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

depreciation as an application of income. Consequently, nothing warrants us to disturb the impugned order passed by the learned CIT(A). Accordingly, ground no.1, raised by the Revenue is dismissed. 32. The ground no.2, relates to the addition of ` 37,50,000, on account of undisclosed income under section 69A of the Act. 33. After hearing both the parties

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

depreciation as an application of income. Consequently, nothing warrants us to disturb the impugned order passed by the learned CIT(A). Accordingly, ground no.1, raised by the Revenue is dismissed. 32. The ground no.2, relates to the addition of ` 37,50,000, on account of undisclosed income under section 69A of the Act. 33. After hearing both the parties

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

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. Because of this judgment, the legislature had to amend the provisions of Section 32 with effect from 1.4.1997 by using the expression “owned wholly or partly”. So the word “own” would not include a case where a residential house is partly owned by one person or partly owned by other person(s). After

DY. C.I.T. CENTRAL CIR.-1(3), NAGPUR vs. M/S SPACEWOOD FURNISHERS PVT. LTD , NAGPUR

In the result, Revenue’s appeal is dismissed

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

13. It is not in dispute that prior period expenses and depreciation 60% on the computer items has been disallowed by the AO by way of order passed under sec. 154 of the Act. It is also not in dispute that originally, the assessment was completed under sec. 143(3) of the Act, which was revised in pursuance

MOONLIGHT STUDIO,NAGPUR vs. DY. COMMISSIONER OF INCOME TAX, CPC, BANGALORE

In the result, the appeal is DISMISSED

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

section 143(1)/154 of the Act and learned CIT(A) erred in sustaining the same. (3) That the learned CIT(A) erred in law and on facts in upholding the order passed by AO and in not allowing the business loss of Rs. 13,69,203/- and consequently not allowing carry forward. On the facts and circumstances

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

depreciation is allowed in accordance with the provisions of section 11(6) of the Act. 7. As regards the addition of ` 23,32,216, on account of investment in violation of provisions of section 11(5) r/w section 13(1)(d) of the Act, we find that there is no scope of adding back the investment as an income only

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

In the result, appeal filed by the assessee is dismissed

3 & 4 of the Department are dismissed.”\n5. Since the issue for our adjudication is identical to the issue decided above, consistent with the view taken therein, we dismiss the connected ground(s) raised by the Revenue by upholding the impugned order passed by the learned CIT(A) for both the years under consideration

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

In the result, appeal filed by the assessee is dismissed

3 & 4 of the Department are dismissed.”\n5. Since the issue for our adjudication is identical to the issue decided\nabove, consistent with the view taken therein, we dismiss the connected\nground(s) raised by the Revenue by upholding the impugned order passed by\nthe learned CIT(A) for both the years under consideration viz. A.Y. 2011-12\nand

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

In the result, appeal filed by the assessee is dismissed

section 40(a)(ia) of I.T. Act 1961 cannot be invoked. The reasons for disallowance given by A.O. is unjustified and has correctly being held by CIT(A) to be not a valid reason for not allowing the claim of deduction. It is also noted that at the time of date of redemption due compliance of tax deducted at source

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

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

13. Section 68 of the Act has received considerable attention of the courts. It has been held that it is necessary for an assessee to prove prima facie the transaction which results in a cash credit in his books of account. Such proof would include proof of identity of the creditor, capacity of such creditor to advance the money

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

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

depreciation 27.10.2009 to as per CA schedule 31.03.2016 certificate 1. Land 4,272.31 256.71 4,529.02 18.83 2,25,88,896 Civil Construction & 2. 9,850.45 1,388.10 11,238.55 46.73 5,60,53,283 Site Development Economic Explosives Ltd. ITA no.177/Nag./2022 ITA no.242/Nag./2023 Plant & Machinery, 3. Electricals, Technical 7,805.37 477.98 8,283.35 34.44 4,13,13

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

depreciation 27.10.2009 to as per CA schedule 31.03.2016 certificate 1. Land 4,272.31 256.71 4,529.02 18.83 2,25,88,896 Civil Construction & 2. 9,850.45 1,388.10 11,238.55 46.73 5,60,53,283 Site Development Economic Explosives Ltd. ITA no.177/Nag./2022 ITA no.242/Nag./2023 Plant & Machinery, 3. Electricals, Technical 7,805.37 477.98 8,283.35 34.44 4,13,13

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

depreciation of Rs. 47,53,025/-. 8. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of unsecured loans being unexplained credits Rs. 6,45,38,278/-. 5 M/s. Shree Agarwal Coal India Pvt. Ltd.& Group Cases 9. On the facts and circumstances of the case, the learned

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

depreciation of Rs. 47,53,025/-. 8. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of unsecured loans being unexplained credits Rs. 6,45,38,278/-. 5 M/s. Shree Agarwal Coal India Pvt. Ltd.& Group Cases 9. On the facts and circumstances of the case, the learned

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

13. The decision so arrived in this appeal, mutatis mutandis, shall be applicable to the other appeal as well. ITA no.30/Nag./2018 Revenue’s Appeal – A.Y. 2012-13 2. The grounds of appeal raised by the Revenue are as follows:- “1. On the facts and circumstances of the case and in law, the learned CIT(Appeals)-3 has erred

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

13. The decision so arrived in this appeal, mutatis mutandis, shall be applicable to the other appeal as well. ITA no.30/Nag./2018 Revenue’s Appeal – A.Y. 2012-13 2. The grounds of appeal raised by the Revenue are as follows:- “1. On the facts and circumstances of the case and in law, the learned CIT(Appeals)-3 has erred