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

vi) of the Companies Act. 111. The relevant clause of Explanation 1 reads as under:- Explanation [1]- For the purposes of this section, “book profit” means the [profit] as shown in the [statement of profit and loss] for the relevant previous year prepared under sub-section (2), as increased by – (f) the amount or amounts of expenditure relatable

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

vi) of the Companies Act. 111. The relevant clause of Explanation 1 reads as under:- Explanation [1]- For the purposes of this section, “book profit” means the [profit] as shown in the [statement of profit and loss] for the relevant previous year prepared under sub-section (2), as increased by – (f) the amount or amounts of expenditure relatable

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

vi) of the Companies Act. 111. The relevant clause of Explanation 1 reads as under:- Explanation [1]- For the purposes of this section, “book profit” means the [profit] as shown in the [statement of profit and loss] for the relevant previous year prepared under sub-section (2), as increased by – (f) the amount or amounts of expenditure relatable

KIFS SECURITIES PVT. LTD.,,AHMEDABAD vs. THE ACIT, CIRCLE-1(3),, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

THE DY. CIT., CIRCLE-3,, AHMEDABAD vs. KHANDWALA INTEGRATED FINANCIAL SERVICES PVT. LTD, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

KIFS SECURITIES PVT. LTD.,,AHMEDABAD vs. THE ACIT, CIRCLE-1(3), AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

DY.COMMISSIONER OF INCOME TAX CIRCLE-1(3),, AHMEDABAD vs. KIFS PVT.LTD.,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

KIFS SECURITIES PVT. LTD.,AHMEDABAD vs. THE ACIT, CIRCLE-1(3), AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

THE ACIT, CIRCLE-3,, AHMEDABAD vs. KIFS SECURITIES LIMITED,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

KIFS SECURITIES LTD.,,AHMEDABAD vs. THE JT.CIT, RANGE- 3,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

KIFS SECURITIES LTD.,,AHMEDABAD vs. THE JT.CIT, RANGE- 3,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

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

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

56,48,498 Revenue 1 Liability (Warranty 08 3269/Ahd/2011 Expenses) 2008- ITA 6,12,08,221 Revenue 2 09 2353/Ahd/2014 2009- ITA 7,99,10,015 Revenue 4 10 246/Ahd/2016 Disallowance of Leave 2007- ITA 77,12,196 Assessee 2 Encashment 08 2815/Ahd/2011 2008- ITA 81,81,115 Assessee 3 09 2036/Ahd/2011 2009- ITA 33,34,815 Assessee

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

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

56,48,498 Revenue 1 Liability (Warranty 08 3269/Ahd/2011 Expenses) 2008- ITA 6,12,08,221 Revenue 2 09 2353/Ahd/2014 2009- ITA 7,99,10,015 Revenue 4 10 246/Ahd/2016 Disallowance of Leave 2007- ITA 77,12,196 Assessee 2 Encashment 08 2815/Ahd/2011 2008- ITA 81,81,115 Assessee 3 09 2036/Ahd/2011 2009- ITA 33,34,815 Assessee

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

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

56,48,498 Revenue 1 Liability (Warranty 08 3269/Ahd/2011 Expenses) 2008- ITA 6,12,08,221 Revenue 2 09 2353/Ahd/2014 2009- ITA 7,99,10,015 Revenue 4 10 246/Ahd/2016 Disallowance of Leave 2007- ITA 77,12,196 Assessee 2 Encashment 08 2815/Ahd/2011 2008- ITA 81,81,115 Assessee 3 09 2036/Ahd/2011 2009- ITA 33,34,815 Assessee

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

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

56,48,498 Revenue 1 Liability (Warranty 08 3269/Ahd/2011 Expenses) 2008- ITA 6,12,08,221 Revenue 2 09 2353/Ahd/2014 2009- ITA 7,99,10,015 Revenue 4 10 246/Ahd/2016 Disallowance of Leave 2007- ITA 77,12,196 Assessee 2 Encashment 08 2815/Ahd/2011 2008- ITA 81,81,115 Assessee 3 09 2036/Ahd/2011 2009- ITA 33,34,815 Assessee

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

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

56,48,498 Revenue 1 Liability (Warranty 08 3269/Ahd/2011 Expenses) 2008- ITA 6,12,08,221 Revenue 2 09 2353/Ahd/2014 2009- ITA 7,99,10,015 Revenue 4 10 246/Ahd/2016 Disallowance of Leave 2007- ITA 77,12,196 Assessee 2 Encashment 08 2815/Ahd/2011 2008- ITA 81,81,115 Assessee 3 09 2036/Ahd/2011 2009- ITA 33,34,815 Assessee

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

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

56,48,498 Revenue 1 Liability (Warranty 08 3269/Ahd/2011 Expenses) 2008- ITA 6,12,08,221 Revenue 2 09 2353/Ahd/2014 2009- ITA 7,99,10,015 Revenue 4 10 246/Ahd/2016 Disallowance of Leave 2007- ITA 77,12,196 Assessee 2 Encashment 08 2815/Ahd/2011 2008- ITA 81,81,115 Assessee 3 09 2036/Ahd/2011 2009- ITA 33,34,815 Assessee

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

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

56,48,498 Revenue 1 Liability (Warranty 08 3269/Ahd/2011 Expenses) 2008- ITA 6,12,08,221 Revenue 2 09 2353/Ahd/2014 2009- ITA 7,99,10,015 Revenue 4 10 246/Ahd/2016 Disallowance of Leave 2007- ITA 77,12,196 Assessee 2 Encashment 08 2815/Ahd/2011 2008- ITA 81,81,115 Assessee 3 09 2036/Ahd/2011 2009- ITA 33,34,815 Assessee