THE DCIT(OSD)RANGE-1,, AHMEDABAD vs. DISHMAN PHARMACEUTICALS & CHEMICALS LTD.,, AHMEDABAD

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

4) explains what is says that profits derived from export of articles or things or computer software shall be the account which bares to the profits of the business of the undertaking and not the profits and gains from export of articles. Therefore, profits and gains derived from export of articles is different from the income derived from the profits

DISHMAN PHARMACEUTICALS & CHEMICALS LIMITED,,AHMEDABAD vs. THE ACIT, (OSD),RANGE-1,, AHMEDABAD

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

4) explains what is says that profits derived from export of articles or things or computer software shall be the account which bares to the profits of the business of the undertaking and not the profits and gains from export of articles. Therefore, profits and gains derived from export of articles is different from the income derived from the profits

DISHMAN PHARMACEUTICALS & CHEMICALS LTD.,,AHMEDABAD vs. THE ACIT.,(OSD)RANGE-1,, AHMEDABAD

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

4) explains what is says that profits derived from export of articles or things or computer software shall be the account which bares to the profits of the business of the undertaking and not the profits and gains from export of articles. Therefore, profits and gains derived from export of articles is different from the income derived from the profits

THE DCIT(OSD)RANGE-1,, AHMEDABAD vs. DISHMAN PHARMACEUTICALS & CHEMICALS LTD.,, AHMEDABAD

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

4) explains what is says that profits derived from export of articles or things or computer software shall be the account which bares to the profits of the business of the undertaking and not the profits and gains from export of articles. Therefore, profits and gains derived from export of articles is different from the income derived from the profits

THE DY. CIT, CIRCLE-1(2),, VADODARA vs. M/S. WEB GAZER SOFTWARE COMPANY,, VADODARA

4,35,360/- after claiming exemption for Rs. 39,20,883/- under section 10B of the Act which was assessed under section 143(3) of the Act by the AO vide order dated 01-12-2011 at the same amount. 13.1 The AO subsequently found that the income of the assessee has escaped assessment on account of being not eligible

INDUCTOTHERM (INDIA) PRIVATE LTD.,AHMEDABAD vs. THE DY.CIT.,CIRCLE-4,, AHMEDABAD

In the result, the assessee’s appeal for the assessment year 2011-12 is also partly allowed in the terms indicated above

capital gains) after 1st Oct., 2004. We, therefore, set aside the orders of the Revenue authorities and allow the claim of the assessee. 22. Respectfully following the views so taken by the coordinate bench, we uphold the plea of the assessee. The action of the Assessing Officer on this point is reversed, and the set off of loss carried forward

INDUCTOTHERM (INDIA) PRIVATE LTD.,AHMEDABAD vs. THE DY.CIT.,CIRCLE-2(1)(1),, AHMEDABAD

In the result, the assessee’s appeal for the assessment year 2011-12 is also partly allowed in the terms indicated above

capital gains) after 1st Oct., 2004. We, therefore, set aside the orders of the Revenue authorities and allow the claim of the assessee. 22. Respectfully following the views so taken by the coordinate bench, we uphold the plea of the assessee. The action of the Assessing Officer on this point is reversed, and the set off of loss carried forward

INDUCTOTHERM (INDIA) PRIVATE LTD.,AHMEDABAD vs. THE JT.CIT.,RANGE-4,, AHMEDABAD

In the result, the assessee’s appeal for the assessment year 2011-12 is also partly allowed in the terms indicated above

capital gains) after 1st Oct., 2004. We, therefore, set aside the orders of the Revenue authorities and allow the claim of the assessee. 22. Respectfully following the views so taken by the coordinate bench, we uphold the plea of the assessee. The action of the Assessing Officer on this point is reversed, and the set off of loss carried forward

LOXIM INDUSTRIES LTD.,AHMEDABAD vs. DCIT (OSD)-1, CIRCLE-4,, AHMEDABAD

In the result, the captioned appeal of assessee is allowed

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kedia

4. Sub-section (6) of sections 10A and 10B were amended by Finance Act 2003 with retrospective effect from 1-4-2001. Circular No. 7/2003, dated 5-9-2003 explains the amendments brought by Finance Act, 2003. The relevant paragraph is reproduced below: "20. Providing for carry forward of business losses and unabsorbed depreciation to units in Special Economic Zones

DCIE CIRCLE-2(1)(1), AHEMDABAD, VEJALPUR vs. ERIS LIFESCIENCES LIMITED SHIVARTH AMBIT, BODAKDEV AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

DCIT, CIRCLE-2(1)(1) AHMEDABAD, AHMEDABAD vs. ERIS LIFESCIENCE LIMITED SHIVARTH AMBIT, AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

ERIS LIFESCIENCES LIMITED,AHMEDABAD vs. NFAC, DELHI (PRESENT JURISDICTION - THE DY. CIT, CIRCLE-2(1)(1)), AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

ERIS LIFESCIENCES LIMITED,AHMEDABAD vs. NFAC, DEHI (PRESENT JURISDICTION- THE DY.CIT, CIRCLE-2(1)(1)), AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

DCIT CIRCLE-2(1)(1), AHMEDABAD, VEJALPUR vs. ERIS LIFESCIENCES LIMITED SHIVARTH AMBIT, BODAKDEV AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

ERIS LIFESCIENCES LIMITED,AHMEDABAD vs. NFAC, DELHI (PRESENT JURISDICTION- THE DY. CIT, CIRCLE-2(1)(1)), AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

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

Appeal is dismissed

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumarsn

Gain of Rs.15,98,49,917/- and Rs.24,01,43,981/- in AYs 2005-06 and 2006-07 respectively as being capital in nature. Ground of appeal raised by the Revenue in this regard for both the years merit no consideration and is accordingly dismissed. ITA Nos. 109-113 & 116-118/Ahd/2020 Sun Pharmaceuticals Industries

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

Appeal is dismissed

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumarsn

Gain of Rs.15,98,49,917/- and Rs.24,01,43,981/- in AYs 2005-06 and 2006-07 respectively as being capital in nature. Ground of appeal raised by the Revenue in this regard for both the years merit no consideration and is accordingly dismissed. ITA Nos. 109-113 & 116-118/Ahd/2020 Sun Pharmaceuticals Industries

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

Appeal is dismissed

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumarsn

Gain of Rs.15,98,49,917/- and Rs.24,01,43,981/- in AYs 2005-06 and 2006-07 respectively as being capital in nature. Ground of appeal raised by the Revenue in this regard for both the years merit no consideration and is accordingly dismissed. ITA Nos. 109-113 & 116-118/Ahd/2020 Sun Pharmaceuticals Industries