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 can be invoked when following three conditions are satisfied - (a) when there is credit of amounts in the books maintained by the assessee (b) such credit has to be a sum of money during the previous year (c) either the assessee offers no explanation about the nature and source of such credits found m the books

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

In the result, appeal of the assessee is allowed

68 of the Act. However while doing so the CIT (A) accepted the contention of the petitioner that he is agriculturist, and other than that there are no sources of income while confirming the action of AO to tax it as income from other sources under S.68 of the Act . 17. . A perusal of appellate order suggests that

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/- may kindly be deleted and the ground of appeal may kindly be allowed. GROUND NO. 3: That the learned AO charged interest u/s. 234A and 234B of the Income Tax Act. We object to the action of the AO and have to submit that the AO failed to consider the fact that while estimating the Advance

RAVINDRA MADANLAL KHANDELWAL,AKOLA vs. DCIT/ACIT CIRCLE , AKOLA

In the result, appeal filed by the assessee is allowed for statistical purposes

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

section 68 only sets up a presumption against the assessee whenever unexplained credits are found in the books of account of the assessee. It cannot but be again said that the presumption is rebuttable. In refuting the presumption raised, the initial burden is on the assessee. This burden, which is placed on the assessee, shifts as soon

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

68,000/- may\nkindly be deleted and the ground of appeal may kindly be allowed.\nGROUND NO. 3:\nThat the learned AO charged interest u/s. 234A and 234B of the Income Tax\nAct. We object to the action of the AO and have to submit that the AO failed to\nconsider the fact that while estimating the Advance

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

68,000/- may\nkindly be deleted and the ground of appeal may kindly be allowed.\nGROUND NO. 3:\nThat the learned AO charged interest u/s. 234A and 234B of the Income Tax\nAct. We object to the action of the AO and have to submit that the AO failed to\nconsider the fact that while estimating the Advance

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/- may\nkindly be deleted and the ground of appeal may kindly be allowed.\n\nGROUND NO. 3:\nThat the learned AO charged interest u/s. 234A and 234B of the Income Tax\nAct. We object to the action of the AO and have to submit that the AO failed to\nconsider the fact that while estimating the Advance

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

68,000/- may\nkindly be deleted and the ground of appeal may kindly be allowed.\nGROUND NO. 3:\nThat the learned AO charged interest u/s. 234A and 234B of the Income Tax\nAct. We object to the action of the AO and have to submit that the AO failed to\nconsider the fact that while estimating the Advance

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

68,000/- may\nkindly be deleted and the ground of appeal may kindly be allowed.\nGROUND NO. 3:\nThat the learned AO charged interest u/s. 234A and 234B of the Income Tax\nAct. We object to the action of the AO and have to submit that the AO failed to\nconsider the fact that while estimating the Advance

ACIT, CIRCLE-4, NAGPUR vs. SHRI VINOD BALBHADRA GOENKA,, NAGPUR

In the result, appeal of the Revenue is dismissed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2014-15 The Acit Vs. Shri Vinod Balbhadra Goenka Circle-4 247, Nandanvan Layout Nagpur Nagpur Pan No.:Aanpg 6841 N Appellant Respondent Revenue By :Shri Piyush Kolhe (Cit-Dr) Assessee By: Shri K.P. Dewani, Adv Date Of Hearing: 28/04/2022 Date Of Pronouncement: 28 /06 /2022 Order Per: Sandeep Gosain, J.M. This Is An Appeal By Revenue Against Order Of Learned Commissioner Of Income Tax (Appeals)-4, Nagpur Dated 30/03/2017 In Appeal No.Cit(A)- 4/198/16-17 For The Assessment Year 2014-15. The Grounds Raised By The Revenue In This Appeal Are As Under:

section 68 was not proper.” These judgements make it amply clear that the receipts that have already been shown by the assessee as income in the books of accounts/original returns and returns filed u/s 153A also cannot be treated as unexplained cash credits u/s 68. In the circumstances of the case and in view of aforecited judgements. I hold

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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