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

depreciation for current year as well as preceding year. The assessee filed its revised return on 01/10/2015, claiming TDS which remained to be claimed in original return of income. There were no changes in income insofar as other claims are concerned. The case was selected for Scrutiny under CASS. The Assessing Officer concluded by passing order dated 27/12/2017, under section

M/S SHREE TRADERS ,BULDHANA vs. ASSISTANT COMMISSIONER OF INCOME TAX, AKOLA CIRCLE, AKOLA

In the result, the appeal of assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

depreciable assets for the year under consideration or not. In the present case, the assessee sought set off of brought forward business loss for A.Y. 2013-14 against the capital gain earned in 2014-15 i.e. year under consideration. The AO observed that the assessee shown business income Rs.(-)54,47,074/- which is a loss as per the computation

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

54,918/- being gain/ loss on foreign exchange fluctuation holding it a capital receipt without appreciating the fact that assessee company itself credited the amount as revenue receipt treating the same as revenue receipt. Whether the assessee has shown fluctuation as a capital receipt in earlier year is not relevant. The Id. CIT(A) has relied on the decision

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

depreciation alternatively allowable u/s 32 on the capital expenditure incurred by the appellant on construction of the Warehouse in accordance with section 35AD(4), not disputing the factum or quantum (except disallowance of construction expenses of Rs 1.90.70,349 discussed in succeeding paragraphs) of investment in construction of the warehouse by the appellant and its in principle eligibility for deduction

TAJSHREE MOTORS PVT LTD,NAGPUR vs. DCIT/ACIT CIRCLE-4, NAGPUR

In the result, appeal of the Assessee is allowed for statistical purposes

Bench: Shri Pawan Singh & Shri Khettra Mohan Roytajshree Motors Pvt. Ltd., Dict/Acit, Circle– 4, 17, Tajshree Estate, Vs Nagpur Nandanwan, Nagpur. Pan : Aacct 9187 G Assessee Respondent

54,88,905/-, in which depreciation of Rs. 60,60,315/- was deducted. Consequently, Ld. Assessing Officer (AO) completed the assessment making addition of Rs.2,94,28,950/-. 3. Aggrieved with the above addition, assessee preferred appeal before the Ld. CIT(A). Due to non-compliance to the various notices issued, Ld. CIT(A) dismissed the appeal

DREAMZ INFRASTRUCTURE ,AMRAVATI vs. NATIONAL E-ASSESSMENT CENTRE, DELHI

In the result, assessee’s appeal is allowed for statistical purposes

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

1. That the C.I.T. (Appeals) erred in confirming the addition made by estimating NP at 12% as against 7.13% disclosed by the assessee on the turnover of Rs.42,91,79,700/- and thereby making addition of Rs.2,17,70,635/. The estimation of net profit is absolutely improper and unjust more particulars as all the sale and purchase