CHIRAYU EXIM PVT. LTD.,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-1(1)(3),, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad, Judicial Memebr आयकर अपील सं./I.T.A. No. 2819/Ahd/2016 ("नधा"रण वष" / Assessment Year : 2013-14)

43. In sections 28 to 41 and in this section, unless the context otherwise requires- (1) "actual cost" means ............ (2) "paid" means ........... (3) "plant" includes .......... (4) (i) "scientific research" means ...... (5) "speculative transaction" means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than

INTAS PHARMACEUTICALS LTD.,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1), 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

5. The assessee had during the year under consideration advanced loans to its Associated Enterprises (AEs) in foreign currency aggregating Rs.5,85,87,394/-. These advances were made to five AEs across different jurisdictions and were uniformly charged interest at the rate of 3.22%, ITA No.281 and 222/Ahd/2021 9 determined on the basis of an internal CUP, i.e., a loan

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

5. The assessee had during the year under consideration advanced loans to its Associated Enterprises (AEs) in foreign currency aggregating Rs.5,85,87,394/-. These advances were made to five AEs across different jurisdictions and were uniformly charged interest at the rate of 3.22%, ITA No.281 and 222/Ahd/2021 9 determined on the basis of an internal CUP, i.e., a loan

THE DCIT, CENTRAL CIRCLE-1(1),, AHMEDABAD vs. M/S. VENUS INFRASTRUCTURE & DEVELOPERS PVT. LTD.,, AHMEDABAD

In the result, the appeal of the Revenue is hereby dismissed

Bench: Ms Suchitra Kamble & Shri Waseem Ahmedआयकरअपीलसं./Ita Nos. 37 & 38/Ahd/2021 धििाधरणणवध/Asstt. Years: 2008-09 & 2017-18 D.C.I.T, M/S Venus Infrastructure & Central Circle-1(1), Vs. Developers Pvt. Ltd., Ahmedabad 1101 Venus Amadeus, Jodhpur Cross Road, Ahmedabad-380015. Pan: Aahcs6254J (Applicant) (Respondent) Revenue By : Shri Akhilendra Pratap Yadaw Assessee By : Shri Tushar Hemani, Sr. Advocate With Shri Parimalsinh B. Parmar & Shri Vijay Govani A.Rs सुिणाईकीतारीख/Date Of Hearing : 08/02/2024 घोवणाकीतारीख/Date Of Pronouncement: 14/02/2024 आदेश/O R D E R Per Waseem Ahmed: The Captioned Two Appeal Have Been Filed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-11, Ahmedabad, Of Even Dated 20/01/2021 Arising In The Matter Of Assessment Order Passed Under S. 147 R.W.S. 143(3) & 143(3) Of The Income Tax Act 1961 (Here- In-After Referred To As "The Act") Relevant To The Assessment Years 2008-09 & 2017-18. First, We Take Up Ita No. 38/Ahd/2021, An Appeal By The Revenue For Ay 2017-18

43,977/- was treated as income from house property and added to the total income of the assessee. 14. Aggrieved assessee preferred an appeal before the Ld. CIT(A) and submitted that provision of subsection (5) of section

THE DCIT, CENTRAL CIRCLE-1(1),, AHMEDABAD vs. M/S. VENUS INFRASTRUCTURE & DEVELOPERS PVT. LTD.,, AHMEDABAD

In the result, the appeal of the Revenue is hereby dismissed

Bench: Ms Suchitra Kamble & Shri Waseem Ahmedआयकरअपीलसं./Ita Nos. 37 & 38/Ahd/2021 धििाधरणणवध/Asstt. Years: 2008-09 & 2017-18 D.C.I.T, M/S Venus Infrastructure & Central Circle-1(1), Vs. Developers Pvt. Ltd., Ahmedabad 1101 Venus Amadeus, Jodhpur Cross Road, Ahmedabad-380015. Pan: Aahcs6254J (Applicant) (Respondent) Revenue By : Shri Akhilendra Pratap Yadaw Assessee By : Shri Tushar Hemani, Sr. Advocate With Shri Parimalsinh B. Parmar & Shri Vijay Govani A.Rs सुिणाईकीतारीख/Date Of Hearing : 08/02/2024 घोवणाकीतारीख/Date Of Pronouncement: 14/02/2024 आदेश/O R D E R Per Waseem Ahmed: The Captioned Two Appeal Have Been Filed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-11, Ahmedabad, Of Even Dated 20/01/2021 Arising In The Matter Of Assessment Order Passed Under S. 147 R.W.S. 143(3) & 143(3) Of The Income Tax Act 1961 (Here- In-After Referred To As "The Act") Relevant To The Assessment Years 2008-09 & 2017-18. First, We Take Up Ita No. 38/Ahd/2021, An Appeal By The Revenue For Ay 2017-18

43,977/- was treated as income from house property and added to the total income of the assessee. 14. Aggrieved assessee preferred an appeal before the Ld. CIT(A) and submitted that provision of subsection (5) of section

SHRI VIJAYBHAI HATHISING SHAH,AHMEDABAD vs. THE PR. CIT-1 , AHMEDABAD

In the result, appeal filed by the Assessee is dismissed

5. After examination of the details made available by the assessee and discussion held with the AE of the assessee, the total income of the assessee is computed as under:- Total Income as per R/Income Rs. 16,43,52,760/- Total income assessed Rs. 16,43,52,760/- I.T.A No. 97/Ahd/2021 A.Y. 2015-16 Page No 10 Shri Vijaykumar Hathising

TORRENT PHARMACEUTICALS LTD.,,AHMEDABAD vs. THE DEPUTY COMMISSIONER OF INCOME TAX (OSD) CIRCLE-8,, AHMEDABAD

In the result appeal of the Revenue is partly allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita.No.1285 & 1286/Ahd/2017 िनधा"रण वष"/Asstt. Year: 2009-10 & 2010-11 & Ita No.1396 & 1397/Ahd/2018 Asstt.Year 2011-12 & 2012-13 Torrent Pharmaceuticals Ltd. Acit, Circle-4(1)(2) Torrent House Ahmedabad. Vs. Off.Ashram Road Ahmedabad 380 009. आयकर अपील सं./Ita.No.1327 & 1328/Ahd/2017 िनधा"रण वष"/ Asstt. Year: 2009-10 & 2010-11 & आयकर अपील सं./Ita.No.1414 & 1415/Ahd/2018 िनधा"रण वष"/ Asstt. Year: 2011-12 & 2012-13 Acit, Circle-4(1)(2) Torrent Pharmaceuticals Ltd. Ahmedabad. Torrent House Vs. Off.Ashram Road Ahmedabad 380 009. (Applicant) (Responent) Assessee By : Shri Vartik Choksi, With Shri Biren Shah, Ars. Revenue By : Shri Mohd. Usman, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 23/11/2021 घोषणा क" तारीख /Date Of Pronouncement: 22/02/2022 आदेश/O R D E R Per Bench

properties of the company including manufacturing facilities, research facilities and office premises. v. A minimum fixed asset cover of 1.1 times over these assets. vi. Net debt / EBIDTA to be not more than 4.5 times vii. Debt gearing not to exceed 1.65 times during the currency of facility. viii. Debt service cover ratio shall not be less than 1.33 times

SHRI KARAN RAJENDRAKUMAR ARYA,AHMEDABAD vs. THE PR. CIT-1, AHMEDABAD

In the result the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 31/Ahd/2021 िनधा"रण वष"/Asstt. Year: 2015-2016 Shri Karan Rajendrakumar Arya, The Principal Commissioner Of 802, Saffron, Panchvati, Vs. Income Tax-1, Ambawadi, Ahmedabad. Ahmedabad.

5 his mind. For this purpose, the learned AR drew our attention on the notices issued under section 142(1) of the Act and the replies made by the assessee in response to such notices which are placed in the paper book. 6. On the other hand the learned DR contended that the possession of the property was not handed

MAGIC SHARE TRADERS LTD.,AHMEDABAD vs. THE ITO, WARD-2(1)(4), AHMEDABAD

In the result, appeal of the assessee is partly allowed

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadआयकर अपील सं./I.T.A. No. 635/Ahd/2018 ("नधा"रण वष" / Assessment Year: 2014-15) Magic Share Traders Ltd. बनाम/ Ito 101, Akashganga Building, Ward- 2(1)(4) Vs. Nr. Gujarat College Road, Ahmedabad Ellis Bridge, Ahmedabad- 380006 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aae Cm9 542 L .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

section. 5.3 Sec. 73 deals with losses incurred by an assessee in his speculation business. Losses computed in respect of speculation business is not allowed to be set off against income other than speculation income. From the plain reading of the Explanation to sec. 73, it can be seen that the Explanation has introduced a deemed ITA No.635/Ahd/2018 [Magic Share

ZYDUS LIFESCIENCES LIMITED (FORMERLY KNOWN AS CADILA HEALTHCARE LTD.),AHMEDABAD vs. THE DCIT, CIRCLE-1(1)(1), AHMEDABAD

In the result, appeal preferred by the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./I.T.A. No. 162/Ahd/2021 ("नधा"रण वष" / Assessment Years : 2016-17)

Section 144C(5) of the Act dated 19.03.2021 issuing certain directions to the Ld. AO on very many issues. Subject to the same, the total income of the assessee has been computed as follows: 19. Subject to the above discussion, the total income of the assessee is computed as under:- A. Income from House Property [as per Return of Income

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(2),, AHMEDABAD vs. M/S. S.N. REALTY INFRASTRUCTURE (P) LTD.,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.1393/Ahd/2017 िनधा"रण वष"/Asstt. Year: 2012-2013

house property’’. The assessee in its profit and loss account has claimed loss of Rs. 3,66,76,119/- on account of trading in derivatives. The assessee claim to have carried out its trading activities in derivatives through recognized Stock Exchange. 5. However, the AO found that the assessee failed to furnish the supporting evidence justifying that the impugned loss

THE DY.COMMISSIONER OF INCOME TAX.,ANAND CIRCLE,, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, Ground No. 7 of the assessee’s appeal is allowed for statistical purposes

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

house property”. 27. The next issue for consideration is before us whether the Ld. CIT(A) has erred in facts and in law in allowing the claim of depreciation in respect of other assets leased out by the assessee. Before us, the Ld. D.R. submitted that firstly, the Ld. CIT(A) has not disputed the fact that the assets have

NATIONAL DAIRY DEVELOPMENT BOARD,,ANAND vs. THE ASSTT. COMMISSIONER OF INCOME TAX, ANAND CIRCLE,, ANAND

In the result, Ground No. 7 of the assessee’s appeal is allowed for statistical purposes

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

house property”. 27. The next issue for consideration is before us whether the Ld. CIT(A) has erred in facts and in law in allowing the claim of depreciation in respect of other assets leased out by the assessee. Before us, the Ld. D.R. submitted that firstly, the Ld. CIT(A) has not disputed the fact that the assets have

THE ACIT,ANAND CIRCLE,, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, Ground No. 7 of the assessee’s appeal is allowed for statistical purposes

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

house property”. 27. The next issue for consideration is before us whether the Ld. CIT(A) has erred in facts and in law in allowing the claim of depreciation in respect of other assets leased out by the assessee. Before us, the Ld. D.R. submitted that firstly, the Ld. CIT(A) has not disputed the fact that the assets have

NATIONAL DAIRY DEVELOPMENT BOARD,,ANAND vs. THE ACIT.,ANAND CIRCLE,, ANAND

In the result, Ground No. 7 of the assessee’s appeal is allowed for statistical purposes

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

house property”. 27. The next issue for consideration is before us whether the Ld. CIT(A) has erred in facts and in law in allowing the claim of depreciation in respect of other assets leased out by the assessee. Before us, the Ld. D.R. submitted that firstly, the Ld. CIT(A) has not disputed the fact that the assets have

MADHYA GUJARAT VIJ COMPANY LIMITED,VADODARA vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), VADODARA

In the result, the appeal filed by the Revenue is allowed for statistical purpose

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

5 & 6 are covered by Paragraph Nos. 11 & 13 of this common order. Following the same, no separate adjudication are required. 19. In the result, the appeal filed by the Assessee is allowed for statistical purpose. I.T.A Nos. 372 to 374/Ahd/2022 & Ors. A.Ys. 2014-15, 2015-16 & 2018-19 Page No 13 DCIT Vs. Madhya Gujarat Vij Company

DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), VADODARA vs. MADHYA GUJARAT VIJ COMPANY LTD., VADODARA

In the result, the appeal filed by the Revenue is allowed for statistical purpose

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

5 & 6 are covered by Paragraph Nos. 11 & 13 of this common order. Following the same, no separate adjudication are required. 19. In the result, the appeal filed by the Assessee is allowed for statistical purpose. I.T.A Nos. 372 to 374/Ahd/2022 & Ors. A.Ys. 2014-15, 2015-16 & 2018-19 Page No 13 DCIT Vs. Madhya Gujarat Vij Company

DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), VADODARA vs. MADHYA GUJARAT VIJ COMPANY LTD., VADODARA

In the result, the appeal filed by the Revenue is allowed for statistical purpose

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

5 & 6 are covered by Paragraph Nos. 11 & 13 of this common order. Following the same, no separate adjudication are required. 19. In the result, the appeal filed by the Assessee is allowed for statistical purpose. I.T.A Nos. 372 to 374/Ahd/2022 & Ors. A.Ys. 2014-15, 2015-16 & 2018-19 Page No 13 DCIT Vs. Madhya Gujarat Vij Company

MADHYA GUJARAT VIJ COMPANY LIMITED,VADODARA vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), VADODARA

In the result, the appeal filed by the Revenue is allowed for statistical purpose

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

5 & 6 are covered by Paragraph Nos. 11 & 13 of this common order. Following the same, no separate adjudication are required. 19. In the result, the appeal filed by the Assessee is allowed for statistical purpose. I.T.A Nos. 372 to 374/Ahd/2022 & Ors. A.Ys. 2014-15, 2015-16 & 2018-19 Page No 13 DCIT Vs. Madhya Gujarat Vij Company