THE ITO, WARD-1(2)(4), BARODA vs. SHRI NATWARBHAI J. PATEL, VADODARA

In the result, both the appeals are partly allowed for statistical purposes in the terms indicated above

55,125/- and Rs.40,24,600/-. As regards the assessee being confronted with stamp duty valuation of Rs.3,15,68,600/-, the assessee did not dispute the same but requested that the matter be referred to the Departmental Valuation Officer. The value of land, as per DVO’s report, turned out to Rs.2,75,14,000/-. It was in this

SHRI VINODBHAI J. PATEL,VADODARA vs. THE INCOME TAX OFFICER, WARD-1(2)(5), VADODARA

In the result, both the appeals are partly allowed for statistical purposes in the terms indicated above

55,125/- and Rs.40,24,600/-. As regards the assessee being confronted with stamp duty valuation of Rs.3,15,68,600/-, the assessee did not dispute the same but requested that the matter be referred to the Departmental Valuation Officer. The value of land, as per DVO’s report, turned out to Rs.2,75,14,000/-. It was in this

THE ITO, WARD-1(2)(5), VADODARA vs. SHRI VINODBHAI J. PATEL, VADODARA

In the result, both the appeals are partly allowed for statistical purposes in the terms indicated above

55,125/- and Rs.40,24,600/-. As regards the assessee being confronted with stamp duty valuation of Rs.3,15,68,600/-, the assessee did not dispute the same but requested that the matter be referred to the Departmental Valuation Officer. The value of land, as per DVO’s report, turned out to Rs.2,75,14,000/-. It was in this

TORRENT PHARMACEUTICALS LTD.,,AHMEDABAD vs. THE DEPUTY COMMISSIONER OF INCOME TAX (OSD) CIRCLE-8,, AHMEDABAD

In the result appeal of the Revenue is partly allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita.No.1285 & 1286/Ahd/2017 िनधा"रण वष"/Asstt. Year: 2009-10 & 2010-11 & Ita No.1396 & 1397/Ahd/2018 Asstt.Year 2011-12 & 2012-13 Torrent Pharmaceuticals Ltd. Acit, Circle-4(1)(2) Torrent House Ahmedabad. Vs. Off.Ashram Road Ahmedabad 380 009. आयकर अपील सं./Ita.No.1327 & 1328/Ahd/2017 िनधा"रण वष"/ Asstt. Year: 2009-10 & 2010-11 & आयकर अपील सं./Ita.No.1414 & 1415/Ahd/2018 िनधा"रण वष"/ Asstt. Year: 2011-12 & 2012-13 Acit, Circle-4(1)(2) Torrent Pharmaceuticals Ltd. Ahmedabad. Torrent House Vs. Off.Ashram Road Ahmedabad 380 009. (Applicant) (Responent) Assessee By : Shri Vartik Choksi, With Shri Biren Shah, Ars. Revenue By : Shri Mohd. Usman, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 23/11/2021 घोषणा क" तारीख /Date Of Pronouncement: 22/02/2022 आदेश/O R D E R Per Bench

AC, the assessee has incurred significant currency risk as evident by general depreciation of rupee against dollar. In order to factor this currency risk, the above spread is increased to 3% which is found to be ITA.Nos.1285/Ahd/2017 & 7 others A.Y.2009-10 9 reasonable spread which the assessee should have charged as benefit granted to the AE. . . 7.13 The assessee

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

AC Unit which is basically a new capital asset. However, the assessee claimed that the same pertains to installation charges, stores and consumables. Looking to the smallness of the expenditure and its nature, in my considered view, it has to be allowed as revenue expenditure. The Assessing Officer is directed accordingly. b) GMM Pfaudler Ltd, of Rs.5,77,500/-: Scrutiny

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

AC Unit which is basically a new capital asset. However, the assessee claimed that the same pertains to installation charges, stores and consumables. Looking to the smallness of the expenditure and its nature, in my considered view, it has to be allowed as revenue expenditure. The Assessing Officer is directed accordingly. b) GMM Pfaudler Ltd, of Rs.5,77,500/-: Scrutiny

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

AC Unit which is basically a new capital asset. However, the assessee claimed that the same pertains to installation charges, stores and consumables. Looking to the smallness of the expenditure and its nature, in my considered view, it has to be allowed as revenue expenditure. The Assessing Officer is directed accordingly. b) GMM Pfaudler Ltd, of Rs.5,77,500/-: Scrutiny

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

AC Unit which is basically a new capital asset. However, the assessee claimed that the same pertains to installation charges, stores and consumables. Looking to the smallness of the expenditure and its nature, in my considered view, it has to be allowed as revenue expenditure. The Assessing Officer is directed accordingly. b) GMM Pfaudler Ltd, of Rs.5,77,500/-: Scrutiny

RANBAXY LABORATORIES LTD.,DELHI vs. DCIT, NEW DELHI

In the result, the appeal of the assessee in IT(TP) A No

Bench: Justice P.P. Bhatt & Shri Waseem Ahmed1. आयकर अपील सं./It(Tp)A No. 1782/Del/2014 2. आयकर अपील सं./It(Tp)A No. 781/Del/2015 ("नधा"रण वष"/Assessment Years : 2009-10 & 2010-11) Ranbaxy Laboratories Ltd. The Dcit बनाम/ 12Th Floor, Devika Tower Circle-21(1), New Vs. 6, Nehru Place, New Delhi Delhi/ 110 019 Addl.Cit Range-15 New Delhi "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacr0127N .. (अपीलाथ"/Appellant) (""यथ" / Respondent) अपीलाथ" ओर से/ Appellant By : Shri S.N.Soparkar, Shri Vartik Chokshi, Ms.Urvashi Shodhan & Shri P.Shah, Ars ""यथ" क" ओर से/Respondent By: Shri Mahesh Shah, Cit-Dr

section 192 of the Act. But the assessee has claimed such expenses without deducting the TDS. Thus the impugned expenses cannot be allowed under section 40(a)(ia) of the Act. The ld. DR vehemently supported the order of the lower authorities. 17. We have heard the rival contentions of both the parties and perused the material available on records

M/S. RANBAXY LABORATORIES LIMITED,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, the appeal of the assessee in IT(TP) A No

Bench: Justice P.P. Bhatt & Shri Waseem Ahmed1. आयकर अपील सं./It(Tp)A No. 1782/Del/2014 2. आयकर अपील सं./It(Tp)A No. 781/Del/2015 ("नधा"रण वष"/Assessment Years : 2009-10 & 2010-11) Ranbaxy Laboratories Ltd. The Dcit बनाम/ 12Th Floor, Devika Tower Circle-21(1), New Vs. 6, Nehru Place, New Delhi Delhi/ 110 019 Addl.Cit Range-15 New Delhi "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacr0127N .. (अपीलाथ"/Appellant) (""यथ" / Respondent) अपीलाथ" ओर से/ Appellant By : Shri S.N.Soparkar, Shri Vartik Chokshi, Ms.Urvashi Shodhan & Shri P.Shah, Ars ""यथ" क" ओर से/Respondent By: Shri Mahesh Shah, Cit-Dr

section 192 of the Act. But the assessee has claimed such expenses without deducting the TDS. Thus the impugned expenses cannot be allowed under section 40(a)(ia) of the Act. The ld. DR vehemently supported the order of the lower authorities. 17. We have heard the rival contentions of both the parties and perused the material available on records

ADANI PETRONET( DAHEJ) PORT PVT. LTD.,,AHMEDABAD vs. THE DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), AHMEDABAD

In the result, the appeal of the Revenue for AY 2014-15 and CO of the assessee for AY 2013-14 are treated as partly allowed

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Year : 2012-13 Adani Petronet (Dahej) Port The Dy. Commissioner Of Pvt. Ltd., Vs Income-Tax, 9Th Floor, Shikhar Building, Circle 1(1)(1), Nr. Mithakali Circle, Ahmedabad Navrangpura, Ahmedabad-380009 Pan: Aaeca 5046 R Assessment Year : 2012-13 The Dy. Commissioner Of Adani Petronet (Dahej) Port Income-Tax, Vs Pvt. Ltd., Circle 1(1)(1), Ahmedabad-380009 Ahmedabad Pan: Aaeca 5046 R

55 Taxmann.com 375(2015), group case of appellant has held that "Where assessee company has entered into currency swap contracts for working capital loans which was pre-requisite for its business of export and import of commodities, loss incurred in said contract being in respect of circulating/working capital is allowable business loss". It is also observed that on this very

DCIT, CIRCLE-1(1)(1), AHMEDABAD vs. ADANI PETRONET (DAHEJ) PORT PVT. LTD, AHMEDABAD

In the result, the appeal of the Revenue for AY 2014-15 and CO of the assessee for AY 2013-14 are treated as partly allowed

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Year : 2012-13 Adani Petronet (Dahej) Port The Dy. Commissioner Of Pvt. Ltd., Vs Income-Tax, 9Th Floor, Shikhar Building, Circle 1(1)(1), Nr. Mithakali Circle, Ahmedabad Navrangpura, Ahmedabad-380009 Pan: Aaeca 5046 R Assessment Year : 2012-13 The Dy. Commissioner Of Adani Petronet (Dahej) Port Income-Tax, Vs Pvt. Ltd., Circle 1(1)(1), Ahmedabad-380009 Ahmedabad Pan: Aaeca 5046 R

55 Taxmann.com 375(2015), group case of appellant has held that "Where assessee company has entered into currency swap contracts for working capital loans which was pre-requisite for its business of export and import of commodities, loss incurred in said contract being in respect of circulating/working capital is allowable business loss". It is also observed that on this very

THE DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), AHMEDABAD vs. ADANI PETRONET( DAHEJ) PORT PVT. LTD.,, AHMEDABAD

In the result, the appeal of the Revenue for AY 2014-15 and CO of the assessee for AY 2013-14 are treated as partly allowed

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Year : 2012-13 Adani Petronet (Dahej) Port The Dy. Commissioner Of Pvt. Ltd., Vs Income-Tax, 9Th Floor, Shikhar Building, Circle 1(1)(1), Nr. Mithakali Circle, Ahmedabad Navrangpura, Ahmedabad-380009 Pan: Aaeca 5046 R Assessment Year : 2012-13 The Dy. Commissioner Of Adani Petronet (Dahej) Port Income-Tax, Vs Pvt. Ltd., Circle 1(1)(1), Ahmedabad-380009 Ahmedabad Pan: Aaeca 5046 R

55 Taxmann.com 375(2015), group case of appellant has held that "Where assessee company has entered into currency swap contracts for working capital loans which was pre-requisite for its business of export and import of commodities, loss incurred in said contract being in respect of circulating/working capital is allowable business loss". It is also observed that on this very

THE DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), AHMEDABAD vs. ADANI PETRONET( DAHEJ) PORT PVT. LTD.,, AHMEDABAD

In the result, the appeal of the Revenue for AY 2014-15 and CO of the assessee for AY 2013-14 are treated as partly allowed

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Year : 2012-13 Adani Petronet (Dahej) Port The Dy. Commissioner Of Pvt. Ltd., Vs Income-Tax, 9Th Floor, Shikhar Building, Circle 1(1)(1), Nr. Mithakali Circle, Ahmedabad Navrangpura, Ahmedabad-380009 Pan: Aaeca 5046 R Assessment Year : 2012-13 The Dy. Commissioner Of Adani Petronet (Dahej) Port Income-Tax, Vs Pvt. Ltd., Circle 1(1)(1), Ahmedabad-380009 Ahmedabad Pan: Aaeca 5046 R

55 Taxmann.com 375(2015), group case of appellant has held that "Where assessee company has entered into currency swap contracts for working capital loans which was pre-requisite for its business of export and import of commodities, loss incurred in said contract being in respect of circulating/working capital is allowable business loss". It is also observed that on this very

THE ASSTT. COMMISSIONER OF INCOME TAX, SABARKANTHA CIRCLE,, HIMATNAGAR vs. THE SABARKANTHA DISTRICT CO.-OP. MILK PRODUCERS UNION LTD.,, HIMATNAGAR

Appeal of the revenue stands dismissed

55,250/-totalling to Rs.2,32,84,772/- u/s. 8OP(2)(d) of the Act stating that the above income is in the nature of income from other sources, and therefore, not allowable u/s. 80P(2)(d) of the I. T. Act, 1961. 3.4. The appellant on the other hand has stated that the issue has come

THE DCIT, CIRCLE-4,, AHMEDABAD vs. HITACHI HOME & LIFE SOLUTION(INDIA) LTD.,, AHMEDABAD

In the result, Assessee’s appeal in ITA No

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

AC should be allowed in proportion to nine months only in the year under consideration. Thus, the Assessing Officer worked out the provision for warranty expenses pertaining to three months for Rs. 73,09,760/- being Rs. 2,92,39,038 x 3 ÷ 12. 12.6. Similarly, the Assessing Officer was of the view that the compressor warranty expenses for five

THE DCIT, , CIRCLE-2(1)(1),, AHMEDABAD vs. M/S. HITACHI HOME & LIFE SOLUTIONS (INDIA) LTD.,, AHMEDABAD

In the result, Assessee’s appeal in ITA No

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

AC should be allowed in proportion to nine months only in the year under consideration. Thus, the Assessing Officer worked out the provision for warranty expenses pertaining to three months for Rs. 73,09,760/- being Rs. 2,92,39,038 x 3 ÷ 12. 12.6. Similarly, the Assessing Officer was of the view that the compressor warranty expenses for five

HITACHI HOME & LIFE SOLUTIONS (I) LTD.,,AHMEDABAD vs. THE DY.COMMISSIONER OF INCOME TAX,CIRCLE-4,, AHMEDABAD

In the result, Assessee’s appeal in ITA No

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

AC should be allowed in proportion to nine months only in the year under consideration. Thus, the Assessing Officer worked out the provision for warranty expenses pertaining to three months for Rs. 73,09,760/- being Rs. 2,92,39,038 x 3 ÷ 12. 12.6. Similarly, the Assessing Officer was of the view that the compressor warranty expenses for five