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

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

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

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

ASIAN MILLS PVT.LTD.,,AHMEDABAD vs. THE ADDL.CIT, RANGE-1,,, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No. 1397/Ahd/2015 "नधा"रण वष"/Asstt. Year: 2011-2012 Asian Mills Pvt. Ltd., A.C.I.T., 104, Sakar Iii, Vs. Range-1, Opp. Old High Court, Ahmedabad. Ashram Road, Ahmedabad-380014. Pan: Aabca8236G & आयकर अपील सं./Ita No. 1531/Ahd/2015 "नधा"रण वष"/Asstt. Year: 2011-2012 D.C.I.T., Asian Mills Pvt. Ltd., Circle-1(1)(1), Vs. 104, Sakar Iii, Ahmedabad. Opp. Old High Court, Ashram Road, Ahmedabad-380014. Pan: Aabca8236G

TDS. 17. We have heard the rival contentions of both the parties and perused the materials available on record. From the foregoing discussion we find that the discount offered by the assessee to its parties has been disallowed on account of 2 reasons. Firstly, these parties own their own go-down in Mumbai and therefore there was no occasion/reason

M/S. JUGALKISHORE R. AGRAWAL INFRASTRUCTURE PVT. LTD.,,DEESA vs. THE JT. CIT, B.K.RANGE,, PALANPUR

In the result, this ground of the assessee’s appeal is dismissed

section 133(6) of the Act was " 89, 78, 907/- only. The assessee submitted that TDS was deducted on the total amount of " 96,31,203/- and payment was made through cheque. Further the creditor had claimed TDS credit of the entire amount during the year under consideration. However, the AO held that the assessee has not been able

THE DCIT, CIRCLE-1(1),, BARODA vs. GUJARAT INDUSTRIES POWER CO.LTD.,, BARODA

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

TDS of Rs.16.01 crore in the book profit u/s.115JB on the plea that its accounts were prepared in accordance with Part II and Part III to Schedule VI of the Companies' Act & accounting standards applicable there under and net profit shown in the profit and loss account could be altered only for prescribed items of adjustments specified in that section

THE DCIT, CIRCLE-1(1),, BARODA vs. GUJARAT INDUSTRIES POWER CO.LTD.,, BARODA

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

TDS of Rs.16.01 crore in the book profit u/s.115JB on the plea that its accounts were prepared in accordance with Part II and Part III to Schedule VI of the Companies' Act & accounting standards applicable there under and net profit shown in the profit and loss account could be altered only for prescribed items of adjustments specified in that section

GUJARAT INDUSTRIES POWER CO.LTD.,,BARODA vs. THE DY.CIT.,CIRCLE-1(1),, BARODA

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

TDS of Rs.16.01 crore in the book profit u/s.115JB on the plea that its accounts were prepared in accordance with Part II and Part III to Schedule VI of the Companies' Act & accounting standards applicable there under and net profit shown in the profit and loss account could be altered only for prescribed items of adjustments specified in that section

ARVIND FASHIONS LIMITED,AHMEDABAD vs. THE PCIT, AHMEDABAD-1, AHMEDABAD

In the result, the appeal filed by the Assessee is allowed

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

TDS was deducted as and when the final bills were received. Considering the above, no error has been committed by the learned CIT (A) as well as the learned Tribunal in deleting the dis- allowance. We are in complete agreement with the view taken by the learned Tribunal as well as the learned CIT (A). 20.6 Respectfully following the above

EAGLE STEEL INDUSTRIES PVT. LTD.,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-2(1)(1),, AHMEDABAD

In the result, appeal filed by the Assessee is allowed

Bench: Shri P. K. Kedia & Shri Mahavir Prasad)

273. Hon'ble Karnataka High Court has formulated a question as to whether non-filing of Form No. 15I/J within the prescribed time is only a technical default or the provisions of section 40(a)(ia) of the Act are attracted? and proceeded to answer the same as under:-- 'Section 40 (a)(ia) and Section 194C

PARULBEN VIJAYKUMAR PATEL,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-3(3)(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

TDS was deducted and deposited with respect to almost 50% of the taxes payable on such sale of property and therefore, clearly this is not a fit case of misreporting of income and the Ld. CIT(A) erred in facts and in law in confirming penalty @ 200% with respect to such sale of property. 8. In response

THE ACIT,VAPI CIRCLE,, VAPI vs. M/S. CS SPECIALTY CHEMICALS PVT.LTD.,, VAPI

In the result, both the appeals and cross objections filed by the department and assessee are dismissed

Bench: Shri Pramod Kumar & Shri Mahavir Prasad

section 80HHC of the Act. But arguments of the assessee were not acceptable to the ld. AR and held that sales tax, excise duty, insurance and freight expenses incurred by it are to be included in the turnover for the purposes of computation of deduction u/s.10B of the Act. 3.7 During the course of scrutiny proceedings it was noticed that

PENTAIR VALVES & CONTROLS INDIA PVT. LTD.( FORMERLY KNOWN AS TYCO VALVES & CONTROLS INDIA PVT. LTD.),BARODA vs. THE ACIT, CIRCLE- 4,, BARODA

In the result, ITA No.1312/Ahd/2012 is dismissed

Bench: Shri Rajpal Yadav & Shri Pradipkumar Kedia

273/-. The assessee has claimed deduction of Rs.1,83,82,531/-. Apart from this amount, it has first time claimed deduction of Rs.65,00,258/- which is interest income. This deduction was claimed vide letter dated 29.12.2008 submitted during the assessment proceedings, this deduction was not granted to the assessee, and the CIT(A) has also rejected the claim

TYCO VALVES & CONTROLS (INDIA) PVT. LTD.,BARODA vs. THE DY.CIT, CIRCLE- 4,, BARODA

In the result, ITA No.1312/Ahd/2012 is dismissed

Bench: Shri Rajpal Yadav & Shri Pradipkumar Kedia

273/-. The assessee has claimed deduction of Rs.1,83,82,531/-. Apart from this amount, it has first time claimed deduction of Rs.65,00,258/- which is interest income. This deduction was claimed vide letter dated 29.12.2008 submitted during the assessment proceedings, this deduction was not granted to the assessee, and the CIT(A) has also rejected the claim

THE ACIT, CIRCLE- 4,, BARODA vs. TYCO VALVES & CONTROLS (INDIA) PVT. LTD., BARODA

In the result, ITA No.1312/Ahd/2012 is dismissed

Bench: Shri Rajpal Yadav & Shri Pradipkumar Kedia

273/-. The assessee has claimed deduction of Rs.1,83,82,531/-. Apart from this amount, it has first time claimed deduction of Rs.65,00,258/- which is interest income. This deduction was claimed vide letter dated 29.12.2008 submitted during the assessment proceedings, this deduction was not granted to the assessee, and the CIT(A) has also rejected the claim