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 mandates the assessee to prove the identity, creditworthiness and genuineness of the Lenders. The Lenders ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47

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 mandates the assessee to prove the identity, creditworthiness and genuineness of the Lenders. The Lenders ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47

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 mandates the assessee to prove the identity, creditworthiness and genuineness of the Lenders. The Lenders ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47

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 mandates the assessee to prove the identity, creditworthiness and genuineness of the Lenders. The Lenders ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47

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 mandates the assessee to prove the identity, creditworthiness and genuineness of the Lenders. The Lenders ACIT Vs. Radha Madhav Developers ITA nos. 26,27,47

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:

47) (39, 40, 41, 42, 43) [Vol.-II] K) The provisions of section 68 of Income Tax Act 1961 are applicable

NIKITA SHANKARLAL TANWANI,CHHINDWARA vs. ASSISTANT COMMISSIONER OF INCOME TAX, NAGPUR

In the result, assessee’s appeal is partly allowed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2018-19 Ms. Nikita Shankar Lal Tanwani Vs. The Acit Near Shankar Mandir, Shankar Central Circle 2(1) Nagar, Pandhuna Pandhurna Nagpur Chhindwara – 480 334 (M.P.) Pan No.:Borpt 4644 F Appellant Respondent Assessee By: Shri Manoj G. Moryani, Adv. & Shri Bhavesh Moryani, Adv Revenue By :Shri Piyush Kolhe (Cit-Dr) Date Of Hearing: 28/04/2022 Date Of Pronouncement: 8 /62022 Order Per: Sandeep Gosain, J.M. The Captioned Appeal Has Been Filed By The Assessee Challenging The Impugned Order Dated 8Th October 2021, Passed By The Commissioner Of Income Tax (Appeals)–3, Nagpur, [In Short “The Learned Cit(A)”] Under Section 250 Of The Income Tax Act, 1961 (In Short "The Act") For The Assessment Year 2018-19. The Present Appeal Has Been Filed On The Following Grounds:- 2. “1. The Commissioner Of Income Tax (Appeals)-3, Nagpur Erred In Confirming Addition, Therefore Order Passed Is Illegal, Invalid & Bad In Law.

47 taxmann 385, AO made addition under section 69A, keeping in view that purchase transactions from ST and RC were not genuine and export transactions relating to ball pens were bogus. The said transactions were related to assessment year 1994-95, in which assessee had filed no return. AO observed that deduction under section 80HHC

ANKIT SHANKARLAL TANWANI,CHHINDWARA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR

In the result, assessee’s appeal is partly allowed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2018-19 Shri Ankit Shankar Lal Tanwani Vs. The Acit Near Shankar Mandir, Shankar Central Circle 2(1) Nagar, Pandhuna Pandhurna Nagpur Chhindwara – 480 334 (M.P.) Pan No.:Biapt 4756 R Appellant Respondent Assessee By: Shri Manoj G. Moryani, Adv. & Shri Bhavesh Moryani, Adv Revenue By :Shri Piyush Kolhe (Cit-Dr) Date Of Hearing: 28/04/2022 Date Of Pronouncement: 8 / 6 /2022 Order Per: Sandeep Gosain, J.M. The Captioned Appeal Has Been Filed By The Assessee Challenging The Impugned Order Dated 8Th October 2021, Passed By The Commissioner Of Income Tax (Appeals)–3, Nagpur, [In Short “The Learned Cit(A)”] Under Section 250 Of The Income Tax Act, 1961 (In Short "The Act") For The Assessment Year 2018-19. The Present Appeal Has Been Filed On The Following Grounds:- 2. “1. The Commissioner Of Income Tax (Appeals)-3, Nagpur Erred In Confirming Addition, Therefore Order Passed Is Illegal, Invalid & Bad In Law.

47 taxmann 385, AO made addition under section 69A, keeping in 14 ITA153/NAG/2021 Ankit Shankarlal Tanwani vs ACIT, Central Circle 2(1), Nagpur view that purchase transactions from ST and RC were not genuine and export transactions relating to ball pens were bogus. The said transactions were related to assessment year 1994-95, in which assessee had filed

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCEL-2(1), NAGPUR vs. M/S. METROCITY HOMES, NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

68 does not require that the amount is to be owned by the assessee. It only deals with any amount shown in the books of account of the assessee. Whereas section 69A deals with money, etc., owned by the assessee and found in his possession. Therefore, ownership is one of the considerations when the matter comes under 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

section 68 of the Act and the identity, genuineness and creditworthiness were never doubted by the Assessing Officer. The Assessing Officer has alleged that there was no justification for charging huge premium and treated the same as business income of the assessee company. The learned Counsel further submitted that the investment decision was taken by the investors based

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

section 68 of the Act and the identity, genuineness and creditworthiness were never doubted by the Assessing Officer. The Assessing Officer has alleged that there was no justification for charging huge premium and treated the same as business income of the assessee company. The learned Counsel further submitted that the investment decision was taken by the investors based

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

section 68 of the Act and the identity, genuineness and creditworthiness were never doubted by the Assessing Officer. The Assessing Officer has alleged that there was no justification for charging huge premium and treated the same as business income of the assessee company. The learned Counsel further submitted that the investment decision was taken by the investors based

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, 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

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

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