AHSAAN QURESHI,NAGPUR vs. ACIT CIRCLE-2, NAGPUR

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao

TDS as per provisions of section 194H of the Act. The learned CIT(A) held that the in view of the amendment made in section 40a(ia) of the Act and in section 201(1) of the Act by Finance Act, 2012, has no retrospective effect and the case laws relied upon by the assessee are not relevant with

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. SHRI DHARAMPAL R.AGRAWAL, NAGPUR

In the result, Revenue’s appeal stands dismissed

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

section 153A of the Act by making following additions after examining the Profit & Loss Account, Tax Audit Report determining total income of ` 20,88,76,440. Gold ornaments, Silver articles found at residence. 1. ` 65,62,158 Protective addition Gold ornaments, Silver articles etc. found in bank ` 50,47,355 2. locker and cash. Addition on protective basis Estimation

RAVINDRA KHANDELWAL,AKOLA vs. ASSISTANT COMMISSIONER OF INCOME TAX - CIRCLE AKOLA , AKOLA

In the result, appeal filed by the assessee is allowed for statistical purposes

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

TDS has been deducted on the same. 2.5 The fact that the assessee has repaid the money in itself draws the proposition that the addition under section 68 is unwarranted. Further, the Income-tax act mandates taxing of 'income'. Since, the assessee has received and repaid the loan amount within the same year. It can't be assumed

DEPUTY COMMISSIONER OF INCOME TAX , CIRCLE-2, NAGPUR vs. M/S UNITED BUILDERS , BHANDARA

In the result, appeal filed by the Revenue is allowed

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

87,51,810. 4. The only issue for our adjudication relates to the addition of ` 5.88 crore, on account of disallowance of entire payment made and claimed by the assessee contractor firm to sub–contractors treating the same as bogus. 5. During the course of assessment proceedings, the Assessing Officer, on a perusal of submission made by the assessee, noticed

RAVINDRA MADANLAL KHANDELWAL,AKOLA vs. DCIT/ACIT CIRCLE , AKOLA

In the result, appeal filed by the assessee is allowed for statistical purposes

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

section 68 only sets up a presumption against the assessee whenever unexplained credits are found in the books of account of the assessee. It cannot but be again said that the presumption is rebuttable. In refuting the presumption raised, the initial burden is on the assessee. This burden, which is placed on the assessee, shifts as soon as the assessee

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 68 of the Act and interest paid on such credits have already been decided by us vide Para-20 to 25, of this order, wherein we have decided this issue in favour of the assessee and against the Revenue for the detailed reasoning given therein. Consistent with the view taken by us, similar additions are deleted in these years

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 68 of the Act and interest paid on such credits have already been decided by us vide Para-20 to 25, of this order, wherein we have decided this issue in favour of the assessee and against the Revenue for the detailed reasoning given therein. Consistent with the view taken by us, similar additions are deleted in these years

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 68 of the Act and interest paid on such credits have already been decided by us vide Para-20 to 25, of this order, wherein we have decided this issue in favour of the assessee and against the Revenue for the detailed reasoning given therein. Consistent with the view taken by us, similar additions are deleted in these years

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 68 of the Act and interest paid on such credits have already been decided by us vide Para-20 to 25, of this order, wherein we have decided this issue in favour of the assessee and against the Revenue for the detailed reasoning given therein. Consistent with the view taken by us, similar additions are deleted in these years

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 68 of the Act and interest paid on such credits have already been decided by us vide Para-20 to 25, of this order, wherein we have decided this issue in favour of the assessee and against the Revenue for the detailed reasoning given therein. Consistent with the view taken by us, similar additions are deleted in these years

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 68 of the Act and interest paid on such credits have already been decided by us vide Para-20 to 25, of this order, wherein we have decided this issue in favour of the assessee and against the Revenue for the detailed reasoning given therein. Consistent with the view taken by us, similar additions are deleted in these years

DY. C.I.T. CENTRAL CIR2(2), NAGPUR vs. M/S SHREE AGRAWAL COAL INDIA PVT. LTD.,, NAGPUR

In the result, Revenue’s appeal stands dismissed

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

87,744 8. Expenses disallowed ` 55,83,523 9. ` 39,42,28,108 The assessee being aggrieved by the issuance of the assessment order so passed by the Assessing Officer, is in appeal before the first appellate authority. 3 Shree Agarwal Coal India Pvt. Ltd. ITA no.19/Nag./2016 4. Before the learned CIT(A), the assessee filed additional ground challenging

INCOME TAX OFFICER WARD-2, KHAMGAON, KHAMGAON vs. RENUKA OIL INDUSTRIES, KHAMGAON

In the result, Revenue’s appeal stands dismissed

Bench: Shri V. Durga Rao

section 35AD(4), not disputing the factum or quantum (except disallowance of construction expenses of Rs 1.90.70,349 discussed in succeeding paragraphs) of investment in construction of the warehouse by the appellant and its in principle eligibility for deduction u/s 35AD by the AO, etc, are the various other factors which substantiate the genuineness et the claim of the appellant