ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), NAGPUR vs. M/S. RADHA MADHAV DEVELOPER , NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

125, Abyankar Road, Sitabuldi, ……………. Respondent Nagpur, PAN : AAJFR4038G Assessee by : Shri Kapil Hirani, Advocate and Shri Mukesh Agrawal, CA Revenue by : Shri Kailash C. Kanojiya, CIT DR Date of Hearing – 25/06/2024 Date of Order – 29 /07/2024 O R D E R PER K.M.ROY, A.M. These appeals have been preferred by the revenue and the cross objections by the assessee, details

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1),NAGPUR, NAGPUR vs. M/S. RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

125, Abyankar Road, Sitabuldi, ……………. Respondent Nagpur, PAN : AAJFR4038G Assessee by : Shri Kapil Hirani, Advocate and Shri Mukesh Agrawal, CA Revenue by : Shri Kailash C. Kanojiya, CIT DR Date of Hearing – 25/06/2024 Date of Order – 29 /07/2024 O R D E R PER K.M.ROY, A.M. These appeals have been preferred by the revenue and the cross objections by the assessee, details

ASSTT.COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1), NAGPUR vs. M/S RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

125, Abyankar Road, Sitabuldi, ……………. Respondent Nagpur, PAN : AAJFR4038G Assessee by : Shri Kapil Hirani, Advocate and Shri Mukesh Agrawal, CA Revenue by : Shri Kailash C. Kanojiya, CIT DR Date of Hearing – 25/06/2024 Date of Order – 29 /07/2024 O R D E R PER K.M.ROY, A.M. These appeals have been preferred by the revenue and the cross objections by the assessee, details

ASSTT.COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1), NAGPUR vs. M/S RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

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

125, Abyankar Road, Sitabuldi, ……………. Respondent Nagpur, PAN : AAJFR4038G Assessee by : Shri Kapil Hirani, Advocate and Shri Mukesh Agrawal, CA Revenue by : Shri Kailash C. Kanojiya, CIT DR Date of Hearing – 25/06/2024 Date of Order – 29 /07/2024 O R D E R PER K.M.ROY, A.M. These appeals have been preferred by the revenue and the cross objections by the assessee, details

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

125 (Mag.) is also found to be of much relevance. In this case,\nduring the course of proceedings under section 143(3) of the Act, the\nassessee had furnished complete details of loan creditors along with their\nPAN, financial statements, loan confirmations, bank statements etc. The\nAssessing Officer, however, added the entire loan received under section

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

In the result, assessee' appeal for A

125 (Mag.) is also found to be of much relevance. In this case, during the course of proceedings under section 143(3) of the Act, the assessee had furnished complete details of loan creditors along with their PAN, financial statements, loan confirmations, bank statements etc. The Assessing Officer, however, added the entire loan received under section

VINAY RAMSHARANDAS AGRAWAL,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-II, NAGPUR

In the result, appeal by the assessee stands allowed

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

125/-, cost of improvement with indexation claimed at Rs.7,72,61,368/-, expenditure wholly and exclusively in connection with transfer claimed at Rs. 1,01,70,000/- and difference in sale consideration as per income tax return and the amount reported in Form 26QB during the course of assessment proceedings. viii.During the course of proceedings initiated under section 263 against

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

In the result, assessee' appeal for A

125 (Mag.) is also found to be of much relevance. In this case,\nduring the course of proceedings under section 143(3) of the Act, the\nassessee had furnished complete details of loan creditors along with their\nPAN, financial statements, loan confirmations, bank statements etc. The\nAssessing Officer, however, added the entire loan received under section

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

125 (Mag.) is also found to be of much relevance. In this case,\nduring the course of proceedings under section 143(3) of the Act, the\nassessee had furnished complete details of loan creditors along with their\nPAN, financial statements, loan confirmations, bank statements etc. The\nAssessing Officer, however, added the entire loan received under section

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

125 (Mag.) is also found to be of much relevance. In this case,\nduring the course of proceedings under section 143(3) of the Act, the\nassessee had furnished complete details of loan creditors along with their\nPAN, financial statements, loan confirmations, bank statements etc. The\nAssessing Officer, however, added the entire loan received under section

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

125 (Mag.) is also found to be of much relevance. In this case,\nduring the course of proceedings under section 143(3) of the Act, the\nassessee had furnished complete details of loan creditors along with their\nPAN, financial statements, loan confirmations, bank statements etc. The\nAssessing Officer, however, added the entire loan received under section

S. R. TECHNICAL SERVICES,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-2, NAGUR

In the result, appeal of the assessee is dismissed

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.42/Nag/2021 िनधा"रण वष" / Assessment Year : 2011-12 S R Technical Services, The Principal C/O. K N D & Associates, Vs Commissioner Of 502-503, Satyam Apartment, Income Tax, Dhantoli, Wardha Road, Nagpur – 2. Nagpur – 440012. Pan: Abmfs6131K Appellant/ Assessee Respondent/Revenue Assessee By None Revenue By Shri Kailash G. Kanojiya – Sr.Dr Date Of Hearing 21/09/2023 Date Of Pronouncement 21/11/2023

section 147 r.w.s.143(3) of the Act, dated 18.12.2018. The grounds of appeal filed by the Assessee are as under : “1. The assessee had submitted its return of income declaring Total income at Rs. 2,72,461/- on 30/09/2011. The assessee was issued notice u/s 148 of the Income Tax Act, 1961 and order u/s 143(3) r.w.s

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

reassessment proceedings-Neither the reasons in the initial notice nor the communication providing reasons remotely indicate independent application of mind by AO-Notice under S. 148 quashed. 7. (1980) 125 ITR 713 (Supreme Court of India) 12 Shri Nandkumar Khatumal Harchandani ITA no.410/Nag./2019 A.Y. 2014–15 KishinchandChellaram –Vs.- Commissioner of Income Tax Income from undisclosed sources-Chargeability

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

reassessment proceedings-Neither the reasons in the initial notice nor the communication providing reasons remotely indicate independent application of mind by AO-Notice under S. 148 quashed.\n7. (1980) 125 ITR 713 (Supreme Court of India) Kishinchand Chellaram –Vs.- Commissioner of Income Tax\nIncome from undisclosed sources-Chargeability-T, an employee of Madras office of assessee making a telegraphic transfer

DY COMMISSIONER OF INOCME TAX , CIRCLE -2, NAGPUR vs. M/S N KUMAR CONSTRUCTION CO .PVT.LTD , NAGPUR

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

section 68 of the Income Tax Act, 1961. 9. There is no evidence that the entire transaction was sham and bogus transaction. The appellant has submitted that appellant company has established identity and creditworthiness of the entities as well as proved the bonafides and genuineness of transaction beyond doubt. On the above mentioned preposition appellant placed reliance on following judgments

DY COMMISSIONER OF INOCME TAX , CIRCLE -2, NAGPUR vs. M/S N KUMAR CONSTRUCTION CO .PVT.LTD , NAGPUR

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

Section 68, initial onus was upon assessee to establish identity, genuineness of transaction and capacity of lender or depositor-Confirmation of transaction had been received by AO by issuing notice U/s. 133(6), therefore, identity had been established- Genuineness of transaction could be safely concluded since entire transaction had been done through banking channel duly recorded in books of assesse

CITY LAND ASSOCIATES,AMRAVATI vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, NAGPUR

In the result, assessee’s appeal stands dismissed

Bench: Shri V. Durgarao & Shrik.M. Roy, Accountant, Member

reassessment.” 7. Before us, the learned Authorised Representative relied on the disclosure letter dated 29/09/2015, vide Page–1 to 4 of the Paper Book placed on record, runs as follows:– “To The Dy. C.I.T., Amravati Circle, Amravati Sir, Sub: Survey proceedings u/s 133A of the I.T. Act 1961 conducted on 22/09/2015 Kindly refer to the above. The survey proceedings

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

In the result, assessee' appeal for A

section 68 of the Income Tax Act,\n1961. Further, the AO did not find the explanation offered by the assessee\nsatisfactory and stated that the assessee has failed to discharge its onus\ntowards explaining the credit of Rs.15,00,000/-. We respectfully object to the\nabove observations and allegations made by the AO as the same are based on\nconjectures