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

56,38,260/-. The AO on presumption basis @8% of total Closing WIP added Rs. 8,42,11,060/- to the total income of the appellant. 11. With respect to the above addition made the appellant wished to submit that, the appellant is not in the business of providing Construction services to third parties and not involved into the business

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

section 56 of the I.T. Act 1961 and thus it would not qualify for deduction as business income us.. 80P(2)(a)(i) of the I.T. Act, 1961. 6.1 As far as this issue is concerned, it seems that the Assessing Officer has misconceived facts of the case. The Assessing Officer has disallowed

HINGANGHAT NAGRI SAHAKARI PAT SANSTHA,HINGANGHAT vs. INCOME TAX OFFICER WARD-1, WARDHA

In the result, appeal by the assessee for A

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

disallowed the exemption u/s 80P. Hence grounds 1,4,5 and 7 are decided against the assessee.” 11 Hinganghat Nagri Sahakari Pat Sanstha ITA no.569/Nag./2024 4. We are in complete disagreement with the conclusion drawn by the learned CIT(A). He has completely misunderstood the ratio of the cases. Provisions of section 80AC of the Act has been amended

HINGANGHAT NAGRI SAHAKARI PAT SANSTHA,HINGANGHAT vs. INCOME TAX OFFICER WARD-1, WARDHA

In the result, appeal by the assessee for A

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

disallowed the exemption u/s 80P. Hence grounds 1,4,5 and 7 are decided against the assessee.” 11 Hinganghat Nagri Sahakari Pat Sanstha ITA no.569/Nag./2024 4. We are in complete disagreement with the conclusion drawn by the learned CIT(A). He has completely misunderstood the ratio of the cases. Provisions of section 80AC of the Act has been amended

HINGANGHAT NAGRI SAHAKARI PAT SANSTHA,HINGANGHAT vs. INCOME TAX WARD-1, WARDHA

In the result, appeal by the assessee for A

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

disallowed the exemption u/s 80P. Hence grounds 1,4,5 and 7 are decided against the assessee.” 11 Hinganghat Nagri Sahakari Pat Sanstha ITA no.569/Nag./2024 4. We are in complete disagreement with the conclusion drawn by the learned CIT(A). He has completely misunderstood the ratio of the cases. Provisions of section 80AC of the Act has been amended

VIRAMBHAI HARGOVANBHAI PATEL,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, DELHI

In the result appeal of the Revenue is dismissed

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

disallowance made in respect of difference in fair market value and sale consideration being only 11.46%, which is nominal in this line of business, therefore, addition confirmed U/s. 56(2)(x) at Rs.3,56,100/- is unjustified, unwarranted and excessive; 4. On the facts and circumstances of the case the learned Commissioner of Income Tax (Appeals) National Faceless Appeal Centre

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(3), NAGPUR vs. M/S VEDSIDHA PRODUCTS PRIVAT LIMITED, NAGPUR

In the result, appeal filed by the Revenue is allowed

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

disallowance under section 56(2)(viib) of the Act. M/s. Vedsidha Products Pvt. Ltd. ITA no.25/Nag./2020 Share Face Premium

DURGAPUR RAYATWARI COLLIERY KAMGAR SAHAKARI PAT SANSTHA,CHANDRAPUR vs. ITO WARD 2, CHANDRAPUR

In the result, appeal filed by the assessee is partly allowed

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

Disallowance of deduction claimed u/s 80P(2)(d) of the Act 6.1 During the course of appeal proceedings, the appellant furnished copy of the order of the earlier CIT(A) on identical issue, dated 05.06.2023 for the AY 2017-18 in appellant's own case, allowing the claim made u/s 80P(2)(d) of the IT Act by holding that

DURGAPUR RAYATWARI COLLIERY KAMGAR SAHAKARI PAT SANSTHA,CHANDRAPUR vs. ITO WARD-2, CHANDRAPUR

In the result, appeal filed by the assessee is partly allowed

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

Disallowance of deduction claimed u/s 80P(2)(d) of the Act 6.1 During the course of appeal proceedings, the appellant furnished copy of the order of the earlier CIT(A) on identical issue, dated 05.06.2023 for the AY 2017-18 in appellant's own case, allowing the claim made u/s 80P(2)(d) of the IT Act by holding that

COAL MINES WORKERS CREDIT CO- OPERATIVE SOCIETY LTD.,NAGPUR vs. ITO WARD 3(4), NAGPUR

In the result, appeal filed by the assessee are allowed

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

56 of the Act. Accordingly, the Assessing Officer held that interest income earned from FDR of ` 3,28,345, claimed by the assessee 3 Coal Mines Workers Credit Co–operative Society Ltd. under section 80P of the Act was disallowed

INCOME TAX OFFICER, WARD-1, CHANDRAPUR, CHANDRAPUR vs. BHAGYASHRI NAGRI SAHAKRI PAT SANSTHA MARYADIT, SINDEWAHI

In the result, appeal filed by the Revenue is dismissed

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

disallowed by the Faceless Assessing Officer (FAO) and addition was made of 2 Bhagyashri Nagri Sahakari Pat Sanstha Maryadit ITA no.374/Nag./2023 Rs. 6,51,25,536/- on account of interest earned from other Co-operative Banks and nationalised banks u/s 56 of the Act. 2. Whether on the facts and circumstances of the case and in law, the learned

NAGPUR DISTRICT SHALA KARMACHARI CREDIT CO-OPERATIVE SOCIETY LTD, NAGPUR,NAGPUR vs. INCOME TAX OFFICER WARD 4 (4), NAGPUR, NAGPUR

In the result, both the appeals filed by the assessee are allowed

56 of the Act. 9. The section 80P(2)(d) of the Act clearly specifies that the interest or dividend income received by a co-operative society from its investments with any other co-operative society is deductible in computing the Total Income. As in this case, Interest income is received from Bank and Co-operative Bank, therefore, the appellant

AMRAVATI JILHA VIMA KARMACHARI SAHAKARI PATSANSTHA MARYADIT,AMRAVATI vs. INCOME TAX OFFICER WARD-3, AMRAVATI

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao

disallowed and accordingly, the interest income of ` 12,25,500, earned by the assessee-society from co-operative bank and other banks was proposed to be assessed as "income from other sources" under section 56

M/S VINAYAK NAGARI SAHAKARI PAT. SANSTHA,BHANDARA vs. INCOME TAX OFFICER WARD-2, BHANDRA

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao

disallowing the claim of deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961 ("the Act") on account of interest earned from deposits / investment made in Nationalized Bank. 4. During the course of hearing, both the parties are in agreement with us that the issue in hand is covered by the decision of the Co–ordinate Bench

THE GREEN CITY NAGRI SAHAKARI PAT SANSTHA MARYADIT,NAGPUR vs. ITO WARD 2(2), NAGPUR

In the result, appeal filed by the assessee is allowed

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

disallowed by the AO and balance deduction of Rs.8,06,857/- has been allowed by the AO u/s 80P(2)(a)(1) of Act. Appellant has claimed relief u/s 57 of Act as income has been assessed as income from other sources. However, AO has not given the working of proportionate interest expenses against the Short Term Deposits with Union

COAL MINES WORKERS CREDIT CO-OPERATIVE SOCIETY LIMITED,NAGPUR vs. INCOME TAX OFFICER NFAC, DELHI

In the result, appeal filed by the assessee is allowed

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

disallowing the deduction claimed by the assessee Co– operative Society under section 80P(2)(a)(i) of the Income Tax Act, 1961 ("the Act"). 2 Coal Mines Workers Credit Co–operative Society Ltd. 3. The learned Authorised Representative appearing for the assessee reiterated the submissions made before the authorities below. Whereas, the learned Departmental Representative fairly agreed that the issue

COAL MINES WORKERS CREDIT CO-OPERATIVE SOCIETY LIMITED,NAGPUR vs. INCOME TAX OFFICER NFAC, NFAC DELHI

In the result, appeal filed by the assessee is allowed

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

disallowing the deduction claimed by the assessee Co– operative Society under section 80P(2)(a)(i) of the Income Tax Act, 1961 ("the Act"). 2 Coal Mines Workers Credit Co–operative Society Ltd. 3. The learned Authorised Representative appearing for the assessee reiterated the submissions made before the authorities below. Whereas, the learned Departmental Representative fairly agreed that the issue

DEPUTY COMMISSIONER OF INCOME TAX , CENTRAL CIRCEL-1(2, NAGPUR vs. M/S. VIBRANT GLOBAL CAPITAL LTD., MUMBAI

In the result, appeal filed by the Revenue is dismissed

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

disallowance made under section 14A of the Act. The assessee 3 M/s. Vibrant Global Capital Ltd. ITA no.229/Nag./2022 has not preferred any appeal against the addition upheld by learned CIT(A). The Revenue has preferred appeal in respect to additions deleted in the appeal of the assessee and are enumerated in the grounds of appeal reproduced above