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112 results for “section 68”+ Section 10(37)clear

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Key Topics

Section 143(3)101Section 153A91Section 153C86Section 6860Addition to Income59Section 69A52Section 14748Section 14836Section 26333Search & Seizure

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

ITA 229/NAG/2022[2014-15]Status: DisposedITAT Nagpur25 Oct 2024AY 2014-15

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

For Appellant: Shri Kishore P. DewaniFor Respondent: Shri Sandipkumar Salunke
Section 143(3)Section 14ASection 68

37. This is undisputed fact on record. No scope to make addition u/s 68 considering evidence on record. H) A.O. at para 5.1.6 has considered the loan received from M/s. Kradene Multi Trading Ltd. as explained on receipt of response to section 133(6) of I.T. Act 1961. Similar facts exist in respect to all the lenders

ITO, WARD- 1)1), NAGPUR vs. AXYKNO ENTERPRISES PVT. LTD., NAGPUR

Showing 1–20 of 112 · Page 1 of 6

24
Disallowance22
Deduction13

In the result, appeal filed by the Revenue is dismissed

ITA 47/NAG/2019[2012-13]Status: DisposedITAT Nagpur02 Sept 2024AY 2012-13

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

For Appellant: Shri Kapil Hirani a/wFor Respondent: Shri Kailash C. Kanojiya
Section 132(4)Section 143(3)Section 263Section 68

37,00,000 ii) M/s Aatharva Business Pvt. Ltd. iii) M/s Aditya Fashions Pvt. Ltd. ` 15,00,000 M/s Kavya Shares and Securities iv) ` 50,00,000 Pvt. Ltd. ` 25,00,000 v) M/s Koina Trading Pvt. Ltd. vi) M/s Wonder Procon Pvt. Ltd. ` 15,00,000 M/s. Axykno Enterprises Pvt. Ltd. ITA no.47/Nag./2019 5. Against the addition

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

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

ITA 375/NAG/2024[2018-19]Status: DisposedITAT Nagpur18 Nov 2024AY 2018-19

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

For Appellant: Shri Mahavir AtalFor Respondent: Shri Sandipkumar Salunke
Section 142(1)Section 143Section 144BSection 68

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

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

ITA 386/NAG/2014[2011-12]Status: DisposedITAT Nagpur08 Jan 2025AY 2011-12

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

For Appellant: Shri Kishore P. DewaniFor Respondent: Shri Sandipkumar Salunke
Section 132(1)

section 68 of the Act. It was submitted that 4 M/s. Mahavir Coal Resources Pvt. Ltd. Assessment Year – 2011–12 relief granted by learned CIT(A) be reversed and the order passed by the Assessing Officer be restored. 6. The gist of submission, as submitted by the learned Counsel for the assessee is reproduced hereunder for ready reference:– “Ground

DCIT-CC-2(1), NAGPUR, NAGPUR vs. INDRAKUMAR GHISULAL AGRAWAL, NAGPUR

In the result, appeal by the assessee stands allowed

ITA 220/NAG/2023[2015-16]Status: DisposedITAT Nagpur10 Apr 2026AY 2015-16

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy

For Appellant: Shri K.P. Dewani, AdvocateFor Respondent: Shri Surjit Kumar Saha, Sr. DR
Section 10(38)Section 143(2)Section 143(3)Section 250Section 68Section 69C

37,48,850/- and LTCG on the same of Rs.1,32,68,850/- which is claimed exempt u/s 10(38) of the Act. The Ld. AO concluded the assessment holding that transactions in the purchase and sale of shares are treated as bogus and sham and the entire amount of LTCG of Rs.1,32,68,850/- on sale of shares

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

ITA 49/NAG/2021[2013-14]Status: DisposedITAT Nagpur29 Jul 2024AY 2013-14

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

Section 142ASection 145

37 defeating the very objective of the section. 29.3 The Act has amended section 69C of the Income-tax Act according to which unexplained expenditure deemed as income cannot be allowed as deduction under any head of income. 29.4 This amendment will take effect from 1st day of April, 1999, and will, accordingly, apply in relation

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

ITA 140/NAG/2021[2018-19]Status: DisposedITAT Nagpur29 Jul 2024AY 2018-19

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

Section 142ASection 145

37 defeating the very objective of the section. 29.3 The Act has amended section 69C of the Income-tax Act according to which unexplained expenditure deemed as income cannot be allowed as deduction under any head of income. 29.4 This amendment will take effect from 1st day of April, 1999, and will, accordingly, apply in relation

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

ITA 26/NAG/2020[2014-15]Status: DisposedITAT Nagpur29 Jul 2024AY 2014-15

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

Section 142ASection 145

37 defeating the very objective of the section. 29.3 The Act has amended section 69C of the Income-tax Act according to which unexplained expenditure deemed as income cannot be allowed as deduction under any head of income. 29.4 This amendment will take effect from 1st day of April, 1999, and will, accordingly, apply in relation

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

ITA 47/NAG/2021[2011-12]Status: DisposedITAT Nagpur29 Jul 2024AY 2011-12

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

Section 142ASection 145

37 defeating the very objective of the section. 29.3 The Act has amended section 69C of the Income-tax Act according to which unexplained expenditure deemed as income cannot be allowed as deduction under any head of income. 29.4 This amendment will take effect from 1st day of April, 1999, and will, accordingly, apply in relation

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

ITA 27/NAG/2020[2015-16]Status: DisposedITAT Nagpur29 Jul 2024AY 2015-16

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

Section 142ASection 145

37 defeating the very objective of the section. 29.3 The Act has amended section 69C of the Income-tax Act according to which unexplained expenditure deemed as income cannot be allowed as deduction under any head of income. 29.4 This amendment will take effect from 1st day of April, 1999, and will, accordingly, apply in relation

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

ITA 48/NAG/2021[2012-13]Status: DisposedITAT Nagpur29 Jul 2024AY 2012-13

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

Section 142ASection 145

37 defeating the very objective of the section. 29.3 The Act has amended section 69C of the Income-tax Act according to which unexplained expenditure deemed as income cannot be allowed as deduction under any head of income. 29.4 This amendment will take effect from 1st day of April, 1999, and will, accordingly, apply in relation

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

ITA 112/NAG/2024[2013-14]Status: DisposedITAT Nagpur26 Dec 2024AY 2013-14

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

For Appellant: Shri Sunil Kumar AgrawalFor Respondent: Shri Sandipkumar Salunke
Section 153ASection 153CSection 250

10 to 2013–14, i.e., „relevant assessment year / assessment year(s)‟ as per section 153A(1) as amended by the Finance Act, 2017 (w.e.f. 01/04/2017), the addition made by Assessing Officer on unexplained cash credits under section 68; the Assessing Officer has not made any addition on „undisclosed asset‟ which is sine qua non/pre-condition for assuming valid jurisdiction

M/S MAHESHWARI COAL BENEFICATION& INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

ITA 109/NAG/2024[2010-11]Status: DisposedITAT Nagpur26 Dec 2024AY 2010-11

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

For Appellant: Shri Sunil Kumar AgrawalFor Respondent: Shri Sandipkumar Salunke
Section 153ASection 153CSection 250

10 to 2013–14, i.e., „relevant assessment year / assessment year(s)‟ as per section 153A(1) as amended by the Finance Act, 2017 (w.e.f. 01/04/2017), the addition made by Assessing Officer on unexplained cash credits under section 68; the Assessing Officer has not made any addition on „undisclosed asset‟ which is sine qua non/pre-condition for assuming valid jurisdiction

M/S MAHESHWARI COAL BENEFICATION& INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

ITA 110/NAG/2024[2011-12]Status: DisposedITAT Nagpur26 Dec 2024AY 2011-12

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

For Appellant: Shri Sunil Kumar AgrawalFor Respondent: Shri Sandipkumar Salunke
Section 153ASection 153CSection 250

10 to 2013–14, i.e., „relevant assessment year / assessment year(s)‟ as per section 153A(1) as amended by the Finance Act, 2017 (w.e.f. 01/04/2017), the addition made by Assessing Officer on unexplained cash credits under section 68; the Assessing Officer has not made any addition on „undisclosed asset‟ which is sine qua non/pre-condition for assuming valid jurisdiction

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

ITA 111/NAG/2024[2012-13]Status: DisposedITAT Nagpur26 Dec 2024AY 2012-13

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

For Appellant: Shri Sunil Kumar AgrawalFor Respondent: Shri Sandipkumar Salunke
Section 153ASection 153CSection 250

10 to 2013–14, i.e., „relevant assessment year / assessment year(s)‟ as per section 153A(1) as amended by the Finance Act, 2017 (w.e.f. 01/04/2017), the addition made by Assessing Officer on unexplained cash credits under section 68; the Assessing Officer has not made any addition on „undisclosed asset‟ which is sine qua non/pre-condition for assuming valid jurisdiction

M/S MAHESHWARI COAL BENEFICATION& INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

ITA 108/NAG/2024[2009-10]Status: DisposedITAT Nagpur26 Dec 2024AY 2009-10

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

For Appellant: Shri Sunil Kumar AgrawalFor Respondent: Shri Sandipkumar Salunke
Section 153ASection 153CSection 250

10 to 2013–14, i.e., „relevant assessment year / assessment year(s)‟ as per section 153A(1) as amended by the Finance Act, 2017 (w.e.f. 01/04/2017), the addition made by Assessing Officer on unexplained cash credits under section 68; the Assessing Officer has not made any addition on „undisclosed asset‟ which is sine qua non/pre-condition for assuming valid jurisdiction

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCEL-2(1), NAGPUR vs. M/S. METROCITY HOMES, NAGPUR

In the result, appeal filed by the Revenue is dismissed

ITA 164/NAG/2023[2017-18]Status: DisposedITAT Nagpur21 Jan 2025AY 2017-18

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

For Appellant: Shri Suren Duragkar a/wFor Respondent: Shri Sandipkumar Salunke
Section 132Section 153C

37,45,500, being unexplained money under section 69A of the Act; v) Ground no.5, – Addition made of ` 71,93,600, being unexplained money under section 69A of the Act; vi) Ground no.6, – Addition made of ` 22,50,000 being unexplained money under section 69A of the Act; vii) Ground no.7, – Addition made

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

In the result, appeal of the Revenue is dismissed

ITA 204/NAG/2017[2014-15]Status: DisposedITAT Nagpur28 Jun 2022AY 2014-15

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:

For Appellant: Shri K.P. Dewani, AdvFor Respondent: Shri Piyush Kolhe (CIT-DR)
Section 10(38)Section 131Section 68Section 69C

10(38), in a pre-planned manner to evade taxes. The AO extensively relied upon the search and survey operations conducted by the Investigation Wing of the Income Tax Department in Kolkata, Delhi, Mumbai and Ahmedabad on penny stocks, which sets out the modus operandi adopted in the business of providing entries of bogus LTCG. 33 ACIT, CIRCLE-4, NAGPUR

ANKIT SHANKARLAL TANWANI,CHHINDWARA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR

In the result, assessee’s appeal is partly allowed

ITA 153/NAG/2021[2018-19]Status: DisposedITAT Nagpur08 Jun 2022AY 2018-19

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2018-19 Shri Ankit 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.:Biapt 4756 R 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 / 6 /2022 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.

For Appellant: Shri Manoj G. Moryani, Adv. &For Respondent: Shri Piyush Kolhe (CIT-DR)
Section 115BSection 131Section 132ASection 139(1)Section 234ASection 250Section 44ASection 68Section 69A

10 ITA153/NAG/2021 Ankit Shankarlal Tanwani vs ACIT, Central Circle 2(1), Nagpur 131 of the Act has been issued to the assessee, the learned Counsel has filed detailed reply before the Dy. Director of Income Tax (Headquarters), a copy of reply is placed at Page-1 to 3 of the Paper Book (Part-II) for the assessment year

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

In the result, assessee’s appeal is partly allowed

ITA 155/NAG/2021[2018-19]Status: DisposedITAT Nagpur08 Jun 2022AY 2018-19

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.

For Appellant: Shri Manoj G. Moryani, Adv. &For Respondent: Shri Piyush Kolhe (CIT-DR)
Section 115BSection 131Section 132ASection 139(1)Section 234ASection 250Section 44ASection 68Section 69A

10. In view of the above, the learned Counsel for the assessee further submitted the assessee has already paid advance tax before any action taken by the Department for the A.Y. 2019-20 and estimated income for previous relevant to the A.Y. 2019-20 and paid advance tax. The learned Counsel humbly pray that the addition made under section