MADANLAL LALCHAND JAIN,NANDURBAR vs. ACIT CENTRAL CIRCLE 2, NASHIK

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

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2021-22 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Assessment Year : 2021-22 Acit, Central Circle-2, Madanlal Lalchand Jain Nashik Vibhare Building, Vs. Near City Police Station, Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Co No.42/Pun/2025 Assessment Year : 2021-22 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Assessment Year : 2022-23 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) : Shri Nikhil S Pathak Department By : Shri Amol Khairnar, Cit-Dr Date Of Hearing : 03-11-2025 Date Of Pronouncement : 21-11-2025 O R D E R Per Bench:

65,16,890/-. Subsequently notice u/s 143(2) of the Act was issued and served on the assessee after obtaining approval from the PCIT, Nagpur. Thereafter, notice u/s 142(1) of the Act was also issued to the assessee along with annexure. During the course of assessment proceedings the Assessing Officer noted that various incriminating documents were found and seized

ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, NASHIK, NASHIK vs. MADANLAL LALCHAND JAIN, NANDURBAR

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

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2021-22 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Assessment Year : 2021-22 Acit, Central Circle-2, Madanlal Lalchand Jain Nashik Vibhare Building, Vs. Near City Police Station, Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Co No.42/Pun/2025 Assessment Year : 2021-22 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Assessment Year : 2022-23 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) : Shri Nikhil S Pathak Department By : Shri Amol Khairnar, Cit-Dr Date Of Hearing : 03-11-2025 Date Of Pronouncement : 21-11-2025 O R D E R Per Bench:

65,16,890/-. Subsequently notice u/s 143(2) of the Act was issued and served on the assessee after obtaining approval from the PCIT, Nagpur. Thereafter, notice u/s 142(1) of the Act was also issued to the assessee along with annexure. During the course of assessment proceedings the Assessing Officer noted that various incriminating documents were found and seized

MADANLAL LALCHAND JAIN,NANDURBAR vs. ACIT CENTRAL CIRCLE 2, NASHIK

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

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2021-22 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Assessment Year : 2021-22 Acit, Central Circle-2, Madanlal Lalchand Jain Nashik Vibhare Building, Vs. Near City Police Station, Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Co No.42/Pun/2025 Assessment Year : 2021-22 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) Assessment Year : 2022-23 Madanlal Lalchand Jain Acit, Central Circle-2, Vibhare Building, Nashik Near City Police Station, Vs. Hat Darwaja Station Road, Nandurbar – 425412 Pan: Abkpj3633K (Appellant) (Respondent) : Shri Nikhil S Pathak Department By : Shri Amol Khairnar, Cit-Dr Date Of Hearing : 03-11-2025 Date Of Pronouncement : 21-11-2025 O R D E R Per Bench:

65,16,890/-. Subsequently notice u/s 143(2) of the Act was issued and served on the assessee after obtaining approval from the PCIT, Nagpur. Thereafter, notice u/s 142(1) of the Act was also issued to the assessee along with annexure. During the course of assessment proceedings the Assessing Officer noted that various incriminating documents were found and seized

DEPUTY COMMISSIONER OF INCOME TAX, JALGAON vs. TARADEVI RATANLAL BAFNA, JALGAON

68 were justified.\n\n23. Referring to the decision of the Pune Bench of the Tribunal in the case of\nNarendra Shrikishan Agarwal Vs. ACIT vide ITA No.257/PUN/2019 order dated\n05.11.2019, he submitted that the Tribunal in the said decision has rejected the\nassessee's long term capital gain exemption claim on sale of penny stock of a\npharma company

SAITAWADEKAR JEWELLERS ,CHIPLUN vs. PRINCIPAL COMMISSIONER OF INCOME TAX, PUNE 1, PUNE

The appeal of the assessee is Partly Allowed

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकरअपीलसं. / Ita No.870/Pun/2022 िनधा"रणवष" / Assessment Year : 2015-16 Saitawadekarjewellers, The Pr.Cit, Pune-1. 1825, B2 Padma Talkies Bldg, Vs Opp.Urban Bank Bazar Peth, Chiplun – 415605. Pan : - Appellant/Assessee Respondent /Revenue Assessee By Shri Pramod Shingte – Ar Revenue By Shri Sardar Singh Meena,Irs – Dr Date Of Hearing 10/02/2023 Date Of Pronouncement 03/05/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Filed By The Assesseeisdirected Against The Order Of Ld. Principal Commissioner Of Income Tax, Pune-1Dated 22.11.2022Emanating From The Order Of The Assessing Officer Dated 27.11.2017Under Section 143(3) Of The Income Tax Act, 1961 For The A.Y.2015-16. The Assesseehas Raised The Following Grounds Of Appeal: “1. On The Facts & Circumstances Of The Case & In Law The Ld. Pcit In His Order U/S 263, While Giving Effect To The Order Dtd.31.05.2022 Of The Honorable Itat, Erred In Making The Following Additions To The Income Determined Vide Assessment Order Saitawadekar Jewellers [A]

68, section 69, section 69A, section 69B, section 69C or section 69D, at the rate of thirty per cent; and (b) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (a). (2) Notwithstanding anything contained

DY.COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, AURANGABAD, AURANGABAD vs. SHRI. BALAJI RAMCHANDRA ANDE, LATUR

In the result, appeal of the Revenue dismissed

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

sections 68, 69, 69A to 69D and levy of higher rate of tax u/s 115BBE, following factors are required to be considered – • Whether nature of income is clearly explained during the survey or during assessment proceedings. • Whether income can be classified under a particular head of income based on nature so as to demonstrate that it is flowing from

ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 1, , NASHIK vs. SMT. PRIYA K. JAGTIYANI, LEGAL HEIR OF LATE SHRI KISHOR C. JAGTIYANI, NASHIK

In the result, the appeal of Revenue is dismissed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.336/Pun/2016 यििाारण वषा / Assessment Year : 2011-12 The Asst. Commissioner Of Income Tax, अऩीऱाथी/Appellant Circle – 1, Nashik …. Vs. Smt. Priya K. Jagtiyani L/H Of Late Kishor Chelaram Jagtiyani Office No.1, Shalimar Towers, Shalimar Chowk, Shivaji Road, …. प्रत्यथी / Respondent Nashik – 422001 Pan: Adepj7743C

65,035/-. The assessee had already offered sum of ₹ 6,68,958/- as short term capital 4 gains and the balance sum of ₹ 98,96,077/- was added in the hands of assessee. 6. Another addition which was made in the hands of assessee was on account of unexplained cash credit under section

MEENAMANI GANGA BUILDER LLP ,PUNE vs. PCIT (CENTRAL), PUNE , PUNE

In the result, the appeal of the assessee is dismissed

65,56,555/-.\n03. On perusal of the assessment records it is seen that it is seen\nthat total unsecured loans outstanding in the books of the assessee\nas on 31/03/2019 were at Rs.52, 19,93,434/-. Out of the same, an\namount of Rs.11,97,71,081/- is shown as unsecured Loans from\nrelated parties and an amount

AMIT SURESH AGRAWAL,SATARA vs. ITO WARD-2, SATARA

In the result, appeal of the assessee is partly allowed

Bench: Dr.Dipak P. Ripote & Shri Vinay Bhamoreआयकर अपऩल सं. / Ita No.2225/Pun/2025 निर्धारण वषा / Assessment Year: 2016-17 Amit Suresh Agrawal, V The Income Tax Officer, Amit Trading Co, Plot No.35, S Ward-2, Satara. Satara – 415002. Maharashtra. Pan: Abgpa2925D Appellant/ Assessee Respondent / Revenue Assessee By Shri Suhas Kulkarni – Advocate Revenue By Shri Eknath Abhang – Add.Cit(Dr) Date Of Hearing 30/10/2025 Date Of Pronouncement 30/10/2025 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Filed By The Assessee Against The Order Of Ld.Commissioner Of Income Tax(Appeal)[Nfac] Passed Under Section 250 Of The Income Tax Act, 1961 For The A.Y.2016-17 Dated 02.04.2025 Emanating From The Assessment Order Passed Under Section 147 R.W.S 144B Of The Income Tax Act, 1961 Dated 10.05.2023. The Assessee Has Raised The Following Grounds Of Appeal :

68 is not attracted in this case. The addition is wholly unjustified and deserves to be deleted in its entirety. 7. Without prejudice to the legal grounds above, the learned CIT(A) has erroneously dismissed the appeal ex-parte without proper examination of facts and merits of the case. The learned CIT(A) has ignored the genuine reasons, including health

V R AUTO SERVICES,NASHIK vs. ACIT, CIRCLE 1, NASHIK, NASHIK

In the result, appeal of the assessee is allowed

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.42/Pun/2025 Assessment Year : 2017-18

65,51,000/-. Ld. AO observed that as per the Gazette Notification dated 08.11.2016 and 13.11.2016 only the Public Sector Oil and Gas Marketing companies are allowed to accept the SBNs for sale of Petrol, Diesel and Gas but the said Notification was not applicable on the Authorised dealers of Private Companies. Ld. AO after examining the records further noticed

SANGEETA BASAVRAJ MANGRULE,,AURANGABAD vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 2,, AURANGABAD

Appeal is dismissed in above terms

section 68. In the case of Usha Chandresh Shah Vs. ITO (2014-TIOL-1459-ITAT-MUM),the Hon‟ble ITAT Mumbai held that the shares of the company was declared as "Penny Stock" by SEBI and the broker Sanju Kabra, (through whom the shares were sold by the assessee) was indicted for manipulating the prices of penny stock shares

RATHOD JEWELLERS,PUNE vs. ACIT, CENTRAL CIRCLE -2(3), PUNE

In the result, appeal of the assessee is dismissed

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

68 of the Act amounting to Rs. 10,00,000/- on account of unexplained cash credit, vide his order dated 29.03.2022 passed u/s 143(3) r.w.s. 147 of the Act, based on the observations and findings recorded by him, the relevant extract of which is reproduced below: “7.2 Rebuttals: As per the information contained in the letter sent

SHRI VENKATESHWARA PANMASALA INDUSTRIES PVT LTD,KOLHAPUR vs. ACIT, CENTRAL CIRCLE-1(1), KOLHAPUR, KOLHAPUR

The appeal stands partly allowed for statistical purposes

Bench: Hon’Ble Shri G. D. Padmahshali & Hon’Ble Shri Vinay Bhamoreassessment Year : 2019-20 Shri Venkateshwara Panmasala Industries Pvt Ltd, 335, Sangli Kolhapur Byepass Road, Dharangutti Via Jaysingpur – 416 203. Pan: Aaccs5553P. . . . . . . . Appellant V/S The Asstt Commissioner Of Income Tax, Central Circle-1(1), Kolhapur . . . . . . . Respondent Appearances Assessee By : Mr Hari Krishan [‘Ld. Ar’] Revenue By : Mr Arvind Desai [‘Ld. Dr’] Date Of Conclusive Hearing : 25/09/2024 Date Of Pronouncement : 26/11/2024 Order Per G. D. Padmahshali, Am; The Present Appeal Of The Assessee Is Instituted U/S 253(1) Of The Income Tax Act, 1961 [‘The Act’ Hereinafter] Which Impugns First Appellate Order Dt. 06/03/2024 Passed By National Faceless Appeal Centre, Delhi [‘Ld. Cit(A)/ Ld. Nfac’ Hereinafter] U/S 250 Of The Act Which Emerged In Relation To & Out Of Assessment Order Dt. 24/11/2023 Passed By Ld. Assessment Unit, Nfac [‘Ld. Ao’ Hereinafter] U/S 147 R.W.S 144B Of The Act For Assessment Year 2019-20 [‘Ay’ Hereinafter].

68 of the Act. Thus, the proceedings in our considered view is suffered for natural justice. 5. The assessing officer & first appellate authority are quasi-judicial authorities and respective proceedings they undertake are quasi-judicial proceedings. The section 136 of the Act however relishes that ‘Proceedings before Income-tax Authorities to be judicial proceedings’. As per the said provision

THE ITO, WARD-8(2),, AHMEDABAD vs. SILICON SECURITIES PVT. LTD.,, PUNE

Appeal is allowed for statistical purposes in above terms

Bench: Shri S.S.Godara, Jm & Shri Dr. Dipak P. Ripote, Am आयकर अपीऱ सं. / Ita No.3017/Ahd/2014 ननधधारण वषा / Assessment Year : 2009-10

65,000/- u/s 68 of the Income-tax Act, 1961. 4. The CIT (A) erred in deleting the addition (made on account of unproved cash credits under section

ASSISTANT COMMISSIONER OF INCOME TAX, CIRLE 1, KOLHAPUR, KOLHAPUR vs. HAMAJA MOHAMMED MALPEKAR, MAHARASHTRA

Bench: Shri R.K. Panda & Ms. Astha Chandra

Section 68 of the Income Tax Act, 1961 ('Act' in short), empowers the Assessing Officer to treat the income credited in the books of accounts of the assessee for any previous year if there is no plausible explanation by the assessee about the nature and source of such income or if the explanation given is not satisfactory. Once

HAMAJA MOHAMMED MALPEKAR,RATNAGIRI vs. INCOME TAX OFFICER, RATNAGIRI WARD, RATNAGIRI

Bench: Shri R.K. Panda & Ms. Astha Chandra

Section 68 of the Income Tax Act, 1961 ('Act' in short), empowers the Assessing Officer to treat the income credited in the books of accounts of the assessee for any previous year if there is no plausible explanation by the assessee about the nature and source of such income or if the explanation given is not satisfactory. Once

DEPUTY COMMISSIONER OF INCOME TAX, AURANGABAD vs. VISTA NIRMAN PVT. LTD., MUMBAI

Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2011-12

68 of the Act. 1) Navodaya Castle Pvt. Ltd. Vs. CIT (SC) 2) CIT vs. Rathi Finlease Ltd. (Madhya Pradesh HC) 3) Par Excellence Leasing and Financial Services (P.) Ltd. vs. ACIT (Delhi ITAT) 4) J.J. Development (P.) Ltd. vs. CIT, Kolkata 5) Advance Power Infra Tech Ltd. vs DCIT (Kolkata ITAT) 6) CIT vs. Korlay trading co. Ltd. (Calcutta

SONAL SANDEEP SATAV,PUNE vs. PCIT, PUNE-2, PUNE

In the result, the appeal of the assessee is dismissed

Bench: Ms. Astha Chandra & Shree G.D. Padmahshali

section 68 r.w.s. 115BBE of the Act should have been applied in this regard and the decision of the Ld. AO to not draw any adverse inference about the substantive loan of Rs.3,37,65