DEPUTY COMMISSIONER OF INCOME TAX , CENTRAL CIRCEL-1(2, NAGPUR vs. M/S. VIBRANT GLOBAL CAPITAL LTD., MUMBAI

In the result, appeal filed by the Revenue is dismissed

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

section 68 of the Act Assessing Officer – Para–5.1 to 5.1.6 at Page–2 to 6 Learned CIT(A) – Para–4.1 at Page–59 to 63 A) Assessee has submitted confirmation in respect to loans indicating PAN and address of lenders. Bank statement, acknowledgment of Income Tax Return and response of lenders to notice issued

I.T.O. WARD -3(5), NAGPUR vs. SHRI MUKUNDRAO GOVINDRAO MANKAR, KATOL

In the result, Revenue’s appeal is dismissed

Bench: Shri P.K. Bansal & Shri Amarjit Singh

68 and not under provisions of section 56(2)(v) of the Act and for this reason alone, this addition is liable to be deleted... 11.16 Thus, in view of above discussion, we hold that the said transaction meets all the requirements of general law which is only to be looked into while invoking provisions of section

DURGAPUR RAYATWARI COLLIERY KAMGAR SAHAKARI PAT SANSTHA,CHANDRAPUR vs. ITO WARD 2, CHANDRAPUR

In the result, appeal filed by the assessee is partly allowed

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

2)(d) of the Act pertaining to this interest income i.e., ` 79,65,841, which was added back to the total income of the assessee–society. The assessee being aggrieved, carried the matter in appeal before the first appellate authority. 13. The learned CIT(A) dismissed the assessee’s appeal and the observations of the learned CIT(A) are reproduced

DURGAPUR RAYATWARI COLLIERY KAMGAR SAHAKARI PAT SANSTHA,CHANDRAPUR vs. ITO WARD-2, CHANDRAPUR

In the result, appeal filed by the assessee is partly allowed

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

2)(d) of the Act pertaining to this interest income i.e., ` 79,65,841, which was added back to the total income of the assessee–society. The assessee being aggrieved, carried the matter in appeal before the first appellate authority. 13. The learned CIT(A) dismissed the assessee’s appeal and the observations of the learned CIT(A) are reproduced

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

2. Following grounds have been raised by the Revenue:– “a. On the facts and circumstances of the case, the Ld. CIT(Appeals) has erred in deleting the addition by stating that there is no specific incriminating document linking investor to the appellant. However, in statement of Shri Praveen Kumar Jain on such company M/s. Viraj Mercantile

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

14 forming part of the financial statement. In the revised return, the assessee excluded excise duty exempt in the computation of book profit under section 115JB of the Act by relying on the decision of the Supreme Court in Ponni Sugars and Chemicals Ltd.‟s case (supra). The first Appellate Authority treated the said Central Excise exemption as capital

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

14 forming part of the financial statement. In the revised return, the assessee excluded excise duty exempt in the computation of book profit under section 115JB of the Act by relying on the decision of the Supreme Court in Ponni Sugars and Chemicals Ltd.‟s case (supra). The first Appellate Authority treated the said Central Excise exemption as capital

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

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, 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

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

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 Income Tax Act, 1961. The learned assessing officer has noticed that the appellant has during the year under consideration received unsecured loans of aggregated amount of Rs. 1,50,00,000 as under -- S. No. Name PAN Amount of sales to assessee in F.Y. 2010-11 (in Rs.) 1. Casper Enterprises (Oswal AAACO7955M

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

In the result, assessee' appeal for A

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

VIDHARBHA KONKAN GRAMIN BANK ,NAGPUR vs. INCOME TAX OFFICER WARD 1(5) , NAGPUR

In the result, appeal filed by the assessee for A

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

68 (TR 252: AIR 1968 SC 623, the Supreme Court of India observed that the rule that (page 257): "we must look to the general scope and purview of the statute, and at the remedy sought to be applied, and consider what was the former state of the law, and what it was that the Legislature contemplated' was Vidarbha Konkan

VIDHARBHA KONKAN GRAMIN BANK ,NAGPUR vs. INCOME TAX OFFICER WARD 1(5) , NAGPUR

In the result, appeal filed by the assessee for A

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

68 (TR 252: AIR 1968 SC 623, the Supreme Court of India observed that the rule that (page 257): "we must look to the general scope and purview of the statute, and at the remedy sought to be applied, and consider what was the former state of the law, and what it was that the Legislature contemplated' was Vidarbha Konkan