AVANTHA HOLDINGS LIMITED,NEW DELHI vs. A.C.I.T. CIR-5,, NAGPUR

In the result, appeal filed by the assessee is dismissed

business on issue of nonconvertible debenture cannot be faulted. The nonconvertible debentures are transferable by delivery and thus payee of debenture remains not identifiable till the date of redemption on 12/09/2012. In the absence of payee being identifiable it is not possible to deduct tax at source under the provisions of Income Tax Act 1961. Payment of premium and payee

DY. C.I.T. CIR-.5, NAGPUR vs. M/S AVANTHA HOLDINGS LTD.,, CHANDRAPUR

In the result, appeal filed by the assessee is dismissed

business on issue of nonconvertible debenture cannot be faulted. The nonconvertible debentures are transferable by delivery and thus payee of debenture remains not identifiable till the date of redemption on 12/09/2012. In the absence of payee being identifiable it is not possible to deduct tax at source under the provisions of Income Tax Act 1961. Payment of premium and payee

DEPUTY COMMISSIONER OF INCOME TAX, NAGPUR vs. AVANTHA HOLDINGS LIMITED, CHANDRAPUR

In the result, appeal filed by the assessee is dismissed

business on issue of nonconvertible\ndebenture cannot be faulted. The nonconvertible debentures are transferable\nby delivery and thus payee of debenture remains not identifiable till the date\nof redemption on 12/09/2012. In the absence of payee being identifiable it is\nnot possible to deduct tax at source under the provisions of Income Tax Act\n1961. Payment of premium and payee

M/S SHREE TRADERS ,BULDHANA vs. ASSISTANT COMMISSIONER OF INCOME TAX, AKOLA CIRCLE, AKOLA

In the result, the appeal of assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

price, Long Term and Short Term Capital Gain and also copies of sale deed with comments in disclosure of accounting policies and notes to accounts. It is noted, according to the assessee, by sale of fixed assets belonging to the assessee as land, building, plant and machineries and capital gain earned thereon is nothing but profits from business which

M/S S.B.COTGIN PVT LTD ,NAGPUR vs. PR.CIT-2, NAGPUR

In the result, appeal of the assessee is allowed

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhuryआयकर अपील सं. / Ita No. 88/Nag/2020 धनधाारण वषा / Assessment Year : 2015-16

business and the value of domestic transaction exceeds the limit of Rs.5 Crore. As per Section 92BA of the Act, since these were domestic transactions and as per Rule 10E, the assessee was required 4 A.Y.2015-16 to obtain and furnish audit report from a Chartered Accountant in Form No.3CEB before the due date of filing of return of income which

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:

transferred to the beneficiary at a very nominal price through preferential allotment or off-line sales and the prices of these shares are rigged by the dummy operators. 2 ACIT, CIRCLE-4, NAGPUR VS SHRI VINOD BALBHADRA GOENKA iii. The Ld. CIT(A) erred in ignoring the findings of the SEBI, holding that SEBI orders are against companies

DY. CIT, CENTRAL CIRCLE-2(2), NAGPUR vs. GOPANI IRON AND POWER(INDIA) PVT. LTD., MUMBAI

In the result, all the grounds of appeal raised by revenue are rejected

Bench: Shri Pawan Singh & Shrikhettra Mohan Roy

business of manufacturing and trading across the power, steel and energy. The assessee is also having Captive Power Plant (CPP) for supplying electricity to its own industrial units. The assessee while following return of income of Assessment Year 2017-18 declared gross total income at Rs. 22.26 Crore. The assessee paid taxes on book profit of Rs. 23.28 Crore under

DY. CIT, CENTRAL CIRCLE-2(2), NAGPUR vs. GOPANI IRON AND POWER(INDIA) PVT. LTD., MUMBAI

In the result, all the grounds of appeal raised by revenue are rejected

Bench: Shri Pawan Singh & Shrikhettra Mohan Roy

business of manufacturing and trading across the power, steel and energy. The assessee is also having Captive Power Plant (CPP) for supplying electricity to its own industrial units. The assessee while following return of income of Assessment Year 2017-18 declared gross total income at Rs. 22.26 Crore. The assessee paid taxes on book profit of Rs. 23.28 Crore under

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

income and, hence, not liable to transfer pricing adjustment. 2. It is hereby informed that the Board has accepted the decision of the High Court of Bombay in the above mentioned Writ Petition. In view of the acceptance of the above judgment, it is directed that the ratio decidendi of the judgment must be adhered to by the field officers

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

income and, hence, not liable to transfer pricing adjustment. 2. It is hereby informed that the Board has accepted the decision of the High Court of Bombay in the above mentioned Writ Petition. In view of the acceptance of the above judgment, it is directed that the ratio decidendi of the judgment must be adhered to by the field officers

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

income and, hence, not liable to transfer pricing adjustment. 2. It is hereby informed that the Board has accepted the decision of the High Court of Bombay in the above mentioned Writ Petition. In view of the acceptance of the above judgment, it is directed that the ratio decidendi of the judgment must be adhered to by the field officers

ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

In the result, appeal of the Revenue stands dismissed

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

Business expenditure-Disallowance under s. 14A-Apportionment of expenditure-Disallowance under s. 14A required finding of incurring of expenditure-Where it is found that for earning exempted income no expenditure has been incurred, disallowance under s. 14A cannot stand-In view of finding of the Tribunal, it is clear that the expenditure on interest was set off against the income

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

price paid for them was in the nature of a capital outlay and no part of it can be set off as expenditure against income accruing on those securities. Subsequently, when these securities yielded income by way of interest, such income attracted Section 18." (emphasis supplied). Vidarbha Konkan Gramin Bank A.Y. 2014–15 & 2015–16 7.5 In the nutshell

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

price paid for them was in the nature of a capital outlay and no part of it can be set off as expenditure against income accruing on those securities. Subsequently, when these securities yielded income by way of interest, such income attracted Section 18." (emphasis supplied). Vidarbha Konkan Gramin Bank A.Y. 2014–15 & 2015–16 7.5 In the nutshell

ASSTT. CIT, CIR- 7, NAGPUR vs. M/S. NEWQUEST CORPORATION LTD., CHANDRAPUR

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2008-2009 The Acit Vs. M/S.Newquest Corporation Ltd. Circle-7, (Now Known As M/S. Avantha Nagpur Holding Ltd. Ballalrpur Paper Mills P.O. Ballarpur, Distt. Chandrapur Pan No.:Aabcb 6134 E Appellant Respondent

price of Rs.7 Crore. From a detailed review of the aforesaid financial arrangement, one can easily ascertain that the net loss suffered by the assessee company is loss Rs.9,26,00,000/- on transfer of shares owned by the assessee in I-BILT.’’ 7 ACIT, CIRCLE-7, NAGPUR VS M/s. Newquest Corporation Ltd. (Now known as Avantha Holdings

ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

business, strong financials or any other indicator in justify its soaring share prices which has been manipulated to give accommodation entries in the form of bogus long term capital gains to beneficiaries.\nix) On the facts and circumstances of the case & in law, the Ld. CIT(A) failed to appreciate the role of entry operators in artificially hiking the share

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -2(2), NAGPUR vs. SMT. SMITA KOTHARI , NAGPUR

In the result, this appeal of the revenue is dismissed

Bench: Shri Sandeep Gosain, Jm & Shri O.P. Kant, Am Assessment Year: 2013-14 A.C.I.T., Vs. Smt. Chandana Kothari, Central Circle-2(2), Kothari Bhawan, Naik Lane, Nagpur. Itwari, Nagpur-440002. Pan No.: Ambpk 2497 G Appellant Respondent Assessment Year: 2013-14 A.C.I.T., Vs. Smt. Smita Kothari, Central Circle-2(2), Kothari Bhawan, Naik Lane, Nagpur. Itwari, Nagpur-440002. Pan No.: Alnpk 1191 N Appellant Respondent Assessment Year: 2013-14 A.C.I.T., Vs. Smt. Sunita Suresh Kothari, Central Circle-2(2), Kothari Bhawan, Naik Lane, Nagpur. Itwari, Nagpur-440002. Pan No.: Affpk 2282 L Appellant Respondent Assessment Year: 2013-14 A.C.I.T., Vs. Smt. Seema Kothari, Central Circle-2(2), Kothari Bhawan, Naik Lane, Nagpur. Itwari, Nagpur-440002. Pan No.: Alnpk 1190 P Appellant Respondent Assessment Year: 2015-16 A.C.I.T., Vs. M/S Karan Kothari Aabhushan

transferring the registered office, the company had to comply with very stringent requirements of RBI as time and again it was called upon to establish its nature of business, legitimacy of its operations, working standards and credibility of its Management personnel. Apart from this, the Company was required vide RBI Letter Dated 29/04/2013 to explain the authenticity and veracity

ASSISTANT COMMISSIONER OF INOCME TAX CENTRAL CIRCLE -2(2), NAGPUR vs. SMT . SEEMA KOTHARI , NAGPUR

In the result, this appeal of the revenue is dismissed

Bench: Shri Sandeep Gosain, Jm & Shri O.P. Kant, Am Assessment Year: 2013-14 A.C.I.T., Vs. Smt. Chandana Kothari, Central Circle-2(2), Kothari Bhawan, Naik Lane, Nagpur. Itwari, Nagpur-440002. Pan No.: Ambpk 2497 G Appellant Respondent Assessment Year: 2013-14 A.C.I.T., Vs. Smt. Smita Kothari, Central Circle-2(2), Kothari Bhawan, Naik Lane, Nagpur. Itwari, Nagpur-440002. Pan No.: Alnpk 1191 N Appellant Respondent Assessment Year: 2013-14 A.C.I.T., Vs. Smt. Sunita Suresh Kothari, Central Circle-2(2), Kothari Bhawan, Naik Lane, Nagpur. Itwari, Nagpur-440002. Pan No.: Affpk 2282 L Appellant Respondent Assessment Year: 2013-14 A.C.I.T., Vs. Smt. Seema Kothari, Central Circle-2(2), Kothari Bhawan, Naik Lane, Nagpur. Itwari, Nagpur-440002. Pan No.: Alnpk 1190 P Appellant Respondent Assessment Year: 2015-16 A.C.I.T., Vs. M/S Karan Kothari Aabhushan

transferring the registered office, the company had to comply with very stringent requirements of RBI as time and again it was called upon to establish its nature of business, legitimacy of its operations, working standards and credibility of its Management personnel. Apart from this, the Company was required vide RBI Letter Dated 29/04/2013 to explain the authenticity and veracity