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

purchases. She admitted that in this process the organization gets 7% to 8% of donation amount. Further, the survey report states that SHG&PH is returning back the amount after deducting their commission to donors through bogus billing and other ways. The certificate was cancelled on 06.09.2016. 5. We find that the similar issue involving M/s Arvindo Institute of Applied

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

purchase of materials used in such scientific research, the aggregate of the expenditure so laid out or expended within the three years immediately preceding the commencement of the business shall to the extent it is certified by the prescribed authority (See rule 6(1). The prescribed authority under rule 6(1) is Director General (Income-tax Exemptions) in concurrence with

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

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

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

DCIT CIRCLE-3(3), AHMEDABAD vs. SHRI ALPESHKUMAR C.PATEL, AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumarआयकर अपील सं./Ita No. 1908/Ahd/2018 िनधा"रण वष"/Asstt. Year: 2011-2012 Alpeshkumar C. Patel, A.C.I.T., 503, Milestone Building, Vs. Circle-3(3), Drive In Road, Ahmedabad. Thaltej, Ahmedabad-380052. Pan: Aeapp9489G

bogus creditors. If that is so, what evidences AO has collected to place it on record. Once confirmations have been filed, further action, if any, is required to be taken in case of creditor and not in case of appellant. Explanation about 'source of source' or 'origins of origin' cannot be asked from the appellant while making inquiry under section

SUN PHARMACEUTICALS INDUSTRIES LIMITED,,VADODARA vs. THE ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1)(1), BARODA

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

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

35,13,250/- to be capital in nature despite the same been incurred for meeting routine commercial necessities like maintaining operational efficacies, asset replacements in the ordinary course of business, without giving rise to any benefit in the capital field, indicating that the expenditure was revenue in nature and hence, eligible for deduction under section 37(1). 4.2. Without prejudice

DCIT, CIRCLE-2(1)(1),, BARODA vs. M/S. SUN PHARMACEUTICALS INDUSTRIES LTD. , BARODA

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

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

35,13,250/- to be capital in nature despite the same been incurred for meeting routine commercial necessities like maintaining operational efficacies, asset replacements in the ordinary course of business, without giving rise to any benefit in the capital field, indicating that the expenditure was revenue in nature and hence, eligible for deduction under section 37(1). 4.2. Without prejudice

DCIT, CIRCLE-2(1)(1),, BARODA vs. M/S. SUN PHARMACEUTICALS INDUSTRIES LTD. , BARODA

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

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

35,13,250/- to be capital in nature despite the same been incurred for meeting routine commercial necessities like maintaining operational efficacies, asset replacements in the ordinary course of business, without giving rise to any benefit in the capital field, indicating that the expenditure was revenue in nature and hence, eligible for deduction under section 37(1). 4.2. Without prejudice

SUN PHARMACEUTICALS INDUSTRIES LIMITED,,VADODARA vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1)(1), BARODA

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

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

35,13,250/- to be capital in nature despite the same been incurred for meeting routine commercial necessities like maintaining operational efficacies, asset replacements in the ordinary course of business, without giving rise to any benefit in the capital field, indicating that the expenditure was revenue in nature and hence, eligible for deduction under section 37(1). 4.2. Without prejudice

SHREE RAMA MULTI-TECH LTD.,,AHMEDABAD vs. THE ACIT(OSD) CIRCLE-8, AHMEDABAD

In the result, appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

35. The learned AR before us contended that the net interest income should only be excluded from the profit eligible for deduction under section 80-IA of the Act. 36. On the other hand the learned DR vehemently supported the order of the authorities below. ITA Nos.722,218&1306/Ahd/2014 & ITA No. 1345/Ahd/2015 A.Ys

SHREE RAMA MULTI-TECH LTD.,,AHMEDABAD vs. THE DY.CIT.,CRCLE-8,, AHMEDABAD

In the result, appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

35. The learned AR before us contended that the net interest income should only be excluded from the profit eligible for deduction under section 80-IA of the Act. 36. On the other hand the learned DR vehemently supported the order of the authorities below. ITA Nos.722,218&1306/Ahd/2014 & ITA No. 1345/Ahd/2015 A.Ys

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

iv) Pawan Infrahome Pvt. Ltd. Rs.1,08,13,407/-, it was stated that these concerns were subsidiary or associate concerns of the assessee and, therefore, no interest was charged on the amounts advanced. In support of the contention, reliance was placed on the decision of the Co-ordinate Bench in Assistant Commissioner of Income-tax v. Jewel Consumer Care

SHRI PRAVIN SHIVLAL SHAH,,VADODARA vs. THE ITO, WARD-5(3),, BARODA

In the result, both the appeals filed by the Assessee is partly allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed)

iv) M/s. Sarogi Syndicate, Mumbai v) M/s. Sunrise Enterprise You are, therefore, requested to furnish the following:- a) Evidence in respect of delivery of goods i.e. delivery of challans, transport receipts / lorry receipts. b) Relevant entries in the stock register c) Proof of payment etc. d) The suppliers are not presently available at the address furnished

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

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

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