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

43 taxmann.com 395 "Section 68 of the Income-tax Act, 1961 Cash credits (Burden of proof) Various additions were made to assessee's income on account of cash credits - It was found that in respect of said credits assessee had filed PAN of creditors, their confirmation and their bank statement which established their IT(SS)A No. 73/Ahd/2025

THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), AHMEDABAD vs. N K PROTEINS PRIVATE LIMITED, AHMEDABAD

In the result, no question of law arises

Bench: Dr. B.R.R. Kumar, Vice-Shri T.R. Senthil Kumar

43(5) of the Act reads as under:- (5) "speculative transaction" means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips: Provided that for the purposes of this clause— (a) a contract

N K PROTEINS PVT. LIMITED,AHMEDABAD vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE- 3(1)(1), AHMEDABAD

In the result, no question of law arises

Bench: Dr. B.R.R. Kumar, Vice-Shri T.R. Senthil Kumar

43(5) of the Act reads as under:- (5) "speculative transaction" means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips: Provided that for the purposes of this clause— (a) a contract

THE ACIT, CIRCLE-2(1)(1), AHMEDABAD vs. M/S. INTAS PHARMACEUTICALS LTD., AHMEDABAD

Accordingly, this ground raised by the Revenue is dismissed

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2015-16 Acit, Cir.2(1)(1) M/S.Intas Pharmaceuticals Ltd Vejalpur Vs Corporate House Ahmedabad. S.G. Highway Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L Asstt.Year : 2015-16 M/S.Intas Pharmaceuticals Ltd Acit, Cir.2(1)(1) Corporate House Vs Vejalpur S.G. Highway Ahmedabad. Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L (Applicant) (Responent) : Assessee By Shri S.N. Soparkar, Sr.Advocae & Shri Parin Shah, Ar : Shri Ragnesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 21/05/2025 आदेश आदेश/O R D E R आदेश आदेश

5,27,78,74,345 Interest paid during the year (B) 16,29,76,690 CWIP funds as on 01-04-2014 3,27,70,97,484 CWIP funds as on 31-03-2015 4,03,66,85,957 Average CWIP Funds (C) 3,65,68,91,720 Proportionate Interest Disallowance (B × C) ÷ A Amount Disallowed

INTAS PHARMACEUTICALS LTD.,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1), AHMEDABAD

Accordingly, this ground raised by the Revenue is dismissed

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2015-16 Acit, Cir.2(1)(1) M/S.Intas Pharmaceuticals Ltd Vejalpur Vs Corporate House Ahmedabad. S.G. Highway Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L Asstt.Year : 2015-16 M/S.Intas Pharmaceuticals Ltd Acit, Cir.2(1)(1) Corporate House Vs Vejalpur S.G. Highway Ahmedabad. Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L (Applicant) (Responent) : Assessee By Shri S.N. Soparkar, Sr.Advocae & Shri Parin Shah, Ar : Shri Ragnesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 21/05/2025 आदेश आदेश/O R D E R आदेश आदेश

5,27,78,74,345 Interest paid during the year (B) 16,29,76,690 CWIP funds as on 01-04-2014 3,27,70,97,484 CWIP funds as on 31-03-2015 4,03,66,85,957 Average CWIP Funds (C) 3,65,68,91,720 Proportionate Interest Disallowance (B × C) ÷ A Amount Disallowed

THE DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD vs. M/S. STHAPATYA SHILP CONSTRUCTION, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No. 907/Ahd/2019 With C.O.No.170/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2010-2011 D.C.I.T., M/S. Sthapatya Shilp Construction, Central Circle-1(2), Vs. 2, Abhiraj Complex, Ahmedabad. 68-B, Swastic Society, Ahmedabad. Pan: Abffs2922P

section 68 of the Act. 24. The learned CIT(A) after considering the submission of the assessee deleted the addition made by the AO by observing as under: The AO in Para 8.1.1 of the assessment order observed that the appellant has not submitted all the details in support of its claim. Thereafter in para

THE DCIT, CENTRAL CIRCLE-1(4), AHMEDABAD vs. M/S. GTC OILFIELDS SERVICES P. LTD, AHMEDABAD

In the result, all the 8 appeals filed by the Revenue are dismissed

Bench: Shri P.M. Jagtap, Vice- & Ms. Madhumita Royappeal No. Ay Appellant Respondent Sn M/S. Gtc Oilfields Services P. Ltd., 2009-10 The Dcit, 61, New York Tower, A-Block, It(Ss)A Nos. 1-3 2010-11 Central Circle 1(4), Thaltej Char Rasta, S.G. Road, 314 To 316/Ahd/2019 2014-15 Ahmedabad Ahmedabad-380054 Pan : Aaacg 8684 P The Dcit, M/S. Gtc Oilfields Services P. Ltd.

43,000.00 7,78,00,000.00 2011-12 Yamini Marketing Pvt Ltd. 8,95,000.00 3,86,05,000.00 3,95,00,000.00 2012-13 Westwll Exports Pvt Ltd 21,26,000.00 10,41,74,000.00 10,63,00,000.00 2012-13 Yamini Marketing Pvt Ltd. 11,93,000.00 5,84,57,000.00 5,96,50,000.00 2013-14 Ambika

THE ACIT, CIRCLE-2(1)(2),, AHMEDABAD vs. JAS INFRA SPACE PRIVATE LTD.,, AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

5 crore for getting the property vacated from occupant whereas before the settlement commission the value was mention at Rs. 235.61 crores. Thus we note that there is a contradiction in the statement which has been relied by the AO for making the addition in the hands of the assessee. 24. During the survey proceedings under section 133A

JAS INFRASPACE PVT. LTD.,AHMEDABAD vs. DCIT, CIRCLE-2(2)(1),, AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

5 crore for getting the property vacated from occupant whereas before the settlement commission the value was mention at Rs. 235.61 crores. Thus we note that there is a contradiction in the statement which has been relied by the AO for making the addition in the hands of the assessee. 24. During the survey proceedings under section 133A

THE ACIT, CIRCLE-2(1)(2),, AHMEDABAD vs. JAS INFRA SPACE PRIVATE LTD.,, AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

5 crore for getting the property vacated from occupant whereas before the settlement commission the value was mention at Rs. 235.61 crores. Thus we note that there is a contradiction in the statement which has been relied by the AO for making the addition in the hands of the assessee. 24. During the survey proceedings under section 133A

THE ACIT, CIRCLE-2(1)(2),, AHMEDABAD vs. JAS INFRASPACE PRIVATE LIMITED,, AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

5 crore for getting the property vacated from occupant whereas before the settlement commission the value was mention at Rs. 235.61 crores. Thus we note that there is a contradiction in the statement which has been relied by the AO for making the addition in the hands of the assessee. 24. During the survey proceedings under section 133A

M/S. ARIHANT JEWELS,AHMEDABAD vs. THE ITO, WARD-5(3)(3), AHMEDABAD

In the result, the appeal of the assessee is allowed

43 of the paper book explaining that income disclosed during survey of Rs. 50 lacs was duly shown in the Profit and Loss Account for the period ending on 31st March, 2015 under the head other income (income tax declaration). The ld. counsel has also submitted that during the I.T.A No. 2341/Ahd/2018 A.Y. 2015-16 Page No 5 M/s. Arihant

DIPAKKUMAR JAGDISHCHANDRA MAHETA,CHHOTAUDEPUR vs. THE DCIT, CIRCLE-2(1)(1), (PREVIOUSLY ITO, WARD-3(1)(3)), VADODARA

In the result, the appeal of the assessee is allowed

Bench: Ms.Suchitra R. Kamble & Shri Makarand V.Mahadeokarasstt.Year : 2015-16 Dipakkumar Jagdishchandra Maheta The Dcit, Cir.2(1)(1) Holi Chakla Vs. Vadodara. Alipura Char Rasta Bodeli,Chhotaudepur Gujarat. Pan : Ahtpm 6296 N (Applicant) (Responent) : Shhri Jigar Adhyaru, Ar Assessee By Revenue By : Shri Hargovind Singh, Sr.Dr सुनवाई क" तारीख/Date Of Hearing : 24/07/2025 घोषणा क" तारीख /Date Of Pronouncement: 29/07/2025 आदेश आदेश/O R D E R आदेश आदेश Per Makarand V.Mahadeokar, Am: This Appeal By The Assessee Is Directed Against The Order Passed By The Commissioner Of Income-Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi [Hereinafter Referred To As “Cit(A)”], Dated 15.05.2024, Confirming The Addition Made By The Income Tax Officer, Ward – 3(1)(3), Baroda [Hereinafter Referred To As “Assessing Officer Or Ao”] Under Section 68 Of The Income-Tax Act, 1961 [Hereinafter Referred To As “The Act”] In Respect Of The Opening Capital Balance As On 01.04.2014 Amounting To Rs.96,10,209/–, In The Case Of The Assessee For The Assessment Year (Ay) 2015–16. 2. Facts Of The Case

43,014/– in the preceding years, and that the capital was not a credit during the year but merely an opening brought forward from earlier years. However, the AO disbelieved the explanation and alleged that there was no evidence of truck purchases, that the assessee had failed to prove the source of capital investment in earlier years, and that

THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, AHMEDABAD vs. EL DORADO BIOTECH PRIVATE LIMITED,, AHMEDABAD

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

5 AY: 2009-10 made by the assessee. The Learned CIT (A) also observed that even the statement of Shri Partik Shah was not provided to the assessee on the basis of which the additions were made by the AO. 15. Similarly, there was no evidence brought on record by the AO suggesting that name of the assessee has been

TORRENT PHARMACEUTICALS LTD.,,AHMEDABAD vs. THE DEPUTY COMMISSIONER OF INCOME TAX (OSD) CIRCLE-8,, AHMEDABAD

In the result appeal of the Revenue is partly allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita.No.1285 & 1286/Ahd/2017 िनधा"रण वष"/Asstt. Year: 2009-10 & 2010-11 & Ita No.1396 & 1397/Ahd/2018 Asstt.Year 2011-12 & 2012-13 Torrent Pharmaceuticals Ltd. Acit, Circle-4(1)(2) Torrent House Ahmedabad. Vs. Off.Ashram Road Ahmedabad 380 009. आयकर अपील सं./Ita.No.1327 & 1328/Ahd/2017 िनधा"रण वष"/ Asstt. Year: 2009-10 & 2010-11 & आयकर अपील सं./Ita.No.1414 & 1415/Ahd/2018 िनधा"रण वष"/ Asstt. Year: 2011-12 & 2012-13 Acit, Circle-4(1)(2) Torrent Pharmaceuticals Ltd. Ahmedabad. Torrent House Vs. Off.Ashram Road Ahmedabad 380 009. (Applicant) (Responent) Assessee By : Shri Vartik Choksi, With Shri Biren Shah, Ars. Revenue By : Shri Mohd. Usman, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 23/11/2021 घोषणा क" तारीख /Date Of Pronouncement: 22/02/2022 आदेश/O R D E R Per Bench

section (5) of Section 80-IA. In this case, the question that arose for consideration ITA.Nos.1285/Ahd/2017 & 7 others A.Y.2009-10 38 before this Court related to computation of the profits for the purpose of deduction under section 80-E, as it then existed, after setting off the loss incurred by the assessee in the manufacture of alloy

JAP AGRO FOODS PVT.LTD.,BARODA vs. THE INCOME TAX OFFICER,WARD-1(4),, BARODA

In the result the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकरअपीलसं./Ita No. 191/Ahd/2016 "नधा"रणवष"/Asstt. Year: 2011-2012 M/S Jap Agro Foods Pvt. Ltd., I.T.O, Block No.295, Vs. Ward-1(4), Ranu Tal. Padra, Baroda. Vadodara.

5 lakhs only through NEFT to the bank of India account and the SBI account respectively. Asstt. Year 2011-12 10 These facts can be verified from the bank statements of the respective parties. Accordingly, we are of the view that the assessee has explained and satisfied the condition specified under section 68 of the Act to the tune

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

43,882 1,15,05,619 1,61,38,263 1,15,05,619 2003-04 1,54,30,281 - 1,54,30,281 - 2004-05 4,78,57,068 3,10,88,183 1,67,68,885 1,67,68,885 Total 4,25,93,802 4,83,37,429 2,82,74,504 Less: Business loss utilized

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

In the result, the appeal of the assessee is hereby allowed

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

5,67,62,457.00. Likewise, the assessee has filed the return of income under section 139(1) of the Act declaring an income of Rs. 8,33,83,875.00 before adjusting the set of the brought forward losses. Even assuming but without admitting, the loss in dispute is bogus in nature, yet there was sufficient brought forward losses capable