ITAT Nagpur

ITAT cannot condone delay in Filing Miscellaneous Applications

Daryapur Shetkari Sahakari Ginning & Pressing Factory Ltd. Vs ACIT (ITAT Nagpur)

Inordinate delay in filing of MAs is not a fit case for condonation, more so, because there is no specific provision in the realm of section 254(2) of the Act to provide for such condonation of delay in case of MAs....

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Addition for share application money cannot be made for mere non-service of summon to directors of investment company

ACIT Vs M/s. Swiftsol (I) Pvt. Ltd. (ITAT Nagpur)

Addition under section 68 of share application money received by assessee on the reason that summons issued under section 131 to the directors of the investment company for verification returned unserved was unjustified as assessee had substantiated share capital received by it by furnishing relevant details and no onus was cast on the as...

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Assessment U/s. 153C liable to be quashed if No satisfaction recorded by AO

Zaidun Leeng Sdn Bhd Artefact Projects Ltd. (JV) Vs Dy. CIT (ITAT Nagpur)

These are cross appeals by the assessee and the Revenue emanating out of the orders of learned CIT(Appeals)-III, Nagpur for assessment years 2008-09 and 2009-10 respectively. Since the issues are connected and the appeals were heard together...

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Interest earned by credit Societies on deposit with Banks eligible for sec 80P(2)(a)(i) deduction

ITO Vs Utkranti Nagri Sahakari Pat Sanstha (ITAT Nagpur)

Surplus funds not immediately required for day to day banking were kept in Bank deposits. The income earned there from thus would be income from banking business eligible for deduction u/s 80P(2)(a)(i)....

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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?

ACIT Vs. Shri 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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