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

13(1)(d) of the Act, as the said provisions are attracted in relation to trustees of the trust. The aforesaid property transaction is with the third party. The fact that M/s. Harmony Homes, have given a property advance is apparent from the balance sheet of the assessee trust, therefore it is also not in violation of any provisions

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

13(1)(d) of the Act, as the said provisions are attracted in relation to trustees of the trust. The aforesaid property transaction is with the third party. The fact that M/s. Harmony Homes, have given a property advance is apparent from the balance sheet of the assessee trust, therefore it is also not in violation of any provisions

VIDHARBHA KONKAN GRAMIN BANK ,NAGPUR vs. INCOME TAX OFFICER WARD 1(5) , NAGPUR

In the result, appeal filed by the assessee for A

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

68 (TR 252: AIR 1968 SC 623, the Supreme Court of India observed that the rule that (page 257): "we must look to the general scope and purview of the statute, and at the remedy sought to be applied, and consider what was the former state of the law, and what it was that the Legislature contemplated' was Vidarbha Konkan

VIDHARBHA KONKAN GRAMIN BANK ,NAGPUR vs. INCOME TAX OFFICER WARD 1(5) , NAGPUR

In the result, appeal filed by the assessee for A

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

68 (TR 252: AIR 1968 SC 623, the Supreme Court of India observed that the rule that (page 257): "we must look to the general scope and purview of the statute, and at the remedy sought to be applied, and consider what was the former state of the law, and what it was that the Legislature contemplated' was Vidarbha Konkan

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

B Shah 1,21,667 12,167 46 Sukhdeo Sitaram 1,02,634 10,264 47 Sumit Traders 32,700 3,270 48 Tulsiram Goenka & Co 1,23,450 12,345 49 Tulsiram R Goenka 87,667 8,767 50 Uday Traders 71,300 7,130 51 Umesh Laxmikant Agrawal 14,408 1,441 52 Vimlabai R Khandelwal

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

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

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

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

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

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

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

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

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

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

VISHAL KISHORILAL JAIN,NAGPUR vs. DCIT/ACIT CIRCLE-4, NAGPUR

In the result, assessee’s appeal for A

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

13 Vishal Kishorilal Jain ITA no.108–109/Nag./2025 A.Y. 2016–17 & 2017–18 (ii) in an assessment or reassessment made in respect of an assessment year under this section, the tax shall be chargeable at the rate or rates as applicable to such assessment year." 153C. Assessment of income of any other person. (1) Notwithstanding anything contained in section

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

13. The decision referred to hereinabove fully supports the case of assessee. It is settled position of law that the assessee is not required to explain the source of source. The assessee has reasonably explained the credits by adducing sufficient legal evidence on record. Addition made under section 68 of the Act is unjustified and correctly deleted

SHRI PRAKASH JIWANDAS WANJARI,NAGPUR vs. JOINT COMMISSIONER OF INCOME TAX, NAGPUR

In the result, we are of the considered view that the case on hand does not warrant levy of penalty under Section 271D of the Act

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

b) or clause (c) of sub-section (2) of section 273, no penalty shall be imposable on the person or the assessee, as the case may be, for any failure referred to in the said provisions if he proves that there was reasonable cause for the said failure. From the above reading of provisions of Section 273B

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

1 April 2013, to treat share capital and share premium within the ambit of provisions of section 68 of the Act. Prior to insertion of provisions of section 68 of the Act, the question of establishing the source of source in respect of share capital and share premium did not arise. This fact has been supported

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

b. The Appellant filed its return of income for AY 2009-10 on 30.09.2009 declaring income at Rs. 1,86,96,760/- and for AY 2011-12 on 29.09.2011 declaring income at Rs. 1,18,73,560/-. c. The Appellant has taken unsecured loans which forms the subject matter of impugned appeals as under: i. AY 2009-10 – Rs. 1

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

In the result, assessee' appeal for A

13, 2013–14, 2014–15, 2015–16 and 2017-18, respectively. Since all the above-mentioned appeals pertains to the same assessee involving common issues arising out of identical facts and circumstances, except variation in figures, therefore, as a matter of convenience, these appeals were heard together and are being disposed off by way of this consolidated order. However

HINGANGHAT NAGRI SAHAKARI PAT SANSTHA,HINGANGHAT vs. INCOME TAX WARD-1, WARDHA

In the result, appeal by the assessee for A

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

B (10) of the Act would be hit by Sub Section (5) of Section 80A of the act. …………….. …………….. What Sub Section (5) of Section 80A of the Act mandates is that, if the assessee fails to make a claim in his retum of income for any deduction under the provisions specified therein, the same would

HINGANGHAT NAGRI SAHAKARI PAT SANSTHA,HINGANGHAT vs. INCOME TAX OFFICER WARD-1, WARDHA

In the result, appeal by the assessee for A

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

B (10) of the Act would be hit by Sub Section (5) of Section 80A of the act. …………….. …………….. What Sub Section (5) of Section 80A of the Act mandates is that, if the assessee fails to make a claim in his retum of income for any deduction under the provisions specified therein, the same would

HINGANGHAT NAGRI SAHAKARI PAT SANSTHA,HINGANGHAT vs. INCOME TAX OFFICER WARD-1, WARDHA

In the result, appeal by the assessee for A

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

B (10) of the Act would be hit by Sub Section (5) of Section 80A of the act. …………….. …………….. What Sub Section (5) of Section 80A of the Act mandates is that, if the assessee fails to make a claim in his retum of income for any deduction under the provisions specified therein, the same would