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

45,693/-, on protective basis, on the alleged ground of inflated profit of Rudrapur unit, being sale by Rajkot unit, in respect of item code 235F and 236F to Rudrapur unit-1, is bad in law. The sale by Rajkot unit is on arm`s length price, and this position has been accepted by the transfer pricing officer

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

45,693/-, on protective basis, on the alleged ground of inflated profit of Rudrapur unit, being sale by Rajkot unit, in respect of item code 235F and 236F to Rudrapur unit-1, is bad in law. The sale by Rajkot unit is on arm`s length price, and this position has been accepted by the transfer pricing officer

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

45,693/-, on\nprotective basis, on the alleged ground of inflated profit of Rudrapur unit, being\nsale by Rajkot unit, in respect of item code 235F and 236F to Rudrapur unit-1,\nis bad in law. The sale by Rajkot unit is on arm's length price, and this position\nhas been accepted by the transfer pricing officer

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

45,693/-, on\nprotective basis, on the alleged ground of inflated profit of Rudrapur unit, being\nsale by Rajkot unit, in respect of item code 235F and 236F to Rudrapur unit-1,\nis bad in law. The sale by Rajkot unit is on arm's length price, and this position\nhas been accepted by the transfer pricing officer

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

45,693/-, on\nprotective basis, on the alleged ground of inflated profit of Rudrapur unit, being\nsale by Rajkot unit, in respect of item code 235F and 236F to Rudrapur unit-1,\nis bad in law. The sale by Rajkot unit is on arm's length price, and this position\nhas been accepted by the transfer pricing officer

BHAVANI INDUSTRIES INDIA LLP,RAJKOT vs. ACIT, CIRCLE-2(1), RAJKOT, RAJKOT

45,693/-, on\nprotective basis, on the alleged ground of inflated profit of Rudrapur unit, being\nsale by Rajkot unit, in respect of item code 235F and 236F to Rudrapur unit-1,\nis bad in law. The sale by Rajkot unit is on arm's length price, and this position\nhas been accepted by the transfer pricing officer

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

45,693/-, on\nprotective basis, on the alleged ground of inflated profit of Rudrapur unit, being\nsale by Rajkot unit, in respect of item code 235F and 236F to Rudrapur unit-1,\nis bad in law. The sale by Rajkot unit is on arm's length price, and this position\nhas been accepted by the transfer pricing officer

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

In the result, summarised and concise ground No

45,693/-, on\nprotective basis, on the alleged ground of inflated profit of Rudrapur unit, being\nsale by Rajkot unit, in respect of item code 235F and 236F to Rudrapur unit-1,\nis bad in law. The sale by Rajkot unit is on arm's length price, and this position\nhas been accepted by the transfer pricing officer

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

section 36(1)(iii) by Finance Act, 2003, with effect from 1-4-2004, there was no prohibition to claiming interest paid in respect of borrowings for acquisition of capital assets till such time it is first put to use in subject assessment year” “Temporary approach road, central control room/store, Transformer yard, Grid line, metering yard, vacuum circuit breakers, additional

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

section 36(1)(iii) by Finance Act, 2003, with effect from 1-4-2004, there was no prohibition to claiming interest paid in respect of borrowings for acquisition of capital assets till such time it is first put to use in subject assessment year” “Temporary approach road, central control room/store, Transformer yard, Grid line, metering yard, vacuum circuit breakers, additional

THE ACIT, CIRCLE-1,, RAJKOT-GUJARAT vs. CHAMPION AGRO LTD., FORMERLY KNOWN AS MAGNETIC INDS. LTD.,, RAJKOT-GUJARAT

In the result appeal of the Revenue is hereby partly allowed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकर अपील सं./Ita No. 504/Rjt/2013 िनधा"रण वष"/Asstt. Years: 2008-2009 & आयकर अपील सं./Ita No. 78/Rjt/2014 िनधा"रण वष"/Asstt. Years: 2009-2010

45,108/- made in assessment order holding that certain expenses, viz, Employee cost, Depreciation, advertisement expenses, Administration expenses etc. should not be forms part of the proportionate disallowance u/s.14A of the Act. 3. It is, therefore, prayed that the order of the Ld.CIT(A) may be set aside and that of the Assessing Officer be restored. 3. The first issue

THE ASSISTANT COMISSIONER OF INCOME TAX, CIRCLE-1,, RAJKOT-GUJARAT vs. M/S. CHAMPION AGRO LTD.,,

In the result appeal of the Revenue is hereby partly allowed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकर अपील सं./Ita No. 504/Rjt/2013 िनधा"रण वष"/Asstt. Years: 2008-2009 & आयकर अपील सं./Ita No. 78/Rjt/2014 िनधा"रण वष"/Asstt. Years: 2009-2010

45,108/- made in assessment order holding that certain expenses, viz, Employee cost, Depreciation, advertisement expenses, Administration expenses etc. should not be forms part of the proportionate disallowance u/s.14A of the Act. 3. It is, therefore, prayed that the order of the Ld.CIT(A) may be set aside and that of the Assessing Officer be restored. 3. The first issue

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

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

45,58,90,530/-against Returned Book loss of\nRs.28,40,37,610/-.\n2. Grounds of Appeal in relation to computation of book profit u/s 115JB\nHon. CIT(A) erred in law as well as in facts in\n(i). confirming addition made by assessing officer of Rs. 73.99 crores to the book profits\nunder Clause (1) of Explanation

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

Depreciation Related to Mfg. 67 68 087 77 55 982 1 73 60 002 1 93 45 151 (Increase )/Decrease in stock Opening stock By product 1 28 206 2 86 589 Work in process 5 86 46 481 6 63 78 651 Finished goods 1 11 79 254 77 63 967 Total

THE ASSISTANT COMMR. OF INCOME TAX, CIRCLE-3,, JAMNAGAR vs. SHRI MILANKUMAR M. POBARU,, JAMNAGAR

Appeal of the Revenue is partly allowed

section 40(a)(ia) of the Act cannot be applied to disallow the amount of such freight amounting to Rs.2,01,81,428/-. Following the aforesaid discussion, we set-aside the order of the Commissioner of Income-tax (A) and direct the Assessing Officer to delete the impugned addition. The assessee accordingly, succeeds on this Ground.” 33. It was further

AMRELI JILLA MADHYASTH SAHAKARI BANK LTD.,AMRELI vs. THE DCIT-ACIT-2(1), RAJKOT, RAJKOT

In the result, the appeal of the assessee is allowed

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं/.Ita No.548/Rjt/2024 "नधा"रणवष"/ Assessment Year: 2014-15 Amreli Jilla Madhyasth Sahakari The Dcit/Acit-2(1) बनाम Bank Ltd. Rajkot. Bhojalram Bhavan Vs. Rajmahel Road Amreli 365 601. Pan : Aaata 2737 J (अपीलाथ"/Appellant) : (""यथ"/Respondent) "नधा"रती क" ओर से/Assessee By : Shri D.M.Rindani, Ld.Ar राज"व क" ओर से/Revenue By : Shri Abhimanyu Singh Yadav, Sr-Dr

depreciation i.e. (a) Rs.32,22,897/- and 10% average advances of nRs.3,92,33,51,000/- i.e. (b)_ Rs.39,23,35,100/-, total (a) plus (b) Rs.39,55,57,997/- or (ii) Rs.NIL being provision debited to profit & loss account plus Rs.57,00,750/- being 15% of profit & loss appropriation amount of Rs.3

BACKBONE ENTERPRISE LTD.,,RAJKOT-GUJARAT vs. THE DY. COMMR. INCOME TAX, CEN. CIRCLE-II,, RAJKOT-GUJARAT

In the result, appeal of the assessee is dismissed

depreciated value of plant and equipment as may be determined by the .Engineer. This advance shall be further subject to the condition that: (i) such , plant and equipment are considered by the Engineer to be necessary for the-Works, (ii) such plant and equipment are in working order, and (iii) the Contractor provides an unconditional bank guarantee by a bank

THE ASSTT. COMMR. INCOME TAX, CEN. CIRCLE-2,, RAJKOT-GUJARAT vs. M/S BACKBONE ENTERPRISES LTD.,, RAJKOT-GUJARAT

In the result, appeal of the assessee is dismissed

depreciated value of plant and equipment as may be determined by the .Engineer. This advance shall be further subject to the condition that: (i) such , plant and equipment are considered by the Engineer to be necessary for the-Works, (ii) such plant and equipment are in working order, and (iii) the Contractor provides an unconditional bank guarantee by a bank