GAJANAND FINANCIAL CONSULTANCY PRIVATE LIMITED,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL) NAGPUR, NAGPUR

In the result, assessee’s appeal is allowed

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

36,460/- Assessed income u/s. 143(3) : Rs.4,61,460/- Returned income u/s. 148 : Rs.4,61,460/- Add: Unexplained cash credit : Rs. 14,10,00,000/- (discussed above in Para no. 4) Add: Unexplained cash credit : Rs. 5,57,10,000/- (discussed above in Para no. 5) ––––––––––––––– Assessed income : Rs.19,71,71,460 –––––––––––––- 12. The impugned assessment order in case

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

In the result, assessee' appeal for A

36,726/-. GROUND NO. 1 and 2: That the AO erred in passing the assessment order u/s.143(3) r.w.s. 1534. The notice and proceedings u/s. 153A are bad in law and wrong on facts. That no incriminating document was found as a result of si arch and the notice u/s. 153A was objected in the computation of income furnished vide

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

36,755/- 3. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition of unaccounted income of M/s. Gigeo Construction Co. Pvt. Ltd. Rs.1,37,46,465/-without appreciating the fact that the assessee followed mercantile system of accounting as such the total contract receipts of Rs.3

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

36,755/- 3. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition of unaccounted income of M/s. Gigeo Construction Co. Pvt. Ltd. Rs.1,37,46,465/-without appreciating the fact that the assessee followed mercantile system of accounting as such the total contract receipts of Rs.3

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

36,755/- 3. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition of unaccounted income of M/s. Gigeo Construction Co. Pvt. Ltd. Rs.1,37,46,465/-without appreciating the fact that the assessee followed mercantile system of accounting as such the total contract receipts of Rs.3

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

36,726/-.\nGROUND NO. 1 and 2:\nThat the AO erred in passing the assessment order u/s.143(3) r.w.s. 153A.\nThe notice and proceedings u/s. 153A are bad in law and wrong on facts. That\nno incriminating document was found as a result of search and the notice u/s.\n153A was objected in the computation of income furnished vide letter

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

In the result, assessee' appeal for A

36,726/-.\nGROUND NO. 1 and 2:\nThat the AO erred in passing the assessment order u/s.143(3) r.w.s. 1534.\nThe notice and proceedings u/s. 153A are bad in law and wrong on facts. That\nno incriminating document was found as a result of si arch and the notice u/s.\n153A was objected in the computation of income furnished vide

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

36,726/-.\nGROUND NO. 1 and 2:\nThat the AO erred in passing the assessment order u/s.143(3) r.w.s. 1534.\nThe notice and proceedings u/s. 153A are bad in law and wrong on facts. That\nno incriminating document was found as a result of si arch and the notice u/s.\n153A was objected in the computation of income furnished vide

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

36,726/-.\nGROUND NO. 1 and 2:\nThat the AO erred in passing the assessment order u/s.143(3) r.w.s. 1534.\nThe notice and proceedings u/s. 153A are bad in law and wrong on facts. That\nno incriminating document was found as a result of si arch and the notice u/s.\n153A was objected in the computation of income furnished vide

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

36,726/-.\nGROUND NO. 1 and 2:\nThat the AO erred in passing the assessment order u/s.143(3) r.w.s. 1534.\nThe notice and proceedings u/s. 153A are bad in law and wrong on facts. That\nno incriminating document was found as a result of si arch and the notice u/s.\n153A was objected in the computation of income furnished vide

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

In the result, assessee' appeal for A

36,726/-.\n\nGROUND NO. 1 and 2:\nThat the AO erred in passing the assessment order u/s.143(3) r.w.s. 1534.\nThe notice and proceedings u/s. 153A are bad in law and wrong on facts. That\nno incriminating document was found as a result of si arch and the notice u/s.\n153A was objected in the computation of income furnished

M/S. GAJANAN COTSPIN ,BULDHANA vs. INCOME TAX OFFICER, WARD-2, KHAMGAON

In the result, assessee’s appeal stands allowed

Bench: Shri V. Durga Rao

section 36(1)(iii) of the Income Tax Act, 1961 ("the Act") as the interest bearing fund utilized for non-business purpose. In response, the assessee furnished reply which was extracted by the Assessing Officer in his assessment order vide Para–4.3 at Page–3 and 4, which is also reproduced below for ready reference:– “The assessee has not charged

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

section 153D dated 29/09/2021 is in mechanical/routine manner without application of mind by Addl.CIT, which is merely a formality, an empty ritual and as such it leads to flagrant violation of the rules of law. 45. The third contention of the learned A.R. is that while granting such mechanical approval dated 29/09/2021 under section 153D for the assessment year

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

section 153D dated 29/09/2021 is in mechanical/routine manner without application of mind by Addl.CIT, which is merely a formality, an empty ritual and as such it leads to flagrant violation of the rules of law. 45. The third contention of the learned A.R. is that while granting such mechanical approval dated 29/09/2021 under section 153D for the assessment year

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

section 153D dated 29/09/2021 is in mechanical/routine manner without application of mind by Addl.CIT, which is merely a formality, an empty ritual and as such it leads to flagrant violation of the rules of law. 45. The third contention of the learned A.R. is that while granting such mechanical approval dated 29/09/2021 under section 153D for the assessment year

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

section 153D dated 29/09/2021 is in mechanical/routine manner without application of mind by Addl.CIT, which is merely a formality, an empty ritual and as such it leads to flagrant violation of the rules of law. 45. The third contention of the learned A.R. is that while granting such mechanical approval dated 29/09/2021 under section 153D for the assessment year

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

section 153D dated 29/09/2021 is in mechanical/routine manner without application of mind by Addl.CIT, which is merely a formality, an empty ritual and as such it leads to flagrant violation of the rules of law. 45. The third contention of the learned A.R. is that while granting such mechanical approval dated 29/09/2021 under section 153D for the assessment year

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

section 153D dated 29/09/2021 is in mechanical/routine manner without application of mind by Addl.CIT, which is merely a formality, an empty ritual and as such it leads to flagrant violation of the rules of law. 45. The third contention of the learned A.R. is that while granting such mechanical approval dated 29/09/2021 under section 153D for the assessment year

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

Penalty proceedings u/s 271(l)(c) of the IT Act are initiated separately.” 27 Smt. AanjuSaraf 41. Ld AR on the other hand submitted the observations of Ld CIT(A) from the appellate order, wherein the learned CIT(A) considering the submissions of the assessee and keeping in view the facts and circumstances of the case, confirmed the order