Infrastructure Development and Finance Corporation (315 ITR 301) (Kar.) 5. Adani Power Ltd. v. ACIT

Income Tax Officer, Ward-3(1)(1), Ahmedabad, Vejalpur vs. Nana Layja Power Company Limited, Ahmedabad

In the result, the appeal of the Revenue stands dismissed

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.1457/Ahd/2024 िनधा"रण वष" /Assessment Year : 2014-15 The Income Tax Officer Nanalayja Power Company Ltd. बनाम/ Ward-3(1)(1) 301-303, Kaivanna Complex V/S. Ahmedabad Panchwati, Ahmedabad - 380 006 (Gujarat) "थायी लेखा सं./Pan: Aadcn 45111 F अपीलाथ&/ (Appellant) '( यथ&/ (Respondent) Assessee By : -None- Revenue By : Shri Surendra Kumar, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 11/11/2024 घोषणा की तारीख /Date Of Pronouncement: 12/11/2024 आदेश/O R D E R Per Makarand V. Mahadeokar, Am: This Appeal By The Revenue Arises From The Order Of The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac) [Hereinafter Referred To As “Cit(A)”], Dated 11/06/2024, For The Assessment Year (Ay) 2014-15, Wherein The Cit(A) Deleted The Addition Of Rs.1,17,75,568/- Made By The Assessing Officer [Hereinafter Referred To As “Ao”] U/S.56 Of The Act In The Assessment Order Passed Under Section 143(3) R.W.S. 147 Of The Income Tax Act, 1961 [Hereinafter Referred To As “The Act”], Dated 27/11/2019. Ito Vs. Nana Layja Power Company Ltd. Asst. Year : 2014-15

…ure, directly related to the funds used for project purposes and, hence, should be adjusted against the capital work-in-progress (CWIP). The CIT(A) relied on precedents, such as, decision of Co-ordinate Bench in the case of Adani Power Ltd. reported at (2015) 155 ITD 239, distinguishing the facts from Tuticorin Alkali Chemicals & Fertilizers Ltd. (supra) and deleting the addition. 4. The Revenue's primary ground before us is that the CIT(A) erred in deleting the addition made by the AO, treating the interest income as “Income from Other Sources” under Section 56 of the Act. Additionally, the Department sought le…

Btw-Atlanta Transformers India Pvt. Ltd., Bharuch vs. ACIT, Circle-1(1)(1), Vadodara

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

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “B” BENCH Before: Shri Sandeep Gosain, Judicial Member And Shri Amarjit Singh, Accountant Member ITA Nos. 1642 & 1643/Ahd/2018 Assessment Year 2013-14 & 2014-15 BTW-Atlanta The ACIT, Transformers India Pvt. Circle-1(1)(1), Ltd. Survey No. 192/1, Vs Vadodara 192/3, 193 to 199 & 209, (Respondent) Ankhi Jambusar Bharuch, Gujarat-392150 PAN: AAECB9579N (Appellant) Revenue by: Shri Vidhyut Trivedi, Sr. D.R. Assessee by: Shri S.N.Soparkar, A.R. Date of hearing : 03-03-2020 Date of pronouncement : 06-03-2020 आदेश/ORDER PER : AMARJIT SINGH, ACCOUNTANT MEMBER:- T…