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

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

IV] (82, 83). Department has accepted the decision and appellate order has achieved finality. It substantiates the submission of assessee that no addition u/s 68 can be made P- 35 & 36 of impugned order in appeal. F) Page 60 & 61 of impugned order of CIT(A) indicates remarks of A.O. in remand report in final analysis. On undisputed factual submission

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

iv) R.B. Jewellers (P) Ltd. v. UOI [2023] 157 taxmann.com 493 (Cal.) concluded that- “2. By this WP, petitioner has challenged the impugned initiation of assessment proceeding u/s153A and the notice u/s142(1) issued in course of aforesaid impugned proceeding relating to AY10-11 mainly on two grounds; firstly that the criteria for initiating proceeding u/s153A has not been fulfilled

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

iv) R.B. Jewellers (P) Ltd. v. UOI [2023] 157 taxmann.com 493 (Cal.) concluded that- “2. By this WP, petitioner has challenged the impugned initiation of assessment proceeding u/s153A and the notice u/s142(1) issued in course of aforesaid impugned proceeding relating to AY10-11 mainly on two grounds; firstly that the criteria for initiating proceeding u/s153A has not been fulfilled

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

iv) R.B. Jewellers (P) Ltd. v. UOI [2023] 157 taxmann.com 493 (Cal.) concluded that- “2. By this WP, petitioner has challenged the impugned initiation of assessment proceeding u/s153A and the notice u/s142(1) issued in course of aforesaid impugned proceeding relating to AY10-11 mainly on two grounds; firstly that the criteria for initiating proceeding u/s153A has not been fulfilled

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

iv) R.B. Jewellers (P) Ltd. v. UOI [2023] 157 taxmann.com 493 (Cal.) concluded that- “2. By this WP, petitioner has challenged the impugned initiation of assessment proceeding u/s153A and the notice u/s142(1) issued in course of aforesaid impugned proceeding relating to AY10-11 mainly on two grounds; firstly that the criteria for initiating proceeding u/s153A has not been fulfilled

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

iv) R.B. Jewellers (P) Ltd. v. UOI [2023] 157 taxmann.com 493 (Cal.) concluded that- “2. By this WP, petitioner has challenged the impugned initiation of assessment proceeding u/s153A and the notice u/s142(1) issued in course of aforesaid impugned proceeding relating to AY10-11 mainly on two grounds; firstly that the criteria for initiating proceeding u/s153A has not been fulfilled

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

iv] Although such amended provision from 01.10.2014 with reference to Valuation Officer does not require rejection of books of accounts, but there must be some compelling circumstances to refer the valuation particularly when the regular books of accounts are maintained and no discrepancy is found in the same. It cannot be the ACIT Vs. Radha Madhav Developers

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

iv] Although such amended provision from 01.10.2014 with reference to Valuation Officer does not require rejection of books of accounts, but there must be some compelling circumstances to refer the valuation particularly when the regular books of accounts are maintained and no discrepancy is found in the same. It cannot be the ACIT Vs. Radha Madhav Developers

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

iv] Although such amended provision from 01.10.2014 with reference to Valuation Officer does not require rejection of books of accounts, but there must be some compelling circumstances to refer the valuation particularly when the regular books of accounts are maintained and no discrepancy is found in the same. It cannot be the ACIT Vs. Radha Madhav Developers

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

iv] Although such amended provision from 01.10.2014 with reference to Valuation Officer does not require rejection of books of accounts, but there must be some compelling circumstances to refer the valuation particularly when the regular books of accounts are maintained and no discrepancy is found in the same. It cannot be the ACIT Vs. Radha Madhav Developers

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

iv] Although such amended provision from 01.10.2014 with reference to Valuation Officer does not require rejection of books of accounts, but there must be some compelling circumstances to refer the valuation particularly when the regular books of accounts are maintained and no discrepancy is found in the same. It cannot be the ACIT Vs. Radha Madhav Developers

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

iv] Although such amended provision from 01.10.2014 with reference to Valuation Officer does not require rejection of books of accounts, but there must be some compelling circumstances to refer the valuation particularly when the regular books of accounts are maintained and no discrepancy is found in the same. It cannot be the ACIT Vs. Radha Madhav Developers

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

35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. 17 [Explanation 1].-For the purposes of this section, "Valuation

SHRI PRAKASH JIWANDAS WANJARI,NAGPUR vs. JOINT COMMISSIONER OF INCOME TAX, NAGPUR

In the result, we are of the considered view that the case on hand does not warrant levy of penalty under Section 271D of the Act

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

68 of the Act, penalty cannot be imposed u/s 271D of the Act. ii. Hon'ble Supreme Court in the case of Asst. Director of Inspection (Investigation) Vs. Kum. A.B. Shanthi (255 ITR 258)(SC) wherein it was held that "...that (1) if there was a genuine and bonafide transaction and (2) if for any reason the taxpayer could

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

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

68,82,917 constituted excess claim, which was disallowed. Being aggrieved, the assessee preferred an appeal before the Com- missioner of Income-tax (Appeals), who agreed with the Assessing Officer and, accordingly, took the view that once the management in its books spread over the amount of Rs. 10,02,23,735 over a period of 60 months then

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

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

68,82,917 constituted excess claim, which was disallowed. Being aggrieved, the assessee preferred an appeal before the Com- missioner of Income-tax (Appeals), who agreed with the Assessing Officer and, accordingly, took the view that once the management in its books spread over the amount of Rs. 10,02,23,735 over a period of 60 months then

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

section 153D dated 29/09/2021 is in mechanical/routine manner without application of mind by Addl.CIT, which is merely a formality, an empty ritual and as such it leads to flagrant violation of the rules of law. 45. The third contention of the learned A.R. is that while granting such mechanical approval dated 29/09/2021 under section 153D for the assessment

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

section 153D dated 29/09/2021 is in mechanical/routine manner without application of mind by Addl.CIT, which is merely a formality, an empty ritual and as such it leads to flagrant violation of the rules of law. 45. The third contention of the learned A.R. is that while granting such mechanical approval dated 29/09/2021 under section 153D for the assessment

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

section 153D dated 29/09/2021 is in mechanical/routine manner without application of mind by Addl.CIT, which is merely a formality, an empty ritual and as such it leads to flagrant violation of the rules of law. 45. The third contention of the learned A.R. is that while granting such mechanical approval dated 29/09/2021 under section 153D for the assessment