CIT v. Gujarat Power Corporation Ltd.

352 ITR 583High Court2013#2905 most cited

What is CIT v. Gujarat Power Corporation Ltd. authority for?

Disallowance under Section 14A for interest expenditure is not justified if an assessee uses its own interest-free funds for investments generating exempt income, and borrowed funds are entirely utilized for business purposes, without evidence of diversion to earn tax-free income.

41

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2025.

Also referred to as

CIT v. Gujarat Power Corporation Ltd. · Section 14A · disallowance for exempt income · interest expenditure · borrowed funds not diverted · own funds for investment · Rule 8D · 352 ITR 583 · Gujarat High Court · tax-free dividend income · business funds

Sections most often in play

Section 143(3)Section 1961 - Sections 14ASection 1962 - Rule 8DSection 22Section 23Section 23(1)(c)Section 23(5)Section 80-IA(5)

Issues it is cited on

business transfer agreementopening wdvclosely held companycolourable devicewritten down valuerule of consistencyintangible assetsdisallowance under section 14adisallowance u/s 14aappeal before cit(a)section 14asection 36

Judgments citing CIT v. Gujarat Power Corporation Ltd.

M/S. APCO INFRATECH PVT. LTD.,,LUCKNOW vs. ACIT-I, LUCKNOW

In the result, appeals vide I

ITA 357/LKW/2020[2017-18]Status: DisposedITAT Lucknow02 Apr 2025AY 2017-18
Section 143(1)Section 143(2)Section 143(3)Section 80I

…so facts invite disallowance of under section 14A, unless there was\nevidence to show that such interest bearing funds have been invested in the\ninvestment which has generated the \"tax exempt dividend income\"\n\nCIT Vs. Gujrat Power Corporation Ltd. [2013] 352 ITR 583 (Gujarat)- It\nis held if the borrowed funds have not been diverted to earn tax free\nincome provisions section 14A would not apply\n\nThe Pr. Commissioner of Income Tax vs GVK Project and Technical\nServices Ltd. [2019] 264 Taxman 76 (SC) - The Hon'ble Supreme Court it\nwas held that in absence of any exempt income reported by assessee,\ndisallo…

ANANYA FINANCE FOR INCLUSIVE GROWTH PVT. LTD.,,AHMEDABAD vs. THE ASST.COMMISSIONER OF INCOME TAX CIRCLE-1(1)(1),, AHMEDABAD

ITA 1744/AHD/2019[2016-17]Status: DisposedITAT Ahmedabad28 Aug 2024AY 2016-17

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

For Appellant: Shri Tushar Hemani, Sr. AdvocateFor Respondent: Shri H. Phani Raju, CIT-DR & Shri
Section 143(3)Section 14ASection 250

…aced reliance on – 1. CIT vs. Reliance Industries Ltd. - 410 ITR 466 (Supreme Court) 2. CIT vs. Torrent Power Ltd. - 363 ITR 474 (Gujarat High Court) 3. CIT vs. Suzlon Energy Ltd. - 354 ITR 630 (Gujarat High Court) 4. CIT vs. Gujarat Power Corporation Ltd. - 352 ITR 583 (Gujarat High Court) 5. CIT vs. Reliance Utilities & Power Ltd. - 313 ITR 340 (Bombay High Court) 6. Munjal Sales Corporation vs. CIT - 298 ITR 298 (Supreme Court) 16. The judicial precedents cited by the assessee establish a critical principle regarding the application of Section 14A of the Act. The collective essence of these judicial preceden…

ANANYA FINANCE FOR INCLUSIVE GROWTH PVT.LTD.,,AHMEDABAD vs. DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(2),, AHMEDABAD

ITA 2276/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad28 Aug 2024AY 2014-15

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

For Appellant: Shri Tushar Hemani, Sr. AdvocateFor Respondent: Shri H. Phani Raju, CIT-DR & Shri
Section 143(3)Section 14ASection 250

…aced reliance on – 1. CIT vs. Reliance Industries Ltd. - 410 ITR 466 (Supreme Court) 2. CIT vs. Torrent Power Ltd. - 363 ITR 474 (Gujarat High Court) 3. CIT vs. Suzlon Energy Ltd. - 354 ITR 630 (Gujarat High Court) 4. CIT vs. Gujarat Power Corporation Ltd. - 352 ITR 583 (Gujarat High Court) 5. CIT vs. Reliance Utilities & Power Ltd. - 313 ITR 340 (Bombay High Court) 6. Munjal Sales Corporation vs. CIT - 298 ITR 298 (Supreme Court) 16. The judicial precedents cited by the assessee establish a critical principle regarding the application of Section 14A of the Act. The collective essence of these judicial preceden…

ANANYA FINANCE FOR INCLUSIVE GROWTH PVT.LTD.,,AHMEDABAD vs. DY.COMMISSIONER OF INCOME TAX,CIRCLE-1(1)(2),, AHMEDABAD

ITA 2275/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad28 Aug 2024AY 2013-14

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

For Appellant: Shri Tushar Hemani, Sr. AdvocateFor Respondent: Shri H. Phani Raju, CIT-DR & Shri
Section 143(3)Section 14ASection 250

…aced reliance on – 1. CIT vs. Reliance Industries Ltd. - 410 ITR 466 (Supreme Court) 2. CIT vs. Torrent Power Ltd. - 363 ITR 474 (Gujarat High Court) 3. CIT vs. Suzlon Energy Ltd. - 354 ITR 630 (Gujarat High Court) 4. CIT vs. Gujarat Power Corporation Ltd. - 352 ITR 583 (Gujarat High Court) 5. CIT vs. Reliance Utilities & Power Ltd. - 313 ITR 340 (Bombay High Court) 6. Munjal Sales Corporation vs. CIT - 298 ITR 298 (Supreme Court) 16. The judicial precedents cited by the assessee establish a critical principle regarding the application of Section 14A of the Act. The collective essence of these judicial preceden…

ANANYA FINANCE FOR INCLUSIVE GROWTH PVT.LTD.,,AHMEDABAD vs. DY.COMMISSIONER OF INCOME TAX,CIRCLE-1(1)(2),, AHMEDABAD

ITA 960/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad28 Aug 2024AY 2012-13

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

For Appellant: Shri Tushar Hemani, Sr. AdvocateFor Respondent: Shri H. Phani Raju, CIT-DR & Shri
Section 143(3)Section 14ASection 250

…aced reliance on – 1. CIT vs. Reliance Industries Ltd. - 410 ITR 466 (Supreme Court) 2. CIT vs. Torrent Power Ltd. - 363 ITR 474 (Gujarat High Court) 3. CIT vs. Suzlon Energy Ltd. - 354 ITR 630 (Gujarat High Court) 4. CIT vs. Gujarat Power Corporation Ltd. - 352 ITR 583 (Gujarat High Court) 5. CIT vs. Reliance Utilities & Power Ltd. - 313 ITR 340 (Bombay High Court) 6. Munjal Sales Corporation vs. CIT - 298 ITR 298 (Supreme Court) 16. The judicial precedents cited by the assessee establish a critical principle regarding the application of Section 14A of the Act. The collective essence of these judicial preceden…

THE DY.COMMISSIONER OF INCOME TAX CIRCLE-1(1)(1),, AHMEDABAD vs. M/S. ANANYA FINANCE FOR INCLUSIVE GROWTH PVT. LTD.,, AHMEDABAD

ITA 1186/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad28 Aug 2024AY 2012-13

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

For Appellant: Shri Tushar Hemani, Sr. AdvocateFor Respondent: Shri H. Phani Raju, CIT-DR & Shri
Section 143(3)Section 14ASection 250

…aced reliance on – 1. CIT vs. Reliance Industries Ltd. - 410 ITR 466 (Supreme Court) 2. CIT vs. Torrent Power Ltd. - 363 ITR 474 (Gujarat High Court) 3. CIT vs. Suzlon Energy Ltd. - 354 ITR 630 (Gujarat High Court) 4. CIT vs. Gujarat Power Corporation Ltd. - 352 ITR 583 (Gujarat High Court) 5. CIT vs. Reliance Utilities & Power Ltd. - 313 ITR 340 (Bombay High Court) 6. Munjal Sales Corporation vs. CIT - 298 ITR 298 (Supreme Court) 16. The judicial precedents cited by the assessee establish a critical principle regarding the application of Section 14A of the Act. The collective essence of these judicial preceden…

ITO, NEW DELHI vs. M/S ANSAL HOUSING & CONSTRUCTION LTD., NEW DELHI

In the result, the cross-objection filed by the assessee is dismissed

ITA 2731/DEL/2010[2007-08]Status: DisposedITAT Delhi26 Jul 2024AY 2007-08

Bench: Shri G.S.Pannu & Shri Kul Bharat[Assessment Year : 2007-08] Dcit, Vs Ansal Housing & Construction Ltd., Central Circle-20, Ugf-15, Indraprastha Building, 21, New Delhi. Barakhamba Road, New Delhi. Pan-Aaaca0377R Appellant Respondent

Section 143(3)Section 14ASection 80Section 80I

…PCIT: 399 ITR 576 (Delhi) - HDFC Bank Ltd v. DCIT: 366 ITR 505 (Bom) - HDFC Bank Ltd v. DCIT: 383 ITR 529 (Bom) - CIT v. Abhishek Industries Ltd : 380 ITR 652 (P&H) - Lubi Submersibles Ltd.: ITA No.868 of 2010 (Guj.) - CIT Y. Gujarat Power Corporation Ltd. : 352 ITR 583 (Guj) - CIT v. Torrent Power Ltd.: 363 ITR 474 (Guj) In view of above, it is respectfully submitted that no part of interest expenditure can be disallowed under section 14A of the Act. It is also pertinent to point out that the assessing officer has not made any disallowance under section 14A of the Act in any preceding or succeeding assessment y…

AARTI SPONGE AND POWER LTD.,RAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, -1(1), RAIPUR, RAIPUR

In the result appeal of the assessee is partly allowed for statistical purposes

ITA 70/RPR/2023[2013-14]Status: DisposedITAT Raipur20 Sept 2023AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं./Ita No.70/Rpr/2023 िनधा"रण वष" /Assessment Year: 2013-14 V. Aarti Sponge & Power Ltd. Acit -1 (1) Aarti House, Ashoka Ratna Shankar Raipur Nagar, Raipur, Chhattisgarh – 492 001

For Respondent: Sr. D.R
Section 143(3)Section 14ASection 250

…hed nexus between interest bearing funds and investment yielding exempt income. Unless this nexus is established, disallowance u/s 14A could not be made. For this proposition, we rely on the following decisions:-  CIT vs Gujrat Power Corporation Ltd. (2013) 352 ITR 583 (Guj.).  Director of 1. T. (Intl. Taxation)-II vs.BNP Paribas SA (2013) 214 Taxman 548 (Bom.).  G.D. Metsteel (P) Ltd. vs. ACIT (2011) 64 DTR 161 In CIT vs. Suzlon Energy Ltd. (2013) 354 ITR 630 (Guj), Hon'ble Gujarat High Court observed when interest free own funds of assessee was many times more than investment made and no direct nexus was s…

TRUWORTH INFOTECH PRIVATE LIMITED,JAIPUR vs. INCOME TAX OFFICER, WARD-2(2), JAIPUR

In the result, the appeal of the assessee is allowed

ITA 79/JPR/2023[2014-15]Status: DisposedITAT Jaipur04 Jul 2023AY 2014-15

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri S.R. Sharma, CA &For Respondent: Mrs. Monisha Choudhary, Addl. CIT-DR
Section 115JSection 143(2)Section 143(3)Section 14A

…505 and in the same case (2016) 383 ITR 256 held that where an assessee has own funds and other non-interest bearing funds more than investment in tax free securities then no disallowance u/s 14A could be made. In CIT Vs. Gujrat Power Corporation Ltd. (2013) 352 ITR 583 (GUJ.) the Hon'ble High Court held that assessee using its own funds for investments and using borrowed funds entirely for business purposes and in absence of any finding that any expenditure by way of interest was incurred in respect of investments disallowance u/s 14A of 1.T. Act.61 is not justified. In case of CIT Vs. Sazlon Energy Ltd. (2013)…

A. VAIRAPRAKASAM,SIVAKASI vs. ACIT, VIRUDHUNAGAR

In the result, appeal filed by the assessee is dismissed

ITA 703/CHNY/2022[2015-16]Status: DisposedITAT Chennai16 Jan 2023AY 2015-16

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita No.: 703/Chny/2022 िनधा"रण वष" / Assessment Year: 2015-16 A. Vairaprakasam, The Assistant Commissioner Of 4, Chairamn Shanmugam V. Income Tax, Road, Virudhunagar Circle-1, Sivakasi. Virudhunagar. [Pan: Aajpv-8360-P] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : None ""यथ" क" ओर से/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 16.01.2023 घोषणा क" तारीख/Date Of Pronouncement : 16.01.2023

For Appellant: NoneFor Respondent: Shri. P. Sajit Kumar, JCIT
Section 14ASection 14A(2)

…age and telegram, telephone, printing & stationery, travelling expenses and bank charges need not be incurred. So the provision of section 14A is not applicable. :-3-: ITA. No: 703/Chny/2022 (60 ITR (Trib)266;56 ITR (Trib) Sn 34,43;383 ITR 529;376 ITR 553 ; 352 ITR 583) 4. Not only the incurring of the expenditure but also its relationship with the exempted income must be clear and must be capable of being ascertained on the fact of it without involving any further mental exercise. The onus is on the assessing officer not only to show that some expenditure was factually incurred but also to show its relationshi…

HIMESH R. SHAH,JAMNAGAR. vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-3,, JAMNAGAR.

In the result, the appeal of the assessee is allowed

ITA 298/RJT/2018[2014-15]Status: DisposedITAT Rajkot19 Oct 2022AY 2014-15

Bench: Smt.Annapurna Gupta & Shri T.R.Senthil Kumarassessment Year : 2014-15 Himesh R. Shah Vs. Acit, Cir.3 Parikh & Co. Jamnagar. Ranjit Road Jamnagar 361 001. अपीलाथ"/ (Appellant) "" यथ"/(Respondent) Assessee By : Shri D.S. Varia, Ar Revenue By : Shri Shramdeep Sinha, Ld.Cit(Dr)

For Appellant: Shri D.S. Varia, ARFor Respondent: Shri Shramdeep Sinha, Ld.CIT(DR)
Section 14ASection 250(6)

…medabad Bench's order in the case of Canton Laboratories (2013) 35 CCH 353 Ahd-Trib, and also Hon'ble Gujarat High Court decision in CIT v Gujarat Industrial Development Corporation Ltd (2013) 84 CCH 087 GujHC and CIT vs. Gujarat Power Corporation Ltd. (2013) 352 ITR 583 (Guj), as relied upon by the then CIT(A) in appellant own case and ought to have deleted to the addition of Rs.6,30,455 made to total income by invoking the provisions of section 14A of the IT Act read with rule 8D of Income-Tax Rules made by the assessing officer on the facts and circumstances of the case. 4. That the learned CIT(Appeals) Jamnag…

ANANYA FINANCE FOR INCLUSIVE GROWTH PVT.LTD.,,AHMEDABAD vs. DY.COMMISSIONER OF INCOME TAX,CIRCLE-1(1)(2),, AHMEDABAD

In the result, the appeal of the assessee is partly allowed

ITA 959/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad25 Aug 2022AY 2011-12

Bench: Smt.Annapurna Gupta & Shri Mahavir Prasadassessment Year : 2011-12 Ananya Finance For Inclusive The Dcit, Cir.1(1)(1) Growth P Ltd. Ambawadi 401, Shaan, Op: M.J. Library Ahmedabad 380015. Ashram Road Ahmedabad 380 009. Pan : Aahca 8023 D

For Respondent: Shri Vijay Kumar Jaiswal, CIT-DR
Section 14ASection 250Section 250(6)

…as unwarranted. Reliance was placed on the following case laws: > CIT vs. Reliance Industries Ltd. - 410 ITR 466 (SC) > CIT vs. Torrent Power Ltd. - 363 ITR 474 (Guj.) > CIT vs. Suzlon Energy Ltd. - 354 ITR 630 (Guj) > CIT vs. Gujarat Power Corporation Ltd. - 352 ITR 583 (Guj) > CIT vs. Reliance Utilities & Power Ltd. - 313 ITR 340 (Bom) > Munjal Sales Corporation vs. CIT - 298 ITR 298 (SC) 28 The ld.counsel for the assessee, accordingly contended that no disallowance is called for in the circumstances. 39. The ld.DR was unable to controvert either factual contentions of the assessee that it had sufficient inter…

CORRTECH INTERNATIONAL PVT.LTD.,,AHMEDABAD vs. THE DY.CIT.,(OSD)RANGE-1,, AHMEDABAD

In the result, appeal of the Revenue is partly allowed and appeal of the assessee is partly allowed for statistical purposes

ITA 926/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad11 May 2022AY 2008-09

Bench: Ms. Suchitra Kamble & Shri Bhagirath Mal Biyani

For Appellant: Shri Tushar Hemani, Sr. Advocate &For Respondent: Date of hearing
Section 14ASection 35DSection 36(1)(iii)Section 37(1)

…12 Assessment Year: 2008-09 Page 9 of 13 - CIT vs. Reliance Industries Ltd – (2019) 102 taxmann.com 52 (SC) - CIT vs. Torrent Power Limited – 363 ITR 474 (Guj) - CIT vs. Suzlon Energy Limited – 354 ITR 630 (Guj) - CIT vs. Gujarat Power Corporation Limited – 352 ITR 583 (Guj) - CIT vs. Hitachi Home & Life Solutions (I) Ltd. – (2014) 41 taxmann.com 540 (Guj) - CIT vs. Reliance Utilities & Power Limited – 313 ITR 340 (Bom) - Munjal Sales Corporation vs. CIT – 298 ITR 298 (SC) 26. We have heard both the parties and perused all the relevant materials available on record. It is not disputed by the Revenue that the i…

THE ACIT,(OSD)RANGE-1,, AHMEDABAD vs. CORRTECH INTERNATIONAL PVT.LTD.,, AHMEDABAD

In the result, appeal of the Revenue is partly allowed and appeal of the assessee is partly allowed for statistical purposes

ITA 1118/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad11 May 2022AY 2008-09

Bench: Ms. Suchitra Kamble & Shri Bhagirath Mal Biyani

For Appellant: Shri Tushar Hemani, Sr. Advocate &For Respondent: Date of hearing
Section 14ASection 35DSection 36(1)(iii)Section 37(1)

…12 Assessment Year: 2008-09 Page 9 of 13 - CIT vs. Reliance Industries Ltd – (2019) 102 taxmann.com 52 (SC) - CIT vs. Torrent Power Limited – 363 ITR 474 (Guj) - CIT vs. Suzlon Energy Limited – 354 ITR 630 (Guj) - CIT vs. Gujarat Power Corporation Limited – 352 ITR 583 (Guj) - CIT vs. Hitachi Home & Life Solutions (I) Ltd. – (2014) 41 taxmann.com 540 (Guj) - CIT vs. Reliance Utilities & Power Limited – 313 ITR 340 (Bom) - Munjal Sales Corporation vs. CIT – 298 ITR 298 (SC) 26. We have heard both the parties and perused all the relevant materials available on record. It is not disputed by the Revenue that the i…

THE DCIT, CIRCLE-3(1)(1),, AHMEDABAD vs. M/S. PRIYAL INTERNATIONAL PVT. LTD.,, AHMEDABAD

In the result, appeal of the Revenue is dismissed

ITA 91/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad20 Apr 2022AY 2015-16

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita.No.91/Ahd/2019 "नधा"रण वष"/Asstt. Year: 2015-16 Dcit, Cir.3(1)(1) M/S. Priyal Internaional P. Ltd. Ahmedabad. 297/300, Phase-Ii, Gidc Vs. Vatva, Ahmedabad. Pan : Aaecp 4640 A (Applicant) (Responent) Assessee By : Shri M.K. Patel, Advocate Revenue By : Shri S.S. Shukla, Sr. Dr सुनवाई क" तार"ख/Date Of Hearing : 04/03/2022 घोषणा क" तार"ख /Date Of Pronouncement: 20/04/2022 आदेश/O R D E R

For Appellant: Shri M.K. Patel, AdvocateFor Respondent: Shri S.S. Shukla, Sr. DR
Section 115JSection 142(1)Section 143(1)Section 143(2)Section 143(3)Section 14ASection 36(1)(iii)

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ । IN THE INCOME TAX APPELLATE TRIBUNAL, “A” BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER AND Ms. MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./ITA.No.91/Ahd/2019 "नधा"रण वष"/Asstt. Year: 2015-16 DCIT, Cir.3(1)(1) M/s. Priyal Internaional P. Ltd. Ahmedabad. 297/300, Phase-II, GIDC Vs. Vatva, Ahmedabad. PAN : AAECP 4640 A (Applicant) (Responent) Assessee by : Shri M.K. Patel, Advocate Revenue by : Shri S.S. Shukla, Sr. DR सुनवाई क" तार"ख/Date of Hearing : 04/03/2022 घोषणा क" तार"ख /Date of Pronouncement: 20/04/2022 आदेश/O R D E R PER MADHUMITA ROY, JUDICIAL MEMBE…

THE DCIT, CIRCLE-1,, AHMEDABAD vs. AIA ENGINEERING LTD.,, AHMEDABAD

In the result, ITA Appeals 1766/Ahd/12, 2342/Ahd/15, 2343/Ahd/2015,

ITA 1766/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad04 Jan 2021AY 2008-09
For Appellant: Shri T.P. Hemani, Sr. A.R. &For Respondent: Shri Vinod Tanwani, Sr. D.R
Section 143(2)Section 143(3)

…ring Ltd. vs. DCIT fund for making investment. The ld. counsel has also placed reliance on the following decisions:- > CIT vs. Torrent Power Ltd. - 363 ITR 474 (Guj.) > CIT vs. Suzlon Energy Ltd. - 354 ITR 630 (Guj) > CIT vs. Gujarat Power Corporation Ltd. - 352 ITR 583 (Guj) > CIT vs. Hitachi Home & Life Solutions (I). Ltd. - (2014) 41 taxmann.com 540 (Guj) > CIT vs. Reliance Utilities & Power Ltd. - 313 ITR 340 (Bom) > Munjal Sales Corporation vs. CIT - 298 ITR 298 (SC) The ld. counsel also submitted that assessee was having substantial interest free funds than the investment. On the other hand, the ld. Depart…

AIA ENGINEERING LTD.,,AHMEDABAD vs. THE DY.CIT.,CIRCLE-1,, AHMEDABAD

In the result, ITA Appeals 1766/Ahd/12, 2342/Ahd/15, 2343/Ahd/2015,

ITA 1757/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad04 Jan 2021AY 2008-09
For Appellant: Shri T.P. Hemani, Sr. A.R. &For Respondent: Shri Vinod Tanwani, Sr. D.R
Section 143(2)Section 143(3)

…ring Ltd. vs. DCIT fund for making investment. The ld. counsel has also placed reliance on the following decisions:- > CIT vs. Torrent Power Ltd. - 363 ITR 474 (Guj.) > CIT vs. Suzlon Energy Ltd. - 354 ITR 630 (Guj) > CIT vs. Gujarat Power Corporation Ltd. - 352 ITR 583 (Guj) > CIT vs. Hitachi Home & Life Solutions (I). Ltd. - (2014) 41 taxmann.com 540 (Guj) > CIT vs. Reliance Utilities & Power Ltd. - 313 ITR 340 (Bom) > Munjal Sales Corporation vs. CIT - 298 ITR 298 (SC) The ld. counsel also submitted that assessee was having substantial interest free funds than the investment. On the other hand, the ld. Depart…

THE DY. CIT, CIRCLE-1(2),, AHMEDABAD vs. M/S. ARTEX APPARELS,, AHMEDABAD

Accordingly, the said ground of appeal is also allowed

ITA 1450/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad05 Mar 2020AY 2012-13

Bench: Shri Rajpal Yadav & Shri T. S. Kapoorआयकर अपील सं./I.T.A. No. 1450/Ahd/2017 With Cross Objection No.24/Ahd/2019 ("नधा"रण वष" / Assessment Years : 2012-13)

For Appellant: Shri Parimal S. Parmar, A.RFor Respondent: Shri T. Shankar, Sr.D.R
Section 10ASection 234ASection 271(1)(c)Section 36(1)(va)Section 40A(2)(b)

…ssee. Reliance in this respect was placed on the following: > CIT vs. Reliance Industries Ltd. - 410 ITR 466 (SC); > CIT vs. Torrent Power Ltd. - 363 ITR 474 (Guj.); > CIT vs. Suzlon Energy Ltd. - 354 ITR 630 (Guj); > CIT vs. Gujarat Power Corporation Ltd. - 352 ITR 583 (Guj); > CIT vs. Reliance Utilities & Power Ltd. - 313 ITR 340 (Bom); ITA No. 1450/Ahd/17 with CO No.24/Ahd/19 [M/s. Artex Apparels] A.Y. 2012-13 - 7 - > Munjal Sales Corporation vs. CIT - 298 ITR 298 (SC); > CIT vs. Hitachi Home & Life Solutions (I). Ltd. - (2014) 41 taxmann.com 540 (Guj); 17. As regards disallowance of bad debts, it was submi…

AQUAGEL CHEMICALS(BHAVNAGAR)P. LTD.,BHAVNAGAR vs. DCIT, CIRCLE-1,, BHAVANAGAR

In the result, appeal of the assessee in ITA No

ITA 424/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad01 Oct 2019AY 2014-15

Bench: Shri Kul Bharat & Shri Waseem Ahmedaquagel Chemicals Vs. Dcit, (Bhavnagar) Pvt. Ltd., Circle – 1, 251, Navagam, Kardej, Bhavnagar. Dist. Bhavnagar – 364 060. [Pan No. Aakca 9462 B] (Appellant) (Respondent) ..

For Appellant: Shri Parimal B. Parmar, A.RFor Respondent: Shri Satish Solanki, Sr. D.R
Section 143(3)Section 14ASection 234A

…sion. Learned Counsel placed reliance in the following cases: " CIT vs. Reliance Industries Ltd. - 410 ITR 466 (SC); " CIT vs. Torrent Power Ltd. - 363 ITR 474 (Guj); " CIT vs. Suzlon Energy Ltd. - 354 ITR 630 (Guj); " CIT vs. Gujarat Power Corporation Ltd. - 352 ITR 583 (Guj); " CIT vs. Hitachi Home & Life Solutions (I). Ltd. - (2014) 41 taxmann.com 540 (Guj); " CIT vs. Reliance Utilities & Power Ltd. - 313 ITR 340 (Bom); " Munjal Sales Corporation vs. CIT - 298 ITR 298 (SC); In rejoinder, Learned Counsel for the assessee placed reliance working made in the chart. The assessee has stated in chart as under: Part…

M/S. KHYATI REALITIES LTD.,,AHMEDABAD vs. ACIT, CIRCLE-2(1)(2),, AHMEDABAD

In the result, the appeal of the assessee is partly allowed

ITA 552/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad14 Jun 2019AY 2013-14
For Appellant: Shri Tushar Hemani, A.RFor Respondent: Shri M. Anand Kumar, Sr. D.R
Section 115JSection 143(2)Section 143(3)Section 14A

…The judicial pronouncements referred by the ld. counsel are placed below. CIT vs. Reliance Industries Ltd. -410 ITR 466 (SC) CIT vs. Torrent Power Ltd. - 363 ITR 474 (Guj) CIT vs. Suzlan Energy Ltd. – 354 ITR 630 (Guj) CIT vs. Gujarat Power Corporation Ltd. – 352 ITR 583 (Guj) CIT vs. Hitachi Home & Life Solutions (I). Ltd. – (2014) 41 taxmann.com 540 (Guj) CIT vs. Reliance Utilities & Power Ltd. -313 ITR 340 (Bom) Munjal Sales Corporation vs. CIT- 298 ITR 298 (SC) The ld. counsel has also placed reliance on the decision of Wadhwa Residence Pvt. Ltd. vs. ACIT (2018) 95 taxman.com 294 (Mum-Trib) wherein it is held…

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