BHAVANI INDUSTRIES INDIA LLP,RAJKOT vs. ADDI. CIT, RANGE-2, RAJKOT, RAJKOT

Depreciation Chart of Rudrapur Unit:\nNo Particulars\nFY 08-09\nFY 09-10\n1\nWDV\n4,14,64,138\n7,85,31,109\n2\nAddition to fixed asset\n5,49,29,277\n3,49,65,836\n3\nTotal\n9,64,13,416\n11,34,96,945\n4\nDepreciation claimed\n1,78,82,307\n1,51,65,107\n5\nWDV

ASSISTANT COMMISSINER OF IINCOME TAX CIRCLE-2(1), RAJKOT, RAJKOT vs. BHAWANI INDUSTRIES INDIA LLP, RAJKOT

10(2A) of the Act, Whereas interest/remuneration\n43\nBhawani Industries India LLP\nITA Nos.247 to 250/RJT/2024 & Ors. (AYs: 2012-13, 2013-14 & Ors.)\npaid to partners etc. allowed as deduction as per provision of section 40(b) of the Act are\ntaxable in case of the partner as per newly introduce/inserted section 28(v) of the Act under\nthe head

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1), RAJKOT, RAJKOT vs. BHAWANI INDUSTRIES INDIA LLP, RAJKOT

In the result, summarised and concise ground No

10(2A) of the Act, Whereas interest/remuneration\n43\nBhavani Industries India LLP\nITA Nos.247 to 250/RJT/2024 & Ors. (AYs: 2012-13, 2013-14 & Ors.)\npaid to partners etc. allowed as deduction as per provision of section 40(b) of the Act are\ntaxable in case of the partner as per newly introduce/inserted section 28(v) of the Act under\nthe head

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1), RAJKOT, RAJKOT vs. BHAWANI INDUSTRIES INDIA LLP, RAJKOT

Depreciation Chart of Rudrapur Unit:\nNo Particulars\nFY 08-09\nFY 09-10\n1\nWDV\n4,14,64,138\n7,85,31,109\n2\nAddition to fixed asset\n5,49,29,277\n3,49,65,836\n3\nTotal\n9,64,13,416\n11,34,96,945\n4\nDepreciation claimed\n1,78,82,307\n1,51,65,107\n5\nWDV

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1), RAJKOT, RAJKOT vs. BHAWANI INDUSTRIES INDIA LLP, RAJKOT

In the result, summarised and concise ground No

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./ Ita No. 247 To 250 & 260/Rjt/2024 "नधा"रण वष"/ Assessment Years: 2012-13, 2013-14, 2017-18 2018-19 & 2010-11 Bhawani Industries India Llp Assistant Commissioner Of बनाम/ Income-Tax, Cicle-2(1), Rajkot, C/1-B, 236/3 Gidc, Aji Industrial Room No.311, 3Rd Floor, Aaykar Estate, Rajkot-36 003 Vs. Bhawan, Race Course Ring Road, Rajkot-360 001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacfb 8046 R (अपीलाथ"/Assessee) (""यथ"/Respondent) आयकर अपील सं/.Ita No.254 To 256/Rjt/2024 "नधा"रण वष"/ Assessment Years: 2010-11, 2012-13 & 2013-14 Bhawani Industries India Llp Assistant Commissioner Of Income- C/1-B, 236/3 Gidc, Aji बनाम/ Tax, Cicle-2(1), Rajkot, Room No.311, Industrial Estate, Rajkot-36 3Rd Floor, Aaykar Bhawan, Race Vs. 003 Course Ring Road, Rajkot-360 001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacfb 8046 R (अपीलाथ"/Assessee) (""यथ"/Respondent) "नधा"रती क" ओर से/Assessee By : Shri Mehul Ranpura, Ld.Ar राज"व क" ओर से/Revenue By : Shri Sanjay Punglia, Ld. Cit-Dr & Shri Abhimanyu Singh Yadav, Sr-Dr

10(2A) of the Act, Whereas interest/remuneration 43 Bhavani Industries India LLP ITA Nos.247 to 250 /RJT/2024 & Ors. (AYs : 2012-13, 2013-14 & Ors.) paid to partners etc. allowed as deduction as per provision of section 40(b) of the Act are taxable in case of the partner as per newly introduce/inserted section 28(v) of the Act under

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-2(1), RAJKOT, RAJKOT vs. BHAWANI INDUSTRIES INDIA LLP, RAJKOT

Depreciation Chart of Rudrapur Unit:\nNo Particulars\nFY 08-09\nFY 09-10\n1\nWDV\n4,14,64,138\n7,85,31,109\n2\nAddition to fixed asset\n5,49,29,277\n3,49,65,836\n3\nTotal\n9,64,13,416\n11,34,96,945\n4\nDepreciation claimed\n1,78,82,307\n1,51,65,107\n5\nWDV

BHAVANI INDUSTRIES INDIA LLP,RAJKOT vs. ACIT, CIRCLE-2, RAJKOT, RAJKOT

In the result, summarised and concise ground No

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./ Ita No. 247 To 250 & 260/Rjt/2024 "नधा"रण वष"/ Assessment Years: 2012-13, 2013-14, 2017-18 2018-19 & 2010-11 Bhawani Industries India Llp Assistant Commissioner Of बनाम/ Income-Tax, Cicle-2(1), Rajkot, C/1-B, 236/3 Gidc, Aji Industrial Room No.311, 3Rd Floor, Aaykar Estate, Rajkot-36 003 Vs. Bhawan, Race Course Ring Road, Rajkot-360 001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacfb 8046 R (अपीलाथ"/Assessee) (""यथ"/Respondent) आयकर अपील सं/.Ita No.254 To 256/Rjt/2024 "नधा"रण वष"/ Assessment Years: 2010-11, 2012-13 & 2013-14 Bhawani Industries India Llp Assistant Commissioner Of Income- C/1-B, 236/3 Gidc, Aji बनाम/ Tax, Cicle-2(1), Rajkot, Room No.311, Industrial Estate, Rajkot-36 3Rd Floor, Aaykar Bhawan, Race Vs. 003 Course Ring Road, Rajkot-360 001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacfb 8046 R (अपीलाथ"/Assessee) (""यथ"/Respondent) "नधा"रती क" ओर से/Assessee By : Shri Mehul Ranpura, Ld.Ar राज"व क" ओर से/Revenue By : Shri Sanjay Punglia, Ld. Cit-Dr & Shri Abhimanyu Singh Yadav, Sr-Dr

10(2A) of the Act, Whereas interest/remuneration 43 Bhavani Industries India LLP ITA Nos.247 to 250 /RJT/2024 & Ors. (AYs : 2012-13, 2013-14 & Ors.) paid to partners etc. allowed as deduction as per provision of section 40(b) of the Act are taxable in case of the partner as per newly introduce/inserted section 28(v) of the Act under

ACIT, CIRCLE-1(1), RAJKOT, RAJKOT vs. GANDHI REALITY (INDIA) PRIVATE LIMITED, RAJKOT

In the result, the appeal of the Revenue is dismissed

Bench: Dr. Arjun Lal Saini, Am. & Dinesh Mohan Sinha, Jm

38,000). Gandhi Reality(I) Pvt. Ltd Consequently, the Hon'ble Gujarat High Court vide Order dated 05.10.2021, has quashed the Assessment Order dated 20.04.2021 and directed the Department to proceed with the assessment process under the provisions of Section 144B of the Act, after issuance of the prior show cause notice and on availing an opportunity to the Assessee

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

section 43(5). It is immaterial whether transaction is carried out at the recognized stock exchange or not. Even the circular of CBDT cited in the assessment order states that once it is established that the assessee has entered in the transaction of the commodity that they deal the other technical details have no material impact. Hence, this reasoning

THE ASSISTANT COMMR. OF INCOME TAX, GANDHIDHAM CIRCLE,, GANDHINAGAR vs. M/S KUTCH SALT & ALLIED INDUSTRIES LTD.,, GANDHIDHAM

In the result, cross objections filed by the assessee are allowed for statistical purposes

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhait (Ss)A No.233& 234 & 235 & 236 /Rjt/2016 Assessment Year: (2009-10 To 2012-13) (Hybrid Hearing) Asstt. Commissioner Of Income Tax, Vs. M/S. Kutch Salt & Allied Gandhidham Circle, Industries Ltd., Gandhidham - Kutch Maitri Bhavan, Plot No.-18, Sector-8, Gandhidham - Kutch "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaact1769L (Appellant) (Respondent)

depreciation of land cost of windmill to the extent of Rs.4,05,600/- and allowing the said amount as rent on monthly basis. [ This is ground No.3 of cross objection No. 23, Ground No.3 of cross objection No.24, Ground No.2 of cross objection No. 25, Ground No.2 of cross objection No. 26] 5. Now, we shall take above, Revenue

THE ASSISTANT COMMR. OF INCOME TAX, GANDHIDHAM CIRCLE,, GANDHINAGAR vs. M/S KUTCH SALT & ALLIED INDUSTRIES LTD.,, GANDHIDHAM

In the result, cross objections filed by the assessee are allowed for statistical purposes

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhait (Ss)A No.233& 234 & 235 & 236 /Rjt/2016 Assessment Year: (2009-10 To 2012-13) (Hybrid Hearing) Asstt. Commissioner Of Income Tax, Vs. M/S. Kutch Salt & Allied Gandhidham Circle, Industries Ltd., Gandhidham - Kutch Maitri Bhavan, Plot No.-18, Sector-8, Gandhidham - Kutch "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaact1769L (Appellant) (Respondent)

depreciation of land cost of windmill to the extent of Rs.4,05,600/- and allowing the said amount as rent on monthly basis. [ This is ground No.3 of cross objection No. 23, Ground No.3 of cross objection No.24, Ground No.2 of cross objection No. 25, Ground No.2 of cross objection No. 26] 5. Now, we shall take above, Revenue

THE ASSISTANT COMMR. OF INCOME TAX, GANDHIDHAM CIRCLE,, GANDHINAGAR vs. M/S KUTCH SALT & ALLIED INDUSTRIES LTD.,, GANDHIDHAM

In the result, cross objections filed by the assessee are allowed for statistical purposes

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhait (Ss)A No.233& 234 & 235 & 236 /Rjt/2016 Assessment Year: (2009-10 To 2012-13) (Hybrid Hearing) Asstt. Commissioner Of Income Tax, Vs. M/S. Kutch Salt & Allied Gandhidham Circle, Industries Ltd., Gandhidham - Kutch Maitri Bhavan, Plot No.-18, Sector-8, Gandhidham - Kutch "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaact1769L (Appellant) (Respondent)

depreciation of land cost of windmill to the extent of Rs.4,05,600/- and allowing the said amount as rent on monthly basis. [ This is ground No.3 of cross objection No. 23, Ground No.3 of cross objection No.24, Ground No.2 of cross objection No. 25, Ground No.2 of cross objection No. 26] 5. Now, we shall take above, Revenue

THE ASSISTANT COMMR. OF INCOME TAX, GANDHIDHAM CIRCLE,, GANDHIDHAM-KUTCH vs. M/S KUTCH SALT & ALLIED INDUSTRIES LTD.,, GANDHIDHAM-KUTCH

In the result, cross objections filed by the assessee are allowed for statistical purposes

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhait (Ss)A No.233& 234 & 235 & 236 /Rjt/2016 Assessment Year: (2009-10 To 2012-13) (Hybrid Hearing) Asstt. Commissioner Of Income Tax, Vs. M/S. Kutch Salt & Allied Gandhidham Circle, Industries Ltd., Gandhidham - Kutch Maitri Bhavan, Plot No.-18, Sector-8, Gandhidham - Kutch "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaact1769L (Appellant) (Respondent)

depreciation of land cost of windmill to the extent of Rs.4,05,600/- and allowing the said amount as rent on monthly basis. [ This is ground No.3 of cross objection No. 23, Ground No.3 of cross objection No.24, Ground No.2 of cross objection No. 25, Ground No.2 of cross objection No. 26] 5. Now, we shall take above, Revenue

THE ASSISTANT COMMR. OF INCOME TAX, GANDHIDHAM CIRCLE,, GANDHINAGAR vs. M/S KUTCH SALT & ALLIED INDUSTRIES LTD.,, GANDHIDHAM

In the result, cross objections filed by the assessee are allowed for statistical purposes

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhait (Ss)A No.233& 234 & 235 & 236 /Rjt/2016 Assessment Year: (2009-10 To 2012-13) (Hybrid Hearing) Asstt. Commissioner Of Income Tax, Vs. M/S. Kutch Salt & Allied Gandhidham Circle, Industries Ltd., Gandhidham - Kutch Maitri Bhavan, Plot No.-18, Sector-8, Gandhidham - Kutch "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaact1769L (Appellant) (Respondent)

depreciation of land cost of windmill to the extent of Rs.4,05,600/- and allowing the said amount as rent on monthly basis. [ This is ground No.3 of cross objection No. 23, Ground No.3 of cross objection No.24, Ground No.2 of cross objection No. 25, Ground No.2 of cross objection No. 26] 5. Now, we shall take above, Revenue

SHREE SAMARTH ELECTRICALS PVT LTD,JAMNAGAR vs. PRINCIPAL COMMISSIONER OF INCOME TAX, JAMNAGAR

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

10 section 133A of the Act was carried out in your business premises on 16.02.2018, and during the course of survey proceedings, uncounted stock worth Rs.65,25,851/- was found. During the course of statement recorded in this regard, it was admitted by you that you will disclose this disclosure amount of Rs.65,25,851/-, as additional income over

SHREE SAMARTH SWITCHGEAR AND TRANSMISSION PVT LTD,JAMNAGAR vs. PRINCIPAL COMMISSIONER OF INCOME TAX, JAMNAGAR, JAMNAGAR

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

10 section 133A of the Act was carried out in your business premises on 16.02.2018, and during the course of survey proceedings, uncounted stock worth Rs.65,25,851/- was found. During the course of statement recorded in this regard, it was admitted by you that you will disclose this disclosure amount of Rs.65,25,851/-, as additional income over

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

depreciation of Rs.63,75,068/- claimed u/s 32AC of the Act on electrification of Plant & Machinery worth Rs.4,25,00,454/- must be treated as unexplained expenses u/s 68 and added back to the assessee's total income. Penalty u/s 271(1)(C) is initiated on these amounts for concealment of income.\nAssessed at Rs. 18,38,69,580/- under

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)

depreciation on AFS is an allowable claim. Considering these facts and circumstances, we note that first issue raised by the learned PCIT in his revision order should be quashed, and accordingly, we quash the same, as the order passed by the assessing officer, is sustainable in the eye of law. 32. About second issue raised by the learned PCIT