AURA SECURITIES PVT.LTD.,,AHMEDABAD vs. THE ACIT.,CIRCLE-1,, AHMEDABAD

In the result the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.834/Ahd/2012 "नधा"रण वष"/Asstt. Year: 2008-2009 Dcit, Aura Securities Pvt. Ltd. Circle-1, V Akhay Building, B/H, Vadilal Ahmedabad. S. House, 53, Shrimali Society, Navrangpura, Ahmedabad-380009 Pan: Aabct4637N आयकर अपील सं./Ita No.986/Ahd/2012 िनधा"रण वष"/Asstt. Year: 2008-2009 Aura Securities Pvt. Ltd. Acit, Akhay Building, B/H, Vadilal Vs. Circle-1, House, 53, Shrimali Society, Ahmedabad. Navrangpura, Ahmedabad-380009 Pan: Aabct4637N

set off of such loss. So that there should not have been any question of any disallowance. On the contrary

SHRI SIDDHARTH S. KOTHARI,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-3(1)(4),, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt Madhumita Royआयकर अपील सं./I.T.A. No. 2869/Ahd/2015 ("नधा"रण वष" / Assessment Year : 2012-13) Shri Siddharth S. Kothari, Ito, बनाम/ 403-404, Florence, Ward – 3(1)(4), Vs. Opp: Ashram Road Post Ahmedabad. Office, Ashram Road, Ahmedabad-380 009. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aelpk 9519 F .. (अपीलाथ"/Appellant) (""यथ" / Respondent) Shri Hardik Vora, A.R. अपीलाथ" ओर से/ Appellant By : ""यथ" क" ओर से/Respondent By: Shri Virendra Singh, Sr.D.R.

disallowed the claim of set off of the loss of Rs.11,39,161/-. Hence, the Shri Siddharth K. Kothari vs ITO A.Y. 2012-13 loss

ARVINDKUMAR AMULKH TANNA,AHMEDABAD vs. THE ACIT, CENTRAL CIRCLE-2 (3), AHMEADABAD

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

losses are set off with the profits earned from trading from other platforms. 7. On the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the disallowance

ADANI AGRO PVT. LTD.,,AHMEDABAD vs. THE DY.CIT.,CIRCLE-1,, AHMEDABAD

In the result, the assessee appeal is thus allowed

Bench: Shri O. P. Meena& Ms. Madhumita Roy

set off against any other income. 20.6 In addition to the above, we also note that the assessee could have split the transaction into two financial years by acquiring the shares of AKAL in one year and selling the same in the year of setoff of such loss. So that there should not have been any question of any disallowance

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

disallowed such loss in assessment order on the ground that "Assessee company has claimed loss on account of re-statement of loans/credit liability existing as' on the date of balance sheet by swapping the loan from Dollar to Swiss Franc to reduce its Forex exposer risk and therefore the loss claimed by the Assessee was not of Revenue in nature

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

disallowed such loss in assessment order on the ground that "Assessee company has claimed loss on account of re-statement of loans/credit liability existing as' on the date of balance sheet by swapping the loan from Dollar to Swiss Franc to reduce its Forex exposer risk and therefore the loss claimed by the Assessee was not of Revenue in nature

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

disallowed such loss in assessment order on the ground that "Assessee company has claimed loss on account of re-statement of loans/credit liability existing as' on the date of balance sheet by swapping the loan from Dollar to Swiss Franc to reduce its Forex exposer risk and therefore the loss claimed by the Assessee was not of Revenue in nature

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

disallowed such loss in assessment order on the ground that "Assessee company has claimed loss on account of re-statement of loans/credit liability existing as' on the date of balance sheet by swapping the loan from Dollar to Swiss Franc to reduce its Forex exposer risk and therefore the loss claimed by the Assessee was not of Revenue in nature

SWAMINARAYAN CO.OP.BANK LTD.,,BARODA vs. THE ACIT, CIRCLE-3(1),, BARODA

In the result, the appeal of the Assessee is allowed

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.1411/Ahd/2019 "नधा"रण वष" /Assessment Year : 2010-11 Swaminarayan Co-Op. Bank Ltd. The Acit बना 1, Ashok Chambers Circle-3(1) Opp. Pathak Gate Police Station Ahmedabad म/ Madanzampa Road V/S. Vadodara 390 001 (Gujarat) "थायी लेखा सं./Pan: Aaaas 1932 N अपीलाथ"/ (Appellant) …… "" यथ"/ (Respondent) Assessee By : Shri Ashish Kanabar, Ar Revenue By : Shri Ashok Natha Bhalekar, Sr.Dr सुनवाई क" तार"ख/Date Of Hearing : 07/08/2024 घोषणा क" तार"ख /Date Of Pronouncement: 9/08/2024 आदेश/O R D E R Per Shri Makarand V. Mahadeokar, Am: This Appeal Is Filed By The Assessee As Against The Order Dated 08/07/2019 Passed By The Commissioner Of Income-Tax (Appeals)-3, Vadodara [Hereinafter Referred To As “The Ld.Cit(A)” In Short] Arising Out Of The Penalty Order Dated 27/02/2019 Passed By The Assessing Officer (Ao) Under Section 271(1)(C) Of The Income Tax Act, 1961 (Hereinafter Referred To As "The Act") Relevant To The Assessment Year (Ay) 2010-11. Swaminarayan Co-Op. Bank Ltd. Vs. Acit Asst. Year : 2010-11

set off as claimed by appellant. It is therefore requested that there is no concealment of income and there is no concealment of furnishing the information along with the return. The disallowance being a technical disallowance of a liability of unabsorbed losses

THE DCIT, CIRCLE-1,, AHMEDABAD vs. ADANI AGRO PVT. LTD.,, AHMEDABAD

The appeal is allowed with no order as to costs

disallowance under section 14A, while computing book profit under section 115JB of the Income Tax Act. 10. Learned representatives fairly agree that the above issue is now covered, in favour of the assessee, by Hon’ble jurisdictional High Court’s judgment in the case of CIT Vs Alembic Ltd [judgment dated 20.7.2016 in Tax Appeal

THE DCIT, CIRCLE-1,, AHMEDABAD vs. ADANI AGRO PVT. LTD.,, AHMEDABAD

The appeal is allowed with no order as to costs

disallowance under section 14A, while computing book profit under section 115JB of the Income Tax Act. 10. Learned representatives fairly agree that the above issue is now covered, in favour of the assessee, by Hon’ble jurisdictional High Court’s judgment in the case of CIT Vs Alembic Ltd [judgment dated 20.7.2016 in Tax Appeal

ADANI AGRO PVT. LTD.,,AHMEDABAD vs. THE ACIT.,CIRCLE-1,, AHMEDABAD

The appeal is allowed with no order as to costs

disallowance under section 14A, while computing book profit under section 115JB of the Income Tax Act. 10. Learned representatives fairly agree that the above issue is now covered, in favour of the assessee, by Hon’ble jurisdictional High Court’s judgment in the case of CIT Vs Alembic Ltd [judgment dated 20.7.2016 in Tax Appeal

ELITECORE TECHNOLOGIES PRIVATE LIMITED,AHMEDABAD vs. THE PR. CIT.-2,, AHMEDABAD

In the result, assessee’s appeal is allowed

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

disallowing the set-off of the business loss of A.Y 2001-02 and added it back to the total income

M/S. PURITY FLEX PACK LTD.,PANCHMAHAL vs. THE DCIT,, GODHRA

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.1493/Ahd/2013 "नधा"रण वष"/Asstt. Year: 2008-2009 M/S.Purity Flex Pack Ltd. D.C.I.T, At Vanseti, Po Tajpura, Vs. Civil Lines, Tal. Halol, Near Collector Office, Dist. Panchmahal. Godhra.

loss while working out the income under MAT. But the same was disallowed by the authorities below on the ground that the Asstt. Year 2008-09 6 impugned amount of unabsorbed depreciation was not reflecting in the financial statements. 6.3 Now the issue arises whether the assessee is entitled to the set

THE JCIT(OSD), CIRCLE-3(1)(2),, AHMEDABAD vs. M/S. RAJKAMAL BUILDERS INFRASTRUCTURE PVT. LTD.,, AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalassessment Year : 2012-13 Jcit, Cir.3(1)(2) Shri Rajkamal Builders Ahmedabad. Vs Infrastructure P.Ltd. Pan : Aabcr 0326 A 54, Park Hill, Nr.Heaven Park Ramdevnagar Ahmedabad 380 015. अपीलाथ"/ (Appellant) "त् यथ"/ (Respondent) Assessee By : Shri M.K. Patel, Ar Revenue By : Shri Vijay Kumar, Jaiswal,Cit- Dr सुनवाई क" तार"ख/Date Of Hearing : 19/05/2022 घोषणा क" तार"ख /Date Of Pronouncement: 8/06/2022 आदेश/O R D E R Per Waseem Ahmed, Accounant Member: This Is Revenue’S Appeal Against The Order Of Ld.Cit(A)-9, Ahmedabad Dated 19.11.2018 Vide Which The Ld.Cit(A) Has Deleted Penalty Of Rs.1,05,74,312/- Imposed Under Section 271(1)(C) Of The Income Tax Act, 1961 ("The Act" For Short) For The Asst.Year 2012-13. 2. Sole Ground Raised By The Revenue Reads As Under: “1. The Ld.Cit(A) Has Erred In Law & On Facts In Deleting The Penalty Of Rs.1,05,74,312/- Imposed U/S.271(1)(C) Of The Act On Issue Of Disallowance Of Losses Set Off & Deduction Under Section 80Ia Of The Act Of Rs.3,11,10,071/-.”

disallowance of losses set off & deduction under section 80IA of the Act of Rs.3,11,10,071/-.” 2 3. The necessary

THE DCIT, CIRCLE-1(1),, BARODA vs. GUJARAT ENERGY TRANSMISSION CORPON.LTD.,, BARODA

In the result, assessee’s appeal is partly allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

disallowing the claim of set off of business losses of earlier years against the said income. 5.0 The learned Commissioner

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

disallowed the amount of interest debited to the profit and loss account for Rs. 2,84,70,757/- and the depreciation of Rs. 17,16,078/- attributable to the amount of interest capitalized in the year under consideration. Thus the AO added the sum of Rs. 3,01,86,835/- (2,84,70,757 + 17,16,078/-) to the total

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

disallowed the amount of interest debited to the profit and loss account for Rs. 2,84,70,757/- and the depreciation of Rs. 17,16,078/- attributable to the amount of interest capitalized in the year under consideration. Thus the AO added the sum of Rs. 3,01,86,835/- (2,84,70,757 + 17,16,078/-) to the total

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

disallowed the amount of interest debited to the profit and loss account for Rs. 2,84,70,757/- and the depreciation of Rs. 17,16,078/- attributable to the amount of interest capitalized in the year under consideration. Thus the AO added the sum of Rs. 3,01,86,835/- (2,84,70,757 + 17,16,078/-) to the total