ACIT, CHANDRAPUR CIRCLE , CHANDRAPUR vs. CHANDRAPUR DISTT. CENTRAL CO-OP BANK LTD , CHANDRAPUR

In the result, appeal filed by the Revenue is allowed for statistical purposes

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

10,47,680, after claiming deduction under section 36(1)(viia) of the Act amounting tors 46,57,11,248. The case was selected for scrutiny. By following due process, the assessment was completed under section 143(3) of the Act dated 26/02/2016, assessing total income of ` 23,51,05,202. Subsequently, penalty proceedings were initiated under section 271

INCOME TAX OFFICER , WARD -4, AMRAVATI vs. SHRI MAHESH SHANKAR SORATE , DARYAPUR

In the result, appeal filed by the Revenue is dismissed

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

10. – do – 3,30,000 07.05.2012 Cash 11. – do – 1,77,000 10.05.2012 Cash 12. Shri T.B. Bagdi 55,000 12.05.2012 Cash 13. – do – 2,65,000 12.05.2012 Cash 14. – do – 2,27,000 14.05.2012 Cash 15. – do – 2,20,000 19.05.2012 Cash 16. – do – 80,000 21.05.2012 Shri Mahesh Shankar Sorate ITA no.250/Nag./2018 Cash

SHRI AJAYKUMAR BATRA,,BANDARA vs. THE ACIT, CIRCLE- 7,, NAGPUR

In the result, the appeal of the assessee is allowed

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं. / Ita No.19/Nag/2015 िनधा"रण वष" / Assessment Year : 2010–11 Ajaykumar Batra, Prop. M/S. Saibaba Construction, Rajgopalchari Ward, Bandara-441904. .......अपीलाथ" / Appellant Pan : Abjpa9287H बनाम / V/S. Acit, Circle-7, ……""यथ" / Respondent Nagpur. Assessee By : Shri Kailash M. Jogani, Ca & Shri Mukesh R. Agarwal, Adv. Revenue By : Shri U. U. Kasar, Jt. Cit सुनवाई क" तारीख / Date Of Hearing : 29.03.2019 घोषणा क" तारीख / Date Of Pronouncement : 25.04.2019 आदेश / Order Per D. Karunakara Rao, Am: This Appeal Is Filed By The Assessee Against The Order Of Cit(A)-Ii, Nagpur Dated 22.09.2014 For The Assessment Year 2010-11. 2 2. The Grounds Raised By The Assessee Are As Under :- “1. The Order Passed Is Illegal, Invalid & Bad In Law. 2. The Act Of Learned A.O. Levying The Penalty Of Rs.16,97,544/- U/S 271(1)(C) Is Unjustified. 3. The Learned A.O. Erred In Charging Penalty U/S 271(1)(C) For Concealment Of Income. But There Is No Concealment At All. The Income Offered U/S. 133A Was Jut To Cover Up The Discrepancies, Avoid Further Litigation & To Buy A Peace. 4. Any Other Ground Shall Be Prayed At The Time Of Hearing.”

46,76,192/-. Hence, considering the said additional income, which was not declared in the original return of income, the Assessing Officer initiated penalty proceedings recording the satisfaction that it is a case of both the case 3 of “concealment of income and filing of inaccurate particulars of income” (para 3 of the assessment order). 4. The CIT(A), after

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

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

271(1)(c) Tribunal deleted the impugned addition as well as the penalty imposed on the grounds that (i) assessee have given the names and addresses of the creditors, (ii) it had also produced before ITO letters of confirmation, the discharged hundis and particulars of the different creditors including their general index numbers with the Income-tax Department

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

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

271(1)(c) Tribunal deleted the impugned addition as well as the penalty imposed on the grounds that (i) assessee have given the names and addresses of the creditors, (ii) it had also produced before ITO letters of confirmation, the discharged hundis and particulars of the different creditors including their general index numbers with the Income-tax Department

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

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

271(1)(c) Tribunal deleted the impugned addition as well as the penalty imposed on the grounds that (i) assessee have given the names and addresses of the creditors, (ii) it had also produced before ITO letters of confirmation, the discharged hundis and particulars of the different creditors including their general index numbers with the Income-tax Department

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

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

271(1)(c) Tribunal deleted the impugned addition as well as the penalty imposed on the grounds that (i) assessee have given the names and addresses of the creditors, (ii) it had also produced before ITO letters of confirmation, the discharged hundis and particulars of the different creditors including their general index numbers with the Income-tax Department

INCOME TAX OFFICER WARD-1, GONDIA vs. SHRI SATISHKUMAR MADANLAL GUPTA , GONDIA

In the result, appeal filed by the assessee for the ay 2009–10 stands dismissed

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

u/s 271(1)(b) be orders to be waived.” 4. Brief facts:– The assessee is an individual. For the year under consideration, the assessee had not filed his return of income. During the relevant assessment year, as per AIR information, the assessee was found to have deposited cash of ` 5,28,35,502 in his bank account with Bank

SATISH KUMAR MADANLAL GUPTA,GONDIA vs. INCOME TAX OFFICER WARD -1, GONDIA

In the result, appeal filed by the assessee for the ay 2009–10 stands dismissed

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

u/s 271(1)(b) be orders to be waived.” 4. Brief facts:– The assessee is an individual. For the year under consideration, the assessee had not filed his return of income. During the relevant assessment year, as per AIR information, the assessee was found to have deposited cash of ` 5,28,35,502 in his bank account with Bank

SATISH KUMAR MADANLAL GUPTA,GONDIA vs. INCOME TAX OFFICER WARD -1, GONDIA

In the result, appeal filed by the assessee for the ay 2009–10 stands dismissed

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

u/s 271(1)(b) be orders to be waived.” 4. Brief facts:– The assessee is an individual. For the year under consideration, the assessee had not filed his return of income. During the relevant assessment year, as per AIR information, the assessee was found to have deposited cash of ` 5,28,35,502 in his bank account with Bank

INCOME TAX OFFICER WARD-1, GONDIA vs. SHRI SATISHKUMAR MADANLAL GUPTA , GONDIA

In the result, appeal filed by the assessee for the ay 2009–10 stands dismissed

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

u/s 271(1)(b) be orders to be waived.” 4. Brief facts:– The assessee is an individual. For the year under consideration, the assessee had not filed his return of income. During the relevant assessment year, as per AIR information, the assessee was found to have deposited cash of ` 5,28,35,502 in his bank account with Bank

SATISH KUMAR MADANLAL GUPTA,GONDIA vs. INCOME TAX OFFICER WARD -1, GONDIA

In the result, appeal filed by the assessee for the ay 2009–10 stands dismissed

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

u/s 271(1)(b) be orders to be waived.” 4. Brief facts:– The assessee is an individual. For the year under consideration, the assessee had not filed his return of income. During the relevant assessment year, as per AIR information, the assessee was found to have deposited cash of ` 5,28,35,502 in his bank account with Bank

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

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

section 68 of the Income Tax Act, 1961. Further, the AO did not find the explanation offered by the assessee satisfactory and stated that the assessee has failed to discharge its onus towards explaining the credit of Rs.15,00,000/-. We respectfully object to the above observations and allegations made by the AO as the same are based on conjectures

GIGEO CONSTRUCTION CO. PVT. LTD.,,NAGPUR vs. ACIT, CENTRAL CIRCLE- 1(3),, NAGPUR

In the result, appeal filed by the assessee for the A

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

46,465/-without appreciating the fact that the assessee followed mercantile system of accounting as such the total contract receipts of Rs.3,32,67,046/- should have been offered as income during the year under consideration. 4. On the facts and in the circumstances of the case and in law, the Ld. CIT (A) has erred in the disallowance u/s

DY. C.I.T. CENTRAL CIR.-1(3), NAGPUR vs. M/S GIGEO CONSTRUCTION CO.PVT. LTD, NAGPUR

In the result, appeal filed by the assessee for the A

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

46,465/-without appreciating the fact that the assessee followed mercantile system of accounting as such the total contract receipts of Rs.3,32,67,046/- should have been offered as income during the year under consideration. 4. On the facts and in the circumstances of the case and in law, the Ld. CIT (A) has erred in the disallowance u/s

DY. C.I.T. CENTRAL CIR.-1(3), NAGPUR vs. M/S GIGEO CONSTRUCTION CO.PVT. LTD, NAGPUR

In the result, appeal filed by the assessee for the A

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

46,465/-without appreciating the fact that the assessee followed mercantile system of accounting as such the total contract receipts of Rs.3,32,67,046/- should have been offered as income during the year under consideration. 4. On the facts and in the circumstances of the case and in law, the Ld. CIT (A) has erred in the disallowance u/s

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

46,687/-(Kindly refer Page No 4 of Paper Book). Thus, the annual value u/s 23(1)(a) for 9 months comes to Rs 35,015/-. After deduction of corporation tax of Rs 12,512/- and deduction u/s 24 not allowed by AD, the taxable income works out to Rs. 15752/-. The Hon'ble ITAT Mumbai Bench in Park Paper

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

46,687/-(Kindly refer Page No 4 of Paper Book). Thus, the annual value u/s 23(1)(a) for 9 months comes to Rs 35,015/-. After deduction of corporation tax of Rs 12,512/- and deduction u/s 24 not allowed by AD, the taxable income works out to Rs. 15752/-. The Hon'ble ITAT Mumbai Bench in Park Paper