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

unexplained credits under section 68 of the Act when, on the date of search (i.e., 11/07/2019), the assessment year 2014–15 had already been unabated / completed, since scrutiny assessment under section 143(3) had been completed on 18/08/2016 and no assessment was pending for the assessment year 2014-15 on the date of search and there was no mention

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

unexplained credits under section 68 of the Act when, on the date of search (i.e., 11/07/2019), the assessment year 2014–15 had already been unabated / completed, since scrutiny assessment under section 143(3) had been completed on 18/08/2016 and no assessment was pending for the assessment year 2014-15 on the date of search and there was no mention

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

unexplained credits under section 68 of the Act when, on the date of search (i.e., 11/07/2019), the assessment year 2014–15 had already been unabated / completed, since scrutiny assessment under section 143(3) had been completed on 18/08/2016 and no assessment was pending for the assessment year 2014-15 on the date of search and there was no mention

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

unexplained credits under section 68 of the Act when, on the date of search (i.e., 11/07/2019), the assessment year 2014–15 had already been unabated / completed, since scrutiny assessment under section 143(3) had been completed on 18/08/2016 and no assessment was pending for the assessment year 2014-15 on the date of search and there was no mention

M/S GUPTA CORPORATION PVT LTD ,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE2(1), NAGPUR

In the result, the appeal of assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

unexplained cash credits under share capital, share premium and sundry creditors etc. in reassessment proceedings u/s. 147 of the Act. 4. We note

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

In the result, assessee' appeal for A

unexplained cash credit may be charged to income-tax as the income of the assessee of that previous year. In this, case the legislative mandate is not in terms of the words \"shall be charged to income-tax as the income of the assessee of that previous year\". The Supreme Court while interpreting similar phraseology used in section

M/S. FATEMA SHOEB HUSSAIN,,NAGPUR vs. ITO, WARD- 2(4),, NAGPUR

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

credits (both by cash and by cheque) in bank account of Maria Construction and (ii) on account of estimated business income of Maria Construction, Assessee fully relies on the detailed Written Submission dated 06/01/2014, filed by the Assessee before learned CIT(A) after receipt of remand report dated 22/07/2013, for all the assessment years under appeal viz. for the assessment

M/S. FATEMA SHOEB HUSSAIN,,NAGPUR vs. ITO, WARD- 2(4),, NAGPUR

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

credits (both by cash and by cheque) in bank account of Maria Construction and (ii) on account of estimated business income of Maria Construction, Assessee fully relies on the detailed Written Submission dated 06/01/2014, filed by the Assessee before learned CIT(A) after receipt of remand report dated 22/07/2013, for all the assessment years under appeal viz. for the assessment

MISS FATEMA SHOEB HUSSAIN,,NAGPUR vs. ITO, WARD- 2(4),, NAGPUR

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

credits (both by cash and by cheque) in bank account of Maria Construction and (ii) on account of estimated business income of Maria Construction, Assessee fully relies on the detailed Written Submission dated 06/01/2014, filed by the Assessee before learned CIT(A) after receipt of remand report dated 22/07/2013, for all the assessment years under appeal viz. for the assessment

MISS FATEMA SHOEB HUSSAIN,,NAGPUR vs. ITO, WARD- 2(4),, NAGPUR

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

credits (both by cash and by cheque) in bank account of Maria Construction and (ii) on account of estimated business income of Maria Construction, Assessee fully relies on the detailed Written Submission dated 06/01/2014, filed by the Assessee before learned CIT(A) after receipt of remand report dated 22/07/2013, for all the assessment years under appeal viz. for the assessment

M/S. FATEMA SHOEB HUSSAIN,,NAGPUR vs. ITO, WARD- 2(4),, NAGPUR

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

credits (both by cash and by cheque) in bank account of Maria Construction and (ii) on account of estimated business income of Maria Construction, Assessee fully relies on the detailed Written Submission dated 06/01/2014, filed by the Assessee before learned CIT(A) after receipt of remand report dated 22/07/2013, for all the assessment years under appeal viz. for the assessment

M/S. FATEMA SHOEB HUSSAIN,,NAGPUR vs. ITO, WARD- 2(4),, NAGPUR

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

credits (both by cash and by cheque) in bank account of Maria Construction and (ii) on account of estimated business income of Maria Construction, Assessee fully relies on the detailed Written Submission dated 06/01/2014, filed by the Assessee before learned CIT(A) after receipt of remand report dated 22/07/2013, for all the assessment years under appeal viz. for the assessment

AXYKNO CAPITAL SERVICES LTD,,NAGPUR vs. DCIT CIRCLE 1, NAGPUR

In the result, both the appeals of the assessee are allowed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am

unexplained cash credits under section 68 of the Income Tax Act, 1961 (“Act”). The facts and grounds in both the appeals being similar in nature, the appeals are being disposed off by this common order for the sake of convenience. The grounds raised by the assessee in both the appeals are as under:- 2 ITA 178/NAG/ 2017 AXYKNO CAPITAL SERVICES

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

In the result, assessee' appeal for A

reassessment is\nbad in law and the addition made in the assessment order is illegal as no\nincriminating document or unaccounted income was found during the course of\nsearch in the case of assessee.\nWe would be submitting further while discussing the individual unds for\naddition made in the Assessment order.\nGROUND NO. 2;\nThat the learned AO erred

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

unexplained cash credit u/s. 68. The issue in dispute is covered in favour of appellant by the decision of jurisdictional High Court in the case of CIT Vs. Creative World Telefilm Ltd. reported at 333 ITR 100 (Bom) wherein it has been held that the amount of share premium cannot be treated as income

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

credited in the books of an assessee\nmaintained for any previous year. and the assessee offers no\nexplanation about the nature and source thereof or the explanation\noffered by him is not, in the opinion of the Assessing Officer,\nsatisfactory, the sum so credited may be charged to income-tax as the\nincome of the assessee of that previous year

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

cash deposits in their bank accounts as\nunexplained investments of those creditors under section 69.\nFurther, we may point out that section 68 under which the addition has\nbeen made by the Assessing Officer reads as under:\n\"68. Where any sum is found credited in the books of an assessee\nmaintained for any previous year. and the assessee offers

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

In the result, assessee' appeal for A

cash deposits in their bank accounts as\nunexplained investments of those creditors under section 69.\nFurther, we may point out that section 68 under which the addition has\nbeen made by the Assessing Officer reads as under:\n\"68. Where any sum is found credited in the books of an assessee\nmaintained for any previous year. and the assessee offers