M/S. GUJARAT CHEMICAL PORT TERMINAL CO.LTD.,,BHARUCH vs. THE CIT-I, BARODA

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

34,954/-. 2. It was noticed from the depreciation chart that the assessee had claimed depreciation @ 15% on WDV amount Rs.5,60,65,380/- of electrical installation / fittings. The eligible rate of depreciation on electric installation / fittings as per Appendix-I was 10%. Thus there was an excess claim of depreciation @ 5% on electrical fittings as shown below; Depreciation claimed

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

34,954/-. 2. It was noticed from the depreciation chart that the assessee had claimed depreciation @ 15% on WDV amount Rs.5,60,65,380/- of electrical installation / fittings. The eligible rate of depreciation on electric installation / fittings as per Appendix-I was 10%. Thus there was an excess claim of depreciation @ 5% on electrical fittings as shown below; Depreciation claimed

INCOME TAX OFFICER (EXAMPTION) WARD, SURAT vs. SHREE SAIBABA SATSANG MANDAL, SURAT

In the result, appeal of the Revenue is dismissed

34. In that matter also, a similar argument, as in the present case, was advanced on behalf of the revenue, namely, that depreciation can be allowed as deduction only under section 32 of the Income-tax Act and not under general principles. The Court rejected this argument. It was held that normal depreciation can be considered as a legitimate deduction

VAPI GREEN ENVIRO LIMITED,VAPI vs. PCIT, VALSAD

In the result, appeal of the assessee is allowed

Bench: Shri T. R. Senthil Kumar & Shri Bijayananda Prusethआयकर अपील सं./Ita No.582/Srt/2024 Assessment Year: (2014-15) (Hybrid Hearing) Vapi Green Enviro Limited, Vs. Pcit, 135, 1St Floor, Via House Gidc Char Valsad Rasta, Vapi – 396195, Gujarat "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aaacv8289P (Appellant) (Respondent) Appellant By Ms Arti N. Shah, Ca Respondent By Shri Ashish Pophare, Cit-Dr Date Of Hearing 30/06/2025 Date Of Pronouncement 12/08/2025

section 263 of the Income-tax Act, 1961 (in short, ‘the Act’), dated 20.03.2024, by the learned Principal Commissioner of Income-tax, Valsad [in short ‘PCIT’] for the Assessment Year (AY) 2014-15. 2. Grounds of appeal raised by the assessee are as under: “1. The Ld. Principal Commissioner of Income Tax, Valsad, has grossly erred in law as well

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. ASSTT. COMMISSIONER OF INCOME TAX,, BHARUCH

In the result, appeal of the assessee is allowed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

34 ITA 2018/Ahd/2014 Enviro Technology Ltd. Vs ACIT &7Ors. appeals 8. On the facts and in the circumstances of the case and in law, it is submitted that expenditure for earning interest income estimated at 10% of interest earned on loan amounting to Rs.13,76,818/- ought to be deducted while excluding the interest income for the purpose of computing

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

34 ITA 2018/Ahd/2014 Enviro Technology Ltd. Vs ACIT &7Ors. appeals 8. On the facts and in the circumstances of the case and in law, it is submitted that expenditure for earning interest income estimated at 10% of interest earned on loan amounting to Rs.13,76,818/- ought to be deducted while excluding the interest income for the purpose of computing

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

34 ITA 2018/Ahd/2014 Enviro Technology Ltd. Vs ACIT &7Ors. appeals 8. On the facts and in the circumstances of the case and in law, it is submitted that expenditure for earning interest income estimated at 10% of interest earned on loan amounting to Rs.13,76,818/- ought to be deducted while excluding the interest income for the purpose of computing

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

34 ITA 2018/Ahd/2014 Enviro Technology Ltd. Vs ACIT &7Ors. appeals 8. On the facts and in the circumstances of the case and in law, it is submitted that expenditure for earning interest income estimated at 10% of interest earned on loan amounting to Rs.13,76,818/- ought to be deducted while excluding the interest income for the purpose of computing

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

34 ITA 2018/Ahd/2014 Enviro Technology Ltd. Vs ACIT &7Ors. appeals 8. On the facts and in the circumstances of the case and in law, it is submitted that expenditure for earning interest income estimated at 10% of interest earned on loan amounting to Rs.13,76,818/- ought to be deducted while excluding the interest income for the purpose of computing

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

34 ITA 2018/Ahd/2014 Enviro Technology Ltd. Vs ACIT &7Ors. appeals 8. On the facts and in the circumstances of the case and in law, it is submitted that expenditure for earning interest income estimated at 10% of interest earned on loan amounting to Rs.13,76,818/- ought to be deducted while excluding the interest income for the purpose of computing

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

34 ITA 2018/Ahd/2014 Enviro Technology Ltd. Vs ACIT &7Ors. appeals 8. On the facts and in the circumstances of the case and in law, it is submitted that expenditure for earning interest income estimated at 10% of interest earned on loan amounting to Rs.13,76,818/- ought to be deducted while excluding the interest income for the purpose of computing

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

34 ITA 2018/Ahd/2014 Enviro Technology Ltd. Vs ACIT &7Ors. appeals 8. On the facts and in the circumstances of the case and in law, it is submitted that expenditure for earning interest income estimated at 10% of interest earned on loan amounting to Rs.13,76,818/- ought to be deducted while excluding the interest income for the purpose of computing

ACIT, CIRCLE-2(1)(1), INCOME TAX DEPARTMENT vs. S D MATERIAL HANDLERS PRIVATE LIMITED, SURAT

In the result, the appeal of the Revenue is dismissed

Bench: Shri Pawan Singh, Jm & Dr. A.L.Saini, Am आयकर अपील सं./Ita No.499/Srt/2023 (िनधा"रणवष" / Assessment Year: (2013-14) (Hybrid Hearing) Assistant Commissioner Of M/S S D Material Handlers Pvt. Ltd. Income-Tax, Circle-2(1)(1), Surat Vs. 405-408, Shivalik Western, L.P. Room No.612, 6Th Floor, Aayakar Savani Road, Adajan Adajan Bhavan, Near Majura Gate, Bo, Surat-395009 Surat-395001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaccd 3481B (अपीलाथ" /Assessee) (""थ"/Respondent)

34 of the Act, is that the vehicles must be 'owned by the assessee'. ITA No.499/SRT/2023 A.Y. 13-14 M/s S D Material Handlers Pvt. Ltd. This section does not require that the assessee must be a registered owner of the vehicles in order to claim depreciation allowance in respect of them. We are of the view that

SHRI GORDHANBHAI R. ASODARIA,SURAT vs. ASSISTANT COMMISSIONER INCOME TAX, CENTRAL CIRCLE-3, SURAT

In the result, the ground No

Bench: Shri Pawan Singh(Virtual Hearing) Shri Gordhanbhai R. Asodaria, A.C.I.T., 8, Raghuvir Bunglow, City Light Road, Central Circle-3, Vs. Parle Point, Surat-395007. Surat. Pan No. Abapa 6910 G Appellant/ Assessee Respondent/ Revenue

10(2A) of Rs. 27,34,928/-. Therefore, as per Section 14A of the Act, the interest expenses of Rs. 1,70,691/- should be disallowed. The Assessing Officer recorded that he has reason to believe that income of assessee to the extent of Rs. 1,70,691/- for A.Y. 2012-13 has escaped assessment on failure on the part

SIDDHI VINAYAK KNOTS & PRINTS PRIVATE LIMITED,SURAT vs. PR. CIT-2, SURAT, SURAT

In the result, the appeal filed by the assessee is dismissed

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.58/Srt/2022 "नधा"रणवष"/Assessment Year: (2017-18) (Physical Court Hearing) Siddhi Vinayak Knots & Prints Pvt. Ltd. Vs. The Pcit-2, A-26, Central Park, Gidc, Pandesara Surat. S.O., Pandesara, Surat-394221. (Appellant) (Respondent) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aamcs4421L

10. Later on, the Hon`ble Supreme Court has passed order in the case of M/s Checkmate Services Pvt. Ltd. (supra), in Tax Appeal No.2833 of 2016, dated 12.10.2022, wherein the findings of the Hon`ble Gujarat High Court have been confirmed by the Hon`ble Apex Court. The important findings of the Hon`ble Supreme Court, are reproduced below

RAIYANI BROTHERS,SURAT vs. INCOME TAX OFFICER, WARD 3(3)(4), SURAT

In the result, assessee’s appeal in ITA No

Bench: Shripawan Singh, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.222-224/Srt/2018 (िनधा"रणवष" / Assessment Years: (2007-08,2008-09 &2013-14) (Virtual Court Hearing) Raiyani Brothers The Income Tax Officer, V 9, Dumaswala Compound, Ward-3(3)(4), Aayakar Bhawan, Majura S. Haribaug, Varachha Road, Gate, Surat. Surat-395006 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aadfr0702K (Assessee) (Revenue)

depreciation 10. Whether the provisions of section 150(1) are No applicable. If the reply is in the affirmative, facts may be stated against item No.11 and it may also be brought out that the provisions of sec 150(2) would not stand in the way of initiating proceedings u/s 147 11. Reasons for the belief that income has escaped

RAIYANI BROTHERS,SURAT vs. INCOME TAX OFFICER, WARD 3(3)(4), SURAT

In the result, assessee’s appeal in ITA No

Bench: Shripawan Singh, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.222-224/Srt/2018 (िनधा"रणवष" / Assessment Years: (2007-08,2008-09 &2013-14) (Virtual Court Hearing) Raiyani Brothers The Income Tax Officer, V 9, Dumaswala Compound, Ward-3(3)(4), Aayakar Bhawan, Majura S. Haribaug, Varachha Road, Gate, Surat. Surat-395006 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aadfr0702K (Assessee) (Revenue)

depreciation 10. Whether the provisions of section 150(1) are No applicable. If the reply is in the affirmative, facts may be stated against item No.11 and it may also be brought out that the provisions of sec 150(2) would not stand in the way of initiating proceedings u/s 147 11. Reasons for the belief that income has escaped

RAIYANI BROTHERS,SURAT vs. INCOME TAX OFFICER, WARD 3(3)(4), SURAT

In the result, assessee’s appeal in ITA No

Bench: Shripawan Singh, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.222-224/Srt/2018 (िनधा"रणवष" / Assessment Years: (2007-08,2008-09 &2013-14) (Virtual Court Hearing) Raiyani Brothers The Income Tax Officer, V 9, Dumaswala Compound, Ward-3(3)(4), Aayakar Bhawan, Majura S. Haribaug, Varachha Road, Gate, Surat. Surat-395006 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aadfr0702K (Assessee) (Revenue)

depreciation 10. Whether the provisions of section 150(1) are No applicable. If the reply is in the affirmative, facts may be stated against item No.11 and it may also be brought out that the provisions of sec 150(2) would not stand in the way of initiating proceedings u/s 147 11. Reasons for the belief that income has escaped