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

15. 2. Following grounds have been raised by the Revenue:– “1. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition of Rs.8.50 crore made by the AO as unexplained cash credit u/s 68 of the Act without considering the fact that no evidence was furnished by the assessee

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

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

68,07,020, as disallowance on account of deduction under section 36(1)(viii) of the Act and addition of ` 2,77,22,160 Vidarbha Konkan Gramin Bank A.Y. 2014–15

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

68,07,020, as disallowance on account of deduction under section 36(1)(viii) of the Act and addition of ` 2,77,22,160 Vidarbha Konkan Gramin Bank A.Y. 2014–15

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

15,49,828/- from the Government of Karnataka for setting up a new industrial unit in the backward area of the State. The refund of sales tax subsidy was routed through the profit and loss account and hence, the same was considered as part of the book profits u/s 115JB of the Act. Subsequently, the assessee realized that sales

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

15,49,828/- from the Government of Karnataka for setting up a new industrial unit in the backward area of the State. The refund of sales tax subsidy was routed through the profit and loss account and hence, the same was considered as part of the book profits u/s 115JB of the Act. Subsequently, the assessee realized that sales

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

15. Apart from this, ground no.1, was taken by the assesse which consisted additions to total income of the assessee as per intimation dated 24/12/2021, under section 143(1)(a) of the Act of ` 68,23,460, which comprised of contingent liability to the tune of ` 54,95,265, additional impact of ICDS to the tune

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

15. Apart from this, ground no.1, was taken by the assesse which consisted additions to total income of the assessee as per intimation dated 24/12/2021, under section 143(1)(a) of the Act of ` 68,23,460, which comprised of contingent liability to the tune of ` 54,95,265, additional impact of ICDS to the tune

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

section 68 of the Act and which was rightly deleted by the learned CIT(A). Consequently, we decline to interfere with the order passed by the learned CIT(A) and dismiss the grounds of appeal raised by the Revenue. 15. In the result, appeal filed by the Revenue is dismissed. Order pronounced in the open Court on 02/09/2024

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

In the result, appeal of the assessee is allowed

15. However CIT appeal rejected the appeal of the assessee on following grounds.; 1. That the appellant produced a copy of unregistered agreement. That unregistered document can not be used as evidence of collateral purposes ; but for such the document must be duly stamped or should comply with requirements of Section 35 of the stamp act and such document

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. Thus, the grounds no.2 & 3 raised by the assessee are allowed. Insofar as ground no.4 raised by the assessee is concerned which relates to charging of interest sunder section 234A and 234B of the Act on the basis that interest charged, we find it to be improper. However, nothing was specifically contended before us. Therefore, the ground

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

15. In this case, the creditworthiness of the investors even if is not proved, even then it will not automatically give license to the assessing authority to make additions in the hands of the recipient under section 68, unless that is proved that it is the unexplained and unaccounted money of the assessee which has been introduced

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

15 & 16, it is held as under: "15.On a plain reading of section 153A of the Act, it is evident that the trigger point for exercise of powers thereunder is a search under section 132 or a requisition under section 132A of the Act. Once a search or requisition is made, a mandate is cast upon

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

15 & 16, it is held as under: "15.On a plain reading of section 153A of the Act, it is evident that the trigger point for exercise of powers thereunder is a search under section 132 or a requisition under section 132A of the Act. Once a search or requisition is made, a mandate is cast upon

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

15 & 16, it is held as under: "15.On a plain reading of section 153A of the Act, it is evident that the trigger point for exercise of powers thereunder is a search under section 132 or a requisition under section 132A of the Act. Once a search or requisition is made, a mandate is cast upon

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

15 & 16, it is held as under: "15.On a plain reading of section 153A of the Act, it is evident that the trigger point for exercise of powers thereunder is a search under section 132 or a requisition under section 132A of the Act. Once a search or requisition is made, a mandate is cast upon

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

15 & 16, it is held as under: "15.On a plain reading of section 153A of the Act, it is evident that the trigger point for exercise of powers thereunder is a search under section 132 or a requisition under section 132A of the Act. Once a search or requisition is made, a mandate is cast upon

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

15 & 16, it is held as under: "15.On a plain reading of section 153A of the Act, it is evident that the trigger point for exercise of powers thereunder is a search under section 132 or a requisition under section 132A of the Act. Once a search or requisition is made, a mandate is cast upon