THE DCIT, CIRCLE-4,, AHMEDABAD vs. GHCL LIMITED, AHMEDABAD

section 36(1)(iii) can only be allowed on the interest if the assessee borrows capital for its own business. Hence, it was held that interest on the borrowed amount could not be allowed if such amount had been advanced to a subsidiary company of the assessee. With respect, we are of the opinion that the view taken

GHCL LIMITED,AHMEDABAD vs. THE DY.CIT., CIRCLE-4,, AHMEDABAD

section 36(1)(iii) can only be allowed on the interest if the assessee borrows capital for its own business. Hence, it was held that interest on the borrowed amount could not be allowed if such amount had been advanced to a subsidiary company of the assessee. With respect, we are of the opinion that the view taken

DCIT, CIRCLE-2(1)(2),, BARODA vs. M/S. WELSUIT GLASS & CERAMICS PVT. LTD., VADODARA

In the result both the appeals filed by the assessee are allowed

transferred to the appellants across the country. There is also no evidence of excess procurement of raw materials. It is also claimed by the appellants that calorific value of the gas supplied by GAIL vary in GCV (Gross Calorific Value) and NCV (Net Calorific Value) which also effect consumption of gas alongwith the type of frit grade manufactured

THE ADDL. CIT, RANGE-4,, BARODA vs. M/S. WELSUIT GLASS & CERAMICS PVT. LTD., BARODA

In the result both the appeals filed by the assessee are allowed

transferred to the appellants across the country. There is also no evidence of excess procurement of raw materials. It is also claimed by the appellants that calorific value of the gas supplied by GAIL vary in GCV (Gross Calorific Value) and NCV (Net Calorific Value) which also effect consumption of gas alongwith the type of frit grade manufactured

THE ACIT, CIRCLE-4,, BARODA vs. M/S. WELSUIT GLASS & CERAMICS PVT. LTD., BARODA

In the result both the appeals filed by the assessee are allowed

transferred to the appellants across the country. There is also no evidence of excess procurement of raw materials. It is also claimed by the appellants that calorific value of the gas supplied by GAIL vary in GCV (Gross Calorific Value) and NCV (Net Calorific Value) which also effect consumption of gas alongwith the type of frit grade manufactured

THE ACIT, CIRCLE-4,, BARODA vs. M/S. WELSUIT GLASS & CERAMICS PVT. LTD., BARODA

In the result both the appeals filed by the assessee are allowed

transferred to the appellants across the country. There is also no evidence of excess procurement of raw materials. It is also claimed by the appellants that calorific value of the gas supplied by GAIL vary in GCV (Gross Calorific Value) and NCV (Net Calorific Value) which also effect consumption of gas alongwith the type of frit grade manufactured

SUN PHARMA LABORATORIES LTD.,,MUMBAI vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, BARODA

In the result, the Department’s appeal is partly allowed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

269/- 2. Ground No.2. Disallowance of expenditure incurred for doctors for promotion of business - Rs.9,81,46,332/- 3. Ground No.3. Disallowance under section 14A read with Rule 8D -Rs.69,89,859/- 4. Ground No.4. Disallowance of amortization of Intangibles under section 115JB Rs 15,23,97,50,000/- 5. Ground No.5 Disallowance of stamp duty charges Rs.28

THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, BARODA vs. M/S. SUN PHARMA LABORATORIES LTD.,, MUMBAI

In the result, the Department’s appeal is partly allowed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

269/- 2. Ground No.2. Disallowance of expenditure incurred for doctors for promotion of business - Rs.9,81,46,332/- 3. Ground No.3. Disallowance under section 14A read with Rule 8D -Rs.69,89,859/- 4. Ground No.4. Disallowance of amortization of Intangibles under section 115JB Rs 15,23,97,50,000/- 5. Ground No.5 Disallowance of stamp duty charges Rs.28

TYCO VALVES & CONTROLS (INDIA) PVT. LTD.,BARODA vs. THE DY.CIT, CIRCLE- 4,, BARODA

In the result, ITA No.1312/Ahd/2012 is dismissed

Bench: Shri Rajpal Yadav & Shri Pradipkumar Kedia

Transfer Pricing is not an exact science and adjustment are to be made on approximate basis and assessee's contention in this regard of accurate adjustment is not correct and adjustment should have been done on the basis of market realities. iv) The assessee has objected for using results of Baroda and Chennai units as they are impacted by related

THE ACIT, CIRCLE- 4,, BARODA vs. TYCO VALVES & CONTROLS (INDIA) PVT. LTD., BARODA

In the result, ITA No.1312/Ahd/2012 is dismissed

Bench: Shri Rajpal Yadav & Shri Pradipkumar Kedia

Transfer Pricing is not an exact science and adjustment are to be made on approximate basis and assessee's contention in this regard of accurate adjustment is not correct and adjustment should have been done on the basis of market realities. iv) The assessee has objected for using results of Baroda and Chennai units as they are impacted by related

PENTAIR VALVES & CONTROLS INDIA PVT. LTD.( FORMERLY KNOWN AS TYCO VALVES & CONTROLS INDIA PVT. LTD.),BARODA vs. THE ACIT, CIRCLE- 4,, BARODA

In the result, ITA No.1312/Ahd/2012 is dismissed

Bench: Shri Rajpal Yadav & Shri Pradipkumar Kedia

Transfer Pricing is not an exact science and adjustment are to be made on approximate basis and assessee's contention in this regard of accurate adjustment is not correct and adjustment should have been done on the basis of market realities. iv) The assessee has objected for using results of Baroda and Chennai units as they are impacted by related

TORRENT PHARMACEUTICALS LTD.,,AHMEDABAD vs. ACIT, CIRCLE-4(1)(2),, AHMEDABAD

In the result appeal of the Revenue is hereby partly allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

transfer pricing on account of capital account transaction being the acquisition of shares. Merely, there was a delay in the allotment of shares by the AE to the assessee, such delay cannot change the character of the transaction as loan. We note that the Delhi bench of ITAT in the case of Bharti Airtel Limited vs. ACIT reported

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

SHRI GANPATBHAI JETHABHAI PATEL,AHMEDABAD vs. THE INCOME TAX OFFICER,WARD-9(2),, AHMEDABAD

In the result, the appeal filed by the Revenue is dismissed, and the appeal filed by the assessee is partly allowed

price) Total Capital Gain Rs.9,23,269 Rs.1,56,785 8.2 Now the issue arises for our adjudication whether the Revenue can work out the capital gain differently in respect of the different co-owners of the same property. The answer is certainly in negative. At this juncture, we would like to make a reference to the judgement

GOLD FINCH JEWELLERY LTD.,,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1),, AHMEDABAD

In the result, the appeal filed by the Assessee is allowed

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

transferred but returned back as unserved and held that these were old paper companies. 21. Now, assessee has come before us by way of second statutory appeal. 22. We have gone through the relevant record and impugned order. During the course of assessment proceedings, it is noticed that assessee company has received share capital amounting to Rs.1

GOLD FINCH JEWELLERY LTD.,,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1),, AHMEDABAD

In the result, the appeal filed by the Assessee is allowed

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

transferred but returned back as unserved and held that these were old paper companies. 21. Now, assessee has come before us by way of second statutory appeal. 22. We have gone through the relevant record and impugned order. During the course of assessment proceedings, it is noticed that assessee company has received share capital amounting to Rs.1

SHRI ASHOKKUMAR GOVINDBHAI PATEL,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-4(2)(1),, AHMEDABAD

In the result, the appeal of the assessee is allowed

269 UD as per the provisions of chapter XX- C of the Act. The ld. Pr. CIT was of the view that there was no discretion available for the Assessing Officer not to adopt the valuation decided by the DVO in view of the provision of section 50C of the Act. Therefore, the ld. CIT held that the Assessing Officer

THE ACIT, CIRCLE-1(1)(1), AHMEDABAD vs. SUMEDHA SPACELINKS LLP, AHMEDABAD

In the result, appeal preferred by the Revenue is dismissed

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. No. 438/Ahd/2022 ("नधा"रण वष" / Assessment Years : 2018-19) Acit Sumedha Spacelinks Llp बनाम/ Circle 1(1)(1), Ahmedabad 25, Shukan Mall, 4Th Floor, Vs. Nr. Rajasthan Hospital, Shahibaug, Ahmedabad, Gujarat - 380004 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Acdfs5396Q (Appellant) .. (Respondent) Shri Sudhendu Das, Cit. Dr अपीलाथ" ओर से /Appellant By : ""यथ" क" ओर से/Respondent By : Shri S. N. Soparkar, Sr. Advocate & Shri Parin Shah, Ar Date Of Hearing 27/08/2024 Date Of Pronouncement 30/08/2024 O R D E R Per Shri Narendra Prasad Sinha, Am: This Appeal Is Filed By The Revenue Against The Order Of The National Faceless Appeal Centre (Nfac), Delhi (In Short ‘The Cit(A)’) Dated 30.09.2022 For The Assessment Year 2018-19. 2. The Brief Facts Of The Case Are That The Assessee Is Llp Engaged In The Business Of Real Estate. The Original Return Of Income For A.Y. 2018-19 Was Filed By The Assessee On 23.09.2018

Section 143(3) of the Income Tax Act, 1961 (in short ‘the Act’) on 29.04.2021 at total income of Rs.85,93,94,775/-. In the course of assessment, the AO had made additions in respect of disallowance of general expenses, disallowance of WIP and undisclosed revenue. Aggrieved with the order of the AO, the assessee has filed an appeal before

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

transferred to R.H.S. Family account No.681 in the same branch. An amount of Rs. 23,444/-was found to have been withdrawn in cash, the whereabouts of which were not known. iv) This information was elicited from the appellant himself in the shape of statement recorded on 24/4/1993 by the ITO, Ward -8(8), Ahmedabad which has been reproduced