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

30 days is relevant to decide transaction made' in nature of trade and not as investment activity. Therefore, I am inclined to accept the contention of Appellant and direct the AO to treat short term capital gain and long term capital gain on shares / security as investment activity. I also direct AO to allow set off of brought forward Short

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

30 days is relevant to decide transaction made' in nature of trade and not as investment activity. Therefore, I am inclined to accept the contention of Appellant and direct the AO to treat short term capital gain and long term capital gain on shares / security as investment activity. I also direct AO to allow set off of brought forward Short

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

30 days is relevant to decide transaction made' in nature of trade and not as investment activity. Therefore, I am inclined to accept the contention of Appellant and direct the AO to treat short term capital gain and long term capital gain on shares / security as investment activity. I also direct AO to allow set off of brought forward Short

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

30 days is relevant to decide transaction made' in nature of trade and not as investment activity. Therefore, I am inclined to accept the contention of Appellant and direct the AO to treat short term capital gain and long term capital gain on shares / security as investment activity. I also direct AO to allow set off of brought forward Short

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

30 days is relevant to decide transaction made' in nature of trade and not as investment activity. Therefore, I am inclined to accept the contention of Appellant and direct the AO to treat short term capital gain and long term capital gain on shares / security as investment activity. I also direct AO to allow set off of brought forward Short

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

30 days is relevant to decide transaction made' in nature of trade and not as investment activity. Therefore, I am inclined to accept the contention of Appellant and direct the AO to treat short term capital gain and long term capital gain on shares / security as investment activity. I also direct AO to allow set off of brought forward Short

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

gains arising on transfer of a : capita! asset acquired by the assessee under a gift, the indexed cost of acquisition has to be computed with reference to the year in which the previous owner first held the asset and not the year in which the assessee became the owner of the asset. " On this issue, as pointed out earlier

GUJARAT FLUROCHEMICALS LTD.,,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.

Section 28(i) of the Income-tax Act, 1061 - Business income - Chargeable as -Assessment year 1991-92 - After sale of tea estate assessee-company was engaged in business of real estate and purchase and sale of shares - It showed profit on sale of shares on investment account and claimed such profit as capital gain - Assessing Officer found profit on sale

THE DCIT, CIRCLE-1(1),, BARODA vs. GUJARAT FLUROCHEMICALS 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.

Section 28(i) of the Income-tax Act, 1061 - Business income - Chargeable as -Assessment year 1991-92 - After sale of tea estate assessee-company was engaged in business of real estate and purchase and sale of shares - It showed profit on sale of shares on investment account and claimed such profit as capital gain - Assessing Officer found profit on sale

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.

Section 28(i) of the Income-tax Act, 1061 - Business income - Chargeable as -Assessment year 1991-92 - After sale of tea estate assessee-company was engaged in business of real estate and purchase and sale of shares - It showed profit on sale of shares on investment account and claimed such profit as capital gain - Assessing Officer found profit on sale

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.

Section 28(i) of the Income-tax Act, 1061 - Business income - Chargeable as -Assessment year 1991-92 - After sale of tea estate assessee-company was engaged in business of real estate and purchase and sale of shares - It showed profit on sale of shares on investment account and claimed such profit as capital gain - Assessing Officer found profit on sale

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.

Section 28(i) of the Income-tax Act, 1061 - Business income - Chargeable as -Assessment year 1991-92 - After sale of tea estate assessee-company was engaged in business of real estate and purchase and sale of shares - It showed profit on sale of shares on investment account and claimed such profit as capital gain - Assessing Officer found profit on sale

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.

Section 28(i) of the Income-tax Act, 1061 - Business income - Chargeable as -Assessment year 1991-92 - After sale of tea estate assessee-company was engaged in business of real estate and purchase and sale of shares - It showed profit on sale of shares on investment account and claimed such profit as capital gain - Assessing Officer found profit on sale

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.

Section 28(i) of the Income-tax Act, 1061 - Business income - Chargeable as -Assessment year 1991-92 - After sale of tea estate assessee-company was engaged in business of real estate and purchase and sale of shares - It showed profit on sale of shares on investment account and claimed such profit as capital gain - Assessing Officer found profit on sale

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)

gain on such conversion is in question. CIT(A) has appreciated the issue in correct legal perspective and in in sync with host of judgments holding the field in this regard. Therefore, there is no perceptible reason to interfere with the order of the CIT(A). 7. Pertinently, we also take note of the clause (via) to Section

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)

gain on such conversion is in question. CIT(A) has appreciated the issue in correct legal perspective and in in sync with host of judgments holding the field in this regard. Therefore, there is no perceptible reason to interfere with the order of the CIT(A). 7. Pertinently, we also take note of the clause (via) to Section

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)

section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) relating to the Assessment Year 2014-15. 2 I.T.A No. 1854/Ahd/2019 A.Y. 2014‐15 Page No ITO Vs. Shri Mahesh Somabhai Patel 2. The solitary ground raised by the Revenue is that the Ld. CIT(A) erred in deleting the addition of Rs.1

M/S. CHANDAN INFRATECH LIMITED,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-1(3),, AHMEDABAD

10(38) of the Act. However, the assessee has sold the shares and claimed Short Term Capital Gain of Rs. 22.36 crores and paid tax thereon. This clearly shows the bona fide of the assessee in paying the short term capital I.T.A No. 1597/Ahd/2016 A.Y. 2011-12 Page No 6 M/s. Chandan Infratech Ltd. vs. ITO gain tax which