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

VIKAS GUPTA ,INDORE vs. PR. COMMISSIONER OF INCOME TAX (CENTRAL), NAGPUR, NAGPUR

In the result, assessee’s appeal stands allowed

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

68 do no emanate from any seized documents which are incriminating in nature. In this regard, we refer and rely upon the decision of the Co–ordinate Bench of the Tribunal, Kolkata Bench, in Arati Ray v/s DCIT, ITA no.778/Kol./2024, for the assess– ment year 2014–15, order dated 11/07/2024, wherein the Bench, on identical issue, held as under

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

dividend income of ` 20,15,861 is exempt under section 10(3) of the Act. Ground no.5, raised by the Revenue is thus dismissed by upholding the impugned order passed by the learned CIT(A). 18. Ground no.6, raised by the Revenue relates to the addition of ` 68,02,624, made on account of unexplained unsecured loans. 19. The observations

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

deemed dividend\nof Rs.4,03,68,424/- (after rectification Rs.81,93,107/-)\n8. On the facts and in the circumstances of the case and in law, the learned\nCIT(A) has erred in deleting the addition of Rs.3,87,27,243/- made on account\nof unexplained cash credits.\n9. On the facts and in the circumstances of the case

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 being ITA no

deemed dividend\nof Rs.4,03,68,424/- (after rectification Rs.81,93,107/-)\n8. On the facts and in the circumstances of the case and in law, the learned\nCIT(A) has erred in deleting the addition of Rs.3,87,27,243/- made on account\nof unexplained cash credits.\n9. On the facts and in the circumstances of the case

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 of Rs.4,03,68,424/- (after rectification Rs.81,93,107/-) 8. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in deleting the addition of Rs.3,87,27,243/- made on account of unexplained cash credits. 9. On the facts and in the circumstances of the case

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

In the result, Revenue's appeal being ITA no

deemed dividend\nof Rs.4,03,68,424/- (after rectification Rs.81,93,107/-)\n8. On the facts and in the circumstances of the case and in law, the learned\nCIT(A) has erred in deleting the addition of Rs.3,87,27,243/- made on account\nof unexplained cash credits.\n9. On the facts and in the circumstances of the case

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 being ITA no

deemed dividend\nof Rs.4,03,68,424/- (after rectification Rs.81,93,107/-)\n8. On the facts and in the circumstances of the case and in law, the learned\nCIT(A) has erred in deleting the addition of Rs.3,87,27,243/- made on account\nof unexplained cash credits.\n9. On the facts and in the circumstances of the case

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 of Rs.4,03,68,424/- (after rectification Rs.81,93,107/-) 8. On the facts and in the circumstances of the case and in law, the learned CIT(A) has erred in deleting the addition of Rs.3,87,27,243/- made on account of unexplained cash credits. 9. On the facts and in the circumstances of the case

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

Deemed Dividend u/s. 2(22)(e) 6. Unsecured loans added ` 14,97,50,912 7. Sundry creditors added ` 10,72,87,744 8. Expenses disallowed ` 55,83,523 9. ` 39,42,28,108 The assessee being aggrieved by the issuance of the assessment order so passed by the Assessing Officer, is in appeal before the first appellate authority. 3 Shree

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

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