M/S. ROQUETTE INDIA PRIVATE LTD.,,MUMBAI vs. THE PR. CIT-3, AHMEDABAD

Appeal of the Assessee is allowed

Section 127. (1) The Principal Director General or Director General or Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner may, after giving the assessee a reasonable opportunity of being heard in the matter, wherever it is possible to do so, and after recording his reasons for doing so, transfer any case from one or more Assessing Officers

BRIGHT AUTOPLAST LTD.,,AHMEDABAD vs. ASSTT. CIT,CIRCLE-1(1)(1),, AHMEDABAD

In the result, the appeal of the Revenue is partly allowed for statistical purposes

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedsl.

127/- instead of Rs.1,60,47,865/- claimed by the Appellant and thereby making addition of Rs.1,10,11,738/- to the income of the Appellant. 3. Without prejudice to Grounds No.1 & 2, the learned CIT(A) erred in fact and in law in attributing the differential amount of Rs.8,80,93,905/- (i.e. difference of Rs.12

THE DCIT, CIRCLE-1(3), AHMEDABAD vs. EDELWEISS FINANCIAL ADVISORS LTD., ( FORMERLY KNOWN ANAGRAM STOCK BROKING LTD.,), AHMEDABAD

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Justice P.P. Bhatt, Hon’Ble & Shri Waseem Ahmed

Depreciation is used to expense the fixed asset over its useful life. Depreciation helps to spread out the cost of an asset over many years instead of expensing the total cost in the year it was purchased. Depreciation allows companies to earn revenue from the asset while expensing a portion of its cost each year until the asset's useful

M/S. EDELWEISS BROKING LTD. ( AMALGAMATING COMPANY EDELWEISS FINANCIAL ADVISORS LTD.),AHMEDABAD vs. THE JT. CIT, RANGE-3,, AHMEDABAD

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Justice P.P. Bhatt, Hon’Ble & Shri Waseem Ahmed

Depreciation is used to expense the fixed asset over its useful life. Depreciation helps to spread out the cost of an asset over many years instead of expensing the total cost in the year it was purchased. Depreciation allows companies to earn revenue from the asset while expensing a portion of its cost each year until the asset's useful

THE DCIT, CIRCLE-1(3), AHMEDABAD vs. EDELWEISS BROKING LTD., AHMEDABAD

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Justice P.P. Bhatt, Hon’Ble & Shri Waseem Ahmed

Depreciation is used to expense the fixed asset over its useful life. Depreciation helps to spread out the cost of an asset over many years instead of expensing the total cost in the year it was purchased. Depreciation allows companies to earn revenue from the asset while expensing a portion of its cost each year until the asset's useful

THE DY.DIT (EXEMPTION), AHMEDABAD vs. SHREE MONARK EDUCATION TRUST, AHMEDABAD

In the result, the appeal is dismissed

127 (SC)], observed as follows:- “1. These are the petitions and appeals filed by the Income Tax Department against the orders passed by various High Courts granting benefit of depreciation on the assets acquired by the respondents-assessees. It is a matter of record that all the assessees are charitable institutions registered under Section

THE AHMEDABAD DIST. CO. OP. BANK LTD.,,AHMEDABAD vs. THE DY.COMMISSIONER OF INCOME TAX, CIRCLE-7,, AHMEDABAD

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

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.1249/Ahd/2016 "नधा"रण वष"/Asstt. Year: 2011-2012 & आयकर अपील सं./ Ita No.899/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 The Ahmedabad Dist. Co-Op. Vs. Dcit, Cir.7/Acit, Cir.2(2) Bank Ltd., Nr. Gandhi Bridge Ahmedabad. Opp: Income Tax Ashram Road Ahmedabad. Pan : Aaaat 1067 D

section 119(2) of the Income-tax Act, 1961, would bind the Revenue. No question of law, therefore, arises. 9. Question before us, is whether the assessee has produced demonstrative evidence indicating that securities on which depreciation has been claimed were categorized under HFT or AFS. In the year in which securities was acquired, it was shown under the head

THE AHMEDABAD DIST. CO. OP. BANK LTD.,,AHMEDABAD vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-2(2),, AHMEDABAD

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

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.1249/Ahd/2016 "नधा"रण वष"/Asstt. Year: 2011-2012 & आयकर अपील सं./ Ita No.899/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 The Ahmedabad Dist. Co-Op. Vs. Dcit, Cir.7/Acit, Cir.2(2) Bank Ltd., Nr. Gandhi Bridge Ahmedabad. Opp: Income Tax Ashram Road Ahmedabad. Pan : Aaaat 1067 D

section 119(2) of the Income-tax Act, 1961, would bind the Revenue. No question of law, therefore, arises. 9. Question before us, is whether the assessee has produced demonstrative evidence indicating that securities on which depreciation has been claimed were categorized under HFT or AFS. In the year in which securities was acquired, it was shown under the head

SUZLON ENERGY LTD.,,AHMEDABAD vs. THE DY. COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), AHMEDABAD

In the result the Ground Nos

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

depreciation on goodwill arising out of amalgamation of Rs.132,47,53,370/- u/s.32 of the Act. 6. The Ld. CIT(A) has erred in law and facts of the case in confirming the action of AO in holding that the goodwill has to be taken at NIL cost in the hands of the appellant. 7. Both the lower authorities have

THE DY. COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), AHMEDABAD vs. SUZLON ENERGY LTD.,, AHMEDABAD

In the result the Ground Nos

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

depreciation on goodwill arising out of amalgamation of Rs.132,47,53,370/- u/s.32 of the Act. 6. The Ld. CIT(A) has erred in law and facts of the case in confirming the action of AO in holding that the goodwill has to be taken at NIL cost in the hands of the appellant. 7. Both the lower authorities have

THE DY. COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), AHMEDABAD vs. SUZLON ENERGY LTD.,, AHMEDABAD

In the result the Ground Nos

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

depreciation on goodwill arising out of amalgamation of Rs.132,47,53,370/- u/s.32 of the Act. 6. The Ld. CIT(A) has erred in law and facts of the case in confirming the action of AO in holding that the goodwill has to be taken at NIL cost in the hands of the appellant. 7. Both the lower authorities have

SUZLON ENERGY LTD.,,AHMEDABAD vs. THE DY. COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), AHMEDABAD

In the result the Ground Nos

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

depreciation on goodwill arising out of amalgamation of Rs.132,47,53,370/- u/s.32 of the Act. 6. The Ld. CIT(A) has erred in law and facts of the case in confirming the action of AO in holding that the goodwill has to be taken at NIL cost in the hands of the appellant. 7. Both the lower authorities have

THE ITO, (EXEMPTIONS), WARD-2,, AHMEDABAD vs. PLATINUM FOUNDATION,, AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.2885/Ahd/2016 "नधा"रण वष"/Asstt. Year: 2013-14

127 (SC) decided similar issue in favour of the assessee. Hon’ble Apex Court held that in case of assessee-trust registered under section 12A, even though expenditure incurred for acquisition of capital assets was treated as application of income for charitable purposes under section 11(1)(a), yet depreciation

SUN PHARMA LABORATORIES LTD.,,MUMBAI vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, BARODA

In the result, the Department’s appeal is partly allowed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

depreciation of plant and machinery used by Sun Pharma Industries & Sun Pharma Sikkim. 3.1 On the facts and circumstances of the case and in law, the learned CIT(A) has erred in allowing deduction u/s 80 IB/80 IE in respect of receipt of interest of Rs.29,49.60,969/- on delayed payments on sales, without appreciating the facts and reasons mentioned

THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, BARODA vs. M/S. SUN PHARMA LABORATORIES LTD.,, MUMBAI

In the result, the Department’s appeal is partly allowed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

depreciation of plant and machinery used by Sun Pharma Industries & Sun Pharma Sikkim. 3.1 On the facts and circumstances of the case and in law, the learned CIT(A) has erred in allowing deduction u/s 80 IB/80 IE in respect of receipt of interest of Rs.29,49.60,969/- on delayed payments on sales, without appreciating the facts and reasons mentioned

ACULIFE HEALTHCARE PVT. LTD,AHMEDABAD vs. THE DCIT CIRCLE-1(1)(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

section 263 of the Act. Accordingly, show cause notice was issued to the assessee, and after taking this submission to the assessee on record, the Pr. CIT set aside the assessment order with the following observations:- “4. In the light of discussions elaborated in preceding paras, it emerges that the Assessing Officer ought to have considered that the aforesaid claim

ACULIFE HEALTHCARE PVT. LTD,AHMEDABAD vs. THE DCIT CIRCLE-1(1)(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

section 263 of the Act. Accordingly, show cause notice was issued to the assessee, and after taking this submission to the assessee on record, the Pr. CIT set aside the assessment order with the following observations:- “4. In the light of discussions elaborated in preceding paras, it emerges that the Assessing Officer ought to have considered that the aforesaid claim

THE DY. CIT (EXEMPTIONS), CIRCLE-2,, AHMEDABAD vs. THE NEW ENGLISH SCHOOL TRUST,, ANAND

In the result, appeal of the Revenue and CO of the assessee, both are dismissed

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.2889/Ahd/2016 With Cross Objection No.03/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2013-14

depreciation can also be claimed as deduction over and above application of income under section 11(1) of the Act. As the statute provides these two deductions for charitable trust, which are distinct deductions, it cannot be termed as double deduction, and claim of the assessee is wholly per the law. The AO rejected this contention of the assessee