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

38,358/- on shares as business income without appreciating the decision of Hon’ble Supreme Court in the case of Karam Chand Thapar and Brothrs P Ltd. Vs CIT, 83 ITR 899, as the transaction does not fulfil the conditions of Short Term or Long Term Capital gains. KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643

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

38,358/- on shares as business income without appreciating the decision of Hon’ble Supreme Court in the case of Karam Chand Thapar and Brothrs P Ltd. Vs CIT, 83 ITR 899, as the transaction does not fulfil the conditions of Short Term or Long Term Capital gains. KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643

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

38,358/- on shares as business income without appreciating the decision of Hon’ble Supreme Court in the case of Karam Chand Thapar and Brothrs P Ltd. Vs CIT, 83 ITR 899, as the transaction does not fulfil the conditions of Short Term or Long Term Capital gains. KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643

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

38,358/- on shares as business income without appreciating the decision of Hon’ble Supreme Court in the case of Karam Chand Thapar and Brothrs P Ltd. Vs CIT, 83 ITR 899, as the transaction does not fulfil the conditions of Short Term or Long Term Capital gains. KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643

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

38,358/- on shares as business income without appreciating the decision of Hon’ble Supreme Court in the case of Karam Chand Thapar and Brothrs P Ltd. Vs CIT, 83 ITR 899, as the transaction does not fulfil the conditions of Short Term or Long Term Capital gains. KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643

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

38,358/- on shares as business income without appreciating the decision of Hon’ble Supreme Court in the case of Karam Chand Thapar and Brothrs P Ltd. Vs CIT, 83 ITR 899, as the transaction does not fulfil the conditions of Short Term or Long Term Capital gains. KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643

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

38,358/- on shares as business income without appreciating the decision of Hon’ble Supreme Court in the case of Karam Chand Thapar and Brothrs P Ltd. Vs CIT, 83 ITR 899, as the transaction does not fulfil the conditions of Short Term or Long Term Capital gains. KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643

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

38,358/- on shares as business income without appreciating the decision of Hon’ble Supreme Court in the case of Karam Chand Thapar and Brothrs P Ltd. Vs CIT, 83 ITR 899, as the transaction does not fulfil the conditions of Short Term or Long Term Capital gains. KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643

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)

capital gains arising out of sale of shares as exemption under section 10(38). The Assessing officer denied claim and made

INDUCTOTHERM (INDIA) PRIVATE LTD.,AHMEDABAD vs. THE DY.CIT.,CIRCLE-4,, AHMEDABAD

In the result, the assessee’s appeal for the assessment year 2011-12 is also partly allowed in the terms indicated above

section 10(38), in respect of the long term capital gain of Rs 68,27,758, and that he did not set off the same

INDUCTOTHERM (INDIA) PRIVATE LTD.,AHMEDABAD vs. THE JT.CIT.,RANGE-4,, AHMEDABAD

In the result, the assessee’s appeal for the assessment year 2011-12 is also partly allowed in the terms indicated above

section 10(38), in respect of the long term capital gain of Rs 68,27,758, and that he did not set off the same

INDUCTOTHERM (INDIA) PRIVATE LTD.,AHMEDABAD vs. THE DY.CIT.,CIRCLE-2(1)(1),, AHMEDABAD

In the result, the assessee’s appeal for the assessment year 2011-12 is also partly allowed in the terms indicated above

section 10(38), in respect of the long term capital gain of Rs 68,27,758, and that he did not set off the same

ALPA UDAYKUMAR SHAH,,BHAVNAGAR vs. ITO, WARD-1(2),, BHAVNAGAR

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed, Accountant Memebr & Shri Siddhartha Nautiyal, Judicial Memebr

capital gain under section 10(38) of the Act for Rs. 1,15,49,320/- on account of sale of shares

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)

Section 10(38) was introduced by Finance Act, 2004 with effect from 1st April, 2005. Accordingly, he held that the entire amount was taxable as a "trading receipt" and not under the head "capital gains

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)

Section 10(38) was introduced by Finance Act, 2004 with effect from 1st April, 2005. Accordingly, he held that the entire amount was taxable as a "trading receipt" and not under the head "capital gains

KAVITA JAYESHKUMAR KOTAK,AHMEDABAD vs. THE PR. CIT (CENTRAL), AHMEDABAD

In the result, the appeal of the assessee is allowed

capital gain claimed u/s. 10(38) of the Act is incorrect as the Ld.AO issued detailed show cause notice running into 12 pages in relation to scrip of " Looks Health Care Service Ltd" is not correct. 4. The appellant humbly submits that an assessment proceedings u/s. 153A r.w.s. 143(3) of the IT. Act shall be presumed to have been

SABBIRALI ALIMIYA SAIYED,VADODARA vs. THE ITO, WARD-3(1)(1),, VADODARA

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No. 904/Ahd/2018 िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष"/Asstt. Year: 2014-15 वष"

10(38) is not available. Further, the amount of capital gain was wrongly treated as unexplained cash credit under section

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