THE DCIT, CIRCLE-1(1),, BARODA vs. GUJARAT CHEMICAL PORT TERMINAL CO.LTD.,, BHARUCH

In the result, Cross Objection appeal of the assessee is allowed

Bench: Shri Sandeep Gosain, Hon'Ble & Shri O.P.Meena, Hon'Bleआ.अ.सं./I.T.A No.1501/Ahd/2014 "नधा"रण वष"/Assessment Year: 2009-10 M/S.Gujarat Chemical Port Terminal V The Commissioner Of Income Tax, Vadodara. Company Ltd., S Po Lakhigam, Via Dahej, . Bharuch – 392 130. [Pan: Aaacg 6861 A] अपीलाथ" / Appellant ""यथ"/Respondent आ.अ.सं./I.T.A No.2998/Ahd/2014 "नधा"रण वष"/Assessment Year: 2010-11 The Deputy Commissioner Of Income V M/S.Gujarat Chemical Port Tax, Circle-1(1), Baroda. S Terminal Company Ltd., . Po Lakhigam, Via Dahej, Bharuch – 392 130. [Pan: Aaacg 6861 A] अपीलाथ" / Appellant ""यथ"/Respondent Cross Objection No.30/Ahd/2015 (Arising Out Of Ita No.2998/Ahd/2014) "नधा"रण वष"/Assessment Year: 2010-11 M/S.Gujarat Chemical Port Vs. The Deputy Commissioner Of Terminal Company Ltd., Income Tax, Circle-1(1), Po Lakhigam, Via Dahej, Baroda. Bharuch – 392 130. [Pan: Aaacg 6861 A] अपीलाथ" / Appellant ""यथ"/Respondent

10,788/- following the decision of his predecessor on the same issue in A.Y. ‘2007- 08, wherein it was held that the method of accounting consistently followed by the assessee and diminution claimed by the assessee for the assessment year 2006-07 was accepted by the department. The ld.CIT(Appeals) erred in not appreciating the fact that the department

ACIT, CIRCLE-2, BHARUCH vs. SNS TEXTILES LIMITED,, ANKLESHWAR

In the result, the appeal of the Revenue is dismissed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Hearing In Virtual Court) Assistant Commissioner Of M/S Sns Textiles Ltd. Income Tax Circle-2, 330-A, Opp. Atul Products Vs Bharuch, 2Nd Floor, Harikunj Ltd., Gidc, Ankleshwar- Building, Above Bank Of 393002 Baroda, Station Road, Pan : Aadcs 4565 N Bharuch-392001 Appellant / Revenue Respondent / Assessee

section 72(3) of the Act, and 2 M/s SNS Textiles Ltd. thereby disallowed. Further the carry forward of unabsorbed depreciation of AYs 1996-97, 1997-98, 1998-99 of Rs.12.128 crores was also regular beyond eight assessment years and cannot be allowed to carry forward. On appeal before Ld. CIT(A) the entire carry forward of unabsorbed depreciation

M/S. SHANGRILA LATEX INDUSTRIES LIMITED,SURAT vs. ASSISTANT COMMISSIONER OF INCOME TAX - 4, SURAT

In the result, appeal filed by the assessees is allowed

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.38/Srt/2017 Assessment Year: (2006-07) (Physical Court Hearing) Shangrila Latex Industries Limited, Vs. The Acit, Circle-4, C/O. B.M. Parekh & Co., 203, 2Nd Surat. Floor, Navjivan Society, Bldg. No. 03, Lamington Road, Mumbai-400008. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaics1479E (Appellant) (Respondent) Assessee By Shri Sanjay S. Kapadia, Ca Respondent By Shri H. P. Meena, Cit(Dr) Date Of Hearing 01/07/2022 28/09/2022 Date Of Pronouncement

10. The above legal provision makes it clear that where a person has obtained, in any manner whatsoever, any amount, in respect of inter alia an expenditure, by way of remission or cessation thereof, the amount obtained by such person or the value of benefit accruing to him shall be deemed to be profits and gains of the business, provided

ENVIRO TECHNOLOGY LTD.,,ANKLESHWAR vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX, BHARUCH CIRCLE,, BHARUCH

In the result, appeal of the assessee is allowed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

23. On appeal against the finding of AO in treating the undertaking as not eligible for deduction under section 80IA, the assessee filed detailed written submissions as recorded in para 5.2 of order of CIT(A). We find that in the written submissions the assessee retreated similar submissions as submitted before assessing officer and also relied on certain case laws

ENVIRO TECHNOLOGY LIMITED,,ANKLESHWAR vs. THE ACIT.,BHARUCH CIRCLE,, BHARUCH

In the result, appeal of the assessee is allowed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

23. On appeal against the finding of AO in treating the undertaking as not eligible for deduction under section 80IA, the assessee filed detailed written submissions as recorded in para 5.2 of order of CIT(A). We find that in the written submissions the assessee retreated similar submissions as submitted before assessing officer and also relied on certain case laws

ENVIRO TECHNOLOGY LIMITED,,ANKLESHWAR vs. THE ACIT.,BHARUCH CIRCLE,, BHARUCH

In the result, appeal of the assessee is allowed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

23. On appeal against the finding of AO in treating the undertaking as not eligible for deduction under section 80IA, the assessee filed detailed written submissions as recorded in para 5.2 of order of CIT(A). We find that in the written submissions the assessee retreated similar submissions as submitted before assessing officer and also relied on certain case laws

ENVIRO TECHNOLOGY LTD.,,ANKLESHWAR vs. ASSTT. COMMISSIONER OF INCOME TAX,, BHARUCH

In the result, appeal of the assessee is allowed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

23. On appeal against the finding of AO in treating the undertaking as not eligible for deduction under section 80IA, the assessee filed detailed written submissions as recorded in para 5.2 of order of CIT(A). We find that in the written submissions the assessee retreated similar submissions as submitted before assessing officer and also relied on certain case laws

ENVIRO TECHNOLOGY LTD.,,ANKLESHWAR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, BHARUCH CIRCLE-2,, BHARUCH

In the result, appeal of the assessee is allowed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

23. On appeal against the finding of AO in treating the undertaking as not eligible for deduction under section 80IA, the assessee filed detailed written submissions as recorded in para 5.2 of order of CIT(A). We find that in the written submissions the assessee retreated similar submissions as submitted before assessing officer and also relied on certain case laws

ENVIRO TECHNOLOGY LTD.,,ANKLESHWAR vs. ASSTT. COMMISSIONER OF INCOME TAX., BHARUCH

In the result, appeal of the assessee is allowed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

23. On appeal against the finding of AO in treating the undertaking as not eligible for deduction under section 80IA, the assessee filed detailed written submissions as recorded in para 5.2 of order of CIT(A). We find that in the written submissions the assessee retreated similar submissions as submitted before assessing officer and also relied on certain case laws

ENVIRO TECHNOLOGY LTD.,,ANKLESHWAR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, BHARUCH CIRCLE-2,, BHARUCH

In the result, appeal of the assessee is allowed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

23. On appeal against the finding of AO in treating the undertaking as not eligible for deduction under section 80IA, the assessee filed detailed written submissions as recorded in para 5.2 of order of CIT(A). We find that in the written submissions the assessee retreated similar submissions as submitted before assessing officer and also relied on certain case laws

ENVIRO TECHNOLOGY LTD.,,ANKLESHWAR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, BHARUCH CIRCLE-2,, BHARUCH

In the result, appeal of the assessee is allowed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

23. On appeal against the finding of AO in treating the undertaking as not eligible for deduction under section 80IA, the assessee filed detailed written submissions as recorded in para 5.2 of order of CIT(A). We find that in the written submissions the assessee retreated similar submissions as submitted before assessing officer and also relied on certain case laws

M/S. JAY KESAR BHAVANI DEVELOPERS PVT.LTD.,SURAT vs. THE ITOI,WD.1(3), SURAT

In the result, the appeal of the assessee is partly allowed

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.1196/Ahd/2013 िनधा"रण वष"/Assessment Year:2009-10 M/S. Jay Kesar Bhavani V. Income Tax Officer, Developers Pvt. Ltd., Ward-1(3) Surat A-48,Kesar Kunj, Shri Bhulabhai Desai Marg, Laxmikant Ashram Road Katargam Surat 395004 Pan:Aabcj 6278 P अपीलाथ" Appellant ""यथ"/Respondent

23,019 u/s. 80IB(10) of the Act. A survey under section 133A conducted on 30.12.2009 by the DDIT(Inv.) Surat as to how business premises of the assessee. The AO noted that the assessee has shown turnover of Rs. 6,90,92,636 and claimed expenses of Rs.6,65,08,089 and shown gross profit at Rs.25

THE DCIT, CIRCLE-1,, BHARUCH vs. M/S. GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LTD.,, BHARUCH

In the result, this ground of appeal is also dismissed

Bench: Shri Pawan Singh & Dr Arjun Lal Sainiआ.अ.सं./Ita No.431/Srt/2018 (Ay 2007-08) & (Hearing In Virtual Court) Deputy Commissioner Of Gujarat Narmada Valley Income-Tax, Circle-1 Bharuch, Fertilizers & Chemicals Vs Above Bank Of Baroda, Ltd. Station Road, Bharuch- P.O. Narmada Nagar, 320001 Dist. Bharuch-392015 Pan : Aaacg 8372 Q अपीलाथ"/Appellant ""यथ" /Respondent आ.अ.सं./Ita No.432/Srt/2018 & ""या"ेप/C.O. No.12/Srt/2021 [A/O Ita No.432/Srt/2018] (Ay 2012-13) Deputy Commissioner Of Gujarat Narmada Valley Income-Tax, Circle-1 Fertilizers & Chemicals Ltd. Vs Bharuch, Above Bank Of P.O. Narmada Nagar, Dist. Baroda, Station Road, Bharuch-392015 Pan : Aaacg 8372 Q Bharuch-320001 अपीलाथ"/Appellant ""यथ" /Respondent/Co- Objector

10, 2010-11 and 2011-12 has allowed depreciation. The Ld. CIT(A) further held that assessee has paid a consideration of Rs.7849.25 lakhs consisting of Rs.6,955 lakhs against shares of its own and remaining amount of Rs.894.25 against the share of other shareholders. The assessee has passed entry in its books of account on amalgamation, investment of Rs.6

THE DCIT, CIRCLE-1,, BHARUCH vs. M/S. GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LTD.,, BHARUCH

In the result, this ground of appeal is also dismissed

Bench: Shri Pawan Singh & Dr Arjun Lal Sainiआ.अ.सं./Ita No.431/Srt/2018 (Ay 2007-08) & (Hearing In Virtual Court) Deputy Commissioner Of Gujarat Narmada Valley Income-Tax, Circle-1 Bharuch, Fertilizers & Chemicals Vs Above Bank Of Baroda, Ltd. Station Road, Bharuch- P.O. Narmada Nagar, 320001 Dist. Bharuch-392015 Pan : Aaacg 8372 Q अपीलाथ"/Appellant ""यथ" /Respondent आ.अ.सं./Ita No.432/Srt/2018 & ""या"ेप/C.O. No.12/Srt/2021 [A/O Ita No.432/Srt/2018] (Ay 2012-13) Deputy Commissioner Of Gujarat Narmada Valley Income-Tax, Circle-1 Fertilizers & Chemicals Ltd. Vs Bharuch, Above Bank Of P.O. Narmada Nagar, Dist. Baroda, Station Road, Bharuch-392015 Pan : Aaacg 8372 Q Bharuch-320001 अपीलाथ"/Appellant ""यथ" /Respondent/Co- Objector

10, 2010-11 and 2011-12 has allowed depreciation. The Ld. CIT(A) further held that assessee has paid a consideration of Rs.7849.25 lakhs consisting of Rs.6,955 lakhs against shares of its own and remaining amount of Rs.894.25 against the share of other shareholders. The assessee has passed entry in its books of account on amalgamation, investment of Rs.6

SHREE SAINATH SARVAJANIK SEWA MANDAL TRUST,UNA vs. ITO, EXEMPTION WARD, SURAT, SURAT

In the result, the appeal of the Revenue is dismissed

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita No.204/Srt/2021 ("नधा"रणवष" / Assessment Years: (2016-17) (Physical Court Hearing) Shree Sainath Sarvajanik Sewa Vs. The Ito, Exemption Ward, Mandal Trust, Surat. N.H. No.8, Near Ganesh Sisodra, Unn-396445, Gujarat. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aafts7802P (Assessee) (Respondent) Assessee By: Shri Rasesh Shah, Ca Revenue By: Shri J. K. Chandnani, Sr. Dr सुनवाईक"तार"ख/ Date Of Hearing : 12/05/2022 घोषणाक"तार"ख/Date Of Pronouncement : 22/07/2022 आदेश / O R D E R Per Dr. A. L. Saini: The Captioned Appeal Filed By The Assessee, Pertaining To Assessment Year 2016-17, Is Directed Against The Order Passed By The Learned Commissioner Of Income Tax (Appeals), [In Short ‘Ld. Cit(A)’] National Faceless Appeal Centre (In Short ‘Nfac), Delhi, In Appeal No. Itba/Nfac/S/250/2021-22/1036051308(1) Dated 30.09.2021, Which In Turn Arises Out Of A Penalty Order Passed By Assessing Officer U/S 271(1)(C) Of The Income Tax Act, 1961 (Hereinafter Referred To As The ‘Act’).

10. We note that assessee trust has claimed depreciation to the tune of Rs.20,63,925/-by mistake and accepted the mistake during assessment proceedings and penalty proceedings. We note that assessee has claimed said depreciation under bona-fide belief that the same is allowable deduction under the Act. However, we note that Finance Act, 2014 amended the provisions

DCIT, CIRCLE-1(1)(2), SURAT vs. J K PAPER LIMITED, SURAT

In the result, this appeal of the Revenue is dismissed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Hearing In Virtual Court) D.C.I.T. M/S J.K. Paper Ltd. Circle-1(1)(2), P.O. Central Pulp Mill, Vs. Surat. Fort Songadh, Surat. Pan : Aaact 6305 N Appellant Respondednt

23,000/- social forestry expenses and depreciation on assets used for social forestry (Restricted) 2 Reduction deduction claimed u/s 80IA Rs. 2,52,99,629/- 3 Disallowance under section 40(a)(ia) Rs.12,00,000/- 4. Club expenses Rs. 5,00,000/- 5. Income on deployment of FCCB funds Credited to Rs. 10

THE ACIT, CIRCLE-1,, BHARUCH vs. BHARUCH DISTRICT CENTRAL CO. OP. BANK LTD.,, BHARUCH

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

10% of aggregate average advances also as advanced by its rural branch. The assessee 23 Bharuch Dist. Central Co-Op.Bank Ltd. AYs 12-13, 14-15, 09-10-11-12 has claimed total deduction of Rs. 8.567crores which also includes deduction of Rs. 1.067 crore being 15% statutory transferred to bad debts reserve

THE ACIT, CIRCLE-1,, BHARUCH vs. BHARUCH DISTRICT CENTRAL CO. OP. BANK LTD.,, BHARUCH

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

10% of aggregate average advances also as advanced by its rural branch. The assessee 23 Bharuch Dist. Central Co-Op.Bank Ltd. AYs 12-13, 14-15, 09-10-11-12 has claimed total deduction of Rs. 8.567crores which also includes deduction of Rs. 1.067 crore being 15% statutory transferred to bad debts reserve

THE BHARUCH DIST.CENTRAL CO.OP.BANK LTD.,,BHARUCH vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, BHARUCH

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

10% of aggregate average advances also as advanced by its rural branch. The assessee 23 Bharuch Dist. Central Co-Op.Bank Ltd. AYs 12-13, 14-15, 09-10-11-12 has claimed total deduction of Rs. 8.567crores which also includes deduction of Rs. 1.067 crore being 15% statutory transferred to bad debts reserve