PCIT v. Zydus Wellness Ltd.

Joshi Technologies International Inc India Projects, Ahmedabad vs. The ACIT (Int. Taxa-1), Ahmedabad

In the result, all the three appeals filed by the assessee are partly allowed

Bench: Dr. Brr Kumar & Ms. Suchitra Kambleita Nos. 80, 81 & 244/Ahd/2022 (Assessment Years 2017-18, 2018-19 & 2019-20)

…n the following decisions: i) Wipro Finance Ltd. vs. CIT (2022) 443 ITR 250 (SC) ii) DCIT vs. Zydus Wellness Ltd. (2016) 76 taxmann.com 328 upheld by Hon’ble Gujarat High Court in PCIT vs. Zydus Wellness Ltd. iii) Riddhi Steel & Tubes (P) Ltd. vs. ACIT (2013) 144 ITD 397 (Ahd.Tri.) The Ld. AR further submitted that the DRP held that PSC is retrospective in nature and assessee is eligible for deduction under Section 42 of the Act. Thus, in light of clear finding of the DRP, Article 15.5 and 15.6 of the PSC effective from February 20, 2018 as well as it is evident that amount of Rs. 11,20,70,905/- ought to be eligi…

Joshi Technologies International Inc India Projects, Ahmedabad vs. The ACIT (Int. Taxa-1), Ahmedabad

In the result, all the three appeals filed by the assessee are partly allowed

Bench: Dr. Brr Kumar & Ms. Suchitra Kambleita Nos. 80, 81 & 244/Ahd/2022 (Assessment Years 2017-18, 2018-19 & 2019-20)

…n the following decisions: i) Wipro Finance Ltd. vs. CIT (2022) 443 ITR 250 (SC) ii) DCIT vs. Zydus Wellness Ltd. (2016) 76 taxmann.com 328 upheld by Hon’ble Gujarat High Court in PCIT vs. Zydus Wellness Ltd. iii) Riddhi Steel & Tubes (P) Ltd. vs. ACIT (2013) 144 ITD 397 (Ahd.Tri.) The Ld. AR further submitted that the DRP held that PSC is retrospective in nature and assessee is eligible for deduction under Section 42 of the Act. Thus, in light of clear finding of the DRP, Article 15.5 and 15.6 of the PSC effective from February 20, 2018 as well as it is evident that amount of Rs. 11,20,70,905/- ought to be eligi…

Joshi Technologies International Inc India Projects, Ahmedabad vs. Assistant Commissioner of Income Tax, Circle(Int.Taxn.)-1, Ahmedabad

In the result, all the three appeals filed by the assessee are partly allowed

Bench: Dr. Brr Kumar & Ms. Suchitra Kambleita Nos. 80, 81 & 244/Ahd/2022 (Assessment Years 2017-18, 2018-19 & 2019-20)

…n the following decisions: i) Wipro Finance Ltd. vs. CIT (2022) 443 ITR 250 (SC) ii) DCIT vs. Zydus Wellness Ltd. (2016) 76 taxmann.com 328 upheld by Hon’ble Gujarat High Court in PCIT vs. Zydus Wellness Ltd. iii) Riddhi Steel & Tubes (P) Ltd. vs. ACIT (2013) 144 ITD 397 (Ahd.Tri.) The Ld. AR further submitted that the DRP held that PSC is retrospective in nature and assessee is eligible for deduction under Section 42 of the Act. Thus, in light of clear finding of the DRP, Article 15.5 and 15.6 of the PSC effective from February 20, 2018 as well as it is evident that amount of Rs. 11,20,70,905/- ought to be eligi…

B.Patel Infrastructurre Pvt.Ltd., Ahmedabad vs. The Jt.CIT., Mehsana Range, Mehsana

In the result, the appeal of the assessee is allowed and that of the revenue is dismissed

…of the AR of the Appellant that the addition on account nondisclosure of stock cannot be made merely relying on the bank statement submitted to the Bank. I have also considered the Ahmedabad Tribunal order in the case of Riddhi Steel & Tubes (P) Ltd. vs. ACIT 144 ITD 397, which is subsequently confirmed by the Guj'arat High Court in 220 Taxman 148. The Ahmedabad Tribunal in Riddhi (supra) has held as under: "16(i) We have at length heard both the sides. We agree with the arguments of the Ld. Counsel of the Assessee that the case of the Assessee is covered by the Gujarat High Court decisions in the case of Arrow E…