,000/- was 3 ITA.No.193/NAG./2024 paid in cheque and balance of Rs.1,58,50,000/- was paid in cash to the assessee viz., Taradevi Babulal Patni and other co-sellers. Accordingly, the assessee viz., Taradevi Babulal Patni had received on-money of Rs.39,62,500/- being 1/4th share

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

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 are deleted while confirming the impugned order passed by the learned CIT(A). Thus, ground no.2 & 3, raised by the Revenue are dismissed. 12. In ground no.4, raised by the Revenue

DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR, NAGPUR vs. MAKARAND MADHUSUDAN JOSHI, NAGPUR

In the result, appeal by the Revenue stands dismissed

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

house property which is rental income of the appellant. 4 Makarand Madhusudan Joshi ITA no.382/Nag./2023 Therefore, in view of the arguments advanced by the Ld. AR and documents placed on record, I am of the considered view that the addition made of Rs. 93,000/- as unexplained Money

SHAILESH CHAMPAKLAL VAKHARIA,NAGPUR vs. ASSISSTANT COMMISSIONER OF INCOME (CENTRAL) CIRCLE - 1(1), NAGPUR

In the result, appeal filed by the assessee stands allowed

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

unexplained money. 2 Shailesh Champaklal Vakharia ITA no.344/Nag./2023 2. Whether the Ld. CIT(A) is justified in law and fact in sustaining addition to the tune of Rs. 54,11,666/- u/s 69A without appreciating the fact that the agreement to sale is not duly signed and executed and further a sum of Rs. 14,85,000/- was returned

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

Housing Development Co. Vs DCIT, have affirmed the scope of the Assessing Officer to assess the total income in the proceedings u/s. 153A of the Income Tax Act. 3 On the facts and circumstances of the case and in law, the learned CIT(A) failed to appreciate that the Assessing Officer is required to assess or re- assess the total

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

Housing Development Co. Vs DCIT, have affirmed the scope of the Assessing Officer to assess the total income in the proceedings u/s. 153A of the Income Tax Act. 3 On the facts and circumstances of the case and in law, the learned CIT(A) failed to appreciate that the Assessing Officer is required to assess or re- assess the total

ASSISTANT COMMISSIONER OF INCOME TAX, NAGPUR vs. SHRI MUKESH D. GUPTA, NAGPUR

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

house property income and the learned CIT(A) was justified in allowing the claim and deleting the addition. On the facts and circumstances of the case, in absence of any incriminating document, the action of the AO was bad in law and wrong on facts and the learned CIT(A) was justified in setting aside the same. 5. That

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

money or unexplained sources in this cash deposit by the appellant, he also overlooked the submission of the appellant that it is unintentional mistake of appellant he also sideline the judgments of the various courts in favor of the appellant's unintentional act which caused no loss to revenue. The LAO here failed to prove any loss incurred or caused

MANOJ KUMAR VISHANDAS KAMNANI ,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCEL 2(2) , NAGPUR

In the result, appeal filed by the assessee is allowed

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

money paid by the assessee on the purchase of immovable property under section 69 of the Act; (ii) the estimated profit on turnover @ 8%, i.e., ` 11,97,016; and (iii) ` 64,06,268/-, which has not been disputed in this appeal. Aggrieved, the assessee filed appeal before the first appellate authority. Manoj Kumar Vishandas Kamnani ITA no.58/Nag./2023 5. Before

PUSHPA SUNIL DEVIKAR,NAGPUR vs. ITO WARD-4(4), NAGPUR

In the result, appeal of the Assessee is allowed for statistical purposes

Bench: Dr. Manish Borad

unexplained money. 3. At the outset, learned counsel for the assessee submitted that source of the alleged cash deposits are from sale of self-owned gold jewellery accumulated over the years 1990- 2010 and that the sale proceeds received, has been deposited in the bank account and thereafter investment has been made for purchase of immovable property. He also submitted

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

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

unexplained investment in house construction on the ground that the difference between the figure shown by the assessee and the figure of the DVO is hardly 10 percent. 15. Similarly, we find that the Pune Bench of the Tribunal in the case of ITO V/s. Kaaddu Jayghosh Appasaheb, vide ITA No.441/PN/2004 for the asst. yr 1992-1993 and relied

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

unexplained investment in house construction on the ground that the difference between the figure shown by the assessee and the figure of the DVO is hardly 10 percent. 15. Similarly, we find that the Pune Bench of the Tribunal in the case of ITO V/s. Kaaddu Jayghosh Appasaheb, vide ITA No.441/PN/2004 for the asst. yr 1992-1993 and relied

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

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR vs. DEEPAK SURESH GADGE, NAGPUR

In the result, appeal of the Revenue is dismissed

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

unexplained expenditure in the hands of appellant u/s 69C of I.T. Act 1961. The aforesaid conclusion is made considering the notings of loose papers found from the premises of Shri Atul Yamsanwar on whom search u/s 132(1) of I.T. Act 1961 was conducted on 25/06/2019. 4.2. The appellant explained each and every loose paper scanned and pasted

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR vs. DEEPAK SURESH GADGE, NAGPUR

In the result, appeal of the Revenue is dismissed

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

unexplained expenditure in the hands of appellant u/s 69C of I.T. Act 1961. The aforesaid conclusion is made considering the notings of loose papers found from the premises of Shri Atul Yamsanwar on whom search u/s 132(1) of I.T. Act 1961 was conducted on 25/06/2019. 4.2. The appellant explained each and every loose paper scanned and pasted

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

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

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.\nThe 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. Year 2013-2014 and the same were shown in the balance