ECONOMIC EXPLOSIVES LIMITED,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1 (2), NAGPUR

In the result, appeal for the assessment year 2018–19 filed by the assessee is partly allowed

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

Gains of Business or Profession' under the normal provisions of the Act. However, while computing the book profit under the MAT provisions of the Act, the assessee did not correspondingly reduce the book profit. 9. The Assessing Officer while computing the book profit has not made any downward adjustments to the book profit on account of sales tax subsidy relying

ECONOMIC EXPLOSIVES LIMITED,NAGPUR vs. NATIONAL E ASSESSMENT CENTRE, NEW DELHI

In the result, appeal for the assessment year 2018–19 filed by the assessee is partly allowed

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

Gains of Business or Profession' under the normal provisions of the Act. However, while computing the book profit under the MAT provisions of the Act, the assessee did not correspondingly reduce the book profit. 9. The Assessing Officer while computing the book profit has not made any downward adjustments to the book profit on account of sales tax subsidy relying

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

In the result, Revenue’s appeal being ITA no

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

Capital gain on sale of shares. 7. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in deleting the addition made on account of deemed dividend

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

In the result, Revenue’s appeal being ITA no

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

Capital gain on sale of shares. 7. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in deleting the addition made on account of deemed dividend

VIKAS GUPTA ,INDORE vs. PR. COMMISSIONER OF INCOME TAX (CENTRAL), NAGPUR, NAGPUR

In the result, assessee’s appeal stands allowed

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

capital gain assessable in their hands. Those returns have been accepted under section 143(1) of the Income Tax Act. The assessments have attained finality. No notice under section 143(2) for scrutinizing the returns have been issued upon the assessee before the search carried out. Even the time limit for issuance of such notice have already been expired before

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

deemed dividend doesn't arise. Unsecured loans taken in personal capacity The assessee has taken unsecured loans in personal capacity from friends and family during the year under consideration. As discussed above as well, the loans were in turn used to support the business of the assessee through KJAPL. This was required to be done as companies are not allowed

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

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

deemed dividend u/s 2(22)(e) of Rs. 8,75,36,654/-. 7. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of disallowance of depreciation of Rs. 47,53,025/-. 8. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting

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

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

deemed dividend u/s 2(22)(e) of Rs. 8,75,36,654/-. 7. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of disallowance of depreciation of Rs. 47,53,025/-. 8. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting

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

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

deemed dividend u/s 2(22)(e) of Rs. 8,75,36,654/-. 7. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of disallowance of depreciation of Rs. 47,53,025/-. 8. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting

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

In the result, appeal for the A

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

deems it fit that such expenses should be disallowed and hence added to the total income of the appellant and thereby increasing the total income of the appellant, the same shall be eligible for deduction under Section 80P(2)(a) being profits and gains of business of the appellant. Hence your honor is request to consider the matter in above

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

deeming fiction of section 68 have been invoked only on the basis of non-furnishing of tax returns and bank statement of lenders. 2 Ravindra Madanlal Khandelwal ITA no.375/Nag./2024 2. Whether on the facts and circumstances of the case, the learned First Appellate Authority was justified in endorsing disallowing of interest income of Rs.74,32,292/-. 3. Whether

TAJSHREE AUTOWHEELS PRIVATE LIMITED,NAGPUR vs. ACIT CIRCLE-4, NAGPUR

In the result, assessee’s appeal is allowed for statistical purposes

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

gains by understatement of the consideration. This was real object and purpose of the enactment of sub-section (2) and the interpretation of this sub-section must fall in line with the advancement of that object and purpose. We must, therefore, accept as the underlying assumption of subsection (2) that there is understatement of consideration in respect of the transfer

PRAMOD AGRAWAL ,NAGPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-2, NAGPUR

Accordingly, the grounds of appeal 2 & 3 are dismissed

Bench: Sh. Vikram Singh Yadav & Sh. Yogesh Kumar U.S.Sh. Pramod Agrawal (Huf) Pr. Cit-2, 301, Sai Ankur Apartments Nagpur-440 001 Ramdaspeth Vs. Nagpur-440 010 Pan:Aaihp 2699N (Respondent) (Appellant)

capital gains in respect of Penny Stock basis information received from the Investigation wing, it would be expected from the Assessing officer to not just call for the information and documentation from the assessee but to independently verify the same and corroborate with other material and documentation available on record and carry out further enquiries, if any which has clearly

LOKMANYA TILAD JANAKALYA SHIKSHAN SANSTHA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -2, NAGPUR

In the result, this appeal by the assessee stands partly allowed

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

deemed to be in default as mentioned under the second proviso to sec. 40a)(ia) of the I.T. Act 1961 as the conditions under the first proviso to sec. 201 of the I.T. Act 1961 are complied with i.e. Vol IV i) M/s. Prowess Financial Services Pvt. Ltd. has furnished its return of income uls 139(1) on 30109/2008