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

1. Ground on the fact and in the circumstances of the case the Id. CIT(A) erred in allowing the depreciation of Rs.5,57,40,754/- when the claim of depreciation on assets, already applied against the receipts of the trust. The depreciation cannot be allowed as deduction as per the provision of section

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

1. Ground on the fact and in the circumstances of the case the Id. CIT(A) erred in allowing the depreciation of Rs.5,57,40,754/- when the claim of depreciation on assets, already applied against the receipts of the trust. The depreciation cannot be allowed as deduction as per the provision of section

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

32 Ravindra Madanlal Khandelwal ITA no.375/Nag./2024 disallowance of interest on borrowed capital is unjustified-ITO v. Naresh Fabrics [2002] 75 TTJ (Jodh.) 386. 24. The principles enunciated in various decisions are that if there are sufficient funds on a particular date to cover the advance, merely because the assessee has also taken some loan, it cannot be attributed that

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

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

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

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

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 on the new plant and or machinery under Section 32(l)(iia) of the Act. There is no requirement in Section 32(1

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 on the new plant and or machinery under Section 32(l)(iia) of the Act. There is no requirement in Section 32(1

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 on the new plant and or machinery under Section 32(l)(iia) of the Act. There is no requirement in Section 32(1

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 on the new plant and or machinery under Section 32(l)(iia) of the Act. There is no requirement in Section 32(1

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 on the new plant and or machinery under Section 32(l)(iia) of the Act. There is no requirement in Section 32(1

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 on the new plant and or machinery under Section 32(l)(iia) of the Act. There is no requirement in Section 32(1

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

ZIM LABORATORIES LIMITED ,NAGPUR vs. PR. CIT (CENTRAL), NAGPUR

In the result, appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. 99/Nag/2018 "नधा"रण वष" / Assessment Year : 2011-12 Zim Laboratories Ltd. Ground Floor, Sadodaya Gyan, Nelson Square, Opp. Nadt, Nagpur-440 013. Pan : Aaacz0200E .......अपीलाथ" / Appellant बनाम / V/S. The Pr. Commissioner Of Income Tax (Central) Nagpur. ……""यथ" / Respondent

32(1)(iia) of the Act qua the air handling system that was stated to have been purchased from M/s. Real Traders, a bogus concern, despite the fact that he had disallowed its claim for depreciation in respect of the aforesaid machinery, had thus rendered the order passed by him under Sec. 143(3) r.w.s 153A, dated 8 Zim Laboratories

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:-

1) was justified -Held, yes 26 27 Shri Mayur Khara vs Pr. CIT-2, Nagpur Even jurisdictional Bombay High Court, in the case of CIT vs. NiravModi [2017] 390 ITR 292(Bom) (HC), has held that the appellant had received gifts from donors located abroad. The gifts were received in previous years relevant to Assessment Years

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

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 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