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

153, the assessment or reassessment relating to any assessment year which has abated under the second proviso to sub- section (1), shall stand revived with effect from the date of receipt of the order of such annulment by the Commissioner. Therefore, the intention of the legislation seems to be that in case of search only the pending assessment/reassessment proceedings

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

153, the assessment or reassessment relating to any assessment year which has abated under the second proviso to sub- section (1), shall stand revived with effect from the date of receipt of the order of such annulment by the Commissioner. Therefore, the intention of the legislation seems to be that in case of search only the pending assessment/reassessment proceedings

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

153, the assessment or reassessment relating to any assessment year which has abated under the second proviso to sub- section (1), shall stand revived with effect from the date of receipt of the order of such annulment by the Commissioner. Therefore, the intention of the legislation seems to be that in case of search only the pending assessment/reassessment proceedings

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

153, the assessment or reassessment relating to any assessment year which has abated under the second proviso to sub- section (1), shall stand revived with effect from the date of receipt of the order of such annulment by the Commissioner. Therefore, the intention of the legislation seems to be that in case of search only the pending assessment/reassessment proceedings

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

153 are quite compartmentalized. To avoid any overlapping of these provisions, the legislature in its wisdom has thought it appropriate to provide for an independent effect, to be given under Section 153A read with Section 153C by incorporating the " non-obstante" clause, in these provisions, which carves out an exception to any normal/regular action being resorted under Section

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

153 (Mum) : 2012 TaxPub(DT) 2257 (Mum-Trib) has laid down certain principles with regard to section 68 which

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 of the Income-tax Act and consequently deleted the disallowance of Rs. 3,10,478/-, which was made with respect to interest and when the same has been confirmed by the ITAT, it cannot be said that ITAT has committed any error and/or illegality, which calls for the interference of this Court. In paragraph 11, ITAT

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

section 68 of the Income-tax Act and consequently\ndeleted the disallowance of Rs. 3,10,478/-, which was made with respect to\ninterest and when the same has been confirmed by the ITAT, it cannot be said\nthat ITAT has committed any error and/or illegality, which calls for the\ninterference of this Court.\nIn paragraph 11, ITAT

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

section 68 of the Income-tax Act and consequently\ndeleted the disallowance of Rs. 3,10,478/-, which was made with respect to\ninterest and when the same has been confirmed by the ITAT, it cannot be said\nthat ITAT has committed any error and/or illegality, which calls for the\ninterference of this Court.\nIn paragraph 11, ITAT

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 of the Income-tax Act and consequently\ndeleted the disallowance of Rs. 3,10,478/-, which was made with respect to\ninterest and when the same has been confirmed by the ITAT, it cannot be said\nthat ITAT has committed any error and/or illegality, which calls for the\ninterference of this Court.\nIn paragraph 11, ITAT

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

section 68 of the Income-tax Act and consequently\ndeleted the disallowance of Rs. 3,10,478/-, which was made with respect to\ninterest and when the same has been confirmed by the ITAT, it cannot be said\nthat ITAT has committed any error and/or illegality, which calls for the\ninterference of this Court.\nIn paragraph 11, ITAT

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

section 68 of the Income-tax Act and consequently\ndeleted the disallowance of Rs. 3,10,478/-, which was made with respect to\ninterest and when the same has been confirmed by the ITAT, it cannot be said\nthat ITAT has committed any error and/or illegality, which calls for the\ninterference of this Court.\nIn paragraph 11, ITAT

M/S SPACEWOOD FURNISHERS PVT. LTD.,,NAGPUR vs. D.C.I.T. CENTRALCIRCLE 1(3), NAGPUR

In the result, the appeal of the assessee is partly allowed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year : 2010-11 M/S. Spacewood Furnishers Pvt. Ltd. Vs. The Dcit T-48, Midc, Hinga, Central Circle 1(3) Nagpur Nagpur Pan No.: Aaccs 4955 R Appellant Respondent

153, the assessing officer shall make an order of assessment or reassessment - (a) in respect of each assessment year falling in six assessment years ……. (b) in respect of assessment year relevant to previous year in which search is conducted under section 132 or requisition is made under section 132A, within a period of two years from

CHANDRAKUMAR MADHUSUDANJI JAJODIA,THANE vs. ASSISTANT COMMISSIONER OF INCOME TAX, AMRAVATI CIRCLE

In the result, appeal filed by the assessee is allowed

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

153) (150, 152) 3. Ground No.4 & 5: Addition made by A.O. at Rs.50 lacs u/s 68 or 69A of I.T. Act 1961. A.O. Para 13 - 24 Page 20 - 22 CIT(A) Para 7 Page 7 & 8 A) In the case of assessee regular assessment was framed u/s 143(3) on 10/08/2015 determining total income at Rs.54.51 lacs. Confirmation in respect

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 of the Income Tax Act,\n1961. Further, the AO did not find the explanation offered by the assessee\nsatisfactory and stated that the assessee has failed to discharge its onus\ntowards explaining the credit of Rs.15,00,000/-. We respectfully object to the\nabove observations and allegations made by the AO as the same are based

DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

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

68 of the Act. Ground is, thus, allowed.” 6. Before us, the learned Departmental Representative relied on the assessment order passed by the Assessing Officer and prayed that the impugned order passed by the learned CIT(A) be reversed. He submitted that the transactions are colourable device and corporate vial may be lifted. 7. Per–contra, the learned Authorised Representative

DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

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

68 of the Act. Ground is, thus, allowed.” 6. Before us, the learned Departmental Representative relied on the assessment order passed by the Assessing Officer and prayed that the impugned order passed by the learned CIT(A) be reversed. He submitted that the transactions are colourable device and corporate vial may be lifted. 7. Per–contra, the learned Authorised Representative

DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

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

68 of the Act. Ground is, thus, allowed.” 6. Before us, the learned Departmental Representative relied on the assessment order passed by the Assessing Officer and prayed that the impugned order passed by the learned CIT(A) be reversed. He submitted that the transactions are colourable device and corporate vial may be lifted. 7. Per–contra, the learned Authorised Representative