DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(3), NAGPUR vs. M/S. FUELCO COAL INDIA LTD., NAGPUR

Appeal of the Revenue is dismissed

Bench: Shri V. Durgarao & Shrik.M. Roy, Accountant, Member

2] and Sumati Dayal [214 ITR 801] and held that facts and circumstances of the impugned case are similar to those covered by the above mentioned judicial decisions. The AO has invoked the proviso to section 68 of the Act and held that creditworthiness of the investor M/s Saphire Marketing Pvt Ltd and genuineness of the transaction

ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

In the result, appeal of the Revenue stands dismissed

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

Section 14A(2) was to proceed further to collect material or evidence to determine expenditure, if any, incurred by assessee-But AO instead, relying on Rule 8D applied a formula applicable to assessee who has incurred expenditure by way of interest which is not directly attributable to any particular income or receipt which was not case of present assessee

ASSTT. COMMISSIONER OF INCOME TAX.CIRCLE-7, NAGPUR vs. M/S BALLARPUR INDUSTRIES LTD., GURGAON

Bench: Shri Shamim Yahya (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2008-09 The Acit, Circle-7, M/S Ballarpur Industries Ltd., Room No. 521, 5Th Floor, First India Palace, Gurgao Road, Mecl Building, Haryana Nagpur Vs. Pan : Aaacb5343E

68,51,846/- inter alia making disallowance of Rs. 11,25,00,000/- i.e. depreciation on Aircraft @ 40%. In the first appeal, the Ld. CIT (A) allowed the depreciation @ 40% on aircraft aero-engine and deleted the addition. Aggrieved by the order of the Ld. CIT (A), the revenue has challenged the impugned order before the ITAT by raising