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

10 percent of expenses towards advertisements and sales promotion incurred by the assessee for smooth functioning and carrying on assessee's business effectively, proficiently and profitability. The order of the CIT (A) is, thus, upheld on this issue. 8. It is observed from the order of the CIT (A) that he has upheld the addition on the ground that these

RAGHAV AGRITECH,NAGPUR vs. ITO WARD 3(4), NAGPUR

In the result, appeal filed by the assessee is allowed

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

depreciation claimed by it. The assessee being aggrieved filed appeal before the first appellate authority. 5. The learned CIT(A) confirmed the order passed by the Assessing Officer by observing as under:– “As can be seen from the above Sec. 40(a) does not make any distinction between revenue expenditure and capital expenditure. Therefore, Sec. 40(a)(i) covers both

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

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 or deduction for such assessment year and for which a prior notice under Section 148 would be required to be issued. Section 147 does not contemplate an eventuality which Section 153A or Section 153C contemplates, the basis of which is inter alia a search action under Section 132 being resorted as noted hereinabove. Thus

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. For the purposes of exercising jurisdiction under Section 263 of the Act, the conclusion that the order of the AO is erroneous and prejudicial to the interests of the Revenue has to be preceded by some minimal inquiry. In fact, if the PCIT is of the view that the AO did not undertake any inquiry, it becomes incumbent

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

depreciation of Rs.\n47,53,025/-.\n8. On the facts and circumstances of the case, the learned CIT(A) has erred in\ndeleting the addition made on account of unsecured loans being unexplained\ncredits Rs. 6,45,38,278/-.\n4\nM/s. Shree Agarwal\nCoal India Pvt. Ltd. & Group Cases\n9. On the facts and circumstances of the case, the learned

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

In the result, Revenue's appeal being ITA no

depreciation of Rs.\n47,53,025/-.\n8. On the facts and circumstances of the case, the learned CIT(A) has erred in\ndeleting the addition made on account of unsecured loans being unexplained\ncredits Rs. 6,45,38,278/-.\n5\nM/s. Shree Agarwal\nCoal India Pvt. Ltd. & Group Cases\n9. On the facts and circumstances of the case, the learned

THE AMRAVATI PEOPLE CO-OP BANK LTD ( NOW MERGED IN THE COSMOS CO-OP BANK LTD),AMARAVATI vs. D.C.I.T. AMRAVATI CIRCLE, AMARAVATI

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकरअपीलसं. / Ita No. 309/Nag/2015 "नधा"रणवष" / Assessment Year : 2008-09 The Amravati Peoples Co-Op. Bank Limited (Now Merged In The Cosmos Co-Op. Bank Ltd.) C/O. Cosmos Co-Op Bank Ltd. Jawahar Road, Amravati-444601. Pan : Aaact5899B .......अपीलाथ" / Appellant बनाम / V/S. The Deputy Commissioner Of Income Tax, Amravati Circle, Amravati. ……""यथ" / Respondent Assessee By : Shri S.G. Gandhi, Ar Revenue By : Smt. Agnes P. Thomas, Dr सुनवाईक"तार"ख / Date Of Hearing : 18.02.2022 घोषणाक"तार"ख / Date Of Pronouncement : 09.05.2022

depreciation allowance, in the following manner, to the extent available" is as under:- Asst. Year Remarks S. Nature of Amount as Amount as No. loss/allowance ( returned (in assessed ( give rupees) in rupees) reference to relevant order) 1. 2002-03 Business loss 28858541 Not available 98748798 2. 2004-05 Business loss 36762850 -Do- 3479468 Total 10,22,28,266/- The assessment

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

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. SMT. ANJU SARAF, NAGPUR

In the result, all the appeals of the revenue, cross objections of the assessee are dismissed and appeals filed by the assessee are allowed

Bench: Shrisandeepgosain & Shriarunkhodpia

depreciation is covered by the Co–ordinate Bench decision rendered in assessee’s own case ITA no.114/Nag./2009 (AY 2004-05) and decision of the Hon’ble Bombay High court assessee’s sister concern’s case in M/s. R.B. Seth, Shriram Narsingdas (supra) wherein the issue has been decided in favour of the assessee and against the Revenue. The facts

SMT. ANJU SARAF,,NAGPUR vs. A,C.I.T CENT CIR. 2(2), NAGPUR

In the result, all the appeals of the revenue, cross objections of the assessee are dismissed and appeals filed by the assessee are allowed

Bench: Shrisandeepgosain & Shriarunkhodpia

depreciation is covered by the Co–ordinate Bench decision rendered in assessee’s own case ITA no.114/Nag./2009 (AY 2004-05) and decision of the Hon’ble Bombay High court assessee’s sister concern’s case in M/s. R.B. Seth, Shriram Narsingdas (supra) wherein the issue has been decided in favour of the assessee and against the Revenue. The facts

SMT. ANJU SARAF,,NAGPUR vs. A,C.I.T CENT CIR. 2(2), NAGPUR

In the result, all the appeals of the revenue, cross objections of the assessee are dismissed and appeals filed by the assessee are allowed

Bench: Shrisandeepgosain & Shriarunkhodpia

depreciation is covered by the Co–ordinate Bench decision rendered in assessee’s own case ITA no.114/Nag./2009 (AY 2004-05) and decision of the Hon’ble Bombay High court assessee’s sister concern’s case in M/s. R.B. Seth, Shriram Narsingdas (supra) wherein the issue has been decided in favour of the assessee and against the Revenue. The facts

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. SMT. ANJU SARAF, NAGPUR

In the result, all the appeals of the revenue, cross objections of the assessee are dismissed and appeals filed by the assessee are allowed

Bench: Shrisandeepgosain & Shriarunkhodpia

depreciation is covered by the Co–ordinate Bench decision rendered in assessee’s own case ITA no.114/Nag./2009 (AY 2004-05) and decision of the Hon’ble Bombay High court assessee’s sister concern’s case in M/s. R.B. Seth, Shriram Narsingdas (supra) wherein the issue has been decided in favour of the assessee and against the Revenue. The facts

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. SMT. ANJU A. SARAF, NAGPUR

In the result, all the appeals of the revenue, cross objections of the assessee are dismissed and appeals filed by the assessee are allowed

Bench: Shrisandeepgosain & Shriarunkhodpia

depreciation is covered by the Co–ordinate Bench decision rendered in assessee’s own case ITA no.114/Nag./2009 (AY 2004-05) and decision of the Hon’ble Bombay High court assessee’s sister concern’s case in M/s. R.B. Seth, Shriram Narsingdas (supra) wherein the issue has been decided in favour of the assessee and against the Revenue. The facts

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. SMT. ANJU A. SARAF, NAGPUR

In the result, all the appeals of the revenue, cross objections of the assessee are dismissed and appeals filed by the assessee are allowed

Bench: Shrisandeepgosain & Shriarunkhodpia

depreciation is covered by the Co–ordinate Bench decision rendered in assessee’s own case ITA no.114/Nag./2009 (AY 2004-05) and decision of the Hon’ble Bombay High court assessee’s sister concern’s case in M/s. R.B. Seth, Shriram Narsingdas (supra) wherein the issue has been decided in favour of the assessee and against the Revenue. The facts

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

depreciation of Rs.\n47,53,025/-.\n8. On the facts and circumstances of the case, the learned CIT(A) has erred in\ndeleting the addition made on account of unsecured loans being unexplained\ncredits Rs. 6,45,38,278/-.\n5\nM/s. Shree Agarwal\nCoal India Pvt. Ltd. & Group Cases\n9. On the facts and circumstances of the case, the learned