HIRAVATI MARINE PRODUCTS PVT. LTD.,,PORBANDAR vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX, RANGE-2,, JAMNAGAR

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

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed"नधा"रण वष"/Asstt. Year:2007-2008 Addl. Commissioner Of Hiravati Marine Products Pvt. Income Tax, Vs Ltd. Range-2, Porbandar, Jamnagar. Pan No: Aabch2110C "नधा"रण वष"/Asstt. Year:2008-2009

vii) and section 36(2) of the 1961 Act) to another (section 10(1) and section 10(2)(xv) corresponding to section 28(1) and section 37 of the 1961 Act) from time to time. In that context, the hon'ble Supreme Court observed that they did not wish to emphasise the nature of the question posed, because the central

THE ACIT, CIRCLE-2,, JAMNAGAR vs. M/S HIRAVATI MARINE PRODUCTS (P) LTD.,, PORBANDAR

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

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed"नधा"रण वष"/Asstt. Year:2007-2008 Addl. Commissioner Of Hiravati Marine Products Pvt. Income Tax, Vs Ltd. Range-2, Porbandar, Jamnagar. Pan No: Aabch2110C "नधा"रण वष"/Asstt. Year:2008-2009

vii) and section 36(2) of the 1961 Act) to another (section 10(1) and section 10(2)(xv) corresponding to section 28(1) and section 37 of the 1961 Act) from time to time. In that context, the hon'ble Supreme Court observed that they did not wish to emphasise the nature of the question posed, because the central

SAURASHTRA GRAMIN BANK MANAGER (F & A), RAJKOT,RAJKOT vs. THE PR. COMMISSIONER OF INCOME TAX-I,, RAJKOT

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

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita No. 37/Rjt/2022 (Assessment Year: 2017-18) (Hybrid Hearing) Saurashtra Gramin Bank Vs. The Pr. Cit-1, Manager (F & A), Rajkot 1St Floor Wing 2, Lic Jeevan Prakash Building, Tagore Road, Rajkot-360001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aahas2116H (अपीलाथ"/Appellant) (""यथ"/Respondent)

gains of business or profession" (before making any deduction under this clause) carried to such reserve account” Calculation of the deduction under section 36(1)(viii) of the Act was submitted by the assessee before ld.PCIT, which is given here under: ITA No. 37/Rjt/2022 A.Y. 2017-18 Saurashtra Gramin Bank Manager v. PCIT Sr. Description Total Long Term Total Interest

SEABIRD MARINE SERVICES PRIVATE LIMITED,JAMNAGAR vs. ACIT, CIRCLE - 1, JAMNAGAR, JAMANGAR

In the result, ground No.4 raised by the assessee is allowed

vii). drawing adverse inference u/s 114 of the Indian Evidence Act 1872 by considering\nfailure on part of assessee by not showing reduction in value of shares in the company\nwhere assessee has made investment.\n(viii). not following orders of Hon'ble high courts in respect of capital reduction of\ninvestee companies which has resulted in write

THE DY. COMMR. OF INCOME TAX, CIR.-1(2), RAJKOT-GUJARAT vs. M/S D.M.L. EXIM PVT. LTD.,, RAJKOT-GUJARAT

Appeal is dismissed

Bench: Shri Waseem Ahmed& Ms. Madhumita Roy

1)(vii) and 36(2)(i) of the Act. According to the Revenue in order to claim a bad debt the twin conditions to be fulfilled i.e. the amount is written off as the bad debts in the books of account of the assessee and such bad debts or part thereof has been taken into consideration in income

M/S. D.M.L. EXIM PVT. LTD.,,RAJKOT-GUJARAT vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-5,, RAJKOT-GUJARAT

Appeal is dismissed

Bench: Shri Waseem Ahmed& Ms. Madhumita Roy

1)(vii) and 36(2)(i) of the Act. According to the Revenue in order to claim a bad debt the twin conditions to be fulfilled i.e. the amount is written off as the bad debts in the books of account of the assessee and such bad debts or part thereof has been taken into consideration in income

THE DY. COMMR. OF INCOME TAX, CIR.-1(2), RAJKOT-GUJARAT vs. M/S DML EXIM PVT. LTD.,, RAJKOT-GUJARAT

Appeal is dismissed

Bench: Shri Waseem Ahmed& Ms. Madhumita Roy

1)(vii) and 36(2)(i) of the Act. According to the Revenue in order to claim a bad debt the twin conditions to be fulfilled i.e. the amount is written off as the bad debts in the books of account of the assessee and such bad debts or part thereof has been taken into consideration in income

THE DY. COMMR. OF INCOME TAX, CIRCLE-3(1),, RAJKOT-GUJARAT vs. M/S SAURASHTRA GRAMIN BANK,, RAJKOT-GUJARAT

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

Bench: Shri Waseem Ahmed & Ms. Madhumita Royअपील सं./Ita No.376/Rjt/2016 िनधा"रण वष"/Asstt. Year: 2012-2013 D.C.I.T., M/S. Saurashtra Gramin Bank, Circle-3(1), Vs. Gopalnaga, Opp. Andh Mahila Rajkot. Vikas Gruh, Rajkot.

1) (vii) of the Act. The Assessing Officer did not allow the deduction claimed as aforesaid on the ground that the provision of NPA was not in the nature of expenditure or loss but more in the nature of a reserve, and thus not deductible under section 36(i) (vii) of the Act. The Assessing Officer, however, did not bring

ASSTT. COMMR. OF INCOME TAX, CEN. CIR-1,, RAJKOT vs. RAJESHKUMAR GOVINDBHAI PATEL,, RAJKOT

In the result both the appeals filed by the Revenue and the Cross Objections filed by the assessee are hereby dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Capital Gains and also Income from Other Sources. For the asst year 2006-07 the assessee filed his Return of Income on 31-07-2006 admitting total income of Rs.4,17,050/=. The return was processed under section 143[1] dated 06-12-2006 and refund was issued to the assessee. Thus there was no regular assessment u/s.143

ASSTT. COMMR. OF INCOME TAX, CEN. CIR-1,, RAJKOT vs. RAJESHKUMAR GOVINDBHAI PATEL,, RAJKOT

In the result both the appeals filed by the Revenue and the Cross Objections filed by the assessee are hereby dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Capital Gains and also Income from Other Sources. For the asst year 2006-07 the assessee filed his Return of Income on 31-07-2006 admitting total income of Rs.4,17,050/=. The return was processed under section 143[1] dated 06-12-2006 and refund was issued to the assessee. Thus there was no regular assessment u/s.143

THE DCIT, CIRCLE-1(2), RAJKOT vs. M/S. DRB COMMODITIES PVT. LTD., RAJKOT

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

gains." 6. Now, in the first place, the Privy Council was not considering the case of a trading loss. The Privy Council was considering a specific allowance claimed under the provisions of section 10 (2) of the Income-tax Act, and even in deciding that the Privy Council felt difficulty, and were not made in the process of earning profits

THE DCIT, CIRCLE 2(1), RAJKOT-GUJARAT vs. SMT MEENABEN H LAKHANI, RAJKOT-GUJARAT

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

gains." 6. Now, in the first place, the Privy Council was not considering the case of a trading loss. The Privy Council was considering a specific allowance claimed under the provisions of section 10 (2) of the Income-tax Act, and even in deciding that the Privy Council felt difficulty, and were not made in the process of earning profits

THE DCIT, CIRCLE-1(2), RAJKOT vs. M/S. D.M.L. WORLD TRADE PVT. LTD., RAJKOT

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

gains." 6. Now, in the first place, the Privy Council was not considering the case of a trading loss. The Privy Council was considering a specific allowance claimed under the provisions of section 10 (2) of the Income-tax Act, and even in deciding that the Privy Council felt difficulty, and were not made in the process of earning profits

THE DCIT, CIRCLE-1 (2), RAJKOT vs. SHRI NARENDRA NANJIBHAI DAVDA, RAJKOT

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

gains." 6. Now, in the first place, the Privy Council was not considering the case of a trading loss. The Privy Council was considering a specific allowance claimed under the provisions of section 10 (2) of the Income-tax Act, and even in deciding that the Privy Council felt difficulty, and were not made in the process of earning profits

THE DY. COMMR. OF INCOME TAX, CIR.-1(2), RAJKOT-GUJARAT vs. M/S DML EXIM PVT. LTD.,, RAJKOT-GUJARAT

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

gains." 6. Now, in the first place, the Privy Council was not considering the case of a trading loss. The Privy Council was considering a specific allowance claimed under the provisions of section 10 (2) of the Income-tax Act, and even in deciding that the Privy Council felt difficulty, and were not made in the process of earning profits

THE DCIT, CIRCLE-1(2), RAJKOT vs. M/S. DRB COMMODITIES PVT. LTD., RAJKOT

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

gains." 6. Now, in the first place, the Privy Council was not considering the case of a trading loss. The Privy Council was considering a specific allowance claimed under the provisions of section 10 (2) of the Income-tax Act, and even in deciding that the Privy Council felt difficulty, and were not made in the process of earning profits

JITESHBHAI RAMNIKLAL NAGADA,JAMNAGAR vs. ITO, WARD 2(6), JAMNAGAR, JAMNAGAR

In the result, both appeals filed by the assessees, are allowed for statistical purposes

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकरअपीलसं./Ita Nos.39/Rjt/2025 ("नधा"रणवष" / Assessment Years: (2014-15) Kantaben Ramniklal Nagda Vs. Ito, Wd- 2(6), Jamnagar Flat No. 603, K D Tower, Oswal Aayakar Bhavan, Nr. Subhash Bridge, Colony, Jamnagar Rajkot Highway, Jamnagar-361004 Jamnagar - 361001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Agtpn7366D (Assessee) (Respondent)

1. Hon'ble CIT (Appeals) erred in law by confirming addition made by Ld A.O. of Rs. 8,34,694/- u/s 56(vii)(b)(ii) without considering the fact that the land ITA Nos. 39 & 46/RJT/2025 Jiteshbhai R. Nagada vs. ITO purchased is Rural Agricultural Land which is not capital asset as per provisions of section 2(14). Hence, Section

KANTABEN RAMNIKLAL NAGDA,JAMNAGAR vs. ITO, WARD 2(6), JAMNAGAR, JAMNAGAR

In the result, both appeals filed by the assessees, are allowed for statistical purposes

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकरअपीलसं./Ita Nos.39/Rjt/2025 ("नधा"रणवष" / Assessment Years: (2014-15) Kantaben Ramniklal Nagda Vs. Ito, Wd- 2(6), Jamnagar Flat No. 603, K D Tower, Oswal Aayakar Bhavan, Nr. Subhash Bridge, Colony, Jamnagar Rajkot Highway, Jamnagar-361004 Jamnagar - 361001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Agtpn7366D (Assessee) (Respondent)

1. Hon'ble CIT (Appeals) erred in law by confirming addition made by Ld A.O. of Rs. 8,34,694/- u/s 56(vii)(b)(ii) without considering the fact that the land ITA Nos. 39 & 46/RJT/2025 Jiteshbhai R. Nagada vs. ITO purchased is Rural Agricultural Land which is not capital asset as per provisions of section 2(14). Hence, Section

THE ACIT, CIRCLE-2,, JAMNAGAR vs. M/S HIRAVATI MARINE PRODUCTS (P) LTD.,, PORBANDAR

In the result, the appeal of the revenue and cross objection of the assessee both are dismissed

36(l)(vii). Before a deduction can be claimed on the ground of business loss, the loss should have been incurred in the course of business and it should be in the nature of revenue loss. In any business, credit is an indispensable part and advance of a temporary nature with or without interest is a common incidence of business