DISHA RESOURCES LTD. (FORMERLY KNOWN AS ARIHANT AVENUES AND CREDIT LIMITED.),AHMEDABAD vs. THE ACIT, CENTRAL CIRCLE-2(1), AHMEDABAD

In the result, the appeal of the assessee is dismissed

Bench: Dr. B.R.R. Kumar, Vice-Ms Suchitra Kamble

Section 35(1)(ii) of Income Tax Act, 1961. 4. On 27/01/2015, the Investigation Wing Kolkata conducted survey and recorded statement of Founder and Secretary Smt. Samadrita Mukherjee Sardar who has signed the donation receipt was recorded in which she accepted that the said institute is engaged in providing bills in guise of Donation and money is routed back

PARAG DAVE,AHMEDABAD vs. THE DCIT, CIRCLE-3(1)(1) (PREVIOUSLY CIRCLE-3(3)), AHMEDABAD

In the result, appeal filed by the assessee is dismissed

Bench: Ms. Suchitra Kamble & Makarand V. Mahadeokarassessment Year 2016-17

bogus donation payment in cash and therefore the claim made by the assessee is not genuine claim u/s. 35(1)(ii) of the Income tax Act and thus disallowed Rs. 26,50,000/- being 175% donation of Rs. 15,00,000/-. The Assessing Officer further made addition of Rs. 51,731/- towards late payment of employees PF/ESIC contribution. 4. Being

PAWAN EDIFICE PVT. LTD.,VADODARA vs. THE DY.CIT, CIRCLE-2(1)(2), VADODARA

35,00,000/- for A.Ys. 2013-14 and 2014-15) and Smt.\nInduben R. Patel (Rs. 25,00,000/- for A.Y. 2014-15) are concerned, we find\nthat the assessee has not discharged the initial onus cast upon it to establish\nthe business nexus of such advances. It is trite law, as held by the Hon'ble\nSupreme Court

M/S. GSP CROP SCIENCE PVT. LTD.,,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1),, AHMEDABAD

In the result, both the appeals of the assessee are partly allowed

Bench: Smt.Annapurna Gupta & Shri Siddhartha Nautiyal

1-4-2014 upto 31-3-2016, and hence the assessee’s in-house R&D facility was not approved for the impugned year, i.e A.Y 2013-14. 7. In view of the same, we see no reason to interfere in the order of the ld.CIT(A) upholding the disallowance of claim of weighted deduction to the assessee under section

M/S. GSP CROP SCIENCE PVT. LTD.,,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1),, AHMEDABAD

In the result, both the appeals of the assessee are partly allowed

Bench: Smt.Annapurna Gupta & Shri Siddhartha Nautiyal

1-4-2014 upto 31-3-2016, and hence the assessee’s in-house R&D facility was not approved for the impugned year, i.e A.Y 2013-14. 7. In view of the same, we see no reason to interfere in the order of the ld.CIT(A) upholding the disallowance of claim of weighted deduction to the assessee under section

N K PROTEINS PVT. LIMITED,AHMEDABAD vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE- 3(1)(1), AHMEDABAD

In the result, no question of law arises

Bench: Dr. B.R.R. Kumar, Vice-Shri T.R. Senthil Kumar

bogus and accommodative loss. Once loss incurred by appellant is speculative in nature, such loss cannot be set off against any taxable income whereas speculative income can be set off against any business loss. Considering this fact, alternate contention of appellant that there is no loss of revenue cannot be accepted.” ITA Nos. 464 & 546/Ahd/2022 Assessee- NK Proteins Ltd Asst

THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), AHMEDABAD vs. N K PROTEINS PRIVATE LIMITED, AHMEDABAD

In the result, no question of law arises

Bench: Dr. B.R.R. Kumar, Vice-Shri T.R. Senthil Kumar

bogus and accommodative loss. Once loss incurred by appellant is speculative in nature, such loss cannot be set off against any taxable income whereas speculative income can be set off against any business loss. Considering this fact, alternate contention of appellant that there is no loss of revenue cannot be accepted.” ITA Nos. 464 & 546/Ahd/2022 Assessee- NK Proteins Ltd Asst

THE DY.CIT, CIRCLE-3(1)(1)., AHMEDABAD vs. N.K. INDUSTRIES LTD., AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

bogus. The loss represents the interest expenses represented by trading loss and therefore the loss claimed is genuine having regard to the facts and circumstances of the case. The Ld.AR submitted that the funds received from NKPL are utilized for the purpose of making payment for purchases from suppliers. The funds utilized are for the purpose of business and, therefore

THE DY.CIT, CIRCLE-3(1)(1)., AHMEDABAD vs. N.K. INDUSTRIES LTD., AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

bogus. The loss represents the interest expenses represented by trading loss and therefore the loss claimed is genuine having regard to the facts and circumstances of the case. The Ld.AR submitted that the funds received from NKPL are utilized for the purpose of making payment for purchases from suppliers. The funds utilized are for the purpose of business and, therefore

N.K. INDUSTRIES LTD.,AHMEDABAD vs. THE DY.CIT, CIRCLE-3(1)(1), AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

bogus. The loss represents the interest expenses represented by trading loss and therefore the loss claimed is genuine having regard to the facts and circumstances of the case. The Ld.AR submitted that the funds received from NKPL are utilized for the purpose of making payment for purchases from suppliers. The funds utilized are for the purpose of business and, therefore

N.K. INDUSTRIES LTD.,AHMEDABAD vs. THE DY.CIT, CIRCLE-3(1)(1), AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

bogus. The loss represents the interest expenses represented by trading loss and therefore the loss claimed is genuine having regard to the facts and circumstances of the case. The Ld.AR submitted that the funds received from NKPL are utilized for the purpose of making payment for purchases from suppliers. The funds utilized are for the purpose of business and, therefore

M/S. WORLD TRADE IMPEX LTD.,,BARODA vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX, CIRCLE-5,, BARODA

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

Bench: Ms Suchitra Kamble & Shri Waseem Ahmed

purchases. 4. The appellant craves leave to add, alter, amend any ground of appeal. 3. At the outset, we note that there was a delay of 7 years and 3 months in filing the appeal by the assessee. There was a condonation petition and affidavit filed by the assessee. The reasons specified therein for the delay was that

WORLD TRADE IMPEX LTD.,,BARODA vs. THE ACIT.,CIRCLE-4,, BARODA

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

Bench: Ms Suchitra Kamble & Shri Waseem Ahmed

purchases. 4. The appellant craves leave to add, alter, amend any ground of appeal. 3. At the outset, we note that there was a delay of 7 years and 3 months in filing the appeal by the assessee. There was a condonation petition and affidavit filed by the assessee. The reasons specified therein for the delay was that

JMC PROJECTS (INDIA) LTD.,,AHMEDABAD vs. THE ACIT.,(OSD)-I,RANGE-4,, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

purchases and vendors in question were part of the regular accounting, and no list of unverified or ITA No.2815/Ahd/2011 and other 17 appeals JMC Projects (India) Ltd. vs. DCIT-ACIT (By assessee and Revenue) Asst. Years : 2007-08 to 2015-16 bogus vendors was discovered during the search. Following the Vijaykumar D. Agarwal(supra) decision, the lack of such incriminating

THE DY. CIT, CIRCLE-1(1)(2),, AHMEDABAD vs. JMC PROJECTS (INDIA) LIMITED,, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

purchases and vendors in question were part of the regular accounting, and no list of unverified or ITA No.2815/Ahd/2011 and other 17 appeals JMC Projects (India) Ltd. vs. DCIT-ACIT (By assessee and Revenue) Asst. Years : 2007-08 to 2015-16 bogus vendors was discovered during the search. Following the Vijaykumar D. Agarwal(supra) decision, the lack of such incriminating

JMC PROJECTS (INDIA) LIMITED,,AHMEDABAD vs. THE DY. CIT, CENTRAL CIRCLE-1(1),, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

purchases and vendors in question were part of the regular accounting, and no list of unverified or ITA No.2815/Ahd/2011 and other 17 appeals JMC Projects (India) Ltd. vs. DCIT-ACIT (By assessee and Revenue) Asst. Years : 2007-08 to 2015-16 bogus vendors was discovered during the search. Following the Vijaykumar D. Agarwal(supra) decision, the lack of such incriminating

THE DY. CIT, CIRCLE-1(1)(2),, AHMEDABAD vs. JMC PROJECTS (INDIA) LIMITED,, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

purchases and vendors in question were part of the regular accounting, and no list of unverified or ITA No.2815/Ahd/2011 and other 17 appeals JMC Projects (India) Ltd. vs. DCIT-ACIT (By assessee and Revenue) Asst. Years : 2007-08 to 2015-16 bogus vendors was discovered during the search. Following the Vijaykumar D. Agarwal(supra) decision, the lack of such incriminating

JMC PROJECTS (INDIA) LTD.,,AHMEDABAD vs. THE ACIT, CENTRAL CIRCLE-1(1),, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

purchases and vendors in question were part of the regular accounting, and no list of unverified or ITA No.2815/Ahd/2011 and other 17 appeals JMC Projects (India) Ltd. vs. DCIT-ACIT (By assessee and Revenue) Asst. Years : 2007-08 to 2015-16 bogus vendors was discovered during the search. Following the Vijaykumar D. Agarwal(supra) decision, the lack of such incriminating

JMC PROJECTS (INDIA) LIMITED,,AHMEDABAD vs. THE DY. CIT, CENTRAL CIRCLE-1(1),, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

purchases and vendors in question were part of the regular accounting, and no list of unverified or ITA No.2815/Ahd/2011 and other 17 appeals JMC Projects (India) Ltd. vs. DCIT-ACIT (By assessee and Revenue) Asst. Years : 2007-08 to 2015-16 bogus vendors was discovered during the search. Following the Vijaykumar D. Agarwal(supra) decision, the lack of such incriminating