THE ITO, (INTERNATIONAL TAXATION),, SURAT vs. MICRO INKS LIMITED,, VAPI
In the result, appeal of the assessee is allowed
ITA 2375/AHD/2014[2012-13]Status: DisposedITAT Surat14 Feb 2020AY 2012-13
Bench: Shri Sandeep Gosain, Hon'Ble & Shri O.P.Meena, Hon'Bleआ.अ.सं./I.T.A No.2375/Ahd/2014 "नधा"रण वष"/Assessment Year: 2012-13 The Income Tax Officer, V Micro Inks Limited, (International Taxation), Surat. S. Bilakhia House, Muktanand Marg, Chala, Vapi – 396 191. [Pan: Aaach 7063 F] अपीलाथ" / Appellant ""यथ"/Respondent आ.अ.सं./I.T.A No.2707/Ahd/2014 "नधा"रण वष"/Assessment Year: 2012-13 Micro Inks Limited, V The Income Tax Officer, Bilakhia House, Muktanand S. (International Taxation), Marg, Chala, Vapi – 396 191. Surat. [Pan: Aaach 7063 F] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Gopala Krishnan – Ca राज"वक"ओरसे /Revenue By Mrs. Anupam Singla – Sr.Dr सुनवाईकीतारीख/ Date Of Hearing: 06.02.2020 उ"घोषणाक"तार"ख/Pronouncement On: 14.02.2020
Section 201Section 5Section 5(2)Section 9(1)Section 9(1)(v)Section 9(1)(vb)
vb) of the Income Tax Act. Whereas, it is also an undisputed fact that the assessee has utilised the funds borrowed under ECB Loan for the purpose of making investment in foreign subsidiary companies. Since under the similar facts and circumstances, Hon'ble Ahmedabad Bench of ITAT in the case of Adani Enterprises Ltd., 29 taxmann.com 99 (Ahmedabad Tribunal) already
