AXIS BANK LIMITED,,AHMEDABAD vs. JT.CIT.,CIRCLE-1(1)(1),, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 852/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2015-2016 Axis Bank Limited, J.C.I.T., “Trishul”, 3Rd Floor, Vs. Circle-1(1)(1), Opp. Samtheshwar Mahadev, Ahmedabad. Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K

section 43D. 4. Operating expenditure on leases (Tax effect - Rs. 5,67,19,639) 4.1.The learned CIT(A) erred in confirming disallowance

JT.CIT.(OSD),CIRCLE-1(1)(1),, AHMEDABAD vs. AXIS BANK LIMITED,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 852/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2015-2016 Axis Bank Limited, J.C.I.T., “Trishul”, 3Rd Floor, Vs. Circle-1(1)(1), Opp. Samtheshwar Mahadev, Ahmedabad. Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K

section 43D. 4. Operating expenditure on leases (Tax effect - Rs. 5,67,19,639) 4.1.The learned CIT(A) erred in confirming disallowance

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

section 43D 4.3 The learned DRP and AO erred in not considering favourable decision of Hon'ble Ahmedabad Bench of Tribunal upto AY 2015-16 in Bank's own case.” 25. The issue raised in the above ground relates to the addition made to the income of the assessee in respect of interest income on non-performing assets. The addition

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

section 43D, It is further submitted that the AO is not justified making such huge addition on literal and clinical reading of Rule 6EA during A.Y. 2011-12 based on RBI outdated 20 years old assets classification etc. repealed Guidelines. 3.5 It is submitted that real income test does not authorize the AO to tax hypothetical interest income which

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

THE ITO, WARD-9(2),, AHMEDABAD vs. M/S. BHAILALBHAI A.PATEL, AHMEDABAD

In the result appeal of the revenue is hereby dismissed

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

43D. Section 40 provides for certain disallowances in certain cases notwithstanding that those amounts are allowed generally under other sections

THE DCIT, CIRCLE-9,, AHMEDABAD vs. M/S. BHAILALBHAI A.PATEL, AHMEDABAD

In the result appeal of the revenue is hereby dismissed

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

43D. Section 40 provides for certain disallowances in certain cases notwithstanding that those amounts are allowed generally under other sections

THE JT.CIT(OSD) ANAND CIRCLE, ANAND vs. M/S. ASIAN FOOD INDUSTRIES, KHEDA

In the result, the appeal of the Revenue is dismissed

Bench: Shri P.M. Jagtap, Vice- & Ms. Suchitra R. Kambleassessment Year : 2016-17 The Joint Commissioner Of M/S. Asian Food Industries, Income-Tax (Osd), Vs N.H. No. 8, Opp. Escort Tractor, Anand Circle, Post. Dabhan, Tal. Nadiad, Anand Dist. Kheda, Dabhan-387320 Pan : Aaefa 1288 Q (Appellant) (Respondent) Assessee By : Shri D.K. Parikh, Ar Revenue By : Shri Satish Solanki, Sr. Dr. सुनवाई क" तार"ख/Date Of Hearing : 30/09/2022 घोषणा क" तार"ख /Date Of Pronouncement: 30/09/2022

disallowance of partners remuneration in accordance with the provision of section 29 of the Act wherein the procedure for determination of profit & gain of business referred to in section 28 of the Act by applying the various provisions contained in section 30 to 43D

GUJARAT STATE LAND DEVELOPMENT CORPORATION LTD.,,GANDHINAGAR vs. THE DY.CIT, GANDHINAGAR CIRCLE,, GANDHINAGAR

Appeal is allowed

Section 43D pertains to banking/NBFC cases and is in respect to interest on bad/non performing assets which is not the case of the assesses. Therefore interest on loans given to farmers, to the extent understated by the assessee, is required to be added as income of the assessee. 4.3 Since the extent of understatement was not quantified in the audit

GUJARAT STATE LAND DEVELOPMENT CORPORATION LTD.,,GANDHINAGAR vs. THE DY.CIT, GANDHINAGAR CIRCLE,, GANDHINAGAR

Appeal is allowed

Section 43D pertains to banking/NBFC cases and is in respect to interest on bad/non performing assets which is not the case of the assesses. Therefore interest on loans given to farmers, to the extent understated by the assessee, is required to be added as income of the assessee. 4.3 Since the extent of understatement was not quantified in the audit

GUJARAT STATE LAND DEVELOPMENT CORPORATION LTD.,,GANDHINAGAR vs. THE DY.CIT, GANDHINAGAR CIRCLE,, GANDHINAGAR

Appeal is allowed

Section 43D pertains to banking/NBFC cases and is in respect to interest on bad/non performing assets which is not the case of the assesses. Therefore interest on loans given to farmers, to the extent understated by the assessee, is required to be added as income of the assessee. 4.3 Since the extent of understatement was not quantified in the audit

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