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.

disallowance u/s 35(2AB) of Rs.13,46,18,011/- was made for want of Form 3CL which is now available with the assessee. Considering the totality of the facts of the case and in the interest of justice, we deem it appropriate to set-aside the order passed by Ld. CIT(A)/NFAC in this regard and remit the matter

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

disallowance u/s 35(2AB) of Rs.13,46,18,011/-\nwas made for want of Form 3CL which is now available with the\nassessee. Considering the totality of the facts of the case and in the\ninterest of justice, we deem it appropriate to set-aside the order\npassed by Ld. CIT(A)/NFAC in this regard and remit the matter

AESSEAL INDIA PVT.LTD,,PUNE vs. INCOME-TAX OFFICER, WARD - 1(4),, PUNE

In the result, the appeal in ITA No

1), Pune (“the Assessing Officer” for short) vide order dated 27.03.2015 passed u/s 143(3) of the Act at loss of Rs.8,51,93,118/-. While doing so, the Assessing Officer had disallowed the claim for allowance of loss of Rs.1,54,21,582/- on account of fluctuation in the foreign exchange rate on External Commercial Borrowing (ECB) loan claimed

AESSEAL INDIA PVT.LTD,,PUNE vs. INCOME-TAX OFFICER, WARD - 1(4),, PUNE

In the result, the appeal in ITA No

1), Pune (“the Assessing Officer” for short) vide order dated 27.03.2015 passed u/s 143(3) of the Act at loss of Rs.8,51,93,118/-. While doing so, the Assessing Officer had disallowed the claim for allowance of loss of Rs.1,54,21,582/- on account of fluctuation in the foreign exchange rate on External Commercial Borrowing (ECB) loan claimed

DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 1(1),, PUNE vs. M/S. CARRARO INDIA PVT.LTD,, PUNE

In the result, both the appeals are partly allowed for statistical purposes

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.1261/Pun/2018 निर्धारण वषा / Assessment Year : 2010-11 M/S. Carraro India Private Vs. Dcit, Circle-1(1), Limited, Pune B-2/2, Midc, Ranjangaon, Pune – 412 220 Maharashtra, India Pan : Aaacc5292M Appellant Respondent आयकर अपीऱ सं. / Ita No.1309/Pun/2018 निर्धारण वषा / Assessment Year : 2010-11 Dcit, Circle-1(1), Vs. M/S. Carraro India Private Pune Limited, B-2/2, Midc, Ranjangaon, Pune – 412 220 Maharashtra, India Pan : Aaacc5292M Appellant Respondent Assessee By Shri M.P. Lohia Revenue By Shri Shivraj B. Morey Date Of Hearing 14-07-2021 Date Of Pronouncement 15-07-2021

1) read with section 43A. As regards the question of additional depreciation, the same is admissible in respect of assets acquired on or after 1.4.2005. Patently, no additional depreciation can be allowed to the assessee in respect of loan taken in the year 2002 and the claim will be valid for the loan taken in foreign currency for the purchase

M/S. CARRARO INDIA PVT.LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 1(1),, PUNE

In the result, both the appeals are partly allowed for statistical purposes

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.1261/Pun/2018 निर्धारण वषा / Assessment Year : 2010-11 M/S. Carraro India Private Vs. Dcit, Circle-1(1), Limited, Pune B-2/2, Midc, Ranjangaon, Pune – 412 220 Maharashtra, India Pan : Aaacc5292M Appellant Respondent आयकर अपीऱ सं. / Ita No.1309/Pun/2018 निर्धारण वषा / Assessment Year : 2010-11 Dcit, Circle-1(1), Vs. M/S. Carraro India Private Pune Limited, B-2/2, Midc, Ranjangaon, Pune – 412 220 Maharashtra, India Pan : Aaacc5292M Appellant Respondent Assessee By Shri M.P. Lohia Revenue By Shri Shivraj B. Morey Date Of Hearing 14-07-2021 Date Of Pronouncement 15-07-2021

1) read with section 43A. As regards the question of additional depreciation, the same is admissible in respect of assets acquired on or after 1.4.2005. Patently, no additional depreciation can be allowed to the assessee in respect of loan taken in the year 2002 and the claim will be valid for the loan taken in foreign currency for the purchase

DEPUTY COMMISSIONER OF INCOME-TAX vs. M/S. HONEYWELL AUTOMATION INDIA LTD.,, PUNE

In the result, appeal of the assessee in ITA No

Bench: Shri R.S.Syal, Vp & Shri Partha Sarathi Chaudhury, Jm

1) of the Companies Act, 1956 to mean that it must be an agreement or understanding which affects the rights between the company and its creditors or any class of them and between the company and its members or any class of them. By the same analogy in the present context, we have to understand the meaning of the expression

M/S. HONEYWELL AUTOMATION INDIA LTD.,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

In the result, appeal of the assessee in ITA No

Bench: Shri R.S.Syal, Vp & Shri Partha Sarathi Chaudhury, Jm

1) of the Companies Act, 1956 to mean that it must be an agreement or understanding which affects the rights between the company and its creditors or any class of them and between the company and its members or any class of them. By the same analogy in the present context, we have to understand the meaning of the expression

HUECO ELECTRONICS (I) PVT.LTD,(NOW KNOWN AS HITACHI AUTOMOTIVE SYSTEMS PUNE (I) PVT.LTD),,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX,,

In the result, the appeal of assessee is allowed

Bench: Shri Anil Chaturvedi & Shri S.S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.02/Pun/2017 नििाारण वषा / Assessment Year : 2012-13

section 43A of the I.T. Act, 1961 and therefore, the same cannot be applied in the present case. In Sutlej Cotton Mills Ltd (1979) 116 ITR 1 (SC), Hon. Supreme Court decided the issue in clear terms holding that “the law may, therefore, now be taken to be well settled that where the profit or loss arises to an assessee

DCIT, CIRCLE-8, , PUNE vs. POSCO INDIA PUNE PROCESSING CENTER PVT. LTD., PUNE

In the result, both the appeals of the Revenue as well as the Cross Objections of the assessee for A

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1001 & 1002/Pun/2024 िनधा"रण वष" / Assessment Years : 2010-11 & 2011-12

Section 43A, irrespective of whether any actual repayment was effected during such previous year. 3. On the facts and in circumstances of the case and in law, the Id. CIT(A) has failed to appreciate that res-judicata is not applicable to the income tax proceedings and the AO is not precluded in taking the correct view

DCIT,CIRCLE-8, PUNE vs. POSCO INDIA PUNE PROCESSING CENTER PVT. LTD., PUNE

In the result, both the appeals of the Revenue as well as the Cross Objections of the assessee for A

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1001 & 1002/Pun/2024 िनधा"रण वष" / Assessment Years : 2010-11 & 2011-12

Section 43A, irrespective of whether any actual repayment was effected during such previous year. 3. On the facts and in circumstances of the case and in law, the Id. CIT(A) has failed to appreciate that res-judicata is not applicable to the income tax proceedings and the AO is not precluded in taking the correct view

M/S. CLASSIC CITI INVESTMENTS PRIVATE LIMITED,PUNE vs. THE INCOME TAX OFFICER, WARD-1(3), PUNE

In the result, appeal of the assessee in ITA No

Bench: Shri R.S. Syal, Hon. Vice- & Shri Partha Sarathi Chaudhury, Hon.

section 43A of the Income Tax Act is only relating to the foreign exchange rate fluctuation in respect of assets acquired from a country outside India by using foreign currency loans which is not applicable to the indigenous assets acquired out of foreign currency loans. As stated earlier, the appellant had borrowed Term Loan in foreign currency for construction

M/S. CLASSIC CITI INVESTMENTS PRIVATE LIMITED,PUNE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), PUNE

In the result, appeal of the assessee in ITA No

Bench: Shri R.S. Syal, Hon. Vice- & Shri Partha Sarathi Chaudhury, Hon.

section 43A of the Income Tax Act is only relating to the foreign exchange rate fluctuation in respect of assets acquired from a country outside India by using foreign currency loans which is not applicable to the indigenous assets acquired out of foreign currency loans. As stated earlier, the appellant had borrowed Term Loan in foreign currency for construction

M/S. NEWMAN & ESSER COMPRESSOR APPLICATION CENTRE PVT. LTD,,PUNE vs. INCOME-TAX OFFICER, WARD - 10(1),, PUNE

In the result, the appeal of assessee in ITA

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

1. On the facts & in circumstances of the case & in law, the lower authorities have erred in incorrectly disallowing Foreign Exchange Loss amounting to Rs.25,28,675/- by treating it to be of capital nature & by incorrectly invoking provisions of section 43A

M/S. NEWMAN & ESSER COMPRESSOR APPLICATION CENTRE PVT. LTD,,PUNE vs. INCOME-TAX OFFICER, WARD - 10(1),, PUNE

In the result, the appeal of assessee in ITA

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

1. On the facts & in circumstances of the case & in law, the lower authorities have erred in incorrectly disallowing Foreign Exchange Loss amounting to Rs.25,28,675/- by treating it to be of capital nature & by incorrectly invoking provisions of section 43A