CIT v. Corrtech Energy (P.) Ltd.

The DCIT(OSD)-1, Circle-4, Ahmedabad vs. Jay Chemical Industries Ltd., Ahmedabad

In the result, the appeal ITA 2693/Ahd/2014, ITA 305/Ahd/2015, cross objection 01/Ahd/2015 & 41/Ahd/2015 all are dismissed

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Shri Amarjit Singh, Accountant Member And Ms. Madhumita Roy, Judicial Member ITA Nos. 2693/Ahd/2014 , 305/Ahd/2015 & CO Nos. 01 & 41/Ahd/2015 Assessment Year 2010-11 & 2011-12 The DCIT(OSD)-1, Jay Chemical Industries Circle-4, Ahmedabad & Ltd. Jay House, DCIT, Cir. 2(1)(2), Vs Panchvati Circle, Ahmedabad Ambawadi, Ellis bride, (Appellant/Respondent) Ahmedabad-380006 PAN: AAACJ7625J (Respondent/Cross Objector) Revenue by: Shri Vinod Talwani, Sr. D.R. Assessee by: Shri Nimish Viawala, A.R. Date of hearing : 18-03-2019 Date of pronouncemen…

The ACIT, Circle-2(1)(2), Ahmedabad vs. Jayhind Projects Ltd., Ahmedabad

In the result, the appeal of the Revenue is dismissed

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “A” BENCH Before: Shri Amarjit Singh , Accountant Member And Ms. Madhumita Roy, Judicial Member Assessment Year 2014-15 The ACIT, Jayhind Projects Ltd. 3rd Floor, Circle-2(1)(2), Ahmedabad Vs Opp. Prahlad Nagar (Appellant) Garden Anand Nagar Road, Vejalpur Ahmedabad PAN: AAACJ9366R (Respondent) Revenue by: Shri Mudit Nagpal, Sr. D.R. Assessee by: None Date of hearing : 18-03-2019 Date of pronouncement : 25-03-2019 आदेश/ORDER PER : AMARJIT SINGH, ACCOUNTANT MEMBER:- This revenue’s appeal for A.Y. 2014-15, arises from order of the CIT(A)-2, Ahmedabad dated…

Ardor in-Fin Pvt. Ltd., Ahmedabad vs. The Deputy Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad

In the result, the appeal is allowed in the terms indicated above

Bench: Shri Pramod Kumar] Assessment Year : 2013-14 Ardor In-Fin Private Limited ......…………......Appellant Ardor House, Mondeal Business Park, B/S. Gurudwara, Thaltej, Ahmedabad – 380 059 [Pan – Aagca 2925 B] Vs. Dy. Commissioner Of Income-Tax .......................Respondent Circle 1(1)(1), Ahmedabad Appearances By: Ankit Talsania For The Appellant Apoorva Bhardwaj For The Respondent Date Of Concluding The Hearing : 13.02.2019 Date Of Pronouncing The Order : 14.03.2019 O R D E R

…essee has offered the disallowance on his own. As to whether disallowance under section 14A can be lawfully sustained in such a situation, I find guidance from Hon’ble jurisdictional High Court’s judgment in the case of CIT vs. Corrtech Energy Pvt Ltd [(2015) 372 ITR 97 (Guj.)] as follows:- “.........................sub-section(1) of section 14A provides that for the purpose of computing total income under chapter IV of the Act, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under the Act. In the present case, the…

Ardor in-Fin Pvt. Ltd., Ahmedabad vs. The Deputy Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad

In the result, the appeal is allowed in the terms indicated above

Bench: Shri Pramod Kumar] Assessment Year : 2012-13 Ardor In-Fin Private Limited ......…………......Appellant Ardor House, Mondeal Business Park, B/S. Gurudwara, Thaltej, Ahmedabad – 380 059 [Pan – Aagca 2925 B] Vs. Dy. Commissioner Of Income-Tax .......................Respondent Circle 1(1)(1), Ahmedabad Appearances By: Ankit Talsania For The Appellant Apoorva Bhardwaj For The Respondent Date Of Concluding The Hearing : 13.02.2019 Date Of Pronouncing The Order : 14.03.2019

…essee has offered the disallowance on his own. As to whether disallowance under section 14A can be lawfully sustained in such a situation, I find guidance from Hon’ble jurisdictional High Court’s judgment in the case of CIT vs. Corrtech Energy Pvt Ltd [(2015) 372 ITR 97 (Guj.)] as follows:- “.........................sub-section(1) of section 14A provides that for the purpose of computing total income under chapter IV of the Act, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under the Act. In the present case, the…

The DCIT, Circle-4(1)(2), Ahmedabad vs. M/S. Zaveri & Co. Ltd., Ahmedabad

In the result, the appeal of the revenue is dismissed

…isallowance of Rs.6,23,83,485/- made on account of 14A of the Act.” 38. Learned Representatives fairly agree that this issue is also covered in favour of the assessee, by Hon’ble jurisdictional High Court’s judgement in the case of Corrtech Energy Pvt. Ltd. (372 ITR 97) inasmuch as disallowance under section 14A cannot exceed the tax exempt earning itself, and that is the approach adopted by the learned CIT(A) in granting the impugned relief. We, therefore, approve the conclusions arrived at by the learned CIT(A) and decline to interfere in the matter. 39. Ground no.7 is thus dismissed. 40. In the result, the…

M/S. Zaveri & Co. Pvt. Ltd., Ahmedabad vs. The Deputy Commissioner of Income Tax, Circle-8, Ahmedabad

In the result, the appeal of the revenue is dismissed

…isallowance of Rs.6,23,83,485/- made on account of 14A of the Act.” 38. Learned Representatives fairly agree that this issue is also covered in favour of the assessee, by Hon’ble jurisdictional High Court’s judgement in the case of Corrtech Energy Pvt. Ltd. (372 ITR 97) inasmuch as disallowance under section 14A cannot exceed the tax exempt earning itself, and that is the approach adopted by the learned CIT(A) in granting the impugned relief. We, therefore, approve the conclusions arrived at by the learned CIT(A) and decline to interfere in the matter. 39. Ground no.7 is thus dismissed. 40. In the result, the…

The DCIT, Circle-1(1)(1), Ahmedabad vs. M/S. Amjay Medimza (India) Pvt. Ltd., Ahmedabad

In the result, the appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 289/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 The D.C.I.T, M/S Amjay Medimax(India) Pvt. Circle-1(1)(1), Vs. Ltd. Ahmedabad 4Th Floor, Max House, Opp. Karnavati Hospital, Ellisbridge, Ahmedabad-380 006 Pan : Aabca8241R

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’ D ’’ BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV JUDICIAL MEMBER And SHRI WASEEM AHMED, ACCOUNTANT MEMBER आयकर अपील सं./ITA No. 289/AHD/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 The D.C.I.T, M/s Amjay Medimax(India) Pvt. Circle-1(1)(1), Vs. Ltd. Ahmedabad 4th Floor, Max House, Opp. Karnavati Hospital, Ellisbridge, Ahmedabad-380 006 PAN : AABCA8241R (Applicant) (Respondent) Revenue by : Shri Rajesh Meena, Sr. DR Assessee by : Shri Aseem Thakkar, A.R. सुनवाई क" तार"ख/Date of Hearing : 22/01/2019 घोषणा क" तार"ख /Date of Pronouncement: 04/03/2…

Gold Finch Jewellery Ltd., Ahmedabad vs. The DCIT, Circle-2(1)(1), Ahmedabad

In the result the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita Nos.1075-1076/Ahd/2016 "नधा"रण वष"/Asstt. Years: 2009-2010 & 2012-2013 D.C.I.T. Gold Finch Jewellery Ltd., Circle-2(1)(1), G-5,Pariseema Complex, Vs. Ahmedabad-380015 Nr. Swagat Cross Roads, C.G. Road, Ahmedabad-380006. Pan: Aaacg6992L

…the year under consideration. Therefore, in our considered view there cannot be any disallowance under section 14A read with rule 8D of the Act in view of the judgement of Hon’ble Gujarat High Court in the case of CIT Vs Corrtech energy Pvt. Ltd. reported in 372 ITR 97 wherein it was held as under: “4. Counsel for the Revenue submitted that the Assessing Officer as well as CIT(Appeals) had applied formula of rule 8D of the Income Tax Rules, since ITA nos.1075 & 1076/AHD/2016 Asstt. Years 2009-10 & 2012-13 11 this case arose after the assessment year 2009-2010. Since in the present case, we are concerned with…

The Asst. Commissioner of Income Tax, Circle-2(1)(1), Ahmedabad vs. M/S. Harsha Engineers Ltd., Ahmedabad

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.2112/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2014-15 Acit, Cir.2(1)(1) Vs. M/S.Harsha Engineerings Ltd. Ahmedabad. Sakhej Bavla Road Po Changodar Ahmedabad. Pan : Aaach 4828 C

…Tribunal. 7. Before us, the ld.DR relied upon the order of the AO, while ld.counsel for the assessee relied upon the order of the ld.CIT(A). He also made reference to the decision of Hon’ble Gujarat High Court in the case of CIT Vs. Corretech Energy P.Ltd., 372 ITR 97 (Guj) wherein it is held that if there is no tax free income in the hands of the assessee, then no disallowance under section 14A r.w. rule 8D of Income Tax Rules ought to be made. 8. We have considered rival submissions and gone through the record carefully. We find that the issue in dispute is squarely covered in favour of the assessee by the d…

Sagar Yeswantrai Mehta, Ahmedabad vs. ACIT, Circle-2(1)(2)., Ahmedabad

In the result, appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./I.T.A. No.1684/Ahd/2018 ("नधा"रण वष" / Assessment Year : 2015-16) Sagar Yeswantrai Mehta The Acit बनाम/ Laxmi House Circle-2(1)(2) Vs. Swagat Cross Road Ahmedabad Hotel Rock Regency C.G. Road, Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Accpm 8669 B .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘बी’, अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ B ” BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER And SHRI AMARJIT SINGH, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.1684/Ahd/2018 ("नधा"रण वष" / Assessment Year : 2015-16) Sagar Yeswantrai Mehta The ACIT बनाम/ Laxmi House Circle-2(1)(2) Vs. Swagat Cross Road Ahmedabad Hotel Rock Regency C.G. Road, Ahmedabad "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : ACCPM 8669 B .. (अपीलाथ" /Appellant) (""यथ" / Respondent) अपीलाथ" ओर से / Appellant by : Shri Mehul K. Patel, AR ""यथ" क" ओर से/Respondent by : Shri M.S.A. Khan,…

The Dy. CIT, Circle-1(1)(2), Ahmedabad vs. M/S. D.B. Corp. Ltd., Ahmedabad

In the result, assessee’s appeal is deemed to be allowed for statistical purposes

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./I.T.A. No.2029/Ahd/2017 ("नधा"रण वष" / Assessment Year : 2013-14)

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘ए’, अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ A ” BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER And SHRI AMARJIT SINGH, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.2029/Ahd/2017 ("नधा"रण वष" / Assessment Year : 2013-14) The DCIT M/s.D.B.Corp.Ltd. बनाम/ Circle-1(1)(2) 280, Sarkhej Gandhiangar Vs. Ahmedabad Highway Nr.YMCA Club Makarba, Ahmedabad "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACCM5772G .. (""यथ" / Respondent) (अपीलाथ" /Appellant) अपीलाथ" ओर से / Appellant by : Shri S.K. Dev, Sr.DR ""यथ" क" ओर से/Respondent by : Shri Dhinal Shah, AR 14/02/2019…

Dy.Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad vs. M/S. Adani Port & Special Economic Zone Ltd., Ahmedabad

In the result, the appeal of the Assessing Officer for the assessment year 2010-11 is dismissed

…20,27,93,648 made by the Assessing Officer by invoking the provisions of section 14A of the I.T. Act. 29. Learned representatives fairly submit that, in the light of Hon’ble jurisdictional High Court’s judgment in the case of CIT Vs Corrtech Energy Pvt Ltd (372 ITR 97), the disallowance under section 14A cannot exceed the amount of tax exempt income. In the present year, admittedly the dividend income is only Rs 1,77,47,783. The disallowance under section 14A cannot, therefore, exceed the said amount. To this extent, we uphold the grievance of the assessee and restrict the disallowance under section 14A. CO No…

Dy. Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad vs. M/S. Adani Port & Special Economic Zone Ltd., Ahmedabad

In the result, the appeal of the Assessing Officer for the assessment year 2010-11 is dismissed

…20,27,93,648 made by the Assessing Officer by invoking the provisions of section 14A of the I.T. Act. 29. Learned representatives fairly submit that, in the light of Hon’ble jurisdictional High Court’s judgment in the case of CIT Vs Corrtech Energy Pvt Ltd (372 ITR 97), the disallowance under section 14A cannot exceed the amount of tax exempt income. In the present year, admittedly the dividend income is only Rs 1,77,47,783. The disallowance under section 14A cannot, therefore, exceed the said amount. To this extent, we uphold the grievance of the assessee and restrict the disallowance under section 14A. CO No…