THA ADDL. CIT, RANGE-1,, BARODA vs. M/S. GUJARAT FLUROCHEMICALS LIMITED.,, BARODA

Appeals of the Revenue are dismissed, whereas appeals of the assessee are partly allowed for statistical purpose

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediasr. No.

capital loss made in the revised return of income. 66. Facts leading to this controversy has been noted down by the CIT(A) in para 11.2. We deem it necessary to take note of these facts from the order of the CIT(A) which reads as under: “(i) The appellant company subscribed fresh cumulative redeemable preference shares of face value

GUJARAT FLUROCHEMICALS LIMITED,,BARODA vs. THE DY.CIT, CIRCLE-1(1),, BARODA

Appeals of the Revenue are dismissed, whereas appeals of the assessee are partly allowed for statistical purpose

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediasr. No.

capital loss made in the revised return of income. 66. Facts leading to this controversy has been noted down by the CIT(A) in para 11.2. We deem it necessary to take note of these facts from the order of the CIT(A) which reads as under: “(i) The appellant company subscribed fresh cumulative redeemable preference shares of face value

GUJARAT FLUROCHEMICALS LIMITED,,BARODA vs. THE ADDL. CIT, RANGE-1,, BARODA

Appeals of the Revenue are dismissed, whereas appeals of the assessee are partly allowed for statistical purpose

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediasr. No.

capital loss made in the revised return of income. 66. Facts leading to this controversy has been noted down by the CIT(A) in para 11.2. We deem it necessary to take note of these facts from the order of the CIT(A) which reads as under: “(i) The appellant company subscribed fresh cumulative redeemable preference shares of face value

GUJARAT FLUOROCHEMEICALS LTD,,BARODA vs. THE DY.CIT.,CIRCLE-1(1)(1),, BARODA

Appeals of the Revenue are dismissed, whereas appeals of the assessee are partly allowed for statistical purpose

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediasr. No.

capital loss made in the revised return of income. 66. Facts leading to this controversy has been noted down by the CIT(A) in para 11.2. We deem it necessary to take note of these facts from the order of the CIT(A) which reads as under: “(i) The appellant company subscribed fresh cumulative redeemable preference shares of face value

THE ADDL.CIT, RANGE-1, BARODA vs. GUJARAT FLUOROCHEMEICALS LTD, BARODA

Appeals of the Revenue are dismissed, whereas appeals of the assessee are partly allowed for statistical purpose

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediasr. No.

capital loss made in the revised return of income. 66. Facts leading to this controversy has been noted down by the CIT(A) in para 11.2. We deem it necessary to take note of these facts from the order of the CIT(A) which reads as under: “(i) The appellant company subscribed fresh cumulative redeemable preference shares of face value

SHRI ASHISH TANDON, ,VADODARA vs. THE ACIT, CIRCLE-1(1)(2),, VADODARA

In the result, the appeal is dismissed

dividends etc. On 31st July 2013, he filed his income tax return disclosing an income of Rs 29,63,542. When this return was subjected to scrutiny assessment proceedings, the Assessing Officer noticed that the assessee has claimed an exempt income of Rs 9,70,59,873 being income on sale of a technical concept, that the assessee developed

THE ACIT,(OSD)CIRCLE-8,, AHMEDABAD vs. TORRENT POWER LTD.,, AHMEDABAD

In the result, the appeal of the Revenue and the Cross-objection of the assessee, both are dismissed

Bench: Shri Sandeep Gosain & Shri Amarjit Singh

dividend income having been regularly received by the assessee. This activity itself called for considerable management attention and cannot be left to a junior clerk. The language of sub-section (1) of section 14A clearly provides that no deduction shall be allowed 'in respect of expenditure incurred by the assessee in relation to income which does not form part

THE ITO, WARD-3(1)(1),, AHMEDABAD vs. SHRI VINOD V. PATEL,, AHMEDABAD

In the result, appeal of the Assessee in ITA No

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad, Judicial Memebr

gains on sale of shares. It is seen therefrom that the period of holding is reasonably longer and indicate the intention to hold shares as capital assets more particularly in view of the fact that the assessee has generated yield in the form of dividend. In these circumstances, we endorse the action of the CIT(A) in entirety without

SARLABEN R. ARORA,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-10(3),, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms Madhumita Royअपील सं./Ita No.2072/Ahd/2015 & "नधा"रण वष"/Asstt. Year:2007-2008

capital gain and other sources of income by filing return of income on 26.12.2007 declaring total income at Rs.3,42,781/- in the Assessment Year 2007-08. Upon scrutiny the matter was re-opened for Assessment u/s.143(3) r.w.s 147 of the Act. Notice u/s.148 of the Act was issued on 05.11.12 upon the assessee followed by further notice dated

GUJARAT FLUOROCHEMICALS LIMITED,,VADODARA vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1),, VADODARA

In the result, both appeals of the assessee are partly allowed

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.805/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 & Asst.Year : 2013-2014

deem it appropriate to take note of section 14A. It reads as under: 14A. (1) For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this Act. (2) The Assessing Officer shall

GUJARAT FLUROCHEMICALS LIMITED.,,VADODARA vs. THE ACIT, CIRCLE-1(1)(1),, VADODARA

In the result, both appeals of the assessee are partly allowed

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.805/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 & Asst.Year : 2013-2014

deem it appropriate to take note of section 14A. It reads as under: 14A. (1) For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this Act. (2) The Assessing Officer shall

THE DCIT, CIRCLE-1(2),, BARODA vs. M/S. PRATHAM INVESTMENTS,, BARODA

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad, Judicial Memebr आयकर अपील सं./I.T.A. Nos. 742/Ahd/2015, 3078 & 3077/Ahd/2016 With Cross Objection No. 76/Ahd/2015 & 9/Ahd/2017 & I.T.A. No. 3087/Ahd/2016 (In I.T.A. Nos. 742/Ahd/2015, 3078 & 3077/Ahd/2016) & ("नधा"रण वष" / Assessment Years : 2010-11, 2012-13 & 2013-14)

dividend income.” 5. As per Ground No.1, the AO has challenged the reversal of addition by the CIT(A) on account of conversion of shares at a book value from trading asset (stock-in-trade) to capital asset (Investments). It is the case of the AO that such conversion gives rise to the taxable event and the difference

M/S. PRATHAM DEVELOPERS,,VADODARA vs. THE DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2),, BARODA

In the result, Ground No.4 of the assessee’s appeal is allowed in part

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad, Judicial Memebr आयकर अपील सं./I.T.A. Nos. 742/Ahd/2015, 3078 & 3077/Ahd/2016 With Cross Objection No. 76/Ahd/2015 & 9/Ahd/2017 & I.T.A. No. 3087/Ahd/2016 (In I.T.A. Nos. 742/Ahd/2015, 3078 & 3077/Ahd/2016) & ("नधा"रण वष" / Assessment Years : 2010-11, 2012-13 & 2013-14)

dividend income.” 5. As per Ground No.1, the AO has challenged the reversal of addition by the CIT(A) on account of conversion of shares at a book value from trading asset (stock-in-trade) to capital asset (Investments). It is the case of the AO that such conversion gives rise to the taxable event and the difference

JCIT(OSD), CIR-3(1)(2), AHMEDABAD vs. RECKITT BENCKISER HEALTHCARE (INDIA) LTD, HARYANA

In the result, appeal of the Revenue is dismissed

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra Kamble

gains tax on the Appellant, it is a condition precedent that the consideration on transfer of alleged capital assets must have been received by the Appellant from the resulting company, which condition is not satisfied in the present case. ITA Nos. 1184/Ahd/2018 & 1225/Ahd/2018 Assessee : Reckitt Benckiser Healthcare (I) Ltd Asst. Year : 2011-12 - 5– 1.8 Without prejudice to above

RECKITT BENCKISER HEALTHCARE INDIA PVT. LTD., ( FORMERLY KNOWN AS RECKITT BENCKISER HEALTHCARE INDIA LTD.,),HARYANA vs. DCIT, CIRCLE-3(1)(2), AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra Kamble

gains tax on the Appellant, it is a condition precedent that the consideration on transfer of alleged capital assets must have been received by the Appellant from the resulting company, which condition is not satisfied in the present case. ITA Nos. 1184/Ahd/2018 & 1225/Ahd/2018 Assessee : Reckitt Benckiser Healthcare (I) Ltd Asst. Year : 2011-12 - 5– 1.8 Without prejudice to above

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

deemed to be the full value of consideration received or accruing as a result of such transfer. Explanation.—For the purposes of this section, "quoted share" means the share quoted on any recognised stock exchange with regularity from time to time, where the quotation of such share is based on current transaction made in the ordinary course of business

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

deemed to be the full value of consideration received or accruing as a result of such transfer. Explanation.—For the purposes of this section, "quoted share" means the share quoted on any recognised stock exchange with regularity from time to time, where the quotation of such share is based on current transaction made in the ordinary course of business

THE DCIT, CIRCLE-1(3), AHMEDABAD vs. EDELWEISS BROKING LTD., AHMEDABAD

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Justice P.P. Bhatt, Hon’Ble & Shri Waseem Ahmed

deemed to arise from the transfer of short-term capital assets. 93. In the backdrop of the stated discussion, first we deal with question No. 1 with respect to both the membership card in seriatim. Regarding the first membership card of the BSE acquired in the year 1995-96, we note that the assessee has not claimed any depreciation thereon