ASHWIN SURESH CHANDAK,NAGPUR vs. ITO WARD, TDS 51(1), NAGPUR

In the result, appeals filed by the assessees are allowed

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

TDS return was processed by the Central Processing Centre, late filing fee under section 234E of the Act at ` 11,840, which include late payment and interest under section 220(2) of the Act vide intimation under section 200A of the Act. 5. On appeal, the learned CIT(A), while discussing the issue in detail, vide Para–4.3/Page

DAMMANI INDUSTRIES,NAGPUR vs. ITO WARD, TDS 51(1), NAGPUR

In the result, appeals filed by the assessees are allowed

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

TDS return was processed by the Central Processing Centre, late filing fee under section 234E of the Act at ` 11,840, which include late payment and interest under section 220(2) of the Act vide intimation under section 200A of the Act. 5. On appeal, the learned CIT(A), while discussing the issue in detail, vide Para–4.3/Page

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, AKOLA, NAGPUR vs. RBSD AND FN DAS, NAGPUR

In the result, appeal by the Revenue stands dismissed

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

section of Act. In this ground there are two different additions are made: one is addition towards opening sundry creditors and second one is regarding addition towards credits in sundry creditors is discussed as below: The AO during the assessment proceeding noticed that there are opening credit balances in accounts of 12 Sundry creditors totalling

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

TDS No. Deducted 1 Amarchand Omprakash Kasat 4,200 - 2 Arihant Corporation 30,667 3,067 3 Ashok Bharatlal Agrawal 1,100 - 4 Ashok Bharatlal Agrawal (HUF) 11,025 1,103 5 Baba Accosiates 1,07,000 10,700 6 Bilala Refinaries 1,02,000 10,200 7 Chandadevi B Khandelwal 73,608 7,361 8 Chetan Ashok Agrawal

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

TDS has been deducted on such interest expenses claimed; more so, the alleged sum had already been repaid on 4-10-18 prior to the search conducted on 11-7-19; the addition of Rs.7,59,397 is not justified, is liable to be deleted.” 29. The Assessing Officer has made following additions:– Opening bal. Interest credited Loan creditors

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

TDS has been deducted on such interest expenses claimed; more so, the alleged sum had already been repaid on 4-10-18 prior to the search conducted on 11-7-19; the addition of Rs.7,59,397 is not justified, is liable to be deleted.” 29. The Assessing Officer has made following additions:– Opening bal. Interest credited Loan creditors

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

TDS has been deducted on such interest expenses claimed; more so, the alleged sum had already been repaid on 4-10-18 prior to the search conducted on 11-7-19; the addition of Rs.7,59,397 is not justified, is liable to be deleted.” 29. The Assessing Officer has made following additions:– Opening bal. Interest credited Loan creditors

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

TDS has been deducted on such interest expenses claimed; more so, the alleged sum had already been repaid on 4-10-18 prior to the search conducted on 11-7-19; the addition of Rs.7,59,397 is not justified, is liable to be deleted.” 29. The Assessing Officer has made following additions:– Opening bal. Interest credited Loan creditors

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

TDS has been deducted on such interest expenses claimed; more so, the alleged sum had already been repaid on 4-10-18 prior to the search conducted on 11-7-19; the addition of Rs.7,59,397 is not justified, is liable to be deleted.” 29. The Assessing Officer has made following additions:– Opening bal. Interest credited Loan creditors

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

TDS has been deducted on such interest expenses claimed; more so, the alleged sum had already been repaid on 4-10-18 prior to the search conducted on 11-7-19; the addition of Rs.7,59,397 is not justified, is liable to be deleted.” 29. The Assessing Officer has made following additions:– Opening bal. Interest credited Loan creditors

VIJAY VINOD DURAGKAR,NAGPUR vs. INCOME TAX OFFICER WARD 4(4), NAGPUR

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

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

94,97,500, which was compared with the actual purchase consideration of ` 1,53,02,000, and the resulted difference was ` 1,41,95,500. As the property was co-owned the 50 percent share of Shri Vinod Durgukar came to be determined at ` 70,97,750, the Assessing Officer proposed addition of this ` 70,97,750, under section

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

TERRA INFRA DEVELOPMENT LIMITED,NAGPUR vs. ACIT CIRCLE-3, NAGPUR

In the result, appeal filed by the assessee is allowed

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

94,104, by disallowing interest on TDS and depreciation. 4. The Assessing Officer made addition in respect to disallowance of interest on TDS and depreciation as discussed in the assessment order. The Assessing Officer also initiated penalty proceeding under section 270A of the Act against the disallowance made in the assessment order on account of underreporting of income

ASSISTANT COMMISSIONER OF INCOME TAX AKOLA CIRCLE , AKOLA vs. AKOLA URBAN CO-OPRATIVE BANK LTD , AKOLA

In the result, appeal filed by the Revenue is dismissed

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

TDS was not deducted. Such disallowance was made under section 40(a)(ia) of the Act. Effectively, the business loss to be carried forward for subsequent years was reduced. Being aggrieved, appeal was preferred. 3 The Akola Urban Co–operative Bank Ltd. ITA no.119/Nag./2020 4. The learned CIT(A) elaborately dealt with the issue vide Para

M/S TAWARI TRADERS ,BULDHANA vs. INCOME TAX OFFICER WARD -2, KHAMGAON

In the result, appeal by the assessee stands dismissed

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

94,298 4. Laxminarayan Kalantri 1,15,053 5. Smt. Sadakawar Rathi 4,60,000 6. Vishal Nabira 1,50,000 Total ` 35,39,351 The AO has disregarded the submission on the reason that the appellant has not established the nexus between the interest free funds availed and interest 4 M/s. Tiwari Traders ITA no.193/Nag./2019 free advances extended

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

94,825 Agricultural income treated as business 2. ` 3,74,537 income ` 36,89,290 3. Disallowance u/s 40A(2)(b) ` 7,70,943 4. Deemed dividend u/s 2(22)€ ` 9,63,76,334 5. Deemed Dividend u/s. 2(22)(e) 6. Unsecured loans added ` 14,97,50,912 7. Sundry creditors added ` 10,72,87,744 8. Expenses disallowed

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -1(2), NAGPUR vs. VIDARBHA INFOTECH PRIVATE LIMITED, NAGPUR

In the result, appeal by the Revenue is dismissed

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

94 taxmann.com 325 (Supreme Court) "Where purchases made by assessee- trader were duly supported by bills and payments were made by account payee cheque and there was no evidence to show that amount was recycled back to assessee, Assessing Officer was not justified in treating said purchases as bogus under section 69C." In the case of CIT v. Bhagwati Developers