N.K. INDUSTRIES LTD.,AHMEDABAD vs. THE DY.CIT, CIRCLE-3(1)(1), AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

28 (iv) of the IT Act. 14) Another important issue which arises is the applicability of the Section 41 (1) of the IT Act. The said provision is re-produced as under: “41. Profits chargeable to tax.- (1) Where an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability

N.K. INDUSTRIES LTD.,AHMEDABAD vs. THE DY.CIT, CIRCLE-3(1)(1), AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

28 (iv) of the IT Act. 14) Another important issue which arises is the applicability of the Section 41 (1) of the IT Act. The said provision is re-produced as under: “41. Profits chargeable to tax.- (1) Where an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability

OLYMPIC DECOR LLP,AHMEDABAD vs. THE PR.CIT, AHMEDABAD-3, AHMEDABAD

In the result, the Appeal of the assessee is allowed

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2018-19 Olympic Décor Llp Pr.Commissioner Of 6, Patel Avenue, Nr.Gurudwara Vs Income Tax-3 Sg Highway, Bodakdev Ambawadi Ahmedabad. Ahmedabad. Pan : Adafs 2113 H (Applicant) (Responent) : Assessee By Shri Tushar Hemani, Sr.Advocate & Parimalsinh B. Parmar, Ars : Shri Rignesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 23/05/2025 आदेश आदेश/O R D E R आदेश आदेश

depreciation claimed under books and income-tax and without verification. The PCIT concluded that the AO failed to apply the provisions of section 68 in respect of loan transaction of Rs. 10.80 crore with Crown Laminates Pvt. Ltd., which was treated as business income under section 28

THE ACIT, CIRCLE-2(1)(1), AHMEDABAD vs. M/S. INTAS PHARMACEUTICALS LTD., AHMEDABAD

Accordingly, this ground raised by the Revenue is dismissed

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2015-16 Acit, Cir.2(1)(1) M/S.Intas Pharmaceuticals Ltd Vejalpur Vs Corporate House Ahmedabad. S.G. Highway Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L Asstt.Year : 2015-16 M/S.Intas Pharmaceuticals Ltd Acit, Cir.2(1)(1) Corporate House Vs Vejalpur S.G. Highway Ahmedabad. Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L (Applicant) (Responent) : Assessee By Shri S.N. Soparkar, Sr.Advocae & Shri Parin Shah, Ar : Shri Ragnesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 21/05/2025 आदेश आदेश/O R D E R आदेश आदेश

section 32(1) and is eligible for depreciation. The CIT(A) also noted that the SLP filed by the Department against Zydus Wellness Ltd. was dismissed by the Hon’ble Supreme Court, giving finality to the issue. ITA No.281 and 222/Ahd/2021 28

INTAS PHARMACEUTICALS LTD.,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1), AHMEDABAD

Accordingly, this ground raised by the Revenue is dismissed

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2015-16 Acit, Cir.2(1)(1) M/S.Intas Pharmaceuticals Ltd Vejalpur Vs Corporate House Ahmedabad. S.G. Highway Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L Asstt.Year : 2015-16 M/S.Intas Pharmaceuticals Ltd Acit, Cir.2(1)(1) Corporate House Vs Vejalpur S.G. Highway Ahmedabad. Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L (Applicant) (Responent) : Assessee By Shri S.N. Soparkar, Sr.Advocae & Shri Parin Shah, Ar : Shri Ragnesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 21/05/2025 आदेश आदेश/O R D E R आदेश आदेश

section 32(1) and is eligible for depreciation. The CIT(A) also noted that the SLP filed by the Department against Zydus Wellness Ltd. was dismissed by the Hon’ble Supreme Court, giving finality to the issue. ITA No.281 and 222/Ahd/2021 28

M/S. SABARMATI GAS LTD.,GANDHINAGAR vs. THE PR. CIT-3, AHMEDABAD

In the result, appeal of the assessee is partly allowed

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumarassessment Year : 2018-19 Sabarmati Gas Ltd. The Ld.Pr.Cit Plot No.907, Sector 21 Vs Ahmedabad-3. Gandhinagar 382 021 Pan : Aakcs 0110 N

section 40(a)(ia) of the Act. 26. Considering the admission of the ld.counsel for the assessee that the issue of tax at source on rent expenses was not examined by 16 the AO at all, we do not find any infirmity in the order of the ld.Pr.CIT holding the assessment order erroneous on this count. 27. In view

THE DCIT, CIRCLE-1(1), NOW CIRCLE-1(1)(1),, BARODA vs. GUJARAT STATE ELECTRICITY CORPORATION LTD.,, BARODA

In the result, the appeal filed by the Assessee in ITA No

Bench: DR. BRR Kumar (Vice President), Shri T.R. Senthil Kumar (Judicial Member)

28 of the IT Act under which such income is charged. 3. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in deleting the addition/adjustments made to the Book Profit computed u/s 115JB of the IT Act, (a) on account of Prior Period Expenses claimed

GUJARAT STATE ELECTRICITY CORPORATION LTD.,BARODA vs. THE DY.CIT, CIRCLE-1(1),, BARODA

In the result, the appeal filed by the Assessee in ITA No

Bench: DR. BRR Kumar (Vice President), Shri T.R. Senthil Kumar (Judicial Member)

28 of the IT Act under which such income is charged. 3. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in deleting the addition/adjustments made to the Book Profit computed u/s 115JB of the IT Act, (a) on account of Prior Period Expenses claimed

THE ASST. CIT.,CIRCLE-1(1),, BARODA vs. AMBALAL SARABHAI ENTERPRISES LIMITED,, BARODA

In the result, the appeal is allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

depreciable assets computed u/s. 50 of the IT Act. 5. Debit balances written off of Rs. 21,90,554/-. 6. Adjustments for past provisions representing booking of expenditure of Rs. 36,39,473/-. 7. DPCO Liability of Rs. 5,24,57,203/-.” ITA No. 954/Ahd/2016, 1315/Ahd/2016, 1807/Ahd/2017 & 2033/Ahd/2017 Ambalal Sarabhai Enterprises Ltd. vs. DCIT & DCIT/ACIT vs. Ambalal Sarabhai Enterprises

AMBALAL SARABHAI ENTERPRISES LIMITED,,BARODA vs. THE DY.CIT.,CIRCLE-1(1),, BARODA

In the result, the appeal is allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

depreciable assets computed u/s. 50 of the IT Act. 5. Debit balances written off of Rs. 21,90,554/-. 6. Adjustments for past provisions representing booking of expenditure of Rs. 36,39,473/-. 7. DPCO Liability of Rs. 5,24,57,203/-.” ITA No. 954/Ahd/2016, 1315/Ahd/2016, 1807/Ahd/2017 & 2033/Ahd/2017 Ambalal Sarabhai Enterprises Ltd. vs. DCIT & DCIT/ACIT vs. Ambalal Sarabhai Enterprises

ACIT ANAND CIRCLE, ANAND, ANAND vs. ELECON ENGINEERING COMPANY LTD, VALLABH VIDYANAGAR

In the result, appeal filed by the Revenue is dismissed

Bench: Us.

Section 32(2) of the Act is very clear that full effect of depreciation is not given in the particular assessment year then its unabsorbed depreciation and it will be added to depreciation amount of next assessment year till the depreciation is fully absorbed. 8. Please refer below table to calculate unabsorbed depreciation :- Particulars Amount (Rs.) Remarks Depreciation amount

SUMANGAL GLASS PVT. LTD.,BHACHAU vs. DCIT, CIRCLE-4(1)(1),, AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकरअपीलसं./Ita No. 2636/Ahd/2017 धििाधरणवरध/Asstt. Year: 2012-2013 Sumangal Glass Pvt. Ltd., D.C.I.T, Plot No.617/1-618-620, Vs. Circle-4(1)(1), Nh-8A,Po.Samakhiyari Ahmedabad (Piprapati), Bhachau Taluka, Samakhiyari-370150. Pan: Aaics6992G

28 (iv) of the Act. 25.2 The next aspect arises whether such waiver of loan can be brought to tax under the provisions of section 41(1) of the Act. To bring any item under the net of income in pursuance to the provisions of section 41(1) of the Act, there has to be recovery either in cash

KALPATARU POWER TRANSMISSION LTD.,,GANDHINAGAR vs. THE DY. CIT, GANDHINAGAR CIRCLE,, GANDHINAGAR

Appeal of the assessee is dismissed

28(1), read with section 263, of the Income-tax Act^ 1961 – Business income - Chargeable as (Carbon credit) - Assessment year 2009-10-Whether since carbon credit was generated out of environmental concerns and it was not having character of trading activity, receipt from sale of carbon credit was capital receipt and not business income - Held, yes [Para 12] [In favour

KALPATARU POWER TRANSMISSION LTD.,,GANDHINAGAR vs. THE DY. CIT, GANDHINAGAR CIRCLE,, GANDHINAGAR

Appeal of the assessee is dismissed

28(1), read with section 263, of the Income-tax Act^ 1961 – Business income - Chargeable as (Carbon credit) - Assessment year 2009-10-Whether since carbon credit was generated out of environmental concerns and it was not having character of trading activity, receipt from sale of carbon credit was capital receipt and not business income - Held, yes [Para 12] [In favour

THE DY. CIT, GANDHINAGAR CIRCLE,, GANDHINAGAR vs. M/S. KALPARATRU POWER TRANSMISSION LIMITED,, GANDHINAGAR

Appeal of the assessee is dismissed

28(1), read with section 263, of the Income-tax Act^ 1961 – Business income - Chargeable as (Carbon credit) - Assessment year 2009-10-Whether since carbon credit was generated out of environmental concerns and it was not having character of trading activity, receipt from sale of carbon credit was capital receipt and not business income - Held, yes [Para 12] [In favour

ATUL LIMITED,,AHMEDABAD vs. THE DY.CIT (OSD), RANGE-1,, AHMEDABAD

The appeal are dismissed

Bench: Us, Ld. Counsel For The Assessee Took Us Through The Chronology Of Events Leading To The Rectification Order Passed U/S. 154 Of The Act ,Which Was Carried In Appeal Before The Ld. Cit(A) Who Dismissed The Same & Against Which The Assessee Has Come Up In Appeal Before Us. Ld. Counsel For The

28 to section 43B ,Depreciation is to be set off/adjusted for determining the profits as per 32 of the Act and further

AMBALAL SARABHAI ENTERPRISES LTD.,,BARODA vs. THE DY. COMMISSIONER OF INCOME TAX-1(1)(1),, BARODA

In the result, the appeal is allowed for statistical purposes

depreciation against\nincome from short-term capital gains\n11.\nBefore us, the counsel for the assessee submitted that this ground is\nrelevant only if ground number 14A and ground related to brokerage charges\nare allowed in favour of the Revenue, in the appeal filed by the Department.\nITA No. 954/Ahd/2016, 1315/Ahd/2016,\n1807/Ahd/2017 & 2033/Ahd/2017\nAmbalal Sarabhai Enterprises Ltd. vs. DCIT

THE DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1),, VADODARA vs. AMBALAL SARABHI ENTERPRISES LIMITED,, VADODARA

In the result, the appeal is allowed for statistical purposes

depreciation against\nincome from short-term capital gains\n11. Before us, the counsel for the assessee submitted that this ground is\nrelevant only if ground number 14A and ground related to brokerage charges\nare allowed in favour of the Revenue, in the appeal filed by the Department.\nITA No. 954/Ahd/2016, 1315/Ahd/2016,\n1807/Ahd/2017 & 2033/Ahd/2017\nAmbalal Sarabhai Enterprises Ltd. vs. DCIT