SHRI AMIT ARVIND BANDE,GADCHIROLI vs. INCOME TAX OFFICER WARD 1 CHANDRAPUR, CHANDRAPUR

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

Bench: Shri V. Durga Rao

TDS-194C and AIR- 001 to the tune of Rs.30,574, Rs.8,900/- and Rs.35,88,320/-, totaling to Rs.36,27,794/- respectively. Therefore, the jurisdictional Assessing Officer reopened the assessment u/sec.147 of the Act by taking necessary approval from the Competent Authority and issued statutory notices to the assessee u/sec.148

CHANDRAKUMAR MADHUSUDANJI JAJODIA,THANE vs. ASSISTANT COMMISSIONER OF INCOME TAX, AMRAVATI CIRCLE

In the result, appeal filed by the assessee is allowed

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

money and same remains unexplained. Addition made by A.O. on assumption and presumption under deeming provisions of section 68 or 69A is highly arbitrary and unjustified. E) The A.O. himself is not clear as to which of the provisions is applicable in respect to loan transaction. This is demonstrative of the fact that no evidence on record to either invoke

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

money and TDS has been deducted on the same. It is stated that the assessee is into the business of movie making and construction which requires re-financing. The above party had financed the assessee for which 25 Maheshwari Coal Beneficatgion & Infrastructure Pvt. Ltd. A.Y. 2014–15 to 2020–21 it had paid interest to them after deducting applicable TDS

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

money and TDS has been deducted on the same. It is stated that the assessee is into the business of movie making and construction which requires re-financing. The above party had financed the assessee for which 25 Maheshwari Coal Beneficatgion & Infrastructure Pvt. Ltd. A.Y. 2014–15 to 2020–21 it had paid interest to them after deducting applicable TDS

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

money and TDS has been deducted on the same. It is stated that the assessee is into the business of movie making and construction which requires re-financing. The above party had financed the assessee for which 25 Maheshwari Coal Beneficatgion & Infrastructure Pvt. Ltd. A.Y. 2014–15 to 2020–21 it had paid interest to them after deducting applicable TDS

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

money and TDS has been deducted on the same. It is stated that the assessee is into the business of movie making and construction which requires re-financing. The above party had financed the assessee for which 25 Maheshwari Coal Beneficatgion & Infrastructure Pvt. Ltd. A.Y. 2014–15 to 2020–21 it had paid interest to them after deducting applicable TDS

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

money and TDS has been deducted on the same. It is stated that the assessee is into the business of movie making and construction which requires re-financing. The above party had financed the assessee for which 25 Maheshwari Coal Beneficatgion & Infrastructure Pvt. Ltd. A.Y. 2014–15 to 2020–21 it had paid interest to them after deducting applicable TDS

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

money and TDS has been deducted on the same. It is stated that the assessee is into the business of movie making and construction which requires re-financing. The above party had financed the assessee for which 25 Maheshwari Coal Beneficatgion & Infrastructure Pvt. Ltd. A.Y. 2014–15 to 2020–21 it had paid interest to them after deducting applicable TDS

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

Unexplained cash credit u/s 68 on account of share 1. capital and premium received from M/s Saphire 4,54,98,000 Marketing Pvt Ltd. Disallowance u/s 40a(ia) on account of payment made 2. to the Advocate Shri Rahul Bagade wilthout deducting 1,50,000 TDS Disallowance u/s 40a(ia) on account of failure to deposit in the Govt Account

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

money to the assessee. The first aspect, i.e., identity of the creditors was established before any of the authorities below. It will have to be kept in mind that 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

ASSISTANT COMISSIONER CENTRAL CIRCLE 1(3), NAGPUR vs. M/S SHRIGOPAL RAMESHKUMAR SALES PVT. LTD , NAGPUR

In the result, appeal filed by the Revenue is dismissed

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

money was actually collected from the farmers and paid to the labourer. The learned D.R. further submitted that during the course of search, physical stock of the material lying at the various premises was taken and it was found that there was excess stock of ` 5,13,63,972, as compared to the stock as per books of accounts. Therefore

HINGANGHAT NAGRI SAHAKARI PAT SANSTHA,HINGANGHAT vs. INCOME TAX WARD-1, WARDHA

In the result, appeal by the assessee for A

money in a bank so as to earn interest. The\nsaid interest income is attributable to carrying on the business of banking and\ntherefore it is liable to be deducted in terms of Section 80P(1) of the Act. In\nfact similar view is taken by the Andhra Pradesh High Court in the case of\nCommissioner of Income

HINGANGHAT NAGRI SAHAKARI PAT SANSTHA,HINGANGHAT vs. INCOME TAX WARD-1, WARDHA

In the result, appeal by the assessee for A

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

money in a bank so as to earn interest. The said interest income is attributable to carrying on the business of banking and therefore it is liable to be deducted in terms of Section 80P(1) of the Act. In fact similar view is taken by the Andhra Pradesh High Court in the case of Commissioner of Income

HINGANGHAT NAGRI SAHAKARI PAT SANSTHA,HINGANGHAT vs. INCOME TAX OFFICER WARD-1, WARDHA

In the result, appeal by the assessee for A

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

money in a bank so as to earn interest. The said interest income is attributable to carrying on the business of banking and therefore it is liable to be deducted in terms of Section 80P(1) of the Act. In fact similar view is taken by the Andhra Pradesh High Court in the case of Commissioner of Income

HINGANGHAT NAGRI SAHAKARI PAT SANSTHA,HINGANGHAT vs. INCOME TAX OFFICER WARD-1, WARDHA

In the result, appeal by the assessee for A

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

money in a bank so as to earn interest. The said interest income is attributable to carrying on the business of banking and therefore it is liable to be deducted in terms of Section 80P(1) of the Act. In fact similar view is taken by the Andhra Pradesh High Court in the case of Commissioner of Income

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. M/S SHREE AGRAWAL FINANCE INDIA P. LTD.,, NAGPUR

In the result, Revenue’s appeal is dismissed

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

unexplained creditors. 22. The observations of the learned CIT(A) while deleting the addition made by the Assessing Officer on the above issue are as under:- “41. I have considered the assessment order, submission of assessee, remand report, assessee's response to it, copies of accounts of creditors etc. AO merely disallowed these creditors since nothing was given

VIKRAM AGRAWAL,NAGPUR vs. ITO WARD 4 (4), NAGPUR

In the result, appeal is dismissed

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

TDS on commission was deducted by such entity UME TAX DEPART Without prejudice to the above, if the statement of the assessee is accepted that he had received cash from various parties and has transferred the same by RTGS/NEFT to them, then it makes it ample clear that he had acted as conduit to convert black money of any other

VIKRAM AGRAWAL,NAGPUR vs. ITO WARD 4(4), NAGPUR

In the result, appeal is dismissed

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

TDS on commission was deducted by such entity UME TAX DEPART Without prejudice to the above, if the statement of the assessee is accepted that he had received cash from various parties and has transferred the same by RTGS/NEFT to them, then it makes it ample clear that he had acted as conduit to convert black money of any other