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

195 ITR 877), while dealing with the question as to whether the allowance received by the assessee under the Huzur order dated April 8, 1947 which was ratified subsequently post-merger of the territories vide Bombay Merged Territories Miscellaneous Alienations Abolition Act, 1955 held that the capital receipt is not income within the meaning of 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

2. Duke Business P. Ltd. (JPK AABCJ6245N 30,00,000 Trading I Pvt. Ltd.) 13 ITA 178/NAG/ 2017 AXYKNO CAPITAL SERVICES LTD VS DCIT, CIRCLE- 1,NAGPUR 3. AABCH4279G 1,00,00,000 Nakshatra Business P. Ltd. (Hema Trading P. Ltd.). TOTAL 1,50,00,000 During the appellate proceedings, the learned AR has filed detailed submissions and other relevant

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 is unjustified and unsustainable. Various judicial precedents relied upon in the submission of assessee are as under:– i) CIT v/s Lovely Exports Pvt. Ltd. [2008] 216 CTR 195 (SC); “2

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 is unjustified and unsustainable. Various judicial precedents relied upon in the submission of the assessee are as under:– i) CIT v/s Lovely Exports Pvt. Ltd. [2008] 216 CTR 195 (SC); “2

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE -1, NAGPUR vs. M/S RAGHAV FINVEST PVT LTD , NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

195, as also by this Court in CIT vs. Creative World Telefilms Ltd., (2011) 333 ITR 100 (Bom.). In such circumstances, we are of the view that the Tribunal's finding that there is no justification in the addition made under Section 68 of the Income Tax Act, 1961 neither suffers from any perversity nor gives rise

DY COMMISSIONER OF INCOME TAX , CIRCLE-1, NAGPUR vs. M/S NIHAL GITS PVT.LTD , NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

195, as also by this Court in CIT vs. Creative World Telefilms Ltd., (2011) 333 ITR 100 (Bom.). In such circumstances, we are of the view that the Tribunal's finding that there is no justification in the addition made under Section 68 of the Income Tax Act, 1961 neither suffers from any perversity nor gives rise

ASSTT.COMMISSIONER OF INCOME TAX CIRCLE-1, NAGPUR vs. VISHNU GILTS PVT.LT, NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

195, as also by this Court in CIT vs. Creative World Telefilms Ltd., (2011) 333 ITR 100 (Bom.). In such circumstances, we are of the view that the Tribunal's finding that there is no justification in the addition made under Section 68 of the Income Tax Act, 1961 neither suffers from any perversity nor gives rise

SUFALAM INFRA PROJECTS LTD ,NAGPUR vs. PR. CIT (CENTRAL ), NAGPUR

In the result, the departmental appeal is dismissed

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

2 Crores in the shares of the appellant Company. ITA NO.97/NAG/2019 & ITA NO. 46/NAG/2021 & CO NO.6/NAG/2023 Sufalam Infra Projects Ltd vrs Pr.CIT (Central) It is further rightly argued by the AR that the addition made u/s 68 is not sustainable as the AO has nowhere controverted the evidences filed by the appellant nor has produced any concrete justification for making

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), NAGPUR, NAGPUR vs. M/S. SUFLAM INFRA PROJECT LTD, NAGPUR

In the result, the departmental appeal is dismissed

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

2 Crores in the shares of the appellant Company. ITA NO.97/NAG/2019 & ITA NO. 46/NAG/2021 & CO NO.6/NAG/2023 Sufalam Infra Projects Ltd vrs Pr.CIT (Central) It is further rightly argued by the AR that the addition made u/s 68 is not sustainable as the AO has nowhere controverted the evidences filed by the appellant nor has produced any concrete justification for making

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 68 of the Income Tax Act, 1961 neither suffers from any perversity nor gives rise to any substantial question of law.‖ The above case laws have been referred only for the proposition that if the shareholders are found to be not having adequate means, the addition can be made in the hands of the shareholders only

NIKITA SHANKARLAL TANWANI,CHHINDWARA vs. ASSISTANT COMMISSIONER OF INCOME TAX, NAGPUR

In the result, assessee’s appeal is partly allowed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2018-19 Ms. Nikita Shankar Lal Tanwani Vs. The Acit Near Shankar Mandir, Shankar Central Circle 2(1) Nagar, Pandhuna Pandhurna Nagpur Chhindwara – 480 334 (M.P.) Pan No.:Borpt 4644 F Appellant Respondent Assessee By: Shri Manoj G. Moryani, Adv. & Shri Bhavesh Moryani, Adv Revenue By :Shri Piyush Kolhe (Cit-Dr) Date Of Hearing: 28/04/2022 Date Of Pronouncement: 8 /62022 Order Per: Sandeep Gosain, J.M. The Captioned Appeal Has Been Filed By The Assessee Challenging The Impugned Order Dated 8Th October 2021, Passed By The Commissioner Of Income Tax (Appeals)–3, Nagpur, [In Short “The Learned Cit(A)”] Under Section 250 Of The Income Tax Act, 1961 (In Short "The Act") For The Assessment Year 2018-19. The Present Appeal Has Been Filed On The Following Grounds:- 2. “1. The Commissioner Of Income Tax (Appeals)-3, Nagpur Erred In Confirming Addition, Therefore Order Passed Is Illegal, Invalid & Bad In Law.

195 (Delhi); f. CIT Vs P. Mohanakala, [2007] 161 Taxman 169 (SC)/[2007] 291 ITR 278 (SC)/[2007] 210 CTR 20 (SC); 13 Nikita Shankarlal Tanwani vs ACIT, CentralCircle 2(1), Nagpur g. CIT Vs G.S. Tiwari& Co., [2014] 41 taxmann.com 17 (Allahabad)/[2014] 220 Taxman 111 (Allahabad) (MAG)/ [2013] 357 ITR 651; The Learned Counsel for the assessee submitted

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

2 additions made by the AO. The first addition was made qua\ncash deposited in the bank, amounting to Rs.15,04,35,000. The second\naddition was made with regard to cash introduced via an entry operator i.e.,\none, Mr Vipin Garg. The amount added qua this aspect was pegged at\nRs.1,54,07,100.\n11. Despite these additions, which

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

195, as also in CIT vs Creative World Telefilms Ltd (2011) 333 ITR 100 (Bom). In such situation there is no justification in making addition made under section 68 of the Income Tax Act 1961 neither suffers from any perversity nor gives rise to any substantial question of law. 12. It is settled law that once the identity

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

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

2 days prior to the deadline thereby putting the\napproving authority under great pressure and not giving him sufficient time\nto apply his mind;\n(ii) the final approval must be in writing;\n(iii) The fact that approval has been obtained, should be mentioned in the\nbody of the assessment order.\n14. During the course of arguments, Id counsel

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

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

2 (Del HC) dt.13-7-23,\nconcluded that-\n“7. The Tribunal has via the impugned order set aside the additions made\nqua the income of the asseessee inter alia, on the Gr. that there was no\napplication of mind by the Addl.CIT in granting approval u/s153D.\n8. To be noted, an assessment order was framed qua the asseessee\nu/s153A, rws.143

YRCE EDUCATE PVT. LTD,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(1), NAGPUR

2 days prior to the deadline\nthereby putting the approving authority under great pressure and not giving\nhim sufficient time to apply his mind; (ii) the final approval must be in\nwriting; (iii) The fact that approval has been obtained, should be mentioned\nin the body of the assessment order.”\n14. During the course of arguments, Id counsel

SHRI ANKIT SHANKARLAL TANWANI,CHHINDWARA vs. ASSISTANAT COMMISSIONER OF INCOME TAX, NAGPUR

In the result, assessee’s appeal is partly allowed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2019-20 Shri Ankit Shankar Lal Tanwani Vs. The Acit Near Shankar Mandir, Shankar Central Circle 2(1) Nagar, Pandhuna Pandhurna Nagpur Chhindwara – 480 334 (M.P.) Pan No.:Biapt 4756 R Appellant Respondent Assessee By: Shri Manoj G. Moryani, Adv. & Shri Bhavesh Moryani, Adv Revenue By :Shri Piyush Kolhe (Cit-Dr) Date Of Hearing: 28/04/2022 Date Of Pronouncement: 8/6 /2022 Order Per: Sandeep Gosain, J.M. The Captioned Appeal Has Been Filed By The Assessee Challenging The Impugned Order Dated 8Th October 2021, Passed By The Commissioner Of Income Tax (Appeals)–3, Nagpur, [In Short “The Learned Cit(A)”] Under Section 250 Of The Income Tax Act, 1961 (In Short "The Act") For The Assessment Year 2019-20. The Assessee Has Filed The Present Appeal On The Following Grounds:- 2. “1. The Commissioner Of Income Tax (Appeals)-3, Nagpur Erred In Confirming Addition, Therefore Order Passed Is Illegal, Invalid & Bad In Law.

68 is unjustified, unwarranted and excessive. 4. On the fact and circumstances learned Commissioner of Income Tax (Appeals)-3, Nagpur ought to have accepted returned income of Rs.17,05,000/- were regular income of the assessee and without going into merits of the case treating the same U/s. 69A as unexplained money and confirming the same taxed as per section

LATITUDE INFRAVENTURES,NAGPUR vs. PCIT,NAGPUR-1, NAGPUR

In the result, appeal filed by the assessee for assessment year 2017–18

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

195 Taxmann 177 (Bom.). It was contended by the learned Counsel that the learned Commissioner also cannot revise the assessment on other issues and cannot do something which the Assessing Officer cannot do so. The learned Counsel for the assessee further contented that the time limit for initiating show cause notice under section 263 of the Act would