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147 results for “section 68”+ Section 2(24)clear

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Key Topics

Section 143(3)118 Section 153A94 Section 153C69 Section 6863 Addition to Income59 Section 14733 Section 69A33 Section 1132 Section 26325 Disallowance

INCOME TAX OFFICER, WARD 5(3),, NAGPUR vs. M/S. 21ST CENTURY INFRASTRUCTURE (INDIA) PVT. LTD., NAGPUR

In the result, the appeal of the Department is dismissed

ITA 207/NAG/2017[2012-13]Status: DisposedITAT Nagpur28 Jun 2022AY 2012-13

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am

For Appellant: Shri MahaveerAtal, CAFor Respondent: ShriPiyushKohle, CIT-DR

Section 133(6)Section 143(1)Section 143(2)Section 143(3)Section 56

68 of the Act before the Tribunal. 9(b) It is further pertinent to note that the definition of income as provided under Section 2(24

Showing 1–20 of 147 · Page 1 of 8

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19

Search & Seizure17

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

ITA 242/NAG/2023[2018-19]Status: DisposedITAT Nagpur09 Sept 2024AY 2018-19

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

For Appellant: Shri Mani JainFor Respondent: Shri Kailash C. Kanojiya

Section 139Section 142(1)Section 143(2)

24) of the Act is applicable prospectively from Assessment Year 2016-17 and onwards. Based on the facts and circumstances of our case, the objects or intent of the statutory provisions of the Act and settled legal position referred to above and the preceding paragraphs, the impugned sales tax subsidy is capital in nature and this fact has been accepted

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

ITA 177/NAG/2022[2017-18]Status: DisposedITAT Nagpur09 Sept 2024AY 2017-18

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

For Appellant: Shri Mani JainFor Respondent: Shri Kailash C. Kanojiya

Section 139Section 142(1)Section 143(2)

24) of the Act is applicable prospectively from Assessment Year 2016-17 and onwards. Based on the facts and circumstances of our case, the objects or intent of the statutory provisions of the Act and settled legal position referred to above and the preceding paragraphs, the impugned sales tax subsidy is capital in nature and this fact has been accepted

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

ITA 229/NAG/2022[2014-15]Status: DisposedITAT Nagpur25 Oct 2024AY 2014-15

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

For Appellant: Shri Kishore P. DewaniFor Respondent: Shri Sandipkumar Salunke

Section 143(3)Section 14ASection 68

2 M/s. Vibrant Global Capital Ltd. ITA no.229/Nag./2022 unexplained cash credit u/s 68 of the Act merely by relying on the fact that four (4) out of the six (6) loans were repaid by the assessee during the relevant year and the other two loans were repaid by the assessee during the subsequent financial years. 3. On the facts

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

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

ITA 211/NAG/2024[2018-19]Status: DisposedITAT Nagpur28 Nov 2024AY 2018-19

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

For Appellant: Ms. Alfiya RozieFor Respondent: Shri Abhay Y. Marathe

Section 143(1)Section 143(2)Section 80PSection 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

24. Accordingly, the AO is directed to re-compute the eligible deduction u/s 80P(2)(d) of the IT Act. Hence, the grounds taken on this issue are partly allowed. 25. Levy of Interest u/s 234B and 234C of the Act: 25.1 Levy of Interest u/s 234B and 234C are consequential and mandatory in nature. The grounds taken on levy

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

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

ITA 212/NAG/2024[2020-21]Status: DisposedITAT Nagpur28 Nov 2024AY 2020-21

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

For Appellant: Ms. Alfiya RozieFor Respondent: Shri Abhay Y. Marathe

Section 143(1)Section 143(2)Section 80PSection 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

24. Accordingly, the AO is directed to re-compute the eligible deduction u/s 80P(2)(d) of the IT Act. Hence, the grounds taken on this issue are partly allowed. 25. Levy of Interest u/s 234B and 234C of the Act: 25.1 Levy of Interest u/s 234B and 234C are consequential and mandatory in nature. The grounds taken on levy

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

In the result, appeal of the assessee is allowed

ITA 207/NAG/2018[2010-11]Status: DisposedITAT Nagpur15 Jul 2022AY 2010-11

For Appellant: Dr. Milind Bhusare, AdvocateFor Respondent: Shri Vitthal M. Bhosale, Jt. CIT

Section 143(3)Section 147Section 148Section 234BSection 68

2. That the legal heir of purchaser raised doubt of existence of such agreement to sale since the said document has been alleged to contain fabricated signature by one of the purported party. 3. That evidence produced by the appellant cannot be accepted as the legally admissible evidence due to allegation of fake signature. 4. That as the legal heir

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

In the result, appeal filed by the Revenue is dismissed

ITA 237/NAG/2018[2012-13]Status: DisposedITAT Nagpur25 Oct 2024AY 2012-13

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

For Appellant: Shri Abhay AgrawalFor Respondent: Shri Abhay Y. Marathe

68 as unamended during AY 2012-13 and as interpreted by various judicial precedents would be applicable in the case of the assessee. Similarly, provisions of section 56(2)(viib) have been amended vide Finance Act 2012, with effect from 01 April 2023 and therefore will be applicable for AY 2013-14 and onwards. Hence the amended provisions

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

ITA 121/NAG/2020[2012-13]Status: DisposedITAT Nagpur25 Oct 2024AY 2012-13

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

For Appellant: Shri Abhay AgrawalFor Respondent: Shri Abhay Y. Marathe

68 as unamended during AY 2012-13 and as interpreted by various judicial precedents would be applicable in the case of the assessee. Similarly, provisions of section 56(2)(viib) have been amended vide Finance Act 2012, with effect from 01 April 2023 and therefore will be applicable for AY 2013-14 and onwards. Hence the amended provisions

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

ITA 95/NAG/2018[2012-2013]Status: DisposedITAT Nagpur25 Oct 2024AY 2012-2013

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

For Appellant: Shri Abhay AgrawalFor Respondent: Shri Abhay Y. Marathe

68 as unamended during AY 2012-13 and as interpreted by various judicial precedents would be applicable in the case of the assessee. Similarly, provisions of section 56(2)(viib) have been amended vide Finance Act 2012, with effect from 01 April 2023 and therefore will be applicable for AY 2013-14 and onwards. Hence the amended provisions

AXYKNO CAPITAL SERVICES LTD,,NAGPUR vs. DCIT CIRCLE 1, NAGPUR

In the result, both the appeals of the assessee are allowed

ITA 178/NAG/2017[2009-10]Status: DisposedITAT Nagpur28 Jun 2022AY 2009-10

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am

For Appellant: Shri Kapil Hirani, AdvFor Respondent: Shri Vitthal M. Bhosale (JCIT-DR)

Section 132(4)Section 147Section 148Section 68

2. Duke Business (P) Ltd. (JPK Trading AABCJ6245N 30,00,000 (I) Pvt. Ltd.) 3. Nakshatra Business (P) Ltd. (Hema AABCH4279G 1,00,00,000 Trading (P) Ltd.). TOTAL 1,50,00,000 12. The assessee had filed all the required details to prove the identity and creditworthiness of the investing companies and the genuineness of the transactions

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

In the result, appeal filed by the assessee for A

ITA 7/NAG/2019[2014-15]Status: DisposedITAT Nagpur28 Nov 2024AY 2014-15

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

For Appellant: Shri C. NareshFor Respondent: Shri Sandipkumar Salunke

Section 22Section 36(1)Section 36(1)(viia)Section 36(1)(viii)Section 80P

68,07,020/- made by the AO is found to be correct and the contention of the appellant in this context is rejected. Ground no. 3 is confirmed. 9.0 In the 4th Ground of appeal, the AO has observed that the appellant has claimed the deduction of Rs.2,77,22,160/- on account of recovery in respect of bad debts

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

In the result, appeal filed by the assessee for A

ITA 8/NAG/2019[2015-2016]Status: DisposedITAT Nagpur28 Nov 2024AY 2015-2016

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

For Appellant: Shri C. NareshFor Respondent: Shri Sandipkumar Salunke

Section 22Section 36(1)Section 36(1)(viia)Section 36(1)(viii)Section 80P

68,07,020/- made by the AO is found to be correct and the contention of the appellant in this context is rejected. Ground no. 3 is confirmed. 9.0 In the 4th Ground of appeal, the AO has observed that the appellant has claimed the deduction of Rs.2,77,22,160/- on account of recovery in respect of bad debts

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

ITA 26/NAG/2020[2014-15]Status: DisposedITAT Nagpur29 Jul 2024AY 2014-15

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

Section 142ASection 145

24,434/- 4 26/NAG/2020 2014-15 Department 143(3) r.w.s. Abated 1.Sec.69C – 153A Dt. Investment based 22.12.2017 on DVO Report Amount Rs. 6,38,21,488/- 2. Section 68

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

ITA 140/NAG/2021[2018-19]Status: DisposedITAT Nagpur29 Jul 2024AY 2018-19

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

Section 142ASection 145

24,434/- 4 26/NAG/2020 2014-15 Department 143(3) r.w.s. Abated 1.Sec.69C – 153A Dt. Investment based 22.12.2017 on DVO Report Amount Rs. 6,38,21,488/- 2. Section 68

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

ITA 47/NAG/2021[2011-12]Status: DisposedITAT Nagpur29 Jul 2024AY 2011-12

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

Section 142ASection 145

24,434/- 4 26/NAG/2020 2014-15 Department 143(3) r.w.s. Abated 1.Sec.69C – 153A Dt. Investment based 22.12.2017 on DVO Report Amount Rs. 6,38,21,488/- 2. Section 68

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

ITA 48/NAG/2021[2012-13]Status: DisposedITAT Nagpur29 Jul 2024AY 2012-13

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

Section 142ASection 145

24,434/- 4 26/NAG/2020 2014-15 Department 143(3) r.w.s. Abated 1.Sec.69C – 153A Dt. Investment based 22.12.2017 on DVO Report Amount Rs. 6,38,21,488/- 2. Section 68

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

ITA 49/NAG/2021[2013-14]Status: DisposedITAT Nagpur29 Jul 2024AY 2013-14

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

Section 142ASection 145

24,434/- 4 26/NAG/2020 2014-15 Department 143(3) r.w.s. Abated 1.Sec.69C – 153A Dt. Investment based 22.12.2017 on DVO Report Amount Rs. 6,38,21,488/- 2. Section 68

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

ITA 27/NAG/2020[2015-16]Status: DisposedITAT Nagpur29 Jul 2024AY 2015-16

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

Section 142ASection 145

24,434/- 4 26/NAG/2020 2014-15 Department 143(3) r.w.s. Abated 1.Sec.69C – 153A Dt. Investment based 22.12.2017 on DVO Report Amount Rs. 6,38,21,488/- 2. Section 68

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

In the result, assessee' appeal for A

ITA 55/NAG/2022[2012-13]Status: DisposedITAT Nagpur25 Feb 2025AY 2012-13

Section 132Section 133ASection 139(1)Section 143(1)Section 143(3)Section 153ASection 234A

2) That during the course of survey action in the case of SNJ & Associates at Mangalam Icon, 1 Floor, Ramnagar Square, Nagpur, an excel sheet Annexure B-2, at page no. 4 was impounded. The detailed enquiries in this regard have been made by the Investigation Wing in the survey proceedings, post survey proceedings and by the Assessing Officer during