M/S MAHESHWARI COAL BENEFICATION& INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

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

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

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

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

M/S MAHESHWARI COAL BENEFICATION& INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

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

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

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

section 153A(1) read with „Expln-2‟; in absence of this, assessment made u/s153C would be invalid & is liable to be quashed; relied on Goldstone Cements Ltd (2023) (Gau HC); Fortune Vanijya (P) Ltd (2023) (Gau HC).” 40. In the appeal of the assessee bearing ITA No.111/Nag/ 2024, for the assessment year 2012-13 along with following additional ground

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

1) & 68.” 24. Thus, we find on merits also and addition of ` 12 lakh for the assessment year 2014–15 on account of unsecured loan treating it as unexplained under section 68, when it is opening balance as on 01/04/2023 brought forward from earlier year and no fresh cash credit received during the assessment year

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

1) & 68.” 24. Thus, we find on merits also and addition of ` 12 lakh for the assessment year 2014–15 on account of unsecured loan treating it as unexplained under section 68, when it is opening balance as on 01/04/2023 brought forward from earlier year and no fresh cash credit received during the assessment year

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

1) & 68.” 24. Thus, we find on merits also and addition of ` 12 lakh for the assessment year 2014–15 on account of unsecured loan treating it as unexplained under section 68, when it is opening balance as on 01/04/2023 brought forward from earlier year and no fresh cash credit received during the assessment year

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD.,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

1) & 68.” 24. Thus, we find on merits also and addition of ` 12 lakh for the assessment year 2014–15 on account of unsecured loan treating it as unexplained under section 68, when it is opening balance as on 01/04/2023 brought forward from earlier year and no fresh cash credit received during the assessment year

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P LTD,BILASPUR vs. ACIT CENTRAL CIRCLE 1(1), NAGPUR

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

1) & 68.” 24. Thus, we find on merits also and addition of ` 12 lakh for the assessment year 2014–15 on account of unsecured loan treating it as unexplained under section 68, when it is opening balance as on 01/04/2023 brought forward from earlier year and no fresh cash credit received during the assessment year

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P. LTD,BILASPUR vs. ACIT CENTRAL CIRCLE-1(1), NAGPUR

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

1) & 68.” 24. Thus, we find on merits also and addition of ` 12 lakh for the assessment year 2014–15 on account of unsecured loan treating it as unexplained under section 68, when it is opening balance as on 01/04/2023 brought forward from earlier year and no fresh cash credit received during the assessment year

ATUL MANOHARRAO YAMSANWAR,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE 2(1), NAGPUR

68, which is ignored by the Addl.CIT while granting such mechanical approval. He has not even cared that in the absence of required satisfaction note“ for each year separately, entire assessment under section 153C would be vitiated. 60. In the present case before us, we noted that the Addl.CIT did not mention anything in the approval order passed under

UMESH SADASHIV THAKRE ,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(1), NAGPUR

68, which is ignored by the Addl.CIT while granting such mechanical approval. He has not even cared that in the absence of required satisfaction note“ for each year separately, entire assessment under section 153C would be vitiated. 60. In the present case before us, we noted that the Addl.CIT did not mention anything in the approval order passed under

ATUL MANOHARRAO YAMSANWAR,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE 2(1), NAGPUR

68 and 69 of the PB which contains information\nobtained by Smt. Neetu Nayyar from Central Public Information Officer who\nis none other than the Id Addl.CIT, Central Range-S, New Delhi, under RTI\nAct, wherein, it reveals that the Id Addl.CIT had granted approval for 43\ncases on 30-12-18 itself. This fact is not in dispute before

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

68 can be made. Reliance on: i) (2014) 42 taxmann.com 251 (Guj.) CIT vs. Ayachi Chandrashekhar Narsangji (251 – 253) ii) (2022) 145 taxmann.com 27 (Guj.) PCIT vs. Ambe Tradecorp (P.) Ltd. 9 Chandrakumar Madhusudanji Jajodia ITA no.399/Nag./2023 iii) (2024) 164 taxmann.com 764 (Guj.) PCIT vs. Merrygold Gems (P.) Ltd. L) A.O. has not allowed opportunity to cross examine

TAJSHREE AUTOWHEELS PRIVATE LIMITED,NAGPUR vs. ACIT CIRCLE-4, NAGPUR

In the result, assessee’s appeal is allowed for statistical purposes

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

251 ITR 263 (SC); Lowry v. Consolidated African Selection Trust 8 ITR Suppl 88). However, it is only because of the deeming fiction provided in such sections i.e. section 68 or 56(2)(viib) that in certain circumstances the amount received as capital can be deemed to be income. However, section 68 and 56(2)(viib) being

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA COAL(INDIA) LTD, NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

251/- as negative cash balance of the appellant's Morak Branch is also unjustified. No addition can be made on account of same. The AO is hereby directed to the delete the addition. The ground nos. 3 and 4 are allowed in favour of the appellant.” 31. We have perused the case records and heard the submissions

ASTT.COMMISSIONER OF INCOME TAX,CENTRAL CIR 2(3) R, NAGPUR vs. M GUPTA COALFIELDS & WASHERIES LTD., NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

251/- as negative cash balance of the appellant's Morak Branch is also unjustified. No addition can be made on account of same. The AO is hereby directed to the delete the addition. The ground nos. 3 and 4 are allowed in favour of the appellant.” 31. We have perused the case records and heard the submissions

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA GLOBAL RESOURCES LTD(EAELIER KNOWN AS GUPTA COALFIELDS 7 WASHHERIES LTD), NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

251/- as negative cash balance of the appellant's Morak Branch is also unjustified. No addition can be made on account of same. The AO is hereby directed to the delete the addition. The ground nos. 3 and 4 are allowed in favour of the appellant.” 31. We have perused the case records and heard the submissions