AMBALAL SARABHAI ENTERPRISES LIMITED,,BARODA vs. THE DY.CIT.,CIRCLE-1,, BARODA

In the result, appeal of the assesse and the Revenue are partly allowed for statistical purpose

Bench: Ms. Suchitra Kamble & Shri Waseem Ahmed

house property Rs.9,036/-, income from other sources Rs.1,25,40,914/- and business loss of Rs.10,26,63,568/-. The Assessing Officer made addition in respect of buying commission to Teknoserve (Jersey) Limited amounting to Rs.19,27,498/- as per the provision of Section 40(a)(i) of the Act. The Assessing Officer also disallowed interest on bonds issued

THE DCIT, BARODA CIRCLE-1,, BARODA vs. AMBALAL SARABHAI ENTERPRISES LIMITED,, BARODA

In the result, appeal of the assesse and the Revenue are partly allowed for statistical purpose

Bench: Ms. Suchitra Kamble & Shri Waseem Ahmed

house property Rs.9,036/-, income from other sources Rs.1,25,40,914/- and business loss of Rs.10,26,63,568/-. The Assessing Officer made addition in respect of buying commission to Teknoserve (Jersey) Limited amounting to Rs.19,27,498/- as per the provision of Section 40(a)(i) of the Act. The Assessing Officer also disallowed interest on bonds issued

ATUL LIMITED,,AHMEDABAD vs. THE DY.CIT (OSD), RANGE-1,, AHMEDABAD

The appeal are dismissed

Bench: Us, Ld. Counsel For The Assessee Took Us Through The Chronology Of Events Leading To The Rectification Order Passed U/S. 154 Of The Act ,Which Was Carried In Appeal Before The Ld. Cit(A) Who Dismissed The Same & Against Which The Assessee Has Come Up In Appeal Before Us. Ld. Counsel For The

House Property and Income from other sources which are not "Profit derived from the business of power and hence not to be considered for deduction Under Section 80 IA. 3 On setting off the unabsorbed depreciation, the income chargeable to tax be Rs. 12198597/- (Rs. 38338616 –Rs. 26139016) as against “NIL” income assessed. Incorrect computation of income has thus resulted

KIFS SECURITIES PVT. LTD.,,AHMEDABAD vs. THE ACIT, CIRCLE-1(3),, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

43B of the Act for delay in deposit of employees provident fund. Ld. Counsel for the assessee fairly accepted that this issue stands squarely covered against the assessee by the judgment of Hon'ble jurisdictional High Court in the case of CIT V/s Gujarat State Road Transport Corporation (supra) wherein Hon'ble court held as under; . "8.00. ln view

KIFS SECURITIES LTD.,,AHMEDABAD vs. THE JT.CIT, RANGE- 3,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

43B of the Act for delay in deposit of employees provident fund. Ld. Counsel for the assessee fairly accepted that this issue stands squarely covered against the assessee by the judgment of Hon'ble jurisdictional High Court in the case of CIT V/s Gujarat State Road Transport Corporation (supra) wherein Hon'ble court held as under; . "8.00. ln view

THE DY. CIT., CIRCLE-3,, AHMEDABAD vs. KHANDWALA INTEGRATED FINANCIAL SERVICES PVT. LTD, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

43B of the Act for delay in deposit of employees provident fund. Ld. Counsel for the assessee fairly accepted that this issue stands squarely covered against the assessee by the judgment of Hon'ble jurisdictional High Court in the case of CIT V/s Gujarat State Road Transport Corporation (supra) wherein Hon'ble court held as under; . "8.00. ln view

KIFS SECURITIES PVT. LTD.,,AHMEDABAD vs. THE ACIT, CIRCLE-1(3), AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

43B of the Act for delay in deposit of employees provident fund. Ld. Counsel for the assessee fairly accepted that this issue stands squarely covered against the assessee by the judgment of Hon'ble jurisdictional High Court in the case of CIT V/s Gujarat State Road Transport Corporation (supra) wherein Hon'ble court held as under; . "8.00. ln view

THE ACIT, CIRCLE-3,, AHMEDABAD vs. KIFS SECURITIES LIMITED,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

43B of the Act for delay in deposit of employees provident fund. Ld. Counsel for the assessee fairly accepted that this issue stands squarely covered against the assessee by the judgment of Hon'ble jurisdictional High Court in the case of CIT V/s Gujarat State Road Transport Corporation (supra) wherein Hon'ble court held as under; . "8.00. ln view

KIFS SECURITIES LTD.,,AHMEDABAD vs. THE JT.CIT, RANGE- 3,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

43B of the Act for delay in deposit of employees provident fund. Ld. Counsel for the assessee fairly accepted that this issue stands squarely covered against the assessee by the judgment of Hon'ble jurisdictional High Court in the case of CIT V/s Gujarat State Road Transport Corporation (supra) wherein Hon'ble court held as under; . "8.00. ln view

DY.COMMISSIONER OF INCOME TAX CIRCLE-1(3),, AHMEDABAD vs. KIFS PVT.LTD.,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

43B of the Act for delay in deposit of employees provident fund. Ld. Counsel for the assessee fairly accepted that this issue stands squarely covered against the assessee by the judgment of Hon'ble jurisdictional High Court in the case of CIT V/s Gujarat State Road Transport Corporation (supra) wherein Hon'ble court held as under; . "8.00. ln view

KIFS SECURITIES PVT. LTD.,AHMEDABAD vs. THE ACIT, CIRCLE-1(3), AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

43B of the Act for delay in deposit of employees provident fund. Ld. Counsel for the assessee fairly accepted that this issue stands squarely covered against the assessee by the judgment of Hon'ble jurisdictional High Court in the case of CIT V/s Gujarat State Road Transport Corporation (supra) wherein Hon'ble court held as under; . "8.00. ln view

DY. COMMISSIONER OF INCOME TAX , CIRCLE-1(1)(1),, AHMEDABAD vs. M/S. ADANI PORT & SPECIAL ECONOMIC ZONE LTD.,, AHMEDABAD

In the result, the appeal of the Assessing Officer for the assessment year 2010-11 is dismissed

43B, etc. of the Act and other specific disallowances, related to the business activity against which the Chapter VI-A deduction has been claimed, result in enhancement of the profits of the eligible business, and that deduction under Chapter VI-A is admissible on the profits so enhanced by the disallowance. 4. Accordingly, henceforth, appeals may not be filed

DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1),, AHMEDABAD vs. M/S. ADANI PORT & SPECIAL ECONOMIC ZONE LTD.,, AHMEDABAD

In the result, the appeal of the Assessing Officer for the assessment year 2010-11 is dismissed

43B, etc. of the Act and other specific disallowances, related to the business activity against which the Chapter VI-A deduction has been claimed, result in enhancement of the profits of the eligible business, and that deduction under Chapter VI-A is admissible on the profits so enhanced by the disallowance. 4. Accordingly, henceforth, appeals may not be filed

JCIT(OSD), CIR-3(1)(2), AHMEDABAD vs. RECKITT BENCKISER HEALTHCARE (INDIA) LTD, HARYANA

In the result, appeal of the Revenue is dismissed

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra Kamble

property, liabilities and issues of the resulting company. Under section 47(vib) of the Income Tax Act, 1961, a demerger involving transfer of capital assets by the demerged company to the resulting company (Indian Company). will not attract levy of capital gain tax. Similarly, under section 47(vid) of the Income Tax Act, 1961 if there is an issue

RECKITT BENCKISER HEALTHCARE INDIA PVT. LTD., ( FORMERLY KNOWN AS RECKITT BENCKISER HEALTHCARE INDIA LTD.,),HARYANA vs. DCIT, CIRCLE-3(1)(2), AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra Kamble

property, liabilities and issues of the resulting company. Under section 47(vib) of the Income Tax Act, 1961, a demerger involving transfer of capital assets by the demerged company to the resulting company (Indian Company). will not attract levy of capital gain tax. Similarly, under section 47(vid) of the Income Tax Act, 1961 if there is an issue

AMBALAL SARABHAI ENTERPRISES LTD.,,BARODA vs. THE DY. COMMISSIONER OF INCOME TAX-1(1)(1),, BARODA

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

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad)

house property at Rs.9,036/-, income ITA Nos. 933 & 1313/Ahd/2016 3 . A.Y. 1999-2000 from other sources at Rs.12,35,176/- and business loss of Rs.30,43,96,755/-. In the order passed u/s.143(3), several additions/disallowances were made and the income was assessed at a loss of Rs,27,07,64,210/-. 4. So far first ground is concerned

THE KALUPUR COMMERCIAL CO. OP. BANK LTD.,,AHMEDABAD vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(3),, AHMEDABAD

In the result, both the appeals filed by the assessee and revenue are dismissed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roythe Kalupur Commercial Co. Vs. Dy. Commissioner Of Income Op. Bank Ltd., Kalupur Bank Tax, Circle – 1(3), Bhavan, Nr. Income Tax Ahmedabad – 380 015. Circle, Ashram Road, Ahmedabad – 380 009. & Asst. Commissioner Of Vs. The Kalupur Commercial Co. Income Tax, Circle – 1(3), Op. Bank Ltd., Kalupur Bank Ahmedabad – 380 015. Bhavan, Nr. Income Tax Circle, Ashram Road, Ahmedabad – 380 009. [Pan No. Aaaat 9360 R]

Property and Assets " side of the balance sheet and corresponding amount shown under "Overdue interest Reserve Account" on the" Capital and Liabilities" side of the balance sheet. Thus, as it is mandatory required assessee has prepared its accounts exactly as per said guidelines. Since no amount is credited to profit and loss account and what has been actually received

THE ACIT, CIRCLE-1(3),, AHMEDABAD vs. THE KALUPUR COMMERCIAL CO.-OP. BANK LTD.,, AHMEDABAD

In the result, both the appeals filed by the assessee and revenue are dismissed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roythe Kalupur Commercial Co. Vs. Dy. Commissioner Of Income Op. Bank Ltd., Kalupur Bank Tax, Circle – 1(3), Bhavan, Nr. Income Tax Ahmedabad – 380 015. Circle, Ashram Road, Ahmedabad – 380 009. & Asst. Commissioner Of Vs. The Kalupur Commercial Co. Income Tax, Circle – 1(3), Op. Bank Ltd., Kalupur Bank Ahmedabad – 380 015. Bhavan, Nr. Income Tax Circle, Ashram Road, Ahmedabad – 380 009. [Pan No. Aaaat 9360 R]

Property and Assets " side of the balance sheet and corresponding amount shown under "Overdue interest Reserve Account" on the" Capital and Liabilities" side of the balance sheet. Thus, as it is mandatory required assessee has prepared its accounts exactly as per said guidelines. Since no amount is credited to profit and loss account and what has been actually received