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,GNR CIRCLE,, GANDHINAGAR vs. M/S. GUJARAT INDUSTRIAL INVESTMENT CORPORATION LTD., GANDHINAGAR

Appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

disallowance of Rs. 76,95,549/- under section 14A read with rule 8D. It is submitted that it be so held now. 2.1. The learned CIT(A) erred on facts and in law in confirming disallowance of Rs. 76,95,5497- under section 14A read with rule 8D despite the fact that the A.O. had not recorded satisfaction that disallowance

THE ACIT,GNR CIRCLE,, GANDHINAGAR vs. M/S. GUJARAT INDUSTRIAL INVESTMENT CORPORATION LTD., GANDHINAGAR

Appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

disallowance of Rs. 76,95,549/- under section 14A read with rule 8D. It is submitted that it be so held now. 2.1. The learned CIT(A) erred on facts and in law in confirming disallowance of Rs. 76,95,5497- under section 14A read with rule 8D despite the fact that the A.O. had not recorded satisfaction that disallowance

M/S. GUJARAT INDUSTRIAL INVESTMENT CORPORATION LTD.,GANDHINAGAR vs. THE JT.CIT.,GNR RANGE,, GANDHINAGAR

Appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

disallowance of Rs. 76,95,549/- under section 14A read with rule 8D. It is submitted that it be so held now. 2.1. The learned CIT(A) erred on facts and in law in confirming disallowance of Rs. 76,95,5497- under section 14A read with rule 8D despite the fact that the A.O. had not recorded satisfaction that disallowance

M/S. GUJARAT INDUSTRIAL INVESTMENT CORPORATION LTD.,GANDHINAGAR vs. THE ADDL.CIT.,GANDHINAGAR CIRCLE,, GANDHINAGAR

Appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

disallowance of Rs. 76,95,549/- under section 14A read with rule 8D. It is submitted that it be so held now. 2.1. The learned CIT(A) erred on facts and in law in confirming disallowance of Rs. 76,95,5497- under section 14A read with rule 8D despite the fact that the A.O. had not recorded satisfaction that disallowance

THE DCITGANDHINAGAR CIRCLE,, GANDHINAGAR vs. M/S. GUJARAT INDUSTRIAL INVESTMENT CORPORATION, GANDHINAGAR

Appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

disallowance of Rs. 76,95,549/- under section 14A read with rule 8D. It is submitted that it be so held now. 2.1. The learned CIT(A) erred on facts and in law in confirming disallowance of Rs. 76,95,5497- under section 14A read with rule 8D despite the fact that the A.O. had not recorded satisfaction that disallowance

M/S. GUJARAT INDUSTRIAL INVESTMENT CORPORATION,GANDHINAGAR vs. THE DY.CIT.,GANDHINAGAR CIRCLE,, GANDHINAGAR

Appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

disallowance of Rs. 76,95,549/- under section 14A read with rule 8D. It is submitted that it be so held now. 2.1. The learned CIT(A) erred on facts and in law in confirming disallowance of Rs. 76,95,5497- under section 14A read with rule 8D despite the fact that the A.O. had not recorded satisfaction that disallowance

SUN PHARMACEUTICALS INDUSTRIES LTD.,,BARODA vs. THE ACIT, CENTRAL CIRCLE-1, BARODA

In the result, the appeal of the Revenue is partly allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy1. आयकर अपील सं./Ita No.1659/Ahd/2015 2. आयकर अपील सं./Ita No.1689/Ahd/2015 ("नधा"रण वष"/Assessment Year : 2008-09 ) बनाम/ 1. Sun Pharmaceuticals 1. The Acit Industries Ltd. Cen.Cir-1 Vs. “Sparc” Tandalja Baroda – 20 2. The Acit 2. Sun Pharmaceu- Central Circle-1 Ticals Industries Baroda Ltd. Baroda. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcs 3124K (अपीलाथ"/Appellant) (""यथ" / Respondent) .. अपीलाथ" ओर से/ Appellant By : Shri S.N. Soparkar, Ar ""यथ" क" ओर से/Respondent By: Shri R.C. Panday, Cit-Dr सुनवाई क" तार"ख/ Date Of Hearing 28/03/2019 घोषणा क" तार"ख /Date Of Pronouncement 20/06/2019 आदेश / O R D E R Per Waseem Ahmed: The Captioned Cross-Appeals Have Been Filed At The Instance Of The Assessee & Revenue Against The Order Of The Commissioner Of Income Tax (Appeals)–2, Vadodara [Cit(A) In Short] Vide Appeal No.Cab/(A)- 2/387/2014-15 Dated 31/03/2015 Arising In The Assessment Order Passed Under S.143(3) R.W.S.147 Of The Income Tax Act, 1961(Hereinafter Referred To As "The Act") Dated 14/02/2014 Relevant To Assessment Year (Ay) 2008-09. Ita Nos.1659/Ahd/2015 (By Assessee) & Ita No.1689/Ahd/2015 (By Revenue) Sun Pharmaceuticals Industries Ltd. Vs. Acit Asst.Year - 2008-09 2

section 147 without appreciating that there is a mere change of opinion on issues which had akeady been considered in the assessment order framed u/s 143(3). 3. Re: Addition on account of transfer of Technology to Foreign Subsidiary- Rs. 45.35.30.353/-: 3.1 In the facts and circumstances of the case and in law, the learned CIT(A) grossly erred

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

In the result, Revenue’s appeal is allowed in part

Bench: Shri TR Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

disallowance of Rs.94.25.132/-u/s 40(a) (ia) of the Act. (15) The CIT(A) has erred in facts and law in deleting the foreign currency loss of Rs.29.22.90.000/- which were treated as speculation loss based on the findings in the assessment order. (16) The CITIA) has erred in facts and law in deleting the adjustment of Rs. 3.54,82.415/- made

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

In the result, Revenue’s appeal is allowed in part

Bench: Shri TR Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

disallowance of Rs.94.25.132/-u/s 40(a) (ia) of the Act. (15) The CIT(A) has erred in facts and law in deleting the foreign currency loss of Rs.29.22.90.000/- which were treated as speculation loss based on the findings in the assessment order. (16) The CITIA) has erred in facts and law in deleting the adjustment of Rs. 3.54,82.415/- made

THE ITO, WARD-1(2)(3), AHMEDABAD vs. MOHAMMEDARIF IBRAHIMBHAI SHAIKH, AHMEDABAD

Bench: Shri Pramod M Jagtap & Ms. Madhumita Roy

disallowance is only on the alleged finding that the appellant has not been able to prove the payments made to farmers/shepherds and not to traders or middleman. It is an admitted fact that assessee has made cash payment and further that nowhere the genuineness of the transaction, payment of purchase of livestock has been doubted

THE ITO, WARD-1(2)(3), AHMEDABAD vs. MOHAMMEDARIF IBRAHIMBHAI SHAIKH, AHMEDABAD

Bench: Shri Pramod M Jagtap & Ms. Madhumita Roy

disallowance is only on the alleged finding that the appellant has not been able to prove the payments made to farmers/shepherds and not to traders or middleman. It is an admitted fact that assessee has made cash payment and further that nowhere the genuineness of the transaction, payment of purchase of livestock has been doubted

RASNA PVT. LTD.,,AHMEDABAD vs. THE DY. CIT.,CIRCLE-3(1)(2),, AHMEDABAD

In the result, appeal ITA 2334/Ahd/2015 filed by assessee is partly allowed

disallowed by the Act. Reliance is also placed on the decision of the Hon'ble Supreme Court in the case of TRF Ltd (supra) where it was held that debt need not be proved to be irrecoverable and it is sufficient if they are written off. The decisions in the case of Mohan Meakin Ltd. (supra) and Sri T. Pitamber

THE DCIT, CIRCLE-1(3), AHMEDABAD vs. EDELWEISS FINANCIAL ADVISORS LTD., ( FORMERLY KNOWN ANAGRAM STOCK BROKING LTD.,), AHMEDABAD

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

Bench: Shri Justice P.P. Bhatt, Hon’Ble & Shri Waseem Ahmed

Section 14A read with rule 8D of income tax rule and made the disallowance as under: “Direct expenses Nil Interest expenses Rs.18,16,250/- Administrative expenses Rs. 10,80,131

M/S. EDELWEISS BROKING LTD. ( AMALGAMATING COMPANY EDELWEISS FINANCIAL ADVISORS LTD.),AHMEDABAD vs. THE JT. CIT, RANGE-3,, AHMEDABAD

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

Bench: Shri Justice P.P. Bhatt, Hon’Ble & Shri Waseem Ahmed

Section 14A read with rule 8D of income tax rule and made the disallowance as under: “Direct expenses Nil Interest expenses Rs.18,16,250/- Administrative expenses Rs. 10,80,131

THE DCIT, CIRCLE-1(3), AHMEDABAD vs. EDELWEISS BROKING LTD., AHMEDABAD

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

Bench: Shri Justice P.P. Bhatt, Hon’Ble & Shri Waseem Ahmed

Section 14A read with rule 8D of income tax rule and made the disallowance as under: “Direct expenses Nil Interest expenses Rs.18,16,250/- Administrative expenses Rs. 10,80,131

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

disallowance U/s. 14A instead of deleting entire disallowance made by AO as appellant had a separate "Investment Division" for which separate books of account were maintained and audited, copies of such accounts were provided to entire AO and appellant had opted to suo moto disallowance the entitle expenditure of that division viz Rs. 1,56,62,600 U/s. 14A while

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

disallowance U/s. 14A instead of deleting entire disallowance made by AO as appellant had a separate "Investment Division" for which separate books of account were maintained and audited, copies of such accounts were provided to entire AO and appellant had opted to suo moto disallowance the entitle expenditure of that division viz Rs. 1,56,62,600 U/s. 14A while