DEPUTY COMMISSIONER OF INCOME TAX , CENTRAL CIRCEL-1(2, NAGPUR vs. M/S. VIBRANT GLOBAL CAPITAL LTD., MUMBAI

In the result, appeal filed by the Revenue is dismissed

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

forwarded vide letter dated 27/04/2018 by the ACIT, Range-8(3), Mumbai. The Assessing Officer in the remand report had objected admissibility of additional evidence and has also given his comments on the merits of submission of assessee in respect to credits added under the provisions of section 68 of the Act. Remand report dated 23/04/2018 submitted by the Assessing

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

In the result, assessee' appeal for A

section 69 has held that in creating the legal fiction the phraseology employs the word \"may\" and not \"shall\". Thus the unsatisfactoriness of the explanation does not and need not automatically result in deeming the amount credited in the books as the income of the assessee as held by the Supreme Court in the case

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

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, the sum so credited may be charged to income-tax as the\nincome

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

section 153A of the Act in absence of incriminating\ndocument found as a result of search.\n57. During the course of hearing, the learned Counsel for the assessee did\nnot wish to press this ground to which the learned Departmental\nRepresentative has not raised any objection. Accordingly, ground no.2, stands\ndismissed as \"not pressed”.\n58. Ground no.3, relates to addition

RAVINDRA MADANLAL KHANDELWAL,AKOLA vs. DCIT/ACIT CIRCLE , AKOLA

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

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

section 68 only sets up a presumption against the assessee whenever unexplained credits are found in the books of account of the assessee. It cannot but be again said that the presumption is rebuttable. In refuting the presumption raised, the initial burden is on the assessee. This burden, which is placed on the assessee, shifts as soon as the assessee

THE DY. C.I.T., CENTRAL CIR. 2(1),, NAGPUR vs. M/S MAHAVIR COAL RESOURCES PVT. LTD.,,

In the result, appeal filed by the Revenue for A

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

loss, which were started 6 to 12 months prior to investment in M/s. Lupin Commodities Pvt. Ltd., which is a closely held company of Uttamchand Jain and his family members. 2 M/s. Mahavir Coal Resources Pvt. Ltd. Assessment Year – 2010–11 2) On the facts and in the circumstances of the case and in law, whether

THE DY. C.I.T., CENTRAL CIR. 2(1),, NAGPUR vs. M/S MAHAVIR COAL RESOURCES PVT. LTD.,,

In the result, appeal filed by the Revenue for A

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

loss, which were started 6 to 12 months prior to investment in M/s. Torrent Vinimay Pvt. Ltd., which is a closely held company of Uttamchand Jain and his family members. 2) On the facts and in the circumstances of the case and in law, whether the Ld. CIT(A) erred in ignoring the fact that the DDIT (Inv.), Kolkata, could

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

In the result, assessee' appeal for A

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 no\nexplanation about the nature and source thereof or the explanation\noffered

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

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 no\nexplanation about the nature and source thereof or the explanation\noffered

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

loss account, copy of Income-tax returns and\ncomputation of total income in respect of all the parties except two depositors.\nWith respect to the two depositors, the assessee had filed confirmation,\naddress and PAN Numbers and hence the assessee had also discharged the\ninitial onus cast upon the assessee with respect to the two creditors. He has\nfurther noted

ACIT, CIRCLE-4, NAGPUR vs. SHRI VINOD BALBHADRA GOENKA,, NAGPUR

In the result, appeal of the Revenue is dismissed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2014-15 The Acit Vs. Shri Vinod Balbhadra Goenka Circle-4 247, Nandanvan Layout Nagpur Nagpur Pan No.:Aanpg 6841 N Appellant Respondent Revenue By :Shri Piyush Kolhe (Cit-Dr) Assessee By: Shri K.P. Dewani, Adv Date Of Hearing: 28/04/2022 Date Of Pronouncement: 28 /06 /2022 Order Per: Sandeep Gosain, J.M. This Is An Appeal By Revenue Against Order Of Learned Commissioner Of Income Tax (Appeals)-4, Nagpur Dated 30/03/2017 In Appeal No.Cit(A)- 4/198/16-17 For The Assessment Year 2014-15. The Grounds Raised By The Revenue In This Appeal Are As Under:

loss account and provisions of section 68 are not applicable to the facts of the case. Identical situation is prevailing in the case of the present appellant. The Hon’ble ITAT on the said order of the CIT u/s 263 11 ACIT, CIRCLE-4, NAGPUR VS SHRI VINOD BALBHADRA GOENKA decided the matter in favour of the assessee by giving

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

68 – Rs.1.65 CIT(A) Dt.23.4.2021 applicabl Crores Unsecured Order e Regular loan from Anubhav 6.9.2021 Assessme Vinimay Ltd. nt ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 DETERMINATION OF STATUS OF ASSESSMENT RADHA MADHAV DEVELOPERS Particulars AY 2011-12 AY 2012-23 AY 2013-14 Return filed

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

68 – Rs.1.65 CIT(A) Dt.23.4.2021 applicabl Crores Unsecured Order e Regular loan from Anubhav 6.9.2021 Assessme Vinimay Ltd. nt ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 DETERMINATION OF STATUS OF ASSESSMENT RADHA MADHAV DEVELOPERS Particulars AY 2011-12 AY 2012-23 AY 2013-14 Return filed

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

68 – Rs.1.65 CIT(A) Dt.23.4.2021 applicabl Crores Unsecured Order e Regular loan from Anubhav 6.9.2021 Assessme Vinimay Ltd. nt ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 DETERMINATION OF STATUS OF ASSESSMENT RADHA MADHAV DEVELOPERS Particulars AY 2011-12 AY 2012-23 AY 2013-14 Return filed

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

68 – Rs.1.65 CIT(A) Dt.23.4.2021 applicabl Crores Unsecured Order e Regular loan from Anubhav 6.9.2021 Assessme Vinimay Ltd. nt ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 DETERMINATION OF STATUS OF ASSESSMENT RADHA MADHAV DEVELOPERS Particulars AY 2011-12 AY 2012-23 AY 2013-14 Return filed

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

68 – Rs.1.65 CIT(A) Dt.23.4.2021 applicabl Crores Unsecured Order e Regular loan from Anubhav 6.9.2021 Assessme Vinimay Ltd. nt ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 DETERMINATION OF STATUS OF ASSESSMENT RADHA MADHAV DEVELOPERS Particulars AY 2011-12 AY 2012-23 AY 2013-14 Return filed

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

68 – Rs.1.65 CIT(A) Dt.23.4.2021 applicabl Crores Unsecured Order e Regular loan from Anubhav 6.9.2021 Assessme Vinimay Ltd. nt ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47,48,49, 140/Nag./2021 & CO Nos. 3, 4 5/Nag/2023 DETERMINATION OF STATUS OF ASSESSMENT RADHA MADHAV DEVELOPERS Particulars AY 2011-12 AY 2012-23 AY 2013-14 Return filed

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

NIKITA SHANKARLAL TANWANI,CHHINDWARA vs. ASSISTANT COMMISSIONER OF INCOME TAX, NAGPUR

In the result, assessee’s appeal is partly allowed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2018-19 Ms. Nikita Shankar Lal Tanwani Vs. The Acit Near Shankar Mandir, Shankar Central Circle 2(1) Nagar, Pandhuna Pandhurna Nagpur Chhindwara – 480 334 (M.P.) Pan No.:Borpt 4644 F Appellant Respondent Assessee By: Shri Manoj G. Moryani, Adv. & Shri Bhavesh Moryani, Adv Revenue By :Shri Piyush Kolhe (Cit-Dr) Date Of Hearing: 28/04/2022 Date Of Pronouncement: 8 /62022 Order Per: Sandeep Gosain, J.M. The Captioned Appeal Has Been Filed By The Assessee Challenging The Impugned Order Dated 8Th October 2021, Passed By The Commissioner Of Income Tax (Appeals)–3, Nagpur, [In Short “The Learned Cit(A)”] Under Section 250 Of The Income Tax Act, 1961 (In Short "The Act") For The Assessment Year 2018-19. The Present Appeal Has Been Filed On The Following Grounds:- 2. “1. The Commissioner Of Income Tax (Appeals)-3, Nagpur Erred In Confirming Addition, Therefore Order Passed Is Illegal, Invalid & Bad In Law.

loss account in the balance sheet with VAT return. It was held that Assessee filed an income tax return showing gross receipts of Rs. 9 lakhs and there were cash deposits of more than Rs. 37 lakhs in saving bank account. Though assessee tried to explain the source of cash deposits by taking a stand that actual sales were