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

36,75,501/-and Rs.18.82,79.547/- respectively are liable to be excluded from the computation of book profit u/s 115JB of the Act. 15. We also deem it fit to reproduce below Para–14.7 to 19.13 of the order dated 08/04/2024, passed by the Co–ordinate Bench of the Tribunal, Mumbai Bench, in IPCA Laboratories Ltd. v/s DCIT

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

36,75,501/-and Rs.18.82,79.547/- respectively are liable to be excluded from the computation of book profit u/s 115JB of the Act. 15. We also deem it fit to reproduce below Para–14.7 to 19.13 of the order dated 08/04/2024, passed by the Co–ordinate Bench of the Tribunal, Mumbai Bench, in IPCA Laboratories Ltd. v/s DCIT

ASSISTANT COMMISSIONER OF INCOME TAX AKOLA CIRCLE , AKOLA vs. AKOLA URBAN CO-OPRATIVE BANK LTD , AKOLA

In the result, appeal filed by the Revenue is dismissed

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

36(1)(viia) of the Act, resulting in miscarriage of justice. 4. Any other ground which may be taken at the time of hearing with the permission of Hon'ble ITAT.” 3. Facts in Brief:– The assessee is a Scheduled Co-operative Bank engaged in the activities of banking within the purview of Banking Regulation Act. The assessee filed

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA COAL(INDIA) LTD, NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

iv) the assessee failed to prove the genuineness of the transactions and the credit worthiness of the investors during assessment proceedings; (v) assessee had clearly utilized the services of various bogus entities through D.P. Sarda and other brokers to launder its unaccounted money in the form of share application money and share premium. 9. While perusing the order

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA GLOBAL RESOURCES LTD(EAELIER KNOWN AS GUPTA COALFIELDS & WASHHERIES LTD), NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

iv) the assessee failed to prove the genuineness of the transactions and the credit worthiness of the investors during assessment proceedings; (v) assessee had clearly utilized the services of various bogus entities through D.P. Sarda and other brokers to launder its unaccounted money in the form of share application money and share premium. 9. While perusing the order

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA COAL(INDIA) LTD, NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

iv) the assessee failed to prove the genuineness of the transactions and the credit worthiness of the investors during assessment proceedings; (v) assessee had clearly utilized the services of various bogus entities through D.P. Sarda and other brokers to launder its unaccounted money in the form of share application money and share premium. 9. While perusing the order

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA GLOBAL RESOURCES LTD(EAELIER KNOWN AS GUPTA COALFIELDS & WASHHERIES LTD), NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

iv) the assessee failed to prove the genuineness of the transactions and the credit worthiness of the investors during assessment proceedings; (v) assessee had clearly utilized the services of various bogus entities through D.P. Sarda and other brokers to launder its unaccounted money in the form of share application money and share premium. 9. While perusing the order

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA COAL(INDIA) LTD, NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

iv) the assessee failed to prove the genuineness of the transactions and the credit worthiness of the investors during assessment proceedings; (v) assessee had clearly utilized the services of various bogus entities through D.P. Sarda and other brokers to launder its unaccounted money in the form of share application money and share premium. 9. While perusing the order

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA COAL(INDIA) LTD, NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

iv) the assessee failed to prove the genuineness of the transactions and the credit worthiness of the investors during assessment proceedings; (v) assessee had clearly utilized the services of various bogus entities through D.P. Sarda and other brokers to launder its unaccounted money in the form of share application money and share premium. 9. While perusing the order

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA GLOBAL RESOURCES LTD(EAELIER KNOWN AS GUPTA COALFIELDS & WASHHERIES LTD), NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

iv) the assessee failed to prove the genuineness of the transactions and the credit worthiness of the investors during assessment proceedings; (v) assessee had clearly utilized the services of various bogus entities through D.P. Sarda and other brokers to launder its unaccounted money in the form of share application money and share premium. 9. While perusing the order

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA COAL(INDIA) LTD, NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

iv) the assessee failed to prove the genuineness of the transactions and the credit worthiness of the investors during assessment proceedings; (v) assessee had clearly utilized the services of various bogus entities through D.P. Sarda and other brokers to launder its unaccounted money in the form of share application money and share premium. 9. While perusing the order

ASTT.COMMISSIONER OF INCOME TAX,CENTRAL CIR 2(3) R, NAGPUR vs. M GUPTA COALFIELDS & WASHERIES LTD., NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

iv) the assessee failed to prove the genuineness of the transactions and the credit worthiness of the investors during assessment proceedings; (v) assessee had clearly utilized the services of various bogus entities through D.P. Sarda and other brokers to launder its unaccounted money in the form of share application money and share premium. 9. While perusing the order

ASSTT. C.I.T, CENTRAL CIR, -2(1), NAGPUR vs. M/S GUPTA GLOBAL RESOURCES LTD(EAELIER KNOWN AS GUPTA COALFIELDS 7 WASHHERIES LTD), NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

iv) the assessee failed to prove the genuineness of the transactions and the credit worthiness of the investors during assessment proceedings; (v) assessee had clearly utilized the services of various bogus entities through D.P. Sarda and other brokers to launder its unaccounted money in the form of share application money and share premium. 9. While perusing the order

ASSTT.C,I,.T, CENTRAL CIR, -2(3), NAGPUR vs. M/S GUPTA COALFIELDS & WASHERIES LTD., NAGPUR

In the result, cross objections No

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

iv) the assessee failed to prove the genuineness of the transactions and the credit worthiness of the investors during assessment proceedings; (v) assessee had clearly utilized the services of various bogus entities through D.P. Sarda and other brokers to launder its unaccounted money in the form of share application money and share premium. 9. While perusing the order

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

36,654/-. 7. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of disallowance of 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

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

36,654/-. 7. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of disallowance of 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

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

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

36,654/-. 7. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of disallowance of 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

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. M/S SHREE AGRAWAL FINANCE INDIA P. LTD.,, NAGPUR

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

36,654/-. 7. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of disallowance of 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

DY. C.I.T. CENTRAL CIR.-2(2), NAGPUR vs. M/S SHREE AGRAWAL FINANCE INDIA P. LTD.,, NAGPUR

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

36,654/-. 7. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of disallowance of 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