M/S. VISHAL ENGINEERS & GALVANIZERS,,AHMEDABAD vs. THE DY.CIT, CIRCLE-6,, AHMEDABAD

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

15. The Bombay High Court in Texspin Engineering and Manufacturing Works [2003] 263 ITR 345, under similar circumstances interpreting section 45(4) of the Act recorded thus (page 351): “Under section 45(4), profits arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm are chargeable

THE DCIT, CIRCLE-6,, AHMEDABAD vs. VISHAL ENGINEERING & GALVANIZERS,, AHMEDABAD

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

15. The Bombay High Court in Texspin Engineering and Manufacturing Works [2003] 263 ITR 345, under similar circumstances interpreting section 45(4) of the Act recorded thus (page 351): “Under section 45(4), profits arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm are chargeable

SMT. RASHIDABEN TAHER MORAWALA,GODHRA vs. THE DCIT, INT.-TAXA., BARODA

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

Section 155 is reproduced as follows: (15)- where in the assessment for any year, a capital gain arising from the transfer

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

15% for Short Term Capital Gain. Ld. A.O has KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 treated the alleged gain claimed by the assessee as Long Term Capital Gain and Short Term Capital Gain as business income. Reference has been made by the Ld.A.O to various judgments and similarly

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

15% for Short Term Capital Gain. Ld. A.O has KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 treated the alleged gain claimed by the assessee as Long Term Capital Gain and Short Term Capital Gain as business income. Reference has been made by the Ld.A.O to various judgments and similarly

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

15% for Short Term Capital Gain. Ld. A.O has KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 treated the alleged gain claimed by the assessee as Long Term Capital Gain and Short Term Capital Gain as business income. Reference has been made by the Ld.A.O to various judgments and similarly

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

15% for Short Term Capital Gain. Ld. A.O has KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 treated the alleged gain claimed by the assessee as Long Term Capital Gain and Short Term Capital Gain as business income. Reference has been made by the Ld.A.O to various judgments and similarly

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

15% for Short Term Capital Gain. Ld. A.O has KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 treated the alleged gain claimed by the assessee as Long Term Capital Gain and Short Term Capital Gain as business income. Reference has been made by the Ld.A.O to various judgments and similarly

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

15% for Short Term Capital Gain. Ld. A.O has KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 treated the alleged gain claimed by the assessee as Long Term Capital Gain and Short Term Capital Gain as business income. Reference has been made by the Ld.A.O to various judgments and similarly

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

15% for Short Term Capital Gain. Ld. A.O has KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 treated the alleged gain claimed by the assessee as Long Term Capital Gain and Short Term Capital Gain as business income. Reference has been made by the Ld.A.O to various judgments and similarly

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

15% for Short Term Capital Gain. Ld. A.O has KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 treated the alleged gain claimed by the assessee as Long Term Capital Gain and Short Term Capital Gain as business income. Reference has been made by the Ld.A.O to various judgments and similarly

SCARLETT DESIGNS PVT. LTD.,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-8(1),, AHMEDABAD

In the result, the appeal of the assessee stands allowed

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

15,55,609/- Long Term Capital Loss (-) 30,586/- Gross Total Income (-) 6,68,079/- Less : Losses allowed to be carried forward 6,68,079/- Total Income Nil____ The CPC, Banglore, allowed to carry-forward following losses: 1. Unabsorbed depreciation for A.Y. 2009-10 1,79,378/- 2. Short Term Capital Loss

SHRI VIKAS NARAYAN BADDI,AHMEDABAD vs. THE ACIT,CENTRAL CIRCLE-1(3),, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Smt.Annapurna Gupta & Smt.Suchitra Kambleassessment Year :2012-13

15. Considering the entire facts and circumstances as above, we hold that the assessee is entitled in law to claim exemption of capital gains amounting to Rs.1,08,69,338/- under section

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.

15. Next common issue involved in all appeals of the Revenue as well as of the assessee is, whether purchase and sale of shares is to be treated as trading activity or an investment activity. The assessee has treated its activity of sale and purchase of shares as an investment activity and on sale of shares/mutual fund

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.

15. Next common issue involved in all appeals of the Revenue as well as of the assessee is, whether purchase and sale of shares is to be treated as trading activity or an investment activity. The assessee has treated its activity of sale and purchase of shares as an investment activity and on sale of shares/mutual fund

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.

15. Next common issue involved in all appeals of the Revenue as well as of the assessee is, whether purchase and sale of shares is to be treated as trading activity or an investment activity. The assessee has treated its activity of sale and purchase of shares as an investment activity and on sale of shares/mutual fund

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.

15. Next common issue involved in all appeals of the Revenue as well as of the assessee is, whether purchase and sale of shares is to be treated as trading activity or an investment activity. The assessee has treated its activity of sale and purchase of shares as an investment activity and on sale of shares/mutual fund

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.

15. Next common issue involved in all appeals of the Revenue as well as of the assessee is, whether purchase and sale of shares is to be treated as trading activity or an investment activity. The assessee has treated its activity of sale and purchase of shares as an investment activity and on sale of shares/mutual fund