THE DCIT, CIRCLE-8,, AHMEDABAD vs. SINTEX INDUSTRIES LTD.,, AHMEDABAD

In the result, appeal ITAs 2786/Ahd/2014, 1416/Ahd/2018, and 1417/Ahd/2018 filed by revenue are dismissed and appeal ITA No

depreciation [Sections 32 and 43(1)]. A perusal of section 43A makes it clear that insofar as the depreciation is concerned

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 2(1)(1), VADODARA, RACE COURSE vs. UNIMED TECHNOLOGIES LIMITED, HALOL

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokar

depreciation under section 32 in respect of such capitalised expenditure was not specifically adjudicated in the CIT(A)'s order. 17.4 The learned AR, reiterating the detailed submissions made before the lower authorities, submitted that the appellant had incurred a net foreign exchange fluctuation loss of ₹2.71 crores during the year under consideration, out of which ₹2.78 crores pertained

GUJARAT CHEMICAL PORT TERMINAL CO.LTD.,,BARODA vs. THE ACIT.,CIRCLE-1(1),, BARODA

Bench: Shri Pramod Kumar & Shri S. S. Godara.

depreciation on foreign exchange loss on payment basis amounting to Rs.2,28,282/-. Both of them invoke Section 43A of the Act against

THE DCIT ( INTERNATIONAL TAXATION ),, AHMEDABAD vs. BLACK PEARL SERVICES LIMITED, G.S.E.C. LTD., AHMEDABAD

Appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Shri Ms Madhumita Royआयकर अपील सं./Ita Nos. 2813-2815/Ahd/2017 "नधा"रण वष"/Asstt. Years: 2011-2012 To 2013-14 The D.C.I.T, Black Pearl Services Limited, (International Taxation), Vs. 2Nd Floor, Gujarat Chamber Of Ahmedabad Commerce Building, ‘’Sangram.’’ Ashram Road, Ahmedabad. Pan: Aaecb1176H

depreciation under section 32(2) of the Act against current year deemed income offered by assessee under section 44BB(1) without taking into account the decision of Hon'ble Calcutta High Court in the case of Universal Cargo Carriers Inc. Vs. Commissioner of Income Tax (1987) 165ITR209. ITA nos.2813-2815/AHD/2017 Asstt. Years

THE DCIT ( INTERNATIONAL TAXATION ),, AHMEDABAD vs. BLACK PEARL SERVICES LIMITED, G.S.E.C. LTD., AHMEDABAD

Appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Shri Ms Madhumita Royआयकर अपील सं./Ita Nos. 2813-2815/Ahd/2017 "नधा"रण वष"/Asstt. Years: 2011-2012 To 2013-14 The D.C.I.T, Black Pearl Services Limited, (International Taxation), Vs. 2Nd Floor, Gujarat Chamber Of Ahmedabad Commerce Building, ‘’Sangram.’’ Ashram Road, Ahmedabad. Pan: Aaecb1176H

depreciation under section 32(2) of the Act against current year deemed income offered by assessee under section 44BB(1) without taking into account the decision of Hon'ble Calcutta High Court in the case of Universal Cargo Carriers Inc. Vs. Commissioner of Income Tax (1987) 165ITR209. ITA nos.2813-2815/AHD/2017 Asstt. Years

THE DCIT ( INTERNATIONAL TAXATION ),, AHMEDABAD vs. BLACK PEARL SERVICES LIMITED, G.S.E.C. LTD., AHMEDABAD

Appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Shri Ms Madhumita Royआयकर अपील सं./Ita Nos. 2813-2815/Ahd/2017 "नधा"रण वष"/Asstt. Years: 2011-2012 To 2013-14 The D.C.I.T, Black Pearl Services Limited, (International Taxation), Vs. 2Nd Floor, Gujarat Chamber Of Ahmedabad Commerce Building, ‘’Sangram.’’ Ashram Road, Ahmedabad. Pan: Aaecb1176H

depreciation under section 32(2) of the Act against current year deemed income offered by assessee under section 44BB(1) without taking into account the decision of Hon'ble Calcutta High Court in the case of Universal Cargo Carriers Inc. Vs. Commissioner of Income Tax (1987) 165ITR209. ITA nos.2813-2815/AHD/2017 Asstt. Years

INTAS BIOPHARMACEUTICALS LTD.,,AHMEDABAD vs. THE DY.COMMISSIONER OF INCOME TAX, R-2(1)(1),, AHMEDABAD

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

Bench: Ms. Suchitra Kamble & Shri Makarand Vasant Mahadeokarassessment Year: 2012-13

Section 43A provides that any increase or decrease in liability due to foreign exchange fluctuation in respect of the acquisition of a capital asset is to be adjusted to the actual cost of the asset and depreciation

THE DY. CIT, CIRCLE-1(1)(1),, AHMEDABAD vs. M/S. AHMEDABAD STRIPS PVT. LTD.,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No.3454/Ahd/2016 "नधा"रण वष"/Asstt. Year: 2012-2013 D.C.I.T, Ahmedabad Strips Pvt. Ltd., Circle-1(1)(1), 604, Sarap Complex, 6Th Floor, Vs. Ahmedabad Navjivan Press Road, B/H. Gujarat Vidhyapith, Off Ashram Road, Ahmedabad-380014. Pan: Aabca8222A

depreciation under section 32(1)(iia) of the Act. Thus we do not find any infirmity in the order of the Ld.CIT (A). Hence we decline to interfere in the same. Thus the ground of appeal of the Revenue is dismissed. 22. The issue raised by the Revenue in ground No. 4 is that the Ld.CIT (A) erred in deleting

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2 1 1 , VADODARA, VADODARA vs. UNIMED TECHNOLOGIES LIMITED, PANCHMAHAL

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

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

Section 43A of the Act will not be applicable, since it only an advance payment made by the assessee for purchase of machinery from outside India. Thus a wrong claim would not amount to concealment of income. 8.1. Co-ordinate Bench of this Tribunal in the case of Microsoft Corporation (India) (P.) Ltd. on the very same issue of Foreign

HYDERABAD YADGIRI TOLLWAY PRIVATE LIMITED,AHMEDABAD vs. THE PR.CIT-1, AHMEDABAD

The appeal of the assessee is dismissed

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinhaassessment Year: 2018-19

43A of the Act was not applicable. According to the Ld. AR, the provisions of Section 43AA of the Act was applicable in this case. Further, that the provisions of ICDS was made applicable w.e.f. A.Y. 2017-18 only. He submitted that the exchange difference arising on Long Term foreign currency monetary items relating to the acquisition of depreciable

THE DCIT, CIRCLE-1(1)(1), VADODARA vs. GULBRANDSEN CHEMICALS PVT. LTD, VADODARA

In the result, the appeal filed by the revenue is hereby dismissed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No. 559/Ahd/2020 िनधा"रण वष"/Asstt. Years: 2011-12 D.C.I.T., Gulbrandsen Chemicals Pvt. Ltd, Circle-1(1)(1), Vs. On Coastal Highway, Vadodara. Mujpur, Tal. Padra, Vadodara.

depreciation claimed on the ground that the cost of plant and machinery was required to be reduced, despite the said addition was in consonance to the provisions of section 43A

M/S. NANDAN EXIM LIMITED,AHMEDABAD vs. DY.COMMISSIONER OF INCOME TAX, CIRCLE-3(1)(1),, AHMEDABAD

In the result, assessee’s appeal is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roynandam Exim Limited, Vs. Dcit, Survey No.198, 203/2, Saijpur – Circle – 3(1)(1), Gopalpur, Pirana Road, Piplaj Ahmedabad. Ahmedabad – 382 405. [Pan No. Aaacn 5327 L] (Appellant) (Respondent) ..

section 43A of the Act, cost of the asset required to be increased to the extent of loss in FEF, which was not done resulting in underassessment of income of Rs.38,36,025/- after providing for depreciation

CLP WIND FARMS (INDIA) PVT. LTD.,NEW DELHI vs. DCIT CIRCLE-1(1)(2),, AHMEDABAD

Appeal of the assessee is allowed

43A, prescribes the adjustments on account of foreign exchange fluctuations to be made to the cost of fixed assets purchased outside India which requires payment to be made in foreign exchange. Explanation 3 to the said section requires cost of such assets to be computed with reference to the rate agreed in the foreign exchange forward contracts if any entered

CLP WIND FARMS (INDIA) PVT. LTD.,AHMEDABAD vs. DCIT CIRCLE-1(1)(2),, AHMEDABAD

Appeal of the assessee is allowed

43A, prescribes the adjustments on account of foreign exchange fluctuations to be made to the cost of fixed assets purchased outside India which requires payment to be made in foreign exchange. Explanation 3 to the said section requires cost of such assets to be computed with reference to the rate agreed in the foreign exchange forward contracts if any entered

CLP WIND FARMS (INDIA) PVT. LTD.,NEW DELHI vs. DCIT CIRCLE-1(1)(2),, AHMEDABAD

Appeal of the assessee is allowed

43A, prescribes the adjustments on account of foreign exchange fluctuations to be made to the cost of fixed assets purchased outside India which requires payment to be made in foreign exchange. Explanation 3 to the said section requires cost of such assets to be computed with reference to the rate agreed in the foreign exchange forward contracts if any entered

THE DCIT, CIRCLE-1(1)(1),, AHMEDABAD vs. ADANI LOGISTICS LTD.,, AHMEDABAD

Bench: Shri Waseem Ahmed & Smt. Madhumita Roy

depreciation loss of Rs.23,48,193/- for the current year. On scrutiny of the accounts, the ld.AO found that has debited a sum of Rs.170.45 lakhs in the profit & loss account. He confronted the assessee as to why this loss should not be disallowed. The assessee filed written submissions. The ld.AO was not convinced with the explanation of the assessee

THE ACIT.(OSD), CIRCLE-1,, AHMEDABAD vs. KHURANA ENGINEERING LTD.,, AHMEDABAD

Bench: Shri Ramit Kochar & Ms. Madhumita Roya.Y. 2007-08

43a[or clause (vi)]] of sub-section (4)] which fulfils all the following conditions, namely :— (i) it is not formed by splitting up, or the reconstruction, of a business already in existence : Provided that this condition shall not apply in respect of an 44[undertaking] which is formed as a result of the re-establishment, reconstruction or revival

THE DY. CIT, PATAN CIRCLE,, PATAN vs. AJAY ENGINEERING INFRASTRUCTURE PVT. LTD.,, UNJHA

In the result appeal of the Revenue in ITA no

Bench: Shri Ramit Kochar & Ms. Madhumita Royassessment Year: 2009-10 Assessment Year:2010-11 Assessment Year: 2011-12 Assessment Year: 2013-14 Ita Nos. 1621/Ahd/2017 Assessment Year: 2014-15 The Acit, Patan Circle, Room No.104, Ajay Engineering Infrastructure 1St Floor, Santokba Hall, Rajmahal V. Pvt. Ltd., 98, Old Market Yard, Road, Patan-384265, Gujarat Unjha-384170 Gujarat Pan:Aagca8877L (Appellant) (Respondent) Assessment Year: 2014-15 The Dcit, Patan Circle, Room M/S Ajay Protech Pvt. Ltd., 59, No.101/4, 1St Floor, Chinmay V. Pratap Chambers 1St Floor, Near Corporate House, Patan-Deesa Railway Circle, Unjha-384170, Highway, Patan-384265,Gujarat Gujarat Pan:Aajca4095R (Appellant) (Respondent) Assessee By: Sh. S.N. Soparkar, Sr. Advocate & Sh. Parin Shah, A.R. Revenue By: Sh. Chetram Meena, Sr. Dr Date Of Hearing: 24.01.2024 Date Of Pronouncement: 19.04.2024

43a[or clause (vi)]] of sub-section (4)] which fulfils all the following conditions, namely :— (i) it is not formed by splitting up, or the reconstruction, of a business already in existence : Provided that this condition shall not apply in respect of an 44[undertaking] which is formed as a result of the re-establishment, reconstruction or revival