CIT v. Ramco International

East West Seeds India Pvt.Ltd, Aurangabad vs. Assistant Commissioner of Income-Tax, Circle - 1, Aurangabad

Appeal is allowed for statistical purposes in above terms

…regard was placed on the decision in case of Pruthvi Brokers & Shareholders Pvt. Ltd. (349 ITR 336), Gujarat High Court in the case of CIT Vs. Arvind Mills Ltd. in ITA No. 1407 of 2011 and Punjab and Haryana High Court in case of CIT Vs. Ramco International (332 ITR 306). On careful consideration of facts & circumstances of the present case, I am not inclined to accept the arguments of the appellant company. The deduction of Rs.74,20,893/- stands allowed to the appellant company as same was claimed in the profit & loss account for the year under reference. If the claim of weighted deduction is allowed U/s 35(2AB…

Nagar Urban Co-Operative Bank Limited, Ahmednagar vs. Deputy Commissioner of Income-Tax, Ahmednagar Circle, Ahmednagar

In the result, the appeal of the assessee stands partly allowed for statistical purposes

Bench: Shri Inturi Rama Rao, Am & Shri Partha Sarathi Chaudhury, Jm आयकर अपील सं. / Ita No.2555/Pun/2017 िनधा"रण वष" / Assessment Year : 2012-13 Nagar Urban Co-Operative Bank Ltd., Post Box No.7, Central Bank Road, Ahmednagar-414001. .......अपीलाथ" / Appellant Pan : Aaaan0509L बनाम / V/S. Dcit, Ahmednagar Circle, ……""यथ" / Respondent Ahmednagar. Assessee By : None Revenue By : Shri Vitthal Bhosale सुनवाई क" तारीख / Date Of Hearing : 23.03.2021 घोषणा क" तारीख / Date Of Pronouncement : 24.03.2021 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)- 2, Pune (‘Cit(A)’ For Short) Dated 20.07.2017 For The Assessment Year 2012-13. 2. The Appellant Raised The Following Grounds Of Appeal :- “1. That The Learned Acit Ahmednagar Has Erred On The Facts & In The Circumstances In Not Allowing Claims Made During The Course Of Hearing For Exempted Income Of Dividend Of Rs. 1487135/- & Expenses Debited To P & L A/C On Account Of Depreciation On Govt. Securities Rs. 11200000/- To Be Allowed As Exempted Income As Well As Allowable Expenses & The Same Were Also Dismissed By The Commissioner Of Income Tax (Appeals) Ii Pune. 2. That Your Appellant Prays That He May Be Allowed To Add, To Alter Or Amend The Above Grounds Of Appeal.”

…92 (Delhi); 5 PCIT vs. E-Funds International India (P.) Ltd., 379 ITR 292 (Delhi); (vi) CIT vs. Shaw Wallace Distilleries Ltd., 124 taxman 510 (Karnataka); (vii) PCIT vs. Ankit Metal & Power Ltd., 109 taxman 93 (Calcutta); (viii) CIT vs. Ramco International, 332 ITR 306 (P&H); (ix) CIT vs. Arvind Products Ltd., 339 ITR 643 (Gujarat). 12. In view of the above settled position of law, the reasoning the of the ld. CIT(A) cannot be sustained in the eyes of law. Accordingly, the order of the ld. CIT(A) is set-aside, we remand the matter to the file of the ld. CIT(A) who shall adjudicate the issues in additional groun…