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)

5. The time limit for completion of the assessment has been specified in section 153 of the Act. As per the provisions of sub-section (1) to section 153 of the Act, no assessment order shall be made u/s.143(3) or 144 of the Act at any time after the expiry of 21 months from the end of the assessment

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

5) of section 23 was inserted by the Finance Act 2017 w.e.f. 01-04-2018. Therefore, such a provision is not applicable for the year under consideration. 15. The assessee further submitted that advance booking was received against unsold units. Accordingly, it has no right to let such unit on rent to other person. Hence no notional income from house

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

5) of section 23 was inserted by the Finance Act 2017 w.e.f. 01-04-2018. Therefore, such a provision is not applicable for the year under consideration. 15. The assessee further submitted that advance booking was received against unsold units. Accordingly, it has no right to let such unit on rent to other person. Hence no notional income from house

HEMANT GORDHANBHAI PATEL,NADIAD vs. THE ACIT, INTL. TAXN., VADODARA

In the result, Ground No. 1 of the assessee’s appeal is allowed

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

21, Santram Nagar Society, Vadodara Nana Kumbhnath Road, Nadida, Gujarat-387001 [PAN No.GIBPP4580B] (Appellant) .. (Respondent) Appellant by : Shri Divyakant Parikh, A.R. Respondent by: Shri Veerbadram Vislavath, Sr. DR 15.05.2025 Date of Hearing Date of Pronouncement 26.05.2025 O R D E R PER SIDDHARTHA NAUTIYAL - JUDICIAL MEMBER: This appeal has been filed by the Assessee against the order passed

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

DILIPKUMAR PASHABHAI PRAJAPATI,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-3(3)(5), AHMEDABAD

In the result, both the appeals of the assessee in ITA Nos

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.1095 & 1096/Ahd/2024 िनधा"रण वष" /Assessment Years : 2016-17 & 2017-18 Respectively Dilipkumar Pashabhai Prajapati The Income Tax Officer बनाम/ C/Sf 211 Pushp Business Campus Ward-3(3)(5) V/S. Nr. Vastral Cross Road Ahmedabad Sp Ring Road Vastral Ahmedabad – 382 418 "थायी लेखा सं./Pan:Atrpp 9632 R (अपीलाथ%/ Appellant) (&' यथ%/ Respondent) Assessee By : Shri Jinesh Shah, Ar Revenue By : Shri R.N. Dsouza, Cit-Dr सुनवाई की तारीख/Date Of Hearing : 10/09/2024 घोषणा की तारीख /Date Of Pronouncement: 25/09/2024 आदेश/O R D E R Per Makarand V. Mahadeokar, Am:

reassessment 90,37,67,440/ under due to failure - under Section of the section 68 as 147 read assessee to unexplained with provide credits due to Section adequate non- 144B evidence or compliance substantiate and lack of the substantiatio transactions n of the during the transactions. proceedings. ITA Nos.1095 & 1096/Ahd/2024 Dilipkumar Pashabhai Prajapati vs. ITO Asst. Years

DILIPKUMAR PASHABHAI PRAJAPATI,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-3(3)(5), AHMEDABAD

In the result, both the appeals of the assessee in ITA Nos

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.1095 & 1096/Ahd/2024 िनधा"रण वष" /Assessment Years : 2016-17 & 2017-18 Respectively Dilipkumar Pashabhai Prajapati The Income Tax Officer बनाम/ C/Sf 211 Pushp Business Campus Ward-3(3)(5) V/S. Nr. Vastral Cross Road Ahmedabad Sp Ring Road Vastral Ahmedabad – 382 418 "थायी लेखा सं./Pan:Atrpp 9632 R (अपीलाथ%/ Appellant) (&' यथ%/ Respondent) Assessee By : Shri Jinesh Shah, Ar Revenue By : Shri R.N. Dsouza, Cit-Dr सुनवाई की तारीख/Date Of Hearing : 10/09/2024 घोषणा की तारीख /Date Of Pronouncement: 25/09/2024 आदेश/O R D E R Per Makarand V. Mahadeokar, Am:

reassessment 90,37,67,440/ under due to failure - under Section of the section 68 as 147 read assessee to unexplained with provide credits due to Section adequate non- 144B evidence or compliance substantiate and lack of the substantiatio transactions n of the during the transactions. proceedings. ITA Nos.1095 & 1096/Ahd/2024 Dilipkumar Pashabhai Prajapati vs. ITO Asst. Years

WAVES TRADELINE PRIVATE LIMITED,AHMEDABAD vs. THE ITO, WARD-4(1)(1), AHMEDABAD

The appeals of the assessee are allowed

21\n| 23.05.2022\n| 5688/2023\n| 22260/2022\n| 2016-2017\n| 30.06.2021\n| 1\n| 23.05.2022\n| 996/2023\n| 2017-2018\n| 30.06.2021\n| 1\n| 24.05.2022\n\n| SCA NO\n| Due date of\nfiling reply\n| Date of reply:-\n| Date of order\nunder section\n148A(d)\n| Last date for issuance of notice\nunder section

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD vs. MONARCH NETWORTH CAPITAL LIMITED, MUMBAI

Accordingly\ndismissed as not pressed.\n17. In the combined result, all three appeals filed by the Revenue for\nA.Ys.2013–14, 2014–15 and 2015–16 are dismissed

reassessment\nproceedings initiated under section 147 of the Act. The AR contended that the\nAssessing Officer had reopened the assessments in all three years based on a\nfundamentally incorrect presumption that the assessee was one of the\nITA Nos.960, 961 & 962/Ahd/2024 (By Revenue) &\nCos 14, 15 & 16/Ahd/2024 (By Assessee)\nAsst. Years: 2013-14, 2014-15 & 2015-16 respectively\n8\nbeneficiaries

DARED SEVA SAHKARI MANDALI LIMITED,BHAVANAGAR vs. ITO, WARD-1(1), BHAVNAGAR

In the result, appeal of the assessee in ITA no

Bench: Income Tax Appellate Tribunal, Ahmedabad Bench, Ahmedabad Has Arisen From The Separate Appellate

5,31,61,730/- and Time deposits of Rs. 21,81,977/-. Based on the above, the AO has reasons to believe that the income of the assessee has escaped assessment. It led to reopening of the assessment by invoking provisions of Section 147 of the 1961 Act. The notice u/s 148 was issued by the AO. The assessee filed

DARED SEVA SAHKARI MANDALI LIMITED,BHAVNAGAR, GUJARAT vs. ITO, WARD-1(1), BHAVNAGAR

In the result, appeal of the assessee in ITA no

Bench: Income Tax Appellate Tribunal, Ahmedabad Bench, Ahmedabad Has Arisen From The Separate Appellate

5,31,61,730/- and Time deposits of Rs. 21,81,977/-. Based on the above, the AO has reasons to believe that the income of the assessee has escaped assessment. It led to reopening of the assessment by invoking provisions of Section 147 of the 1961 Act. The notice u/s 148 was issued by the AO. The assessee filed

MANISH RANJAN, DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD, AHMEDABAD vs. RASHMIN KANTILAL VAKTA, AHMEDABAD

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

5 was not acceptable and the attempt was merely to provide a façade of documentation without actual substance. The AO held that the assessee had wilfully concealed the particulars of income and failed to disclose the said deposits in the return of income filed under section 139(1). Accordingly, the entire deposit of Rs.97,53,07,845/- in A.Y.2013

MANISH RANJAN, DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD, AAYKAR BHAWAN ASHRAM ROAD, AHMEDABAD vs. RASHMIN KANTILAL VAKTA, ELLISBRIDGE AHMEDABAD GUJARAT

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

5 was not acceptable and the attempt was merely to provide a façade of documentation without actual substance. The AO held that the assessee had wilfully concealed the particulars of income and failed to disclose the said deposits in the return of income filed under section 139(1). Accordingly, the entire deposit of Rs.97,53,07,845/- in A.Y.2013

RASHMIN KANTILAL VAKTA,AHMEDABAD vs. THE DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD

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

5 was not acceptable and the attempt was merely to provide a façade of documentation without actual substance. The AO held that the assessee had wilfully concealed the particulars of income and failed to disclose the said deposits in the return of income filed under section 139(1). Accordingly, the entire deposit of Rs.97,53,07,845/- in A.Y.2013

RASHMIN KANTILAL VAKTA,AHMEDABAD vs. THE DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD

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

5 was not acceptable and the attempt was merely to provide a façade of documentation without actual substance. The AO held that the assessee had wilfully concealed the particulars of income and failed to disclose the said deposits in the return of income filed under section 139(1). Accordingly, the entire deposit of Rs.97,53,07,845/- in A.Y.2013

WAVES TRADELINE PRIVATE LIMITED,AHMEDABAD vs. THE ITO, WARD-4(1)(1), AHMEDABAD

The appeals of the assessee are allowed

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinha

reassessment proceeding by issue of notice under Section 148 of the Act on 07.06.2021. Thereafter, as per the direction of Hon’ble Supreme Court in the case of Union of India and Ors. vs Ashish Agarwal (Civil Appeal No.3005/2022) dated 04.05.2022, the Assessing Officer had issued notice under Section 148A(b) of the Act on 25.05.2022. Subsequently, the order under