DY.COMMISSIONER OF INCOME TAX CIRCLE-1(3),, AHMEDABAD vs. KIFS PVT.LTD.,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

TDS as per section 194H on payment in the nature of Sub- brokerage for IPO. 6.The CIT(A) has erred in law and on facts by directing to treat profit from KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 sale of shares held only up to 30 days as business

THE ACIT, CIRCLE-3,, AHMEDABAD vs. KIFS SECURITIES LIMITED,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

TDS as per section 194H on payment in the nature of Sub- brokerage for IPO. 6.The CIT(A) has erred in law and on facts by directing to treat profit from KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 sale of shares held only up to 30 days as business

THE DY. CIT., CIRCLE-3,, AHMEDABAD vs. KHANDWALA INTEGRATED FINANCIAL SERVICES PVT. LTD, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

TDS as per section 194H on payment in the nature of Sub- brokerage for IPO. 6.The CIT(A) has erred in law and on facts by directing to treat profit from KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 sale of shares held only up to 30 days as business

KIFS SECURITIES PVT. LTD.,,AHMEDABAD vs. THE ACIT, CIRCLE-1(3),, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

TDS as per section 194H on payment in the nature of Sub- brokerage for IPO. 6.The CIT(A) has erred in law and on facts by directing to treat profit from KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 sale of shares held only up to 30 days as business

KIFS SECURITIES LTD.,,AHMEDABAD vs. THE JT.CIT, RANGE- 3,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

TDS as per section 194H on payment in the nature of Sub- brokerage for IPO. 6.The CIT(A) has erred in law and on facts by directing to treat profit from KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 sale of shares held only up to 30 days as business

KIFS SECURITIES LTD.,,AHMEDABAD vs. THE JT.CIT, RANGE- 3,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

TDS as per section 194H on payment in the nature of Sub- brokerage for IPO. 6.The CIT(A) has erred in law and on facts by directing to treat profit from KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 sale of shares held only up to 30 days as business

INCOME TAX OFFICERS (TDS),, GANDHINAGAR vs. SHRI RANG INFRASTRUCTURE PVT. LTD.,, GANDHINAGAR

In the result, the appeal of Revenue is allowed for statistical purpose

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadआयकर अपील सं./I.T.A. No. 2266/Ahd/2017 ("नधा"रण वष" / Assessment Year: 2010-11)

Section 221 from such person, unless the Assessing Officer is satisfied that such person, without good and sufficient reasons, has failed to deduct and pay such tax. ITA No.2266/Ahd/2017 [ITO (TDS

TORRENT POWER LTD.,,AHMEDABAD vs. THE ACIT.,RANGE-8,, AHMEDABAD

In the result cross objection filed by the assessee is partly allowed for statistical purposes

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

section 80-IA of the Act. 69. The learned CIT (A) disregarded the contention of the assessee by observing that the impugned income does not have nexus with the distribution of power activity of the assessee. Thus the learned CIT (A) upheld the finding of the AO. 70. Being aggrieved by the order of the learned CIT (A), the assessee

ACIT CENTRAL CIRCLE 2(3), AHMEDABAD vs. INTAS PHARMACEUTICALS LIMITED, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Ms. Suchitra R. Kamble & Shri Narendra Prasad Sinhaasst. Commissioner Of M/S. Intas Pharmaceuticals Ltd., Vs. Income-Tax, Corporate House, S.G. Highway, Central Circle 2(3), Nr. Sola Bridge, Thaltej, Ahmedabad Ahmedabad-380 054 [Pan : Aaaci 5120 L] (Appellant) .. (Respondent) Appellant Represented By : Shri Sher Singh, Cit (Dr) Respondent Represented By: Shri S. N. Soparkar, Sr. Advocate & Ms. Urvashi Sodhan, Ar Date Of Hearing 07.01.2026 Date Of Pronouncement 24.02.2026 O R D E R Per Ms. Suchitra R. Kamble:-

221] and by the Hon’ble Delhi High Court in PCIT v. IL & FS Energy Development Co. Ltd. [(2017) 84 taxmann.com 186]. The Hon’ble Supreme Court has also dismissed SLPs filed against these decisions, thereby lending finality to the proposition that earning of exempt income is a sine qua non for invoking section 14A. 94. In the instant case

THE DY. CIT, CIRCLE-1(1)(2),, AHMEDABAD vs. JMC PROJECTS (INDIA) LIMITED,, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

TDS was not deducted as per the provision. U/S 14A for Expenses The AO disallowed expenses that were related related to Exempt Income to income exempt from tax under Section 14A. The CIT(A) deleted the disallowance for certain years, finding insufficient grounds for the AO’s action in those cases. ITA No.2815/Ahd/2011 and other 17 appeals JMC Projects (India

JMC PROJECTS (INDIA) LIMITED,,AHMEDABAD vs. THE DY. CIT, CENTRAL CIRCLE-1(1),, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

TDS was not deducted as per the provision. U/S 14A for Expenses The AO disallowed expenses that were related related to Exempt Income to income exempt from tax under Section 14A. The CIT(A) deleted the disallowance for certain years, finding insufficient grounds for the AO’s action in those cases. ITA No.2815/Ahd/2011 and other 17 appeals JMC Projects (India

THE ACIT, CIRCLE-2(1)(2),, AHMEDABAD vs. JMC PROJECTS (INDIA) LIMITED,, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

TDS was not deducted as per the provision. U/S 14A for Expenses The AO disallowed expenses that were related related to Exempt Income to income exempt from tax under Section 14A. The CIT(A) deleted the disallowance for certain years, finding insufficient grounds for the AO’s action in those cases. ITA No.2815/Ahd/2011 and other 17 appeals JMC Projects (India

JMC PROJECTS (INDIA) LTD.,,AHMEDABAD vs. THE ACIT.,(OSD)-I,RANGE-4,, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

TDS was not deducted as per the provision. U/S 14A for Expenses The AO disallowed expenses that were related related to Exempt Income to income exempt from tax under Section 14A. The CIT(A) deleted the disallowance for certain years, finding insufficient grounds for the AO’s action in those cases. ITA No.2815/Ahd/2011 and other 17 appeals JMC Projects (India

THE ACIT,(OSD)-I,RANGE-4,, AHMEDABAD vs. JMC PROJECTS (INDIA) LTD.,, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

TDS was not deducted as per the provision. U/S 14A for Expenses The AO disallowed expenses that were related related to Exempt Income to income exempt from tax under Section 14A. The CIT(A) deleted the disallowance for certain years, finding insufficient grounds for the AO’s action in those cases. ITA No.2815/Ahd/2011 and other 17 appeals JMC Projects (India

JMC PROJECTS (INDIA) LTD.,,AHMEDABAD vs. THE ACIT.,(OSD)-I,RANGE-4,, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

TDS was not deducted as per the provision. U/S 14A for Expenses The AO disallowed expenses that were related related to Exempt Income to income exempt from tax under Section 14A. The CIT(A) deleted the disallowance for certain years, finding insufficient grounds for the AO’s action in those cases. ITA No.2815/Ahd/2011 and other 17 appeals JMC Projects (India

JMC PROJECTS (INDIA) LIMITED,,AHMEDABAD vs. THE DY. CIT, CENTRAL CIRCLE-1(1),, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

TDS was not deducted as per the provision. U/S 14A for Expenses The AO disallowed expenses that were related related to Exempt Income to income exempt from tax under Section 14A. The CIT(A) deleted the disallowance for certain years, finding insufficient grounds for the AO’s action in those cases. ITA No.2815/Ahd/2011 and other 17 appeals JMC Projects (India

THE DY. CIT, CIRCLE-1(1)(2),, AHMEDABAD vs. JMC PROJECTS (INDIA) LIMITED,, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

TDS was not deducted as per the provision. U/S 14A for Expenses The AO disallowed expenses that were related related to Exempt Income to income exempt from tax under Section 14A. The CIT(A) deleted the disallowance for certain years, finding insufficient grounds for the AO’s action in those cases. ITA No.2815/Ahd/2011 and other 17 appeals JMC Projects (India

JMC PROJECTS (INDIA) LTD.,,AHMEDABAD vs. THE ACIT, CENTRAL CIRCLE-1(1),, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

TDS was not deducted as per the provision. U/S 14A for Expenses The AO disallowed expenses that were related related to Exempt Income to income exempt from tax under Section 14A. The CIT(A) deleted the disallowance for certain years, finding insufficient grounds for the AO’s action in those cases. ITA No.2815/Ahd/2011 and other 17 appeals JMC Projects (India