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

AVANTHA HOLDINGS LIMITED,NEW DELHI vs. A.C.I.T. CIR-5,, NAGPUR

In the result, appeal filed by the assessee is dismissed

business transaction.\"\n13. Ground no.4, raised by the Revenue relates to depreciation.\n14. The learned CIT(A) directed the Assessing Officer to delete the addition by observing as under:-\n\"FINDINGS\n5.3 I have considered the submission of appellant and perused the evidence on record. Addition is made by disallowing part claim of depreciation on aircraft. A.O. has discussed

DY. C.I.T. CIR-.5, NAGPUR vs. M/S AVANTHA HOLDINGS LTD.,, CHANDRAPUR

In the result, appeal filed by the assessee is dismissed

business transaction.\"\n13. Ground no.4, raised by the Revenue relates to depreciation.\n14. The learned CIT(A) directed the Assessing Officer to delete the addition by observing as under:-\n\"FINDINGS\n5.3 I have considered the submission of appellant and perused the evidence on record. Addition is made by disallowing part claim of depreciation on aircraft. A.O. has discussed

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

In the result, Revenue's appeal being ITA no

income, amounting\nRs. 1,61,800/-.\n3. On the facts and circumstances of the case, the learned CIT(A) has erred in\ndeleting the disallowance made u/s 40(A)(2)(b) of Rs. 37,05,109/- .\n4. On the facts and circumstances of the case, the learned CIT(A) has erred in\ndeleting the addition made

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 being ITA no

income, amounting\nRs. 1,61,800/-.\n3. On the facts and circumstances of the case, the learned CIT(A) has erred in\ndeleting the disallowance made u/s 40(A)(2)(b) of Rs. 37,05,109/- .\n4. On the facts and circumstances of the case, the learned CIT(A) has erred in\ndeleting the addition made

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 being ITA no

income, amounting\nRs. 1,61,800/-.\n3. On the facts and circumstances of the case, the learned CIT(A) has erred in\ndeleting the disallowance made u/s 40(A)(2)(b) of Rs. 37,05,109/- .\n4. On the facts and circumstances of the case, the learned CIT(A) has erred in\ndeleting the addition made

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

DEPUTY COMMISSIONER OF INCOME TAX, NAGPUR vs. AVANTHA HOLDINGS LIMITED, CHANDRAPUR

In the result, appeal filed by the assessee is dismissed

business\ntransaction.\"\n13. Ground no.4, raised by the Revenue relates to depreciation.\n14. The learned CIT(A) directed the Assessing Officer to delete the addition\nby observing as under:-\n\"FINDINGS\n5.3 I have considered the submission of appellant and perused the evidence\non record. Addition is made by disallowing part claim of depreciation on\naircraft. A.O. has discussed

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

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

income, amounting\nRs. 1,61,800/-.\n3. On the facts and circumstances of the case, the learned CIT(A) has erred in\ndeleting the disallowance made u/s 40(A)(2)(b) of Rs. 37,05,109/- .\n4. On the facts and circumstances of the case, the learned CIT(A) has erred in\ndeleting 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