KISHORI PANKAJ AGARWAL,VADODARA, GUJARAT vs. INCOME TAX OFFICER , VADODARA, GUJARAT

Bench: SHRI SANJAY GARG (Judicial Member), SHRI NARENDRA PRASAD SINHA (Accountant Member)

Section 250 of the Income Tax Act, 1961 (hereinafter referred to as the “Act”) and relates to Assessment Year (A.Y.) 2015-16. ITA No. 623/Ahd/2023 [Kishori Pankaj Agarwal vs. ITO] A.Y. 2015-16 - 2 – 2. The grounds of appeal raised by the assessee are as under: “1. On the facts and in the circumstances of the case as well

LALITA RAMNIRANJAN AGARWAL,VADODARA vs. THE INCOME TAX OFFICER, WARD-1(2)(4), VADODARA

In the result, the appeal filed by the Assessee is allowed

Bench: Shri TR Senthil Kumar, Judicial Member\nAnd Shri Narendra Prasad Sinha, Accountant Member\nITA No. 662/Ahd/2023\nAssessment Year 2015-16\nLalita Ramniranjan Agarwal,\nB-201, Sandal Wood\nResidency, Urmi Char Rasta\nProductivity Road,\nVadodara-390020\nPAN: AECPA0173J\n(Appellant)\nThe ITO,\nWard-1(2)(4),\nVadodara\nVs\n(Respondent)\nAssessee by: Shri P.M. Jagasheth, A.R.\nRevenue by: Shri Nitin Vishnu Kulkarni, Sr. D.R.\nDate of hearing\n: 24-02-2025\nDate of pronouncement : 28-02-2025\nORD

115 taxmann.com 167 (Delhi - Trib.)\n(viii) Farzad Sheriar Jehani Vs. ITO [2024] 159 taxmann.com 9 (Mum-Trib.)\n(ix) Ketan Harilal Mehta HUF Vs. ITO (ITA No.770/MUM/2023)\n(x) Shri Prakash Javia HUF Vs. ITO (ITA No.464/IND/2019)\n(xi) Arpit Mahendrabhai Shah Vs. DCIT (ITA No.112/SRT/2023)\n(xii) Shri Arnav Goyal Vs. ITO (ITA No.275/JP/2020)\n(xiii) Suresh

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

capital gain on the sale/purchase of shares, and the same was exempt u/s. 10(38). It was submitted that ld PCIT has observed during revisionary proceedings that the AO did not call for and verify the demat account. It was submitted that the demat account was duly submitted before the ld. PCIT during the course of revisionary proceedings

DR K R SHROFF FOUNDATION,AHMEDABAD vs. THE DY. CIT, CIRCLE-1, EXMP, AHMEDABAD

In the result, appeal of the assessee is partly allowed\n\n29

capital gain arising on sale of shares\nwas duly disclosed by the assessee in its return and deduction under\nSection 11(1A) of the Act was claimed, as eligible to the assessee. He\nsubmitted that this was not the case of any loan or share application\nmoney, the creditworthiness or genuineness of which was required to be\nestablished

ACIT (EXEMPTION) CIRCLE 1 AHMEDABAD, AHMEDABAD vs. DR K R SHROFF FOUNDATION, AHMEDABAD

In the result, appeal of the assessee is partly allowed\n\n29

capital gain arising on sale of shares\nwas duly disclosed by the assessee in its return and deduction under\nSection 11(1A) of the Act was claimed, as eligible to the assessee. He\nsubmitted that this was not the case of any loan or share application\nmoney, the creditworthiness or genuineness of which was required to be\nestablished

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.

115 taxmann.com 105 (SC) for his contention that it was mandatory for the AO of the assessee to record his satisfaction before initiating proceeding under Section 153C of the Act. The Ld. AR also contended that order passed by the AO was bad and illegal as the addition was made without any incriminating material. According

ACIT, CIRCLE-1(1)(1), AHMEDABAD, VEJALPUR, AHMEDABAD vs. AIA ENGINEERING LIMITED, AHMEDABAD

In the result, the appeal filed by the Revenue is dismissed, whereas the appeal filed by the assessee is allowed

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumarआयकर अपील सं / Ita No. 397/Ahd/2024 िनधा"रण वष"/Assessment Year: 2016-17 बनाम Aia Engineering Limited, Dcit Vs. 115, Gvmm Estate, Odhav Road, Circle-1(1)(1), Odhav, Ahmedabad-382415 Ahmedabad Pan : Aabca 2777 J आयकर अपील सं / Ita No. 532/Ahd/2024 िनधा"रणवष"/Assessment Year: 2016-17 बनाम Aia Engineering Limited, Acit, Vs. 115, Gvmm Estate, Odhav Road, Circle-1(1)(1), Odhav, Ahmedabad-382415 Ahmedabad Pan : Aabca 2777 J अपीलाथ" अपीलाथ"/ (Appellant) अपीलाथ" अपीलाथ" "" "" यथ" "" "" यथ" यथ"/ (Respondent) यथ" िनधा"रती की ओर से / Assessee By : Shri Tushar Hemani, Sr. Advocate & Shri Parimalsinh B. Parmar, Ar ""थ" की ओर से / Revenue By : Shri Pratik Sharma, Sr Dr & Shri Sudhendu Das, Cit-Dr तारीख/Date Of Hearing : 09.10.2024 सुनवाई क" क" तारीख सुनवाई सुनवाई सुनवाई क" क" तारीख तारीख घोषणा क" क" तारीख तारीख /Date Of Pronouncement: 21.10.2024 घोषणा घोषणा घोषणा क" क" तारीख तारीख आदेश आदेश/O R D E R आदेश आदेश

115, GVMM Estate, Odhav Road, Circle-1(1)(1), Odhav, Ahmedabad-382415 Ahmedabad PAN : AABCA 2777 J अपीलाथ" अपीलाथ"/ (Appellant) अपीलाथ" अपीलाथ" "" "" यथ" "" "" यथ" यथ"/ (Respondent) यथ" िनधा"रती की ओर से / Assessee by : Shri Tushar Hemani, Sr. Advocate & Shri Parimalsinh B. Parmar, AR ""थ" की ओर से / Revenue by : Shri Pratik Sharma, Sr DR & Shri Sudhendu

KOTHARI SANJAY MANILAL, HUF,AHMEDABAD vs. THE DCIT, CIRCLE-3(1)(1), AHMEDABAD

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

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. No. 698/Ahd/2024 ("नधा"रण वष" / Assessment Year : 2018-19)

capital gains on the relinquishment of its right in lands, in favour of the societies.The ground taken by the assessee is parly allowed. 12. The next ground pertains to disallowance of deduction of Rs.4,15,14,798/- claimed u/s.54F of the Act.The Ld. Senior Counsel explained that the consideration for relinquishment of rights of the two plots was invested

NIRMA LIMITED,,AHMEDABAD vs. DCIT, CIRCLE-3(1)(1),, AHMEDABAD

In the result, all the appeals filed by the Revenue and the appeals for AYs 2012-

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

gains would be determined in the prescribed manner. Rule 8AC has been prescribed for this purpose.  Section 55: Meaning of 'Cost of Acquisition' in case of Goodwill of Business or Profession has been amended to provide that • in case it is acquired from a previous owner, the cost would be the amount of purchase price paid. • in case

M/S. NIRMA LIMITED,,AHMEDABAD vs. THE DCIT, CIRCLE-3(1)(1),, AHMEDABAD

In the result, all the appeals filed by the Revenue and the appeals for AYs 2012-

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

gains would be determined in the prescribed manner. Rule 8AC has been prescribed for this purpose.  Section 55: Meaning of 'Cost of Acquisition' in case of Goodwill of Business or Profession has been amended to provide that • in case it is acquired from a previous owner, the cost would be the amount of purchase price paid. • in case

JT. CTI (OSD), CIRCLE-3(1)(1),, AHMEDABAD vs. M/S. NIRMA LIMITED,, AHMEDABAD

In the result, all the appeals filed by the Revenue and the appeals for AYs 2012-

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

gains would be determined in the prescribed manner. Rule 8AC has been prescribed for this purpose.  Section 55: Meaning of 'Cost of Acquisition' in case of Goodwill of Business or Profession has been amended to provide that • in case it is acquired from a previous owner, the cost would be the amount of purchase price paid. • in case

THE DCIT, CIR-3(1)(1), AHMEDABAD vs. M/S. NIRMA LIMITED,, AHMEDABAD

In the result, all the appeals filed by the Revenue and the appeals for AYs 2012-

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

gains would be determined in the prescribed manner. Rule 8AC has been prescribed for this purpose.  Section 55: Meaning of 'Cost of Acquisition' in case of Goodwill of Business or Profession has been amended to provide that • in case it is acquired from a previous owner, the cost would be the amount of purchase price paid. • in case

ARUNABEN KISHORKUMAR MANDALIA,AHMEDABAD vs. THE PR.CIT, CENTRAL, AHMEDABAD

In the result, the appeal preferred by the assessee is allowed

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinhaआयकर अपील सं./Ita Nos. 1052 To 1054/Ahd/2025 िनधा"रण वष"/Asstt. Years: 2017-18 To 2020-21 Arunaben Kishorkumar Mandalia, The Principal बनामVs 12, Ashwamegh-Iii, Commissioner Of . 132 Feet Ring Road, Income Tax (Central), Satellite, Ahmedabad. Ahmedabad-380015. Pan: Ablpm2848Q (अपीलाथ" /Appellant ( ""यथ" /Respondent) Assessee By : Shri M K Patel, With Shri Vartik Choksi, Ars Revenue By : Shri Sher Singh, Cit.Dr

115 to 120] 6 Details of copy of yearwise cashbook and cash flow statement. (Para 6 of notice 142(1) dt. 24/08/2022) Copy of year wise cash book is enclosed. [Page 121 to 123) 7. Details of business income, produce Trial balance in following format with complete grouping and with all accounts appears in the books of account

ARUNABEN KISHORKUMAR MANDALIA,AHMEDABAD vs. THE PR.CIT, CENTRAL, AHMEDABAD

In the result, the appeal preferred by the assessee is allowed

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinhaआयकर अपील सं./Ita Nos. 1052 To 1054/Ahd/2025 िनधा"रण वष"/Asstt. Years: 2017-18 To 2020-21 Arunaben Kishorkumar Mandalia, The Principal बनामVs 12, Ashwamegh-Iii, Commissioner Of . 132 Feet Ring Road, Income Tax (Central), Satellite, Ahmedabad. Ahmedabad-380015. Pan: Ablpm2848Q (अपीलाथ" /Appellant ( ""यथ" /Respondent) Assessee By : Shri M K Patel, With Shri Vartik Choksi, Ars Revenue By : Shri Sher Singh, Cit.Dr

115 to 120] 6 Details of copy of yearwise cashbook and cash flow statement. (Para 6 of notice 142(1) dt. 24/08/2022) Copy of year wise cash book is enclosed. [Page 121 to 123) 7. Details of business income, produce Trial balance in following format with complete grouping and with all accounts appears in the books of account

ARUNABEN KISHORKUMAR MANDALIA,AHMEDABAD vs. THE PR.CIT, CENTRAL, AHMEDABAD

In the result, the appeal preferred by the assessee is allowed

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinhaआयकर अपील सं./Ita Nos. 1052 To 1054/Ahd/2025 िनधा"रण वष"/Asstt. Years: 2017-18 To 2020-21 Arunaben Kishorkumar Mandalia, The Principal बनामVs 12, Ashwamegh-Iii, Commissioner Of . 132 Feet Ring Road, Income Tax (Central), Satellite, Ahmedabad. Ahmedabad-380015. Pan: Ablpm2848Q (अपीलाथ" /Appellant ( ""यथ" /Respondent) Assessee By : Shri M K Patel, With Shri Vartik Choksi, Ars Revenue By : Shri Sher Singh, Cit.Dr

115 to 120] 6 Details of copy of yearwise cashbook and cash flow statement. (Para 6 of notice 142(1) dt. 24/08/2022) Copy of year wise cash book is enclosed. [Page 121 to 123) 7. Details of business income, produce Trial balance in following format with complete grouping and with all accounts appears in the books of account

ZALAVADIYA KALUBHAI MOHANBHAI, HUF,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-5(3)(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinha, Accountannt Member Assessment Year 2015-16

gain and short term capital losses booked by assessee in his books were pre-arranged method to evade taxes and launder money. The Assessing Officer therefore made addition Rs. 3,71,94,167/- in respect of sale transaction of M/s. JRI Industries and Infrastructure Ltd. (being scrip). I.T.A No. 806/Ahd/2024 Zalavadiya Kalubhai Mohanbhai, HUF, A.Y. 2015-16 4. Being aggrieved

M/S. NIRMA LIMITED,,AHMEDABAD vs. THE DCIT, CIRCLE-3(1)(1),, AHMEDABAD

In the result, all the appeals filed by the Revenue and the appeals for AYs 2012-\n13 & 2013-14 filed by the assessee are partly allowed, while the appeal of the assessee\nfor AY 2014-15 is allowed

gains would be determined in the\nprescribed manner. Rule 8AC has been prescribed for this purpose.\nSection 55: Meaning of 'Cost of Acquisition' in case of Goodwill of Business or\nProfession has been amended to provide that\nin case it is acquired from a previous owner, the cost would be the\namount of purchase price paid.\nin case

THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, BARODA vs. M/S. SUN PHARMA LABORATORIES LTD.,, MUMBAI

In the result, the Department’s appeal is partly allowed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

115 JB(1) provides for reduction from the book profit of the amount of depreciation debited to the statement of profit and loss, excluding the amount of depreciation on account of revaluation of assets. Therefore, the moot question for consideration is that Whether the assets recorded by the Assessee Company at Fair Value is in accordance with the Scheme approved