DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 2 1 1, AHMEDABAD, AHMEDABAD vs. BHARAT LAKHAJI NANDWANA, AHMEDABAD

In the result, the appeal filed by the Department is allowed for statistical purposes

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

15. Section 2(42A) Explanation 1(b) specifically provides that: “in determining the period for which any capital asset is held by the assessee, there shall be included the period for which the asset was held by the previous owner in the circumstances mentioned in section 49(1).” 16. Similarly, section 49(1)(iii) of the Act provides that where

AJAY REGHUBHAI BHARWAD,VADODARA vs. THE ITO, WARD-1(2)(1), VADODARA

In the result, the appeals filed by the Assessees are dismissed

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

section 45(1) of the act, any profits or gains arising from the transfer of a capital asset effected in the previous year I.T.A No. 595, 596 & 597/Ahd/2020 A.Ys. 2009-10 & 2010-11 Page No 10 Shri Piyush M. Dobariya vs. ITO & Ors. shall be chargeable to income-tax under the head "Capital gains" with certain conditions and exemptions

SHRI AJAY REGHUBHAI BHARWAD,VADODARA vs. THE ITO, WARD-2(1), VADODARA

In the result, the appeals filed by the Assessees are dismissed

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

section 45(1) of the act, any profits or gains arising from the transfer of a capital asset effected in the previous year I.T.A No. 595, 596 & 597/Ahd/2020 A.Ys. 2009-10 & 2010-11 Page No 10 Shri Piyush M. Dobariya vs. ITO & Ors. shall be chargeable to income-tax under the head "Capital gains" with certain conditions and exemptions

SHRI PIYUSH M DOBARIYA,VADODARA vs. THE ITO, WARD-5(4), VADODARA

In the result, the appeals filed by the Assessees are dismissed

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

section 45(1) of the act, any profits or gains arising from the transfer of a capital asset effected in the previous year I.T.A No. 595, 596 & 597/Ahd/2020 A.Ys. 2009-10 & 2010-11 Page No 10 Shri Piyush M. Dobariya vs. ITO & Ors. shall be chargeable to income-tax under the head "Capital gains" with certain conditions and exemptions

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 certain additions into assessee's income on the ground that said gains were earned through bogus penny stock transactions and companies to whom sold shares belonged were bogus in nature. The Tribunal observing that assessee by submitting records

JCIT(OSD), CIR-3(1)(2), AHMEDABAD vs. RECKITT BENCKISER HEALTHCARE (INDIA) LTD, HARYANA

In the result, appeal of the Revenue is dismissed

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

gains under section 45 of the Act, and distribution of new shares allotted by Sterling as being distributed by the assessee to its shareholders as dividend under section 2(22) of the Act. The Ld. DR relied on the order of the Ld. CIT(A). The Ld. DR submitted as under:- • the assessee has not transferred the treasury undertaking

RECKITT BENCKISER HEALTHCARE INDIA PVT. LTD., ( FORMERLY KNOWN AS RECKITT BENCKISER HEALTHCARE INDIA LTD.,),HARYANA vs. DCIT, CIRCLE-3(1)(2), AHMEDABAD

In the result, appeal of the Revenue is dismissed

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

gains under section 45 of the Act, and distribution of new shares allotted by Sterling as being distributed by the assessee to its shareholders as dividend under section 2(22) of the Act. The Ld. DR relied on the order of the Ld. CIT(A). The Ld. DR submitted as under:- • the assessee has not transferred the treasury undertaking

VADODARA URBAN DEVELOPMENT AUTHORITY,VADODARA vs. THE ACIT, CIRCLE-2 (EXEMP), AHMEDABAD

In the result, the appeal of the Department is dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

gains must, therefore, be incidental. The requirement in Section 11(4A) of maintaining separate books of account is also in line with the necessity of demonstrating that the quantitative limit prescribed in the proviso to Section 2015), has not been breached. Similarly, the insertion of Section 13(5), seventeenth proviso to Section 10(23C) and third proviso to Section

VADODARA URBAN DEVELOPMENT AUTHORITY,VADODARA vs. THE ACIT, CIRCLE-2 (EXEMP), AHMEDABAD

In the result, the appeal of the Department is dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

gains must, therefore, be incidental. The requirement in Section 11(4A) of maintaining separate books of account is also in line with the necessity of demonstrating that the quantitative limit prescribed in the proviso to Section 2015), has not been breached. Similarly, the insertion of Section 13(5), seventeenth proviso to Section 10(23C) and third proviso to Section

VADODARA URBAN DEVELOPMENT AUTHORITY,VADODARA vs. THE ACIT, CIRCLE-2 (EXEMP), AHMEDABAD

In the result, the appeal of the Department is dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

gains must, therefore, be incidental. The requirement in Section 11(4A) of maintaining separate books of account is also in line with the necessity of demonstrating that the quantitative limit prescribed in the proviso to Section 2015), has not been breached. Similarly, the insertion of Section 13(5), seventeenth proviso to Section 10(23C) and third proviso to Section

JT.CIT(E),CIRCLE -2 AHMEDABAD, AHMEDABAD vs. VADODARA URBAN DEVELOPMENT AUTHORITY , VADODARA

In the result, the appeal of the Department is dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

gains must, therefore, be incidental. The requirement in Section 11(4A) of maintaining separate books of account is also in line with the necessity of demonstrating that the quantitative limit prescribed in the proviso to Section 2015), has not been breached. Similarly, the insertion of Section 13(5), seventeenth proviso to Section 10(23C) and third proviso to Section

JT.CIT(EXEMPTION)CIRCL-2 AHMEDABAD, AHMEDABAD vs. VADODARA URBAN DEVELOPMENT AUTHORITY, VADODARA

In the result, the appeal of the Department is dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

gains must, therefore, be incidental. The requirement in Section 11(4A) of maintaining separate books of account is also in line with the necessity of demonstrating that the quantitative limit prescribed in the proviso to Section 2015), has not been breached. Similarly, the insertion of Section 13(5), seventeenth proviso to Section 10(23C) and third proviso to Section

JT.CIT(E), CIRCLE-2 AHMEDABAD, AHMEDABAD vs. VADODARA URBAN DEVELOPMENT AUTHORITY , VADODARA

In the result, the appeal of the Department is dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

gains must, therefore, be incidental. The requirement in Section 11(4A) of maintaining separate books of account is also in line with the necessity of demonstrating that the quantitative limit prescribed in the proviso to Section 2015), has not been breached. Similarly, the insertion of Section 13(5), seventeenth proviso to Section 10(23C) and third proviso to Section

THE ASSTT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), AHMEDABAD vs. SHRI KAILASH RAMAVATAR GOENKA, AHMEDABAD

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokar

capital gains year-wise as computed and directed by the CIT(A). B. Grounds relating to Addition in respect of Internal Circulation of Funds and Unaccounted Receipts and Payments 15. The issue involved under these grounds pertain to unaccounted cash receipts and unaccounted cash payments, as reflected in the seized documents during the search operation. The AO made substantial additions

INCOME-TAX OFFICER, AHMEDABAD vs. JHAVERI SANDEEP BIPINCHANDRA (HUF), MUMBAI

The appeal of the Revenue is dismissed

Bench: Smt.Annapurna Gupta & Ms. Suchitra R. Kambleassessment Year : 2016-17 Jhaveri Sandeep Income Tax Officer, Vs. Bipinchandra (Huf), Ward-5(3)(1), 21, Crest Nutan Laxmi Soc., Ahmedabad 9Th Road, Jvpd Scheme, Juhu, Mumbai, Maharashtra 400049 Pan : Aachj 0855 Q अपीलाथ" अपीलाथ"/ (Appellant) अपीलाथ" अपीलाथ" "" "" यथ" "" "" यथ" यथ"/ (Respondent) यथ" Assessee By : Shri Deepak Shah, Ar Revenue By : Shri Ashok Kumar Suthar, Sr Dr सुनवाई की तारीख/Date Of Hearing : 15.02.2024 घोषणा की तारीख /Date Of Pronouncement: 10.05.2024 आदेश/O R D E R Per Annapurna Guptapresent Appeal Has Been Filed By The Revenue Against Order Of The Commissioner Of Income-Tax (Appeals), Pune-12 [Hereinafter Referred To As "Cit(A)" For Short] Dated 24.08.2023 Passed Under Section 250(6) Of The Income-Tax Act, 1961 [Hereinafter Referred To As "The Act" For Short], For The Assessment Year (Ay) 2016-17. 2. Ground Of Appeal No.1 Raised By The Department Reads As Under:- “1. On The Facts & Circumstances Of The Case & In Law, The Ld. Cit(A) Has Erred In Treating The Income Of Rs. 54,49,539/- As Short Term Capital Gain Instead Of Business Income.” 3. The Issue Raised In The Above Ground Relates To The Short Term Capital Gain Returned By The Assessee, On The Transactions Of Dealing In Shares, As Ito Vs Jhaveri Sandeep Bipinchandra Huf Ay : 2016-17 2

Section 250(6) of the Income-tax Act, 1961 [hereinafter referred to as "the Act" for short], for the Assessment Year (AY) 2016-17. 2. Ground of appeal No.1 raised by the Department reads as under:- “1. On the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in treating the income

MR. JOBANJI THAKOR,AHMEDABAD vs. THE ITO. WARD-3(2)(2), AHMEDABAD

Appeal is partly allowed

Bench: SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER\nAND\nSHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER\nआयकर अपील सं/ITA No.264/Ahd/2019\nनिर्धारण वर्ष / Assessment Year : 2015-16\nMr. Jobanji Thakor\nThe ITO\nF-40, Abugiri Society\nबनाम / Ward-3(2)(2)\nTal. Daskroi, Jagatpur\nv/s.\nAhmedabad\nAhmedabad - 382 470\nस्थायी लेखा सं./PAN: AKNPT 2930 M\n(अपीलार्थी/ Appellant)\n(प्रत्यर्थी / Respondent)\nAssessee by:\nShri Mehul K. Patel, AR\nRevenue by :\nShri A.P. Singh, CIT-DR\nसुनवाई की तारीख/Date of

Capital Gain (LTCG) at Rs.1,15,37,248/- and claimed deductions\nunder Sections 54B and 54F of the Act aggregating

SHRI ASHOKJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

capital gain amounting to Rs. 1,48,00,000/- 13. The brief facts relating to this ground of appeal are that the Assessing Officer made addition of Rs. 1,48,00,000/- on “protective basis” in the hands of assessee in respect of undisclosed consideration on sale of land based on Pages 9-22 of Annexure BS-24 found during

SHRI ASHOKJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

capital gain amounting to Rs. 1,48,00,000/- 13. The brief facts relating to this ground of appeal are that the Assessing Officer made addition of Rs. 1,48,00,000/- on “protective basis” in the hands of assessee in respect of undisclosed consideration on sale of land based on Pages 9-22 of Annexure BS-24 found during