CIT v. Indo Nippon Chemicals Ltd.

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(1), AHMEDABAD, AHMEDABAD vs. SPX FLOW TECHNOLOGY (INDIA) PRIVATE LIMITED, AHMEDABAD

In the result, the appeal filed by the Revenue is hereby dismissed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

…ding arrived by Ld. CIT(A) does not require any interference. Further Ld. Counsel submitted that this very same issue is settled in favour of the assessee by the Jurisdictional High Court in the case of ACIT-Vs-Narmada Chematur Petrochemicals Ltd. reported in 327 ITR 369 (Guj.), therefore requested to dismiss the Revenue appeal. 7. We have given our thoughtful consideration and perused the materials available on record. The Ld. AO made addition of Rs.2,74,57,704/- by invoking the provisions of Section 145A of the Act with respect to the unutilized balance of MODVAT/CENVAT credit with the Excise Authorities. The…

CORRTECH INTERNATIONAL PVT. LTD.,AHMEDABAD vs. THE ADDL. CIT, TDS RANGE,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

…ive method" or "Inclusive method”. Accordingly, the Ld. AR submitted that no addition is called for u/s 145A. The Ld. AR relied upon the followings decisions: " CIT vs. Indo Nippon Chemicals Ltd. - 261ITR 275 (SC); " ACIT vs. Narmada Chematur Petrochemcials - 327 ITR 369 (Guj); " ITO vs. Mamata Brampton Engg. P. Ltd. - ITA 2387/Ahd/2013 In light of the above, the Ld. AR submitted that the CIT(A) has rightly deleted the impugned addition. 56. We have heard both the parties and perused all the relevant material available on record. The Assessing Officer has not taken cognizance that the assessee has followed “excl…

CORRTECH INTERNATIONAL PVT. LTD.,AHMEDABAD vs. THE ADDL. CIT, TDS RANGE,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

…ive method" or "Inclusive method”. Accordingly, the Ld. AR submitted that no addition is called for u/s 145A. The Ld. AR relied upon the followings decisions: " CIT vs. Indo Nippon Chemicals Ltd. - 261ITR 275 (SC); " ACIT vs. Narmada Chematur Petrochemcials - 327 ITR 369 (Guj); " ITO vs. Mamata Brampton Engg. P. Ltd. - ITA 2387/Ahd/2013 In light of the above, the Ld. AR submitted that the CIT(A) has rightly deleted the impugned addition. 56. We have heard both the parties and perused all the relevant material available on record. The Assessing Officer has not taken cognizance that the assessee has followed “excl…

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(2),, AHMEDABAD vs. M/S. CORRTECH INTERNATIONAL PVT. LTD.,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

…ive method" or "Inclusive method”. Accordingly, the Ld. AR submitted that no addition is called for u/s 145A. The Ld. AR relied upon the followings decisions: " CIT vs. Indo Nippon Chemicals Ltd. - 261ITR 275 (SC); " ACIT vs. Narmada Chematur Petrochemcials - 327 ITR 369 (Guj); " ITO vs. Mamata Brampton Engg. P. Ltd. - ITA 2387/Ahd/2013 In light of the above, the Ld. AR submitted that the CIT(A) has rightly deleted the impugned addition. 56. We have heard both the parties and perused all the relevant material available on record. The Assessing Officer has not taken cognizance that the assessee has followed “excl…

CORRTECH INTERNATIONAL PVT.LTD.,,AHMEDABAD vs. DY. COMMISSIONER OF INCOME TAX,(OSD),, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

…ive method" or "Inclusive method”. Accordingly, the Ld. AR submitted that no addition is called for u/s 145A. The Ld. AR relied upon the followings decisions: " CIT vs. Indo Nippon Chemicals Ltd. - 261ITR 275 (SC); " ACIT vs. Narmada Chematur Petrochemcials - 327 ITR 369 (Guj); " ITO vs. Mamata Brampton Engg. P. Ltd. - ITA 2387/Ahd/2013 In light of the above, the Ld. AR submitted that the CIT(A) has rightly deleted the impugned addition. 56. We have heard both the parties and perused all the relevant material available on record. The Assessing Officer has not taken cognizance that the assessee has followed “excl…

THE DCIT(OSD) RANGE-1,, AHMEDABAD vs. M/S. CORRTECH INTERNATIONAL PVT.LTD.,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

…ive method" or "Inclusive method”. Accordingly, the Ld. AR submitted that no addition is called for u/s 145A. The Ld. AR relied upon the followings decisions: " CIT vs. Indo Nippon Chemicals Ltd. - 261ITR 275 (SC); " ACIT vs. Narmada Chematur Petrochemcials - 327 ITR 369 (Guj); " ITO vs. Mamata Brampton Engg. P. Ltd. - ITA 2387/Ahd/2013 In light of the above, the Ld. AR submitted that the CIT(A) has rightly deleted the impugned addition. 56. We have heard both the parties and perused all the relevant material available on record. The Assessing Officer has not taken cognizance that the assessee has followed “excl…

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

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

…ive method" or "Inclusive method”. Accordingly, the Ld. AR submitted that no addition is called for u/s 145A. The Ld. AR relied upon the followings decisions: " CIT vs. Indo Nippon Chemicals Ltd. - 261ITR 275 (SC); " ACIT vs. Narmada Chematur Petrochemcials - 327 ITR 369 (Guj); " ITO vs. Mamata Brampton Engg. P. Ltd. - ITA 2387/Ahd/2013 In light of the above, the Ld. AR submitted that the CIT(A) has rightly deleted the impugned addition. 56. We have heard both the parties and perused all the relevant material available on record. The Assessing Officer has not taken cognizance that the assessee has followed “excl…

THE DCIT(OSD) RANGE-1,, AHMEDABAD vs. M/S. CORRTECH INTERNATIONAL PVT.LTD.,, AHMEDABAD

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

…ive method" or "Inclusive method”. Accordingly, the Ld. AR submitted that no addition is called for u/s 145A. The Ld. AR relied upon the followings decisions: " CIT vs. Indo Nippon Chemicals Ltd. - 261ITR 275 (SC); " ACIT vs. Narmada Chematur Petrochemcials - 327 ITR 369 (Guj); " ITO vs. Mamata Brampton Engg. P. Ltd. - ITA 2387/Ahd/2013 In light of the above, the Ld. AR submitted that the CIT(A) has rightly deleted the impugned addition. 56. We have heard both the parties and perused all the relevant material available on record. The Assessing Officer has not taken cognizance that the assessee has followed “excl…

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

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

…ive method" or "Inclusive method”. Accordingly, the Ld. AR submitted that no addition is called for u/s 145A. The Ld. AR relied upon the followings decisions: " CIT vs. Indo Nippon Chemicals Ltd. - 261ITR 275 (SC); " ACIT vs. Narmada Chematur Petrochemcials - 327 ITR 369 (Guj); " ITO vs. Mamata Brampton Engg. P. Ltd. - ITA 2387/Ahd/2013 In light of the above, the Ld. AR submitted that the CIT(A) has rightly deleted the impugned addition. 56. We have heard both the parties and perused all the relevant material available on record. The Assessing Officer has not taken cognizance that the assessee has followed “excl…

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

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

…ive method" or "Inclusive method”. Accordingly, the Ld. AR submitted that no addition is called for u/s 145A. The Ld. AR relied upon the followings decisions: " CIT vs. Indo Nippon Chemicals Ltd. - 261ITR 275 (SC); " ACIT vs. Narmada Chematur Petrochemcials - 327 ITR 369 (Guj); " ITO vs. Mamata Brampton Engg. P. Ltd. - ITA 2387/Ahd/2013 In light of the above, the Ld. AR submitted that the CIT(A) has rightly deleted the impugned addition. 56. We have heard both the parties and perused all the relevant material available on record. The Assessing Officer has not taken cognizance that the assessee has followed “excl…

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

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

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH (Virtual Court) Before: Shri Rajpal Yadav, Vice President And Shri Amarjit Singh, Accountant Member Sl. ITA No. Appellant Respondent A.Y. No. 1 1766/Ahd/2012 Dy. CIT, AIA 2008-09 Circle-1, Ah’d Engineering Ltd. Ah’d 2 2342/Ahd/2015 Dy. CIT, AIA 2009-10 Circle-1(1)(1), Engineering Ah’d Ltd. Ah’d 3 2343/Ahd/2015 Dy. CIT, AIA 2010-11 Circle-1(1)(1), Engineering Ah’d Ltd. Ah’d 4 1112/Ahd/2017 Dy. CIT, AIA 2011-12 Circle-1(1)(1), Engineering Ah’d Ltd. Ah’d 5 1835/Ahd/2017 Dy. CIT, AIA 2012-13 Circle-1(1)(1), Engineering Ah’d Ltd. Ah’d 6 2805/Ahd/2017 Dy. CIT,…

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,

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH (Virtual Court) Before: Shri Rajpal Yadav, Vice President And Shri Amarjit Singh, Accountant Member Sl. ITA No. Appellant Respondent A.Y. No. 1 1766/Ahd/2012 Dy. CIT, AIA 2008-09 Circle-1, Ah’d Engineering Ltd. Ah’d 2 2342/Ahd/2015 Dy. CIT, AIA 2009-10 Circle-1(1)(1), Engineering Ah’d Ltd. Ah’d 3 2343/Ahd/2015 Dy. CIT, AIA 2010-11 Circle-1(1)(1), Engineering Ah’d Ltd. Ah’d 4 1112/Ahd/2017 Dy. CIT, AIA 2011-12 Circle-1(1)(1), Engineering Ah’d Ltd. Ah’d 5 1835/Ahd/2017 Dy. CIT, AIA 2012-13 Circle-1(1)(1), Engineering Ah’d Ltd. Ah’d 6 2805/Ahd/2017 Dy. CIT,…

THE DCIT, CIRCLE-7(2),, AHMEDABAD vs. SHRI UDAYKUMAR C. PATEL,, AHMEDABAD

In the result, revenue’s appeal is dismissed

Bench: Shri Amarjit Singh & Ms. Madhumita Roydcit, Vs. Udaykumar C. Patel, Circle – 7(2), Prop. Line O Matic Graphic Ahmedabad. Industries, D/62 Diamond Park, Gidc, Estate, Opp. Toyota Show Room, Naroda, Ahmedabad – 382 330. [Pan No. Aatpp 8316 R] (Appellant) .. (Respondent)

…ation of the order passed by the Learned CIT(A) by quashing the appeal preferred by the revenue. The assessee also relied upon the judgment passed by the Jurisdictional High Court in the case of ACIT-vs- Narmada Chematur Petrochemicals Ltd. reported in (2010) 327 ITR 369 (Guj.) in support of his contentions. On the other hand, Learned DR relied upon the order passed by the Learned AO. 4. We have heard the respective parties, perused the relevant materials available on record. We have also carefully considered the order passed by the Co-ordinate Bench in assessee’s own case in ITA No.3109/Ahd/2013 for A.Y. 2010-1…

THE ACIT, CIRCLE-7(2),, AHMEDABAD vs. SHRI UDAYKUMAR C. PATEL,, AHMEDABAD

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

Bench: Shri Waseem Ahmed & Smt Madhumita Royआयकर अपील सं./I.T.A. Nos. 1735 & 2300/Ahd/2016 ("नधा"रण वष" / Assessment Years : 2012-13 & 2013-14) Acit, Udaykumar C. Patel, बनाम/ Circle – 7(2), Prop. Line O Matic Vs. Ahmedabad. Graphics Industries, D/62 Diamond Park, Gidc Estate, Opp. Toyota Show Room, Naroda, Ahmedabad – 382 330. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aatpp 8316 R .. (अपीलाथ"/Appellant) (""यथ" / Respondent) Shri S. K. Dev, Sr. D.R. अपीलाथ" ओर से/ Appellant By : ""यथ" क" ओर से/Respondent By: Shri A. S. Shah, A.R.

…d also in respect of earlier year i.e. A.Y.2007-08 have decided the identical issue in favour of the assessee by keeping reliance on the decision of Hon’ble Jurisdictional High Court rendered in the case of ACIT vs. Narmada Chematur Petrochemicals Ltd. (2010) 327 ITR 369 (Guj.) In view of above facts and legal findings, we consider that ld. CIT(A) has correctly deleted the addition in favour of assessee. Revenue’s appeal on this issue is rejected.” We also find it important to refer to the judgment of Hon’ble Jurisdictional High Court in the case of ACIT Vs. Narmada Chematur ITA Nos.1735 & 2300/Ahd/2016 ACIT vs…

THE ACIT, CIRCLE-7(2),, AHMEDABAD vs. UDAYKUMAR C. PATEL,, AHMEDABAD

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

Bench: Shri Waseem Ahmed & Smt Madhumita Royआयकर अपील सं./I.T.A. Nos. 1735 & 2300/Ahd/2016 ("नधा"रण वष" / Assessment Years : 2012-13 & 2013-14) Acit, Udaykumar C. Patel, बनाम/ Circle – 7(2), Prop. Line O Matic Vs. Ahmedabad. Graphics Industries, D/62 Diamond Park, Gidc Estate, Opp. Toyota Show Room, Naroda, Ahmedabad – 382 330. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aatpp 8316 R .. (अपीलाथ"/Appellant) (""यथ" / Respondent) Shri S. K. Dev, Sr. D.R. अपीलाथ" ओर से/ Appellant By : ""यथ" क" ओर से/Respondent By: Shri A. S. Shah, A.R.

…d also in respect of earlier year i.e. A.Y.2007-08 have decided the identical issue in favour of the assessee by keeping reliance on the decision of Hon’ble Jurisdictional High Court rendered in the case of ACIT vs. Narmada Chematur Petrochemicals Ltd. (2010) 327 ITR 369 (Guj.) In view of above facts and legal findings, we consider that ld. CIT(A) has correctly deleted the addition in favour of assessee. Revenue’s appeal on this issue is rejected.” We also find it important to refer to the judgment of Hon’ble Jurisdictional High Court in the case of ACIT Vs. Narmada Chematur ITA Nos.1735 & 2300/Ahd/2016 ACIT vs…

THE DCIT, CIRCLE-1(1)(1),, AHMEDABAD vs. ARCOY INUSTRIES(INDIA) PVT. LTD.,, AHMEDABAD

In the result, revenue’s appeal is dismissed

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFORE SHRI PRAMOD KUMAR, VICE PRESIDENT & Ms. MADHUMITA ROY, JUDICIAL MEMBER I.T.A. No.1770/Ahd/2016 (Assessment Year : 2012-13) DCIT, Vs. Arcoy Industries (India) Pvt. Cir – 1(1)(1), Ltd., 606, Abhijeet Building Ahmedabad. Nr. Mithakali Six Roads, Ellis Bridge, Ahmedabad. [PAN No. AABCA 2785 J] (Appellant) .. (Respondent) Appellant by : Shri Vinod Talwani, Sr.D.R. Respondent by : Shri P.M. Mehta and G. M. Thakor, A.R. Date of Hearing 26/10/2018 Date of Pronouncement 24/01/2019 O R D E R PER Ms. MADHUMITA ROY - JM: The instant appeal file…

THE DCIT, CIRCLE-1(1)(1),, AHMEDABAD vs. M/S. AMTECH ELECTRONICS (INDIA) LTD.,, GANDHINAGAR

In the result, all three appeals filed by the Revenue are dismissed

Bench: Shri Pramod Kumar & Shri Mahavir Prasad)

…y whether an assessee follows "Exclusive method" or "Inclusive method". Accordingly, no addition is called for u/s 145A. Reliance is placed on the followings: > CIT vs. Indo Nippon Chemicals Ltd. - 261ITR 275 (SC) > ACIT vs. .Narmada Chematur Petrochemcials - 327 ITR 369 (Guj) >DCIT vs. M/s. AIA Engineering Ltd. - ITA 1122/Ahd/2015 (Annexure "A"); 47. In any case, amount lying with the excise authorities could not have been claimed as refund by the assessee and hence, it cannot be treated as an income in the hands of the assessee. 48. In light of the above, impugned addition has been rightly deleted by CIT(A).…

THE DCIT, CIRCLE-1,, AHMEDABAD vs. M/S. AMTECH ELECTRONICS (INDIA) LTD.,, GANDHINAGAR

In the result, all three appeals filed by the Revenue are dismissed

Bench: Shri Pramod Kumar & Shri Mahavir Prasad)

…y whether an assessee follows "Exclusive method" or "Inclusive method". Accordingly, no addition is called for u/s 145A. Reliance is placed on the followings: > CIT vs. Indo Nippon Chemicals Ltd. - 261ITR 275 (SC) > ACIT vs. .Narmada Chematur Petrochemcials - 327 ITR 369 (Guj) >DCIT vs. M/s. AIA Engineering Ltd. - ITA 1122/Ahd/2015 (Annexure "A"); 47. In any case, amount lying with the excise authorities could not have been claimed as refund by the assessee and hence, it cannot be treated as an income in the hands of the assessee. 48. In light of the above, impugned addition has been rightly deleted by CIT(A).…

DISHMAN PHARMACEUTICALS & CHEMICALS LIMITED,,AHMEDABAD vs. THE ACIT, (OSD),RANGE-1,, AHMEDABAD

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

…on taxability whether the assessee follows exclusive or inclusive method of accounting, hence no additions is called for under section 145A. He relied upon the judgment of the Hon’ble Gujarat High Court in the case of ACIT Vs. Narmada Chematur Petrochemicals, 327 ITR 369 (Guj). On the other hand, the ld.DR relied upon the orders of the AO. 92. We have duly considered rival contentions and gone through the record carefully. In the case of Narmada Chematur Petrochemicals (supra), Hon’ble High Court has observed that closing stock has to be valued at the option of the assessee i.e. at the cost or market price, whic…