SHRI GIRISHBHAI VADILAL SHAH,,AHMEDABAD vs. THE DCIT, CIRCLE-4(1)(2),, AHMEDABAD

In the result, appeal preferred by the assessee in ITA No

Bench: Ms. Suchitra Raghunath Kamble, Judical Member & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 330, 331 & 332/Ahd/2020 (िनधा"रण वष" िनधा"रण वष" िनधा"रण वष" / Assessment Years : 2014-15, 2015-16 & 2016-17) िनधा"रण वष" Girishbhai Vadilal Shah Dcit बनाम बनाम/ बनाम बनाम 139, V R Shah Smruti Circle – 4(1)(2), Vs. Shikshan Mandir, Nr. Ahmedabad Dharnidhar Derasar, Vasna, Ahmedabad, Gujarat, 380007 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Abjps3102P (Appellant) .. (Respondent) Shri Jaimin Shah, Ar अपीलाथ" ओर से /Appellant By : ""यथ" क" ओर से/Respondent By : Ms. Saumya Pandey Jain, Sr. Dr Date Of Hearing 26/06/2024 Date Of Pronouncement 15/07/2024 O R D E R Per Shri Narendra Prasad Sinha, Am: These Three Appeals Are Filed By The Assessee Against The Order Of The Commissioner Of Income Tax (Appeals)-8, Ahmedabad, (In Short The ‘Cit(A)’), (In Short ‘The Cit(A)’) All Dated 16.03.2020 For The Assessment Year 2014-15, 2015-16 & 2016-17. As The Issues Involved In The Three Appeals Are Common, They Were Heard Together & Are Being Disposed Vide This Common Order.

271(1)(c) and as such the penalty and interest u/s 234A, 234B and 234C may please be deleted.” 20. Ground Nos. 1 & 2 pertain to disallowance of interest expenses of Rs.24,02,792/- under Section 58(2) r.w.s. 40A

SHRI GIRISHBHAI VADILAL SHAH,,AHMEDABAD vs. THE DCIT, CIRCLE-4(1)(2),, AHMEDABAD

In the result, appeal preferred by the assessee in ITA No

Bench: Ms. Suchitra Raghunath Kamble, Judical Member & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 330, 331 & 332/Ahd/2020 (िनधा"रण वष" िनधा"रण वष" िनधा"रण वष" / Assessment Years : 2014-15, 2015-16 & 2016-17) िनधा"रण वष" Girishbhai Vadilal Shah Dcit बनाम बनाम/ बनाम बनाम 139, V R Shah Smruti Circle – 4(1)(2), Vs. Shikshan Mandir, Nr. Ahmedabad Dharnidhar Derasar, Vasna, Ahmedabad, Gujarat, 380007 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Abjps3102P (Appellant) .. (Respondent) Shri Jaimin Shah, Ar अपीलाथ" ओर से /Appellant By : ""यथ" क" ओर से/Respondent By : Ms. Saumya Pandey Jain, Sr. Dr Date Of Hearing 26/06/2024 Date Of Pronouncement 15/07/2024 O R D E R Per Shri Narendra Prasad Sinha, Am: These Three Appeals Are Filed By The Assessee Against The Order Of The Commissioner Of Income Tax (Appeals)-8, Ahmedabad, (In Short The ‘Cit(A)’), (In Short ‘The Cit(A)’) All Dated 16.03.2020 For The Assessment Year 2014-15, 2015-16 & 2016-17. As The Issues Involved In The Three Appeals Are Common, They Were Heard Together & Are Being Disposed Vide This Common Order.

271(1)(c) and as such the penalty and interest u/s 234A, 234B and 234C may please be deleted.” 20. Ground Nos. 1 & 2 pertain to disallowance of interest expenses of Rs.24,02,792/- under Section 58(2) r.w.s. 40A

TRANSWIND COMMUNICATION ELECTRONICS PVT. LTD.,,AHMEDABAD vs. THE DY.CIT, (OSD), CIRCLE-8,, AHMEDABAD

In the result, assessee’s appeal is dismissed

Bench: Shri Amarjit Singh & Ms. Madhumita Roy

2,49,273/- Rs. 15,96,287/- Total Assessed Income Rs. 64,29,831/- Say Rs. 64,29,830/- Disallowance of interest of Rs.32,503/- and disallowance of Rs.12,52,978/- on the ground of income omitted to be included were taken into consideration by the Learned AO in initiating the penalty proceeding against the assessee on the ground that

RAMCHAND BHULCHAND RAJAI,BHAVNAGAR vs. THE DY.CIT.,CIRCLE-1, , BHAVNAGAR

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumarआयकर अपील सं / Ita No. 167/Ahd/2024 िनधा"रण वष"/Assessment Year : 2009-10 बनाम बनाम बनाम बनाम Ramchand Bhulchand Rajai, The Deputy Commissioner C/O. Jayesh Tyres, Vs. Of Income-Tax, Opp. Railway Station, Circle-1, Bhavnagar Bhavnagar-364001 Pan : Abmpr 4841 D अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) िनधा"रती की ओर से / Assessee By : Shri B.R. Popat, Ar ""थ" की ओर से / Revenue By: Shri Prateek Sharma, Sr Dr सुनवाई की तारीख /Date Of Hearing : 22/04/2024 घोषणा की तारीख /Date Of Pronouncement: 15/07/2024 आदेश/O R D E R Per Annapurna Gupta

Section 250 of the Income-tax Act, 1961 [hereinafter referred to as "the Act" for short], confirming the levy of penalty u/s 271(1)(c) of the Act, for the Assessment Year (AY) 2009-10. 2. The penalty in the present case was levied on concealment/furnishing of inaccurate particulars of income, arising from the following disallowances made by the Assessing

DEVENDRA NARENDRABHAI THAKKER,,AHMEDABAD vs. ACIT, CIRCLE-5(2), AHMEDABAD

In the result, the appeal of the assessee is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./I.T.A. No. 762/Ahd/2018 ("नधा"रण वष" / Assessment Year : 2011-12) Devendra Narendrabhai Acit, बनाम/ Thakker, Cir – 5(2), Vs. C/O Maffick Logistics, 228, Ahmedabad. Akshar Arcade, Opp. Memnagar Fire Station, Navrangpura, Ahmedabad-14 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Abfpt 6354 E .. (अपीलाथ" /Appellant) (""यथ" / Respondent) अपीलाथ" ओर से / Appellant By : Shri Jyotish M. Shah, A.R. ""यथ" क" ओर से/Respondent By : Shri Prasoon Kabra, Sr.D.R.

2. Further, assessee claim that he has been "advised on the basis of case laws wherein the Court had allowed deduction saying that one should not go in to the intricacies of laws and if the intention of INVESTING the funds within time limit is fulfilled, then exemption would be allowable". However, assessee has failed to inform that

SPC LIFE SCIENCES PRIVATE LIMITED,VADODARA vs. DCIT CIRCLE 2(1) (1), VADODARA

In the result, the appeal of the assessee in ITA No

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy1. आयकर अपील सं./Ita No.1578/Ahd/2018 2. आयकर अपील सं./Ita No.1628/Ahd/2017 ("नधा"रण वष"/Assessment Years : 2012-13 & 2013-14)

u/s 271(1)(c) of the Act is not justifiable in the given facts and circumstances. Accordingly, we delete the penalty ITA No.1578/Ahd/2018 & SPC Life Sciences Pvt.Ltd. vs. DCIT Asst.Years – 2012-13 & 2013-14 imposed by the authorities below. Hence, the ground of appeal of the assessee is allowed. 5. In the result, the appeal of the assessee

SPC LIFESCIENCES PRIVATE LIMITED,VADODARA vs. DCIT CIRCLE 2(1) (1), VADODARA

In the result, the appeal of the assessee in ITA No

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy1. आयकर अपील सं./Ita No.1578/Ahd/2018 2. आयकर अपील सं./Ita No.1628/Ahd/2017 ("नधा"रण वष"/Assessment Years : 2012-13 & 2013-14)

u/s 271(1)(c) of the Act is not justifiable in the given facts and circumstances. Accordingly, we delete the penalty ITA No.1578/Ahd/2018 & SPC Life Sciences Pvt.Ltd. vs. DCIT Asst.Years – 2012-13 & 2013-14 imposed by the authorities below. Hence, the ground of appeal of the assessee is allowed. 5. In the result, the appeal of the assessee

APEX HEALTH CARE LIMITED,ANKLESHWAR vs. THE ACIT, CIRCLE-2, BHARUCH PRESENT JURIDICTION THE DY.CIT, CENTRAL CIRCLE-2, VADODARA

In the result, the appeal filed by the assessee is partly allowed

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

section 40A(2)(b) of the Act. 2.4. Further the AO found that the evidence related to the expenses on job work payments to M/s.Microtech are by way of handmade bills without GST, CST, VAT, which are not verifiable in nature and so the AO made an adhoc disallowance at an estimated amount of Rs.2/per kg and made disallowance

DECO MICA LIMITED,AHMEDABAD vs. THE JCIT(OSD), CIRCLE-1(1)(2),, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap, Vice- & Ms. Suchitra R. Kambleassessment Year : 2015-16 M/S. Deco Mica Limited, Joint Commissioner Of 306, 3Rd Floor, Iscon Mall, Star Bazar Vs Income-Tax (Osd), Building, Jodhpur Cross Road, Circle 1(1)(2), Satellite, Ahmedabad-380015 Ahmedabad Pan : Aaacd 8652 J अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Parimalsinh B. Parmar, Ar Revenue By : Shri Ramesh Kumar, Sr. Dr

2 Rs.1,21,41,220/- after making inter alia an addition of Rs.3,25,499/- on account of loss on sale of assets debited by the assessee-company in the profit and loss account. Penalty proceedings under Section 271(1)(c) of the Act were also initiated by the Assessing Officer. In response to the notice issued by the Assessing

SHARMA CARS PVT. LTD.,,AHMEDABAD vs. THE DY. CIT, CIRCLE-8, NOW CIRCLE-4(1)(1),, AHMEDABAD

In the result, appeal of the assessee is partly allowed for statistical purpose

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./ Ita No. 1655/Ahd/2015 "नधा"रण वष"/Assessment Year: 2011-12 Sharma Cars P.Ltd. Dcit, Cir.8 “Kayakalp”, N.H. No.8 Vs Ahmedabad. Naroda, Ahmedabad 382330. Pan: Aadcs 0305 E अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri T.P. Hemani & Shri P.B. Parmar, Ar Revenue By : Shri Vinod Tanwani, Sr.Dr

section 40A(2) of the Act and also in view of the reasons stated in Para 3.5 of this order. Penalty proceedings u/s. 271

B.PATEL INFRASTRUCTURRE PVT.LTD.,,AHMEDABAD vs. THE JT.CIT.,MEHSANA RANGE,, MEHSANA

In the result, the appeal of the assessee is allowed and that of the revenue is dismissed

penalty u/s 271(1)(c) of the Act.” The revenue has raised following grounds of appeal:- i) The ld. CIT(A) has erred in law and on facts, in deleting the addition of Rs. 30,66,154/- made by the assessing officer, on account of addition of valuation of closing stock. ii) The Ld.CIT(A) has erred

THE DCIT (EXEMPTIONS), CIRCLE-2,, AHMEDABAD vs. BARODA CRICKET ASSOCIATION,, VADODARA

In the result, all the three appeals of the Revenue are dismissed

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad1. आयकर अपील सं./I.T.A. No.999/Ahd/2017 2. आयकर अपील सं./I.T.A.No.1000/Ahd/2017 3. आयकर अपील सं./I.T.A.No.1001/Ahd/2017 (Assessment Years : 2009-10, 2010-11 & 2011-12 Respectively)

40a(i). Further, penalty u/ 271(1) (c) for concealment or furnishing of inaccurate particulars of income was also imposed upon the assessee. On appeal before the High Court, the Revenue sought to justify the disallowance and penalty by placing reliance on Explanation 5 introduced to Section 9 of the Act by the Finance Act, 2012 with retrospective effect from

THE DCIT (EXEMPTIONS), CIRCLE-2,, AHMEDABAD vs. BARODA CRICKET ASSOCIATION,, VADODARA

In the result, all the three appeals of the Revenue are dismissed

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad1. आयकर अपील सं./I.T.A. No.999/Ahd/2017 2. आयकर अपील सं./I.T.A.No.1000/Ahd/2017 3. आयकर अपील सं./I.T.A.No.1001/Ahd/2017 (Assessment Years : 2009-10, 2010-11 & 2011-12 Respectively)

40a(i). Further, penalty u/ 271(1) (c) for concealment or furnishing of inaccurate particulars of income was also imposed upon the assessee. On appeal before the High Court, the Revenue sought to justify the disallowance and penalty by placing reliance on Explanation 5 introduced to Section 9 of the Act by the Finance Act, 2012 with retrospective effect from

THE DCIT (EXEMPTIONS), CIRCLE-2,, AHMEDABAD vs. BARODA CRICKET ASSOCIATION,, VADODARA

In the result, all the three appeals of the Revenue are dismissed

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad1. आयकर अपील सं./I.T.A. No.999/Ahd/2017 2. आयकर अपील सं./I.T.A.No.1000/Ahd/2017 3. आयकर अपील सं./I.T.A.No.1001/Ahd/2017 (Assessment Years : 2009-10, 2010-11 & 2011-12 Respectively)

40a(i). Further, penalty u/ 271(1) (c) for concealment or furnishing of inaccurate particulars of income was also imposed upon the assessee. On appeal before the High Court, the Revenue sought to justify the disallowance and penalty by placing reliance on Explanation 5 introduced to Section 9 of the Act by the Finance Act, 2012 with retrospective effect from

THE DY. CIT, CIRCLE-1(2),, AHMEDABAD vs. M/S. ARTEX APPARELS,, AHMEDABAD

Accordingly, the said ground of appeal is also allowed

Bench: Shri Rajpal Yadav & Shri T. S. Kapoorआयकर अपील सं./I.T.A. No. 1450/Ahd/2017 With Cross Objection No.24/Ahd/2019 ("नधा"रण वष" / Assessment Years : 2012-13)

40A(2)(b) of Rs.3,17,941/-.” 3. The assessee has also filed Cross Objection to the appeal filed by the Revenue and the grounds of cross objection taken by the assessee are as under: “1. The learned CIT(A) has erred, both in law and on the facts of case, in confirming the action of the Assessing Officer

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

40a , the value so determined shall, for the purposes of section 48, be deemed to be the full value of consideration received or accruing as a result of such transfer. Explanation.—For the purposes of this section, "quoted share" means the share quoted on any recognised stock exchange with regularity from time to time, where the quotation of such share

AURA SECURITIES PVT. LTD.,AHMEDABAD vs. DY. COMMISSIONER OF INCOME TAX,, 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

40a , the value so determined shall, for the purposes of section 48, be deemed to be the full value of consideration received or accruing as a result of such transfer. Explanation.—For the purposes of this section, "quoted share" means the share quoted on any recognised stock exchange with regularity from time to time, where the quotation of such share

SUJAG FINE CHEMICALS PVT.LTD.,,BARODA vs. THE ACIT, CIRCLE-4,, BARODA

In the result, both the appeals of the assessee are partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./ Ita Nos. 3527 & 3528/Ahd/2015 "नधा"रण वष"/Assessment Years: 2004-05 & 2007-08 Sujag Fine Chemicals Pvt. The Asst. Commissioner Ltd., Vs Of Income Tax, 42/6 & 7, Gidc Estate, At & Circle – 4, Post, Baroda. Nandesari, Dist. Baroda – 391 340 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcs 2989 J अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Revenue By : Shri Sunil Talati, C.A. Assessee By : Shri Saurabh Singh, Sr. D.R.

penalty can be imposed. 13. The next items are addition of Rs.22,10,044/- u/s. 68 of the Income Tax Act and addition of Rs.9,85,074/- u/s 40A(2)(b) of the Income Tax Act. Learned counsel for the assessee submitted that both these additions have been deleted by the ITAT. In the original order, Tribunal has remitted

SUJAG FINE CHEMICALS PVT.LTD.,,BARODA vs. THE ACIT, CIRCLE-4,, BARODA

In the result, both the appeals of the assessee are partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./ Ita Nos. 3527 & 3528/Ahd/2015 "नधा"रण वष"/Assessment Years: 2004-05 & 2007-08 Sujag Fine Chemicals Pvt. The Asst. Commissioner Ltd., Vs Of Income Tax, 42/6 & 7, Gidc Estate, At & Circle – 4, Post, Baroda. Nandesari, Dist. Baroda – 391 340 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcs 2989 J अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Revenue By : Shri Sunil Talati, C.A. Assessee By : Shri Saurabh Singh, Sr. D.R.

penalty can be imposed. 13. The next items are addition of Rs.22,10,044/- u/s. 68 of the Income Tax Act and addition of Rs.9,85,074/- u/s 40A(2)(b) of the Income Tax Act. Learned counsel for the assessee submitted that both these additions have been deleted by the ITAT. In the original order, Tribunal has remitted