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

disallowance of foreign exchange fluctuation loss to the extent of Rs.2,78,31,758/- incurred in connection with the purchase of capital goods from overseas suppliers. It was held that such loss, being directly relatable to acquisition of capital assets, was required to be capitalised under section 43A

THE DCIT, CIRCLE-4(1)(1), AHMEDABAD vs. SINTEX INDUSTRIES LTD.,, AHMEDABAD

Appeal of the Revenue is dismissed

disallowed a sum of Rs. 1,08,61,686/- being gain on account of foreign exchange fluctuation on the last day of the year on the outstanding foreign currency loan (FCCB) which was utilized for investment in subsidiary. The assessee had outstanding FCCB loan of Rs. 151.14 crores as at the end of the year i.e. on 31.03.2015 and following

THE DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), AHMEDABAD vs. ADANI PETRONET( DAHEJ) PORT PVT. LTD.,, AHMEDABAD

In the result, the appeal of the Revenue for AY 2014-15 and CO of the assessee for AY 2013-14 are treated as partly allowed

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Year : 2012-13 Adani Petronet (Dahej) Port The Dy. Commissioner Of Pvt. Ltd., Vs Income-Tax, 9Th Floor, Shikhar Building, Circle 1(1)(1), Nr. Mithakali Circle, Ahmedabad Navrangpura, Ahmedabad-380009 Pan: Aaeca 5046 R Assessment Year : 2012-13 The Dy. Commissioner Of Adani Petronet (Dahej) Port Income-Tax, Vs Pvt. Ltd., Circle 1(1)(1), Ahmedabad-380009 Ahmedabad Pan: Aaeca 5046 R

section 145(2) of the Act. Thus, while the assessee is at liberty to follow it in its books, for Income Tax purposes it ought to have added back the ITA Nos.1470, 1792 & 2045/Ahd/2018 (D) ITA No. 1398/Ahd/18, CO Nos. 88&89/Ahd/2019 (A) Assessee : Adani Petronet (Dahej) Port Ltd. AYs : 2012-13, 2013-14 & 2014-15 10 contingent liability

DCIT, CIRCLE-1(1)(1), AHMEDABAD vs. ADANI PETRONET (DAHEJ) PORT PVT. LTD, AHMEDABAD

In the result, the appeal of the Revenue for AY 2014-15 and CO of the assessee for AY 2013-14 are treated as partly allowed

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Year : 2012-13 Adani Petronet (Dahej) Port The Dy. Commissioner Of Pvt. Ltd., Vs Income-Tax, 9Th Floor, Shikhar Building, Circle 1(1)(1), Nr. Mithakali Circle, Ahmedabad Navrangpura, Ahmedabad-380009 Pan: Aaeca 5046 R Assessment Year : 2012-13 The Dy. Commissioner Of Adani Petronet (Dahej) Port Income-Tax, Vs Pvt. Ltd., Circle 1(1)(1), Ahmedabad-380009 Ahmedabad Pan: Aaeca 5046 R

section 145(2) of the Act. Thus, while the assessee is at liberty to follow it in its books, for Income Tax purposes it ought to have added back the ITA Nos.1470, 1792 & 2045/Ahd/2018 (D) ITA No. 1398/Ahd/18, CO Nos. 88&89/Ahd/2019 (A) Assessee : Adani Petronet (Dahej) Port Ltd. AYs : 2012-13, 2013-14 & 2014-15 10 contingent liability

THE DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), AHMEDABAD vs. ADANI PETRONET( DAHEJ) PORT PVT. LTD.,, AHMEDABAD

In the result, the appeal of the Revenue for AY 2014-15 and CO of the assessee for AY 2013-14 are treated as partly allowed

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Year : 2012-13 Adani Petronet (Dahej) Port The Dy. Commissioner Of Pvt. Ltd., Vs Income-Tax, 9Th Floor, Shikhar Building, Circle 1(1)(1), Nr. Mithakali Circle, Ahmedabad Navrangpura, Ahmedabad-380009 Pan: Aaeca 5046 R Assessment Year : 2012-13 The Dy. Commissioner Of Adani Petronet (Dahej) Port Income-Tax, Vs Pvt. Ltd., Circle 1(1)(1), Ahmedabad-380009 Ahmedabad Pan: Aaeca 5046 R

section 145(2) of the Act. Thus, while the assessee is at liberty to follow it in its books, for Income Tax purposes it ought to have added back the ITA Nos.1470, 1792 & 2045/Ahd/2018 (D) ITA No. 1398/Ahd/18, CO Nos. 88&89/Ahd/2019 (A) Assessee : Adani Petronet (Dahej) Port Ltd. AYs : 2012-13, 2013-14 & 2014-15 10 contingent liability

ADANI PETRONET( DAHEJ) PORT PVT. LTD.,,AHMEDABAD vs. THE DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), AHMEDABAD

In the result, the appeal of the Revenue for AY 2014-15 and CO of the assessee for AY 2013-14 are treated as partly allowed

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Year : 2012-13 Adani Petronet (Dahej) Port The Dy. Commissioner Of Pvt. Ltd., Vs Income-Tax, 9Th Floor, Shikhar Building, Circle 1(1)(1), Nr. Mithakali Circle, Ahmedabad Navrangpura, Ahmedabad-380009 Pan: Aaeca 5046 R Assessment Year : 2012-13 The Dy. Commissioner Of Adani Petronet (Dahej) Port Income-Tax, Vs Pvt. Ltd., Circle 1(1)(1), Ahmedabad-380009 Ahmedabad Pan: Aaeca 5046 R

section 145(2) of the Act. Thus, while the assessee is at liberty to follow it in its books, for Income Tax purposes it ought to have added back the ITA Nos.1470, 1792 & 2045/Ahd/2018 (D) ITA No. 1398/Ahd/18, CO Nos. 88&89/Ahd/2019 (A) Assessee : Adani Petronet (Dahej) Port Ltd. AYs : 2012-13, 2013-14 & 2014-15 10 contingent liability

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

disallowance made by the AO.” Respectfully following the decision of Co-ordinate Bench of the ITAT in the case of the assessee itself for A.Y. 2009-10 and A.Y. 2010-11 the appeal of the Revenue is dismissed. Regarding the appeal of the assessee, we direct the Assessing Officer to decide the issue afresh after examination/verification of the details filed

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

disallowing exchange fluctuation debit to the extent of Rs.86,27,682/- considering the same to be of capitalized on account Capital WIP/Assets of the assessee company. The Ld. AR relied upon the decision of the Tribunal in case of Cooper Corporation (P) Ltd. (2016) 69 taxmann.com 244 (Pune Tri.). The Ld. AR further submitted without prejudice that, in the event

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

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

disallowance , and consequently deduction under section 80IA(4) will also go up . The ld. Sr. DR, Shri Chetram Meena submitted that this contention raised by the ld. Senior Advocate is not raised in the grounds of CO filed by the assessee with ITAT , that the amount added to the income of the assessee will lead to the increase in deduction

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

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

disallowance , and consequently deduction under section 80IA(4) will also go up . The ld. Sr. DR, Shri Chetram Meena submitted that this contention raised by the ld. Senior Advocate is not raised in the grounds of CO filed by the assessee with ITAT , that the amount added to the income of the assessee will lead to the increase in deduction

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

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

disallowance , and consequently deduction under section 80IA(4) will also go up . The ld. Sr. DR, Shri Chetram Meena submitted that this contention raised by the ld. Senior Advocate is not raised in the grounds of CO filed by the assessee with ITAT , that the amount added to the income of the assessee will lead to the increase in deduction

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

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

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

DEEP INDUSTRIES LTD.,,AHMEDABAD vs. THE DY. CIT, CIRCLE-1(1)(2),, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No. 2910/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2014-2015 Deep Industries Ltd., D.C.I.T, 12A & 14, Vs. Circle-1(1)(2), Abhishree Corporate Park, Ahmedabad. Ambli Bopal Road, Ambli, Ahmedabad-380058. Pan: Aaacd6915E

section 43A of the Act are not applicable on the deduction claimed by the assessee in the given facts and circumstances, there cannot be any disallowance

DEEP ENERGY RESOURCES LTD.,AHMEDABAD vs. THE ACIT, CIRCLE-1(1)(2), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. No. 1129/Ahd/2023 ("नधा"रण वष" / Assessment Year : 2016-17) बनाम/ Deep Energy Resources Assistant Commissioner Of Ltd. Income-Tax Vs. [Formerly Deep Circle – 1(1)(2), Ahmedabad Industries Ltd.] 12A & 14, Abhishree Corporate Park, Near Shell Petrol Pump, Ambli Bopal Road, Ahmedabad, Gujarat - 380058 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacd6915E (Appellant) .. (Respondent) अपीलाथ" ओर से /Appellant By : Shri Sakar Sharma, A.R. ""यथ" क" ओर से/Respondent By : Shri Santosh Kumar, Sr. Dr Date Of Hearing 01/01/2025 10/01/2025 Date Of Pronouncement

section 43A of the Act are not applicable on the deduction claimed by the assessee in the given facts and circumstances, there cannot be any disallowance