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

68 and 56(2)(viib) being the deeming provisions were created to achieve a particular objective as per the legislature intent of introducing such provisions, which was only to be applied to check and tackle the circulation of unaccounted money. And hence the provisions of section 56(2)(viib) of I.T. Act and Rule 11UA of I. T. rules

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

6) Tax Effect 1. Addition u/s 68 for Rs.1.65 crores Rs. 55,00,000/- Total Tax Effect Rs. 55,00,000/- 2. The order u/s 263 of the Income Tax Act, 1961, PCIT(C), dated 8/10/2018 for the Assessment Years 2011-12, 2012-13 & 2013-14 is reproduced below: “ORDER U/S 263 OF INCOME TAX ACT, 1961 Original return

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

6) Tax Effect 1. Addition u/s 68 for Rs.1.65 crores Rs. 55,00,000/- Total Tax Effect Rs. 55,00,000/- 2. The order u/s 263 of the Income Tax Act, 1961, PCIT(C), dated 8/10/2018 for the Assessment Years 2011-12, 2012-13 & 2013-14 is reproduced below: “ORDER U/S 263 OF INCOME TAX ACT, 1961 Original return

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

6) Tax Effect 1. Addition u/s 68 for Rs.1.65 crores Rs. 55,00,000/- Total Tax Effect Rs. 55,00,000/- 2. The order u/s 263 of the Income Tax Act, 1961, PCIT(C), dated 8/10/2018 for the Assessment Years 2011-12, 2012-13 & 2013-14 is reproduced below: “ORDER U/S 263 OF INCOME TAX ACT, 1961 Original return

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

6) Tax Effect 1. Addition u/s 68 for Rs.1.65 crores Rs. 55,00,000/- Total Tax Effect Rs. 55,00,000/- 2. The order u/s 263 of the Income Tax Act, 1961, PCIT(C), dated 8/10/2018 for the Assessment Years 2011-12, 2012-13 & 2013-14 is reproduced below: “ORDER U/S 263 OF INCOME TAX ACT, 1961 Original return

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

6) Tax Effect 1. Addition u/s 68 for Rs.1.65 crores Rs. 55,00,000/- Total Tax Effect Rs. 55,00,000/- 2. The order u/s 263 of the Income Tax Act, 1961, PCIT(C), dated 8/10/2018 for the Assessment Years 2011-12, 2012-13 & 2013-14 is reproduced below: “ORDER U/S 263 OF INCOME TAX ACT, 1961 Original return

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

6) Tax Effect 1. Addition u/s 68 for Rs.1.65 crores Rs. 55,00,000/- Total Tax Effect Rs. 55,00,000/- 2. The order u/s 263 of the Income Tax Act, 1961, PCIT(C), dated 8/10/2018 for the Assessment Years 2011-12, 2012-13 & 2013-14 is reproduced below: “ORDER U/S 263 OF INCOME TAX ACT, 1961 Original return

I.T.O. WARD -3(5), NAGPUR vs. SHRI MUKUNDRAO GOVINDRAO MANKAR, KATOL

In the result, Revenue’s appeal is dismissed

Bench: Shri P.K. Bansal & Shri Amarjit Singh

section 56(2)(vii)(a) in view of the following:- a) No property was mortgaged towards security of the loan. b) No security was provided against the loan. c) No proper legal document was created for obtaining loan. d) No legal binding agreement was executed. 5.1 Thus it is seen that it is the contention

DURGAPUR RAYATWARI COLLIERY KAMGAR SAHAKARI PAT SANSTHA,CHANDRAPUR vs. ITO WARD-2, CHANDRAPUR

In the result, appeal filed by the assessee is partly allowed

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

6 Durgapur Rayatwari Colliery Kamgar Sahakari Pat Sanstha A.Y. 2018–19 and 2020–21 7. As per the details, the appellant was in receipt of Interest of Rs.91,47,236/- from Co-operative banks (Rs.71,33,540/-) and from Co- operative societies (Rs.20,13,696/-). It is for the appellant to explain the difference between the two RBI has published

DURGAPUR RAYATWARI COLLIERY KAMGAR SAHAKARI PAT SANSTHA,CHANDRAPUR vs. ITO WARD 2, CHANDRAPUR

In the result, appeal filed by the assessee is partly allowed

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

6 Durgapur Rayatwari Colliery Kamgar Sahakari Pat Sanstha A.Y. 2018–19 and 2020–21 7. As per the details, the appellant was in receipt of Interest of Rs.91,47,236/- from Co-operative banks (Rs.71,33,540/-) and from Co- operative societies (Rs.20,13,696/-). It is for the appellant to explain the difference between the two RBI has published

RAVINDRA MADANLAL KHANDELWAL,AKOLA vs. DCIT/ACIT CIRCLE , AKOLA

In the result, appeal filed by the assessee is allowed for statistical purposes

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

section 68 only sets up a presumption against the assessee whenever unexplained credits are found in the books of account of the assessee. It cannot but be again said that the presumption is rebuttable. In refuting the presumption raised, the initial burden is on the assessee. This burden, which is placed on the assessee, shifts as soon

VIDHARBHA KONKAN GRAMIN BANK ,NAGPUR vs. INCOME TAX OFFICER WARD 1(5) , NAGPUR

In the result, appeal filed by the assessee for A

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

6. Sections 22 and 32 of the Regional Rural Banks Act, 1976 provides as under:- 22. Regional Rural Bank to be deemed to be a cooperative society for purpose of the Income-tax Act, 1961.- For the purpose of the Income- tax Act, 1961 (43 of 1961), or any other enactment for the time being in force relating

VIDHARBHA KONKAN GRAMIN BANK ,NAGPUR vs. INCOME TAX OFFICER WARD 1(5) , NAGPUR

In the result, appeal filed by the assessee for A

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

6. Sections 22 and 32 of the Regional Rural Banks Act, 1976 provides as under:- 22. Regional Rural Bank to be deemed to be a cooperative society for purpose of the Income-tax Act, 1961.- For the purpose of the Income- tax Act, 1961 (43 of 1961), or any other enactment for the time being in force relating

ITO, WARD- 1)1), NAGPUR vs. AXYKNO ENTERPRISES PVT. LTD., NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

2. Following grounds have been raised by the Revenue:– “a. On the facts and circumstances of the case, the Ld. CIT(Appeals) has erred in deleting the addition by stating that there is no specific incriminating document linking investor to the appellant. However, in statement of Shri Praveen Kumar Jain on such company M/s. Viraj Mercantile

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

B Infotech Ltd. v. ITO (IT Appeal No. 726 (Bang.) of 2014). Based on the facts and the circumstances of the Appellant's case, the settled legal position referred to above, the objects and intent of the statutory provisions of the Act, it is humbly submitted that the subsidies in question should be treated as capital subsidy and be excluded

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

B Infotech Ltd. v. ITO (IT Appeal No. 726 (Bang.) of 2014). Based on the facts and the circumstances of the Appellant's case, the settled legal position referred to above, the objects and intent of the statutory provisions of the Act, it is humbly submitted that the subsidies in question should be treated as capital subsidy and be excluded

RAMKRUSHNA ZILBAJI THAKRE ,NAGPUR vs. INCOME TAX OFFICER , WRAD -4(4), NAGPUR

In the result, appeal of the assessee is allowed

2. That the legal heir of purchaser raised doubt of existence of such agreement to sale since the said document has been alleged to contain fabricated signature by one of the purported party. 3. That evidence produced by the appellant cannot be accepted as the legally admissible evidence due to allegation of fake signature. 4. That as the legal heir

AXYKNO CAPITAL SERVICES LTD,,NAGPUR vs. DCIT CIRCLE 1, NAGPUR

In the result, both the appeals of the assessee are allowed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am

b. The Appellant filed its return of income for AY 2009-10 on 30.09.2009 declaring income at Rs. 1,86,96,760/- and for AY 2011-12 on 29.09.2011 declaring income at Rs. 1,18,73,560/-. c. The Appellant has taken unsecured loans which forms the subject matter of impugned appeals as under