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

In the result, assessee' appeal for A

10,36,726. The assessment order under section 143(3) r/w section 153A dated 26/12/2018, was passed assessing the total income at ₹ 83,04,726. The addition of 72,68

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

10,36,726.\nThe assessment order under section 143(3) r/w section 153A dated\n26/12/2018, was passed assessing the total income at ₹ 83,04,726. The\naddition of 72,68

UMESH SADASHIV THAKRE ,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(1), NAGPUR

10 to 2013–14. (d) Further, in the draft assessment order for the assessment year 2009-10 to 2013-14, the Assessing Officer has made addition on account of unexplained cash credits under section 68 whereas, there is no such credit entry is appearing / recorded/ found credited in the books of account of the assessee- Company in the assessment

ATUL MANOHARRAO YAMSANWAR,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE 2(1), NAGPUR

10 to 2013–14. (d) Further, in the draft assessment order for the assessment year 2009-10 to 2013-14, the Assessing Officer has made addition on account of unexplained cash credits under section 68 whereas, there is no such credit entry is appearing / recorded/ found credited in the books of account of the assessee- Company in the assessment

INCOME TAX OFFICER, WARD 5(3),, NAGPUR vs. M/S. 21ST CENTURY INFRASTRUCTURE (INDIA) PVT. LTD., NAGPUR

In the result, the appeal of the Department is dismissed

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

section 68 of the Act has held that where the Revenue urges that the amount of share application money has been received from bogus shareholders then it is for the Income tax Officer to proceed by reopening the assessment of such shareholders and assessing them to tax in accordance with law. It 10 ITA207/NAG/2017 ITO, WARD 5(3

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

section 68 of the Act in both the assessment years in the impugned appeals. 28 ITA 178/NAG/ 2017 AXYKNO CAPITAL SERVICES LTD VS DCIT, CIRCLE- 1,NAGPUR 10. In the result, both the appeals of the assessee are allowed. Order pronounced in the open court on 28 /06 /2022 (ARUN KHODPIA) JUDICIAL MEMBER Nagpur DATED: 28 /06 /2022 *Mishra

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

10,36,726.\nThe assessment order under section 143(3) r/w section 153A dated\n26/12/2018, was passed assessing the total income at ₹ 83,04,726. The\naddition of 72,68

RAMKRUSHNA ZILBAJI THAKRE ,NAGPUR vs. INCOME TAX OFFICER , WRAD -4(4), NAGPUR

In the result, appeal of the assessee is allowed

section 68 of the IT Act. Thus, respectfully following the above legal preposition, we are of the considered view that the addition made by Ld AO u/s 68 of the Act is liable to be deleted and order of Ld CIT(A) is set aside. Since, the addition u/s 68 is deleted on the legal ground; no further adjudication

UMESH SADASHIV THAKRE ,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(1), NAGPUR

10 to 2013–14.\n(d) Further, in the draft assessment order for the assessment year 2009-10 to 2013-14, the Assessing Officer has made addition on account of unexplained cash credits under section 68 whereas, there is no such credit entry is appearing / recorded/ found credited in the books of account of the assessee- Company

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

10,36,726.\nThe assessment order under section 143(3) r/w section 153A dated\n26/12/2018, was passed assessing the total income at ₹ 83,04,726. The\naddition of ₹ 72,68

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

In the result, assessee' appeal for A

10,36,726.\nThe assessment order under section 143(3) r/w section 153A dated\n26/12/2018, was passed assessing the total income at ₹ 83,04,726. The\naddition of 72,68

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

10,36,726.\nThe assessment order under section 143(3) r/w section 153A dated\n26/12/2018, was passed assessing the total income at ₹ 83,04,726. The\naddition of 72,68

ATUL MANOHARRAO YAMSANWAR,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE 2(1), NAGPUR

10 to 2013–14.\n(d) Further, in the draft assessment order for the assessment year 2009-10 to\n2013-14, the Assessing Officer has made addition on account of unexplained\ncash credits under section 68 whereas, there is no such credit entry is\nappearing / recorded/ found credited in the books of account of the assessee-\nCompany

UMESH SADASHIV THAKRE ,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(1), NAGPUR

In the result, all the appeals filed by the assessee are allowed and all\nthe appeals filed by the Revenue are dismissed

10 to 2013–14.\n(d) Further, in the draft assessment order for the assessment year 2009-10 to\n2013-14, the Assessing Officer has made addition on account of unexplained\ncash credits under section 68 whereas, there is no such credit entry is\nappearing / recorded/ found credited in the books of account of the assessee-\nCompany

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

10. Insofar as ground no.3, which relates to disallowance of ` 72,32,292, under section 57 of the Act is concerned, the Assessing Officer observed that the assessee claimed an expenditure of ` 72,32,292, as interest expenses, which were asserted to be incurred for earning income from other sources, but were not recorded in the Profit & Loss Account

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

3,99,600, have been made under section 68, only on the basis of statement of one Suresh Agrawal, Kolkata, director of M/s.Rashi Steel & Poweer P. Ltd, Kolkata, under section 132(4) was recorded on 14/03/2019, as alleged by the Assessing Officer, in their separate search proceedings under section 132 on 22/01/2019 on M/s.RKTC Group, Korba

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

3,99,600, have been made under section 68, only on the basis of statement of one Suresh Agrawal, Kolkata, director of M/s.Rashi Steel & Poweer P. Ltd, Kolkata, under section 132(4) was recorded on 14/03/2019, as alleged by the Assessing Officer, in their separate search proceedings under section 132 on 22/01/2019 on M/s.RKTC Group, Korba

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

3,99,600, have been made under section 68, only on the basis of statement of one Suresh Agrawal, Kolkata, director of M/s.Rashi Steel & Poweer P. Ltd, Kolkata, under section 132(4) was recorded on 14/03/2019, as alleged by the Assessing Officer, in their separate search proceedings under section 132 on 22/01/2019 on M/s.RKTC Group, Korba