M/S. VENUS INFRASTRUCTURE & DEVELOPERS PVT. LTD.,,AHMEDABAD vs. THE DCIT, (OSD) CIRCLE-8,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 1582/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2012-2013 M/S. Venus Infrastructure & D.C.I.T.,(Osd) Developers (P) Ltd., Vs. Central Circle-8, 801-802, Broadway Business Ahmedabad. Centre, Opp. Mayor’S Bungalow, Law Garden Ellisbridge, Ahmedabad. Pan: Aahcs6254J

method or subterfuge which the judicial process may not accord approval. 9.6 In the backdrop of the above stated discussion, we analyze the facts of the existing case. The assessee in the present case had two legal courses open to dispose of the land held by M/s ARGHPL. One was to directly sale the land and pay the capital gains

M/S. PREMANI PROUDUCTS,,AHMEDABAD vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-6(1),, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./ Ita No. 1146/Ahd/2017 "नधा"रण वष"/Assessment Year: 2011-12 M/S.Premani Products Dcit, Cir.6(1) 406, Aniket Building Vs Ahmedabad. Nr. Girish Cold Drinks C.G. Road Ahmedabad 380 009 Pan : Aabfp 9455 H. अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Karan Shah, Ar Revenue By : Shri Deelip Kumar, Sr.Dr

capital gain by a sum of Rs.21,48,394/-. Similarly, he did not allow alleged improvement cost of Rs.20 lakhs and made addition of Rs.20 lakhs also. Dissatisfied with the assessment order, the assessee carried the matter in appeal before the ld.CIT(A), but appeal did not bring any relief to the assessee. 4. With the assistance of the ld.representatives

HAFIZUNNISHA ABDULREHMAN SHAIKH,AHMEDABAD vs. ITO, WARD-1(3)(2), AHMEDABAD

In the result, the appeals of the assessees are allowed for statistical purpose

Bench: Shri Mahavir Prasad & Shri Amarjit Singh) [Through Virtual Court]

TP Scheme No.115, admeasuring area of 16,997 sq.meters. This land was sold on 11.10.2012 giving rise to capital gain in the hands of vendors. During the course of hearing on our direction, the ld.counsel for the assessee compiled details in tabular form exhibiting status of the litigation in the case of co-owners. Such details read as under

TORRENT INVESTMENTS LIMITED (FORMERLY KNOWN AS TORRENT INVESTMENTS PRIVATE LIMITED),AHMEDABAD vs. THE PR.CIT, AHMEDABAD-3, AHMEDABAD

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

Bench: Smt. Annapurna Gupta & Shri T.R. Senthil Kumar

gain / loss arising on the sale of the said shares as STCL. Further, the assessee company had also furnished the correct details of sale of such shares during the course of assessment proceedings. 1.4 With this background, the assessee company submits the details of the sale of shares of Puro Wellness Pvt Ltd. here as under, which was also submitted

SUN PHARMACEUTICALS INDUSTRIES LTD. ( ERSTWHILE RANBAXY LABORATORIES LIMITED),BARODA vs. THE ACIT,CENT.CIRCLE-1, BARODA

capital gains of Rs, 14,27,71,965/- and income from other sources of Rs. 1,53,43,279/- without appreciating that the while considering the net business loss 3,02,66,75,122/-, the aforesaid incomes were already offered for tax and thereafter further adding the above incomes in computing the taxable income . 13. Re: Short grant

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

method to evaluate guarantees and that the difference between two differently rated bonds cannot indicate guarantee rates. The corporate guarantee is very much incidental to the business of the assessee and hence same cannot be compared to a bank guarantee transaction. The assessee has relied on the Canada Tax Court decision for benchmarking. However, it is seen that

ZYDUS LIFESCIENCES LIMITED (FORMERLY KNOWN AS CADILA HEALTHCARE LTD.),AHMEDABAD vs. THE DCIT, CIRCLE-1(1)(1), AHMEDABAD

In the result, appeal preferred by the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./I.T.A. No. 162/Ahd/2021 ("नधा"रण वष" / Assessment Years : 2016-17)

Capital Gain – [as per Return of income] Rs. 11,37,32,825/- D. Income from other sources [as per Return of income] Rs. 80,07,21,966/- Assessed Income Rs. 18,07,02,90,489/- Brought forward losses of Rs. 2,41,44,65,028/- Rs. Nil for A.Y. 2013-14 Adjusted fully by the Dept. while passing order

GMM PFAUDLER LTD.,,AHMEDABAD vs. THE DY. CIT., CIRCLE-2(1)(1),, AHMEDABAD

Appeal is dismissed

TP report the assessee gave names of only two comparables Swiss Glass Coats Equipments Ltd and Nile Ltd for the purpose of computation of ALP in respect of international transactions, secondly, Nile Ltd is functionally different from the assessee’s business since from the annual accounts of the company, it is seen that it is engaged in different kind

THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, AHMEDABAD vs. GMM P FOULDER PVT. LIMITED,, AHMEDABAD

Appeal is dismissed

TP report the assessee gave names of only two comparables Swiss Glass Coats Equipments Ltd and Nile Ltd for the purpose of computation of ALP in respect of international transactions, secondly, Nile Ltd is functionally different from the assessee’s business since from the annual accounts of the company, it is seen that it is engaged in different kind

THE DCIT, CIRCLE-4,, AHMEDABAD vs. GMM PFAULDER PVT. LIMITED,, AHMEDABAD

Appeal is dismissed

TP report the assessee gave names of only two comparables Swiss Glass Coats Equipments Ltd and Nile Ltd for the purpose of computation of ALP in respect of international transactions, secondly, Nile Ltd is functionally different from the assessee’s business since from the annual accounts of the company, it is seen that it is engaged in different kind

GMM PFAUDLER LTD.,,AHMEDABAD vs. THE DY. CIT., CIRCLE-2(1)(1),, AHMEDABAD

Appeal is dismissed

TP report the assessee gave names of only two comparables Swiss Glass Coats Equipments Ltd and Nile Ltd for the purpose of computation of ALP in respect of international transactions, secondly, Nile Ltd is functionally different from the assessee’s business since from the annual accounts of the company, it is seen that it is engaged in different kind

GMM PFAUDLER LTD.,,AHMEDABAD vs. THE DY.CIT., CIRCLE-2(1)(1),, AHMEDABAD

Appeal is dismissed

TP report the assessee gave names of only two comparables Swiss Glass Coats Equipments Ltd and Nile Ltd for the purpose of computation of ALP in respect of international transactions, secondly, Nile Ltd is functionally different from the assessee’s business since from the annual accounts of the company, it is seen that it is engaged in different kind

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

method prescribed under the Act. 10.8 That the Ld. AO/DRP erred on facts and in law in not evaluating the additional information filed by the assessee in support of deduction claimed under section 80-lB and section 80-IC of the Act and establishing conclusions merely on the basis of previous assessment year's order. IT(TP)A Nos.1782/Del/2014 & 781/Del/2015

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

method prescribed under the Act. 10.8 That the Ld. AO/DRP erred on facts and in law in not evaluating the additional information filed by the assessee in support of deduction claimed under section 80-lB and section 80-IC of the Act and establishing conclusions merely on the basis of previous assessment year's order. IT(TP)A Nos.1782/Del/2014 & 781/Del/2015

MASTEK LIMITED,AHMEDABAD vs. THE JT.CIT, RANG4,, AHMEDABAD

Bench: Shri Pramod Kumar & Ms Madhumita Roysl. Ita No(S) Appeal(S) By Asset. Nos Year(S) Appellant Vs. Respondent Appellant Respondent 1. 1188/Ahd/2015 2009-10 M/S Mastek Ltd., D.C.I.T., (Osd)-1,Circle-4, 804/805Ahmedabad House, Opp. C.N. Vidyalaya, Nr. Ambawadi Circle, Ambawadi, Ahmedabad -380 006 Pan:Aaacm9908Q 2. 1852/Ahd/2015 2009-10 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad. Ahmedabad 3. It(Tp) 172/Ahd/2016 2010-11 M/S. Mastek Ltd. J.C.I.T., Ahmedabad Range-4, Ahmedabad 4. It(Tp) 514/Ahd/2016 2010-11 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad Ahmedabad Assessee By : Shri S. N. Soparkar & Parin Shah, A.Rs. Revenue By : Shri Krishna Murari, Cit- D.R.

capital gain which is taxable. Accordingly, the submission of the appellant is accepted and the AO is directed to calculate the disallowance by applying the third limb of rule 8D after excluding the investment in foreign subsidiaries and also the investment in Debt Funds. The appellant has submitted that out of the total average value of investment cf 193.57 crores

THE JT. CIT, RANGE-4, AHMEDABAD vs. M/S. MASTEK LTD.,, AHMEDABAD

Bench: Shri Pramod Kumar & Ms Madhumita Roysl. Ita No(S) Appeal(S) By Asset. Nos Year(S) Appellant Vs. Respondent Appellant Respondent 1. 1188/Ahd/2015 2009-10 M/S Mastek Ltd., D.C.I.T., (Osd)-1,Circle-4, 804/805Ahmedabad House, Opp. C.N. Vidyalaya, Nr. Ambawadi Circle, Ambawadi, Ahmedabad -380 006 Pan:Aaacm9908Q 2. 1852/Ahd/2015 2009-10 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad. Ahmedabad 3. It(Tp) 172/Ahd/2016 2010-11 M/S. Mastek Ltd. J.C.I.T., Ahmedabad Range-4, Ahmedabad 4. It(Tp) 514/Ahd/2016 2010-11 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad Ahmedabad Assessee By : Shri S. N. Soparkar & Parin Shah, A.Rs. Revenue By : Shri Krishna Murari, Cit- D.R.

capital gain which is taxable. Accordingly, the submission of the appellant is accepted and the AO is directed to calculate the disallowance by applying the third limb of rule 8D after excluding the investment in foreign subsidiaries and also the investment in Debt Funds. The appellant has submitted that out of the total average value of investment cf 193.57 crores

ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(2),, AHMEDABAD vs. M/S. MASTEK LTD.,, AHMEDABAD

Bench: Shri Pramod Kumar & Ms Madhumita Roysl. Ita No(S) Appeal(S) By Asset. Nos Year(S) Appellant Vs. Respondent Appellant Respondent 1. 1188/Ahd/2015 2009-10 M/S Mastek Ltd., D.C.I.T., (Osd)-1,Circle-4, 804/805Ahmedabad House, Opp. C.N. Vidyalaya, Nr. Ambawadi Circle, Ambawadi, Ahmedabad -380 006 Pan:Aaacm9908Q 2. 1852/Ahd/2015 2009-10 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad. Ahmedabad 3. It(Tp) 172/Ahd/2016 2010-11 M/S. Mastek Ltd. J.C.I.T., Ahmedabad Range-4, Ahmedabad 4. It(Tp) 514/Ahd/2016 2010-11 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad Ahmedabad Assessee By : Shri S. N. Soparkar & Parin Shah, A.Rs. Revenue By : Shri Krishna Murari, Cit- D.R.

capital gain which is taxable. Accordingly, the submission of the appellant is accepted and the AO is directed to calculate the disallowance by applying the third limb of rule 8D after excluding the investment in foreign subsidiaries and also the investment in Debt Funds. The appellant has submitted that out of the total average value of investment cf 193.57 crores

MASTEK LIMITED,,AHMEDABAD vs. THE DY.CIT, (OSD) - 1, CIRCLE-4,, AHMEDABAD

Bench: Shri Pramod Kumar & Ms Madhumita Roysl. Ita No(S) Appeal(S) By Asset. Nos Year(S) Appellant Vs. Respondent Appellant Respondent 1. 1188/Ahd/2015 2009-10 M/S Mastek Ltd., D.C.I.T., (Osd)-1,Circle-4, 804/805Ahmedabad House, Opp. C.N. Vidyalaya, Nr. Ambawadi Circle, Ambawadi, Ahmedabad -380 006 Pan:Aaacm9908Q 2. 1852/Ahd/2015 2009-10 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad. Ahmedabad 3. It(Tp) 172/Ahd/2016 2010-11 M/S. Mastek Ltd. J.C.I.T., Ahmedabad Range-4, Ahmedabad 4. It(Tp) 514/Ahd/2016 2010-11 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad Ahmedabad Assessee By : Shri S. N. Soparkar & Parin Shah, A.Rs. Revenue By : Shri Krishna Murari, Cit- D.R.

capital gain which is taxable. Accordingly, the submission of the appellant is accepted and the AO is directed to calculate the disallowance by applying the third limb of rule 8D after excluding the investment in foreign subsidiaries and also the investment in Debt Funds. The appellant has submitted that out of the total average value of investment cf 193.57 crores

ADANI ENTERPRISES LTD.,,AHMEDABAD vs. THE ADDL.CIT.,RANGE-1,, AHMEDABAD

In the result, the appeal of the Assessing Officer for the assessment year 2010-11 is dismissed

method of accounting, the same accounting treatment for the foreign exchange losses and gains has been given by the assessee all along, the assessee is making entries in respect of such losses and gains, and the treatment is consistent with the Accounting Standards. As a matter of fact, the Assessing Officer has not even raised any issues with respect