ASSTT.COMMISSIONER OF INCOME TAX CIRCLE-5, NAGPUR vs. THE NIRMAL UJWAL CREDIT CO-OP SOCIETY LTD, NAGPUR

In the result, appeal filed by the Revenue for the assessment year

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

setting–off brought forward loss of the preceding assessment year i.e., A.Y. 2010-11. The Assessing Officer while completing the assessment vide order dated 27/03/2015, made two additions which were added to the total income of the assessee. The first addition of ` 1,24,04,174, pertains to interest income earned by the assessee Society from deposits (FDR) with Nationalized

BAJAJ STEEL INDUSTIES LTD.,NAGPUR vs. ASSESSIG OFFICER, NATIONAL E-ASSESSMENT CENTRE, DELHI

In the result, appeal of the assessee is allowed for statistical purpose

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.20/Nag/2023 िनधा"रण वष" / Assessment Year : 2018-19 Bajaj Steel Industries The Assessing Officer, Limited, Vs National E-Assessment 539/540, Imambada Road, Centre, Delhi. Maharashtra. Pan: Aaacb 5340 H Appellant / Assessee Respondent / Revenue Assessee By Shri Rajesh V. Loya – Ca Revenue By Shri Kailash Kanojiya – Sr.Dr Date Of Hearing 28/08/2023 Date Of Pronouncement 30/08/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Filed By The Assessee Is Directed Against The Order Under Section 250 Of The Income Tax Act, 1961 Passed By The Ld.Cit(A)[Nfac], Delhi Dated 22.12.2022 For A.Y.2018-19 Emanating From Assessment Order Under Section 143(3) R.W.S. 144B Of The Act Dated 24.04.2021. The Assessee Has Raised Following Grounds Of Appeal : Bajaj Steel Industries Limited [A]

set off of such brought forward loss against income of year under consideration is highly unjustified. 13. That the learned CIT(A) erred in law and on facts in sustaining the action of AO in not allowing credit of TDS

SHRI A.G.SHETTY,,CHANDRAPUR vs. A.C.I.T. , CHANDRAPUR CIRCLE, CHANDRAPUR

In the result, the appeal is allowed for statistical purposes

Bench: Shri R.S. Syalआयकर अपील सं. /Ita No.152/Nag/2017 "नधा"रण वष" / Assessment Year : 2007-08

loss account and TDS certificates for the year 2006-07. He referred to the last four items dated 31-03-2007 totalling to Rs.4.76 crore as the amounts for which Ultra Tech Cement Ltd. estimated a provision on which tax of Rs.10.72 lakh was deducted at source. On going through the break-up of such amount of Rs.4.76 crore

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

loss account is particularly concerning and undermines the claim. 6 Ravindra Madanlal Khandelwal ITA no.375/Nag./2024 Compliance with Tax Laws: Proper adherence to accounting standards and tax laws is crucial. Expenses claimed for tax deductions must be transparently recorded and justifiably linked to income generation. Based on the analysis of the documents presented and the legal framework

RAGHAV AGRITECH,NAGPUR vs. ITO WARD 3(4), NAGPUR

In the result, appeal filed by the assessee is allowed

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

Loss Account. The Assessing Officer made addition of ` 61,95,000, under section 143(1a) of the Act on the ground that TDS on payment of ` 2,06,50,000, to contractor for building construction has not been deducted and hence 30% of sum paid is disallowable under section 40(a)(ia) though the assessee had disallowed

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

set of facts, it is evident that the gain/loss on foreign exchange fluctuation is a capital receipt. It is also a fact that loss on account of foreign exchange fluctuation in the immediately8 preceding year was not claimed by the appellant in the return of income itself. Thus, the AO having not allowed the foreign exchange fluctuation loss

AMIT VEDPRAKASH BANSAL,NAGPUR vs. ITO WARD -4(4), NAGPUR

In the result, appeal filed by the assessee is allowed

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

Loss Account of M/s. R.K. Agencies, resulting in understatement of income of ` 3,00,000, on account of commission income received form M/s. Parkson Graphics Pvt. Ltd., without offering such receipt, whereas corresponding TDS was claimed. We find that the assessee has filed all the details and the Assessing Officer, after examining such details, passed order under section

SNNEHSHILP CONSTRUCTIONS,AURANGABAD vs. ITO WARD 1(5), NAGPUR

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

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

loss of ` (–) 93,611. The case was selected for scrutiny. The original assessment under section 143(3) r/w section 144 of the Act was completed on 31/12/2007, by making addition of ` 41,32,485, which included addition of ` 11.98.065, on account of profit estimated @ 8% of the gross receipts of ` 1,48,75,822., and addition

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-3, BSNL RTTC BUILDING vs. THE WARDHA DISTRICT CENTRAL COOPERATIVE BANK LTD, WARDHA

In the result, Revenue’s appeal stands allowed for statistical purposes

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

loss) Rs. 19,33,28,507/-. This return was processed by CPC as such. The case was picked up by CASS for complete scrutiny for the main reasons "closing stock, disallowance for payment of gratuity, deduction and deposit of TDS, investments /advances/loans, expenses incurred for earning exempt income, business expenses, bonus or commission paid to employee, refund claim". Notice

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(3), NAGPUR vs. M/S. FUELCO COAL INDIA LTD., NAGPUR

Appeal of the Revenue is dismissed

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

TDS deducted on 3. 1,86,63,861 payment made to M/s Bothra Shipping Services Pvt Ltd. Disallowance of 15% of finance cost claimed in the P&L 4. account on account of loans and advances gives to 15,86,284 related parties. The assessee being aggrieved by the aforesaid assessment order so passed by the Assessing Officer, carried

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

losses were enhanced. 6.2 It is seen that the AO has made the addition during assessment proceedings, as the assessee failed to justify the details of the transaction and further tried to shift the onus on AO by claiming that no specific query was made in this regard. Hence details of the transactions of saving account were not submitted. Further

ACIT, CHANDRAPUR CIRCLE,, CHANDRAPUR vs. SHRI AVEREL GANGADHAR SHETTY, CHANDRAPUR

The appeal is ALLOWED FOR STATISTCIAL PURPOSES

Bench: Shri Parth Sarathi Chaudhury & Shri G. D. Padmahshali(Through Virtual Hearing From Pune) आयकर अपील सं. / Ita No. 193/Nag/2017 निर्धारण वर्ष / Assessment Year : 2014-15

loss account. The A.0. has not disputed appellants submission made during the course of assessment proceedings. I also find that the issue of reconciliation had cropped up in earlier assessment years also where the matter was decided in appellant favour by CIT(A). Therefore, considering the facts in totality the appellant deserved relief on this ground. However, I find that

M/S INDOWORTH INDIA LIMITED,NAGPUR vs. ACIT(TDS), CIRCLE 51(1) , NAGPUR

In the result, appeal filed by the assessee for A

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

TDS. As per the IT return and computation from F.Y. 2014-15 to F.Y. 2018-19 disallowed the interest as contingent expenditure of ` 55,89,527, but due to some clerical mistakes, the assessee had not disallowed the interest provision for the F.Y. 2012-13 and F.Y. 2013-14. The assessee disallowed the interest

INDOWORTH INDIA LIMITED,NAGPUR vs. ACIT(TDS), CIRCLE 51(1), NAGPUR

In the result, appeal filed by the assessee for A

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

TDS. As per the IT return and computation from F.Y. 2014-15 to F.Y. 2018-19 disallowed the interest as contingent expenditure of ` 55,89,527, but due to some clerical mistakes, the assessee had not disallowed the interest provision for the F.Y. 2012-13 and F.Y. 2013-14. The assessee disallowed the interest

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