H K ISPAT PVT. LTD.,PANCHMAHAL vs. THE DY.CIT, CENTRAL CIRCLE-2, VADODARA

In the result, all the appeals filed by the Revenue for AYs 2014–15 to 2021–

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra R. Kamblesn

loss account and computation of total income in respect of all creditors/lenders were furnished and when it had been found that loans were furnished through cheques and loan account were duly reflected in balance sheet, Assessing Officer was not justified in making addition - Held, yes [Para 6] [In favour of assessee)" 8.6 So far as observation of Assessing Officer that

ACIT, CENTRAL CIRCLE-2, VADODARA, VADODARA vs. HK ISPAT PVT LTD, GODHRA

In the result, all the appeals filed by the Revenue for AYs 2014–15 to 2021–

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra R. Kamblesn

loss account and computation of total income in respect of all creditors/lenders were furnished and when it had been found that loans were furnished through cheques and loan account were duly reflected in balance sheet, Assessing Officer was not justified in making addition - Held, yes [Para 6] [In favour of assessee)" 8.6 So far as observation of Assessing Officer that

SCARLETT DESIGNS PVT. LTD.,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-8(1),, AHMEDABAD

In the result, the appeal of the assessee stands allowed

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

68,079/- Total Income Nil____ The CPC, Banglore, allowed to carry-forward following losses: 1. Unabsorbed depreciation for A.Y. 2009-10 1,79,378/- 2. Short Term Capital Loss for A.Y. 2009-10 16,17,834/- 3. Business loss for A.Y. 2010-11 6,37,493/- 4. Long Term Capital Loss for A.Y. 2010-11 30,586/- Total

RATNAM METALS & TUBES LIMITED,,AHMEDABAD vs. THE DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3),, AHMEDABAD

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

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediaआयकर अपील सं./I.T.A. No. 2081/Ahd/2016 ("नधा"रण वष" / Assessment Year : 2012-13)

carried forward losses of the eligible unit on stand-alone basis. Thus he makes an addition of Rs.3,05,59,000/- disallowing claim of the appellant. 3. Before me, the Ld. AR has submitted the copy of order No.CIT(A)-III/724/DCIT/CC2(3)/13-14 dated 16/5/2014 of my Ld. Predecessor for A.Y.2011-12, wherein, relying on ITAT Special Bench in the case

SHRI DASHRATHLAL K PATEL,MEHSANA vs. ITO, WARD-1, MEHSANA

In the result, the appeal of the assessee is allowed

Bench: Smt.Annapurna Gupta & Smt.Suchitra Kambleassessment Year :2015-16 Shri Dashrathlal K.Patel Vs. Ito, Ward-1 3, Sarvmangal Society Mehsana. Dhobighat Road Mehsana 384 001. Pan : Abhpp5720G अपीलाथ"/ (Appellant) "" यथ"/(Respondent) Assessee By : Shri S.N. Divetia, Ar Revenue By : Shri V.K.Singh,Sr.Dr सुनवाई क" तार"ख/Date Of Hearing : 22/07/2022 घोषणा क" तार"ख /Date Of Pronouncement: 27/07/2022 आदेश/O R D E R

carry forward and set off of speculative losses, which is not the fact in the present case where set off of business losses is in dispute and there is speculative income and not speculative losses at all. 9. As for the decision of the Hon’ble Allahabad High Court in the case of Shri Ram Gupta, neither

M/S. BODAL CHEMICALS LTD.,AHMEDABAD vs. THE DY.CIT, CIRCLE-1, AHMEDABAD

In the result, the appeals being IT(SS)A No

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinha

section 115JB (2) of the Act, lower of the amount of the brought forward loss or unabsorbed depreciation as per books of accounts, is required to be reduced from the profit as per profit and loss account. The working of unabsorbed business loss of Rs. 3,56,51,941 reduced from the profit by the assessee was given as under

INCOME-TAX OFFICER WARD-3(3)(1),AHMEDABAD, AHMEDABAD vs. FURNISH HOME, AHMEDABAD

The appeal of the asessee is allowed, whereas, Revenue’s appeal is dismissed

Bench: the Ld. CIT(A), wherein detailed submissions supported by the books of accounts, statutory returns, confirmation and other documentary evidences were filed. A remand report of the AO was sought on the same by the Ld. CIT(A) after considering which, Ld. CIT(A) deleted

carry forward of loss would be permitted under Chapter VI of the Act. 4. Aggrieved by the same, the assessee has come up in appeal before us challenging the order of the Ld. CIT(A) for having confirmed the addition made u/s.68 of the Act on account of cash deposits amounting to Rs.6,96,360/- raising following grounds

FURNISH HOME,AHMEDABAD vs. THE ITO, WARD-3(3)(1) OLD WARD-3(3)(2), AHMEDABAD

The appeal of the asessee is allowed, whereas, Revenue’s appeal is dismissed

Bench: SHRI SANJAY GARG (Judicial Member), SMT. ANNAPURNA GUPTA (Accountant Member)

carry forward of loss would be permitted under Chapter VI of the Act. 4. Aggrieved by the same, the assessee has come up in appeal before us challenging the order of the Ld. CIT(A) for having confirmed the addition made u/s.68 of the Act on account of cash deposits amounting to Rs.6,96,360/- raising following grounds

GUJARAT MINERAL DEVELOPMENT CORPORATION LTD.,,AHMEDABAD vs. THE CIT(A), A'BAD-2,, AHMEDABAD

In the result, appeals of the assessee are partly allowed and the appeal of the revenue is dismissed

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

68,48,106/- is shown as the expenditure has been incurred on account of bank commission charges, interest on sales tax, service tax, interest paid on Income Tax. However, a perusal of the details submitted by the appellant show that the appellant has incurred an amount of Rs. 11,53,706/- on interest on overdraft and other miscellaneous interest

GUJARAT MINERAL DEVELOPMENT CORPORATION LTD.,,AHMEDABAD vs. THE DY. CIT.,CIRCLE-4(1)(1),, AHMEDABAD

In the result, appeals of the assessee are partly allowed and the appeal of the revenue is dismissed

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

68,48,106/- is shown as the expenditure has been incurred on account of bank commission charges, interest on sales tax, service tax, interest paid on Income Tax. However, a perusal of the details submitted by the appellant show that the appellant has incurred an amount of Rs. 11,53,706/- on interest on overdraft and other miscellaneous interest

THE DCIT, CIRCLE-4,, AHMEDABAD vs. M/S. GUJARAT MINERAL DEVELOPMENT CORPORATION LTD.,, AHMEDABAD

In the result, appeals of the assessee are partly allowed and the appeal of the revenue is dismissed

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

68,48,106/- is shown as the expenditure has been incurred on account of bank commission charges, interest on sales tax, service tax, interest paid on Income Tax. However, a perusal of the details submitted by the appellant show that the appellant has incurred an amount of Rs. 11,53,706/- on interest on overdraft and other miscellaneous interest

INCOME TAX OFFICER, VEJALPUR vs. DIGITAL BIOTECH PVT. LTD., MEMNAGAR

In the result, the appeal filed by the Revenue is allowed for statistical purposes

Bench: Ms. Suchitra R. Kamble & Shri Makarand V. Mahadeokar, Accountnat Member Assessment Year : 2016-17 Digital Biotech Pvt. Ltd., Income-Tax Officer, Vs A/9, Yashprabha Apartment, Ward-1(1)(3), Behind Janta Ice Cream, Ahmedabad Gurukul Road, Memnagar, Ahmedabad -380052 Pan : Aaccd 1831 B अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Tushar Hemani, Sr. Advocate & Shri Parimalsinh B. Parmar, Ar Revenue By : Ms. Bhavnasingh Gupta, Sr. Dr सुनवाई की तारीख/Date Of Hearing : 09/05/2024 घोषणा की तारीख /Date Of Pronouncement: 17/05/2024 आदेश/O R D E R Per Makarand V. Mahadeokar:

68 r.w.s. 115BBE of the Act will prevent assessee to carry forward the loss and set off in subsequent year’s income. Ld. DR heavily relied on the order of the AO and further stated that in many judicial pronouncements it has been held that income includes loss. Ld. DR placed reliance on the following judicial pronouncements

DHARAMTAR MOTORS SERVICES PETROLEUM PRODUCT,,AHMEDABAD vs. THE ITO, WARD-6(1)(4),, AHMEDABAD

In the results, both the appeals of the assessee are allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita Nos. 1438 & 2534/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 M/S Dharamtar Motor Services Income Tax Officer, Petroleum Product, Vs. Ward 6(1)(4) C/O. Ketan H. Shah, Advocate 903, Ahmedabad. Sapphire Complex, C.G. Road, Navrangpura, Ahmedabad. Pan: Aabfd9182F

carried forward from AY 2007-08 under Section 143(3) and ITO ward 10(2) has accepted this unsecured loan which has been subsequently credited to the account of Chandrakant N. Shah. After making observation regarding genuineness of unsecured loans in para 5.20, he applied Section 41(1) in para 5.26. In any case, if there is unsecured loan pertaining

RAINBOW PAPERS LIMITED.,,AHMEDABAD vs. DY.COMMISSIONER OF INCOME TAX,CIRCLE-3(1)(2),, AHMEDABAD

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed)

carried forward loss of this Unit. 2. Ground no.1 with regard to that ld. CIT(A) has erred in confirming the disallowance of Rs. 11,81,25,616/- by not granting deduction u/s. 80IA of Rs. 11,81,25,616 as claimed by the appellant on generation of power and ground no. 1.1 is that ld. CIT(A) has erred

THE VARDHMAN STAMPINGS PVT. LTD.,,AHMEDABAD vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(2),, AHMEDABAD

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

forward contracts of\nforeign currency derivative through MCX Stock Exchange Ltd in\norder to hedge its open exposure in respect of transactions entered\ninto for import of raw material during normal course of business.\nThe transactions were carried out through recognized stock\nexchange as per the provisions of section 4 of the Securities\nContracts(Regulation) Act, 1956 and also through

THE VARDHMAN STAMPINGS PVT. LTD.,,AHMEDABAD vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(2),, AHMEDABAD

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

forward contracts of\nforeign currency derivative through MCX Stock Exchange Ltd in\norder to hedge its open exposure in respect of transactions entered\ninto for import of raw material during normal course of business.\n• The transactions were carried out through recognized stock\nexchange as per the provisions of section 4 of the Securities\nContracts(Regulation) Act, 1956 and also

OLYMPIC DECOR LLP,AHMEDABAD vs. THE PR.CIT, AHMEDABAD-3, AHMEDABAD

In the result, the Appeal of the assessee is allowed

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2018-19 Olympic Décor Llp Pr.Commissioner Of 6, Patel Avenue, Nr.Gurudwara Vs Income Tax-3 Sg Highway, Bodakdev Ambawadi Ahmedabad. Ahmedabad. Pan : Adafs 2113 H (Applicant) (Responent) : Assessee By Shri Tushar Hemani, Sr.Advocate & Parimalsinh B. Parmar, Ars : Shri Rignesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 23/05/2025 आदेश आदेश/O R D E R आदेश आदेश

section 68 r.w.s. 115BBE in respect of loan from Crown Laminates Pvt. Ltd., Carry forward and set-off of unabsorbed depreciation on such iv. goodwill and Acceptance of set-off of losses

THE ITO, WARD-5(3)(1), AHMEDABAD vs. SHRI CHAMPALAL GOPIRAM AGARWAL, AHMEDABAD

In the result, the appeal filed by the Revenue is hereby dismissed

Bench: Shri Waseem Ahmed

carry forward of loss. To our mind the Justice cannot be delivered in a mechanical manner. In other words, what we see on the records available before us, sometime we have to travel beyond it after ignoring the same. Furthermore, while delivering the justice, we have to ensure in this process that culprits should only be punished and no innocent