DEPUTY COMMISSIONER OF INCOME TAX CIRCLE -2, NAGPUR vs. SHRI ROHAN JAGDALE , NAGPUR

In the result, appeal of the Revenue dismissed

Bench: Shri V. Durga Rao & Shri Khettra Mohan Roy

disallowing business promotion expenses of Rs.13,26,600/- vide order dated 02.11.2016 passed u/sec.143(3) of the Act. 3 ITA.No.85/NAG./2020 3. On being aggrieved, the assessee carried the matter in appeal before the learned CIT(A). 4. The learned CIT(A) after considering the submissions of the assessee and the assessment order, deleted the addition of Rs.1

DY. C.I.T. CENTRAL CIR2(2), NAGPUR vs. M/S SHREE AGRAWAL COAL INDIA PVT. LTD.,, NAGPUR

In the result, Revenue’s appeal stands dismissed

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

Disallowance u/s 40A(2)(b) ` 7,70,943 4. Deemed dividend u/s 2(22)€ ` 9,63,76,334 5. Deemed

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

deemed dividend u/s 2(22)(e) of Rs. 8,75,36,654/-. 7. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of disallowance

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

deemed dividend u/s 2(22)(e) of Rs. 8,75,36,654/-. 7. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of disallowance

M/S SHREE AGRAWAL COAL INDIA PVT. LTD,NAGPUR vs. A,C.I.T CENT CIR. 1(2), NAGPUR

In the result, assessee’s appeal stands allowed

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

Deemed Dividend u/s 2(22)(d) ` 7,69,50,670 Share application & premium treated 6. ` 3,70,00,000 unexplained ` 6,15,49,178 7. Unsecured loans treated unexplained ` 26,74,93,739 8. Sundry creditors treated unexplained ` 8,69,520 9. Expenses disallowed

DY. C.I.T. CENTRAL CIR2(2), NAGPUR vs. M/S SHREE AGRAWAL COAL INDIA PVT. LTD.,, NAGPUR

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

deemed dividend u/s 2(22)(e) of Rs. 8,75,36,654/-. 7. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of disallowance

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

deemed dividend u/s 2(22)(e) of Rs. 8,75,36,654/-. 7. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of disallowance

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

deemed dividend u/s 2(22)(e) of Rs. 8,75,36,654/-. 7. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of disallowance

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

deemed dividend u/s 2(22)(e) of Rs. 8,75,36,654/-. 7. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made on account of disallowance

RAVINDRA KHANDELWAL,AKOLA vs. ASSISTANT COMMISSIONER OF INCOME TAX - CIRCLE AKOLA , 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

deemed dividend doesn't arise. Unsecured loans taken in personal capacity The assessee has taken unsecured loans in personal capacity from friends and family during the year under consideration. As discussed above as well, the loans were in turn used to support the business of the assessee through KJAPL. This was required to be done as companies are not allowed

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

deems it fit that such expenses should be disallowed and hence added to the total income of the appellant and thereby increasing the total income of the appellant, the same shall be eligible for deduction under Section 80P(2)(a) being profits and gains of business of the appellant. Hence your honor is request to consider the matter in above

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

In the result, Revenue’s appeal stands dismissed

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

deemed dividend u/s 2(22)(e) as per para 16 Cash deposits with H.D.F.C. bank treated as ` 42,36,000 13. undisclosed income. As per para 17 ` 19,72,89,087 4 Shri Dharampal Ramkumar Agarwal ITA no.307/Nag./2016 The assessee being aggrieved by the additions so made by the Assessing Officer, filed appeal before the first appellate authority

LOKMANYA TILAD JANAKALYA SHIKSHAN SANSTHA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE -2, NAGPUR

In the result, this appeal by the assessee stands partly allowed

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

deemed to be in default as mentioned under the second proviso to sec. 40a)(ia) of the I.T. Act 1961 as the conditions under the first proviso to sec. 201 of the I.T. Act 1961 are complied with i.e. Vol IV i) M/s. Prowess Financial Services Pvt. Ltd. has furnished its return of income uls 139(1) on 30109/2008

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

deeming fiction of section 68 have been invoked only on the basis of non-furnishing of tax returns and bank statement of lenders. 2 Ravindra Madanlal Khandelwal ITA no.375/Nag./2024 2. Whether on the facts and circumstances of the case, the learned First Appellate Authority was justified in endorsing disallowing of interest income of Rs.74,32,292/-. 3. Whether

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

dividend to shareholders. But the assessee was free to use the Economic Explosives Ltd. ITA no.177/Nag./2022 ITA no.242/Nag./2023 money in its business entirely as it like and was not obliged to spend the money for a particular purpose. The subsidies had not been granted for production of, bringing into existence and the new asset. The subsidies were granted

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

dividend to shareholders. But the assessee was free to use the Economic Explosives Ltd. ITA no.177/Nag./2022 ITA no.242/Nag./2023 money in its business entirely as it like and was not obliged to spend the money for a particular purpose. The subsidies had not been granted for production of, bringing into existence and the new asset. The subsidies were granted

DCIT AKOLA CIRCLE, AKOLA, AKOLA vs. THE AKOLA JANATA COMMERCIAL CO-OPERATIVE BANK LTD., AKOLA

In the result, Revenue’s appeal is dismissed

Bench: Shri Narender Kumar Choudhry & Shri K.M. Roy, Accountant, Member

deemed fit.” 4. The learned Departmental Representative expressed that the mistake rectified in the impugned order dated 22/03/2024, is a palpable one and is apparent from the records. Thus, he prayed that the impugned order passed by the learned CIT(A) be overturned. He ultimately submitted that appropriate rate of surcharge is 37%. 5. Per–contra, the learned Authorised Representative

TAJSHREE AUTOWHEELS PRIVATE LIMITED,NAGPUR vs. ACIT CIRCLE-4, NAGPUR

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

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

disallowed and added back to the total income of the assessee under the head 'Income from Other Sources'. Penalty proceedings u/s 271(1)(c) of Income Tax Act, 1961 initiated separately for furnishing inaccurate particulars of income.” 6 Tajshree Autowheels Pvt. Ltd. ITA no.400/Nag./2024 6. Consequent upon the assessment order so passed by the Assessing Officer, the assessee being