MANISHA ASHUTOSH SHEWALKAR,NAGPUR vs. INCOME TAX OFFICER WARD 5(3), NAGPUR

In the result, assessee’s appeal stands allowed

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

price more than the normal, sale of prevailing sales can be regarded as capital assets. Thus, the assessee’s case was reopened under section 147 of the Income Tax Act, 1961 ("the Act") by issuing notice 04/01/2019, under section 148 of the Act in response to the which, the assessee, on 08/02/2019, filed her return of income for the assessment

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

VANDANA KISHOR NAIK ,NAGPUR vs. INOCME TAX OFFICER WARD 5(3), NAGPUR

Appeal is dismissed

Bench: Shri S.S. Godara & Shri Dr. Dipak P. Ripote"नधा"रण वष" / Assessment Year : 2011-12 Vandana Kishor Naik Vs. Ito, Ward 5(3), Plot No.98, Jaibadrinath Society, Nagpur Behind Swavlambi Nagar, Khamla, Nagpur – 440025 Pan : Aalpn9942R Appellant Respondent Assessee By None Revenue By Shri G.J. Ninawe Date Of Hearing 16-11-2022 Date Of Pronouncement 09-12-2022

63,775/- Long Term Capital Gain: The submission of the appellant is considered and the assessment order is perused. The assessee entered into an Agreement to Sale on 27/12/2010 for sale of her plot (Survey no.33) at Kachimet Mauza, within the city limits of NMC for an agreed value of Rs. 50 lacs when the Ready Reckoner value

NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

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

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

price at which the property has been sold by the Appellant, the valuation under section 50C deserves to be ignored in the interest of justice. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 6) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant on account of income from house property from the houses owned by the Appellant without

NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

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

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

price at which the property has been sold by the Appellant, the valuation under section 50C deserves to be ignored in the interest of justice. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 6) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant on account of income from house property from the houses owned by the Appellant without

NARESH VASANTRAJ TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

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

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

price at which the property has been sold by the Appellant, the valuation under section 50C deserves to be ignored in the interest of justice. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 6) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant on account of income from house property from the houses owned by the Appellant without

NARESH VASANTRAI TRIVEDI,NAGPUR vs. ACIT, CENTRAL CIRCLE 1(3), NAGPUR

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

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

price at which the property has been sold by the Appellant, the valuation under section 50C deserves to be ignored in the interest of justice. Naresh Vasantrai Trivedi ITA no.108/Nag./2021 6) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant on account of income from house property from the houses owned by the Appellant without

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 year

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 year

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 year

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 year

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 year

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 year

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

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

price of M/s. Parag Shilp Infrastructure & Services Ltd. to enable to assessee to legitimize his unaccounted fund. x) On the facts and circumstances of the case & in law, the Ld. CIT(A) failed to appreciate that the entire gamut of direct & circumstantial evidence placed on record shows that claim of Long Term Capital Gain is Bogus in nature

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

prices have fluctuated so much, the transaction of the assessee cannot be treated as non-genuine without furnishing any evidence in its support to prove the involvement of the assessee. We may also submit that this is not a one time transaction of the assessee and assessee is a regular investor in stocks since many years and undertakes share transactions

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

63,37,500/- 5. Venmax Drugs & Pharmaceuticals Ltd. Hyderabad 48,75,000/- 6. Yantra Natural Resources Ltd., Hyderabad 1,07,25,000/- 7. L.N. Ind. India Ltd., Hyderabad 97,50,000/- Total … 6,58,12,500/- The assessee has received advance against booking of property (Showroom) from above mentioned parties & the same were duly shown in the books of accounts

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

transfer of an amount of Rs. 1,07,350 to N, an employee of appellant in Bombay office, the amount cannot be assessed as undisclosed income of in the absence of positive material brought by Revenue to prove that the amount in fact belonged to appellant as the burden lay on the Revenue