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

transfer price audit report and other relevant evidence also. Further, after delivery, there is an unexplained expenditure in the hands of the appellant. This must be to suppress the turnover in the hands of Sufalam Infra Projects Pvt. Ltd. Sufalam Infra Projects Pvt. Ltd., was also subject to search proceeding u/s 132 of the IT Act, 1961 and assessment orders

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

transfer price audit report and other relevant evidence also. Further, after delivery, there is an unexplained expenditure in the hands of the appellant. This must be to suppress the turnover in the hands of Sufalam Infra Projects Pvt. Ltd. Sufalam Infra Projects Pvt. Ltd., was also subject to search proceeding u/s 132 of the IT Act, 1961 and assessment orders

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

transfer price audit report and other relevant evidence also. Further, after delivery, there is an unexplained expenditure in the hands of the appellant. This must be to suppress the turnover in the hands of Sufalam Infra Projects Pvt. Ltd. Sufalam Infra Projects Pvt. Ltd., was also subject to search proceeding u/s 132 of the IT Act, 1961 and assessment orders

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

transfer price audit report and other relevant evidence also. Further, after delivery, there is an unexplained expenditure in the hands of the appellant. This must be to suppress the turnover in the hands of Sufalam Infra Projects Pvt. Ltd. Sufalam Infra Projects Pvt. Ltd., was also subject to search proceeding u/s 132 of the IT Act, 1961 and assessment orders

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

transfer price audit report and other relevant evidence also. Further, after delivery, there is an unexplained expenditure in the hands of the appellant. This must be to suppress the turnover in the hands of Sufalam Infra Projects Pvt. Ltd. Sufalam Infra Projects Pvt. Ltd., was also subject to search proceeding u/s 132 of the IT Act, 1961 and assessment orders

VIRAMBHAI HARGOVANBHAI PATEL,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, DELHI

In the result appeal of the Revenue is dismissed

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

price, the provisions of sec. 56(2)(x) of the I.T.Act are applicable. 7.5 The Provisions of Section 56(2)(x) reads as under: …………….. (x) where any person receives, in any previous year, from any person or persons on or after the 1st day of April, 2017:- (a)any sum of money, without consideration, the aggregate value of which exceeds

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

100 (Bom.). In such circumstances, we are of the view that the Tribunal's finding that there is no justification in the addition made under Section 68 of the Income Tax Act, 1961 neither suffers from any perversity nor gives rise to any substantial question of law." 5 M/s. Raghav Finvest Pvt. Ltd. ITA no.121/Nag./2020 The above case laws

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

100 (Bom.). In such circumstances, we are of the view that the Tribunal's finding that there is no justification in the addition made under Section 68 of the Income Tax Act, 1961 neither suffers from any perversity nor gives rise to any substantial question of law." 5 M/s. Raghav Finvest Pvt. Ltd. ITA no.121/Nag./2020 The above case laws

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

100 (Bom.). In such circumstances, we are of the view that the Tribunal's finding that there is no justification in the addition made under Section 68 of the Income Tax Act, 1961 neither suffers from any perversity nor gives rise to any substantial question of law." 5 M/s. Raghav Finvest Pvt. Ltd. ITA no.121/Nag./2020 The above case laws

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

Transfer of Undertakings) Act, 1970 or any other bank included in the Second Schedule to the Reserve Bank of India Act, 1934. It may be mentioned that all cooperative banks have been excluded from the purview of this provision in view of the position that under section 80P(2)(a)(i), the profits and gains of a co-operative society

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

Transfer of Undertakings) Act, 1970 or any other bank included in the Second Schedule to the Reserve Bank of India Act, 1934. It may be mentioned that all cooperative banks have been excluded from the purview of this provision in view of the position that under section 80P(2)(a)(i), the profits and gains of a co-operative society

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

In the result, appeal of the assessee is allowed

price. The impossible requires to be rejected on the basis of common sense and probability. The documents in the form of Govt rates for stamp duty shows that market rate in relevant area is Rs.65,00,000 per hector. Thus value of said land which is roughly 2.5 hector comes to 1 crore 52 lakhs. No sane person will sale

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

DY COMMISSIONER OF INOCME TAX , CIRCLE -2, NAGPUR vs. M/S N KUMAR CONSTRUCTION CO .PVT.LTD , NAGPUR

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

100 (Bom). In such situation there is no justification in making addition made under section 68 of the Income Tax Act 1961 neither suffers from any perversity nor gives rise to any substantial question of law. 12. It is settled law that once the identity of shareholders are established the addition on account of share application/ Share premium & share capital

DY COMMISSIONER OF INOCME TAX , CIRCLE -2, NAGPUR vs. M/S N KUMAR CONSTRUCTION CO .PVT.LTD , NAGPUR

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

100 (Bom). In such circumstances there is no justification in addition making the under section 68 of the Income Tax Act, 1961. 9. There is no evidence that the entire transaction was sham and bogus transaction. The appellant has submitted that appellant company has established identity and creditworthiness of the entities as well as proved the bonafides and genuineness

DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

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

transferred into respondent's Demat account where it remained for more than one year. After a period of one year the shares were sold by the said broker on various dates in the Kolkata Stock Exchange. Pursuant to sale of shares the said broker had also issued contract notes cum bill for sale and these contract notes and bills were

DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

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

transferred into respondent's Demat account where it remained for more than one year. After a period of one year the shares were sold by the said broker on various dates in the Kolkata Stock Exchange. Pursuant to sale of shares the said broker had also issued contract notes cum bill for sale and these contract notes and bills were

DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

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

transferred into respondent's Demat account where it remained for more than one year. After a period of one year the shares were sold by the said broker on various dates in the Kolkata Stock Exchange. Pursuant to sale of shares the said broker had also issued contract notes cum bill for sale and these contract notes and bills were