THE INCOME TAX OFFICER-WARD-2, , GANDHIDHAM - KUTCH vs. M/S. RIDDHI SIDDHI JEWELLERS, GANDHIDHAM - KUTCH

In the result, appeal of the Revenue isdismissed

Bench: Smt.Annapurna Gupta & Smt. Madhumita Royassessment Year :2014-15 Ito, Ward-2 Vs. M/S.Riddhi Siddhi Jewellers Gandhidham. Shop No.1, Plot No.68 Bba (Sough) Gandhidham-Kutch. 0 अपीलाथ"/ (Appellant) "" यथ"/(Respondent) Assessee By : Shri D.M. Rindani, Ar Revenue By : Shri B.D. Gupta, Sr.Dr सुनवाई क" तार"ख/Date Of Hearing : 11/04/2023 घोषणा क" तार"ख /Date Of Pronouncement: 05/07/2023

carry forward and accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger. Similarly section 14 72AA provides such set off and carry

THE DY. COMMR. OF INCOME TAX, CIR.-1(2),, RAJKOT-GUJARAT vs. RAJKOT PEOPLES CO. OP. BANK LTD.,, RAJKOT-GUJARAT

In the result appeals of the Revenue and Cross Objections of the assessee are dismissed except CO of the assessee in the Asstt

Bench: Shri Pramod Kumar & Shri Rajpal Yadavsr.

depreciation and losses of Asstt.Years 2005-06 and 2006-07 would become the loss of Asstt.Year 2007-08 and thereafter will be carried ITA No.36/RJT/2014 and 8 Others With CO Ms/.Cooperative Bank of Rajkot Vs. ACIT, Cir.1, Rajkot 12 forward

THE ACIT CIRCLE- 1 (1), RAJKOT vs. M/S. MICRO MELT PVT. LTD. , SHAPAR (VERAVAL), RAJKOT

In the result, the appeal of the Department is dismissed

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

loss for the AY 1996- 97, while the assesses insisted the amount was unabsorbed ACIT vs. M/s. Micro Melt Pvt. Ltd. Asst.Year –2005-06 depreciation. The assessee filed an application u/s 154 of the IT Act before the AO on 21.12.2010, requesting allowance of set off of unabsorbed depreciation of Rs. 8,33,500/-, However, the AO vide his order

ASHVIN DINESHBHAI JADAV,RAJKOT vs. ITO, WARD-1(1)(1), RAJKOT, RAJKOT

In the result, the appeal of the assessee is allowed

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinha

carried forward loss (unabsorbed portion of depreciation) Same was allowed - Principal Commissioner invoked revision under section 263 on ground that

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

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita No. 83/Rjt/2025 (निर्धारण वर्ष/Assessment Year: (2017-18) Seabird Marine Services Pvt. Vs. Ltd. Office No. 309 & 310, Centroid Luxuria, Nr. Crystal Mall, Khodiyar Colony, Aerodrome Road, Jamnagar 361006 Assistant Commissioner Of Income-Tax, Circle-1, Jamnagar, Aayakar Bhawan, Nr. Subhash Bridge, Jamnagar -Rajkot Highway, Jamnagar स्थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaccs 9869 C (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) Appellant By : Shri S. N. Soparkar, Ld. Ar Respondent By : Shri Sanjay Punglia, Ld. Cit-Dr Date Of Hearing : 30/04/2025 Date Of Pronouncement : 30/05/2025 Per Dr. A. L. Saini, Am: आदेश / Order Captioned Appeal Filed By The Assessee, Pertaining To Assessment Year 2017-18, Is Directed Against The Order Passed By The National Faceless Appeal Centre (Nfac), Dehi/ Commissioner Of Income Tax (Appeal) [In Short 'Ld. Cit(A)'], Dated 02.01.2025, Which In Turn Arises Out Of An Assessment Order Passed By The Assessing Officer, Under Section 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”), Vide Order Dated 31.12.2019. 2. Grounds Of Appeal Raised By The Assessee Are As Follows: “All The Below Mentioned Grounds Of Appeal Are Independent & Without Prejudices To Each Other.

carried out capital reduction duly approved by the High Cut Bombay. Pursuant to the order, the Company has written off the investments in its books of account and same is reflected in the accounts as an adjustment against the brought forward balance of profit & loss a/c. Company name Nature Amt. (Rs in lakhs) Polestar Maritime Ltd. Equity shares 200.00 Polestar

M/S. GREEN EARTH BIOGAS PVT. LTD.,SURENDRANAGAR vs. THE PR. CIT-3, AHMEDABAD, AHMEDABAD

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपीलसं./Ita No.185/Rjt/2023

carried forward. No explanation has been offered for under- reporting of income to the extent of Rs.70,71,531/-, which was prima facie not allowable in view of the provisions of Section 36(1)(iii) r.w Explanation 8 to Section 43(1) of the Act. The dropping of penalty in respect of amortization expenses has resulted into loss

M/S. EMBOZA GRANITO PVT. LTD. ,MORBI vs. THE PR. CIT-3 , RAJKOT

In the result, appeal filed by assessee is allowed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकर अपील सं./Ita No. 240/Rjt/2019 िनधा"रण वष"/Asstt. Years: 2016-2017

loss to be carried forwarded for Rs. 11,42,74,707/-. 4.1 The assessee company had issued 1,85,00,000 equity shares at Rs. 10 each to 42 different parties. The Ld. PCIT noted that these parties also made investment in the assessee company in form of loans. In some cases, the amount of loan and share capital were

THE ACIT, CIRCLE-1,, JAMNAGAR vs. M/S. SENOR METALS PVT. LTD., JAMNAGAR

In the results the appeal of the revenue is dismissed

Bench: Shri Waseem Ahmed & Ms Suchitra Raghunath Kambleआयकर अपील सं./Ita No. 260/Rjt/2015 िनधा"रण वष"/Asstt. Year:2011-12

Forwarding Expenses A.Y. 2011-12 17 Freight Inward 22,84,998 13,27,565 Expenses sub-total 61,05,675 - 26,38,348 - (D) Less: Closing Stock Brass Scrap 26,173.42 71,62,618 1,05,741.10 220,81,913 45.00 27,000 45.00 27,000 Copper Zirconium 145.00 58,290 290.00 1,16,580 Chromium Metal

THE ITO, WARD 1(3), RAJKOT-GUJARAT vs. M/S PAVAN CONSTRUCTION CO, RAJKOT-GUJARAT

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

carried forward and continued the liability and has not written off, no error has been committed by the learned Tribunal in deleting the addition of Rs.54,24,294/- made by the learned Assessing Officer under Section 41(1) of the Income Tax Act on account of cessation of liability.” Respectfully, following the same we do not find any infirmity

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)

Loss Account should be shown as “below the line” items after determining the profit for the year. The IFR Account should be shown as a separate item in Schedule 2 “Reserves and Surplus” under the Head “Revenue and other Reserves”. 3.2 Market Value (A) Quoted Securities The 'market value' for the purpose of periodical valuation of investments included

M/S. SIMERO VITRIFIED P. LTD. ,MORBI vs. THE PR. CIT-3 , RAJKOT

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

Bench: Us Is A Private Limited Company & Engaged In The Business Of Manufacturing Of Vitrified Tiles. The Return Of Income Has Been E-Filed By The Assessee, On 10/09/2016 For Assessment Year (A.Y.) 2016-17, Reporting Loss Of Rs. 5,68,00,829/-, Which Was Later Revised On 09/03/2018, Declaring Total Loss Of Rs. 13,97,40,413/-, Claiming Investment Allowance U/S 32Ac Of The Income Tax Act. The Case Has Been Selected For Complete Scrutiny (Cass) Specifically To Examine The Followings: 1) Whether Outward Foreign Remittance Is From Disclosed Sources & Appropriate Withholding & Reporting Obligation Have Been Complied With; 2) Whether Investment & Income Relating To Properties Are Duly Disclosed; 3) Whether Receipt Of Foreign Remittance Has Been Correctly Offered For Tax And, 4) Whether Sundry Creditors Are Genuine. 4. The Assessment Order U/S 143(3) For The Assessment Year (A.Y.) 2016-17 Was Passed By Dcit, Morbi Circle, Morbi, Being The Assessing Officer (Ao), On 21/12/2018, Allowing The Loss Claimed Of Rs. 13,97,40,413/- To Be Carry Forward To Subsequent Years. 2

forward to subsequent years. 2 ITA 276/Rjt/2019 (AY 2016-17) SIMERO VITRIFIED P. LTD. 5. Later on, Learned Principal Commissioner of Income-tax (in short "Ld PCIT") exercised his jurisdiction under section 263 of the Income-tax Act, 1961. On verification of the assessment records, it was noticed by the learned PCIT that 68,54,519 equity shares have been

PALLAV,JAMNAGAR vs. DCIT, CIRCLE 2, JAMNAGAR

In the result, appeal filed by the assessee is allowed for statistical purposes

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinha

carried the matter, in appeal before the Ld. CIT(A), who has confirmed the action of ITA No.473/RJT/2024 – A.Y.- 2017-18 Pallav vs. DCIT the assessing officer. The ld. CIT(A) noticed that reopening of assessment done by the assessing officer is valid and not only that commencement of reassessment proceedings was also valid, and in reassessment proceedings

GUJARAT SIDHEE CEMENT LTD.,,VERAVAL vs. THE JOINT COMMISSIONER OF INCOME TAX,, JUNAGADH

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

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed)

forward business losses. As the company was sick industrial company as on 31.03.2009, no tax was payable as per MAT provisions u/s. 115JB. Disallowance out of Gift Expenses - Rs. 14,36,355/- 4. The appellant has incurred and claimed gift expenses of Rs. 14,36,355/- comprising of Diwali Gift Expenses of Rs. 11,64,570/- and Gift Articles

M/S. RISHI KIRAN LOGISTICS PVT. LTD.,,GANDHIDHAM vs. THE JOINT COMMR. OF INCOME TAX,, GANDHIDHAM

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

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed)

losses and depreciation would be NIL and disallowed the claim of deduction u/s 80IA of the Act. (iii) Disallowed the claim of deduction u/s 80IA of Rs. 37,92,256/- by alleging that profit of wind mill, eligible for deduction u/s 80IA(4) of the Act becomes NIL after absorption of earlier years' losses/depreciation. ITA Nos.160/Rjt/15 5 & ITA 349 & 379/Ahd/2016

THE ASSTT. COMMR. OF INCOME TAX, GANDHIDHAM CIRCLE,, GANDHIDHAM vs. M/S RISHI KIRAN LOGISTICS P. LTD.,, GANDHIDHAM

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

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed)

losses and depreciation would be NIL and disallowed the claim of deduction u/s 80IA of the Act. (iii) Disallowed the claim of deduction u/s 80IA of Rs. 37,92,256/- by alleging that profit of wind mill, eligible for deduction u/s 80IA(4) of the Act becomes NIL after absorption of earlier years' losses/depreciation. ITA Nos.160/Rjt/15 5 & ITA 349 & 379/Ahd/2016

THE ACIT, CENTRAL CIRCLE-2,, MORBI vs. M/S. KISHAN PLUS MINARALS, RAJKOT

In the result, appeal filed by the Revenue (In ITA No

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं /.Ita No.124/Rjt/2021 With Cross Objection No.02/Rjt/2022 "नधा"रणवष"/ Assessment Year: 2019-20 Acit, Cent.Cir.2 M/S.Kishan Plus Minerals बनाम Rajkot. Jetpar Road, Nr. Pavadiyali Temple, Jasmatgadh Vs. Morbi. Pan : Aaqfk4689P (अपीलाथ"/Assessee) : (""यथ"/Respondent) "नधा"रती क" ओर से/Assessee By : Shri Mehul Ranpura, Ld. Counsel राज"व क" ओर से/Revenue By : Shri Sanjay Punglia, Ld. Cit-Dr सुनवाई क" तार"ख /Date Of Hearing : 29/01/2025 (Originally Heard Refixed On 05.06.2025 घोषणा क" तार"ख /Date Of Pronouncement : 20/06/2025 Order Per Dr. Arjun Lal Saini:

forward (b/f) unabsorbed depreciation, to the extent to the profit earned in current year. The assessee has earned income from manufacturing and trading of Body Clay, which is the basic raw-material for manufacturing of vitrified tiles. A search was conducted on the group cases of “Coral Group of Morbi” which was commenced on 03.01.2019 and was finally concluded

FRIENDS SALT WORKS & ALLIED INDS.,,GANDHIDHAM vs. THE ADDL. COMMISSIONER OF INCOME TAX, RANGE GANDHIDHAM,, GANDHIDHAM

In the result, the appeal of the assessee is partly allowed, in above terms

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinha

depreciation is not sustainable hence, the addition stand deleted. Ground no. 1 raised by the assessee is allowed. 8. Ground – 2 The next issue is regarding addition of Rs. 2,77,06,992/- being amount received on sale of Renewable Energy Certificate REC and Voluntary Carbon Unit VCU, popularly known as Carbon Credit. The AO states that the appellant

FRIENDS SALT WORKS AND ALLIED INDUSTRIES,GANDHIDHAM vs. ACIT, CIRCLE-1, GANDHIDHAM, GANDHIDHAM

In the result, the appeal of the assessee is partly allowed, in above terms

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinha

depreciation is not sustainable hence, the addition stand deleted. Ground no. 1 raised by the assessee is allowed. 8. Ground – 2 The next issue is regarding addition of Rs. 2,77,06,992/- being amount received on sale of Renewable Energy Certificate REC and Voluntary Carbon Unit VCU, popularly known as Carbon Credit. The AO states that the appellant

SURENDRANAGAR DISTRICT CO OP PRODUCERS UNION LIMITED,SURENDRANAGAR vs. ASSISTANT COMMISSIONER OF INCOME TAX, SURENDRANAGAR CIRCLE

In the result, appeal filed by the assessee is allowed

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकरअपीलसं./Ita No. 429/Rjt/2025 ("नधा"रणवष"/Assessment Year: (2014-15) Surendranagar District Co. Op. Acit, Circle, Producers Union Ltd. Vs. Surendranagar-363035 Plot No.249, Phase 2 Gidc Market Yard Circle, Sursagar Dairy, Wadhwan Road, Surendranagar-363035 (Guj) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaaas8375B (अपीलाथ"/Assessee) (""यथ"/Respondent) Assessee By : Shri Kalpesh Doshi, Ld. Ar Respondent By : Shri Abhimanyu Singh Yadav, Ld. Sr. Dr Date Of Hearing : Heard On 09/10/2025, Refixed For Clarification On 03.11.2025 & Finally Heard On 02.02.2026 : 10/02/2026 Date Of Pronouncement Order Per, Dr. Arjun Lal Saini, A.M.:

depreciation, the net income of Rs. 92,40,586/- has been shown. The net business income is claimed as deduction u/s 80P(2)(b) of the Act, in the return filed by the assessee. However, during the course of assessment proceedings, the deduction of interest is disallowed and the net interest income of Rs. 34,79,487/- has been treated