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]

penalty proceedings under section 271 (l)(c) of the I. T. Act are being initiated for furnishing inaccurate particulars of income and concealment of particulars of income.” 8. The Learned CIT(A) in appeal, took into consideration this particular aspect of the matter that the RBI has conducted statutory inspection of the Co-operative Bank u/s

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

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

Appeal is allowed

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 report

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

Appeal is allowed

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 report

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

Appeal is allowed

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 report