M/S. CADILA PHARMACEUTICALS LTD. ,AHMEDABAD vs. THE DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(2),, AHMEDABAD

In the result, appeal of the Revenue is partly allowed for statistical purpose and the appeal of the assessee is partly allowed

Bench: Ms. Suchitra Kamble & Shri Makarand Vasant Mahadeokarassessment Year: 2012-13

2(24)(x) of the Act relating to the late payment of PF/ESIC payment. The Assessing Officer assessed the income at Rs.61,61,15,800/-. The Assessing Officer also calculated MAT under Section 115JB of the Act thereby making addition of Rs.6,66,11,675/-. Disallowance under Section 14A of the Act and ITA Nos.345 & 383/Ahd/2020 Assessment Years

THE DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(2),, AHMEDABAD vs. M/S. CADILA PHARMACEUTICALS LTD. , AHMEDABAD

In the result, appeal of the Revenue is partly allowed for statistical purpose and the appeal of the assessee is partly allowed

Bench: Ms. Suchitra Kamble & Shri Makarand Vasant Mahadeokarassessment Year: 2012-13

2(24)(x) of the Act relating to the late payment of PF/ESIC payment. The Assessing Officer assessed the income at Rs.61,61,15,800/-. The Assessing Officer also calculated MAT under Section 115JB of the Act thereby making addition of Rs.6,66,11,675/-. Disallowance under Section 14A of the Act and ITA Nos.345 & 383/Ahd/2020 Assessment Years

THE DCIT, CIR-3(1)(1), AHMEDABAD vs. M/S. NIRMA LIMITED,, AHMEDABAD

In the result, all the appeals filed by the Revenue and the appeals for AYs 2012-

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

Transfer Pricing Officer passed an order u/s. 92CA(5) r.w.s. 154 of the I. T. Act dtd. 18.07.2014 revised the addition on account of benchmarking of loan to Rs. 13,92,104/-. The copy of the order u/s 92CA(5) r.w.s. 154 of the I. T. Act was furnished. Appellant submitted that loan granted to its AE (subsidiary company) should

M/S. NIRMA LIMITED,,AHMEDABAD vs. THE DCIT, CIRCLE-3(1)(1),, AHMEDABAD

In the result, all the appeals filed by the Revenue and the appeals for AYs 2012-

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

Transfer Pricing Officer passed an order u/s. 92CA(5) r.w.s. 154 of the I. T. Act dtd. 18.07.2014 revised the addition on account of benchmarking of loan to Rs. 13,92,104/-. The copy of the order u/s 92CA(5) r.w.s. 154 of the I. T. Act was furnished. Appellant submitted that loan granted to its AE (subsidiary company) should

JT. CTI (OSD), CIRCLE-3(1)(1),, AHMEDABAD vs. M/S. NIRMA LIMITED,, AHMEDABAD

In the result, all the appeals filed by the Revenue and the appeals for AYs 2012-

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

Transfer Pricing Officer passed an order u/s. 92CA(5) r.w.s. 154 of the I. T. Act dtd. 18.07.2014 revised the addition on account of benchmarking of loan to Rs. 13,92,104/-. The copy of the order u/s 92CA(5) r.w.s. 154 of the I. T. Act was furnished. Appellant submitted that loan granted to its AE (subsidiary company) should

NIRMA LIMITED,,AHMEDABAD vs. DCIT, CIRCLE-3(1)(1),, AHMEDABAD

In the result, all the appeals filed by the Revenue and the appeals for AYs 2012-

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

Transfer Pricing Officer passed an order u/s. 92CA(5) r.w.s. 154 of the I. T. Act dtd. 18.07.2014 revised the addition on account of benchmarking of loan to Rs. 13,92,104/-. The copy of the order u/s 92CA(5) r.w.s. 154 of the I. T. Act was furnished. Appellant submitted that loan granted to its AE (subsidiary company) should

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

transfer other than from P&L, without prejudice to above the Ld. AR further submitted that it is not necessary that the General Reserves are always created out of accumulated profits. General Reserves can be created in many ways including following transactions; general reserves can arise out of revaluation of certain assets due to amalgamation. The Ld. AR relied upon

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

254 (SC), and (ii) ONGC Vs. CIT, 322 ITR 189, that the\nloss was not on account of any forward contract in foreign currecy\nderivatives. Our attention was drawn to page no.5 to 7 wherein the\nassessee had furnished explanation with regard to this claim of loss\nto the AO, reproduced as under:\n"2. In the above context

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

254 (SC), and (ii) ONGC Vs. CIT, 322 ITR 189, that the\nloss was not on account of any forward contract in foreign currecy\nderivatives. Our attention was drawn to page no.5 to 7 wherein the\nassessee had furnished explanation with regard to this claim of loss\nto the AO, reproduced as under:\n\"2. In the above context

ASSTT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), AHMEDABAD vs. MAHALAXMI INFRACONTRACT PRIVATE LIMITED, AHMEDABAD

Bench: Shri Ramit Kochar & Ms. Madhumita Royआयकर अपील सं./I.T.A. Nos. 484, 485 & 486/Ahd/2023 ("नधा"रण वष" / Assessment Years : 2015-16, 2017-18 & 2018-19) बनाम/ Assistant Commissioner Mahalaxmi Infracontract Of Income Tax Private Limited Vs. Central Circle-1(4), B-21, Corporate House, Ahmedabad Opp-Pakwan-Ii, S. G. Highway, Bodakdev, Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagcm4615E (Appellant) .. (Respondent) Assessee By : Shri S. N. Divatia & Shri B. K. Patel, A.Rs. Shri Sudhendu Das, Cit. Dr Revenue By : सुनवाई क" तार"ख / Date Of 22/01/2024 & Hearing घोषणा क" तार"ख /Date Of 31/05/2024 Pronouncement

Section 32 of the Income Tax Act, 1961 - Depreciation - Allowance/Rate of Assessment years 1991-92 and 1996-97-whether higher rate of depreciation is also admissible when motor lorry is used by assessee in his own business of transportation of goods on hire - In the judgement Hon'ble court Held- Yes' ITA Nos. 484 to 486/Ahd/2023 (ACIT Vs. Mahalaxmi Inferacontract

ASSTT. COMMISSIONER OF INCOME TAX,, CENTRAL CIRCLE - 1(4), AHMEDABAD vs. MAHALAXMI INFRACONTRACT PVT. LTD., AHMEDABAD

Bench: Shri Ramit Kochar & Ms. Madhumita Royआयकर अपील सं./I.T.A. Nos. 484, 485 & 486/Ahd/2023 ("नधा"रण वष" / Assessment Years : 2015-16, 2017-18 & 2018-19) बनाम/ Assistant Commissioner Mahalaxmi Infracontract Of Income Tax Private Limited Vs. Central Circle-1(4), B-21, Corporate House, Ahmedabad Opp-Pakwan-Ii, S. G. Highway, Bodakdev, Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagcm4615E (Appellant) .. (Respondent) Assessee By : Shri S. N. Divatia & Shri B. K. Patel, A.Rs. Shri Sudhendu Das, Cit. Dr Revenue By : सुनवाई क" तार"ख / Date Of 22/01/2024 & Hearing घोषणा क" तार"ख /Date Of 31/05/2024 Pronouncement

Section 32 of the Income Tax Act, 1961 - Depreciation - Allowance/Rate of Assessment years 1991-92 and 1996-97-whether higher rate of depreciation is also admissible when motor lorry is used by assessee in his own business of transportation of goods on hire - In the judgement Hon'ble court Held- Yes' ITA Nos. 484 to 486/Ahd/2023 (ACIT Vs. Mahalaxmi Inferacontract

ASSTT. COMMISSIONER OF INCOME TAX, AHMEDABAD vs. MAHALAXMI INFRACONTRACT PRIVATE LIMITED, AHMEDABAD

Bench: Shri Ramit Kochar & Ms. Madhumita Royआयकर अपील सं./I.T.A. Nos. 484, 485 & 486/Ahd/2023 ("नधा"रण वष" / Assessment Years : 2015-16, 2017-18 & 2018-19) बनाम/ Assistant Commissioner Mahalaxmi Infracontract Of Income Tax Private Limited Vs. Central Circle-1(4), B-21, Corporate House, Ahmedabad Opp-Pakwan-Ii, S. G. Highway, Bodakdev, Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagcm4615E (Appellant) .. (Respondent) Assessee By : Shri S. N. Divatia & Shri B. K. Patel, A.Rs. Shri Sudhendu Das, Cit. Dr Revenue By : सुनवाई क" तार"ख / Date Of 22/01/2024 & Hearing घोषणा क" तार"ख /Date Of 31/05/2024 Pronouncement

Section 32 of the Income Tax Act, 1961 - Depreciation - Allowance/Rate of Assessment years 1991-92 and 1996-97-whether higher rate of depreciation is also admissible when motor lorry is used by assessee in his own business of transportation of goods on hire - In the judgement Hon'ble court Held- Yes' ITA Nos. 484 to 486/Ahd/2023 (ACIT Vs. Mahalaxmi Inferacontract

SHRI MUKESH RASIKLAL SHAH,,AHMEDABAD vs. THE ACIT, CIRCLE-9, NOW CIRCLE-4(2),, AHMEDABAD

In the result, the appeals filed by the assessee are hereby dismissed

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

254 (1) of 1.T. Act (2) by not providing evidence & material used w.r.t. alleged changes (page 6377) (3) by not providing opportunity of being heard (Page 58-62), violating principles of justice as per directions of Hon’ble ITAT's order dt. 8-6-05 & 7-9-05. No such evidence has been filed before Hon’ble Criminal Court/High

SHRI MUKESH RASIKLAL SHAH,,AHMEDABAD vs. THE ACIT, CIRCLE-9, NOW CIRCLE-4(2),, AHMEDABAD

In the result, the appeals filed by the assessee are hereby dismissed

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

254 (1) of 1.T. Act (2) by not providing evidence & material used w.r.t. alleged changes (page 6377) (3) by not providing opportunity of being heard (Page 58-62), violating principles of justice as per directions of Hon’ble ITAT's order dt. 8-6-05 & 7-9-05. No such evidence has been filed before Hon’ble Criminal Court/High

M/S. NIRMA LIMITED,,AHMEDABAD vs. THE DCIT, CIRCLE-3(1)(1),, AHMEDABAD

In the result, all the appeals filed by the Revenue and the appeals for AYs 2012-\n13 & 2013-14 filed by the assessee are partly allowed, while the appeal of the assessee\nfor AY 2014-15 is allowed

2(24) of\nthe Act i.e. not liable to be tax then such receipt cannot be included in the book\nprofit under section 115JB of the Act. The relevant observation of the Hon'ble\nCourt is extracted as under:\n27. In this case since we have already held that in relevant assessment year\n2010-11 the incentives 'Interest subsidy

ARVIND LIMITED,AHMEDABAD vs. NFAC, DELHI PRESENT JURISDICTION THE DCIT, CIRCLE-1(1)(1), AHMEDABAD

In the result, the appeal of the assessee is partly allowed for statistical purposes, whereas the appeal of the Revenue is dismissed

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra Kamblearvind Limited, Dcit Vs. Naroda Road, Nfac, Delhi Ahmedabad-380025 (Dcit, Circle 1(1)(1), [Pan : Aabca 2398 D] Ahmedabad) Arvind Limited, Vs. Acit, Circle 1(1)(1), Naroda Road, Ahmedabad Ahmedabad-380025 [Pan : Aabca 2398 D]

Transfer Pricing Officer’s order passed u/s 92CA(3) of the Act dated 31.07.2021. During the assessment, the assessee objected to the use of the "General purpose/refinance" filter, arguing that the "primary purpose" of the loan should be considered. The Assessing Officer observed that finding an exact comparable is difficult and thus used similar comparable. The Assessing Officer justified using

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), AHMEDABAD, AHMEDABAD vs. ARVIND LIMITED, AHMEDABAD

In the result, the appeal of the assessee is partly allowed for statistical purposes, whereas the appeal of the Revenue is dismissed

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra Kamblearvind Limited, Dcit Vs. Naroda Road, Nfac, Delhi Ahmedabad-380025 (Dcit, Circle 1(1)(1), [Pan : Aabca 2398 D] Ahmedabad) Arvind Limited, Vs. Acit, Circle 1(1)(1), Naroda Road, Ahmedabad Ahmedabad-380025 [Pan : Aabca 2398 D]

Transfer Pricing Officer’s order passed u/s 92CA(3) of the Act dated 31.07.2021. During the assessment, the assessee objected to the use of the "General purpose/refinance" filter, arguing that the "primary purpose" of the loan should be considered. The Assessing Officer observed that finding an exact comparable is difficult and thus used similar comparable. The Assessing Officer justified using

THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-2,, BHARUCH vs. M/S. HEUBACH COLOUR PVT. LTD.,, ANKLESHWAR

In the result, the appeal of the Revenue for assessment year 2010-11 is partly allowed for statistical purposes as indicated above

Bench: Shri Ramit Kochar & Ms. Suchitra Kamble

transfer pricing adjustment made by TPO was Nil. The AO has commented that the assessee has not provided the documentary evidences to prove the services rendered. We have gone through the documentary evidences filed by the assessee before the AO which are placed in the paper book, and we have observed that the assessee has duly provided the copy