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

reassessment or recomputation in consequence of or to give effect to 29any finding or direction contained in an order passed by any authority in any proceeding under this Act by way of appeal, reference or revision 30[or by a Court in any proceeding under any other law]. (2) The provisions of sub-section

PRAKASH AMARLAL DOULATANI,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-3(3)(4), AHMEDABAD

In the result, appeal preferred by the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./I.T.A. No. 970/Ahd/2023 ("नधा"रण वष" / Assessment Year : 2011-12) Prakash Amarlal The Income Tax Officer बनाम/ Ward -3(3)(4), Ahmedabad Doulatani Vs. 16/318, Satyagrah Chhavni, Near Bhavnirjar, Satellite Road, Ahmedabad - 380015 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaspd3727B (Appellant) .. (Respondent) Shri Vihar Soni, A.R. Assessee By : Shri Urjit Shah, Sr. Dr Revenue By : सुनवाई क" तार"ख / Date Of 30/01/2024 Hearing घोषणा क" तार"ख /Date Of 31/01/2024 Pronouncement O R D E R Per Ms. Madhumita Roy - Jm: The Instant Appeal Filed At The Instance Of The Assessee Is Directed Against The Order Dated 05.10.2023 Passed By National Faceless Appeal Centre (Nfac), Delhi Arising Out Of The Order Dated 22.11.2018 Passed By The Ito, Ward-3(3)(4), Ahmedabad Under Section 143(3) R.W.S. 147 Of The Income Tax Act, 1961, (Hereinafter Referred To As ‘The Act’) For Assessment Year 2011-12, Whereby & Wherunder The Addition Made By The Ld. Ao On Account Of ‘On Money’ Has Been Confirmed.

30 to 34 of the paper book filed before us. Since, further notice has been issued to the assessee under Section 142(1) of the Act by the Ld. AO requesting submission and particularly when the assessee submitted the copy of the return of income filed under Section 139(1) of the Act in response to the said subsequent notice

ACIT CENTRAL CIRCLE 1(3), AHMEDABAD vs. UNICORN PACKAGING PRIVATE LIMITED, AHMEDABAD

In the result, this appeal of the Revenue is, accordingly, stands dismissed

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinhaआयकर अपील सं/ िनधा"रण वष"/ Sl. Appeal(S) By :

2(1B), section 32(1) and Explanation 3 thereto, as well as the judgment of the Hon’ble Supreme Court in Smifs Securities Ltd., categorically held that goodwill so arising in the scheme of amalgamation is an “acquired” intangible asset and that the assessee is eligible for depreciation on such goodwill. 5.1. It is evident that the goodwill in respect

ACIT CENTRAL CIRCLE 1(3), AHMEDABAD vs. UNICORN PACKAGING LLP, AHMEDABAD

In the result, this appeal of the Revenue is, accordingly, stands dismissed

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinhaआयकर अपील सं/ िनधा"रण वष"/ Sl. Appeal(S) By :

2(1B), section 32(1) and Explanation 3 thereto, as well as the judgment of the Hon’ble Supreme Court in Smifs Securities Ltd., categorically held that goodwill so arising in the scheme of amalgamation is an “acquired” intangible asset and that the assessee is eligible for depreciation on such goodwill. 5.1. It is evident that the goodwill in respect

ACIT CENTRAL CIRCLE 1(3), AHMEDABAD, AHMEDABAD vs. UNICORN PACKAGING LLP, AHMEDABAD

In the result, this appeal of the Revenue is, accordingly, stands dismissed

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinhaआयकर अपील सं/ िनधा"रण वष"/ Sl. Appeal(S) By :

2(1B), section 32(1) and Explanation 3 thereto, as well as the judgment of the Hon’ble Supreme Court in Smifs Securities Ltd., categorically held that goodwill so arising in the scheme of amalgamation is an “acquired” intangible asset and that the assessee is eligible for depreciation on such goodwill. 5.1. It is evident that the goodwill in respect

ACIT CENTRAL CIRCLE 1(3), AHMEDABAD vs. UNICORN PACKAGING LLP, AHMEDABAD

In the result, this appeal of the Revenue is, accordingly, stands dismissed

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinhaआयकर अपील सं/ िनधा"रण वष"/ Sl. Appeal(S) By :

2(1B), section 32(1) and Explanation 3 thereto, as well as the judgment of the Hon’ble Supreme Court in Smifs Securities Ltd., categorically held that goodwill so arising in the scheme of amalgamation is an “acquired” intangible asset and that the assessee is eligible for depreciation on such goodwill. 5.1. It is evident that the goodwill in respect

ACIT CENTRAL CIRCLE 1(3), AHMEDABAD vs. UNICORN PACKAGING LLP, AHMEDABAD

In the result, this appeal of the Revenue is, accordingly, stands dismissed

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinhaआयकर अपील सं/ िनधा"रण वष"/ Sl. Appeal(S) By :

2(1B), section 32(1) and Explanation 3 thereto, as well as the judgment of the Hon’ble Supreme Court in Smifs Securities Ltd., categorically held that goodwill so arising in the scheme of amalgamation is an “acquired” intangible asset and that the assessee is eligible for depreciation on such goodwill. 5.1. It is evident that the goodwill in respect

ACIT CC-1(3), AHMEDABAD, AHMEDABAD vs. UNICORN PACKAGING LLP, AHMEDABAD

In the result, this appeal of the Revenue is, accordingly, stands dismissed

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinhaआयकर अपील सं/ िनधा"रण वष"/ Sl. Appeal(S) By :

2(1B), section 32(1) and Explanation 3 thereto, as well as the judgment of the Hon’ble Supreme Court in Smifs Securities Ltd., categorically held that goodwill so arising in the scheme of amalgamation is an “acquired” intangible asset and that the assessee is eligible for depreciation on such goodwill. 5.1. It is evident that the goodwill in respect

SUZLON ENERGY LTD.,,AHMEDABAD vs. THE DY. COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), AHMEDABAD

In the result the Ground Nos

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

section 14A was squarely covered by Supreme Court in South Indian Bank Ltd. v. CIT [2021] 130 taxmann.com 178/283 Taxman 178/438 ITR 1/ [2021] 10 SCC 153 wherein it was held that since interest free own funds available with assessee exceeded their investments in tax-free securities, investments would be presumed to be made out of assessee's own funds

THE DY. COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), AHMEDABAD vs. SUZLON ENERGY LTD.,, AHMEDABAD

In the result the Ground Nos

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

section 14A was squarely covered by Supreme Court in South Indian Bank Ltd. v. CIT [2021] 130 taxmann.com 178/283 Taxman 178/438 ITR 1/ [2021] 10 SCC 153 wherein it was held that since interest free own funds available with assessee exceeded their investments in tax-free securities, investments would be presumed to be made out of assessee's own funds

SUZLON ENERGY LTD.,,AHMEDABAD vs. THE DY. COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), AHMEDABAD

In the result the Ground Nos

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

section 14A was squarely covered by Supreme Court in South Indian Bank Ltd. v. CIT [2021] 130 taxmann.com 178/283 Taxman 178/438 ITR 1/ [2021] 10 SCC 153 wherein it was held that since interest free own funds available with assessee exceeded their investments in tax-free securities, investments would be presumed to be made out of assessee's own funds

THE DY. COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), AHMEDABAD vs. SUZLON ENERGY LTD.,, AHMEDABAD

In the result the Ground Nos

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

section 14A was squarely covered by Supreme Court in South Indian Bank Ltd. v. CIT [2021] 130 taxmann.com 178/283 Taxman 178/438 ITR 1/ [2021] 10 SCC 153 wherein it was held that since interest free own funds available with assessee exceeded their investments in tax-free securities, investments would be presumed to be made out of assessee's own funds

YAKIN JAYANTILAL SHAH,AHMEDABAD vs. ITO, WARD 2(1)(1), AHMEDABAD, AHMEDABAD

Bench: Ms. Suchitra R. Kamble & Makarand V.Mahadeokar

2. That the learned National Faceless Appeal Centre, Delhi has erred in law and facts by not deleting an addition of Rs.40,69,200/- u/s.69A and therefore the Ld. AO is to be directed to delete the said addition made u/s. 69A of the Income Tax Act. 3. That your appellant craves a leave to add, alter or amend

YAKIN JAYANTILAL SHAH,AHMEDABAD vs. ITO, WARD 2(1)(1), AHMEDABAD, AHMEDABAD

Bench: Ms. Suchitra R. Kamble & Makarand V.Mahadeokar

2. That the learned National Faceless Appeal Centre, Delhi has erred in law and facts by not deleting an addition of Rs.40,69,200/- u/s.69A and therefore the Ld. AO is to be directed to delete the said addition made u/s. 69A of the Income Tax Act. 3. That your appellant craves a leave to add, alter or amend

YAKIN JAYANTILAL SHAH,AHMEDABAD vs. ITO, WARD 2(1)(1), AHMEDABAD, AHMEDABAD

Bench: Ms. Suchitra R. Kamble & Makarand V.Mahadeokar

2. That the learned National Faceless Appeal Centre, Delhi has erred in law and facts by not deleting an addition of Rs.40,69,200/- u/s.69A and therefore the Ld. AO is to be directed to delete the said addition made u/s. 69A of the Income Tax Act. 3. That your appellant craves a leave to add, alter or amend

YAKIN JAYANTILAL SHAH,AHMEDABAD vs. ITO, WARD 2(1)(1), AHMEDABAD, AHMEDABAD

Bench: Ms. Suchitra R. Kamble & Makarand V.Mahadeokar

2. That the learned National Faceless Appeal Centre, Delhi has erred in law and facts by not deleting an addition of Rs.40,69,200/- u/s.69A and therefore the Ld. AO is to be directed to delete the said addition made u/s. 69A of the Income Tax Act. 3. That your appellant craves a leave to add, alter or amend

YAKIN JAYANTILAL SHAH,AHMEDABAD vs. ITO, WARD2(1)(1), AHMEDABAD, AHMEDABAD

Bench: Ms. Suchitra R. Kamble & Makarand V.Mahadeokar

2. That the learned National Faceless Appeal Centre, Delhi has erred in law and facts by not deleting an addition of Rs.40,69,200/- u/s.69A and therefore the Ld. AO is to be directed to delete the said addition made u/s. 69A of the Income Tax Act. 3. That your appellant craves a leave to add, alter or amend

JATIN DILIPBHAI JANI,AHMEDABAD vs. THE ITO, WARD-1(1)(1), AHMEDABAD

In the result, the appeal of the assessee in ITA

Bench: Smt.Annapurna Gupta & Ms.Suchitra R. Kamble

reassessment was resorted to, already stood disclosed in the original scrutiny assessment proceedings, and there could have been no charge against the assessee for having failed to disclose any material facts. The ld.counsel for the assessee pointed out that the reasons for reopening of the case of the assessee was that there were huge deposits in the assessee’s bank

JATIN DILIPBHAI JANI,AHMEDABAD vs. THE ITO, WARD-1(1)(1), AHMEDABAD

In the result, the appeal of the assessee in ITA

Bench: Smt.Annapurna Gupta & Ms.Suchitra R. Kamble

reassessment was resorted to, already stood disclosed in the original scrutiny assessment proceedings, and there could have been no charge against the assessee for having failed to disclose any material facts. The ld.counsel for the assessee pointed out that the reasons for reopening of the case of the assessee was that there were huge deposits in the assessee’s bank