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

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

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member Avantha Holdings Ltd. Ballarpur Paper Mills S.O. Ballarpur 442 901 Pan – Aabcb6134E Appellant Dy. Commissioner Of Income Tax Circle-4, Nagpur Respondent V/S

16. The said decision was approved by the Hon'ble Supreme Court in Hero Cycles (P.) Ltd. v. CIT[2016] 236 Taxman 447[2015] 63 taxmann.com 308/379 ITR 0347 wherein it was held that once it was established that there was nexus between expenditure and purpose of business, Revenue could not justifiably claim to put itself in the arm-chair

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

16. Section 153A bears the heading "Assessment in case of search or requisition". It is well settled as held by the Supreme Court in a catena of decisions that the heading of the, section can be regarded as a key to the interpretation of the operative portion of, the section and if there is no ambiguity in the language

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

16. Section 153A bears the heading "Assessment in case of search or requisition". It is well settled as held by the Supreme Court in a catena of decisions that the heading of the, section can be regarded as a key to the interpretation of the operative portion of, the section and if there is no ambiguity in the language

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

16. Section 153A bears the heading "Assessment in case of search or requisition". It is well settled as held by the Supreme Court in a catena of decisions that the heading of the, section can be regarded as a key to the interpretation of the operative portion of, the section and if there is no ambiguity in the language

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

16. Section 153A bears the heading "Assessment in case of search or requisition". It is well settled as held by the Supreme Court in a catena of decisions that the heading of the, section can be regarded as a key to the interpretation of the operative portion of, the section and if there is no ambiguity in the language

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

16. Section 153A bears the heading "Assessment in case of search or requisition". It is well settled as held by the Supreme Court in a catena of decisions that the heading of the, section can be regarded as a key to the interpretation of the operative portion of, the section and if there is no ambiguity in the language

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

16. Section 153A bears the heading "Assessment in case of search or requisition". It is well settled as held by the Supreme Court in a catena of decisions that the heading of the, section can be regarded as a key to the interpretation of the operative portion of, the section and if there is no ambiguity in the language

SUSHILA BHAURAO DESHMUKH,AMRAVATI vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, NAGPUR

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durgarao & Shrik.M. Roy, Accountant, Member

16. Insofar as reference to the Valuation Officer is concerned, the entire details of expenditure amounting to ` 1.12 crore, was placed on record before the Assessing Officer. The fact was also mentioned in registered sale deed. Reference to the Valuation Cell is not compulsory as it is left to discretion of the Assessing Officer under section 142A

GAJANAND FINANCIAL CONSULTANCY PRIVATE LIMITED,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL) NAGPUR, NAGPUR

In the result, assessee’s appeal is allowed

Bench: Shri Narender Kumar Choudhry & Shri K.M. Roy, Accountant, Member

Transfer Pricing Officer, as the case may be had been subject matter of any appeal filed on or before after the 1st day of June, 1988, the powers of the Principal Commissioner or Commissioner under this sub-section shall extended and shall be deemed always to have extended to such matter as had not been considered and decided in such

SHREE MAYA REAL ESTATE PVT. LTD.,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR

In the result, appeal filed by the assessee is allowed

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

price is an estimation nevertheless, even if by a statutory authority like the stamp duty valuation authority, and such a valuation can never be elevated to the status of such a precise computation which admits no variations. The rigour of Section 50C(1) was thus relaxed, and very thoughtfully so, to take these bonafide cases of small variations between

SHREE MAYA REAL ESTATE PVT. LTD.,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), NAGPUR

In the result, appeal filed by the assessee is allowed

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

price is an estimation nevertheless, even if by a statutory authority like the stamp duty valuation authority, and such a valuation can never be elevated to the status of such a precise computation which admits no variations. The rigour of Section 50C(1) was thus relaxed, and very thoughtfully so, to take these bonafide cases of small variations between

ASSISTANT COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE -1,RAIPUR (CG), RAIPUR (CG) vs. M/S SARDA ENERGY & MINERALS LTD , NAGPUR

The appeals of the Revenue are dismissed

section 80IA provides that the assessee must adopt ‘Market Value’ as the transfer price. In the open market, where a basket of “Market Values’ like independent third party transactions, grid price (average annual landed cost at which grid has sold power to the assessee), Power Exchange Price for the relevant period etc. are available, the law does

ASSISTANT COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE -1,RAIPUR (CG), RAIPUR (CG) vs. M/S SARDA ENERGY & MINERALS LTD , NAGPUR

The appeals of the Revenue are dismissed

section 80IA provides that the assessee must adopt ‘Market Value’ as the transfer price. In the open market, where a basket of “Market Values’ like independent third party transactions, grid price (average annual landed cost at which grid has sold power to the assessee), Power Exchange Price for the relevant period etc. are available, the law does

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

transfer is shown at a lesser figure than that actually received 15. Assessee hereby further submits that there is no doubt that share premium receipt is always a capital receipt (CIT v Stellar 251 ITR 263 (SC); Lowry v. Consolidated African Selection Trust 8 ITR Suppl 88). However, it is only because of the deeming fiction provided in such sections

SPARK MALL AND PARKING PVT. LTD, NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX, NAGPUR

In the result, appeal filed by the assessee is dismissed

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

16,32,554 4. Subsequently, the learned PCIT, by exercising power under section 263 of the Act, issued show cause notice and after receiving the reply, he passed the impugned order holding that the order passed by the Assessing Officer is erroneous and prejudicial to the interest of Revenue and accordingly directed the Assessing Officer to re–frame the assessment

BAJAJ STEEL INDUSTIES LTD.,NAGPUR vs. ASSESSIG OFFICER, NATIONAL E-ASSESSMENT CENTRE, DELHI

In the result, appeal of the assessee is allowed for statistical purpose

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.20/Nag/2023 िनधा"रण वष" / Assessment Year : 2018-19 Bajaj Steel Industries The Assessing Officer, Limited, Vs National E-Assessment 539/540, Imambada Road, Centre, Delhi. Maharashtra. Pan: Aaacb 5340 H Appellant / Assessee Respondent / Revenue Assessee By Shri Rajesh V. Loya – Ca Revenue By Shri Kailash Kanojiya – Sr.Dr Date Of Hearing 28/08/2023 Date Of Pronouncement 30/08/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Filed By The Assessee Is Directed Against The Order Under Section 250 Of The Income Tax Act, 1961 Passed By The Ld.Cit(A)[Nfac], Delhi Dated 22.12.2022 For A.Y.2018-19 Emanating From Assessment Order Under Section 143(3) R.W.S. 144B Of The Act Dated 24.04.2021. The Assessee Has Raised Following Grounds Of Appeal : Bajaj Steel Industries Limited [A]

16-11-2022 skipped the attention of accountant due to finalization of Transfer Pricing Report and filing of Income Tax return during that period. Hence the same could not be forwarded to the counsel. 3. The notice dated 5-12-2022 was received and the submissions were under preparation. There were 13 Grounds for adjudication on different issues. The preparation