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

disallowing the assessee’s claim for set-off of brought forward losses of Rs. 59.92 lacs assessed its income at Rs.59.92 lacs. 3. Aggrieved, the assessee carried

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

carry forward business loss of Rs.34,43,552/- of A.Y. 2013-14 against the above said Long Term Capital Gain and Short Term Capital Gain. The AO asked the assessee why the claim of set off of business loss should not be disallowed

M/S RAMSONS REFRACTORIES PVT . LTD ,NAGPUR vs. ASSISTANT COMISSIONER OF INCOME TAX CENTRAL CIRCLE 2(2) , NAGPUR

In the result, the appeal of assessee is allowed

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Ravi

disallowance of set off of brought forward business loss. The facts apropos these grounds are that the assessee in his return u/s.153A claimed set off of business loss of Rs.1,45,021/- and speculation loss of Rs.2,50,950 against the current income. The AO did not grant the set off on the ground that the set off, which

DAYAL AGRO PRODUCTS LTD,AKOLA vs. JCIT, AKOLA RANGE, AKOLA

In the result, the assessee’s appeal is allowed

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

loss claimed to have been carried forward for the assessment year 2010-11 amounting to Rs.3.59 crores can be disallowed

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

carried forward at ` (-) 9,17,22,792, including unabsorbed 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 and selected for scrutiny. The assessment was completed on a total loss of ` (–) 2,44,14,471, by making addition

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

disallowance was made under section 40(a)(ia) of the Act. Effectively, the business loss to be carried forward for subsequent

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, NAGPUR vs. SMT. ANJU AJAY SARAF, NAGPUR

In the result, Revenue’s appeal for the A

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

carried forward by the assessee in any year. Even there was no brought forward loss from the earlier years to be adjusted against the income for the year under consideration. We further find that insofar as the CBDT Circular no.1/2016 dated 15/02/2016 is concerned, the learned CIT(A) has in detail clarified that the issue is covered by the said

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, NAGPUR vs. SMT. ANJU AJAY SARAF, NAGPUR

In the result, Revenue’s appeal for the A

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

carried forward by the assessee in any year. Even there was no brought forward loss from the earlier years to be adjusted against the income for the year under consideration. We further find that insofar as the CBDT Circular no.1/2016 dated 15/02/2016 is concerned, the learned CIT(A) has in detail clarified that the issue is covered by the said

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

carried forward. The ld. AR of the assessee thus submitted that the company is a juristic person and has lost entire investment of Rs.9.26 crores. The ld. AR of the assessee relied on the decision of ITAT Nagpur Bench decision in the case of Alok Ferro Alloys Pvt. Ltd. (ITA No. 30/Nag/1998 order dated 24-02-2006) and further submitted

ASSTT.COMMISSIONER OF INCOME TAX CIRCLE-5, NAGPUR vs. THE NIRMAL UJWAL CREDIT CO-OP SOCIETY LTD, NAGPUR

In the result, appeal filed by the Revenue for the assessment year

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

disallowing c/f losses of Rs. 8,10,36,076/-, the appellant wishes to submit that it has annexed the chart prepared on the basis of returned loss and assessed loss by the department itself. Accordingly, the AO had accepted the carry forward

SANJAY GULABCHAND GUPTA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX,CIRCLE-4, NAGPUR

In the result, appeal by the assessee stands dismissed

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

Disallowance of claim u/s 54F at Rs.1,58,64,162/- 2. Assessee filed the retum declaring Income at "NIL". Assessee has Business Income. After deduction u/s 35AD and carry forward Losses

M/S JAGDAMBA REALTORS PVT.LTD ,NAGPUR vs. ASSTT COMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(1), NAGPUR

In the result, Ground No.1 & 3 raised by the assessee are allowed for statistical purpose

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.220/Nag/2018 िनधा"रण वष" / Assessment Year : 2011-12 M/S.Jagdamba Realtors Pvt. The Assistant Ltd., V Commissioner Of 6Th Floor, Nikalas Tower, S Income Tax, Central Central Bazar, Ramdaspeth, Circle-2(1), Nagpur Nagpur – 440010. Pan: Aaacj4369A Appellant/ Assessee Respondent/Revenue Assessee By None Revenue By Shri Kailas Kanojiya – Sr.Dr Date Of Hearing 30/08/2023 Date Of Pronouncement 14/11/2023 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Order Under Section 250 Of The Income Tax Act, 1961 Passed By Ld.Commissioner Of Income Tax(Appeals)-3, Nagpur On 25.06.2018 For The A.Y. 2011-12. The Grounds Of Appeal Are As Under : “1. The Ex-Party Order Passed By Learned Commissioner Of Income Tax (Appeals)-3, Nagpur Is Illegal, Invalid & Bad In Law. M/S.Jagdamba Realtors Pvt. Ltd., [A]

disallowed to be carried forward of loss as the assessee did not filed the return on or before due date

SANJAY SHANKARRAO JADHAO,AMRAVATI vs. ASSISTANT COMMISSIONER OF INCOME TAX, AMRAVATI CIRCLE, AMRAVATI

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy

carried forward. A.O. in assessment order has observed that net loss from eligible business of Windmill and Power Generation of assessee as on 31/03/2016 is Rs.3,22,74,323/- and held that deduction in respect of eligible business u/s 801A(4)(iv) cannot exceed the profit of the eligible unit as if it were the only source of income

SHRI SUBUR KUMAR BANERJEE,,NAGPUR vs. A.C.I.T. (OSD) O/O C.I.T.-1, NAGPUR

In the result, assessee’s appeal is allowed

Bench: Shri Sandeep Gosain & Shri Arun Khodpia

loss was not allowed to carry forward to the subsequent year. The assessee gained nothing in claiming such interest and there was no mala filed intention while claiming the interest. The interest was claimed only because it was a housing loan interest which was duly paid by the assesse during the previous year relevant to the assessment year

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

forwarding expenses, compounding loss and sales promotion expenses. The Assessing Officer after taking into facts and circumstances of the case, passed order dated 7th March 2013, under section 143(3) r/w section 153A of the Act, inter–alia, disallowing deduction Rs. 2,49,12,652, claimed by the assessee under section 80IB of the Act. The assessee being aggrieved filed

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

forwarding expenses, compounding loss and sales promotion expenses. The Assessing Officer after taking into facts and circumstances of the case, passed order dated 7th March 2013, under section 143(3) r/w section 153A of the Act, inter–alia, disallowing deduction Rs. 2,49,12,652, claimed by the assessee under section 80IB of the Act. The assessee being aggrieved filed

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

forwarding expenses, compounding loss and sales promotion expenses. The Assessing Officer after taking into facts and circumstances of the case, passed order dated 7th March 2013, under section 143(3) r/w section 153A of the Act, inter–alia, disallowing deduction Rs. 2,49,12,652, claimed by the assessee under section 80IB of the Act. The assessee being aggrieved filed

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

forwarding expenses, compounding loss and sales promotion expenses. The Assessing Officer after taking into facts and circumstances of the case, passed order dated 7th March 2013, under section 143(3) r/w section 153A of the Act, inter–alia, disallowing deduction Rs. 2,49,12,652, claimed by the assessee under section 80IB of the Act. The assessee being aggrieved filed