DCIT, CIR.1(1)(1),, AHMEDABAD vs. AWN AGRO PVT. LTD., 2014-15

In the result, the appeal of the revenue and the cross objection of the assessee both are dismissed

depreciation and allowances are dealt with in section 32. Therefore, the Parliament has used the expression 'any expenditure' in section 37 to cover both. Therefore, the expression 'expenditure' as used in section 37 may, in the circumstances of a particular case, cover an amount which is really a 'loss', even though said amount has not gone out from the pocket

SHIVAM WATER TREATERS PVT. LTD.,,AHMEDABAD vs. THE DY. CIT, CIRCLE-8, AHMEDABAD

In the result appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumar

depreciation, disallowances of other expenditure are sufficient to take care of the net profit reflected by appellant. It is therefore, in my view, rejection of books of accounts u/s 145(3) of the Act and estimation of G.P. at 20% and thereby addition of r 1,76,15,0987- is neither justified nor sustainable in law. The A.O. j§. jdjrected

SHIVAM WATER TREATERS PVT. LTD.,,AHMEDABAD vs. THE DY. CIT, CIRCLE-4(1)(1),, AHMEDABAD

In the result appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumar

depreciation, disallowances of other expenditure are sufficient to take care of the net profit reflected by appellant. It is therefore, in my view, rejection of books of accounts u/s 145(3) of the Act and estimation of G.P. at 20% and thereby addition of r 1,76,15,0987- is neither justified nor sustainable in law. The A.O. j§. jdjrected

THE DCIT, CIRCLE-8,, AHMEDABAD vs. SHIVAM WATER TREATERS PVT. LTD.,, AHMEDABAD

In the result appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumar

depreciation, disallowances of other expenditure are sufficient to take care of the net profit reflected by appellant. It is therefore, in my view, rejection of books of accounts u/s 145(3) of the Act and estimation of G.P. at 20% and thereby addition of r 1,76,15,0987- is neither justified nor sustainable in law. The A.O. j§. jdjrected

SHIVAM WATER TREATERS PVT. LTD.,,AHMEDABAD vs. THE ACIT, (OSD), CIRCLE-8,, AHMEDABAD

In the result appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumar

depreciation, disallowances of other expenditure are sufficient to take care of the net profit reflected by appellant. It is therefore, in my view, rejection of books of accounts u/s 145(3) of the Act and estimation of G.P. at 20% and thereby addition of r 1,76,15,0987- is neither justified nor sustainable in law. The A.O. j§. jdjrected

JT.CIT.(OSD),CIRCLE-1(1)(1),, AHMEDABAD vs. AXIS BANK LIMITED,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 852/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2015-2016 Axis Bank Limited, J.C.I.T., “Trishul”, 3Rd Floor, Vs. Circle-1(1)(1), Opp. Samtheshwar Mahadev, Ahmedabad. Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K

section 145 and the assesses can adopt either cash or mercantile method. Once the mercantile method is adopted for several years on the correct basis under which the commission income on normal type of financial guarantees is accounted for and taxed upfront, there is no justification to change the same in the year under consideration as that would disturb

AXIS BANK LIMITED,,AHMEDABAD vs. JT.CIT.,CIRCLE-1(1)(1),, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 852/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2015-2016 Axis Bank Limited, J.C.I.T., “Trishul”, 3Rd Floor, Vs. Circle-1(1)(1), Opp. Samtheshwar Mahadev, Ahmedabad. Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K

section 145 and the assesses can adopt either cash or mercantile method. Once the mercantile method is adopted for several years on the correct basis under which the commission income on normal type of financial guarantees is accounted for and taxed upfront, there is no justification to change the same in the year under consideration as that would disturb

SHREE RAMA MULTI-TECH LTD.,,AHMEDABAD vs. THE INCOME TAX OFFICER,WARD-8(4),, AHMEDABAD

In the result the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

section 145 of the Act and adopting GP @40% of the turnover in place of 37% as worked out by the appellant. Ld. CIT(A) failed to appreciate detailed submissions, evidences and supporting place on record to substantiate fall in GP by the appellant. Ld. ought to have accepted correction of the books and deleted addition made

THE ACIT,(OSD) CIRCLE-8,, AHMEDABAD vs. M/S. SHREE RAMA MULTI-TECH LTD.,, AHMEDABAD

In the result the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

section 145 of the Act and adopting GP @40% of the turnover in place of 37% as worked out by the appellant. Ld. CIT(A) failed to appreciate detailed submissions, evidences and supporting place on record to substantiate fall in GP by the appellant. Ld. ought to have accepted correction of the books and deleted addition made

SHREE RAMA MULTI-TECH LTD.,,AHMEDABAD vs. THE ACIT(OSD), CIRCLE-8, AHMEDABAD

In the result the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

section 145 of the Act and adopting GP @40% of the turnover in place of 37% as worked out by the appellant. Ld. CIT(A) failed to appreciate detailed submissions, evidences and supporting place on record to substantiate fall in GP by the appellant. Ld. ought to have accepted correction of the books and deleted addition made

SHREE RAMA MULTI-TECH LTD.,,AHMEDABAD vs. THE DY.CIT(OSD)CIRCLE-8,, AHMEDABAD

In the result the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

section 145 of the Act and adopting GP @40% of the turnover in place of 37% as worked out by the appellant. Ld. CIT(A) failed to appreciate detailed submissions, evidences and supporting place on record to substantiate fall in GP by the appellant. Ld. ought to have accepted correction of the books and deleted addition made

THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1),, AHMEDABAD vs. M/S. ASIAN GRANITO INDIA LTD.,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

145(3) and to make the assessment in the manner contemplated in these provisions.” 18.12 We also note that the books of accounts cannot be rejected if the assessee does not maintain the stock registers until and unless it is coupled with other defects such as sales/ purchase outside the books of accounts. But Page 31 of 36 ITA nos.1517

THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1),, AHMEDABAD vs. M/S. ASIAN GRANITO INDIA LTD.,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

145(3) and to make the assessment in the manner contemplated in these provisions.” 18.12 We also note that the books of accounts cannot be rejected if the assessee does not maintain the stock registers until and unless it is coupled with other defects such as sales/ purchase outside the books of accounts. But Page 31 of 36 ITA nos.1517

AXIS BANK LIMITED,AHMEDABAD vs. THE DY.CIT, CIRCLE-1 NOW CIRCLE-1(1)(1), AHMEDABAD

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

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedsl. Ita No(S) Asset. Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 311/Ahd/2016 2010-11 Axis Bank Limited, D.C.I.T., “Trishul”, 3Rd Floor, Circle-1(1)(1) Opp. Samtheshwar Ahmedabad. Mahadev Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K 2. 2176/Ahd/2016 2011-12 Axis Bank Limited, D.C.I.T., “Trishul”, 3Rd Floor, Circle-1(1)(1) Opp. Samtheshwar Ahmedabad. Mahadev Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K 3. 2173/Ahd/2016 2011-12 D.C.I.T., Axis Bank Limited, Circle-1(1)(1) Ahmedabad. Ahmedabad. Pan: Aaacu2414K 4. 165/Ahd/2017 2012-13 Axis Bank Limited, D.C.I.T., Ahmedabad. Circle-1(1)(1) Ahmedabad. Pan: Aaacu2414K 5. 287/Ahd/2017 2012-13 D.C.I.T., Axis Bank Limited, Circle-1(1)(1) Ahmedabad. Ahmedabad. Pan: Aaacu2414K 6-7 520 & 2013-14 Axis Bank Limited, D.C.I.T., 521/Ahd/2018 & Ahmedabad. Circle-1(1)(1) 2014-15 Ahmedabad. Pan: Aaacu2414K 8-9 604 & 605/ 2013-14 D.C.I.T., Axis Bank Limited, Ahd/2018 & Circle-1(1)(1) Ahmedabad. 2014-15 Ahmedabad. Pan: Aaacu2414K

145(3). 4.4 Section 143(2) for the purpose of section 30 defines (lease rent in this case) "paid" to mean actually paid or incurred according to the method of accounting followed. 4.5 It is, therefore, submitted that accounting estimate adopted by the Bank is commended by the highest accounting body in India, it reflects the best practices adopted

THE ACIT, CENTRAL CIRCLE-2(2) vs. M/S. MARDIA CHEMICALS LTD.,

In the result, the appeal of revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

145 are intimately connected with the provisions of Section 4 of the Act, about which there can be no quarrel, he has treated the method of maintaining the books of accounts as method of accounting regularly employed and this misconception has given rise to the entire controversy. " Regarding the purpose of the loan, the appellant submitted that the same

THE ACIT, CEN- CIR 2(2), AHMEDABAD vs. M/S MARDIA CHEMICALS LTD, AHMEDABAD

In the result, the appeal of revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

145 are intimately connected with the provisions of Section 4 of the Act, about which there can be no quarrel, he has treated the method of maintaining the books of accounts as method of accounting regularly employed and this misconception has given rise to the entire controversy. " Regarding the purpose of the loan, the appellant submitted that the same

THE ACIT, CENTRAL CAIRCLE-2(2) vs. M/S. MARDIA CHEMICALS LTD.,,

In the result, the appeal of revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

145 are intimately connected with the provisions of Section 4 of the Act, about which there can be no quarrel, he has treated the method of maintaining the books of accounts as method of accounting regularly employed and this misconception has given rise to the entire controversy. " Regarding the purpose of the loan, the appellant submitted that the same

THE ACIT, CENTRAL CIRCLE-2(2) vs. M/S. MARDIA CHEMICALS LTD.,

In the result, the appeal of revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

145 are intimately connected with the provisions of Section 4 of the Act, about which there can be no quarrel, he has treated the method of maintaining the books of accounts as method of accounting regularly employed and this misconception has given rise to the entire controversy. " Regarding the purpose of the loan, the appellant submitted that the same