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

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

45 with respect to revaluation of assets by the partnership Firm and credit of revaluation amounts of the partners in their profit-sharing ratio. However, the facts of the assessee`s case refer to claim of depreciation on goodwill under section 32 of the Act, wherein such goodwill is recognized post approval of scheme of amalgamation by Honourable NCLT

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

4. Despite of the same, if your good- self calculate proportionate remuneration to partners for industrial undertaking at Rudrapur, it will be exempted in the hands of partners. For the said our clarifications are as under: (a) Prior to 01.04.93. (1) Section 40(b): As per above section in case of the firm, any payment of Interest, Salary, Bonus, Commission

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

4. Despite of the same, if your good- self calculate proportionate remuneration to partners for industrial undertaking at Rudrapur, it will be exempted in the hands of partners. For the said our clarifications are as under: (a) Prior to 01.04.93. (1) Section 40(b): As per above section in case of the firm, any payment of Interest, Salary, Bonus, Commission

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

4 of section 80IC is fulfilled. There is no splitting up or reconstruction of the business already in existence at all. All other requirement-conditions also fulfilled, totally new location, totally new machineries were installed. From the audit report submitted above for Rudrapur Unit for the year under consideration as well as for earlier years, if one can refer

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

4,27,63,445\n5,11,25,648,\n3\nPlant & machinery\n4,09,85,763\n6,48,10,075\n4\nElectrical fittings\n31,91,778\n34,27,206\nTotal\n9,64,13,416\n13,13,79,252\nCum Dep claimed\n1,78,82,307\n3,30,47,414\nWDV\n7,85,31,109\n9,83,31,838\nOverall Depreciation Chart

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

4 of section 80IC is\nfulfilled. There is no splitting up or reconstruction of the business already in\nexistence at all. All other requirement-conditions also fulfilled, totally new\nlocation, totally new machineries were installed. From the audit report\nsubmitted above for Rudrapur Unit for the year under consideration as well as\nfor earlier years, if one can refer

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

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

4 of section 80IC is\nfulfilled. There is no splitting up or reconstruction of the business already in\nexistence at all. All other requirement-conditions also fulfilled, totally new\nlocation, totally new machineries were installed. From the audit report\nsubmitted above for Rudrapur Unit for the year under consideration as well as\nfor earlier years, if one can refer

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

SHRI JAYANTILAL P. SATIKUNVER,,RAJKOT-GUJARAT vs. THE COMMISSIONER OF INCOME TAX-III,, RAJKOT-GUJARAT

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकर अपील सं./I.T.A. No.469/Rjt/2014 ("नधा"रण वष" / Assessment Year 2010-11)

45(2) of the Act and therefore the same is liable to tax under the head capital gain. The cost of acquisition of such gold received as a gift was - 90,05,389.00 and the same was converted at the market value at -1.72 crores leading to a difference of - 81,94,611.00 which represents the short-term capital gain

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

4) 33 KV Grid Line (5) Metering Yard (6) Vacuum Circuit Breakers (7) Addl. Meeting Yard and (8) Earth Pit, were found as fact by the Tribunal as being necessary for the setting up and running of the windmill. 5(d) The Temporary approach Road is the one item on which Mr. Pinto states that no depreciation could be allowed

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

4) 33 KV Grid Line (5) Metering Yard (6) Vacuum Circuit Breakers (7) Addl. Meeting Yard and (8) Earth Pit, were found as fact by the Tribunal as being necessary for the setting up and running of the windmill. 5(d) The Temporary approach Road is the one item on which Mr. Pinto states that no depreciation could be allowed

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.

45-Q of the RBI Act. Hence, as far as income recognition is concerned, Section 145 of the IT Act has no role to play in the present dispute." Thus, insofar as income recognition is concerned, the court has held that even the Assessing Officer has to follow the RBI Directions, 1998 in view of section

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 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

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

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