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

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

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. 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

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

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:-

depreciation was claimed in excess has not been undertaken by the Pr. CIT. He had exercised the second option available to him under section 263(1) of the Act by sending the entire matter back to the assessing officer for a fresh assessment. That option, in the considered view of the Court, can be exercised only after

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

2,74,00,000 and whether or not the learned CIT(A) was correct in granting relief under section 32(1)(iia) of the Act when the same is prospective effective from 1st April 2013. This issue has been raised by the Revenue in its appeal being ITA no.437/Nag./2016 (ground no.6 & 7), Revenue’s appeal being ITAno.438/Nag./2016 (ground

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

2,74,00,000 and whether or not the learned CIT(A) was correct in granting relief under section 32(1)(iia) of the Act when the same is prospective effective from 1st April 2013. This issue has been raised by the Revenue in its appeal being ITA no.437/Nag./2016 (ground no.6 & 7), Revenue’s appeal being ITAno.438/Nag./2016 (ground

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

2,74,00,000 and whether or not the learned CIT(A) was correct in granting relief under section 32(1)(iia) of the Act when the same is prospective effective from 1st April 2013. This issue has been raised by the Revenue in its appeal being ITA no.437/Nag./2016 (ground no.6 & 7), Revenue’s appeal being ITAno.438/Nag./2016 (ground

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

2,74,00,000 and whether or not the learned CIT(A) was correct in granting relief under section 32(1)(iia) of the Act when the same is prospective effective from 1st April 2013. This issue has been raised by the Revenue in its appeal being ITA no.437/Nag./2016 (ground no.6 & 7), Revenue’s appeal being ITAno.438/Nag./2016 (ground

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

2,74,00,000 and whether or not the learned CIT(A) was correct in granting relief under section 32(1)(iia) of the Act when the same is prospective effective from 1st April 2013. This issue has been raised by the Revenue in its appeal being ITA no.437/Nag./2016 (ground no.6 & 7), Revenue’s appeal being ITAno.438/Nag./2016 (ground

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

2,74,00,000 and whether or not the learned CIT(A) was correct in granting relief under section 32(1)(iia) of the Act when the same is prospective effective from 1st April 2013. This issue has been raised by the Revenue in its appeal being ITA no.437/Nag./2016 (ground no.6 & 7), Revenue’s appeal being ITAno.438/Nag./2016 (ground

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 allowable thereon as per the prescribed rules and procedures under the Income-tax Act. In the instant case, indisputably, 25 ACIT, CIRCLE-7, NAGPUR VS M/s. Newquest Corporation Ltd. (Now known as Avantha Holdings Ltd) advertisement expenses towards brand building are revenue in nature nor any material has been placed before us by the Revenue, suggesting that any tangible

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

35,950/- after allowing set off of brought forward loss of Rs.40,27,302/- pertaining to A.Yr.2004-05 and deduction of Rs. 1,95,18,863/- u/s 80P of the Act. (vi). For A.Yr.2006-07, the return of income was filed on 31.10.2006 declaring nil income after claiming deduction u/s.80P of Rs.28,39,640/-. As per item No.25

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

section 143(2) and 142(1) of the Income Tax Act, 1961 (“the Act”) were issued to the assessee. The assessee debited the amortization expenses due to road construction of ` 7,92,63,747. Out of the total revenue, the receipt of ` 12,99,35,303, was from toll collection and road crossing income. As per the clarification

SHRI MAHESH DEVDUTTA GUPTA,,NAGPUR vs. ACIT, CENTRAL CIRCLE- 2(3),, NAGPUR

In the result, the addition so made is directed to be deleted and the ground of appeal is allowed

Bench: Shri Vikram Singh Yadav & Shri Yogesh Kumar U.S

depreciation of Car, Insurance, interest on car loan and conveyance as personal expenses. On the facts and in the circumstances of the case the action of the learned authorities is arbitrary and hence unjustified. Alternatively the disallowance is on higher side. 4 ITANo.143/Nag/2017 (9) That the learned CIT(A) erred in law and on facts in confirming and upholding

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

35] 3.4 Therefore, the very fact that the loan was used for the purpose of the business of a related concern is quite evident. As the newly formed Private Limited company could not borrow more from for the financial institutions the only option available was to mobilize funds from the open market. However, as the Company Acts prohibit direct acceptance