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

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

depreciation methods, recognition of goodwill, preparation of research and ITA nos.311/Ahd/2016 and 8 others Asstt. Years 2010-11 to 2014-15 23 development (R&D) costs, inventory valuation, and the consolidation of financial accounts. These policies may differ from company to company. It is the management of the company to choose specific accounting policies that are advantageous to the financial

TORRENT POWER LTD.,,AHMEDABAD vs. THE ACIT.,RANGE-8,, AHMEDABAD

In the result cross objection filed by the assessee is partly allowed for statistical purposes

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

43D which includes section 41(1) also. 12. Thus where Assessing Officer finds that claim has already been allowed in the earlier year then such benefit under section 80-IA should be given to the profits taxed under section 41(1). The argument of ld. AR is that once it has declared profits under section 41(1) it would mean

AXIS BANK LIMITED,AHMEDABAD vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), AHMEDABAD

The appeal of the assessee is partly allowed for statistical purposes

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumarिनधा"रण वष"/Assessment Year: 2018-19 Axis Bank Limited, Vs. Assistant Commissioner Of “Trishul”, 3Rd Floor, Opp. Income-Tax, Samartheshwar Temple, Nr. Law Circle 1(1)(1), Garden, Ellisbridge, Ahmedabad Ahmedabad-380006 Pan : Aaacu 2414 K अपीलाथ" अपीलाथ"/ (Appellant) अपीलाथ" अपीलाथ" "" "" यथ" "" "" यथ" यथ"/ (Respondent) यथ" Assessee By : Shri Tushar Hemani, Sr. Advocate & Shri Parimalsinh B. Parmar, Ar Revenue By : Dr. Darsi Suman Ratnam, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 29.11.2023/03.04.2024 घोषणा क" तारीख /Date Of Pronouncement: 10.04.2024 आदेश आदेश/O R D E R आदेश आदेश Per Annapurna Gupta: By Way Of This Appeal, The Assessee-Appellant Has Challenged Correctness Of The Order Dated 28Th July, 2022 Passed By The Assessing Officer Under Section 143(3) R.W.S. 144C(13) R.W.S. 144B Of The Income Tax Act, 1961 [Hereinafter Referred To As “The Act” For Short], For The Assessment Year (Ay) 2018-19. 2. Ground No.1 Raised By The Assessee Reads As Under:- “1. Disallowance In Respect Of Annual Technical Fees (Tax Effect - Rs. 16,84,276) 1.1 The Learned Drp Has Erred In Upholding Addition Made By Ao In Respect Of Treating Annual Technical Services (Ats) Fees Paid To Infosys Limited To The Extent Of Rs. 48.66 Lacs As Prior Period Expense. 1.2. It Is Submitted That The Expenditure Relates To Amount Payable To Infosys & No Part Of The Amount Was Claimed As Expenditure At Any Time In The 2 Axis Bank Limited Vs. Acit Ay : 2018-19

depreciation on computers, telephone and reuters was filed. However, the basis of allocation of expenses under these heads could not be substantiated. Further, why other expenses were not to be allocated also could not be explained. It is seen that this is merely an estimated amount without any validation.” 9 Axis Bank Limited Vs. ACIT AY : 2018-19 11. Referring

THE ACIT, CIRCLE-4(1)(2),, AHMEDABAD vs. M/S. TORRENT POWER LTD.,, AHMEDABAD

section 80-IA of the Act. 64.1 However, the AO was of the view that no benefit of bad debts recovery can be granted by allowing deduction under section 80IA of the Act for the reason that the amount of bad debt was recognized by the assessee when its unit was not eligible for deduction under section

THE ACIT, CIRCLE-4(1)(2),, AHMEDABAD vs. M/S. TORRENT POWER LIMITED, AHMEDABAD

section 80-IA of the Act. 64.1 However, the AO was of the view that no benefit of bad debts recovery can be granted by allowing deduction under section 80IA of the Act for the reason that the amount of bad debt was recognized by the assessee when its unit was not eligible for deduction under section

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

Section 119 of the Income-tax Act, 1961; that, therefore, he had grossly erred not only in upholding the impugned disallowance on the ground that he found no fault with the Assessing Officer making the impugned disallowance in conformity with the aforesaid Instruction but further, in not deciding the appellant's ground using his own discretion in the matter

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

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

Section 119 of the Income-tax Act, 1961; that, therefore, he had grossly erred not only in upholding the impugned disallowance on the ground that he found no fault with the Assessing Officer making the impugned disallowance in conformity with the aforesaid Instruction but further, in not deciding the appellant's ground using his own discretion in the matter

DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1),, AHMEDABAD vs. M/S. ADANI ENTERPRISES LTD.,, AHMEDABAD

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

Section 119 of the Income-tax Act, 1961; that, therefore, he had grossly erred not only in upholding the impugned disallowance on the ground that he found no fault with the Assessing Officer making the impugned disallowance in conformity with the aforesaid Instruction but further, in not deciding the appellant's ground using his own discretion in the matter

THE DCIT, CIRCLE-1,, AHMEDABAD vs. ADANI ENTERPRISES LTD.,, AHMEDABAD

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

Section 119 of the Income-tax Act, 1961; that, therefore, he had grossly erred not only in upholding the impugned disallowance on the ground that he found no fault with the Assessing Officer making the impugned disallowance in conformity with the aforesaid Instruction but further, in not deciding the appellant's ground using his own discretion in the matter

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

Section 119 of the Income-tax Act, 1961; that, therefore, he had grossly erred not only in upholding the impugned disallowance on the ground that he found no fault with the Assessing Officer making the impugned disallowance in conformity with the aforesaid Instruction but further, in not deciding the appellant's ground using his own discretion in the matter

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

Section 119 of the Income-tax Act, 1961; that, therefore, he had grossly erred not only in upholding the impugned disallowance on the ground that he found no fault with the Assessing Officer making the impugned disallowance in conformity with the aforesaid Instruction but further, in not deciding the appellant's ground using his own discretion in the matter

THE JCIT, CIRCLE-1(1)(1), AHMEDABAD vs. M/S. ADANI HAZIRA PORT PVT. LTD., AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Ms. Suchitra Kamble & Shri Bhagirath Mal Biyani

Section 14A read with Rule 8D amounting to Rs.9,66,764/- and also made disallowance of SWAP Contract Loss amounting to Rs.6,46,83,102/-. 4. Being aggrieved by the Assessment Order, the assessee filed appeal before the CIT(A). The CIT(A) partly allowed the appeal of the assessee. 5. The Ld. A.R. submitted that this issue was decided

DCIT, CIR-1(1)(1),, AHMEDABAD vs. ADANI POWER MAHARASHTRA LTD.,, AHMEDABAD

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

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No. 1471/Ahd/2018 "नधा"रण वष"/Asstt. Year: 2014-2015 D.C.I.T., Adani Power Maharashtra Ltd., Cir.1(1)(1), Vs. 9Th Floor, Shikhar Building, Ahmedabad. Nr.Mithakhali Circle, Navrangpura, Ahmedabad-380009. Pan: Aagca4102J

Section 36(1)(Hi) of the Act. It is observed .that out of the loss of Rs.20.68 crores, Rs. 11.26 crore is realized loss on account of ECB interest paid during the year which cannot be held as notional loss and even Instruction relied upon by AO cannot be made applicable. The AO has made entire disallowance treating such loss