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

JUSTICE P.P.BHATT, PRESIDENT AND HON'BLE MANISH BORAD, ACCOUNTANT MEMBER ITA No 643/Ahd/2014 & ITA No 2717/Ahd/2014 Assessment Years 2010-11 & 2011-12 PAN : AAACK6128Q KIFS Securities Ltd, V/s JCIT, Range-3, B-81, Parisheema Complex, Ahmedabad C.G. Road, Ahmedabad (Appellant) (Respondent) Assessment Year 2010-11 PAN AAACK6128Q DCIT, Circle-3, V/s Khandwala Integrated Ahmedabad Financial Services P.Ltd B-81, Parisheema

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

JUSTICE P.P.BHATT, PRESIDENT AND HON'BLE MANISH BORAD, ACCOUNTANT MEMBER ITA No 643/Ahd/2014 & ITA No 2717/Ahd/2014 Assessment Years 2010-11 & 2011-12 PAN : AAACK6128Q KIFS Securities Ltd, V/s JCIT, Range-3, B-81, Parisheema Complex, Ahmedabad C.G. Road, Ahmedabad (Appellant) (Respondent) Assessment Year 2010-11 PAN AAACK6128Q DCIT, Circle-3, V/s Khandwala Integrated Ahmedabad Financial Services P.Ltd B-81, Parisheema

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

JUSTICE P.P.BHATT, PRESIDENT AND HON'BLE MANISH BORAD, ACCOUNTANT MEMBER ITA No 643/Ahd/2014 & ITA No 2717/Ahd/2014 Assessment Years 2010-11 & 2011-12 PAN : AAACK6128Q KIFS Securities Ltd, V/s JCIT, Range-3, B-81, Parisheema Complex, Ahmedabad C.G. Road, Ahmedabad (Appellant) (Respondent) Assessment Year 2010-11 PAN AAACK6128Q DCIT, Circle-3, V/s Khandwala Integrated Ahmedabad Financial Services P.Ltd B-81, Parisheema

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

JUSTICE P.P.BHATT, PRESIDENT AND HON'BLE MANISH BORAD, ACCOUNTANT MEMBER ITA No 643/Ahd/2014 & ITA No 2717/Ahd/2014 Assessment Years 2010-11 & 2011-12 PAN : AAACK6128Q KIFS Securities Ltd, V/s JCIT, Range-3, B-81, Parisheema Complex, Ahmedabad C.G. Road, Ahmedabad (Appellant) (Respondent) Assessment Year 2010-11 PAN AAACK6128Q DCIT, Circle-3, V/s Khandwala Integrated Ahmedabad Financial Services P.Ltd B-81, Parisheema

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

JUSTICE P.P.BHATT, PRESIDENT AND HON'BLE MANISH BORAD, ACCOUNTANT MEMBER ITA No 643/Ahd/2014 & ITA No 2717/Ahd/2014 Assessment Years 2010-11 & 2011-12 PAN : AAACK6128Q KIFS Securities Ltd, V/s JCIT, Range-3, B-81, Parisheema Complex, Ahmedabad C.G. Road, Ahmedabad (Appellant) (Respondent) Assessment Year 2010-11 PAN AAACK6128Q DCIT, Circle-3, V/s Khandwala Integrated Ahmedabad Financial Services P.Ltd B-81, Parisheema

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

JUSTICE P.P.BHATT, PRESIDENT AND HON'BLE MANISH BORAD, ACCOUNTANT MEMBER ITA No 643/Ahd/2014 & ITA No 2717/Ahd/2014 Assessment Years 2010-11 & 2011-12 PAN : AAACK6128Q KIFS Securities Ltd, V/s JCIT, Range-3, B-81, Parisheema Complex, Ahmedabad C.G. Road, Ahmedabad (Appellant) (Respondent) Assessment Year 2010-11 PAN AAACK6128Q DCIT, Circle-3, V/s Khandwala Integrated Ahmedabad Financial Services P.Ltd B-81, Parisheema

THE ASSTT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), AHMEDABAD vs. SHRI KAILASH RAMAVATAR GOENKA, AHMEDABAD

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokar

capital gains. The CIT(A) allowed deduction for unaccounted expenses related to these transactions for calculating taxable gains and restricted indexation benefits to the year of receipt of sale consideration. • Internal Circulation of Funds: Such transactions include Fund transfers within group entities treated as unexplained income by the AO. The CIT(A) recognised these as internal fund movements and treated

SHRI HARISHBHAI KESHAVLAL PATEL,AHMEDABAD vs. THE DY.CIT.,CIRCLE-7,, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 1180/Ahd/2013 "नधा"रण वष"/Asstt. Year: 2006-2007

natural justice. 1.2 The Ld. CIT(A) has grievously erred in upholding the disallowances without considering fully and properly the explanation offered and evidence produced by the appellant. 1.3 The Ld. CIT(A) has grievously erred in law and/or on facts in upholding that the surplus of Rs. 1,86,83,436/- on sale of shares was business income

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

natural justice, before passing the order u/s 263 of the Income Tax Act.” 3. As per the grounds of appeal, the essential grievance of the assessee is that in the facts and circumstances of the case, the Pr.CIT was not justified in exercising revisionary powers under s.263 of the Act and thereby setting aside the assessment order passed under s.143

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)

nature. Certainly, the impugned expenses have direct nexus with the alleged so-called bogus long-term capital gain but the revenue has not challenge the deletion of the same. Thus, it is construed that the impugned amount was admitted as genuine which is again contradictory to the stand taken by the AO. 10.2 It was also alleged that the price

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

justice and no disallowance is called for in respect of interest expenditure. Hence, for the purpose of computing book profit u/s 115 JB of the Act also, we hold accordingly and confirm the addition of Rs.5 lakh. This ground of Revenue's appeal is partly allowed.” 6.4 As rightly held by both, the CIT (Appeals) and the Tribunal, this issue

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

justice and no disallowance is called for in respect of interest expenditure. Hence, for the purpose of computing book profit u/s 115 JB of the Act also, we hold accordingly and confirm the addition of Rs.5 lakh. This ground of Revenue's appeal is partly allowed.” 6.4 As rightly held by both, the CIT (Appeals) and the Tribunal, this issue

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

nature. Certainly, the impugned expenses have direct nexus with the alleged so-called bogus long-term capital gain but the revenue has not challenge the deletion of the same. Thus, it is construed that the impugned amount was admitted as genuine which is again contradictory to the stand taken by the AO. 10.2 It was also alleged that the price

M/S. EDELWEISS BROKING LTD. ( AMALGAMATING COMPANY EDELWEISS FINANCIAL ADVISORS LTD.),AHMEDABAD vs. THE JT. CIT, RANGE-3,, AHMEDABAD

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

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

Capital expenditures are often employed to improve operational efficiency, increase revenue in the long term, or make improvements to the existing assets of a company. Capital spending is different from other types of spending that focus on short-term operating expenses, such as overhead expenses or payments to suppliers and creditors. 115.2 Depreciation is used to expense the fixed asset

THE DCIT, CIRCLE-1(3), AHMEDABAD vs. EDELWEISS FINANCIAL ADVISORS LTD., ( FORMERLY KNOWN ANAGRAM STOCK 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

Capital expenditures are often employed to improve operational efficiency, increase revenue in the long term, or make improvements to the existing assets of a company. Capital spending is different from other types of spending that focus on short-term operating expenses, such as overhead expenses or payments to suppliers and creditors. 115.2 Depreciation is used to expense the fixed asset

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

Capital expenditures are often employed to improve operational efficiency, increase revenue in the long term, or make improvements to the existing assets of a company. Capital spending is different from other types of spending that focus on short-term operating expenses, such as overhead expenses or payments to suppliers and creditors. 115.2 Depreciation is used to expense the fixed asset

THAKORBHAI MAGANBHAI PATEL,VADODARA vs. THE ITO, WARD- 3(1)(1), VADODARA

nature of receipt. The counsel\ncontended that no addition under section 69A was permissible when the\nsource of cash was explained as sale consideration of land, relying upon\nseveral Tribunal and High Court decisions. On the timing of taxability, the\ncounsel submitted that the sale could not be said to have taken place in A.Y.\n2008-09. It was argued

RAVINDRABHAI SHANKARBHAI PATEL,VADODARA vs. THE ITO, WARD-1(2)(5) NOW ITO, WARD-1(2)(2), VADODARA

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

Bench: Dr. B.R.R. Kumar, Vice-Shri Siddhartha Nautiyalthe Ito Ravindrabhai Shankarbhai Vs. Ward-1(2)(5). Patel Now Ito, Ward-1(2)(2) 86,Kanha Residency Vadodara – 390 007 Kalali Road, Kalali Ahmedabad – 390 012 [Pan : Aigpp 8415 M] (Appellant) (Respondent) .. Assessee Represented By : Ms. Urvashi Shodhan, Ar Revenue Represented By : Shri Abhijit, Sr.Dr Date Of Hearing 27/11/2025 Date Of Pronouncement 29/01/2026

capital gains, which has been decided against the assessee by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals). 10.1. On a careful consideration of the entire material placed before us, we find that during the course of proceedings before the Tribunal, the assessee has filed certain additional documents, including bank confirmations, certificates from third parties, death