Micro Inks Ltd. v. ACIT

The Dy. CIT, Gandhinagar Circle, Gandhinagar vs. M/S. Kalparatru Power Transmission Limited, Gandhinagar

Appeal of the assessee is dismissed

…nt and further that the loans were given for commercial purposes and was not a simplicitor loan or advance given to the wholly own subsidiary. Heavy reliance was placed on the decision of the ITAT Ahmedabad Bench in the case of Micro Inks Ltd. vs. ACIT (2013) 144 ITD 610. Our attention was drawn to the contents of the said decision which was placed before us at Paper Book page no. 400 to 436. Taking us to Para 14 & 15 of the said decision, it was pointed out that in the case of Perot System TSI (India) Ltd vs Dy. CIT (2010) 37 SOT 358 (Delhi) identical issue was discussed and it was pointed out that the argument…

Kalpataru Power Transmission Ltd., Gandhinagar vs. The Dy. CIT, Gandhinagar Circle, Gandhinagar

Appeal of the assessee is dismissed

…nt and further that the loans were given for commercial purposes and was not a simplicitor loan or advance given to the wholly own subsidiary. Heavy reliance was placed on the decision of the ITAT Ahmedabad Bench in the case of Micro Inks Ltd. vs. ACIT (2013) 144 ITD 610. Our attention was drawn to the contents of the said decision which was placed before us at Paper Book page no. 400 to 436. Taking us to Para 14 & 15 of the said decision, it was pointed out that in the case of Perot System TSI (India) Ltd vs Dy. CIT (2010) 37 SOT 358 (Delhi) identical issue was discussed and it was pointed out that the argument…

Kalpataru Power Transmission Ltd., Gandhinagar vs. The Dy. CIT, Gandhinagar Circle, Gandhinagar

Appeal of the assessee is dismissed

…nt and further that the loans were given for commercial purposes and was not a simplicitor loan or advance given to the wholly own subsidiary. Heavy reliance was placed on the decision of the ITAT Ahmedabad Bench in the case of Micro Inks Ltd. vs. ACIT (2013) 144 ITD 610. Our attention was drawn to the contents of the said decision which was placed before us at Paper Book page no. 400 to 436. Taking us to Para 14 & 15 of the said decision, it was pointed out that in the case of Perot System TSI (India) Ltd vs Dy. CIT (2010) 37 SOT 358 (Delhi) identical issue was discussed and it was pointed out that the argument…

Lambda Therapeutic Research Ltd., Ahmedabad vs. DCIT Circle-2(1) (2), Ahmedabad

In the result appeal of the Revenue is partly allowed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकर अपील सं./Ita No.91/Ahd/2018 िनधा"रण वष"/Asstt. Year: 2012-2013 Lambda Therapeutic Research Ltd. D.C.I.T., Lambda House, Vs. Circle-2(1)(2), Opp. Gujarat High Court, Ahmedabad. S.G. Highway, Gota, Ahmedabad-382481. Pan: Aaacl4089R

…as the investment in equity. In such cases there cannot be any adjustment on account of interest free loans/advances. In holding so we draw support and guidance from the order of this Hon’ble tribunal in the case of Micro Inks Ltd. vs. ACIT reported in [2013] 144 ITD 610 where it was held as under; “In the present case, there are two important factors pertaining to this interest free loan, and both these aspects deserve to be examined in detail. The first important aspect of this interest free advance is that the loan was said to be in the nature of quasi-capital, and it was so given out of EEFC (Exchange Earners…

The ACIT, Circle-2(1)(2), Ahmedabad vs. Lambda Therapeutic Research Ltd., Ahmedabad

In the result appeal of the Revenue is partly allowed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकर अपील सं./Ita No.91/Ahd/2018 िनधा"रण वष"/Asstt. Year: 2012-2013 Lambda Therapeutic Research Ltd. D.C.I.T., Lambda House, Vs. Circle-2(1)(2), Opp. Gujarat High Court, Ahmedabad. S.G. Highway, Gota, Ahmedabad-382481. Pan: Aaacl4089R

…as the investment in equity. In such cases there cannot be any adjustment on account of interest free loans/advances. In holding so we draw support and guidance from the order of this Hon’ble tribunal in the case of Micro Inks Ltd. vs. ACIT reported in [2013] 144 ITD 610 where it was held as under; “In the present case, there are two important factors pertaining to this interest free loan, and both these aspects deserve to be examined in detail. The first important aspect of this interest free advance is that the loan was said to be in the nature of quasi-capital, and it was so given out of EEFC (Exchange Earners…

The ACIT, Circle-2(1)(2), Ahmedabad vs. Lambda Therapeutic Research Ltd., Ahmedabad

In the result the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

…as the investment in equity. In such cases there cannot be any adjustment on account of interest free loans/advances. In holding so we draw support and guidance from the order of this Hon’ble tribunal in the case of Micro Inks Ltd. vs. ACIT reported in [2013] 144 ITD 610 where it was held as under; “In the present case, there are two important factors pertaining to this interest free loan, and both these aspects deserve to be examined in detail. The first important aspect of this interest free advance is that the loan was said to be in the nature of quasi-capital, and it was so given out of EEFC (Exchange Earners…

Lambda Therapeutic Research Ltd., Ahmedabad vs. DCIT Circle-2(1) (2), Ahmedabad

In the result the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

…as the investment in equity. In such cases there cannot be any adjustment on account of interest free loans/advances. In holding so we draw support and guidance from the order of this Hon’ble tribunal in the case of Micro Inks Ltd. vs. ACIT reported in [2013] 144 ITD 610 where it was held as under; “In the present case, there are two important factors pertaining to this interest free loan, and both these aspects deserve to be examined in detail. The first important aspect of this interest free advance is that the loan was said to be in the nature of quasi-capital, and it was so given out of EEFC (Exchange Earners…

The DCIT, Circle-2(1)(2), Ahmedabad vs. M/S. Lambda Therapeutic Research Ltd., Ahmedabad

In the result the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

…as the investment in equity. In such cases there cannot be any adjustment on account of interest free loans/advances. In holding so we draw support and guidance from the order of this Hon’ble tribunal in the case of Micro Inks Ltd. vs. ACIT reported in [2013] 144 ITD 610 where it was held as under; “In the present case, there are two important factors pertaining to this interest free loan, and both these aspects deserve to be examined in detail. The first important aspect of this interest free advance is that the loan was said to be in the nature of quasi-capital, and it was so given out of EEFC (Exchange Earners…

Lambda Therapeutic Research Limited, Ahmedabad vs. The Jt. CIT, Range-4, Ahmedabad

In the result the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

…as the investment in equity. In such cases there cannot be any adjustment on account of interest free loans/advances. In holding so we draw support and guidance from the order of this Hon’ble tribunal in the case of Micro Inks Ltd. vs. ACIT reported in [2013] 144 ITD 610 where it was held as under; “In the present case, there are two important factors pertaining to this interest free loan, and both these aspects deserve to be examined in detail. The first important aspect of this interest free advance is that the loan was said to be in the nature of quasi-capital, and it was so given out of EEFC (Exchange Earners…

Dy.Commissioner of Income Tax, Circle-2(1)(2), Ahmedabad vs. M/S. Lamda Therapeutic Research Ltd., Ahmedabad

In the result the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

…as the investment in equity. In such cases there cannot be any adjustment on account of interest free loans/advances. In holding so we draw support and guidance from the order of this Hon’ble tribunal in the case of Micro Inks Ltd. vs. ACIT reported in [2013] 144 ITD 610 where it was held as under; “In the present case, there are two important factors pertaining to this interest free loan, and both these aspects deserve to be examined in detail. The first important aspect of this interest free advance is that the loan was said to be in the nature of quasi-capital, and it was so given out of EEFC (Exchange Earners…

Lambda Therapeutic Research Limited, Ahmedabad vs. The Dy. Commissioner of Income Tax, Circle-2(1)(2), Ahmedabad

In the result the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

…as the investment in equity. In such cases there cannot be any adjustment on account of interest free loans/advances. In holding so we draw support and guidance from the order of this Hon’ble tribunal in the case of Micro Inks Ltd. vs. ACIT reported in [2013] 144 ITD 610 where it was held as under; “In the present case, there are two important factors pertaining to this interest free loan, and both these aspects deserve to be examined in detail. The first important aspect of this interest free advance is that the loan was said to be in the nature of quasi-capital, and it was so given out of EEFC (Exchange Earners…

Symphony Ltd., Ahmedabad vs. The Dy. Commissioner of Income Tax, Circle-4(1)(1), Ahmedabad

In the result, appeal filed by the assessee

…served as under:- Symphony Ltd. For AY 2012-13 8 “5. We find that this issue is covered, in favour of the assessee, by a decision of the coordinate bench in assessee's own case for the assessment year 2002-03 [reported as Micro Inks Ltd. v. Asstt. CIT [2013] 144 ITD 610/36 taxmann.com 50 (Ahd.), While deleting similar addition, the coordinate bench had observed as follows: " 20. The only other ALP adjustment in appeal before us is with respect to, what the authorities below have treated as, excess credit period allowed to Micro USA. This adjustment must be deleted for the short reason that it was part of the arr…