SHARDA ISPAT LIMITED ,NAGPUR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-2, NAGPUR

In the result, the appeal of assessee is allowed

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

depreciation in terms of proviso to Explanation 10 of section 43(1) of the Act which is evident from para

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

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

10 Jaymahakali Shikshan Sanstha A.Y. 2017–18, 2018–19 & 2019–20 "28.6 It may be noted that new sub-section (1A) inserted in section 161 of the IT Act, which provides for taxation of the entire income received by trusts at the maximum marginal rates is applicable only in the case of private trusts having profits and gains of business

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

10 Jaymahakali Shikshan Sanstha A.Y. 2017–18, 2018–19 & 2019–20 "28.6 It may be noted that new sub-section (1A) inserted in section 161 of the IT Act, which provides for taxation of the entire income received by trusts at the maximum marginal rates is applicable only in the case of private trusts having profits and gains of business

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

10 Jaymahakali Shikshan Sanstha A.Y. 2017–18, 2018–19 & 2019–20 "28.6 It may be noted that new sub-section (1A) inserted in section 161 of the IT Act, which provides for taxation of the entire income received by trusts at the maximum marginal rates is applicable only in the case of private trusts having profits and gains of business

PREMJEET SINGH,DABHA NAGPUR vs. ITO WARD 5(3), NAGPUR

In the result, appeal filed by the assessee is allowed

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

section 10(14)(i) and 10(14)(ii) of the Act, and such allowance of expenses were reflected in the return of income filed by the assessee. The assessee, in response to the notice issued by the Assessing Officer, furnished his submissions in support of the claim which are reproduced below:– “We are in receipt of show cause notice

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA COAL(INDIA) LTD, NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

Section 32(1)(iia) of the Income Tax Act, 1961. The AO is directed to allow additional depreciation of Rs.1,69,92,222/-. The ground is allowed in favour of the appellant.” 12 Group of 22 Cases, Nagpur. Gupta group of cases. 13. We have perused the case records and heard the submissions of the Ld. DR. We have also

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA COAL(INDIA) LTD, NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

Section 32(1)(iia) of the Income Tax Act, 1961. The AO is directed to allow additional depreciation of Rs.1,69,92,222/-. The ground is allowed in favour of the appellant.” 12 Group of 22 Cases, Nagpur. Gupta group of cases. 13. We have perused the case records and heard the submissions of the Ld. DR. We have also

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA GLOBAL RESOURCES LTD(EAELIER KNOWN AS GUPTA COALFIELDS & WASHHERIES LTD), NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

Section 32(1)(iia) of the Income Tax Act, 1961. The AO is directed to allow additional depreciation of Rs.1,69,92,222/-. The ground is allowed in favour of the appellant.” 12 Group of 22 Cases, Nagpur. Gupta group of cases. 13. We have perused the case records and heard the submissions of the Ld. DR. We have also

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA GLOBAL RESOURCES LTD(EAELIER KNOWN AS GUPTA COALFIELDS & WASHHERIES LTD), NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

Section 32(1)(iia) of the Income Tax Act, 1961. The AO is directed to allow additional depreciation of Rs.1,69,92,222/-. The ground is allowed in favour of the appellant.” 12 Group of 22 Cases, Nagpur. Gupta group of cases. 13. We have perused the case records and heard the submissions of the Ld. DR. We have also

ASTT.COMMISSIONER OF INCOME TAX,CENTRAL CIR 2(3) R, NAGPUR vs. M GUPTA COALFIELDS & WASHERIES LTD., NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

Section 32(1)(iia) of the Income Tax Act, 1961. The AO is directed to allow additional depreciation of Rs.1,69,92,222/-. The ground is allowed in favour of the appellant.” 12 Group of 22 Cases, Nagpur. Gupta group of cases. 13. We have perused the case records and heard the submissions of the Ld. DR. We have also

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA GLOBAL RESOURCES LTD(EAELIER KNOWN AS GUPTA COALFIELDS 7 WASHHERIES LTD), NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

Section 32(1)(iia) of the Income Tax Act, 1961. The AO is directed to allow additional depreciation of Rs.1,69,92,222/-. The ground is allowed in favour of the appellant.” 12 Group of 22 Cases, Nagpur. Gupta group of cases. 13. We have perused the case records and heard the submissions of the Ld. DR. We have also

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA COAL(INDIA) LTD, NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

Section 32(1)(iia) of the Income Tax Act, 1961. The AO is directed to allow additional depreciation of Rs.1,69,92,222/-. The ground is allowed in favour of the appellant.” 12 Group of 22 Cases, Nagpur. Gupta group of cases. 13. We have perused the case records and heard the submissions of the Ld. DR. We have also

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA COAL(INDIA) LTD, NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

Section 32(1)(iia) of the Income Tax Act, 1961. The AO is directed to allow additional depreciation of Rs.1,69,92,222/-. The ground is allowed in favour of the appellant.” 12 Group of 22 Cases, Nagpur. Gupta group of cases. 13. We have perused the case records and heard the submissions of the Ld. DR. We have also

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA GLOBAL RESOURCES LTD(EAELIER KNOWN AS GUPTA COALFIELDS & WASHHERIES LTD), NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

Section 32(1)(iia) of the Income Tax Act, 1961. The AO is directed to allow additional depreciation of Rs.1,69,92,222/-. The ground is allowed in favour of the appellant.” 12 Group of 22 Cases, Nagpur. Gupta group of cases. 13. We have perused the case records and heard the submissions of the Ld. DR. We have also

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA COAL(INDIA) LTD, NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

Section 32(1)(iia) of the Income Tax Act, 1961. The AO is directed to allow additional depreciation of Rs.1,69,92,222/-. The ground is allowed in favour of the appellant.” 12 Group of 22 Cases, Nagpur. Gupta group of cases. 13. We have perused the case records and heard the submissions of the Ld. DR. We have also

ASSTT.C,I,.T, CENTRAL CIR, -2(3), NAGPUR vs. M/S GUPTA COALFIELDS & WASHERIES LTD., NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

Section 32(1)(iia) of the Income Tax Act, 1961. The AO is directed to allow additional depreciation of Rs.1,69,92,222/-. The ground is allowed in favour of the appellant.” 12 Group of 22 Cases, Nagpur. Gupta group of cases. 13. We have perused the case records and heard the submissions of the Ld. DR. We have also

MAYUR KHARA,YAVATMAL vs. PRINCIPAL COMMISSIONER OF INCOME TAX-2, NAGPUR

In the result, Both the appeals of above mentioned assessee’s are allowed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2016-17 Shri Mayur Khara Vs. The Pcit Datta Chowk Nagpur-2 Yavatmalm 445 001 (Maharastra) Pan No.:Abwpk 8869 N Appellant Respondent Assessment Year: 2016-17 Shri Amit Khara Vs. The Pcit Datta Chowk Nagpur-2 Yavatmalm 445 001 (Maharastra) Pan No.:Abwpk 8868 P Appellant Respondent Assessee By: Shri Mahavir Atal, Ca Revenue By :Shri Piyush Kolhe (Cit-Dr) Date Of Hearing: 28/04/2022 Date Of Pronouncement: 28 /06 /2022 Order Per: Sandeep Gosain, J.M. Both These Appeals Have Been Filed By The Above Mentioned Assessees Against Two Different Orders Passed U/S 263 Of The Act By The Ld. Pr.Cit, Nagpur- 2 Dated 17-02-2017 & 16-02-20217 For The Assessment Year 2016-17 Respectively. The Grounds Of Raised By The Above Mentioned Assessees Are As Under:-

10 – "Section 263 can be invoked by the Commissioner only when he prima facie finds that the order made by the ITO was erroneous and was prejudicial to the interests of the revenue. Both these factors must simultaneously exist. An order that is erroneous must also have resulted in loss of revenue or prejudicial to the interests of the revenue