SHAILESH SUBODHCHANDRA JHAVERI,AHMEDABAD vs. THE DY.CIT, CENTRAL CIRCLE-1(1), AHMEDABAD

In the result, the appeal of the assessee is dismissed for both the year under consideration

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

capital gains and loss, both STCG/STCL and LTCG/LTCL as per their statements, their averments cannot be stretched/extended arbitrarily to mean that they are applicable to trading transactions also. 5. That on facts, and in law, the learned CIT(A) has grievously erred in not appreciating that the provisions of Section 132(4A) are applicable in case of Shri Shirish Shah

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

section\n148, contending that there was no escapement of income and that objections\nwere not disposed of by a separate speaking order. On merits, the assessee\ncontended that the land sold was agricultural land and not a capital asset, that\ncapital gains could not be taxed in A.Y. 2008-09 as substantial consideration\nwas received in subsequent years, that

SHRI NAVINCHANDRA N. PATEL,VADODARA vs. THE ACIT, CIRCLE-1(2), VADODARA

In the result, the appeal of the assessee is allowed

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

capital gain. (ii) Scrutiny of records, it was noticed from the assets of the balance sheet for AY 2012- 13 that there was an agricultural land amounting to Rs. 1.73,25,167 (including land purchased during the year R.S. no. 665/P/l for Rs. 15.54,000) under the head investment. However, the balance sheet of the previous 'year

SEJALBEN PATEL,VADODARA vs. THE PR.CIT, VADODARA-1, VADODARA

The appeal of the assessee is allowed

Bench: Ms.Suchitra R. Kamble & Shri Makarand V.Mahadeokarasstt.Year : 2018-19 Sejalben Patel The Pr.Cit-1 1049, Kantvalue Faliyu Vs. Vadodara. At & Po-Karkhadi Tal. Padra, Dist. Vadodara. Pan : Drhpp 9550 D Asstt.Year : 2018-19 Binitaben Sandipkumar Patel The Pr.Cit-1 Javla, Chotra Pase Vs. Vadodara. Savli, Dist. Vadodara. Pan : Cwopp 4609 Q (Applicant) (Responent)

section 148, filed her return of income on 28.04.2022. The return was accompanied by supporting documents, including sale deeds, valuation reports from a registered valuer reflecting fair market value as on 01.04.2001, details of co-ownership, computation of long-term capital gain

BINITABEN SANDIPKUMAR PATEL,VADODARA vs. THE PR.CIT, VADODARA-1, VADODARA

The appeal of the assessee is allowed

Bench: Ms.Suchitra R. Kamble & Shri Makarand V.Mahadeokarasstt.Year : 2018-19 Sejalben Patel The Pr.Cit-1 1049, Kantvalue Faliyu Vs. Vadodara. At & Po-Karkhadi Tal. Padra, Dist. Vadodara. Pan : Drhpp 9550 D Asstt.Year : 2018-19 Binitaben Sandipkumar Patel The Pr.Cit-1 Javla, Chotra Pase Vs. Vadodara. Savli, Dist. Vadodara. Pan : Cwopp 4609 Q (Applicant) (Responent)

section 148, filed her return of income on 28.04.2022. The return was accompanied by supporting documents, including sale deeds, valuation reports from a registered valuer reflecting fair market value as on 01.04.2001, details of co-ownership, computation of long-term capital gain

ERIS LIFESCIENCES LIMITED,AHMEDABAD vs. NFAC, DEHI (PRESENT JURISDICTION- THE DY.CIT, CIRCLE-2(1)(1)), AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

DCIE CIRCLE-2(1)(1), AHEMDABAD, VEJALPUR vs. ERIS LIFESCIENCES LIMITED SHIVARTH AMBIT, BODAKDEV AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

DCIT, CIRCLE-2(1)(1) AHMEDABAD, AHMEDABAD vs. ERIS LIFESCIENCE LIMITED SHIVARTH AMBIT, AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

ERIS LIFESCIENCES LIMITED,AHMEDABAD vs. NFAC, DELHI (PRESENT JURISDICTION - THE DY. CIT, CIRCLE-2(1)(1)), AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

ERIS LIFESCIENCES LIMITED,AHMEDABAD vs. NFAC, DELHI (PRESENT JURISDICTION- THE DY. CIT, CIRCLE-2(1)(1)), AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

DCIT CIRCLE-2(1)(1), AHMEDABAD, VEJALPUR vs. ERIS LIFESCIENCES LIMITED SHIVARTH AMBIT, BODAKDEV AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

HIRAL TAPANKUMAR CHUDGAR,VADODARA, GUJARAT vs. INCOME TAX OFFICER, WARD 1(3)(1), VADODARA, VADODARA, GUJARAT

In the result, the appeal filed by the assessee in ITA No

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

section 139(1) in respect to capital gain has declared income as stated below for Assessment Year: PARTICULARS AY 2018-19 SALE CONSIDERATION CG 65,87,059 COST OF ACQUISITION OF SHARE (1,18,73,513) AMOUNT OF SHORT TERM CAPITAL LOSS (52,86,454) LOSS CLAIMED IN CURRENTYEAR - LOSS C/F TO NEXT YEAR (52,86,454) LOSS

RAJESHBHAI BHAGWANDAS PATEL,VADODARA vs. INCOME TAX OFFICER, WARD 5 (3) (2), AHMEDABAD

In the result, the appeal of the assessee is allowed on the ground of lack of jurisdiction, and the assessment order is quashed

Bench: Ms.Suchitra R. Kamble & Shri Makarand V.Mahadeokarasstt.Year : 2012-13

capital gain on account of this transaction in his return of income, and the provisions of section 50C of the Act were found to be attracted, the AO reopened the assessment under section 147 of the Act after recording reasons and obtaining due approval. Accordingly, a notice under section 148

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

The appeal of the assessee is allowed for statistical\npurposes

148, section 149, section 151 and section 153,\nwhere the Assess Officer is satisfied that any money, bullion,\njewellery or other valuable article thing or books of account or\ndocuments seized or requisitioned belongs belong to a person other\nthan the person referred to in section 153A, then the books of account\nor documents or assets seized or requisitioned shall

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

The appeal of the assessee is allowed for statistical\npurposes

148, section 149, section 151 and section 153,\nwhere the Assess Officer is satisfied that any money, bullion,\njewellery or other valuable article thing or books of account or\ndocuments seized or requisitioned belongs belong to a person other\nthan the person referred to in section 153A, then the books of account\nor documents or assets seized or requisitioned shall

BHANUPRASAD MAGANLAL PATEL,AHMEDABAD vs. ACIT, CIRCLE-3(3), AHMEDABAD

In the result, the appeal filed by the Assessee is hereby dismissed

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

Section 2(4) of the 1922 Act referred to an adventure in the nature of trade, it clearly suggested that the transaction in question cannot properly be regarded as trade or business. It was allied to transactions that constituted trade or business, but may not be trade or business itself. In other words, it is characterized by some

HARSHADKUMAR HARGOVANDAS PATEL,KALOL vs. THE ITO, WARD-4, MEHSANA

In the result, the appeal of the assessee is allowed for statistical\npurposes

148 of the\nAct based on information available in the Annual Information Report (AIR).\nIn response to the notice, the assessee filed his return of income on\n07.12.2018 declaring total income of ₹6,45,830/-. The assessment was\nthereafter completed under section 143(3) read with section 147 on\n24.12.2018 determining total income at ₹1,58,12,320/- as against

INCOME-TAX OFFICER, WARD-1(3)(1), AHMEDABAD, AHMEDABAD vs. DEVAL PRANAV PATEL L/H. OF LATE SHRI PRANAV MAHENDRABHAI PATEL, AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Dr. Brr Kumar & Ms. Suchitra Kambleassessment Year: 2017-18

Capital Gain (LTCG) at Rs.7,57,24,817/- during the year under consideration as per the observation of the Assessing Officer. The reasons were recorded and notice under Section 148