SHAILESH S. JHAVERI,AHMEDABAD vs. THE DY.CIT, CENT. CIRCLE-1(1), AHMEDABAD

In the result, the appeal of the assessee is dismissed for both the year under consideration

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

bogus long-term, short-term capital gains, trading profit/loss to the clients. The AO had also made statement of Shri Damodar Attal made part of the assessment order as annexure-1. The evidence found during the search clearly established that Shri Shirish C. Shah had used the platform of BOLT to jack up the price of shares by resorting

SHAILESH SUBODHCHANDRA JHAVERI,AHMEDABAD vs. THE DY.CIT, CENTRAL CIRCLE-1(1), AHMEDABAD

In the result, the appeal of the assessee is dismissed for both the year under consideration

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

bogus long-term, short-term capital gains, trading profit/loss to the clients. The AO had also made statement of Shri Damodar Attal made part of the assessment order as annexure-1. The evidence found during the search clearly established that Shri Shirish C. Shah had used the platform of BOLT to jack up the price of shares by resorting

THE ITO, WARD-1(2)(3), AHMEDABAD vs. SHRI MAHESH SOMABHAI PATEL, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

bogus Long Term Capital gain on sale of penny stock scrip. 4. Aggrieved against the same, the assessee filed appeal before Ld. CIT(A). The Ld. CIT(A) held that the assessee purchased

THE ITO, WARD-1(3)(4), AHMEDABAD vs. SHRI NILESHKUMAR DASHRATHBHAI PATEL, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

bogus long term capital gain. 3. The assessee is an individual and partner in the firms namely M/s Patel Jewellers and M/s Patel Gold Center. The assessee on 18th October 2012 purchased

M/S. CHANDAN INFRATECH LIMITED,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-1(3),, AHMEDABAD

purchase of shares is paramount. If the assessee has clear intention of being an investor and showing the shares of investment we do not find any reason to disturb the intention of the assessee. The assessee under consideration is investor and therefore, any gain arising out the transfer of shares should be treated as capital gains be it short term

SMT. RESHMIBEN P. KANUGO,VADODARA vs. ITO, WARD-3(1)(3), VADODARA

In the result appeal filed the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Madhumita Roysl. Ita No(S) Asset. Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 2131/Ahd/2018 2014-15 Smt. Reshmiben P. Income Tax Kanugo, Officer, 26, Jawahar Society, Nr. Ward 3(1)(3), Bakrawadi, R.V. Desai Vadodara. Road, Vadodara, Gujarat-390001. Pan: Azupk6721B 2. 2132/Ahd/2018 2014-15 Shri Alpesh P. Income Tax Kanugo(Huf), Officer, 26, Jawahar Society, Ward 3(1)(3), Nr. Bakrawadi, Ahmedabad. R.V. Desai Road, Vadodara-390001. Pan: Aajha5173P 3. 2133/Ahd/2018 2014-15 Shri Parasmal B. Kanugo Income Tax Officer, (Huf), Ward-3(1)(3), 26, Jawahar Society, Nr. Ahmedabad. Bakrawadi, R.V. Desai Road, Vadodara, Gujarat-390001. Pan: Aakhp0126Q

bogus Long Term Capital Gains. The ITAT had allowed the claim of the assessee on similar facts. 14. The Lucknow ITAT in the case of Achal Gupta vs. ITO (ITAT Lucknow) I.T.A. No.501/Lkw/2019 held that the documents demonstrates that the assessee had purchased

SABBIRALI ALIMIYA SAIYED,VADODARA vs. THE ITO, WARD-3(1)(1),, VADODARA

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No. 904/Ahd/2018 िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष"/Asstt. Year: 2014-15 वष"

bogus and unexplained money under section 68 of the Act. 4.2 The assessee in in response to such show cause notice made a detailed reply vide letter dated 27th December 2016 and furnished in support of his claim being long-term capital gain the following documents: a. Source of investment made. b. Contract note for purchase

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

purchase, sales and closing stock. Inventory of equity shares i.e. stock in trade is valued at “cost or market price whichever is less”. There is no dispute to such disclosed income. Bone of contention relates to capital gain. Assessee has shown Short Term Capital and Long Term Capital Gain on sale of equity shares and has claimed the benefit

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

purchase, sales and closing stock. Inventory of equity shares i.e. stock in trade is valued at “cost or market price whichever is less”. There is no dispute to such disclosed income. Bone of contention relates to capital gain. Assessee has shown Short Term Capital and Long Term Capital Gain on sale of equity shares and has claimed the benefit

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

purchase, sales and closing stock. Inventory of equity shares i.e. stock in trade is valued at “cost or market price whichever is less”. There is no dispute to such disclosed income. Bone of contention relates to capital gain. Assessee has shown Short Term Capital and Long Term Capital Gain on sale of equity shares and has claimed the benefit

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

purchase, sales and closing stock. Inventory of equity shares i.e. stock in trade is valued at “cost or market price whichever is less”. There is no dispute to such disclosed income. Bone of contention relates to capital gain. Assessee has shown Short Term Capital and Long Term Capital Gain on sale of equity shares and has claimed the benefit

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

purchase, sales and closing stock. Inventory of equity shares i.e. stock in trade is valued at “cost or market price whichever is less”. There is no dispute to such disclosed income. Bone of contention relates to capital gain. Assessee has shown Short Term Capital and Long Term Capital Gain on sale of equity shares and has claimed the benefit

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

purchase, sales and closing stock. Inventory of equity shares i.e. stock in trade is valued at “cost or market price whichever is less”. There is no dispute to such disclosed income. Bone of contention relates to capital gain. Assessee has shown Short Term Capital and Long Term Capital Gain on sale of equity shares and has claimed the benefit

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

purchase, sales and closing stock. Inventory of equity shares i.e. stock in trade is valued at “cost or market price whichever is less”. There is no dispute to such disclosed income. Bone of contention relates to capital gain. Assessee has shown Short Term Capital and Long Term Capital Gain on sale of equity shares and has claimed the benefit

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

purchase, sales and closing stock. Inventory of equity shares i.e. stock in trade is valued at “cost or market price whichever is less”. There is no dispute to such disclosed income. Bone of contention relates to capital gain. Assessee has shown Short Term Capital and Long Term Capital Gain on sale of equity shares and has claimed the benefit

SMT. MEERA ALPESH KANUGO,VADODARA vs. ITO, WARD-3(1)(3), VADODARA

In the result, appeal filed by the assessee is allowed

bogus long term capital gain by paying unaccounted Income. 3.3.14 The assessee has not at all been able to adduce cogent evidences in this regard. There is no economic or financial justification for the sale price of these shares.The so called purchaser

AURA SECURITIES PVT.LTD.,,AHMEDABAD vs. THE ACIT.,CIRCLE-1,, AHMEDABAD

In the result the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.834/Ahd/2012 "नधा"रण वष"/Asstt. Year: 2008-2009 Dcit, Aura Securities Pvt. Ltd. Circle-1, V Akhay Building, B/H, Vadilal Ahmedabad. S. House, 53, Shrimali Society, Navrangpura, Ahmedabad-380009 Pan: Aabct4637N आयकर अपील सं./Ita No.986/Ahd/2012 िनधा"रण वष"/Asstt. Year: 2008-2009 Aura Securities Pvt. Ltd. Acit, Akhay Building, B/H, Vadilal Vs. Circle-1, House, 53, Shrimali Society, Ahmedabad. Navrangpura, Ahmedabad-380009 Pan: Aabct4637N

purchase and sales of the shares were made among the related parties. iv. The assessee had set off the impugned short-term capital loss against the long-term capital gain earned by it in the year under consideration. In view of the above, the AO held that the impugned loss was generated by the assessee in order to reduce

AURA SECURITIES PVT. LTD.,AHMEDABAD vs. DY. COMMISSIONER OF INCOME TAX,, AHMEDABAD

In the result the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.834/Ahd/2012 "नधा"रण वष"/Asstt. Year: 2008-2009 Dcit, Aura Securities Pvt. Ltd. Circle-1, V Akhay Building, B/H, Vadilal Ahmedabad. S. House, 53, Shrimali Society, Navrangpura, Ahmedabad-380009 Pan: Aabct4637N आयकर अपील सं./Ita No.986/Ahd/2012 िनधा"रण वष"/Asstt. Year: 2008-2009 Aura Securities Pvt. Ltd. Acit, Akhay Building, B/H, Vadilal Vs. Circle-1, House, 53, Shrimali Society, Ahmedabad. Navrangpura, Ahmedabad-380009 Pan: Aabct4637N

purchase and sales of the shares were made among the related parties. iv. The assessee had set off the impugned short-term capital loss against the long-term capital gain earned by it in the year under consideration. In view of the above, the AO held that the impugned loss was generated by the assessee in order to reduce