ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, SURAT vs. ANTRIX DIAMOND EXPORTS PVT. LTD.,, MUMBAI

In the result, these three appeals filed by the Revenue are dismissed

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.176 To 178/Srt/2022 Assessment Years: (2012-13 To 2014-15) (Physical Hearing) The Acit, Central Circle-3, Vs. Antrix Diamond Exports Pvt. Ltd., Surat. 1006, Free Press Mark, Raheja Centre Nariman Point, Mumbai – 400021. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaaca3403G (Revenue)/(Appellant) (Assessee)/(Respondent) Assessee By Ms Ekta Sanghvi, Ca Revenue By Shri Ashok B. Koli, Cit(Dr) Date Of Hearing 10/02/2023 21/03/2023 Date Of Pronouncement

section 92CA(1) of the I.T. Act, 1961, in the case of M/s Antrix Diamond Exports Private Ltd. (hereinafter referred to as "the assessee") for AY 2012-13 for computation of arm's length price in relation to the international transactions was received from DCIT. Cir.5(1), Mumbai/Assessing Officer (hereinafter referred to as ‘AO’) on 31.07.2014. The AO has made

INCOME TAX OFFICER WARD - 1(1)(1), SURAT vs. V R SURAT PVT. LTD. FORMERLY KNOWN AS M/S DHANLAXMI INFRASTRUCTURE PVT. LTD., SURAT

In the result, cross objection filed by the assessee (in CO

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.329/Srt/2022 Assessment Year: (2015-16) (Physical Hearing) Income Tax Officer, Ward- Vs. V R Surat Pvt. Ltd. 1(1)(1), Surat, Room No.111, 1St (Formerly Known As M/S. Floor, Aayakar Bhawan, Majura Dhanlaxmi Infrastructure Pvt. Gate, Surat-395001 Ltd.,).F. No.29, Virtuous Retail, Surat Dumas, Nr. Dumas Resort, Magdalla, Surat– 395007 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaccd5578R (Assessee) (Respondent) ""या"ेप. सं./Co No.16/Srt/2022 [Arising Out Of Ita No.329/Srt/2022] Assessment Year: (2015-16)

Section 92D of the Act, r/w Rule 10D of the Income-tax Rules, 1962 (‘the Rules’), an external benchmark was claimed to have been undertaken by the company on data available on national Security Depository Limited (NSDL) website. In the said benchmarking exercise, the mean interest rate of comparable transactions was arrived at 16.83% p.a against 15% p.a. paid

SHREE KHEDUT SAHAKARI KHAND UDYOG MANDLI LTD.,BARDOLI vs. INCOME TAX OFFICER, WARD-1, BARDOLI

In the result, all the appeals are disposed of in the manner indicated\nhereinbefore

section 37\nand the disallowance of portion of sugarcane price thereof results into\nDepartment taxing unreal and wrong amount of income and hence, liable\nto be struck down.\n4.\nOn the facts and in the circumstances of the case as well in law, As per\nSr.No. 1 above both the lower authorities have erred in ignoring the fact\nthat comparable

SAHAKARI KHAND UDUOG MANDAL LTD.,NA vs. ARIVS.DCIT, NAVSARI CIRCLE, NAVSARI, NAVSARI

In the result, all the appeals are disposed of in the manner indicated\nhereinbefore

section 37\nand the disallowance of portion of sugarcane price thereof results into\nDepartment taxing unreal and wrong amount of income and hence, liable\nto be struck down.\n4.\nOn the facts and in the circumstances of the case as well in law, As per\nSr.No. 1 above both the lower authorities have erred in ignoring the fact\nthat comparable

ACIT, NA vs. ARI CIRCLE, NAVSARIVS.M/S. MAROLI VIBHAG KHAND UDYOG SAHAKARI MANDALI LTD.,, NAVSARI

In the result, all the appeals are disposed of in the manner indicated\nhereinbefore

section 37\nand the disallowance of portion of sugarcane price thereof results into\nDepartment taxing unreal and wrong amount of income and hence, liable\nto be struck down.\n4.\nOn the facts and in the circumstances of the case as well in law, As per\nSr.No. 1 above both the lower authorities have erred in ignoring the fact\nthat comparable

MAROLI VIBHAG KHAND UDYOG SAHAKARI MANDALI LTD,.,NA vs. ARIVS.ACIT, NAVSARI CIRCLE, , NAVSARI

section 37\nand the disallowance of portion of sugarcane price thereof results into\nDepartment taxing unreal and wrong amount of income and hence, liable\nto be struck down.\n4.\nOn the facts and in the circumstances of the case as well in law, As per\nSr.No. 1 above both the lower authorities have erred in ignoring the fact\nthat comparable

SAHAKARI KHAND UDYOG MANDAL LTD.,,GANDEVI vs. ACIT, NAVSARI CIRCLE, NAVSARI, NAVSARI

section 37\nand the disallowance of portion of sugarcane price thereof results into\nDepartment taxing unreal and wrong amount of income and hence, liable\nto be struck down.\n4.\nOn the facts and in the circumstances of the case as well in law, As per\nSr.No. 1 above both the lower authorities have erred in ignoring the fact\nthat comparable

SAHADARI KHAND UDYOG MANDAL LTD.,,NA vs. ARIVS.ACIT, NAVSARI CIRCLE, NAVSARI, NAVSARI

section 37\nand the disallowance of portion of sugarcane price thereof results into\nDepartment taxing unreal and wrong amount of income and hence, liable\nto be struck down.\n4.\nOn the facts and in the circumstances of the case as well in law, As per\nSr.No. 1 above both the lower authorities have erred in ignoring the fact\nthat comparable

ACIT, NA vs. ARI CIRCLE, NAVSARIVS.M/S. MAROLI VIBHAG, KAND UDYOG SAHAKARI MANDALI LTD., NAVSARI

In the result, all the appeals are disposed of in the manner indicated\nhereinbefore

section 37\nand the disallowance of portion of sugarcane price thereof results into\nDepartment taxing unreal and wrong amount of income and hence, liable\nto be struck down.\n4.\nOn the facts and in the circumstances of the case as well in law, As per\nSr.No. 1 above both the lower authorities have erred in ignoring the fact\nthat comparable

THE ASSTT. COMMISSIONER OF INCOME TAX, VAPI CIRCLE,, VAPI vs. M/S. MITSU LIMITED,, DAMAN

In the result, the appeal of the Revenue is dismissed

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

transfer are treated as revenue receipts and treated as business income. Therefore, the action of the AO is merely based on presumption basis. Hence, we do not find any infirmity in the order of CIT (A), accordingly, same is upheld. This ground of appeal is therefore, dismissed. 73. Ground No. 4 states that the ld. CIT (A) has erred

M/S. MITSU PRIVATE LIMITED,,VAPI vs. THE ACIT, VAPI CIRCLE,, VAPI

In the result, the appeal of the Revenue is dismissed

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

transfer are treated as revenue receipts and treated as business income. Therefore, the action of the AO is merely based on presumption basis. Hence, we do not find any infirmity in the order of CIT (A), accordingly, same is upheld. This ground of appeal is therefore, dismissed. 73. Ground No. 4 states that the ld. CIT (A) has erred

ACIT, NA vs. ARI CIRCLE., NAVSARIVS.M/S. MAROLI VIBHAG KHAND UDYOG SAHAKARI MANDALI LTD,, NAVASARI

section 37\nand the disallowance of portion of sugarcane price thereof results into\nDepartment taxing unreal and wrong amount of income and hence, liable\nto be struck down.\n4.\nOn the facts and in the circumstances of the case as well in law, As per\nSr.No. 1 above both the lower authorities have erred in ignoring the fact\nthat comparable

RAVI MAHEXA,DAMAN AND DIU vs. INCOME TAX OFFICER, DAMAN WARD, DAMAN

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.193 To 195/Srt/2022 Assessment Years: (2015-16 To 2017-18) (Physical Hearing) Ravi Mahexa, Vs. Income Tax Officer, Ward-5, 7Th 14/55, Dilipnagar Near Dilip Nagar Vapi, Fortune Square, Floor, 8Th Floor & 9Th Floor, Ii, Ground, Daman, Daman – 396210, Daman & Diu (Ut) Chala Road, Vapi-396191 Ravi Mahexa Income Tax Officer, Daman 14/55, Dilipnagar Near Dilip Nagar Ward, Daman Jevanji Ground, Daman, Daman & Diu (Ut) - Apartment, Kavi Khabardar 396210 Road, Daman-396210 Vapi "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Apkpm1888H (Assessee) (Respondent) Assessee By Shri P. M. Jagasheth, Ca Respondent By Shri Minal Kamble, Sr. Dr Date Of Hearing 19/07/2023 Date Of Pronouncement 31/07/2023

75) – Definition of “money” under CGST Act (vide Pb.5 to 6) (v) Internet and Mobile Association vs. Reserve Bank of India, Writ Petition (Civil) No. 528 of 2018 (SC) (vide Pb.7 to 9) (vi) Part of Indian Penal Code (vide Pb.10 to 11) (vii) Part of the specified bank notes (Cessation of Liabilities) Bill, 2017 (vide Pb.12

RAVI MAHEXA,DAMAN AND DIU vs. INCOME TAX OFFICER, DAMAN WARD, DAMAN

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.193 To 195/Srt/2022 Assessment Years: (2015-16 To 2017-18) (Physical Hearing) Ravi Mahexa, Vs. Income Tax Officer, Ward-5, 7Th 14/55, Dilipnagar Near Dilip Nagar Vapi, Fortune Square, Floor, 8Th Floor & 9Th Floor, Ii, Ground, Daman, Daman – 396210, Daman & Diu (Ut) Chala Road, Vapi-396191 Ravi Mahexa Income Tax Officer, Daman 14/55, Dilipnagar Near Dilip Nagar Ward, Daman Jevanji Ground, Daman, Daman & Diu (Ut) - Apartment, Kavi Khabardar 396210 Road, Daman-396210 Vapi "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Apkpm1888H (Assessee) (Respondent) Assessee By Shri P. M. Jagasheth, Ca Respondent By Shri Minal Kamble, Sr. Dr Date Of Hearing 19/07/2023 Date Of Pronouncement 31/07/2023

75) – Definition of “money” under CGST Act (vide Pb.5 to 6) (v) Internet and Mobile Association vs. Reserve Bank of India, Writ Petition (Civil) No. 528 of 2018 (SC) (vide Pb.7 to 9) (vi) Part of Indian Penal Code (vide Pb.10 to 11) (vii) Part of the specified bank notes (Cessation of Liabilities) Bill, 2017 (vide Pb.12

RAVI MAHEXA,DAMAN AND DIU vs. INCOME TAX OFFICER, WARD 5, , VAPI

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.193 To 195/Srt/2022 Assessment Years: (2015-16 To 2017-18) (Physical Hearing) Ravi Mahexa, Vs. Income Tax Officer, Ward-5, 7Th 14/55, Dilipnagar Near Dilip Nagar Vapi, Fortune Square, Floor, 8Th Floor & 9Th Floor, Ii, Ground, Daman, Daman – 396210, Daman & Diu (Ut) Chala Road, Vapi-396191 Ravi Mahexa Income Tax Officer, Daman 14/55, Dilipnagar Near Dilip Nagar Ward, Daman Jevanji Ground, Daman, Daman & Diu (Ut) - Apartment, Kavi Khabardar 396210 Road, Daman-396210 Vapi "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Apkpm1888H (Assessee) (Respondent) Assessee By Shri P. M. Jagasheth, Ca Respondent By Shri Minal Kamble, Sr. Dr Date Of Hearing 19/07/2023 Date Of Pronouncement 31/07/2023

75) – Definition of “money” under CGST Act (vide Pb.5 to 6) (v) Internet and Mobile Association vs. Reserve Bank of India, Writ Petition (Civil) No. 528 of 2018 (SC) (vide Pb.7 to 9) (vi) Part of Indian Penal Code (vide Pb.10 to 11) (vii) Part of the specified bank notes (Cessation of Liabilities) Bill, 2017 (vide Pb.12

SHHLOK TRITON ASSOCIATES ,SURAT vs. PR. COMMISSIONER OF INCOME TAX, SURAT

In the result, the appeal of the appellant is allowed

Bench: Shri Sanjay Garg & Shri Bijayananda Prusethआयकर अपील सं./Ita Nos.638/Srt/2024 Assessment Year:(2014-15) (Hybrid Hearing) M/S Shhlok Triton Associates, Vs. Pcit – 1, F.P. No. 388, Paikee Udhna Surat Darwaja, Ring Road, Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aclfs6819A (Appellant) (Respondent) Appellant By Shri P. M. Jagasheth, Ca Respondent By Shri Mukesh Jain, Cit (Dr) Date Of Hearing 18/06/2025 Date Of Pronouncement 19/08/2025

75 (Guj.), PCIT vs. Ambe Tradecorp (P.) Ltd., 145 taxmann.com 27 (Guj.), DCIT vs. Rohini Builders, 127 taxmann.com 523 (Guj.), CIT-1 vs. Apex Therm Packaging (P.) Ltd., 42 taxmann.com 473 (Guj.), ACIT vs. Bharatbhai Kanjibhai Kakadiya, ITA No.724/SRT/2023, Bhupatbhai Thakarshibhai Mavani vs. ACIT, 140 taxmann.com 370 (Surat – Trib.)., Rajhans Construction (P.) Ltd. vs. ACIT, 140 taxmann.com 370 (Surat – Trib

ENGINEERING PROFESSIONAL CO. PVT LTD,SURAT vs. PCIT-1, SURAT

In the result, appeal of the assessee is partly allowed

Bench: Shri Pawan Singh & Shri Bijayananda Prusethआयकर अपील सं./Ita No.541/Srt/2024 Assessment Year: (2018-19) (Physical Hearing) Engineering Professional Co. Pvt. Ltd., Vs. The Pcit -1, 444, Royal Arcade, Opp. Sarthana Zoo, Surat Varachha Road, Near Sarthana Jakatnaka, Surat – 395006, Gujarat "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aabce0313Q (Appellant) (Respondent) Appellant By Shri P. M. Jagasheth, Ca Respondent By Shri Ravi Kant Gupta, Cit(Dr) Date Of Hearing 13/02/2025 Date Of Pronouncement 19/02/2025

75,850/- instead of declaring it as income from capital gain on the sale of land at Survey No.344/1/B at Olpad, Surat. The sale consideration declared was Rs.1,62,04,000/- but the stamp duty value of the ITA No.541/SRT/2024/AY.2018-19 Engineering Professional Co. Pvt. Ltd. land was Rs.1,78,06,122/-. For capital gain purpose, there was short declaration

DARSHINI AMIT SHARMA,DAMAN vs. INCOME TAX OFFICER, WARD, DAMAN, DAMAN

In the result, the appeal of the assessee is allowed

transfer of immovable property\". Section 50C, thus, on\na conceptual note, is a provision to address capital gains tax evasion on account\nof understatement of the consideration. Of course, the law provides, under section\n50C(2), that wherever an assessee claims that the actual market rate is less than\nthe stamp duty valuation, he can have the matter referred