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

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4,, NAGPUR vs. SONU MONU AGRO PRIVATE LIMITED, NAGPUR

In the result, Department's appeal stands dismissed

depreciation of Rs.\n4,20.23.114/- and the expenses claimed against impungned agriculture\nincome are liable to be disallowed and required to be added back to the total\nincome of the assessee. As per section 10

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

JEETENDRA CHANDRAKANT NAYAK,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOM TAX(OSD), NAGPUR

In the result, the appeal filed by the assessee is allowed

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

depreciation under section 32 of the Act and as a consequence to this decision the Legislature had to amend the provisions of section 32 with effect from 1-4-1997 by using the expression “owned wholly or partly”. Since no such words are expressively mentioned in Section 54F, in our considered view the word “own” in section 54F would include

VISHAL KISHORILAL JAIN,NAGPUR vs. DCIT/ACIT CIRCLE-4, NAGPUR

In the result, assessee’s appeal for A

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

depreciation allowance or any other allowance, as the case may be, for the assessment year concerned (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year): Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall 10

SHREE HINDU SMASHAN SANSTHA,AMRAVATI vs. I.T.O., WARD - 2, EXEMPTIONS, NAGPUR

In the result, appeal filed by the assessee is allowed

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

section 11(5) of the Act on account of investment in fixed deposits with NBFC. Besides this, the learned CIT(A) confirmed the disallowance of claim of depreciation at ` 8,10

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

depreciation, it clearly indicates the addition is made with the prejudice and unlawful way and therefore needs to be deleted. 18. Further not withstanding anything mentioned in above para, even otherwise, if the expenses on purchase of machines are disallowed, it would ultimately result in increase in gross total income, which is completely deductible under section 80P. Thus, the deduction

ASSISTANT COMMISSIONER OF INCOME TAX , AKOLA CIRCLE , AKOLA vs. THE BULDHANA DISTRICT CENTRAL CO-OP BANK LIMITED , BULDHANA

In the result, appeal filed by the revenue is dismissed

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

depreciation of ` 32,80,263. The return of income was processed under section 143(1) of the Income Tax Act, 1961 ("the Act") on 11/01/2012 and selected for scrutiny. The assessment was made on total loss of ` 2,44,14,471, by making addition of ` 2,91,38,000, on account of deduction of excess overdue provision

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

depreciation at ` 21,51,907. In the return of income, this loss was claimed as carried forward. The return of income for the assessment year 2008-09 was accepted under section 143(1) of the Act. 6. The return of income for the assessment year 2009–10

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

10. Submissions made have been considered. 11. Regarding Smt. Savitri Thakur, it is seen that she had issued cheque payment of Rs. 14 lakhs dated 21- 7-2009 to the Appellant. Prior to the issuance of the cheques, this amount was credited into the bank account of Smt. Savitri Thakur maintained in the State Bank of India. Rae Baraeli Branch

BUCCS LTD. AND NBC AND JV,BULDHANA vs. NATIONAL E-ASSESSMENT CENTRE, DELHI

In the result, appeal filed by the assessee is allowed for statistical purposes

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

depreciation under section 32(1)(ii) of the Act or the same can be amortized by treating it as an allowable business expenditure under the relevant provisions of the Act. As per the previous details of ITR and records available of ITBA. It was observed that the assessee was claiming amortization expenses of Road construction regularly and return income

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

depreciation as per Income Tax Act, 1961. TIE oversight by the employee was not at all intentional. There was a separate line item indicted loss on fixed assets of Rs. 4.02 crore in the profit & loss Account which was omitted to be added back in the computation. The error went unnoticed by the tax auditor as well as the same

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

10)\nDCIT, Central Circle-2(2), Nagpur Appellant\nv/s\nM/s. Shree Agarwal Coal India Pvt. Ltd.\n216, DevKripa Society, Wardhaman Nagar\nNagpur 440 008PAN – AAFCS6709L Respondent\nITA no.171/Nag./2016\n(Assessment Year : 2006-07)\nDCIT, Central Circle−2(2), Nagpur Appellant\nv/s\nM/s. Shree AgarwalFinance India Pvt. Ltd.\n216, DevKripa Society, Wardhaman Nagar\nNagpur 440 008PAN – AABCA4981E Respondent\nITA no.172/Nag

ASSISTANT COMMISSIONER OF INCOME TAX AKOLA CIRCLE , AKOLA vs. AKOLA URBAN CO-OPRATIVE BANK LTD , AKOLA

In the result, appeal filed by the Revenue is dismissed

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

10,40,79,321/- in contravention to provisions of section 36(1)(viia) of the Act. 2. On the facts and circumstances of the case and in law, the Ld. CIT(Appeals) has erred in treating revaluation of assets by Asset Reconstruction Company of NPA as loss or bad debts written off without appreciating the facts of the case

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

In the result, Revenue's appeal being ITA no

10)\nDCIT, Central Circle-2(2), Nagpur Appellant\nv/s\nM/s. Shree Agarwal Coal India Pvt. Ltd.\n216, DevKripa Society, Wardhaman Nagar\nNagpur 440 008PAN – AAFCS6709L Respondent\nITA no.171/Nag./2016\n(Assessment Year : 2006-07)\nDCIT, Central Circle−2(2), Nagpur Appellant\nv/s\nM/s. Shree AgarwalFinance India Pvt. Ltd.\n216, DevKripa Society, Wardhaman Nagar\nNagpur 440 008PAN – AABCA4981E Respondent\nITA no.172/Nag