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

Appeals are partly allowed for\nstatistical reasons

36(1)(iii) would cease to exist, since there would\nbe no continuing diversion of borrowed funds for non-business purposes. In\nthat event, the disallowances made for the impugned years would not\nsurvive and shall be deleted. Conversely, if it is established that the\namounts had no business nexus and continued to remain diverted for non-\nbusiness purposes

THE DY.CIT, CENTRAL CIRCLE-1, VADODARA vs. PAWAN EDIFICE PVT. LTD., VADODARA

Appeals are partly allowed for\nstatistical reasons

36(1)(iii) would cease to exist, since there would\nbe no continuing diversion of borrowed funds for non-business purposes. In\nthat event, the disallowances made for the impugned years would not\nsurvive and shall be deleted. Conversely, if it is established that the\namounts had no business nexus and continued to remain diverted for non-\nbusiness purposes

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

iii) On the other end, NK Corporation sells the said material to NKIL on the same day for Rs.112 and its payment is to be made after the period of settlement of T+36 transaction. iv) Thus, the goods sold by NKIL are adjusted against goods purchased from NK Corpn. Similarly, goods purchased by IBMA are adjusted against goods sold

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

iii) On the other end, NK Corporation sells the said material to NKIL on the same day for Rs.112 and its payment is to be made after the period of settlement of T+36 transaction. iv) Thus, the goods sold by NKIL are adjusted against goods purchased from NK Corpn. Similarly, goods purchased by IBMA are adjusted against goods sold

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

iii) On the other end, NK Corporation sells the said material to NKIL on the same day for Rs.112 and its payment is to be made after the period of settlement of T+36 transaction. iv) Thus, the goods sold by NKIL are adjusted against goods purchased from NK Corpn. Similarly, goods purchased by IBMA are adjusted against goods sold

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

iii) On the other end, NK Corporation sells the said material to NKIL on the same day for Rs.112 and its payment is to be made after the period of settlement of T+36 transaction. iv) Thus, the goods sold by NKIL are adjusted against goods purchased from NK Corpn. Similarly, goods purchased by IBMA are adjusted against goods sold

AZURE KNOWLEDGE CORPORATION PRIVATE LIMITED,AHMEDABAD vs. THE DY.CIT, CIRCLE-1(1)(1), AHMEDABAD

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

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinhaassessment Year: 2017-18

Section 36(1)(va) of the Act. 3. Aggrieved with the order of the Assessing Officer, the assessee had filed an appeal before the First Appellate Authority which was decided by the Ld. CIT(A) vide the impugned order and the appeal of the assessee was dismissed. 4. Now, the assessee is in second appeal before us. The following grounds

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

SHYAM REALTIES,AHMEDABAD vs. THE DY. CIT, CIRLCE-2(2)(1), AHMEDABAD

In the result, both the appeals of the assessee are dismissed

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.1387/Ahd/2024 & 1388/Ahd/2024 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 Shyam Realities The Dy.Cit, बनाम/ Tejendra Arcade Circle-2(2)(1) V/S. Ganji Farak Mill Compound Ahmedabad – 380 015 Rakhiyal Cross Road Rakhiyal, Ahmedabad – 380 021 (Gujarat) "थायी लेखा सं./Pan: Abvfs 2603 M (अपीलाथ&/ Appellant) ('( यथ&/ Respondent) Assessee By : Shri Bandish Soparkar, Ar Revenue By : Shri Atul Pandey, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 23/04/2025 घोषणा की तारीख /Date Of Pronouncement: 28/04/2025 आदेश/O R D E R Per Makarand V. Mahadeokar, Am: These Two Appeals Filed By The Assessee For Assessment Years (Ays) 2017–18 & 2018–19 Are Directed Against The Respective Appellate Orders Passed By The Ld. Commissioner Of Income-Tax (Appeals), National Faceless Appeal Centre (Nfac), New Delhi [Hereinafter Referred To As “Cit(A)”], Dated 27.06.2024. In The Impugned Orders, The Ld. Cit(A) Confirmed The Disallowance Of Interest On Unsecured Loans To The Extent Of Rs.36,69,000/- For A.Y. 2017–18 & Rs.38,94,295/- For A.Y. 2018–19, As Originally Disallowed By

Bogus purchase addition deleted 3. Interest disallowance of Rs. 38,94,295/- sustained Key reasons Failure to prove Continued failure to for AO’s genuineness/creditworthiness of prove genuineness of disallowance loan creditors; no confirmation from loans from prior year; 12 parties interest disallowed based on earlier findings Key findings Genuineness of principal loans not Principal not added

SHYAM REALTIES,AHMEDABAD vs. THE DY. CIT, CIRLCE-2(2)(1), AHMEDABAD

In the result, both the appeals of the assessee are dismissed

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.1387/Ahd/2024 & 1388/Ahd/2024 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 Shyam Realities The Dy.Cit, बनाम/ Tejendra Arcade Circle-2(2)(1) V/S. Ganji Farak Mill Compound Ahmedabad – 380 015 Rakhiyal Cross Road Rakhiyal, Ahmedabad – 380 021 (Gujarat) "थायी लेखा सं./Pan: Abvfs 2603 M (अपीलाथ&/ Appellant) ('( यथ&/ Respondent) Assessee By : Shri Bandish Soparkar, Ar Revenue By : Shri Atul Pandey, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 23/04/2025 घोषणा की तारीख /Date Of Pronouncement: 28/04/2025 आदेश/O R D E R Per Makarand V. Mahadeokar, Am: These Two Appeals Filed By The Assessee For Assessment Years (Ays) 2017–18 & 2018–19 Are Directed Against The Respective Appellate Orders Passed By The Ld. Commissioner Of Income-Tax (Appeals), National Faceless Appeal Centre (Nfac), New Delhi [Hereinafter Referred To As “Cit(A)”], Dated 27.06.2024. In The Impugned Orders, The Ld. Cit(A) Confirmed The Disallowance Of Interest On Unsecured Loans To The Extent Of Rs.36,69,000/- For A.Y. 2017–18 & Rs.38,94,295/- For A.Y. 2018–19, As Originally Disallowed By

Bogus purchase addition deleted 3. Interest disallowance of Rs. 38,94,295/- sustained Key reasons Failure to prove Continued failure to for AO’s genuineness/creditworthiness of prove genuineness of disallowance loan creditors; no confirmation from loans from prior year; 12 parties interest disallowed based on earlier findings Key findings Genuineness of principal loans not Principal not added

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

36,442/- under section 35(2AB) of the Act on account of in-house research and development activity carried out by it. The assessee was entitled to claim deduction of 200% of the expenditure incurred on account of the said activity both under the revenue head and capital head, and accordingly, the assessee has claimed deduction 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

36,442/- under section 35(2AB) of the Act on account of in-house research and development activity carried out by it. The assessee was entitled to claim deduction of 200% of the expenditure incurred on account of the said activity both under the revenue head and capital head, and accordingly, the assessee has claimed deduction under section

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

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

iii) Transaction of purchase and sale is done through stock exchange. (iv) Inflow of shares is reflected in Demat account. Shares are transferred through Demat account. The assessee does not know the buyer. (v) There is no evidence that assessee has paid cash to purchase trading loss. (vi) The assessee has no nexus with the company, its directors or operators

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

iii) Transaction of purchase and sale is done through stock exchange. (iv) Inflow of shares is reflected in Demat account. Shares are transferred through Demat account. The assessee does not know the buyer. (v) There is no evidence that assessee has paid cash to purchase trading loss. (vi) The assessee has no nexus with the company, its directors or operators

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

iii) Transaction of purchase and sale is done through stock exchange. (iv) Inflow of shares is reflected in Demat account. Shares are transferred through Demat account. The assessee does not know the buyer. (v) There is no evidence that assessee has paid cash to purchase trading loss. (vi) The assessee has no nexus with the company, its directors or operators

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

iii) Transaction of purchase and sale is done through stock exchange. (iv) Inflow of shares is reflected in Demat account. Shares are transferred through Demat account. The assessee does not know the buyer. (v) There is no evidence that assessee has paid cash to purchase trading loss. (vi) The assessee has no nexus with the company, its directors or operators