ACIT CC 2(3) AHMEDABAD, AHMEDABAD vs. AISHA DHIRAJ GOGIA, AHMEDABAD

In the result: 50. To summarize the final outcome:

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinha["ी संजय गग", "ाियक सद" एवं "ी नरे" साद िस!ा, लेखा सद" के सम#।]

Capital Gains under section 10(38) of the Act, treating the underlying shares as "penny stocks"; and (iv) Addition on account of alleged on-money received on the sale of property in the Earth Erita project. These additions were made based on material allegedly found during the search action, including digital data like WhatsApp chats retrieved from third-party mobile

SHAMA AJAY PATEL,AHMEDABAD vs. THE CIT(IT & TP), AHMEDABAD

The appeal of the assessee is allowed

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumarिनधा"रण वष"/Assessment Year: 2017-18 Shama Ajay Patel, Vs. 2, Chandroday Society, The Cit(It & Tp), Opp. Golden Triangle, Sp Ahmedabad Stadium Road, Navjivan Post, Ahmedabad-380014 Pan : Alxpp 5273 E अपीलाथ" अपीलाथ"/ (Appellant) अपीलाथ" अपीलाथ" "" "" यथ" "" "" यथ" यथ"/ (Respondent) यथ" Assessee By : Shri Sunil Talati, Ar Revenue By : Dr. Darsi Suman Ratnam, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 01.02.2024 घोषणा क" तारीख /Date Of Pronouncement: 26.04.2024 आदेश आदेश/O R D E R आदेश आदेश Per Annapurna Gupta: The Present Appeal Filed By The Assessee Is Directed Against The Order Passed By The Learned Commissioner Of Income-Tax (It & Tp), Ahmedabad [Hereinafter Referred To As Ld. "Cit(It & Tp)" For Short] Dated 08.02.2023, In Exercise Of His Revisionary Powers Under Section 263 Of The Income-Tax Act, 1961 [Hereinafter Referred To As “The Act”], For The Assessment Year (Ay) 2017-18. 2. The Grounds Raised By The Assessee Challenging The Impugned Order Of The Ld. Cit (It & Tp) Reads As Under:- “1. The Ld. Cit Has Erred In Passing Order U/S 263 Without Jurisdiction & Appropriate Powers Available Under The Act. It Is Submitted That The Order Passed U/S. 263 Is Bad In Law As A.O. Has Neither Committed Any Error Nor It Is Prejudicial To The Interest Of Revenue. It Be Held Now.

capital gain of the assessee. The scrip so noted by the ld. CIT (IT & TP) was that of M/s. Kushal Limited, in respect of which the ld. CIT (IT & TP) noted that in pursuance to search and seizure

KETULKUMAR D. JAISWAL,,SABARKANTHA vs. THE INCOME TAX OFFICER, S.K. WARD-4,, MODASA

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

Bench: Shri N.K. Billaiya & Shri Mahavir Prasad

Capital Gain of Rs.5,26,782/- on sale of shares of Talent Infoways, the transaction of which was entered into through Mahasagar Group of cases. In the case of Mahasagar Group, a search and seizure

ISMAIL ABDULAZIZ LAKHANI,BHAVNAGAR vs. ITO, WARD-1(1), BHAVNAGAR

In the result, appeal filed by the assessee is allowed

Bench: the same were transferred through registered broker, on the floor of the recognized stock exchange, after suffering Security Transaction Tax and ultimately settled through proper banking channel) as unaccounted income under Section 68 of the Act amounting to Rs.1,51,12,000/-.

capital gain or loss to various entities. This information was revealed during search and seizure action u/s.132 of the Act conducted

SATYA SANKALP VILLA (ELLISBRIDGE) PVT. LTD.,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-8(1),, AHMEDABAD

In the result, appeal preferred by the assessee is dismissed

Bench: Ms. Suchitra Raghunath Kamble, Judical Member & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. No. 1132/Ahd/2014 (िनधा"रण वष" िनधा"रण वष" िनधा"रण वष" / Assessment Years : 2004-05) िनधा"रण वष" Satya Sankalp Villa The Income Tax Officer बनाम बनाम/ बनाम बनाम Ward – 8(1), Ahmedabad (Ellisbridge) P. Ltd. Vs. Dharmadev House, Shyamal Cross Road, Satellite, Ahmedabad, Gujarat 380015 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaics2707B (Appellant) .. (Respondent) Shri Mahesh Chhajed, A.R. अपीलाथ" ओर से /Appellant By : ""यथ" क" ओर से/Respondent By : Ms. Saumya Pandey Jain, Sr. Dr Date Of Hearing 05/06/2024 24/06/2024 Date Of Pronouncement O R D E R Per Shri Narendra Prasad Sinha, Am: This Appeal Is Filed By The Assessee Against The Order Of Commissioner Of Income Tax (Appeals)-Xiv, Ahmedabad (In Short ‘The Cit(A)’), Dated 16.01.2014 For A.Y. 2004-05. 2. This Is Second Round Of Appeal Before This Tribunal. Before We Adjudicate The Grounds Taken By The Assessee In This Appeal, It Will Be Relevant To Recapitulate The Facts Of The Case.

seizure from the searched person belonged to the other ITA No. 1132/Ahd/2014 (Satya Sankalp Villa (Ellisbridge) P. Ltd. vs. ITO) A.Y.– 2004-05 - 10 – person and transmitting such material to the Assessing Officer of the other person was mandatory. Such satisfaction was recorded by the AO of the “searched person” in this case and the documents were transmitted

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

search and seizure action u/s 132 was conducted in the case of Jatia Group and other related entities on 17.04.2018 . The premises of the KDJHRL was also covered u/s 133A . The said company KDJHRL is a recognized penny stock with scrip code 530701 engaged in providing bogus long term capital gain/loss to various entities. The assessee

MODERN CONSTRUCTION CO. PVT. LTD.,AHMEDABAD vs. THE DY.CIT, CENTRAL CIRCLE-1(1),, AHMEDABAD

The appeal of the assessee is allowed for statistical\npurposes

capital gain over the sale of property\nundertook the whole act.\"\n14. The Department's submission regarding the AO of the assessee\nand AO of the searched person being the samevide letter dated\n9.5.2024 is reproduced hereunder:\nIn this regard, it is submitted that for the sake of clarification sort by the\nHon'ble Tribunal vide its order dated

THE UNITED BUILDERS CORPORATION ,,AHMEDABAD vs. DY.CIT, CENTRAL CIRCLE-1(1),, AHMEDABAD

The appeal of the assessee is allowed for statistical\npurposes

capital gain over the sale of property\nundertook the whole act.\"\n14. The Department's submission regarding the AO of the assessee\nand AO of the searched person being the samevide letter dated\n9.5.2024 is reproduced hereunder:\nIn this regard, it is submitted that for the sake of clarification sort by the\nHon'ble Tribunal vide its order dated

THE MODERN CONSTRUCTION CO. PVT. LTD.,AHMEDABAD vs. ITO, WARD-2(1)(4), AHMEDABAD

The appeal of the assessee is allowed for statistical\npurposes

capital gain over the sale of property\nundertook the whole act.\"\n14. The Department's submission regarding the AO of the assessee\nand AO of the searched person being the samevide letter dated\n9.5.2024 is reproduced hereunder:\nIn this regard, it is submitted that for the sake of clarification sort by the\nHon'ble Tribunal vide its order dated

GITABEN DINESHBHAI PATEL,AHMEDABAD vs. ITO WARD 5(3)(1), AHMEDABAD

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

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

search and seizure operations in the Kushal Group of Ahmedabad, which revealed that the group was engaged in providing accommodation entries of bogus capital gains

THE ITO, WARD-6(2),, AHMEDABAD vs. SHRI HARIBHAI MEGHJIBHAI PATEL,, AHMEDABAD

In the result, all the appeals of the Revenue are dismissed, and that of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

gains tax being not a capital asset ITA Nos.2151 to 2153/Ahd/2013 (ITO vs. Shri Paurav S. Patel & 2 Ors.) A.Y. 2006-07 -5 u/s.2(14) of the Act. His view is that even if the Revenue's version is accepted, the on money in question would still be exempt from taxation. 6. We have heard both the parties reiterating their

THE ITO, WARD-6(2),, AHMEDABAD vs. SHRI UPENDRA GANPATRAM PATEL, HUF,, AHMEDABAD

In the result, all the appeals of the Revenue are dismissed, and that of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

gains tax being not a capital asset ITA Nos.2151 to 2153/Ahd/2013 (ITO vs. Shri Paurav S. Patel & 2 Ors.) A.Y. 2006-07 -5 u/s.2(14) of the Act. His view is that even if the Revenue's version is accepted, the on money in question would still be exempt from taxation. 6. We have heard both the parties reiterating their

THE DCIT, CIRCLE-6,, AHMEDABAD vs. SHRI RAJNIKANT KANUBHAI PATEL,, AHMEDABAD

In the result, all the appeals of the Revenue are dismissed, and that of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

gains tax being not a capital asset ITA Nos.2151 to 2153/Ahd/2013 (ITO vs. Shri Paurav S. Patel & 2 Ors.) A.Y. 2006-07 -5 u/s.2(14) of the Act. His view is that even if the Revenue's version is accepted, the on money in question would still be exempt from taxation. 6. We have heard both the parties reiterating their

SHRI SHANTILAL RANCHODDAS PATEL,,AHMEDABAD vs. INCOME TAX OFFICER,, AHMEDABAD

In the result, all the appeals of the Revenue are dismissed, and that of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

gains tax being not a capital asset ITA Nos.2151 to 2153/Ahd/2013 (ITO vs. Shri Paurav S. Patel & 2 Ors.) A.Y. 2006-07 -5 u/s.2(14) of the Act. His view is that even if the Revenue's version is accepted, the on money in question would still be exempt from taxation. 6. We have heard both the parties reiterating their

SHRI PRAHLAD S. MEHTA L/H OF LATE RAJPAL P. MEHTA,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-10(3) NOW WARD-5(2)(3), AHMEDABAD

In the result, this ground of appeal is dismissed

seizure action u/s. 132 carried out in the group cases of M/s, Mahasagar Securities Pvt. Ltd. (now known as Alang Securities Security Pvt. Ltd.) wherein in the course of search Shri Mukesh Chokshi, who was managing and controlling the said group had admitted in his statement that that the group was engaged in providing bogus entries of speculation profit/loss, commodities

RAJESH BALVANTRAI BRAHMBHATT,AHMEDABAD vs. THE PR. CIT(CENTRAL), AHMEDABAD

In the result, the appeals of the assessee is allowed

Bench: Shri Siddhartha Nautiyal & Shri Makarand V.Mahadeokar

capital gain, and the Assessing Officer, without making further inquiry, simply accepted the claim. The learned DR argued that the assessee’s stand is untenable for the reason that no copy of any ITA No.1157 to 1160/Ahd/2025 24 agreement or corroborative document was ever placed on record before the Assessing Officer to substantiate the basis of determining the alleged

RAJESH BALVANTRAI BRAHMBHATT,AHMEDABAD vs. THE PR. CIT(CENTRAL), AHMEDABAD

In the result, the appeals of the assessee is allowed

Bench: Shri Siddhartha Nautiyal & Shri Makarand V.Mahadeokar

capital gain, and the Assessing Officer, without making further inquiry, simply accepted the claim. The learned DR argued that the assessee’s stand is untenable for the reason that no copy of any ITA No.1157 to 1160/Ahd/2025 24 agreement or corroborative document was ever placed on record before the Assessing Officer to substantiate the basis of determining the alleged

M/S. BODAL CHEMICALS LTD.,AHMEDABAD vs. THE DY.CIT, CIRCLE-1, AHMEDABAD

In the result, the appeals being IT(SS)A No

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinha

search and seizure action taken in its case u/s. 132 of the Act, the proceedings u/s. 147 got abated. The stay order by the Hon’ble High Court in respect of the same was automatically complied with by the operation of law. As a result, the proceedings u/s. 153A r.w.s. 143(3) was not affected by the Hon’ble High