DCIT, CIRCLE-8 vs. M/S. BAJAJ FINANCE LTD. PUNE, AKURDI PUNE

Bench: Shri S.S. Godara & Dr. Dipak P. Ripote

Section 145 of the Income Tax Act, 1961, since both the Acts operate in different fields and therefore, assessee cannot recognize interest income on NPA and yet not offer it in Profit and Loss account? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in deleting the disallowance

BAJAJ FINANCE LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 8,, PUNE

Bench: Shri S.S. Godara & Dr. Dipak P. Ripote

Section 145 of the Income Tax Act, 1961, since both the Acts operate in different fields and therefore, assessee cannot recognize interest income on NPA and yet not offer it in Profit and Loss account? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in deleting the disallowance

DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 8,, PUNE vs. M/S. BAJAJ FINANACE LTD,, PUNE

Bench: Shri S.S. Godara & Dr. Dipak P. Ripote

Section 145 of the Income Tax Act, 1961, since both the Acts operate in different fields and therefore, assessee cannot recognize interest income on NPA and yet not offer it in Profit and Loss account? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in deleting the disallowance

BAJAJ FINANCE LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 8,, PUNE

Bench: Shri S.S. Godara & Dr. Dipak P. Ripote

Section 145 of the Income Tax Act, 1961, since both the Acts operate in different fields and therefore, assessee cannot recognize interest income on NPA and yet not offer it in Profit and Loss account? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in deleting the disallowance

INCOME TAX OFFICER, WARD-1, JALNA, INCOME TAX OFFICE, JALNA vs. THE BEED DISTRICT CENTRAL CO-OP. BANK LTD., BEED

In the result, the appeal of the Revenue in ITA No

145 of the Income-tax Act or illegal\nin any form. It is meant for a uniform administration of law by all the\nIncome-tax authorities in a specific situation and, therefore, validly issued\nunder section 119 of the Income-tax Act. As such, the circular would be\nbinding on the department The relevant circulars of Central Board of Direct

BAJAJ FINANCE LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 8,, PUNE

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

Section 145 of the Income Tax Act, 1961, since both the Acts operate in different fields and therefore, assessee cannot recognize interest income on NPA and yet not offer it in Profit and Loss account? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in deleting the disallowance

DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 8,, PUNE vs. M/S. BAJAJ FINANCE LTD,, PUNE

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

Section 145 of the Income Tax Act, 1961, since both the Acts operate in different fields and therefore, assessee cannot recognize interest income on NPA and yet not offer it in Profit and Loss account? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in deleting the disallowance

INCOME TAX OFFICER, WARD-1, JALNA, INCOME TAX OFFICE, JALNA vs. THE BEED DISTRICT CENTRAL CO-OP. BANK LTD., BEED

In the result, the appeal of the Revenue in ITA No

145 of the income-tax Act or illegal\nin any form. It is meant for a uniform administration of law by all the\nIncome-tax authorities in a specific situation and, therefore, validly issued\nunder section 119 of the Income-tax Act. As such, the circular would be\nbinding on the department The relevant circulars of Central Board of Direct

M/S. A B KNOWLEDGE SYSTEMS,,PUNE vs. INCOME-TAX OFFICER,,

In the result, the appeal of assessee is partly allowed

Bench: Ms. Sushma Chowla, Jm & Shri D. Karunakara Rao, Am आयकर अपीऱ सं. / Ita No.894/Pun/2016 यििाारण वषा / Assessment Year : 2012-13 M/S. Ab Knowledge Systems, 406, Lunkad Sky Station, Viman Nagar, अऩीऱाथी/Appellant Pune – 411014 …. Pan: Aarfa5025E Vs. The Income Tax Officer, …. प्रत्यथी / Respondent Ward 7(3), Pune

section 145(3) of the Act. The CIT(A) also upheld the order of Assessing Officer in this regard. The CIT(A) also referred to submissions of assessee that appropriate disallowance

INCOME TAX OFFICER, WARD-1, JALNA, INCOME TAX OFFICE, JALNA vs. THE BEED DISTRICT CENTRAL CO-OP. BANK LTD., BEED

In the result, the appeal of the Revenue in ITA No

145 of the income-tax Act or illegal\nin any form. It is meant for a uniform administration of law by all the\nIncome-tax authorities in a specific situation and, therefore, validly issued\nunder section 119 of the Income-tax Act. As such, the circular would be\nbinding on the department The relevant circulars of Central Board of Direct

PARRY PHYTOREMEDIES PRIVATE LIMITED, (E.I.D. PARRY INDIA LIMITED),,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 4,, PUNE

The appeal of the assessee is ALLOWED in aforestated terms

Bench: Shri S. S. Viswanethra Ravi & Shri G. D. Padmahshaliआयकर अपऩल सं. / Ita No.20/Pun/2019 निर्धारण वर्ा / Assessment Year : 2013-2014 Parry Phytoremedies Private Limited (Now Known As E.I.D. Parry (India) Limited) S.No.73/2, Shivane Industrial Estate, Warje, Nda Rd, Nr Agarwal Godown, Pune – 411023 Pan: Aaccp9589J . . . . . . . अपऩलधथी / Appellant बनाम / V/S. Dy. Commissioner Of Income Tax, Circle – 4, Pune . . . . . . . प्रत्यथी / Respondent द्वारा / Appearances Assessee By : Shri S. A. Gundecha Revenue By : Shri M. G. Jasnani सपिवधई की तधरऩख / Date Of Conclusive Hearing : 03/11/2022 घोर्णध की तधरऩख / Date Of Pronouncement : 10/11/2022 आदेश / Order Per G. D. Padmahshali, Am; This Appeal Challenges The Order Of Commissioner Of Income Tax (Appeals)-3, Pune [For Short “Cit(A)”] Dt. 01/02/2018 Passed U/S 250 Of The Income-Tax Act, 1961 [For Short “The Act”], Which Ascended Out Of Order Of Assessment Dt. 24/02/2016 Passed U/S 143(3) By The Dy. Commissioner Of Income Tax, Circle 4, Pune [For Short “Ao”] For Assessment Year [For Short “Ay”] 2013-14. Itat-Pune Page 1 Of 17

disallowance, it is apropos to quote first “as to what constitutes a prior period item” from CBDT NOTIFICATION NO.9949 [F.NO.132/7/95-TPL]/SO 69(E), DATED 25-1-1996 issued in ITAT-Pune Page 11 of 17 Parry Phytoremedies Pvt. Ltd. ITA No.20/PUN/2019 A.Y. 2013-14 context of Section 145

COOPER CORPORATION PVT. LTD.,,SATARA vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

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

section 32 of the Act. In this regard, the assessee filed following written submissions:- “The appellant wishes to submit that the claim for depreciation on the Foreign Exchange loss capitalized to the Cost of the Assets was earlier claimed in the Original Return of Income filed. However, as seen in the table above, the said claim for depreciation on Foreign

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-8, PUNE, PUNE vs. ADVIK HI-TECH PVT. LTD., PUNE

In the result, the cross appeal filed by the Revenue in ITA\nNo

145.\n\n(2) For the purposes of sub-section (1), gain or loss arising on\naccount of the effects of change in foreign exchange rates shall be in\nrespect of all foreign currency transactions, including those relating\nto-\n\n(i) monetary items and non-monetary items;\n(ii) translation of financial statements of foreign operations;\n(iii) forward

ADVIK HI TECH PVT LTD,PUNE vs. DY.COMM.OF INCOME TAX, CIRCLE 8, PUNE, AKURDI PUNE

In the result, the cross appeal filed by the Revenue in ITA

Bench: Shri R. K. Panda & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.1158/Pun/2023 िनधा"रण वष" / Assessment Year : 2020-21 Advik Hi Tech Pvt. Ltd., Vs. Dcit, Circle-8, Pune. Gat No.357, Plot No.99, Village- Kharabwadi, Tal.- Khed, Chakan- 410501. Pan : Aacca3106E Appellant Respondent आयकर अपील सं. / Ita No.1330/Pun/2023 िनधा"रण वष" / Assessment Year : 2020-21 Dcit, Circle-8, Pune. Vs. Advik Hi Tech Pvt. Ltd., Gat No.357, Plot No.99, Village- Kharabwadi, Tal.- Khed, Chakan- 410501. Pan : Aacca3106E Appellant Respondent Assessee By : Shri Sharad A. Shah & Shri Rohit S. Tapadiya Revenue By : Shri Amol Khairnar Date Of Hearing : 21.11.2024 Date Of Pronouncement : 18.02.2025 आदेश / Order Per Vinay Bhamore, Jm: These Cross Appeals Filed By The Assessee As Well As By The Revenue Are Directed Against The Order Dated 16.10.2023 Passed By Ld.Cit(A)/Nfac For The Assessment Year 2020-21 Respectively.

145. 18 ITA No.1158/PUN/2023 [A] ITA No.1330/PUN/2023 [R] (2) For the purposes of sub-section (1), gain or loss arising on account of the effects of change in foreign exchange rates shall be in respect of all foreign currency transactions, including those relating to— (i) monetary items and non-monetary items; (ii) translation of financial statements of foreign operations

PRAJ INDUSTRIES LIMITED,PUNE vs. DCIT, CENTRAL CIRCLE 1(1), PUNE, PUNE

In the result, the appeal of assessee is allowed

Bench: Shri R.K. Panda & Ms. Astha Chandra

145 taxmann.com 219 (Delhi) held where assessee- company offered suo-moto disallowance of expenditure under section 14A with respect to exempt

ASSISTANT COMMISSIONER OF INCOME-TAX vs. M/S. AMBARWADIKAR & COMPANY,, AURANGABAD

In the result, ITA Nos. 2038 and 2039/PUN/2014 filed by the

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.2038 & 2039/Pun/2014 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2010-11 & 2011-12 वष"

Disallowance as per Para No.19 Rs.4,63,30,250 Addition as per Para No.20 Rs.20,53,000 Addition as per Para No.21.3 Rs.1,90,95,000 Addition as per Para No.21.4 Rs.1,04,51,302 Rs.18,61,48,767 ------------------------ ------------------------- Total income Rs. 19,66,83,090 -------------------------- 4. Aggrieved with the said order of the AO with aforementioned itemised additions

ASSISTANT COMMISSIONER OF INCOME-TAX vs. M/S. AMBARWADIKAR & COMPANY,, AURANGABAD

In the result, ITA Nos. 2038 and 2039/PUN/2014 filed by the

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.2038 & 2039/Pun/2014 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2010-11 & 2011-12 वष"

Disallowance as per Para No.19 Rs.4,63,30,250 Addition as per Para No.20 Rs.20,53,000 Addition as per Para No.21.3 Rs.1,90,95,000 Addition as per Para No.21.4 Rs.1,04,51,302 Rs.18,61,48,767 ------------------------ ------------------------- Total income Rs. 19,66,83,090 -------------------------- 4. Aggrieved with the said order of the AO with aforementioned itemised additions

KUDALE AGRO FOODS,PUNE vs. INCOME TAX OFFICER, CIRCLE-14, PUNE, PUNE

In the result, the appeal of the assessee is treated as allowed for statistical purposes

Bench: Shri R.K. Panda & Ms. Astha Chandra

disallowance u/s 40(a)(ia) of the Act in respect of interest payments made to these three parties should be made in accordance with the second proviso to section 40(a)(ia) w.r. first proviso to sub-section 201(1) of the Act. The Ld. AR further relied on the decision of Cuttack Bench of the Tribunal in the case

ASSISTANT COMMISSIONER OF INCOME-TAX vs. SHARAD SAHAKARI BANK LTD.,, PUNE

In the result, appeal by the Revenue and cross objections filed by the assessee are dismissed

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

145 of the Income-tax Act or illegal in any form. It is meant for a uniform administration of law by all the Income-tax authorities in a specific situation and, therefore, validly issued under section 119 of the Income-tax Act. As such, the circular would be binding on the department . . . The relevant circulars of Central Board of Direct