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

Depreciation on Goodwill 2,27,92,50,000 3 Disallowance due to Allocation of Common 10,19,24,003 Expenses (Inter-unit allocation) 4 Disallowance under Section

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)

depreciation. 5.0 The learned Commissioner of Income Tax (Appeals) has erred in law and on facts in confirming the action of Assessing Officer in treating the interest income amounting to Rs.347,27,000/- as Income from Other Sources as against the Business Income and thereby disallowing the claim of set off of business losses of earlier years against the said

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)

depreciation. 5.0 The learned Commissioner of Income Tax (Appeals) has erred in law and on facts in confirming the action of Assessing Officer in treating the interest income amounting to Rs.347,27,000/- as Income from Other Sources as against the Business Income and thereby disallowing the claim of set off of business losses of earlier years against the said

ACIT CENTRAL CIRCLE 2(3), AHMEDABAD vs. INTAS PHARMACEUTICALS LIMITED, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Ms. Suchitra R. Kamble & Shri Narendra Prasad Sinhaasst. Commissioner Of M/S. Intas Pharmaceuticals Ltd., Vs. Income-Tax, Corporate House, S.G. Highway, Central Circle 2(3), Nr. Sola Bridge, Thaltej, Ahmedabad Ahmedabad-380 054 [Pan : Aaaci 5120 L] (Appellant) .. (Respondent) Appellant Represented By : Shri Sher Singh, Cit (Dr) Respondent Represented By: Shri S. N. Soparkar, Sr. Advocate & Ms. Urvashi Sodhan, Ar Date Of Hearing 07.01.2026 Date Of Pronouncement 24.02.2026 O R D E R Per Ms. Suchitra R. Kamble:-

depreciation on goodwill and granting consequential relief. Accordingly, Ground Nos. 6 to 12 raised by the Revenue are dismissed. Ground No. 13 – Allocation of Common Expenses while Computing Deduction under Sections 80-IC, 80-IE & 10AA 8. This ground relates to deletion of addition made by the Assessing Officer on account of allocation of common/indirect expenses to the eligible units

THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-2(1) (1),, AHMEDABAD vs. M/S. INTAS PHARMACEUTICALS PVT. LTD.,, AHMEDABAD

Accordingly the claim of expenditure is allowed as revenue

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

92,713/-, has failed to appreciate that the arm's length rate of interest determined by the TPO was worked out after increasing interest rate by adhoc additional 100 basis points towards foreign exchange risk ignoring the fact that during the year under consideration rupee appreciated against the US dollar. 2. (a) In the facts and circumstances of the case

THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-2(1) (1),, AHMEDABAD vs. M/S. INTAS PHARMACEUTICALS PVT. LTD.,, AHMEDABAD

Accordingly the claim of expenditure is allowed as revenue

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

92,713/-, has failed to appreciate that the arm's length rate of interest determined by the TPO was worked out after increasing interest rate by adhoc additional 100 basis points towards foreign exchange risk ignoring the fact that during the year under consideration rupee appreciated against the US dollar. 2. (a) In the facts and circumstances of the case

INTAS PHARMACEUTICALS LTD.,,AHMEDABAD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, AHMEDABAD

Accordingly the claim of expenditure is allowed as revenue

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

92,713/-, has failed to appreciate that the arm's length rate of interest determined by the TPO was worked out after increasing interest rate by adhoc additional 100 basis points towards foreign exchange risk ignoring the fact that during the year under consideration rupee appreciated against the US dollar. 2. (a) In the facts and circumstances of the case

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, AHMEDABAD vs. INTAS PHARMACEUTICALS PVT. LTD.,, AHMEDABAD

Accordingly the claim of expenditure is allowed as revenue

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

92,713/-, has failed to appreciate that the arm's length rate of interest determined by the TPO was worked out after increasing interest rate by adhoc additional 100 basis points towards foreign exchange risk ignoring the fact that during the year under consideration rupee appreciated against the US dollar. 2. (a) In the facts and circumstances of the case

INTAS PHARMACEUTICALS LTD.,,AHMEDABAD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, AHMEDABAD

Accordingly the claim of expenditure is allowed as revenue

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

92,713/-, has failed to appreciate that the arm's length rate of interest determined by the TPO was worked out after increasing interest rate by adhoc additional 100 basis points towards foreign exchange risk ignoring the fact that during the year under consideration rupee appreciated against the US dollar. 2. (a) In the facts and circumstances of the case

INTAS PHARMACEUTICALS LTD.,,AHMEDABAD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, AHMEDABAD

Accordingly the claim of expenditure is allowed as revenue

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

92,713/-, has failed to appreciate that the arm's length rate of interest determined by the TPO was worked out after increasing interest rate by adhoc additional 100 basis points towards foreign exchange risk ignoring the fact that during the year under consideration rupee appreciated against the US dollar. 2. (a) In the facts and circumstances of the case

SHREE RAMA MULTI-TECH LTD.,,AHMEDABAD vs. THE DY.CIT.,CRCLE-8,, AHMEDABAD

In the result, appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

section 32 of the Act. In holding so we draw support and ITA Nos.722,218&1306/Ahd/2014 & ITA No. 1345/Ahd/2015 A.Ys. 2000-01&2007-08 to 2009-10 26 guidance from the Judgment of Hon’ble Delhi High Court in the case of Oawal Agro Mills Ltd. reported in 341 ITR 467, wherein it was held as under: “By catena

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

In the result, appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

section 32 of the Act. In holding so we draw support and ITA Nos.722,218&1306/Ahd/2014 & ITA No. 1345/Ahd/2015 A.Ys. 2000-01&2007-08 to 2009-10 26 guidance from the Judgment of Hon’ble Delhi High Court in the case of Oawal Agro Mills Ltd. reported in 341 ITR 467, wherein it was held as under: “By catena

THE DY. CIT, CIRCLE-2(1)(1),, AHMEDABAD vs. M/S. GUJARAT MICROWAX LTD.,, AHMEDABAD

In the result, both of the Appeals of Revenue are partly allowed for statistical purposes

Bench: Ms. Suchitra Kamble & Shri B.M. Biyani

depreciation, allocation of administrative and general expenses between Unit-I and Unit-II, etc. Therefore, the assessee submitted Revised COI with rectified working of deduction on multiple occasions. While completing assessment, Ld. AO allowed deduction u/s 10B as per his own working, which caused mainly following grievances to the assessee: (i) Deduction has been wrongly disallowed in respect of Misc

THE DY. CIT, CIRCLE-2(1)(1),, AHMEDABAD vs. M/S. GUJARAT MICROWAX LTD.,, AHMEDABAD

In the result, both of the Appeals of Revenue are partly allowed for statistical purposes

Bench: Ms. Suchitra Kamble & Shri B.M. Biyani

depreciation, allocation of administrative and general expenses between Unit-I and Unit-II, etc. Therefore, the assessee submitted Revised COI with rectified working of deduction on multiple occasions. While completing assessment, Ld. AO allowed deduction u/s 10B as per his own working, which caused mainly following grievances to the assessee: (i) Deduction has been wrongly disallowed in respect of Misc

DIAMINES & CHEMICALS LTD.,,BARODA vs. THE PR. CIT- 1, BARODA

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

depreciation to the assessee. The Assessing Officer has passed a detailed order on the other disallowance namely section 80IA as against the assessee. As rightly pleaded by the Ld. Counsel for the assessee and also seen from the Paper Book filed by the assessee more particularly reply letters dated 12.01.2012, 06.12.2012 & 07.01.2013 at page nos. 15, 85 & 92

DIAMINES AND CHEMICALS LIMITED,,BARODA vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1),, BARODA

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

depreciation to the assessee. The Assessing Officer has passed a detailed order on the other disallowance namely section 80IA as against the assessee. As rightly pleaded by the Ld. Counsel for the assessee and also seen from the Paper Book filed by the assessee more particularly reply letters dated 12.01.2012, 06.12.2012 & 07.01.2013 at page nos. 15, 85 & 92

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

Appeal of the assessee is dismissed

92 (Delhi HC) [2013] • Ram Infrastructure Limited vs JCIT ITA No. 746/PN/2013 • L & T Infrastructure Development Projects Ltd vs ITO [2015] 58 taxmann.com 165 • Only those investments on which dividend income is earned during 'he year should be considered for applying Rule 8D I.T.A No. 2471 & 2853/Ahd/2017 & Ors. A.Y. 2012-13 & 2013-14 Page No 18 Kalpataru Power Transmission

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

Appeal of the assessee is dismissed

92 (Delhi HC) [2013] • Ram Infrastructure Limited vs JCIT ITA No. 746/PN/2013 • L & T Infrastructure Development Projects Ltd vs ITO [2015] 58 taxmann.com 165 • Only those investments on which dividend income is earned during 'he year should be considered for applying Rule 8D I.T.A No. 2471 & 2853/Ahd/2017 & Ors. A.Y. 2012-13 & 2013-14 Page No 18 Kalpataru Power Transmission

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

Appeal of the assessee is dismissed

92 (Delhi HC) [2013] • Ram Infrastructure Limited vs JCIT ITA No. 746/PN/2013 • L & T Infrastructure Development Projects Ltd vs ITO [2015] 58 taxmann.com 165 • Only those investments on which dividend income is earned during 'he year should be considered for applying Rule 8D I.T.A No. 2471 & 2853/Ahd/2017 & Ors. A.Y. 2012-13 & 2013-14 Page No 18 Kalpataru Power Transmission