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

permanent character and are in the nature revenue expenditure and hence held to be allowable. 7.10 With regard to the expenditure incurred in respect of rent at Rs.116.86 lacs. Sufficient evidence has been brought on record by the appellant to establish that the said property is being used for the purpose of its business. The said property situated

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..

disallowed deduction u/s 40(a)(ia) of Rs.52,79,636/- on interest payment and an amount of Rs.2,74,79,379/- being provision of salary and DA payable to the teaching and non teaching staff as it is in the nature of an unascertained liability. Income has therefore been assessed at Rs.4,97,66,540/-. 3. Upon assessee’s appeal

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

In the result, Revenue’s appeal is dismissed

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

permanent account number (PAN, and complete address of the parties but also submitted copies of the balance sheet and bank accounts to evidence the entries of loan amounts. The addition made by the AO is held to be unjustified and without any basis whatsoever. In the result the addition of Rs.68,02,624 is ordered to be deleted.” 20. Considering

I.T.O.(T.D.S.) WARD 2(3), CHANDRAPUR vs. ULTRATECH CEMENT LTD UNIT AWARPUR CEMENT WORKS,

In the result, the appeal of the assessee is allowed

Bench: Shri Shamim Yahya & Shri Ram Lal Negi

disallowance / additions by holding as under:– “6. I have considered the facts of the case and submissions of the appellant. There is substantial force in the submissions made. The legislative history of Section 194C of the Income Tax Act, 1961 makes it very clear that the action of the Id. AO is based on an erroneous interpretation of the said

ATUL MANOHARRAO YAMSANWAR,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE 2(1), NAGPUR

In the result, appeal of the Assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri K.M. Roy, Hon’Ble Accountant, Member Atul Manoharrao Yamsanwar V. Acit – Central Circle – 2(1) Plot No. 33, Manoharrao Room No. 312, 3Rd Floor Khare Town, Dharampeth Aayakar Bhavan, Telangkhedi Road Nagpur - 440010 Civil Lines, Nagpur - 440001 Pan – Aaepy4543Q (Appellant) (Respondent)

disallowances where no incriminating evidence was found during the search proceeding at the premise of the assessee. 3. Whether the Ld. CIT is justified in law and fact for upholding an additions to the tune of Rs. 24,21,318/- as unexplained income under Sec 69A 4. Whether the Ld. CIT is justified in law and fact for upholding