ECONOMIC EXPLOSIVES LIMITED,NAGPUR vs. NATIONAL E ASSESSMENT CENTRE, NEW DELHI

In the result, appeal for the assessment year 2018–19 filed by the assessee is partly allowed

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

154 dated 23.11.2016 and for AY 2014-15 u/s 143(3) dated 24.11.2016 since the assessee had not suo-moto reduced the same in those years. It is the settled legal position that the orders, instructions, circulars, directions, etc., issued by the Board are binding on the Officers of the Tax Department. The proposition is supported by the following decisions

ECONOMIC EXPLOSIVES LIMITED,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1 (2), NAGPUR

In the result, appeal for the assessment year 2018–19 filed by the assessee is partly allowed

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

154 dated 23.11.2016 and for AY 2014-15 u/s 143(3) dated 24.11.2016 since the assessee had not suo-moto reduced the same in those years. It is the settled legal position that the orders, instructions, circulars, directions, etc., issued by the Board are binding on the Officers of the Tax Department. The proposition is supported by the following decisions

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

1) That the order of the learned Dy./Asst. Commissioner of Income Tax,\nCentral Circle-1(3), Nagpur passed u/s. 143(3) r.w.s. 153A is bad in law and\nwrong on facts and the learned CIT(A) erred in confirming the same.\n(2) That the learned CIT(A) erred in law and on facts in confirming the\naddition made

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

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

68, only on the basis of statement of one Suresh Agrawal, Kolkata, director of M/s.Rashi Steel & Poweer P. Ltd, Kolkata, under section 132(4) was recorded on 14/03/2019, as alleged by the Assessing Officer, in their separate search proceedings under section 132 on 22/01/2019 on M/s.RKTC Group, Korba and Suresh Agrawal, Kolkata. 15. The A.R. for the assessee

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P. LTD,BILASPUR vs. ACIT CENTRAL CIRCLE-1(1), NAGPUR

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

68, only on the basis of statement of one Suresh Agrawal, Kolkata, director of M/s.Rashi Steel & Poweer P. Ltd, Kolkata, under section 132(4) was recorded on 14/03/2019, as alleged by the Assessing Officer, in their separate search proceedings under section 132 on 22/01/2019 on M/s.RKTC Group, Korba and Suresh Agrawal, Kolkata. 15. The A.R. for the assessee

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

68, only on the basis of statement of one Suresh Agrawal, Kolkata, director of M/s.Rashi Steel & Poweer P. Ltd, Kolkata, under section 132(4) was recorded on 14/03/2019, as alleged by the Assessing Officer, in their separate search proceedings under section 132 on 22/01/2019 on M/s.RKTC Group, Korba and Suresh Agrawal, Kolkata. 15. The A.R. for the assessee

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

68, only on the basis of statement of one Suresh Agrawal, Kolkata, director of M/s.Rashi Steel & Poweer P. Ltd, Kolkata, under section 132(4) was recorded on 14/03/2019, as alleged by the Assessing Officer, in their separate search proceedings under section 132 on 22/01/2019 on M/s.RKTC Group, Korba and Suresh Agrawal, Kolkata. 15. The A.R. for the assessee

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

68, only on the basis of statement of one Suresh Agrawal, Kolkata, director of M/s.Rashi Steel & Poweer P. Ltd, Kolkata, under section 132(4) was recorded on 14/03/2019, as alleged by the Assessing Officer, in their separate search proceedings under section 132 on 22/01/2019 on M/s.RKTC Group, Korba and Suresh Agrawal, Kolkata. 15. The A.R. for the assessee

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

68, only on the basis of statement of one Suresh Agrawal, Kolkata, director of M/s.Rashi Steel & Poweer P. Ltd, Kolkata, under section 132(4) was recorded on 14/03/2019, as alleged by the Assessing Officer, in their separate search proceedings under section 132 on 22/01/2019 on M/s.RKTC Group, Korba and Suresh Agrawal, Kolkata. 15. The A.R. for the assessee

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-4, NAGPUR, NAGPUR vs. SHIKHA INDRAKUMAR AGRAWAL, NAGPUR

In the result, appeal by the assessee stands allowed

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy

1,029 shares. The shares held by assessee in M/s GCM Securities Ltd. have been sold through M/s Anand Rathi Share & Stock Brokers Ltd. during the period from July 2014 to September 2014. Contract note for sale of shares are placed on record at Page–4 to 8 of the Paper Book. It is evident from the contract note that

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

DY COMMISSIONER OF INOCME TAX , CIRCLE -2, NAGPUR vs. M/S N KUMAR CONSTRUCTION CO .PVT.LTD , NAGPUR

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

section 148 of the Act, the amount of share capital that has escaped assessment was mentioned at ` 1,50,00,000, while completing the assessment, the addition was made at ` 2,15,00,000. In the assessment order, the Assessing Officer incorrectly mentioned that the assessee company did not file its return of income for the year under consideration

DCIT-CC-2(1), NAGPUR, NAGPUR vs. INDRAKUMAR GHISULAL AGRAWAL, NAGPUR

In the result, appeal by the assessee stands allowed

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy

1,029 shares. The shares held by assessee in M/s GCM Securities Ltd. have been sold through M/s Anand Rathi Share & Stock Brokers Ltd. during the period from July 2014 to September 2014. Contract note for sale of shares are placed on record at Page–4 to 8 of the Paper Book. It is evident from the contract note that

ATUL MANOHARRAO YAMSANWAR,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE 2(1), NAGPUR

1,65,07,560, the ACIT\nfailed to notice the error.\n12. This aspect was brought to the fore by the Tribunal in the impugned\norder. The Trib, thus, concluded there was a complete lack of application of\nmind, inasmuch as the ACIT, who granted approval, failed to notice the said\nerror.\n12.1. More particularly, the Tribunal notes that

UMESH SADASHIV THAKRE ,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(1), NAGPUR

In the result, all the appeals filed by the assessee are allowed and all\nthe appeals filed by the Revenue are dismissed

1,65,07,560, the ACIT\nfailed to notice the error.\n12. This aspect was brought to the fore by the Tribunal in the impugned\norder. The Trib, thus, concluded there was a complete lack of application of\nmind, inasmuch as the ACIT, who granted approval, failed to notice the said\nerror.\n12.1. More particularly, the Tribunal notes that