ITAT Nagpur

Deduction u/s. 80P(2)) allowable on additions due to unexplained deposits received in the course of business

Assistant Commissioner of Income-tax, Circle-IV Vs Buldana Urban Co-operative Credit Society Ltd. (ITAT Nagpur)

This is not denied that the assessee is engaged in the business of providing credit facilities to its members. The credit facilities cannot be provided until and unless the assessee receives the deposits. It cannot always be provided out of its own capital. Receiving of the deposit is necessary and essential for advancing the money on cre...

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State Government is a person for the purposes of collecting TCS

Collector Vs Income-tax Officer (TDS), Ward-2(2), Amravati (ITAT Nagpur)

Income Tax is a code in itself and for levying taxes certain terms have been defined in a particular manner and they carry special meanings. Word 'person' is one among them. So, in our humble opinion, State Government is a person for purposes of collecting tax at sources as per the provisions of Sec 206C of the Act....

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Profit on sale of Agricultural Land -Business Income or Capital Gain?

Assistant Commissioner of Income-tax, Circle-1 Vs Bhopindersingh R. Arneja (ITAT Nagpur)

AO has, as highlighted by the FAA, not produced any evidence that assessee was purchasing and selling plots of land in subsequent and earlier assessment years. AO is entitled to draw inferences and conclusions during assessment proceedings. But, the conclusion which adversely affect the interests of a tax-payer should be based on facts an...

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Expense on worship of Hindu Gods & Temple maintenance cannot be regarded to be for religious purpose

Shiv Mandir Devsttan Panch Committee Sanstan Nagpur Vs CIT-1 Nagpur (ITAT Nagpur)

It cannot be said that Hindu is a separate community or a separate religion. Technically Hindu is neither a religion nor a community. Therefore, expenses incurred for worshipping of Lord Shiva, , Hanuman, Goddess Durga and for maintenance of temple cannot be regarded to be for religious purpose. ...

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Fees for Technical Services, even if rendered outside India are taxable consequent to retrospective amendment in Section 9 by the Finance Act, 2010

Canara Bank Vs ITO (ITAT Nagpur)

Mumbai Tribunal Ruling: Fees for Technical Services, even if rendered outside India, are taxable consequent to retrospective amendment in Section 9 by the Finance Act, 2010 (Ashapura Minichem Limited v. ADIT)(ITA No. 2508/M/2008)...

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If assessee deposited advance received as per agreement as required U/s. 54EC, he cannot be treated as a defaulter for the same

Bhikulal Chandak (HUF) Vs ITO (ITAT Nagpur)

Even without going to all the strict interpretation, even otherwise on receipt of advance as per the agreement, if the assessee deposited the amount as required us 54EC. he cannot be treated as a defaulter for the same....

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Penalty having commercial nature and paid in the normal course business is allowable

Western Coalfields Vs. ACIT (ITAT Nagpur)

Explanation to s. 37 (1) does not apply to “penalty” which is not of the nature of illegal / unlawful expenditure The assessee became liable to pay “penalty” for overloading wagons under the rules of the Railways. The question arose whether the said “penalty” was disallowable under the Explanation to s. 37 (1) which provides t...

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Deduction U/s. 80-IB(10) need to be given proportionally if a few residential units are exceeding the built-up area of 1500 sq. ft prescribed by section

ITO Vs AIR Developers (ITAT Nagpur)

It is apparent from the perusal of section 80IB(10) that this section has been enacted with a view to provide incentive for businessmen to undertake construction of residential accommodation for smaller residential units and the deduction is intended to be restricted to the profit derived from the construction of smaller units and not fro...

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Valuation of residential accommodation provided by PSU to its employees

Canara Bank Vs ITO (ITAT Nagpur)

48. Section 17(2)(ii) as it stood prior to amendment in 2007 did not contain any 'deeming clause' to deem rent paid less than 10% or 7.5% as a concession or that the employees is deemed to have received that concession. An employer may provide residential accommodation to his employees for several reasons. It is also possible that for mak...

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Enquiry to be made by AO under section 40A (2) (a) of IT Act in case payment of remuneration to director is excessive or unreasonable

Jagdamba Rollers Flour Mills Ltd. Vs ACIT (ITAT Nagpur - Third Bench)

7. After going through the orders of the learned Members as well as the orders of the lower authorities, I am of the view that no disallowance was required to be made for the reasons given hereafter. The question for consideration is whether on facts of the case, the disallowance was justified in view of the specific provisions of section...

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