DY. COMMISSIONER OF INCOME TAX- CENTRAL-CIRCLE-2 (1), NAGPUR, NAGPUR vs. JAYMAHAKALI SHIKSHAN SANSTHA, WARDHA

In the result, Revenue’s appeal for A

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

business profits of such trusts which are otherwise chargeable to tax. In other words, where such a trust contravenes the provisions of section 13(1)(c) or (d) of the Act, the maximum marginal rate of income-tax will apply only to that part of the income which has forfeited exemption under the said provisions. [Emphasis supplied] 14. The aforesaid

DY. COMMISSIONER OF INCOME TAX- CENTRAL-CIRCLE-2(1), NAGPUR, NAGPUR vs. JAYMAHAKALI SHIKSHAN SANSTHA, WARDHA

In the result, Revenue’s appeal for A

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

business profits of such trusts which are otherwise chargeable to tax. In other words, where such a trust contravenes the provisions of section 13(1)(c) or (d) of the Act, the maximum marginal rate of income-tax will apply only to that part of the income which has forfeited exemption under the said provisions. [Emphasis supplied] 14. The aforesaid

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

business) and shall stand as a part of gross total income. On this income then the deductions under Chapter VI-A will be allowed. 13. The AO further disallowed the claim of prior period adjustment/ expenses made by the appellant in the Profit & Loss A/c. On enquiring about the same the AO, the appellant replied as under : As already state

M/S SHREE TRADERS ,BULDHANA vs. ASSISTANT COMMISSIONER OF INCOME TAX, AKOLA CIRCLE, AKOLA

In the result, the appeal of assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

depreciable assets for the year under consideration or not. In the present case, the assessee sought set off of brought forward business loss for A.Y. 2013-14 against the capital gain earned in 2014-15 i.e. year under consideration. The AO observed that the assessee shown business income

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, NAGPUR vs. SMT. ANJU AJAY SARAF, NAGPUR

In the result, Revenue’s appeal for the A

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

depreciation of years prior to the initial year i.e. AY 2012-13, which have been set off against other business income

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, NAGPUR vs. SMT. ANJU AJAY SARAF, NAGPUR

In the result, Revenue’s appeal for the A

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

depreciation of years prior to the initial year i.e. AY 2012-13, which have been set off against other business income

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

income, amounting Rs. 1,61,800/-. 3. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the disallowance made u/s 40(A)(2)(b) of Rs. 37,05,109/- . 4. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made

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

income, amounting Rs. 1,61,800/-. 3. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the disallowance made u/s 40(A)(2)(b) of Rs. 37,05,109/- . 4. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made

DCIT CIRCLE-2, NAGPUR vs. M/S TRISTER RETAIL CONCEPTS PRIVATE LIMITED, NAGPUR

In the result, department’s appeal stands dismissed

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

Business or profession income. Loss or profit on sale of depreciable fixed assets isn't considered in profit & Loss account

DEPUTY COMMISSIONER OF JNCOME TAX, CIRCEL-3 , NAGPUR vs. M/S. ACC NIHON CASTING LT, NAGPUR

Appeal is dismissed

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

depreciation brought forward as on 1/4/1997 could be set off against the business income or income under any other head

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

depreciable asset shall be recognized as income in accordance with the provisions of the said ICDS. The existing provisions of Explanation 10 to clause (1) of section 43 of the Income-tax Act already contained the guidance for treatment of Government grants relating to acquisition of an asset. However, there was no specific guidance available under the provisions

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

depreciable asset shall be recognized as income in accordance with the provisions of the said ICDS. The existing provisions of Explanation 10 to clause (1) of section 43 of the Income-tax Act already contained the guidance for treatment of Government grants relating to acquisition of an asset. However, there was no specific guidance available under the provisions

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

depreciation in the value of foreign exchange currency held by it, on conversion into another currency, such profit or less would ordinarily be trading profit or loss if the foreign exchange currency is held by the assessee on revenue account of a trading asset or as part of circulating capital in the business. But, if on the other hand

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

business (Total claim of deduction u/s 35AD Rs. 19,55,41,557 - Current year profits Rs.52,40,046) and the concerned columns/schedules in the return statedly turned out to be blank. As such, the appellant subsequently filed rectification application u/s 154 on 31.03.2015 and claimed total deduction of Rs.19,55,41,557/- u/s 35AD including carry forward of loss

THE BULDHANA DISTRICT CENTRAL CO-OP BANK LTD ,BULDHANA vs. DCIT, AKOLA CIRCLE , AKOLA

In the result, appeal filed by the assessee is allowed

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

business of banking, filed its return of income on 19/09/2011, declaring total income at ` nil, and showing the current year’s loss to be carried forward at ` (-) 9,17,22,792, including unabsorbed depreciation

SHRI MAHESH DEVDUTTA GUPTA,,NAGPUR vs. ACIT, CENTRAL CIRCLE- 2(3),, NAGPUR

In the result, the addition so made is directed to be deleted and the ground of appeal is allowed

Bench: Shri Vikram Singh Yadav & Shri Yogesh Kumar U.S

income under the head ‘Profits and Gains of Business and Profession’. In the result, the ground of appeal is allowed. 10. Regarding ground No.8, it was submitted by the ld AR that the same relates to disallowance of . 71,715/– being 15% of the expenditure claimed on account of depreciation

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

income, amounting Rs. 1,61,800/-. 3. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the disallowance made u/s 40(A)(2)(b) of Rs. 37,05,109/- . 4. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made

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

income, amounting Rs. 1,61,800/-. 3. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the disallowance made u/s 40(A)(2)(b) of Rs. 37,05,109/- . 4. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made