AMBE TRADECORP PVT. LTD.,AHMEDABAD vs. THE PR. CIT (CENTRAL), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No.53/Ahd/2021 िनधा"रण वष"/Asstt. Year: 2010-2011 Ambe Tradecorp Private Limited, The P.C.I.T.(Central) Iscon House, Vs. Ahmedabad. B/H. Rembrandt Building, C.G. Road, Ahmedabad.

bogus entries in the form of loan from these companies. But the AO, during the assessment proceedings has not considered this fact. In this connection, we have gone through the order of settlement commission which is available on record. Going through para No. 12 of such order we find that the settlement commission has discussed the flow of fund transferred

M/S. BLUERAY TRADING PVT LTD.,MAHARASTRA vs. THE PR. CIT (CENTRAL), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

Section 263 of the Act. It was a case in which the Assessing Officer had doubted the genuineness of the purchases shown by the assessee. The assessee contended that the purchases were genuine and in any case if such purchases are not believed to be genuine, the profit from such dealing should be calculated at the rate

SAKET M JAINI(HUF),AHMEDABAD vs. THE PR. CIT, AHMEDABAD-5, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 579/Ahd/2019 "नधा"रण वष"/Asstt. Year: 2009-2010 Saket M. Jain (Huf), The Pr. Commissioner Of 403, 3Rd Eye Two, Vs. Income Tax-2, Nr. Joyalukkas Show Room, Ahmedabad. Opp. Parimal Garden, Ellisbridge, Ahmedabad.

section 263 of the Act. (b) At one stage the AO held that the purchases of teakwood from M/s Greenwell Orchard is bogus

SHRI RAJENDRA J KESHWANI (HUF),AHMEDABAD vs. THE PR. CIT- CENTRAL, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.118/Ahd/2021 िनधा"रण वष" /Assessment Year : 2015-16 Shri Rajendra J. Keshwani The Pr.Cit बनाम/ (Huf) Central Circle V/S. 44, Asopalav Bungalows Ahmedabad Nr.Mukthidham Jain Temple Thaltej – 380 054 (Gujarat) "थायी लेखा सं./Pan: Aaehk 1973 J अपीलाथ%/ (Appellant) &' यथ%/ (Respondent) ….. Assessee By : Shri M.K. Patel, Advocate Revenue By : Shri V. Nandakumar, Cit-Dr सुनवाई की तारीख/Date Of Hearing : 12/02/2025 घोषणा की तारीख /Date Of Pronouncement: 18/02/2025 आदेश/O R D E R Per Makarand V. Mahadeokar, Am:

bogus. Despite this, the PCIT initiated proceedings under Section 263 of the Act and passed an order on 22-03-2021, holding that the entire sale consideration (and not just LTCG) should have been taxed under Section 68 of the Act, and no deduction for purchase

SHAH RAKESH BHIKHABHAI (HUF),AHMEDABAD vs. THE PCIT, AHMEDABAD-1, AHMEDABAD

In the result, the appeal filed by the assessee stands dismissed

Bench: Shri T.R Senthil Kumar & Shri Narendra Prasad Sinha

bogus and deny exemption under section 10(38) - Held, yes [Paras 6.3, 6.5 and 6.11] [In favour of assessee]…” 8.2. Whereas in the present case, a show-cause notice was issued by the Ld.PCIT on 27.03.2023 and on the request made by the assessee, the relevant portion of the statement of Shri Champak N Prajapati was provided to the assessee

SHRI HIRALAL D. THAKKAR,AHMEDABAD vs. THE PR. CIT (CENTRAL), , AHMEDABAD

Bench: S/Shri Pramod M. Jagtap & T.R. Senthil Kumar

section 263 of the Act and issued notice to the assessee which reads as follows: “3. On perusal of records it has been established that you were the secretary of the Swaminarayan (Jivraj Park) Co. Op. Shops & Officers Housing Society Ltd, which was engaged in the construction work. The construction work of this society was completed in the month

SHRI HIRALAL D. THAKKAR,AHMEDABAD vs. THE PR. CIT (CENTRAL), , AHMEDABAD

Bench: S/Shri Pramod M. Jagtap & T.R. Senthil Kumar

section 263 of the Act and issued notice to the assessee which reads as follows: “3. On perusal of records it has been established that you were the secretary of the Swaminarayan (Jivraj Park) Co. Op. Shops & Officers Housing Society Ltd, which was engaged in the construction work. The construction work of this society was completed in the month

M/S. PANCHMAHAL STEEL LTD.,,BARODA vs. THE PR. CIT-1, VADODARA

In the result, the appeal of the assessee is allowed for both the assessment years in question

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

purchases in question were not bogus, then, in our view additions proposed to be made under Section 147 of the Act and 263

M/S. PANCHMAHAL STEEL LTD.,,BARODA vs. THE PR. CIT-1, VADODARA

In the result, the appeal of the assessee is allowed for both the assessment years in question

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

purchases in question were not bogus, then, in our view additions proposed to be made under Section 147 of the Act and 263

SADBHAV ENGINEERING LTD.,AHMEDABAD vs. DCIT, CENTRAL CIRCLE 1(3), AHMEDABAD, DCIT, CENTRAL CIRCLE 1(3), AHMEDABAD

In the result, all the appeals of the assessee are partly allowed\nand that of the Revenue are dismissed

purchase\nexpenses.\n67. ISSUE NO.4 REGARDING TREATMENT OF ALLEGED BOGUS\nSUB-CONTRACT EXPENSES UNDER SECTION 69A AND 69C OF\nTHE ACT AND CHARGING THE SAME AT THE RATE SPECIFIED\nIN TERMS OF SECTION 115BBE OF THE ACT.\n68. The next issue being taken for consideration is the\ntreatment of the alleged bogus sub-contract expenses as deemed\nincome

KAVITA JAYESHKUMAR KOTAK,AHMEDABAD vs. THE PR. CIT (CENTRAL), AHMEDABAD

In the result, the appeal of the assessee is allowed

section 263(1), makes it clear that the AO's orders were erroneous in so far as they are prejudicial to the interest of revenue. In this regard, it is reiterated that monetary quantum is not the only criteria to decide whether the order passed by the A.O. is prejudicial to the interest of revenue. Therefore, the only criteria

OVEZ ARIFBHAI LAKHANI,BHAVNAGAR vs. THE PR. CIT, AHMEDABAD-1, AHMEDABAD

In the result, the appeal of the assessee is dismissed

Bench: Income Tax Appellate Tribunal, Ahmedabad Benches, Has Arisen From The Revisionary Order Dated 12.03.2024 Passed By Ld. Principal

263 of the Act may be dropped. The ld. PCIT after considering the submission of the assessee observed that the assessee has not submitted demat account during the course of assessment proceedings to prove the transactions. It was observed by ld. PCIT that KDJHRL is a recognized penny stock(scrip ID 530701) engaged in providing bogus long term capital gain/loss

HAJIMOHMADSAFI ABDULREHMAN SHAIKH,VADODARA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 2(1)(1), VADODARA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

bogus purchases had been set aside in entirety by the Hon’ble ITAT for fresh adjudication and therefore the earlier relief granted by the CIT(A) stood merged with the order of the Tribunal. It was observed that the Assessing Officer had rightly re-examined the entire issue in accordance with the directions of the ITAT and hence the contention

HAJIMOHMADSAFI ABDULREHMAN SHAIKH,VADODARA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 2(1)(1), VADODARA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

bogus purchases had been set aside in entirety by the Hon’ble ITAT for fresh adjudication and therefore the earlier relief granted by the CIT(A) stood merged with the order of the Tribunal. It was observed that the Assessing Officer had rightly re-examined the entire issue in accordance with the directions of the ITAT and hence the contention

HAJIMOHMADSAFI ABDULREHMAN SHAIKH,VADODARA vs. DEPUTY COMISSIONER OF INCOME TAX, CIRCLE 2(1)(1), VADODARA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

bogus purchases had been set aside in entirety by the Hon’ble ITAT for fresh adjudication and therefore the earlier relief granted by the CIT(A) stood merged with the order of the Tribunal. It was observed that the Assessing Officer had rightly re-examined the entire issue in accordance with the directions of the ITAT and hence the contention

HAJIMOHMADSAFI ABDULREHMAN SHAIKH,VADODARA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 2(1)(1), VADODARA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

bogus purchases had been set aside in entirety by the Hon’ble ITAT for fresh adjudication and therefore the earlier relief granted by the CIT(A) stood merged with the order of the Tribunal. It was observed that the Assessing Officer had rightly re-examined the entire issue in accordance with the directions of the ITAT and hence the contention

SMT. SHARDABEN B. PATEL,AHMEDABAD vs. PR. CIT, AHMEDABAD-5,, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kedia

purchase transaction was made from a recognized broker and the sale transactions through recognized stock exchange "NSE" as against the allegation of sale not being any stock exchange as mentioned in your show cause notice. (ii) Your attention is drawn to the provisions of section 263 of the Act which is reproduced as under: “The Principal Commissioner or Commissioner

JIGNASA ATULKUMAR SHAH,AHMEDABAD vs. THE PR.CIT-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)

bogus accommodation entries operated and managed by entry operator Shri Naresh Jain. The information also suggests that the assessee is one of the beneficiaries in manipulation of share price of M/s. Oasis Tradelink Ltd. amounting to Rs.40,95,442/- and assessee claimed Long Term Capital Gain exempt u/s. 10(38) of the Act amounting to Rs.37,24,755/-. Therefore