LATITUDE INFRAVENTURES,NAGPUR vs. PCIT,NAGPUR-1, NAGPUR

In the result, appeal filed by the assessee for assessment year 2017–18

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

section 263 of the Act deserves to be quashed. The assessee has also filed a gist of submissions which are reproduced below:– “1. Enquiry made by the learned AO 6 Latitude Infraventures ITA no.349 & 350/Nag./2024 A.Y. 2016–17 & 2017–18 1.1 During assessment proceedings pursuant to reopening of assessment u/s 148/147, the learned AO had issued show cause

LATITUDE INFRAVENTURES,NAGPUR vs. PCIT,NAGPUR-1, NAGPUR

In the result, appeal filed by the assessee for assessment year 2017–18

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

section 263 of the Act deserves to be quashed. The assessee has also filed a gist of submissions which are reproduced below:– “1. Enquiry made by the learned AO 6 Latitude Infraventures ITA no.349 & 350/Nag./2024 A.Y. 2016–17 & 2017–18 1.1 During assessment proceedings pursuant to reopening of assessment u/s 148/147, the learned AO had issued show cause

VINAY RAMSHARANDAS AGRAWAL,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-II, NAGPUR

In the result, appeal by the assessee stands allowed

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

section 263 of the Act, set aside the assessment order dated 18/12/2019, passed by the ACIT, Circle–3, Nagpur, with direction to pass a fresh assessment order after conducting necessary inquiries, as the assessment order passed by the Assessing Officer is erroneous inasmuch as it is prejudicial to the interests of Revenue. The conclusion of the learned PCIT

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

1,38,48,953/- 23.3.2021 3 49/NAG/2021 2013-14 Department 143(3) r.w.s. Abated 1.Sec.69C – 263 (153A Investment based Assessment) on DVO Report Amount Rs. 8,20,24,434/- 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

1,38,48,953/- 23.3.2021 3 49/NAG/2021 2013-14 Department 143(3) r.w.s. Abated 1.Sec.69C – 263 (153A Investment based Assessment) on DVO Report Amount Rs. 8,20,24,434/- 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

1,38,48,953/- 23.3.2021 3 49/NAG/2021 2013-14 Department 143(3) r.w.s. Abated 1.Sec.69C – 263 (153A Investment based Assessment) on DVO Report Amount Rs. 8,20,24,434/- 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

1,38,48,953/- 23.3.2021 3 49/NAG/2021 2013-14 Department 143(3) r.w.s. Abated 1.Sec.69C – 263 (153A Investment based Assessment) on DVO Report Amount Rs. 8,20,24,434/- 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

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

1,38,48,953/- 23.3.2021 3 49/NAG/2021 2013-14 Department 143(3) r.w.s. Abated 1.Sec.69C – 263 (153A Investment based Assessment) on DVO Report Amount Rs. 8,20,24,434/- 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

1,38,48,953/- 23.3.2021 3 49/NAG/2021 2013-14 Department 143(3) r.w.s. Abated 1.Sec.69C – 263 (153A Investment based Assessment) on DVO Report Amount Rs. 8,20,24,434/- 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

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

1. This appeal is placed by the Department against the consequential order passed u/s 143(3) r.w.s 263 of the I.T. Act, 1961, dated 31/12/2019, wherein a sum of Rs. 2,00,00,000/- was added u/s 68 of the I.T. Act. However, CIT(A) had directed deletion of the amount. ITA NO.97/NAG/2019 & ITA NO. 46/NAG/2021 & CO NO.6/NAG/2023 Sufalam Infra

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

1. This appeal is placed by the Department against the consequential order passed u/s 143(3) r.w.s 263 of the I.T. Act, 1961, dated 31/12/2019, wherein a sum of Rs. 2,00,00,000/- was added u/s 68 of the I.T. Act. However, CIT(A) had directed deletion of the amount. ITA NO.97/NAG/2019 & ITA NO. 46/NAG/2021 & CO NO.6/NAG/2023 Sufalam Infra

GAJANAND FINANCIAL CONSULTANCY PRIVATE LIMITED,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL) NAGPUR, NAGPUR

In the result, assessee’s appeal is allowed

Bench: Shri Narender Kumar Choudhry & Shri K.M. Roy, Accountant, Member

section 263(1) and in para 4 of the notice issued u/s. 263 that the impugned issue in the assessment order has not been dealt with by AO is incorrect in view of above facts of the case and further examination and verification of the impugned issue as mentioned in para 4 of the notice issued u/s. 263

VIKAS GUPTA ,INDORE vs. PR. COMMISSIONER OF INCOME TAX (CENTRAL), NAGPUR, NAGPUR

In the result, assessee’s appeal stands allowed

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

1 2. Vikas Patidar 21/01/2016 5,00,000 ALDPP3179K 2 Refer below 3. Ramesh Chandra Patidar 09/12/2015 13,00,000 2 paragraph Total 23,00,000 4 Vikas Gupta ITA no.186/Nag./2024 7. Finally, the learned CIT(A), considering the submissions of the assessee, quashed the assessment order by directing the Assessing Officer to reframe the assessment by considering

PRITAM SINGH CHARAN SINGH GUJJAR,NAGPUR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4,, NAGPUR

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao

263 was not called for. (1981) 131 ITR 0597 (Supreme Court) K.P. Varghese Vs. Income Tax Officer & Anr is under section 52(2) and has no relevance to section 50C which is a deeming provision where there is no duty to prove that consideration is passed.. 5.5 In the decisions the Tribunal after analyzing the facts that

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

263/ΝAG/2022 ATUL YAMSANWAR (PAN: ΑΑΕPY4543Q) 31 Umesh Sadashiv Thakre Α.Υ. 2016-17, 2017-18, 2018-19, 2019-20 & 2020-21 5 ITA/238 & 264/NAG/2022 VISHWAS CHAKNALWAR (PAN: ABDPC0828J) 6 Ν.Α. M/S A V REALITIES (PAN: ABFFA9554M) 2. With respect to the abovementioned cases, it is submitted that during the previous hearing on 18/02/2025, this office had filed

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

263/ΝAG/2022 ATUL YAMSANWAR (PAN: ΑΑΕPY4543Q) 5 ITA/238 & 264/NAG/2022 VISHWAS CHAKNALWAR (PAN: ABDPC0828J) 6 Ν.Α. M/S A V REALITIES (PAN: ABFFA9554M) 2. With respect to the abovementioned cases, it is submitted that during the previous hearing on 18/02/2025, this office had filed written submission wherein confidential letters having F.No. Addl CIT-CR-2/Yamsanwar Gr./AMY/2021-22 dated 16/07/2021 written

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

263/ΝAG/2022\nName of the Assessee\nM/s AVC Homes\n(PAN:AAZFM2044B)\nUMESH THAKRE\n(PAN: ADTPT6214B)\nYRCE EDUCARE PVT LTD\n(PAN: AAACY6482D)\nATUL YAMSANWAR\n(PAN: ΑΑΕPY4543Q)\n30\nUmesh Sadashiv Thakre Α.Υ. 2016-17, 2017-18, 2018-19, 2019-20 & 2020-21\n5\nITA/238 & 264/NAG/2022\n6\nΝ.Α.\nVISHWAS CHAKNALWAR\n(PAN: ABDPC0828J)\nM/S

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:

1) on 20/01/2005 had concluded that the sale proceeds in respect to sale of shares is bogus and thus same were liable to be assessed u/s 68 of Income Tax Act 1961. The order passed by A.O. was challenged in appeal. The aforesaid disputed issue has been considered by various appellate authorities from CIT(A) onwards. The matter in case