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

56 taxmann.com 456 (SC) 2. CIT vs. Neha Builders (P) LTD. [2007] 164 Taxman 342 (Guj.) . 3. Radha Devi Dalmia Vs. CIT [1980] 4 taxman 183 (All.) 16. The Ld. CIT (A) after considering facts in totality deleted the addition made by the AO by following the order of its predecessor in the own case of the assessee

THE ACIT,(OSD)CIRCLE-8,, AHMEDABAD vs. TORRENT POWER LTD.,, AHMEDABAD

In the result, the appeal of the Revenue and the Cross-objection of the assessee, both are dismissed

Bench: Shri Sandeep Gosain & Shri Amarjit Singh

56,00,942/- out of interest expenditure made by the Assessing Officer as per section 14A of the Act was not justified keeping in view the principles laid down by the Hon’ble Bombay High Court as well as the Coordinate Bench of ITAT Ahmedabad and even no new facts or circumstances have been brought before us in order

SHREE RAMA MULTI-TECH LTD.,,AHMEDABAD vs. THE DY.CIT.,CRCLE-8,, AHMEDABAD

In the result, appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

reassessment are satisfied, is only relatable to the preceding expression in clauses (a) and (b) viz., 'escaped assessment'. The term 'escaped assessment' includes both 'non- assessment' as well as 'under assessment'. Income is said to have 'escaped assessment' within the meaning of this section when it has not been charged in the hands of an assessee in the relevant year

SHREE RAMA MULTI-TECH LTD.,,AHMEDABAD vs. THE ACIT(OSD) CIRCLE-8, AHMEDABAD

In the result, appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

reassessment are satisfied, is only relatable to the preceding expression in clauses (a) and (b) viz., 'escaped assessment'. The term 'escaped assessment' includes both 'non- assessment' as well as 'under assessment'. Income is said to have 'escaped assessment' within the meaning of this section when it has not been charged in the hands of an assessee in the relevant year

MR. ARPANBHAI VIRAMBHAI DESAI,GANDHINAGAR vs. THE PR. CIT, AHMEDABAD-3, AHMEDABAD

In the result, all four appeals filed by the assessee are\nallowed in above terms

X 100 + Rs.\n122.39%\n24,89,60,538/-\n9. Information of the Accused and his family with the details of the Businesses\ncarried out by them:-\nSr.\nNo.\nName\nRelation\nConcerned\nPerson\nDate of\nBirth\nPAN\n1 Virambhai Lilabhai Desai\nSelf\n31.05.1962\nADUPD8297M\n2 Champaben Virambhai\nWife\n13.02.1967\nAHVPD2462M\nDesai\n3 Krunal Virambhai Desai\nSon\n17.05.1991\nAMBPD5662Q\n4 Arpan Virambhai

THE DCITANAND CIRCLE,, ANAND vs. ELECON ENGINEERING CO.LTD.,, ANAND

In the result, the appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Shri Ms. Madhumita Roysr.No.

reassess such income, other than the income involving matters which are the subject matters of any appeal, reference or revision, which is chargeable to tax and has escaped assessment.] 4.5 There is no dispute that the issue of the disallowance of the expenses concerning FCCB was the subject matter of appeal before the learned CIT (A). In view

THE DCITANAND CIRCLE,, ANAND vs. ELECON ENGINEERING CO.LTD.,, ANAND

In the result, the appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Shri Ms. Madhumita Roysr.No.

reassess such income, other than the income involving matters which are the subject matters of any appeal, reference or revision, which is chargeable to tax and has escaped assessment.] 4.5 There is no dispute that the issue of the disallowance of the expenses concerning FCCB was the subject matter of appeal before the learned CIT (A). In view

M/S. VENUS INFRABUILD,AHMEDABAD vs. THE DY.CIT.,CENT.CIRCLE-1(1),, AHMEDABAD

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

x) Sushila Lakhotia vs. ACIT - ITA 770/Del/2015 Copies of these decisions have been placed on record. After appraising us the scope of assessment under section 153A vis-à-vis section 153C, he contended that when search action under section 132 of the Act is carried out in the case of particular assessees, then the following aspects are to be taken

DCIT, CENTRAL CIRCLE -1(1),, AHMEDABAD vs. SHRI DEEPAK KUMAR VASWANI,, AHMEDABAD

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

x) Sushila Lakhotia vs. ACIT - ITA 770/Del/2015 Copies of these decisions have been placed on record. After appraising us the scope of assessment under section 153A vis-à-vis section 153C, he contended that when search action under section 132 of the Act is carried out in the case of particular assessees, then the following aspects are to be taken

THE DCIT, CENTRAL CIRCLE-1(1), AHMEDABAD vs. SHRI ASHOK SUNDERDAS VASWANI, AHMEDABAD

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

x) Sushila Lakhotia vs. ACIT - ITA 770/Del/2015 Copies of these decisions have been placed on record. After appraising us the scope of assessment under section 153A vis-à-vis section 153C, he contended that when search action under section 132 of the Act is carried out in the case of particular assessees, then the following aspects are to be taken

SHRI RAJESH SUNDERDAS VASWANI,AHMEDABAD vs. THE DCIT, CENTRAL CIRCLE-1(1), AHMEDABAD

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

x) Sushila Lakhotia vs. ACIT - ITA 770/Del/2015 Copies of these decisions have been placed on record. After appraising us the scope of assessment under section 153A vis-à-vis section 153C, he contended that when search action under section 132 of the Act is carried out in the case of particular assessees, then the following aspects are to be taken

M/S. VENUS INFRABUILD,AHMEDABAD vs. THE DY.CIT.,CENT.CIRCLE-1(1),, AHMEDABAD

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

x) Sushila Lakhotia vs. ACIT - ITA 770/Del/2015 Copies of these decisions have been placed on record. After appraising us the scope of assessment under section 153A vis-à-vis section 153C, he contended that when search action under section 132 of the Act is carried out in the case of particular assessees, then the following aspects are to be taken

SHRI DEEPAK BUDHARMAL VASWANI,,AHMEDABAD vs. DCIT, CENTRAL CIRCLE -1(1),, AHMEDABAD

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

x) Sushila Lakhotia vs. ACIT - ITA 770/Del/2015 Copies of these decisions have been placed on record. After appraising us the scope of assessment under section 153A vis-à-vis section 153C, he contended that when search action under section 132 of the Act is carried out in the case of particular assessees, then the following aspects are to be taken

THE DCIT, CENTRAL CIRCLE-1(1), AHMEDABAD vs. SHRI RAJESH SUNDERDAS VASWANI, AHMEDABAD

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

x) Sushila Lakhotia vs. ACIT - ITA 770/Del/2015 Copies of these decisions have been placed on record. After appraising us the scope of assessment under section 153A vis-à-vis section 153C, he contended that when search action under section 132 of the Act is carried out in the case of particular assessees, then the following aspects are to be taken

M/S. VENUS INFRABUILD,AHMEDABAD vs. THE DY.CIT.,CENT.CIRCLE-1(1),, AHMEDABAD

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

x) Sushila Lakhotia vs. ACIT - ITA 770/Del/2015 Copies of these decisions have been placed on record. After appraising us the scope of assessment under section 153A vis-à-vis section 153C, he contended that when search action under section 132 of the Act is carried out in the case of particular assessees, then the following aspects are to be taken

SHRI ASHOK SUNDERDAS VASWANI,AHMEDABAD vs. THE DCIT, CENTRAL CIRCLE-1(1), AHMEDABAD

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

x) Sushila Lakhotia vs. ACIT - ITA 770/Del/2015 Copies of these decisions have been placed on record. After appraising us the scope of assessment under section 153A vis-à-vis section 153C, he contended that when search action under section 132 of the Act is carried out in the case of particular assessees, then the following aspects are to be taken

GUJARAT FLUOROCHEMICALS LIMITED,,VADODARA vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1),, VADODARA

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

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.805/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 & Asst.Year : 2013-2014

X (iii) Expenses being 0.5% of 2,21,56,383 average investments. [0.5% of B] 4,43,12,76,500 100 Total Disallowance u/s 14A r.w. 9,39,64,491 Rule 8D of the Act The amount of expenditure directly relating to income 1,88,997 disallowed by the assessee Additional disallowance made by the assessee of other expenses

GUJARAT FLUROCHEMICALS LIMITED.,,VADODARA vs. THE ACIT, CIRCLE-1(1)(1),, VADODARA

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

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.805/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 & Asst.Year : 2013-2014

X (iii) Expenses being 0.5% of 2,21,56,383 average investments. [0.5% of B] 4,43,12,76,500 100 Total Disallowance u/s 14A r.w. 9,39,64,491 Rule 8D of the Act The amount of expenditure directly relating to income 1,88,997 disallowed by the assessee Additional disallowance made by the assessee of other expenses

GUJARAT URJA VIKAS NIGAM LTD,VADODARA vs. THE ACIT, CIRECLE-1(1)(1), VADODARA

In the result, the appeal of the assessee is allowed for statistical purposes and the appeal filed by the Revenue is partly allowed for statistical purposes

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001.’ 2. New Rule 8D : 2.1 In exercise of the powers given in S. 14A(2) C.B.D.T. has issued