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

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

In the result, appeal filed by the Revenue is dismissed

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

section 68 of the Act. The learned A.R. further invited attention of the Bench to the observation of the Assessing Officer at Page–6 of the assessment order, wherein the Assessing Officer has categorically accepted that the assessee company has furnished confirmation letters, bank statements, return of income of the share applicants and further invited the attention to Pages

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 of the Act, inspite of the fact that the initial onus laid down on the Appellant was duly discharged ?. 10. Submissions made have been considered. 11. Regarding Smt. Savitri Thakur, it is seen that she had issued cheque payment of Rs. 14 lakhs dated 21- 7-2009 to the Appellant. Prior to the issuance of the cheques

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

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

In the result, assessee' appeal for A

5. Heard Shri Sudhir Mehta, learned advocate appearing on behalf of the revenue. At the outset, it is required to be noted that the Assessing Officer directed to make the addition of Rs. 33,55,011/- under section 68 of the Income-tax Act with respect to 17 lenders. However, it has been found that with respect to most

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

5. Heard Shri Sudhir Mehta, learned advocate appearing on behalf of the\nrevenue. At the outset, it is required to be noted that the Assessing Officer\ndirected to make the addition of Rs. 33,55,011/- under section 68 of the\nIncome-tax Act with respect to 17 lenders. However, it has been found that\nwith respect to most

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-4, NAGPUR, NAGPUR vs. SHIKHA INDRAKUMAR AGRAWAL, NAGPUR

In the result, appeal by the assessee stands allowed

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy

10(38) of the Act. Ld. AO concluded the assessment holding that explanation offered by the assessee in respect of the source of credit being sale transaction has been held to be not satisfactory and section 68 is squarely applicable. The assessment order was passed by Ld. AO by making addition of Rs.1,36,97,000/- on account

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

5. Heard Shri Sudhir Mehta, learned advocate appearing on behalf of the\nrevenue. At the outset, it is required to be noted that the Assessing Officer\ndirected to make the addition of Rs. 33,55,011/- under section 68 of the\nIncome-tax Act with respect to 17 lenders. However, it has been found that\nwith respect to most

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

section 68 10 M/s. Mahavir Coal Resources Pvt. Ltd. Assessment Year – 2010–11 of the Act is not applicable. The Hon’ble Jurisdictional High Court in Gagandeep Infrastructure Pvt. Ltd., vide judgment dated 20/03/2017 at Para–(e) at Page 5

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

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

10, 2010–11, 2011–12, 2012–13 and 2013-14 and the search assessment made under section 153C for the same assessment years on 31/03/2022. 11. On appeal, the learned CIT(A), without going on to the merits of the issues involved, simply dismissed the appeal filed by the assessee with following observations:– “4. Discussion and decision: The appellant

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

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

10, 2010–11, 2011–12, 2012–13 and 2013-14 and the search assessment made under section 153C for the same assessment years on 31/03/2022. 11. On appeal, the learned CIT(A), without going on to the merits of the issues involved, simply dismissed the appeal filed by the assessee with following observations:– “4. Discussion and decision: The appellant

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

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

10, 2010–11, 2011–12, 2012–13 and 2013-14 and the search assessment made under section 153C for the same assessment years on 31/03/2022. 11. On appeal, the learned CIT(A), without going on to the merits of the issues involved, simply dismissed the appeal filed by the assessee with following observations:– “4. Discussion and decision: The appellant

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

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

10, 2010–11, 2011–12, 2012–13 and 2013-14 and the search assessment made under section 153C for the same assessment years on 31/03/2022. 11. On appeal, the learned CIT(A), without going on to the merits of the issues involved, simply dismissed the appeal filed by the assessee with following observations:– “4. Discussion and decision: The appellant

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

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

10, 2010–11, 2011–12, 2012–13 and 2013-14 and the search assessment made under section 153C for the same assessment years on 31/03/2022. 11. On appeal, the learned CIT(A), without going on to the merits of the issues involved, simply dismissed the appeal filed by the assessee with following observations:– “4. Discussion and decision: The appellant

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

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

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