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. 9 ITA 178/NAG/ 2017 AXYKNO CAPITAL SERVICES LTD VS DCIT, CIRCLE- 1,NAGPUR 14

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 introduced with effect from April 1, 2013 will not have retrospective effect and would be effective only from the assessment year 2013-14. 2.20 Both the above judgment of Jurisdictional Bombay High Court of Gagandeep Infrastructure and ApeakInfotech was followed by the Jurisdictional Nagpur Tribunal in the case of ACIT VsSwiftsolPvt Ltd & 14

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

In the result, appeal of the assessee is allowed

68 which are jointly held along with spouse of the assessee and in the matter of rejecting the explanation that said deposits are made by other co holder of the bank account out of sale proceeds of the agriculture land and in the matter of arbitrarily rejecting the evidences submitted by assessee being unregistered agreement to sale holding

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, the assessee has to explain or satisfy three conditions, namely : (i) identity of the creditor; (ii) genuineness of the transaction; and (iii) credit-worthiness of the creditor. 14

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

14,00,000/- under section 68 of the Act, inspite of the fact that the initial onus laid down

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

68,000, was made on account of alleged commission income.\nA survey action under section 133A of the Act was also carried out at the\nofficial premises of assessee i.e., M/s. SNJ & Associates, (a Partnership Firm\nin which Shri Sanjay Jain, who is a Chartered Accountant, is also a Partner)\nsituated at 1st Floor, Mangalam Icon, Ramnagar Square, Nagpur

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

14 M/s. Mahavir Coal Resources Pvt. Ltd. Assessment Year – 2010–11 hereinabove, we hold that addition made in assessee’s case under section 68

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

68,000, was made on account of alleged commission income.\nA survey action under section 133A of the Act was also carried out at the\nofficial premises of assessee i.e., M/s. SNJ & Associates, (a Partnership Firm\nin which Shri Sanjay Jain, who is a Chartered Accountant, is also a Partner)\nsituated at 1st Floor, Mangalam Icon, Ramnagar Square, Nagpur

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 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

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

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

14. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in relying on section 158BB failing to appreciate that the impugned section is not in operation in view of insertion of section 158BI w.e.f. 01/06/2003. 15. On the facts and circumstances of the case

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

14. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in relying on section 158BB failing to appreciate that the impugned section is not in operation in view of insertion of section 158BI w.e.f. 01/06/2003. 15. On the facts and circumstances of the case

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

14. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in relying on section 158BB failing to appreciate that the impugned section is not in operation in view of insertion of section 158BI w.e.f. 01/06/2003. 15. On the facts and circumstances of the case

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

14. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in relying on section 158BB failing to appreciate that the impugned section is not in operation in view of insertion of section 158BI w.e.f. 01/06/2003. 15. On the facts and circumstances of the case

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

14. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in relying on section 158BB failing to appreciate that the impugned section is not in operation in view of insertion of section 158BI w.e.f. 01/06/2003. 15. On the facts and circumstances of the case

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

14. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in relying on section 158BB failing to appreciate that the impugned section is not in operation in view of insertion of section 158BI w.e.f. 01/06/2003. 15. On the facts and circumstances of the case