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)

56,700/-. [ This is ground No.5, ACIT v. Kutchh Salt Allied (AY 2010-11 & 2013-14) ITA 233 to 236, 366 & Co. 23 to 25 of revenue`s appeal in ITA No. 235/ RJT/2016, for assessment year 2011–12, and Ground No.3, in revenue`s appeal in ITA No. 236/RJT/2016, for assessment year 2012– 13, at Rs.2

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)

56,700/-. [ This is ground No.5, ACIT v. Kutchh Salt Allied (AY 2010-11 & 2013-14) ITA 233 to 236, 366 & Co. 23 to 25 of revenue`s appeal in ITA No. 235/ RJT/2016, for assessment year 2011–12, and Ground No.3, in revenue`s appeal in ITA No. 236/RJT/2016, for assessment year 2012– 13, at Rs.2

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)

56,700/-. [ This is ground No.5, ACIT v. Kutchh Salt Allied (AY 2010-11 & 2013-14) ITA 233 to 236, 366 & Co. 23 to 25 of revenue`s appeal in ITA No. 235/ RJT/2016, for assessment year 2011–12, and Ground No.3, in revenue`s appeal in ITA No. 236/RJT/2016, for assessment year 2012– 13, at Rs.2

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

VII of the Finance Act, 2013 Procedural delay in recognition of stock (17 of 2013)]] exchange would not lead a derivative transaction to be categorized as speculative one: k) ACIT vs. Mr. Arnav Akshay Mehta – Appeal No. ITA 2742/Mum./2011 (Mumbai Tribunal) (page no. 274-277 of paper book) l) Vimal Oil & Foods Ltd vs. ACIT [2015] 54 taxmann.com

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.

2) In the instant case, the assessee-company being NBFC is governed by the provisions of RBI Act. In such a case, interest income cannot be said to have accrued to the assessee having regard to the provisions of section 45Q of the RBI and Prudential Norms issued by the RBI in exercise of its statutory powers. As per these

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.

vii) As per RBI guidelines dated 16th October, 2000, the investment portfolio of the banks is required to be classified under three categories viz. Held to Maturity (HTM), Held for Trading (HFT) and Available for Sale (AFS). Investments classified under HTM category need not be marked to market and are carried at acquisition cost unless these are more than

THE ITO, WARD-2,, JUNAGADH vs. M/S D. JEWEL,, JUNAGADH

In the result, the appeal filed by the revenue is hereby dismissed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedअपील सं./Ita No.15/Rjt/2017 िनधा"रण वष"/Asstt. Year: 2013-2014 Income Tax Officer, M/S. D. Jewel, Ward-2, Vs. 1-Shishu Mangal Road, Junagadh. Gandhigram, Junagadh.

2,57,39,445/- and Rs. 32,59,881/- respectively from its sister concern. Therefore it was purchasing the finished goods in the form of gold ornaments which were exported without any processing and change in any physical characteristic/ shape on such purchase of gold. ii. On verification of the purchase bill of assets and depreciation account, it was found

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

56,106/- and after reducing loss of Rs. 43,69,773/- for A.Y.2010-11, the assessee has claimed deduction u/s 80-IC of the Act at Rs. 2,88,50,633/-. The assessee submitted that it is manufacturing auto parts for Tata Motors Ltd and other vehicle manufacturing industries, at Rajkot, as well as Rudrapur at Tata Vendor Park, which

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

56,106/- and after reducing loss of Rs. 43,69,773/- for A.Y.2010-11, the assessee has claimed deduction u/s 80-IC of the Act at Rs. 2,88,50,633/-. The assessee submitted that it is manufacturing auto parts for Tata Motors Ltd and other vehicle manufacturing industries, at Rajkot, as well as Rudrapur at Tata Vendor Park, which

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

56,106/- and after reducing loss of Rs. 43,69,773/- for A.Y.2010-11, the assessee has claimed deduction u/s 80-IC of the Act at Rs. 2,88,50,633/-. The assessee submitted that it is manufacturing auto parts for Tata Motors Ltd and other vehicle manufacturing industries, at Rajkot, as well as Rudrapur at Tata Vendor Park, which

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

56,106/- and after reducing loss of Rs. 43,69,773/- for A.Y.2010-11, the assessee has claimed deduction u/s 80-IC of the Act at Rs. 2,88,50,633/-. The assessee submitted that it is manufacturing auto parts for Tata Motors Ltd and other vehicle manufacturing industries, at Rajkot, as well as Rudrapur at Tata Vendor Park, which

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

56,106/- and after reducing loss of Rs. 43,69,773/- for A.Y.2010-11, the assessee has claimed deduction u/s 80-IC of the Act at Rs. 2,88,50,633/-. The assessee submitted that it is manufacturing auto parts for Tata Motors Ltd and other vehicle manufacturing industries, at Rajkot, as well as Rudrapur at Tata Vendor Park, which

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

56,106/- and after reducing loss of Rs. 43,69,773/- for A.Y.2010-11, the assessee has claimed deduction u/s 80-IC of the Act at Rs. 2,88,50,633/-. The assessee submitted that it is manufacturing auto parts for Tata Motors Ltd and other vehicle manufacturing industries, at Rajkot, as well as Rudrapur at Tata Vendor Park, which

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

56,106/- and after reducing loss of Rs. 43,69,773/- for A.Y.2010-11, the assessee has claimed deduction u/s 80-IC of the Act at Rs. 2,88,50,633/-. The assessee submitted that it is manufacturing auto parts for Tata Motors Ltd and other vehicle manufacturing industries, at Rajkot, as well as Rudrapur at Tata Vendor Park, which

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

56,106/- and after reducing loss of Rs. 43,69,773/- for A.Y.2010-11, the assessee has claimed deduction u/s 80-IC of the Act at Rs. 2,88,50,633/-. The assessee submitted that it is manufacturing auto parts for Tata Motors Ltd and other vehicle manufacturing industries, at Rajkot, as well as Rudrapur at Tata Vendor Park, which

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

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

vii) Canteen expenditure 2,31,524/- (viii) Labour Charge expenditure 7,71,197/- (ix) Transport expenses 1,24,8227 (x) Car loan interest 16,014/- (xi) Vehicle, telephone & vehicle depreciation. Rs. 3,87,633/- Expenses 2. On the facts of the case, Ld. CIT(A) ought to hove upheld the order of the Assessing Officer. 3. It is therefore prayed

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)

vii) Alleged that expenses for providing free access to land and keeping area vacant surrounding to the land on which windmill is erected is not necessary for function of windmill and therefore not qualify for depreciation and thereby disallowed depreciation at Rs. 1,20,81,572/- and added the same to the returned income. (viii) Disallowed

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)

vii) Alleged that expenses for providing free access to land and keeping area vacant surrounding to the land on which windmill is erected is not necessary for function of windmill and therefore not qualify for depreciation and thereby disallowed depreciation at Rs. 1,20,81,572/- and added the same to the returned income. (viii) Disallowed