VISHAL KISHORILAL JAIN,NAGPUR vs. DCIT/ACIT CIRCLE-4, NAGPUR

In the result, assessee’s appeal for A

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

reassessment u/s 148, overlooking the fact that copy of reasons recorded were not supplied to the assessee in spite of specific request by the assessee. 3. The Ld. CIT(A) failed to note that the AO invoked Section 68 but made the final addition u/s 69 without providing the opportunity to the appellant to respond, violating natural justice

LATITUDE INFRAVENTURES,NAGPUR vs. PCIT,NAGPUR-1, NAGPUR

In the result, appeal filed by the assessee for assessment year 2017–18

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

reassessment proceedings were initiated based on specified issues identified as per reasons recorded. The proceedings were concluded and returned income was accepted vide assessment order passed u/s 147 dated 29/03/2022. Therefore, once the learned AO did not make any additions

LATITUDE INFRAVENTURES,NAGPUR vs. PCIT,NAGPUR-1, NAGPUR

In the result, appeal filed by the assessee for assessment year 2017–18

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

reassessment proceedings were initiated based on specified issues identified as per reasons recorded. The proceedings were concluded and returned income was accepted vide assessment order passed u/s 147 dated 29/03/2022. Therefore, once the learned AO did not make any additions

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

u/s 69C based on the report of the Department Valuation Officer. The appellant had challenged the said addition before the CIT(A), who has granted the relief by observation as follows: “The case of the appellant is further strengthened by the fact that the construction of the project was not executed by the appellant itself but was given on back

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

u/s 69C based on the report of the Department Valuation Officer. The appellant had challenged the said addition before the CIT(A), who has granted the relief by observation as follows: “The case of the appellant is further strengthened by the fact that the construction of the project was not executed by the appellant itself but was given on back

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

u/s 69C based on the report of the Department Valuation Officer. The appellant had challenged the said addition before the CIT(A), who has granted the relief by observation as follows: “The case of the appellant is further strengthened by the fact that the construction of the project was not executed by the appellant itself but was given on back

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

u/s 69C based on the report of the Department Valuation Officer. The appellant had challenged the said addition before the CIT(A), who has granted the relief by observation as follows: “The case of the appellant is further strengthened by the fact that the construction of the project was not executed by the appellant itself but was given on back

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

u/s 69C based on the report of the Department Valuation Officer. The appellant had challenged the said addition before the CIT(A), who has granted the relief by observation as follows: “The case of the appellant is further strengthened by the fact that the construction of the project was not executed by the appellant itself but was given on back

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

u/s 69C based on the report of the Department Valuation Officer. The appellant had challenged the said addition before the CIT(A), who has granted the relief by observation as follows: “The case of the appellant is further strengthened by the fact that the construction of the project was not executed by the appellant itself but was given on back

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

In the result, assessee' appeal for A

addition made with\nrespect to unsecured loan obtained from Sakambhari Vanijya Pvt Ltd (SVPL) is\nnot based on it. The AO has also alleged that the assessee has not been able\nto prove the creditworthiness of loan creditor and the genuineness of the\ntransaction in view of the provisions of section 68 of the Income Tax Act,\n1961. Further

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

In the result, assessee' appeal for A

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 69 has held that in creating the legal fiction

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

addition on account of commission on loan\ntransaction.\n52. After hearing both the parties and on a perusal of the material available\non record, we find that identical issue has been raised by the assessee in its\nappeal being ITA no.55/Nag./2022, for the assessment year 2012-13,\nwherein, vide ground no.4, we have decided this issue partly in favour

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

income-tax as the\nincome of the assessee of that previous year.\"\nThe phraseology of section 68 is clear. The Legislature has laid down\nthat in the absence of a satisfactory explanation, the unexplained cash\ncredit may be charged to income-tax as the income of the assessee of\nthat previous year. In this, case the legislative mandate

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -1(2), NAGPUR vs. VIDARBHA INFOTECH PRIVATE LIMITED, NAGPUR

In the result, appeal by the Revenue is dismissed

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

147 of the Act on 25/12/2018. Facts of the case: Assessee filed return of income under section 139(1) of I T Act on 17/10/2016 declaring income of Rs.4,60,44,360/–. Case was selected for scrutiny and various notices were issued which were duly replied by the assessee. Assessment order under section 143(3) was passed on 25/12/2018 wherein

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

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 no\nexplanation about the nature and source thereof or the explanation\noffered by him is not, in the opinion of the Assessing Officer,\nsatisfactory

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

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 no\nexplanation about the nature and source thereof or the explanation\noffered by him is not, in the opinion of the Assessing Officer,\nsatisfactory

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

In the result, assessee' appeal for A

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 no\nexplanation about the nature and source thereof or the explanation\noffered by him is not, in the opinion of the Assessing Officer,\nsatisfactory

SHRI SUBHASHCHAND CHANDAK,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, NAGPUR

In the result, appeal filed by the assessee is dismissed in limine

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

reassessment u/s 147 initiated, cease to exist as per appeal order, whether additions made on other grounds will be deleted suo-moto or whether same has to be argued separately before appellate forum for its deletion. 5. That, the addition of Rs.2,00,000/- on account of deposit in passbook treated as income