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. It was submitted that 4 M/s. Mahavir Coal Resources Pvt. Ltd. Assessment Year – 2011–12 relief granted by learned CIT(A) be reversed and the order passed by the Assessing Officer be restored. 6. The gist of submission, as submitted by the learned Counsel for the assessee is reproduced hereunder for ready reference:– “Ground

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

section 68 of the Act and it will be open to the Revenue to move against the share applicants in accordance with law. 8.12 The appellant has further rightly placed reliance on Vishnulal Karwa Vs. ITO (1987) 32 Taxman 276(Jp - Trib) wherein it has been held that even highly suspicious circumstances by itself would not lead

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

section 68 of the Act and it will be open to the Revenue to move against the share applicants in accordance with law. 8.12 The appellant has further rightly placed reliance on Vishnulal Karwa Vs. ITO (1987) 32 Taxman 276(Jp - Trib) wherein it has been held that even highly suspicious circumstances by itself would not lead

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

section 68 of the Act and it will be open to the Revenue to move against the share applicants in accordance with law. 8.12 The appellant has further rightly placed reliance on Vishnulal Karwa Vs. ITO (1987) 32 Taxman 276(Jp - Trib) wherein it has been held that even highly suspicious circumstances by itself would not lead

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

section 68 of the Act and it will be open to the Revenue to move against the share applicants in accordance with law. 8.12 The appellant has further rightly placed reliance on Vishnulal Karwa Vs. ITO (1987) 32 Taxman 276(Jp - Trib) wherein it has been held that even highly suspicious circumstances by itself would not lead

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

section 68 of the Act and it will be open to the Revenue to move against the share applicants in accordance with law. 8.12 The appellant has further rightly placed reliance on Vishnulal Karwa Vs. ITO (1987) 32 Taxman 276(Jp - Trib) wherein it has been held that even highly suspicious circumstances by itself would not lead

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

section 68 of the Act and it will be open to the Revenue to move against the share applicants in accordance with law. 8.12 The appellant has further rightly placed reliance on Vishnulal Karwa Vs. ITO (1987) 32 Taxman 276(Jp - Trib) wherein it has been held that even highly suspicious circumstances by itself would not lead

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. 9. There is no evidence that the entire transaction was sham and bogus transaction. The appellant has submitted that appellant company has established identity and creditworthiness of the entities as well as proved the bonafides and genuineness of transaction beyond doubt. On the above mentioned preposition appellant placed reliance on following

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, initial onus was upon assessee to establish identity, genuineness of transaction and capacity of lender or depositor-Confirmation of transaction had been received by AO by issuing notice U/s. 133(6), therefore, identity had been established- Genuineness of transaction could be safely concluded since entire transaction had been done through banking channel duly recorded in books

CHANDRAKUMAR MADHUSUDANJI JAJODIA,THANE vs. ASSISTANT COMMISSIONER OF INCOME TAX, AMRAVATI CIRCLE

In the result, appeal filed by the assessee is allowed

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

section 68 or 69A of I.T. Act 1961. Addition made by A.O. is unjustified. F) Observation of A.O. at para 40 & 41 is factually incorrect. During regular assessment proceedings loan transaction was verified and examined while accepting the same as genuine loan. Observations of A.O. thus are indicative of non-application of mind. G) In submission made before

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

245) (Bombay High Court) wherein it has been held as: "Further it was a submission on behalf of the Revenue that such large amount of share premium gives rise to suspicion on the genuineness (identity) of the shareholders i.e. they are bogus. The Apex Court in Lovely Exports (P.) Ltd. (supra) in the context to the pre-amended Section

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

245) (Bombay High Court) wherein it has been held as: "Further it was a submission on behalf of the Revenue that such large amount of share premium gives rise to suspicion on the genuineness (identity) of the shareholders i.e. they are bogus. The Apex Court in Lovely Exports (P.) Ltd. (supra) in the context to the pre-amended Section

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

245) (Bombay High Court) wherein it has been held as: "Further it was a submission on behalf of the Revenue that such large amount of share premium gives rise to suspicion on the genuineness (identity) of the shareholders i.e. they are bogus. The Apex Court in Lovely Exports (P.) Ltd. (supra) in the context to the pre-amended Section

DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

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

245–H, Rajlaxmi Marg ……………. Respondent Near GPO, Nagpur 440 001 PAN – ADNPG0426G Assessee by : Shri Aryan Grover Revenue by : Shri Sandipkumar Salunke Date of Hearing – 12/02/2025 Date of Order – 21/03/2025 O R D E R PER K.M. ROY, A.M. Instant appeals by the Department are emanating from the impugned order dated 30/07/2024, passed by the learned Commissioner of Income

DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

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

245–H, Rajlaxmi Marg ……………. Respondent Near GPO, Nagpur 440 001 PAN – ADNPG0426G Assessee by : Shri Aryan Grover Revenue by : Shri Sandipkumar Salunke Date of Hearing – 12/02/2025 Date of Order – 21/03/2025 O R D E R PER K.M. ROY, A.M. Instant appeals by the Department are emanating from the impugned order dated 30/07/2024, passed by the learned Commissioner of Income

DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

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

245–H, Rajlaxmi Marg ……………. Respondent Near GPO, Nagpur 440 001 PAN – ADNPG0426G Assessee by : Shri Aryan Grover Revenue by : Shri Sandipkumar Salunke Date of Hearing – 12/02/2025 Date of Order – 21/03/2025 O R D E R PER K.M. ROY, A.M. Instant appeals by the Department are emanating from the impugned order dated 30/07/2024, passed by the learned Commissioner of Income

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

section 68 of the Act and it will be open to the Revenue to move against the share applicants in accordance with law. The appellant has further rightly placed reliance on Vishnulal Karwa Vs. ITO (1987) 32 Taxman 276 (Jp - Trib) wherein it has been held that even highly suspicious circumstances by itself would not lead to the conclusion

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

section 68 of the Act and it will be open to the Revenue to move against the share applicants in accordance with law. The appellant has further rightly placed reliance on Vishnulal Karwa Vs. ITO (1987) 32 Taxman 276 (Jp - Trib) wherein it has been held that even highly suspicious circumstances by itself would not lead to the conclusion