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 pro/it 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

INCOME TAX OFFICER WARD-2, KHAMGAON, KHAMGAON vs. RENUKA OIL INDUSTRIES, KHAMGAON

In the result, Revenue’s appeal stands dismissed

Bench: Shri V. Durga Rao

254 of the Act or Commissioner of Income Tax (Appeals) under section 250 of the Act. It has also been held in various subsequent case laws that this restriction is not applicable to the appellate authorities and that the appellate authorities can entertain claims made otherwise than by way of return or revised return of income provided the appellate authorities

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

254, Bajaj Nagar, Nagpur. ……………. Appellant PAN – AAQPN4090H v/s Asstt. Commissioner of Income Tax, ……………. Respondent (OSD), Nagpur Assessee by : Shri M.G.Moryani, Advocate Revenue by : Shri Rajat Singhai, Sr. DR Date of Hearing – 27/06/2024 Date of Order – 27/06/2024 O R D E R PER K.M.ROY, A.M. The present appeal has been preferred by the assessee challenging the impugned order dated 18/10/2023, passed

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

In the result, Department's appeal stands dismissed

254] held that \"the activity of growing mushrooms under\ncontrolled conditions has been accepted as a manufacturing activity. It\nfollowed, therefore, that the shed in which mushrooms are grown has to be\ntreated as a factory building and depreciation has to be allowed a twice the\nnormal rate\".\n12. For manufacturing/producing of mushrooms, one building is essentially\nneeded in which

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

254 (Gauhati) it has been held that- “Under section 68 of Income Tax Act creditor‟s creditworthiness has to be judged vis-à-vis transactions, which have taken place between assessee and creditor, and it is not business of assessee to find out source of money of his creditor or genuineness of transactions, which took place between creditor

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

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

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