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

132 overlooking the crucial fact that the original return filed by the assessee was only processed u/s 143(1) and no scrutiny assessment was made earlier. 7. On the facts and circumstances of the case and in law, the learned CIT(A) in holding that the scope of section 153A is limited assessing only search related income, thereby denying

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

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

132 overlooking the crucial fact that the original return filed by the assessee was only processed u/s 143(1) and no scrutiny assessment was made earlier. 7. On the facts and circumstances of the case and in law, the learned CIT(A) in holding that the scope of section 153A is limited assessing only search related income, thereby denying

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

132 overlooking the crucial fact that the original return filed by the assessee was only processed u/s 143(1) and no scrutiny assessment was made earlier. 7. On the facts and circumstances of the case and in law, the learned CIT(A) in holding that the scope of section 153A is limited assessing only search related income, thereby denying

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

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

132 overlooking the crucial fact that the original return filed by the assessee was only processed u/s 143(1) and no scrutiny assessment was made earlier. 7. On the facts and circumstances of the case and in law, the learned CIT(A) in holding that the scope of section 153A is limited assessing only search related income, thereby denying

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 IT Act, 1961. 4.3.1 The AO has dealt the issue relating to unexplained credits on account of share application money at para 10 of the assessment order. The AO has noticed that during the course of search proceedings in the case of Shri Praveen Kumar Jain his statement was recorded u/s 132

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

132. If this be the case, then certainly the provisions of Section 153C read with Section 153A would be applicable, as held by the Supreme Court in Abhisar Buildwell P. Ltd. (supra) when the Court interpreted the effect and purport of Section 153C and 153A, as also held by the Rajasthan High Court in Shyam Sunder Khandelwal

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

68 of the Act, on the ground that although the assessee proved identity of the subscribers, but failed to prove the genuineness of transaction and creditworthiness of the parties. The Assessing Officer has taken support from the statement of Shri Praveen Kumar Jain, which was given under section 132

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

In the result, assessee' appeal for A

132 of the Income Tax Act, 1961 (\"the Act\") was conducted at the residential premises of assessee on 26/07/2016. The return of income under section 139(1) of the Act was filed on 17/02/2012, declaring total income of ₹ 10,36,730. Intimation under section 143(1) of the Act was issued on 07/06/2012, accepting the returned income. Notice

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

132 of the Income Tax Act, 1961 (\"the Act\") was\nconducted at the residential premises of assessee on 26/07/2016. The return\nof income under section 139(1) of the Act was filed on 17/02/2012, declaring\ntotal income of ₹ 10,36,730. Intimation under section 143(1) of the Act was\nissued on 07/06/2012, accepting the returned income. Notice

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

132(1) of the Act, at the business premises as well as residential premises of the Directors of Mahavir Global Coal Ltd., on 16/03/2011. During the search and seizure operation at the premises of Shri Uttam Chand Jain, certain documents relating to the assessee company were seized. Accordingly, proceedings under section 153C of the Act were initiated

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

132 of the Income Tax Act, 1961 (\"the Act\") was\nconducted at the residential premises of assessee on 26/07/2016. The return\nof income under section 139(1) of the Act was filed on 17/02/2012, declaring\ntotal income of ₹ 10,36,730. Intimation under section 143(1) of the Act was\nissued on 07/06/2012, accepting the returned income. Notice

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 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

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

section 132(1) of the Income Tax Act, 1961 ("the Act"), at business premises as well as residential premises of the Directors of Mahavir Global Coal Ltd., on 16/03/2011. During the search and seizure operation at the premises of Shri Uttam Chand Jain, certain documents relating to the assessee company were seized. The assessee filed its return of income

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

DY. C.I.T. CENTRAL CIR2(2), NAGPUR vs. M/S SHREE AGRAWAL COAL INDIA PVT. LTD.,, NAGPUR

In the result, Revenue’s appeal being ITA no

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

132 or requisition under Section 132A of the Act. 1961. However, the completed/unabated assessments can be re-opened by the AO in exercise of powers under Sections 147/148 of the Act, subject to fulfilment of the conditions as envisaged/mentioned under sections 147/148 of the Act and those powers are saved." 12. No incriminating documents were unearthed

A,C.I.T. CENTRAL CIR.- 2(2), NAGPUR vs. SHRI DHARAMPAL R.AGRAWAL, NAGPUR

In the result, Revenue’s appeal being ITA no

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

132 or requisition under Section 132A of the Act. 1961. However, the completed/unabated assessments can be re-opened by the AO in exercise of powers under Sections 147/148 of the Act, subject to fulfilment of the conditions as envisaged/mentioned under sections 147/148 of the Act and those powers are saved." 12. No incriminating documents were unearthed