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

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 the tax liability. Thus such loss represents the bogus loss which was generated using the colorable device

ADANI AGRO PVT. LTD.,,AHMEDABAD vs. THE DY.CIT.,CIRCLE-1,, AHMEDABAD

In the result, the assessee appeal is thus allowed

Bench: Shri O. P. Meena& Ms. Madhumita Roy

bogus in the given facts & circumstances. Now the 2nd controversy arises whether the loss incurred by the 20. assessee on account of the sale of the shares of AKAL is the result of the colorable device used to generate such loss. We want to explain such loss incurred by the assessee with the help of an example. 20.1 Supposing

THE ACIT, CIRCLE-2(1)(1),, AHMEDABAD vs. M/S. GUJARAT TERCE LABORATORIES LTD.,, AHMEDABAD

The appeal of the Revenue are allowed

set aside and that of the Assessing Officer may be restored to the above extent.” 6. Making his arguments before us against the restriction of sales promotion expenses by the Ld.CIT(A) to 12.5% of the amount disallowed, Ld. D.R. contended that the order of the Ld. CIT(A) was flawed for the reason that having concurred with the findings

THE ITO, WARD-2(1)(1),, AHMEDABAD vs. M/S. GUJARAT TERCE LABORATORIES LTD.,, AHMEDABAD

The appeal of the Revenue are allowed

set aside and that of the Assessing Officer may be restored to the above extent.” 6. Making his arguments before us against the restriction of sales promotion expenses by the Ld.CIT(A) to 12.5% of the amount disallowed, Ld. D.R. contended that the order of the Ld. CIT(A) was flawed for the reason that having concurred with the findings

THE ITO, WARD-2(1)(1),, AHMEDABAD vs. M/S. GUJARAT TERCE LABORATORIES LTD.,, AHMEDABAD

The appeal of the Revenue are allowed

set aside and that of the Assessing Officer may be restored to the above extent.” 6. Making his arguments before us against the restriction of sales promotion expenses by the Ld.CIT(A) to 12.5% of the amount disallowed, Ld. D.R. contended that the order of the Ld. CIT(A) was flawed for the reason that having concurred with the findings

JET AIR AGENCIES PVT LTD,WEST BENGAL vs. CENTRAL CIRCLE 2(3)AHMEDABAD, AHMEDABAD

In the result, Ground Nos

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

set of facts and judicial precedents highlighted above, in our view, the assessee’s challenge to reopening of reassessment is liable to be dismissed. On Merits (A.Y. 2010-11) 13. The additions have been made by the AO on primarily two counts for the impugned year under consideration. Firstly, the AO observed that during the year under consideration, the assessee

JET AIR AGENCIES PVT. LTD,WEST BENGAL vs. THE ACIT, CENTRA CIRCLE-2(3), AHMEDABAD

In the result, Ground Nos

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

set of facts and judicial precedents highlighted above, in our view, the assessee’s challenge to reopening of reassessment is liable to be dismissed. On Merits (A.Y. 2010-11) 13. The additions have been made by the AO on primarily two counts for the impugned year under consideration. Firstly, the AO observed that during the year under consideration, the assessee

JET AIR AGENCIES PVT. LTD,WEST BENGAL vs. THE ACIT, CENTRA CIRCLE-2(3), AHMEDABAD

In the result, Ground Nos

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

set of facts and judicial precedents highlighted above, in our view, the assessee’s challenge to reopening of reassessment is liable to be dismissed. On Merits (A.Y. 2010-11) 13. The additions have been made by the AO on primarily two counts for the impugned year under consideration. Firstly, the AO observed that during the year under consideration, the assessee

JET AIR AGENCIES PVT. LTD,WEST BENGAL vs. THE ACIT, CENTRA CIRCLE-2(3), AHMEDABAD

In the result, Ground Nos

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

set of facts and judicial precedents highlighted above, in our view, the assessee’s challenge to reopening of reassessment is liable to be dismissed. On Merits (A.Y. 2010-11) 13. The additions have been made by the AO on primarily two counts for the impugned year under consideration. Firstly, the AO observed that during the year under consideration, the assessee

JET AIR AGENCIES PVT. LTD,WEST BENGAL vs. THE ACIT, CENTRA CIRCLE-2(3), AHMEDABAD

In the result, Ground Nos

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

set of facts and judicial precedents highlighted above, in our view, the assessee’s challenge to reopening of reassessment is liable to be dismissed. On Merits (A.Y. 2010-11) 13. The additions have been made by the AO on primarily two counts for the impugned year under consideration. Firstly, the AO observed that during the year under consideration, the assessee

THE ITO, WARD-4(2)(5),, AHMEDABAD vs. M/S. SHUBH CONSTRUCTION,, AHMEDABAD

In the result, the appeal of the revenue is dismissed

bogus purchases: I.T.A No. 1736/Ahd/2016 A.Y. 2012-13 Page No 2 ITO vs. M/s. Shubh Construction 2. On the facts and in the circumstances of the case, the Ld. CIT(A) ought to have upheld the order of the Assessing Officer. 3. The appellant craves leave to amend or alter any ground or add a new ground, which

MANIBHADRA SECURITIES SERVICES PVT. LTD.,AHMEDABAD vs. ITO, WARD-2(1)(4),, AHMEDABAD

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

Bench: Smt.Suchitra Kamble & Shri Waseem Ahmed

set off of such profit on the sale purchase of the properties against the losses from the sale purchase of the securities amounting to Rs.12,66,98,547.00. However, the AO found that such losses are bogus

MANIBHADRA SECURITIES SERVICES PVT. LTD,AHMEDABAD vs. ITO, WARD-2(1)(4), AHMEDABAD

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

Bench: Smt.Suchitra Kamble & Shri Waseem Ahmed

set off of such profit on the sale purchase of the properties against the losses from the sale purchase of the securities amounting to Rs.12,66,98,547.00. However, the AO found that such losses are bogus

VICKY RAJESH JHAVERI,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

loss as bogus in nature which have been elaborated in the preceding paragraph. 9.2 It is the admitted position that the core business of the assessee was dealing in shares. The assessee during the year under consideration has shown total purchases of different scripts at a value of Rs. 80,78,04,800.00 against the gross sales

SAGAR RAJESH JHAVERI,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

loss as bogus in nature which have been elaborated in the preceding paragraph. 9.2 It is the admitted position that the core business of the assessee was dealing in shares. The assessee during the year under consideration has shown total purchases of different scripts at a value of Rs. 80,78,04,800.00 against the gross sales

SAGAR RAJESH JHAVERI,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

loss as bogus in nature which have been elaborated in the preceding paragraph. 9.2 It is the admitted position that the core business of the assessee was dealing in shares. The assessee during the year under consideration has shown total purchases of different scripts at a value of Rs. 80,78,04,800.00 against the gross sales

VICKY RAJESH JHAVERI,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

loss as bogus in nature which have been elaborated in the preceding paragraph. 9.2 It is the admitted position that the core business of the assessee was dealing in shares. The assessee during the year under consideration has shown total purchases of different scripts at a value of Rs. 80,78,04,800.00 against the gross sales

VICKY RAJESH JHAVERI,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

loss as bogus in nature which have been elaborated in the preceding paragraph. 9.2 It is the admitted position that the core business of the assessee was dealing in shares. The assessee during the year under consideration has shown total purchases of different scripts at a value of Rs. 80,78,04,800.00 against the gross sales