DY. COMMISSIONER OF INCOME TAX- CENTRAL-CIRCLE-2(1), NAGPUR, NAGPUR vs. JAYMAHAKALI SHIKSHAN SANSTHA, WARDHA

In the result, Revenue’s appeal for A

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

68,022 which includes depreciation of ` 5,57,40,754. The Assessing Officer invoking provisions of section 11(6) of the Act disallowed depreciation by holding that the assessee trust had already claimed the purchase of asset as an application of income. 28. Before the learned CIT(A), it was the submissions of the assessee trust that it only

DY. COMMISSIONER OF INCOME TAX- CENTRAL-CIRCLE-2(1), NAGPUR, NAGPUR vs. JAYMAHAKALI SHIKSHAN SANSTHA, WARDHA

In the result, Revenue’s appeal for A

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

68,022 which includes depreciation of ` 5,57,40,754. The Assessing Officer invoking provisions of section 11(6) of the Act disallowed depreciation by holding that the assessee trust had already claimed the purchase of asset as an application of income. 28. Before the learned CIT(A), it was the submissions of the assessee trust that it only

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

section 68 of the Act at ` 850 lakh at Para–3 and Para–4.1 of the appellate order. At Para–3, the learned CIT(A) has noted the submission made before him by the assessee on 12/07/2021, and the same has been reproduced at Pages–6 to 13

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

13. We have heard rival contentions and perused the material available on record. The Assessing Officer has made impugned addition under section 68

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 13 ITA207/NAG/2017 ITO, WARD 5(3), JAIPUR VS 21st CENTURY INFRASTRUCTURE

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

13. We have heard rival contentions and perused the material available on record. The Assessing Officer has made impugned addition under section 68

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 is not applicable. The AO has mentioned in para 13, two case laws and observed that the assessee

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

In the result, appeal of the assessee is allowed

13,000/- in the bank accounts of the assessee by invoking Section 68 has to fail, for the very

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

68 is not applicable. The AO has mentioned in para 13, two case laws\nand observed that the assessee is required to explain source of source and\nthat the proviso introduced in Section

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

13. Section 68 of the Act has received considerable attention of the courts. It has been held that it is necessary

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 o the Income Tax Act, 1961 neither suffers from any perversity nor gives rise to any substantial question of law.” v) Vodafone India Services Pvt. Ltd. v/s ACIT, [2014] 368 ITR 001 (Bom.) “FINDINGS: The amounts received on issue of share capital including the premium are undoubtedly on capital account.” 13

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

68 is not applicable. The AO has mentioned in para 13, two case laws\nand observed that the assessee is required to explain source of source and\nthat the proviso introduced in Section

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

In the result, assessee' appeal for A

68 is not applicable. The AO has mentioned in para 13, two case laws\nand observed that the assessee is required to explain source of source and\nthat the proviso introduced in Section

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

68 is not applicable. The AO has mentioned in para 13, two case laws\nand observed that the assessee is required to explain source of source and\nthat the proviso introduced in Section

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

68 is not applicable. The AO has mentioned in para 13, two case laws\nand observed that the assessee is required to explain source of source and\nthat the proviso introduced in Section

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

13,21,770. The Assessing Officer has observed in assessment order that the assessee had raised the capital by issue of Share Application and Share Premium. A total of ` 6,68,98,000, has been received as Share Application money and Share Premium by assessee from corporate entity M/s Torrent Vinimay Pvt. Ltd., which is a Kolkata based company

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:

section 68 was not proper.” These judgements make it amply clear that the receipts that have already been shown by the assessee as income in the books of accounts/original returns and returns filed u/s 153A also cannot be treated as unexplained cash credits u/s 68. In the circumstances of the case and in view of aforecited judgements. I hold

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

13. Now, the only point that remains to be adjudicated is the addition u/s 68 towards unsecured loans from various companies for A.Y. 2014-15, 2015-16 and 2018-19. We find that the CIT (A) is his combine order for A.Y. 2014-15 and 2015-16 has elaborately dealt with the matter as follows. “8. Ground

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

13. Now, the only point that remains to be adjudicated is the addition u/s 68 towards unsecured loans from various companies for A.Y. 2014-15, 2015-16 and 2018-19. We find that the CIT (A) is his combine order for A.Y. 2014-15 and 2015-16 has elaborately dealt with the matter as follows. “8. Ground