CIT v. Gujarat State Fertilizers & Chemicals Ltd.

358 ITR 323High Court2013#1424 most cited

What is CIT v. Gujarat State Fertilizers & Chemicals Ltd. authority for?

No disallowance under section 14A for interest expenditure is permissible when the assessee possesses adequate own funds to make investments, provided the Assessing Officer does not establish a direct nexus between borrowed funds and investments yielding tax-exempt income. This principle can also extend to administrative expenses.

80

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2012 to 2026.

Also referred to as

CIT v. Gujarat State Fertilizers & Chemicals Ltd. · Section 14A disallowance · interest expenditure · administrative expenditure · own funds · surplus funds · tax-exempt income · borrowed funds nexus · Section 1961 · disallowance of expenses

Also reported as

36 Taxmann.com 230217 Taxmann 229

Sections most often in play

Section 143(3)Section 144BSection 14ASection 1961Section 250

Issues it is cited on

section 14bsection 10(33)section 14(2)goodwill arising on amalgamationsection 40a(7)section 9(1)(ii)wholly and exclusively for businesssection 28(iv)section 43b(b)minimum alternate taxgoing concernsection 43(6)(c)

Judgments citing CIT v. Gujarat State Fertilizers & Chemicals Ltd.

Gujarat Urja Vikas Nigam Ltd., Vadodara vs. The Dy.CIT, Circle-1(1)(1), Vadodara

In the result, the appeal filed by the Revenue in ITA No

ITA 231/AHD/2024[2020-21]Status: DisposedITAT Ahmedabad08 Aug 2024AY 2020-21

Bench: Shri Ramit Kochar (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 10Section 115JSection 143(3)Section 14A

…ith the company, if the interest free funds were sufficient to meet the investments and therefore, interest was deductible. Similar view has been taken by the Division Bench of this Court in the case of CIT v. Gujarat State Fertilizers & Chemicals Ltd. [2013] 358 ITR 323/36 taxmann.com 230/217 Taxman 229 (Guj.). Applying the ratio/law laid down by the Bombay High Court in the case of Reliance Utilities & Power Ltd. (supra) as well as Division Bench of this Court in the case of Gujarat State Fertilizers & Chemicals Ltd. (supra) to the facts of the case on hand and when it has been found that the assessee was havin…

The Jt.CIT, (OSD)Circle-1(1)(1), Vadodara vs. Gujarat Urja Vikas Nigam Ltd., Vadodara

In the result, the appeal filed by the Revenue in ITA No

ITA 223/AHD/2022[2017-18]Status: DisposedITAT Ahmedabad08 Aug 2024AY 2017-18

Bench: Shri Ramit Kochar (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 10Section 115JSection 143(3)Section 14A

…ith the company, if the interest free funds were sufficient to meet the investments and therefore, interest was deductible. Similar view has been taken by the Division Bench of this Court in the case of CIT v. Gujarat State Fertilizers & Chemicals Ltd. [2013] 358 ITR 323/36 taxmann.com 230/217 Taxman 229 (Guj.). Applying the ratio/law laid down by the Bombay High Court in the case of Reliance Utilities & Power Ltd. (supra) as well as Division Bench of this Court in the case of Gujarat State Fertilizers & Chemicals Ltd. (supra) to the facts of the case on hand and when it has been found that the assessee was havin…

Gujarat Urja Vikas Nigam Ltd., Vadodara vs. The ACIT, Circle-1(1)(1), Vadodara

In the result, the appeal filed by the Revenue in ITA No

ITA 166/AHD/2022[2017-18]Status: DisposedITAT Ahmedabad08 Aug 2024AY 2017-18

Bench: Shri Ramit Kochar (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 10Section 115JSection 143(3)Section 14A

…ith the company, if the interest free funds were sufficient to meet the investments and therefore, interest was deductible. Similar view has been taken by the Division Bench of this Court in the case of CIT v. Gujarat State Fertilizers & Chemicals Ltd. [2013] 358 ITR 323/36 taxmann.com 230/217 Taxman 229 (Guj.). Applying the ratio/law laid down by the Bombay High Court in the case of Reliance Utilities & Power Ltd. (supra) as well as Division Bench of this Court in the case of Gujarat State Fertilizers & Chemicals Ltd. (supra) to the facts of the case on hand and when it has been found that the assessee was havin…

Tml Industries Ltd., Vadodara vs. The Income Tax Officer, Ward-2(1)(4), Now the DCIT, Circle-2(1)(1), Vadodara

In the result, appeal of the assessee is partly allowed

ITA 14/AHD/2023[2014-15]Status: DisposedITAT Ahmedabad30 May 2024AY 2014-15

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinhaassessment Year: 2014-15

Section 1Section 10Section 115JSection 14A

…interest free funds to meet tax free investments, they are presumed to be made from interest free funds and not loaned funds and no disallowance can be made under section 14A." 4. CIT .v. Gujarat State Fertilizers & Chemicals Ltd. (101 DTK 175/ 217 Taxman 229/358 ITR 323) (Guj HC) (2013) "Where assessee had more funds than investment in shares, and borrowed funds were not proved to be used for same, disallowance of 10 per cent of exempted dividend income was unsustainable " 5. CIT .v. Torrent Power Ltd. (363 TTR 474 / 222 Taxman 367) (Guj HC) (2014) “Where it was apparent from records that assessee had sufficient…

The ACIT, Circle-1(1)(1), Vadodara vs. Gujarat Urja Vikas Nigam Limited, Vadodara

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

ITA 178/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad15 Mar 2024AY 2018-19

Bench: Smt. Annapurna Gupta & Ms. Madhumita Roy

For Appellant: Respondent by : Shri Akhilendra Pratap Yadaw, CIT DRFor Respondent: Shri Akhilendra Pratap Yadaw, CIT DR
Section 143(3)Section 14ASection 234ASection 270A

…Year– 2018-19 23. We take notice of the fact that in context with the third proposed question, the ITAT placed reliance on the following decisions: (1)CIT Vs. Alembic Ltd. (Tax Appeal No.1249/2014) (2)CITI Vs. Gujarat State Fertilizers & Chemicals Ltd. (2013) 358 ITR 323 24. The issue is squarely covered and in our opinion, no error could be said to have been committed by the ITAT in taking the view that no addition in the book profit can be made on the basis of the calculations worked out under section14A of the Act.” 8. In view of above, this Tax Appeal stands dismissed so far as question No.2[b] is concerned.”…

Gujarat Urja Vikas Nigam Limited, Vadodara vs. The Dy. Commissioner of Income Tax, Circle-1(1)(1), Vadodara

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

ITA 139/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad15 Mar 2024AY 2018-19

Bench: Smt. Annapurna Gupta & Ms. Madhumita Roy

For Appellant: Respondent by : Shri Akhilendra Pratap Yadaw, CIT DRFor Respondent: Shri Akhilendra Pratap Yadaw, CIT DR
Section 143(3)Section 14ASection 234ASection 270A

…Year– 2018-19 23. We take notice of the fact that in context with the third proposed question, the ITAT placed reliance on the following decisions: (1)CIT Vs. Alembic Ltd. (Tax Appeal No.1249/2014) (2)CITI Vs. Gujarat State Fertilizers & Chemicals Ltd. (2013) 358 ITR 323 24. The issue is squarely covered and in our opinion, no error could be said to have been committed by the ITAT in taking the view that no addition in the book profit can be made on the basis of the calculations worked out under section14A of the Act.” 8. In view of above, this Tax Appeal stands dismissed so far as question No.2[b] is concerned.”…

Gujarat Urja Vikas Nigam Ltd, Vadodara vs. The ACIT, Cirecle-1(1)(1), Vadodara

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

ITA 318/AHD/2020[2016-17]Status: DisposedITAT Ahmedabad29 Feb 2024AY 2016-17

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri M. J. Shah, A.R. & Shri Jimi Patel , A.RFor Respondent: Shri Sudhendu Das, CIT DR
Section 143(3)Section 14ASection 234ASection 271(1)(c)

…question as under: 7. So far as issue Nos.(iii) and (iv) are concerned, the learned counsel for the assessee has relied on the decision of this court in the case of Commissioner of Income tax-I v. Gujarat State Fertilizers & Chemicals Ltd., reported in (2013) 358 ITR 323 (Gujarat) Where this court has held in paragraph Nos.6 to 6.5 this court has observed as under: 6. So far as the fourth question is concerned, it pertains to addition of Rs.1,14,43,040/under Section 115JB of the Act being the expenditure estimated on earning of dividend income under Section 14A of the Act. 6.1 The Assessing Officer on referring t…

Gujarat Fluorochemicals Limited., Vadodara vs. The DCIT, Circle-1(1)(1), Vadodara

The appeal of the assessee is partly allowed

ITA 751/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad28 Dec 2022AY 2014-15

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumar"नधा"रणवष"/Assessment Year: 2014-15 Gujarat Fluorochemicals Ltd., Vs. Dcit, 2Nd Floor, Abs Tower, Old Circle 1(1)(1), Padra Road, Baroda-390007 Baroda Pan : Aaacg 6725 H अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri S.N. Soparkar, Sr. Advocate & Shri Parin Shah, Ar Revenue By : Shri Samir Tekriwal, Cit-Dr सुनवाई क" तार"ख/Date Of Hearing : 11.10.2022 घोषणा क" तार"ख /Date Of Pronouncement: 28.12.2022 आदेश/O R D E R Per Annapurna Gupta:

For Appellant: Shri S.N. Soparkar, Sr. Advocate &For Respondent: Shri Samir Tekriwal, CIT-DR
Section 115Section 115JSection 14ASection 14A(2)Section 8D(2)(i)

…uestion as under: 7. So far as issue Nos.(iii) and (iv) are concerned, the learned counsel for the assessee has relied on the decision of this court in the case of Commissioner of Income-tax-1 v. Gujarat State Fertilizers & Chemicals Ltd., reported in (2013) 358 ITR 323 (Gujarat) Where this court has held in paragraph Nos.6 to 6.5this court has observed as under: 6. So far as the fourth question is concerned, it pertains to addition of Rs.1,14,43,040/- under Section 115JB of the Act being the expenditure estimated on earning of dividend income under Section 14A of the Act. 6.1 The Assessing Officer on referrin…

M/S. Shangrila Latex Industries Limited, Surat vs. Assistant Commissioner of Income Tax - 4, Surat

In the result, appeal filed by the assessees is allowed

ITA 38/SRT/2017[2006-07]Status: DisposedITAT Surat28 Sept 2022AY 2006-07

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.38/Srt/2017 Assessment Year: (2006-07) (Physical Court Hearing) Shangrila Latex Industries Limited, Vs. The Acit, Circle-4, C/O. B.M. Parekh & Co., 203, 2Nd Surat. Floor, Navjivan Society, Bldg. No. 03, Lamington Road, Mumbai-400008. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaics1479E (Appellant) (Respondent) Assessee By Shri Sanjay S. Kapadia, Ca Respondent By Shri H. P. Meena, Cit(Dr) Date Of Hearing 01/07/2022 28/09/2022 Date Of Pronouncement

Section 143(3)Section 147Section 148Section 234BSection 71

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकर अपील सं./ITA No.38/SRT/2017 Assessment Year: (2006-07) (Physical Court Hearing) Shangrila Latex Industries Limited, Vs. The ACIT, Circle-4, C/o. B.M. Parekh & Co., 203, 2nd Surat. Floor, Navjivan Society, Bldg. No. 03, Lamington Road, Mumbai-400008. "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAICS1479E (Appellant) (Respondent) Assessee by Shri Sanjay S. Kapadia, CA Respondent by Shri H. P. Meena, CIT(DR) Date of Hearing 01/07/2022 28/09/2022 Date of Pronouncement आदेश / O R D E R PER DR. A. L. SAINI, AM: Capt…

The DCIT, Circle-1(1), Baroda vs. Gujarat Industries Power Co.Ltd., Baroda

ITA 1770/AHD/2012[2004-05]Status: DisposedITAT Ahmedabad26 May 2022AY 2004-05

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

For Appellant: 22-04-2022For Respondent: Shri Mohd. Usman, CIT DR &
Section 115J

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘D’ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD (Convened through Virtual Court) BEFORE SHRI MAHAVIR PRASAD, JUDICIAL MEMEBR & SHRI WASEEM AHMED, ACCOUNTANT MEMEBR आयकर अपील सं./I.T.A. Nos. 1770/Ahd/2012 and 1826/Ahd/2010, ("नधा"रण वष" / Assessment Years : 2004-05 & 2005-06 Deputy Commissioner of बनाम/ Gujarat Industries Income Tax, Circle-1(1), Power Co. Ltd. Vs. Aaykar Bhavan, Vadodara P. O. Petrochemicals, Dist.- Baroda - 391346 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAACG7277Q (Appellant/ Respondent) .. (Appellant/Respondent) AND CO No.173/Ah…

The DCIT, Circle-1(1), Baroda vs. Gujarat Industries Power Co.Ltd., Baroda

ITA 1826/AHD/2010[2005-06]Status: DisposedITAT Ahmedabad26 May 2022AY 2005-06

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

For Appellant: 22-04-2022For Respondent: Shri Mohd. Usman, CIT DR &
Section 115J

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘D’ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD (Convened through Virtual Court) BEFORE SHRI MAHAVIR PRASAD, JUDICIAL MEMEBR & SHRI WASEEM AHMED, ACCOUNTANT MEMEBR आयकर अपील सं./I.T.A. Nos. 1770/Ahd/2012 and 1826/Ahd/2010, ("नधा"रण वष" / Assessment Years : 2004-05 & 2005-06 Deputy Commissioner of बनाम/ Gujarat Industries Income Tax, Circle-1(1), Power Co. Ltd. Vs. Aaykar Bhavan, Vadodara P. O. Petrochemicals, Dist.- Baroda - 391346 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAACG7277Q (Appellant/ Respondent) .. (Appellant/Respondent) AND CO No.173/Ah…

Gujarat Industries Power Co.Ltd., Baroda vs. The Dy.CIT., Circle-1(1), Baroda

ITA 1485/AHD/2010[2005-06]Status: DisposedITAT Ahmedabad26 May 2022AY 2005-06

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

For Appellant: 22-04-2022For Respondent: Shri Mohd. Usman, CIT DR &
Section 115J

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘D’ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD (Convened through Virtual Court) BEFORE SHRI MAHAVIR PRASAD, JUDICIAL MEMEBR & SHRI WASEEM AHMED, ACCOUNTANT MEMEBR आयकर अपील सं./I.T.A. Nos. 1770/Ahd/2012 and 1826/Ahd/2010, ("नधा"रण वष" / Assessment Years : 2004-05 & 2005-06 Deputy Commissioner of बनाम/ Gujarat Industries Income Tax, Circle-1(1), Power Co. Ltd. Vs. Aaykar Bhavan, Vadodara P. O. Petrochemicals, Dist.- Baroda - 391346 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAACG7277Q (Appellant/ Respondent) .. (Appellant/Respondent) AND CO No.173/Ah…

Arch Impex P. Ltd, Mumbai vs. DCIT Cen Cir 5(1), Mumbai

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

ITA 7009/MUM/2016[2012-13]Status: DisposedITAT Mumbai26 May 2022AY 2012-13

Bench: Us. “1. The Learned Cit(A) Has Erred In Upholding The Contention Of The Learned Dcit That The Appellant Has Not Carried On Any Business Activity During The Year & Hence No Expenses Are Allowable.

For Appellant: Ajay SinghFor Respondent: S.A. Dhyani
Section 143(3)Section 14ASection 36(1)(iii)

…m the expenditure in one year or to spread over the said expenditure as per the enduring benefit available with them. For this contention the decision of the Hon’ble Gujarat High Court in the Case of CIT vs. Gujarat State Fertilizer Chemicals Ltd. reported in 358 ITR 323 supported our view. In the case of Gujarat State Fertilizers the assessee has claimed deduction of corporate debt restructuring expenses of Rs. 2.57 crores on payment to financial consultants who provided their professional services in connection with the scheme of corporate debt restructuring by negotiating with the banks and financial instituti…

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)

…nces made during the year under consideration and therefore the assesses case is squarely covered by several case laws including that of the jurisdictional High Court in the case of Gujarat State Fertilisers and Chemicals Ltd, reported in ITA.No.91/Ahd/2019 4 358 ITR 323, CIT vs. Gujarat Narmada Valley Fertilisers Corporation Ltd, reported in 221 taxmann for 79 and CIT vs. Raghubir Synthetics Ltd, reported in 354 ITR 222. Furthermore it was observed that the assessee’s case is squarely covered in assessee’s own case for Assessment Years 2011-12, 2012-13, 2013-14 and 2014-15 wherein on the same facts the disallowa…

Arch Impex P. Ltd, Mumbai vs. DCIT Cen Cir 5(1), Mumbai

In the result, the appeal of the assessee is partly allowed while the appeal of the revenue is dismissed

ITA 7008/MUM/2016[2010-11]Status: DisposedITAT Mumbai17 Mar 2022AY 2010-11
For Appellant: Ajay SinghFor Respondent: S.A. Dhyani
Section 143Section 143(3)Section 147Section 148Section 14A

…m the expenditure in one year or to spread over the said expenditure as per the enduring benefit available with them. For this contention the decision of the Hon’ble Gujarat High Court in the Case of CIT vs. Gujarat State Fertilizer Chemicals Ltd. reported in 358 ITR 323 supported our view. In the case of Gujarat State Fertilizers the assessee has claimed deduction of corporate debt restructuring expenses of Rs. 2.57 crores on payment to financial consultants who provided their professional services in connection with the scheme of corporate debt restructuring by negotiating with the banks and financial instituti…

M/S Corporate Bank, Mangalore vs. Principal Commissioner of Income Tax, Mangalore

In the result, the appeal filed by the assessee is partly allowed

ITA 1679/BANG/2018[2014-15]Status: DisposedITAT Bangalore17 Nov 2021AY 2014-15

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.S.Ananthan, CAFor Respondent: Sri.Pradeep Kumar, CIT-DR
Section 115JSection 143(3)Section 14ASection 263

…e additions. 23. We take notice of the fact that in context with the third proposed question, the ITAT placed reliance on the following decisions:- (i) CIT v. Alembic Ltd. (Tax appeal No.1249/2014) (ii) CIT v. Gujarat State Fertilizers & Chemicals Ltd. (2013) 358 ITR 323 24. The issue is squarely covered and in our opinion, no error could be said to have been committed by the ITAT in taking the view that no addition in the book profit can be made on the basis of the calculations worked out under section 14A of the Act.” 7.2.3 Similar view has been held by the Mumbai Bench of the Tribunal in the case of Tata Sons…

Bhavin Upadhyay, Vadodara vs. DCIT, Circle-3(1), Vadodara

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

ITA 1459/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad01 Jan 2021AY 2014-15

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 1459/Ahd/2018 "नधा"रण वष"/Asstt. Year: 2014-2015 Bhavin Upadhyay, D.C.I.T., Neuro Care Clinic, Vs. Circle-3(1), Kharivav Road, Vadodara. Dandia Bazar, Vadodara-390001. Pan: Aaepu2434L

For Appellant: Shri T.P. Hemani, Sr. Advocate &For Respondent: Shri Rajdeep Singh, Sr.D.R
Section 14A

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’ D’’ BENCH, AHMEDABAD (CONDUCTED THROUGH VIRTUAL COURT AT AHMEDABAD) BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT And SHRI WASEEM AHMED, ACCOUNTANT MEMBER आयकर अपील सं./ITA No. 1459/AHD/2018 "नधा"रण वष"/Asstt. Year: 2014-2015 Bhavin Upadhyay, D.C.I.T., Neuro Care Clinic, Vs. Circle-3(1), Kharivav Road, Vadodara. Dandia Bazar, Vadodara-390001. PAN: AAEPU2434L (Applicant) (Respondent) Assessee by : Shri T.P. Hemani, Sr. Advocate & Shri Parimal Sinh Parmar, A.R Revenue by : Shri Rajdeep Singh, Sr.D.R सुनवाई क" तार"ख/Date of Hearing : 11/12/20…

ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Zaveri & Company Pvt. Ltd, Ahmedabad

In the result, both the appeals of the Revenue are dismissed

ITA 1194/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2013-14

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and
Section 10ASection 143(2)Section 143(3)Section 2Section 263

…erest free fund available with the assessee was far more than the investment, and no interest expenditure could be disallowed. The ld.CIT(A) has made reference to the decision of Hon’ble Gujarat High Court in the case of CIT Vs. Gujarat State Fertilizers Ltd, 358 ITR 323 (Guj) and CIT Vs. Torrent Power Ltd., 363 ITR 474 (Guj). Further, the facts of the case in the ITA No1080 & 1081 and 1193 & 1194 /Ahd/2018 17 Asstt.Year 2013-14 are also identical, and therefore, we do not find any merit in the grounds raised by the Revenue in both the years. Accordingly, ground no.5 and 6 in the Asstt.Year 2012-13 and ground no.…

ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Zaveri & Company Pvt. Ltd, Ahmedabad

In the result, both the appeals of the Revenue are dismissed

ITA 1193/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2012-13

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and
Section 10ASection 143(2)Section 143(3)Section 2Section 263

…erest free fund available with the assessee was far more than the investment, and no interest expenditure could be disallowed. The ld.CIT(A) has made reference to the decision of Hon’ble Gujarat High Court in the case of CIT Vs. Gujarat State Fertilizers Ltd, 358 ITR 323 (Guj) and CIT Vs. Torrent Power Ltd., 363 ITR 474 (Guj). Further, the facts of the case in the ITA No1080 & 1081 and 1193 & 1194 /Ahd/2018 17 Asstt.Year 2013-14 are also identical, and therefore, we do not find any merit in the grounds raised by the Revenue in both the years. Accordingly, ground no.5 and 6 in the Asstt.Year 2012-13 and ground no.…

M/S. Zaveri & Co. Pvt. Ltd., Ahmedabad vs. The Deputy Commissioner of Income Tax, Circle-4(1)(2), Ahmedabad

In the result, both the appeals of the Revenue are dismissed

ITA 1081/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2013-14

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and
Section 10ASection 143(2)Section 143(3)Section 2Section 263

…erest free fund available with the assessee was far more than the investment, and no interest expenditure could be disallowed. The ld.CIT(A) has made reference to the decision of Hon’ble Gujarat High Court in the case of CIT Vs. Gujarat State Fertilizers Ltd, 358 ITR 323 (Guj) and CIT Vs. Torrent Power Ltd., 363 ITR 474 (Guj). Further, the facts of the case in the ITA No1080 & 1081 and 1193 & 1194 /Ahd/2018 17 Asstt.Year 2013-14 are also identical, and therefore, we do not find any merit in the grounds raised by the Revenue in both the years. Accordingly, ground no.5 and 6 in the Asstt.Year 2012-13 and ground no.…