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

Transfer Pricing Officer who has wrongly charged an additional mark up of 25 basis points on account of currency risks without considering the factual background of the transaction. 2.5 Without prejudice to the above, on the facts and in the circumstances of the case and in law, the learned CIT(A) grossly erred in upholding the order of Assessing Officer

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

Transfer Pricing Officer who has wrongly charged an additional mark up of 25 basis points on account of currency risks without considering the factual background of the transaction. 2.5 Without prejudice to the above, on the facts and in the circumstances of the case and in law, the learned CIT(A) grossly erred in upholding the order of Assessing Officer

AURA SECURITIES PVT.LTD.,,AHMEDABAD vs. THE ACIT.,CIRCLE-1,, AHMEDABAD

In the result the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.834/Ahd/2012 "नधा"रण वष"/Asstt. Year: 2008-2009 Dcit, Aura Securities Pvt. Ltd. Circle-1, V Akhay Building, B/H, Vadilal Ahmedabad. S. House, 53, Shrimali Society, Navrangpura, Ahmedabad-380009 Pan: Aabct4637N आयकर अपील सं./Ita No.986/Ahd/2012 िनधा"रण वष"/Asstt. Year: 2008-2009 Aura Securities Pvt. Ltd. Acit, Akhay Building, B/H, Vadilal Vs. Circle-1, House, 53, Shrimali Society, Ahmedabad. Navrangpura, Ahmedabad-380009 Pan: Aabct4637N

bogus loss which was generated using the colorable device. ITA nos.834-986/AHD/2012 & No.3462-Ahd-2014 Asstt. Year 2008-09 7 Accordingly, the AO disallowed the same and added to the total income of the assessee. 5. The facts regarding the STCL of Rs. 2,93,33,942.00 in respect of M/s Anagram Stock broking Ltd. ( for short ASBL ) stands as under: The assessee

AURA SECURITIES PVT. LTD.,AHMEDABAD vs. DY. COMMISSIONER OF INCOME TAX,, AHMEDABAD

In the result the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.834/Ahd/2012 "नधा"रण वष"/Asstt. Year: 2008-2009 Dcit, Aura Securities Pvt. Ltd. Circle-1, V Akhay Building, B/H, Vadilal Ahmedabad. S. House, 53, Shrimali Society, Navrangpura, Ahmedabad-380009 Pan: Aabct4637N आयकर अपील सं./Ita No.986/Ahd/2012 िनधा"रण वष"/Asstt. Year: 2008-2009 Aura Securities Pvt. Ltd. Acit, Akhay Building, B/H, Vadilal Vs. Circle-1, House, 53, Shrimali Society, Ahmedabad. Navrangpura, Ahmedabad-380009 Pan: Aabct4637N

bogus loss which was generated using the colorable device. ITA nos.834-986/AHD/2012 & No.3462-Ahd-2014 Asstt. Year 2008-09 7 Accordingly, the AO disallowed the same and added to the total income of the assessee. 5. The facts regarding the STCL of Rs. 2,93,33,942.00 in respect of M/s Anagram Stock broking Ltd. ( for short ASBL ) stands as under: The assessee

SUN PHARMACEUTICALS INDUSTRIES LTD.,,BARODA vs. THE ACIT, CENTRAL CIRCLE-1, BARODA

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

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy1. आयकर अपील सं./Ita No.1659/Ahd/2015 2. आयकर अपील सं./Ita No.1689/Ahd/2015 ("नधा"रण वष"/Assessment Year : 2008-09 ) बनाम/ 1. Sun Pharmaceuticals 1. The Acit Industries Ltd. Cen.Cir-1 Vs. “Sparc” Tandalja Baroda – 20 2. The Acit 2. Sun Pharmaceu- Central Circle-1 Ticals Industries Baroda Ltd. Baroda. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcs 3124K (अपीलाथ"/Appellant) (""यथ" / Respondent) .. अपीलाथ" ओर से/ Appellant By : Shri S.N. Soparkar, Ar ""यथ" क" ओर से/Respondent By: Shri R.C. Panday, Cit-Dr सुनवाई क" तार"ख/ Date Of Hearing 28/03/2019 घोषणा क" तार"ख /Date Of Pronouncement 20/06/2019 आदेश / O R D E R Per Waseem Ahmed: The Captioned Cross-Appeals Have Been Filed At The Instance Of The Assessee & Revenue Against The Order Of The Commissioner Of Income Tax (Appeals)–2, Vadodara [Cit(A) In Short] Vide Appeal No.Cab/(A)- 2/387/2014-15 Dated 31/03/2015 Arising In The Assessment Order Passed Under S.143(3) R.W.S.147 Of The Income Tax Act, 1961(Hereinafter Referred To As "The Act") Dated 14/02/2014 Relevant To Assessment Year (Ay) 2008-09. Ita Nos.1659/Ahd/2015 (By Assessee) & Ita No.1689/Ahd/2015 (By Revenue) Sun Pharmaceuticals Industries Ltd. Vs. Acit Asst.Year - 2008-09 2

purchased by Sun global BVI. Secondly a survey operation u/s 133A was conducted in the case of SPIL by the Asst. Director of Income tax (Inv.), Unit-VII(l), Mumbai on 08.11.2011 at the six business premises belonging to the above assessee. Large number of incriminating documents were found and impounded during the course of survey operation and the same

ADANI AGRO PVT. LTD.,,AHMEDABAD vs. THE DY.CIT.,CIRCLE-1,, AHMEDABAD

In the result, the assessee appeal is thus allowed

Bench: Shri O. P. Meena& Ms. Madhumita Roy

transfer. Explanation.—For the purposes of this section, "quoted share" means the share quoted on any recognised stock exchange with regularity from time to time, where the quotation of such share is based on current transaction made in the ordinary course of business.]” However, section 50CA is applicable w.e.f. 01st April 2018, 19.4 therefore, for the assessment year under consideration

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

price of the property recorded in the conveyance deed viz a viz the sales shown by the assessee in the books of accounts. In view of the above, the AO worked out the profit from the business of land dealing under the head business and profession in the manner as re-produced below: S.No. Description of Purchase cost Sale Expenses

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.,(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

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 ACIT,(OSD)-I,RANGE-4,, AHMEDABAD vs. JMC PROJECTS (INDIA) LTD.,, 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 ACIT, CIRCLE-2(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.,(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

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

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) 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